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|By TAP Staff| Sunil John, founder and CEO of ASDA’A Burson-Marsteller, the region’s leading public relations consultancy, has been awarded the “SABRE Award for Outstanding Individual Achievement”, the first person from the Middle East to be honoured with this prestigious global award. The SABRE Awards, which are presented by The Holmes Group, a leading global public relations publishing organisation, acknowledged John’s position at the “forefront of change” […]

General Motors Co said on Thursday it has issued five more recalls, covering almost 3 million vehicles globally, and is expected to take a charge of up to $200 million. Still dealing with fallout from the recall of defective ignition switches linked to at least 13 deaths, the No. 1 U.S. automaker said the largest of the latest recalls covers more than 2.7 million cars for tail […]

Stock markets in Dubai, Abu Dhabi and Qatar will see relatively large one-off inflows of money at the end of May as funds tracking the MSCI indexes adjust their positions in line with updated benchmarks. MSCI will move stocks from the United Arab Emirates and Qatar to its emerging market index from its frontier market benchmark at the end of May, meaning they will be tracked by […]

Saudi Arabia reported five more deaths on Wednesday from a mysterious respiratory virus that first appeared there two years ago and has since spread to at least 16 other countries, including the United States. The Saudi Health Ministry said the latest fatalities from infections caused by the virus, known as Middle East Respiratory Syndrome, or MERS, brought the total in that country to 157. Saudi Arabia accounts […]

Ahead of a new global marketing campaign launching later this year, Dubai’s Department of Tourism and Commerce Marketing has debuted a new brand for the destination. The new logo, launched last week at the Arabian Travel Market (ATM), features the word ‘Dubai’ written in both the Arabian and Roman alphabets, reflecting the city’s rich multiculturalism. Announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister […]

Damac Real Estate Development Ltd. (DMC) is bolstering Dubai’s drive to lead the global Islamic economy with serviced apartments that are Shariah-compliant from their financing to their restaurants and saunas. Abu Dhabi Islamic Bank PJSC (ADIB) is managing the project’s funding as Damac, which issued its debut sukuk last month, sells the certified Islamic residences, Niall Mc Loughlin, the Dubai-based developer’s senior vice president of communication, said […]

STORY HIGHLIGHTS Porta Nuova aims to transform Milan’s skyline Project will feature new skyscrapers and buildings covered with trees Some experts believe construction ventures like these could get Italian economy moving One Square Meter explores the leading architectural designs, city plans and demand for property investment in emerging markets. Join CNN’s John Defterios as he visits some of the world’s most dynamic cities for an insight into […]

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Emirates’ ground services unit Dnata is “very interested” in acquiring the world’s largest in-flight catering business from Lufthansa, if it is put up for sale again, Dnata’s president said on Tuesday. Lufthansa, Europe’s largest airline by revenue, had put LSG Sky Chefs up for sale in 2012 but then abandoned the plans. “They have said they are not ready to sell,” Gary Chapman,told reporter on the sidelines […]

Samsung Electronics Co Chairman Lee Kun Hee, who leads Asia’s biggest technology company and helps generate about a quarter of South Korea’s economic output, remains in stable condition after emergency surgery following a heart attack. Lee, 72, is at Samsung Medical Center in Seoul after being resuscitated following an acute myocardial infarction, Rhee So Eui, a spokeswoman for Samsung Group, said in an e-mailed statement. Lee, who […]

If you are looking for an explanation as to why crude oil prices in Asia aren’t lower, then the blame rests squarely with Chinese stockpiling.  China’s record imports of 6.78 million barrels per day (bpd) in April give the impression that oil demand is roaring ahead, but the reality is that almost half a million bpd is being put into storage tanks. The authorities don’t officially disclose […]

Gold fell to its weakest in a week early on Monday as the euro hovered near a one-month low on fears of policy action from the European Central Bank, but the metal recovered some losses on safe-haven demand over escalating violence in Ukraine. Spot gold eased 0.2 percent to $1,286.40 an ounce by 0313 GMT, after dropping to a one-week low of $1,279.60 earlier in the session. […]

The Bharatiya Janata Party (BJP) says it plans to clamp down on beef exports if it takes power after general elections that end on Monday, threatening supplies from one of the world’s biggest shippers of the meat. Surprisingly in a country where so many view cows as sacred, India has been poised to become the No.1 beef exporting nation, supplying markets such as Malaysia, Thailand, Vietnam and […]

The Dubai business community has been significantly more optimistic during the first quarter of 2014, compared to the same period of the previous year. Optimism is especially high among manufacturing and services firms, according to the quarterly business survey conducted by the Department of Economic Development. The composite Business Confidence Index for Dubai stood at 135.5 points in the first quarter of 2014, an increase of 22.4 […]

One year into the delivery of Dubai’s ‘Tourism Vision for 2020,’ significant first steps have been taken to achieve the target of attracting 20 million annual visitors by 2020, leading the emirate’s tourism authority to state a new ambition: for Dubai to become the world’s most visited city. If a growth rate similar to that achieved in 2013 is maintained – a 10.6 percent year-on-year increase equating […]

|By TAP Staff|Ahmad Hamad Algosaibi & Brothers today  offered to make an upfront payment equal to approximately 10 percent of creditors’ claims as part of  a settlement proposal to a group of banks and other financial institutions.  The claims asserted by banks, totaling billions of dollars, arise out of liabilities incurred through a massive fraud perpetrated by Maan Al Sanea when he was head of the Money […]

As Dubai freight-forwarding firm Able Logistics Group began preparing early this year to go public, it conducted a leveraged recapitalisation, taking on fresh bank debt so it could pay a cash dividend to shareholders. By the standards of developed Western markets, the transaction was routine. But for the Middle East it was an unusually creative deal, a sign that the region’s private equity industry is finally building […]

Having built a reputation on high-end luxury and opulence, Dubai is getting a makeover with some more affordable, one might even say cheaper, accommodation options. International hotel chains have wizened up to the need for mid-range hotels in a city that has built a reputation on excess. Chicago-based Hyatt Hotels Corp. on Monday brought its Hyatt Place brand to the Middle East, opening the hotel in older […]

Dubai shares jumped the most since January after first-quarter earnings boosted investor sentiment. Qatar’s gauge also advanced. The DFM General Index (DFMGI) surged 3.3 percent, the biggest jump since Jan. 23, to 5,247.29 at the close. The measure has soared 56 percent this year, making it the best performer among more than 90 benchmarks tracked by Bloomberg. Dubai Islamic Bank advanced 5.5 percent after first-quarter profit more […]

Abu Dhabi’s Etihad Airways on Sunday said its strategy of buying stakes in European airlines was bringing fresh competition to the region, despite close scrutiny by regulators over whether its investments comply with European ownership rules. State-owned Etihad is building up a network of minority stakes in airlines around the world as it seeks to drive traffic to its Abu Dhabi hub. “We are bringing competition in […]

Banking and finance professionals in the Middle East plan to seek new jobs this year after bonuses failed to meet expectations, according to eFinancialCareers. Almost 60 percent of the region’s financial services employees plan to change position, with 45 percent saying they were disappointed with their bonus, eFinancial said in an e-mailed report. Bonuses rose for half of Middle East finance professionals, compared with 49 percent in […]

French retail giant Carrefour SA has begun making plans to exit its India wholesale operations, the Times of India reported on Saturday. Carrefour operates five wholesale cash-and-carry outlets in India and, after foreign investment rules were eased in 2012, it had been widely expected to set up a chain of supermarkets. The company has seen senior-level exits from its India business recently and some employees may be […]

|By Nicole Blackmore| Is Dubai the new Spain? Britons are abandoning their place in the Spanish sun for countries with better work opportunities and more stable house prices – and the Middle East is one of several areas attracting growing numbers of emigrants. While Dubai may not be a popular retirement option given the high cost of living, young professionals are moving there in droves. NatWest’s latest […]

The first U.S. case of Middle East Respiratory Virus (MERS), a viral respiratory illness, has been confirmed within U.S. borders, the U.S. Centers for Disease Control and Prevention said on Friday A SARS-like virus, MERS was first detected in Saudi Arabia in 2012. Dr Anne Schuchat, director of the CDC’s National Center for Immunization and Respiratory Diseases, said on a conference call the first U.S. case of […]

Abu Dhabi government-owned General Holding Corporation (Senaat) has shelved plans for a stock market debut, four sources aware of the matter said, as the emirate takes a cautious line on financial commitments in the wake of its bailout of Dubai. Despite enjoying significant hydrocarbon wealth, the largest of the seven United Arab Emirates has been wary of its financial position since providing Dubai with a $20 billion […]

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