The Middle East will take a bigger share of gold demand as buyers from Kuwait to Saudi Arabia to the United Arab Emirates diversify investments and Dubai nears offering a contract for immediate delivery bullion. MKS (Switzerland) SA, a Geneva-based bullion trader and refiner, expanded into Dubai three years ago and employs 25 people there, with the gold trade an “important market,” said Frederic Panizzutti, chief executive […]
Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said on Tuesday. The opening of the Saudi market, capitalized at about $530 billion, is one of the most keenly awaited economic reforms in the largest oil exporting nation. The bourse would be one of the world’s last […]
Lapses in hospital infection control measures exacerbated an outbreak of a deadly new viral disease which has infected more than 60 people and killed at least 10 in the United Arab Emirates, health investigators said on Friday. Reporting the findings of a five-day mission to the UAE, experts from the World Health Organisation said, however, that they found no evidence of sustained human-to-human transmission of new Middle […]
DOHA, Qatar — The five hardened Taliban militants were quickly whisked in a fleet of cars to the shoulder of a highway on the outskirts of the capital just as they arrived. There, out of the public eye and under the watchful gaze of Qatari security, they exchanged warm hugs with a welcome delegation and then once more were whisked off into hiding. If Qatar holds to […]
The annual Banker Middle East Industry Awards is the Middle East’s foremost gathering of key players within the banking and financial services industry (Dubai – June, 2014) – Some 500 top bankers and financiers from around the region came together at the Gala Dinner held at Jumeirah Emirates Towers in Dubai to celebrate their achievements. The top awards went to institutions in Saudi Arabia and the UAE; […]
United Arab Emirates, June 2014 – GL Events exhibitions, the organizer of Piscine Middle East exhibition has confirmed the attendance of 2 800 visitors during the second edition of Piscine Middle East held in Abu Dhabi from the 22-24th of April. Most part of these visitors was architects, developers and key buyers specialized in pool and spa industry. The event hosted visitors from 50 different countries. 88% […]
The worst Qatar stock rout in nine months is creating a buying opportunity for some of the biggest Middle East investors, who say they’re undaunted by speculation the country will lose the right to host the 2022 World Cup. Emirates NBD PJSC, whose wealth management division oversaw about $2.1 billion at the end of 2013, says it’s looking to add stocks because any impact on corporate earnings […]
An impending bond issue by Abu Dhabi-based telecommunications firm Etisalat may not only be the region’s largest deal so far this year, but also set a record for tight pricing as the Gulf becomes more of a mainstream investment destination. Etisalat’s debut bond will replace some of the debt used to fund its 4.2 billion euro ($5.7 billion) purchase of a majority stake in Morocco’s Maroc Telecom […]
Campaign conducts 3,685 checks in the Northern Emirates SHARJAH // Women in Sharjah were the latest in the UAE to be encouraged to check their cardiovascular health at a free initiative being run in conjunction with Al Qassimi Hospital. The initiative, held at My City Centre yesterday, is part of Go Red for Women, a global campaign founded by the American Heart Association to raise awareness about […]
WHO team makes five-day visit to UAE International experts and local authorities agree to continued exchange of information in attempt to reduce risk of further infections ABU DHABI // International infection experts yesterday praised the work of UAE health authorities in attempting to better understand the deadly Mers coronavirus after completing a mission to assess the risk the virus poses to the country. A team from the […]
Initial public offers of equity in Gulf Arab countries are set to boom, helped by lighter regulation and legal reforms as governments seek to diversify their oil-dependent economies, according to one of the region’s top IPO lawyers. An exemption from Dubai IPO rules granted by regulators to real estate giant Emaar Properties, which will permit an offer worth up to $2.45 billion, is a sign of the […]
UAE Central Bank data Lending to construction in the United Arab Emirates is booming again, underlining a rapid return in confidence despite the heavy toll bad real estate loans took on local banks during the global financial crisis. Banks had extended almost 181 billion dirhams ($49 billion) of credit to the construction sector last year, according to recently released central bank figures, up from AED129 billion in […]
Dubai saw the steepest house price growth globally over the past year despite government cooling measures, Knight Frank’s Global House Price Index shows. House prices grew 27.7 percent over the 12 months to March 2014, the fastest pace among the 54 countries tracked on the index. However, house prices only climbed 3.4 percent in the first quarter, much slower than 9.2 percent growth in the same period […]
ABU DHABI // If Daniel Bekai has his way, robots will be common features in homes of the future. Daniel, 16, wants to live in a world where humans command robots to perform the mundane tasks that an artificially intelligent machine would be better at anyway. “Suppose you’re in your house and you want some yogurt, you can build a robot that gets yogurt from your fridge […]
Air India Ltd. said it’s demanding compensation from Boeing Co for delivering 787 Dreamliner aircraft that don’t meet promised fuel-efficiency targets because the planes are heavier than planned. Design changes made after targets were set meant some 787s are overweight, Air India Chairman Rohit Nandan said in an interview in Doha, Qatar. The Mumbai-based airline and the planemaker are negotiating a formula for compensation, which may be […]
|By TAP Staff| Regulation topped the list of risks among the global banking industry– replacing 2012’s leading threat, the macro-economic environment, according to the Banking Banana Skins 2014 survey The CSFI’s biennial Banking Banana Skins survey, produced in association with PwC, revealed the overwhelming message from respondents: the weight of new regulation is becoming excessive and could dampen economic recovery and growth. The poll is based on […]
PineBridge Investments, a New York-based asset manager, said on Tuesday its Middle East unit had raised $140 million for a sharia-compliant fund that would invest in income-producing real estate assets in Gulf Cooperation Council countries. PineBridge Investments Middle East’s fund will acquire existing real estate assets that generate stable returns, with a focus on the logistics, social infrastructure and community retail sectors, chief executive Talal Al Zain […]
Global airline executives might have gathered in Qatar for their annual general meeting this week to bemoan their lack of profitability, but the event itself was certainly not short of a dime or two. The title sponsor and host of the IATA AGM was Qatar Airways – and the Gulf state’s flag carrier wasted no time in using the annual mix of conference, talking shop and lavish […]
Apple Inc on Monday took the wraps off mobile applications that pool and analyze health and home data, kicking off an annual developers’ conference lacking in big surprises, despite hopes the iPhone maker would offer a glimpse into its secretive pipeline of products. Apple Chief Executive Tim Cook and software-engineering boss Craig Federighi told several thousand developers about new features that come with the latest “Yosemite” Mac […]
Inside a nondescript office building in central London, a roomful of men and women sit at computer screens and talk over Skype with people in faraway places. Sharp-edged Cantonese fills the air, and a flat-screen TV emits a continuous din. It’s the chanting, singing Midlands crowd at Birmingham, England’s Villa Park Stadium: Liverpool at Aston Villa. The match has just kicked off. The name of the company, […]
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 […]
World travelers looking for a cheap place to stay may want to avoid Geneva, Dubai and Miami. The three cities rank among the most expensive markets for hotel rooms, according to an index compiled by Bloomberg. In Geneva, the average cost for a night is $308, followed by Dubai at $273, Kuwait City at $253 and Zurich at $250. Miami is next as the costliest place for […]
A senior Saudi Arabian cleric has issued an edict against online chatting between the sexes, equating such activity to the prohibitions on the physical mingling of unrelated men and women, the news agency Al Arabiya reported Thursday. It said the cleric, Sheikh Abdullah al-Mutlaq, a member of the Saudi Committee of Senior Scholars, had warned that such conversations were religiously forbidden and might lead to sin. Al […]
