Dubai home prices, which rose the most in the world over the 12 months through March, slowed in the first quarter after financial authorities took steps to cool the market, broker Knight Frank LLP said. Values gained 3.4 percent in the emirate, slowing from 9.2 percent a year earlier and putting Dubai behind Lithuania, Estonia and Malta for the quarter, London-based Knight Frank said in a statement. […]
The new Palestinian government, scheduled to be sworn in on Monday at 1 p.m. (6 a.m. Eastern time) in the West Bank city of Ramallah, will be led by Prime Minister Rami Hamdallah and is to consist of 16 other ministers, some handling more than one portfolio. Three ministers are to be from the Gaza Strip following a reconciliation pact signed between the Palestine Liberation Organization, dominated […]
Now that Egypt has held its elections, many in and outside the country will be turning to the new president to see how he plans to pull the domestic economy back from the brink. The economic challenges former army chief Abdel Fattah Al Sisi faces in many ways resemble those of Citadel Capital, one of Egypt’s foremost investment firms which itself is in the middle of a […]
The authority of the free zone Dubai Silicon Oasis (DSOA) announced it plans to set up Dubai Technology Entrepreneurship Centre (DTEC) in order to boost entrepreneurs in the technology field. DTEC is planned to be launched in the first quarter of 2015. DSO is set to encompass over 3,600 square meters that will provide existing and emerging high-tech entrepreneurs and start ups with a work environment that […]
A substantial number of Middle East funds intend to cut their exposure to stocks in the United Arab Emirates and Qatar, shifting money to less richly valued markets such as Saudi Arabia, a monthly Reuters survey showed. Shares in Dubai, Abu Dhabi and Qatar have surged over the past 12 months in anticipation of those markets’ upgrade to MSCI’s emerging market index, which will take place at […]
The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said on Thursday secretary general Khaled Al Fakih had left the organisation to pursue other opportunities. Al Fakih, a Lebanese-born commercial banker, had been secretary general since February 2012, overseeing one of the main standard-setting bodies for Islamic finance. Deputy secretary general Khairul Nizam will take over his duties while AAOIFI looks for a new secretary […]
Although the world’s largest democracy has been hobbled by inflation, a declining currency and difficult business environment, the pro-business Bharatiya Janata Party that just won an epic election in India has engendered optimism that the country can turn around its sagging economic scenario. It’s time to increase your exposure to India’s stock market. The timing is good with equities in India perking up of late, something that […]
In Dubai, a city known for some of the world’s most luxurious hotels and penthouses, developer Union Properties PJSC (UPP) is looking to tap demand from people who want to visit the emirate without breaking the bank. The company plans to build around 1,000 hotel rooms in the next five years to address a shortage in the middle- and lower-end of the market, managing director Ahmad Al […]
WASHINGTON — Solicitor General Donald B. Verrilli Jr. faced a legal and bureaucratic dilemma this year: Obama administration officials could not agree about what he should tell the Supreme Court about a lawsuit in which American victims of terrorist attacks in Israel are suing Arab Bank, the largest financial institution in Jordan. The plaintiffs have accused Arab Bank of providing services to terrorists responsible for the attacks. […]
DUBAI // Engineering student Chibuke Enekwechi has plans to develop a drone that could be used to monitor pupils sitting exams instead of relying on teachers to do the job. The final-year student from the American University in Dubai said on Tuesday that he hoped to come up with a winning design that could help him bag Dh1 million and possibly a further US$1m (Dh3.6m) in the […]
Qatar raised the foreign ownership limit for shares listed on Doha’s stock exchange, less than a week before an MSCI Inc. upgrade to emerging market status. The benchmark index rose. Investors outside the six-nation Gulf Cooperation Council will be able to hold as much as 49 percent of a company listed on the Qatar Stock Exchange after Emir Sheikh Tamim bin Hamad Al Thani gave instructions to […]
Bavaguthu Raghuram Shetty moved to the United Arab Emirates from India nearly 40 years ago and made his fortune by building a hospital chain and money exchange group from scratch. Last week, he bought Travelex, the foreign exchange operator, for an undisclosed sum but what is likely the biggest investment of his career. In an interview with The Wall Street Journal, Mr. Shetty said he plans to […]
|By TAP Staff| The listing of Emaar Properties mall business on Dubai Financial Market instead of Nadaq Dubai as originally envisaged would necessitate an exemption from the DFM rule regarding the minimum size of the float. Emaar is floating only 25 percent of the mall business, while the minimum float required for a listing on DFM is 55 percent. Nasdaq Dubai, on the other hand, allows floatation […]
DUBAI // A wish list of 21 requests from Indian expatriates in the UAE was delivered to Narendra Modi’s office on Monday as the Bharatiya Janata Party leader was sworn in as prime minister. It included long-standing demands such as voting rights for non-resident Indians, encouraging investment in infrastructure, joint-venture incentives and exemption from restrictive taxes. “These issues relate to NRIs all over the world, not just […]
India’s rupee fell the most in a month on speculation the central bank intervened to curb gains that threaten exports, while importers stepped up dollar purchases to pay month-end bills. The rupee has gained 2.8 percent this month in Asia’s best performance on optimism a new government will step up efforts to revive the economy. Narendra Modi will be sworn in as India’s prime minister today after […]
Saudi Arabian Mining Co, or Ma’aden, has appointed HSBC Saudi Arabia as financial advisor for its planned 5.6 billion riyals ($1.49 billion)rights issue, the company said in a statement on Monday. Ma’aden had earlier this month said it was seeking shareholder approval for a capital increase to fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminium business. The company […]
Abu Dhabi gave Etisalat a $500 million grant towards its 4.14 billion euro ($5.64 billion) purchase of 53 percent of Maroc Telecom, the company’s prospectus for a planned bond issue shows. The grant provides further evidence of the emirate’s support for its companies’ foreign expansion and could attract complaints from rival operators. Fellow Abu Dhabi-based company Etihad Airways benefited from a $3 billion interest-free loan from the […]
Indian-born economist Arvind Panagariya, who is widely expected to take a top advisory role in prime minister-elect Narendra Modi’s government, wants its first budget to boost capital spending even at the risk of a higher fiscal deficit. Panagariya, 61, whose market-friendly, pro-growth economics has helped shape Modi’s outlook, told Reuters in an interview that higher spending is critical to India’s economic revival. Modi swept to power on […]
CAIRO — Abdel Fattah el-Sisi, the former army officer soon to be Egypt’s president, promises to remedy Egypt’s crippling fuel shortage by installing energy-efficient bulbs in every home socket, even if he has to send a government employee to screw in each one. “I’m not leaving a chance for people to act on their own,” Mr. Sisi said in his first and most extensive television interview. “My […]
Sour gripes: Gwyneth Paltrow’s lament has won little support from Angelina Jolie, above Photo: Getty Images Cat fight! Angelina Jolie has gone head to head with Gwyneth Paltrow; which would be pretty much every man’s brunette-on-blonde fantasy, were it not for the fact that one is so skeletal and the other so skinny that there’s a genuine risk their A-list bones might splinter into a million tiny […]
The judicial authorities in Iran appeared to harden their clampdown on expression Friday, moving to block Instagram, imprisoning the director who made the now-famous Iranian version of the Pharrell Williams “Happy” video and warning women to comply with a police campaign on the proper wearing of mandatory headscarves. Taken together, the developments suggested that the country’s Islamic bureaucracy was alarmed over any perception of permissiveness that may […]
Investors built up the largest bullish bets on rupee in more than two years in recent weeks, while sentiment on the Thai baht turned the most sour in three months, a Reuters poll showed on Thursday, as the countries’ political fortunes turned in markedly different directions. Long positions in the Philippine peso and the Malaysian ringgit rose to their highest levels in more than one year as […]
|TAP Special|Travelex, which has been acquired by leading UAE businessman Dr. B. R. Shetty along with his partners associated with Centurion Investments, will continue to operate independently of UAE Exchange. The acquisition, to be effected through BRS Ventures & Holdings Limited, a company owned by Dr Shetty and equity partners associated with Centurion, is subject to customary regulatory and other approvals and consents. The acquisition will not […]
In the world’s biggest country, railways are still a route to riches. With nearly 1 billion passengers a year and $42 billion in annual sales, the state company Russian Railways is a giant commercial opportunity. At its head is Vladimir Yakunin, an old friend and long-standing ally of President Vladimir Putin. He oversees a company that strikes international deals, issues bonds to major investors and plans hugely […]
