Emaar Properties on Sunday said net profit for the first quarter 2017 rose 15 percent, driven by its hospitality, entertainment and leisure businesses, and property sales in Dubai, which grew 44 percent the first three months of the year. Net profit rose to AED1.38billion ($377million) in the first quarter from AED1.21bn ($328m) reported in same period last year, while revenue jumped 15 percent to AED4.07bn ($1.11bn) from […]
Capabilities of MicroScan Presented to HCPs in a regional roadshow across Kuwait and Abu Dhabi 15 May 2017 Kuwait City – Beckman Coulter, a worldwide leader in developing clinical diagnostic products and solutions, has introduced the workflow efficiency boosting MicroScan range of solutions to healthcare providers (HCPs) and members of the medical community in Kuwait. MicroScan products offer choice in panel formats, setup and speed. Its unique […]
Dubai has secured $3 billion credit facilities for the expansion of its two airports. The Department of Finance for the Government of Dubai, the Investment Corporation of Dubai and Dubai Aviation City Corporation, advised by HSBC, announced the funding agreement and the establishment of Airport Financing Company FZE (FINCO), the long-term funding platform for Dubai Airports, according to news agency WAM. The financing will be used for […]
Oil prices jumped after the energy ministers from Saudi Arabia and Russia said they backed extending an Opec-led agreement to cut output until March 2018. Saudi energy minister Khalid al-Falih and his Russian counterpart Alexander Novak met on Monday in Beijing and discussed oil output policy. Russia is the world’s biggest oil producer, while Saudi Arabia is the biggest exporter. The two ministers said in a joint […]
Cairo, May14th – 2017 Emirates NBD Egypt is pleased to announce that it has participated in an EGP 1.8 billion syndicated loan deal in favor of the state-owned petroleum company; Egyptian National Gas Holding Company (EGAS) to help significantly boost gas production in Egypt. Emirates NBD Egypt’s contribution amounted to EGP 220 million in the five year syndicated deal. With Banque du Caire as the Initial Mandated […]
Model-of-the-moment Winnie Harlow will walk the runway during Arab Fashion Week at The Meydan Hotel in Dubai this week. The 22-year-old Canadian, who has the depigmenting skin condition vitiligo, is one of many famous figures taking part in the event, which runs from tomorrow until Saturday. “Cardi B, the American influencer and hip-hop artist, will be flying in,” says Jacob Abrian, chief executive of the Arab Fashion […]
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Hotel giant Hyatt has announced plans to expand its brand footprint in the Gulf and wider Middle East region with the signing of management agreements for 14 new properties. Under the agreement, Hyatt-branded hotels across the Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt Centric, Hyatt Place, and Hyatt House brands will open in the region over the next few years. They will be based in cities including […]
By Michel Rose and Jean-Baptiste Vey | PARIS PARIS Emmanuel Macron took power as president of France on Sunday, vowing to restore the country’s status in Europe and the world and heal divisions in society — a nod to the bitter campaign the pro-EU centrist fought to defeat a far-right leader. The 39-year-old former investment banker, unknown to the wider public three years ago and whose May […]
Having single-handedly hounded Home Capital Group – the company which we predicted in 2015 would be “ground zero” for any potential Canadian financial crisis, and has emerged as the Canada’s equivalent to the infamous New Century which in 2007 presaged the upcoming global financial crisis – into near oblivion, noted chicken-farmer and short-seller, Marc Cohodes, over the weekend revealed the full details behind his latest short thesis: […]
Amman, 14 May 2017 Marking the debut of The Ritz-Carlton brand in Jordan, Al Eqbal Real Estate Development and Marriot International have announced the signing of an agreement to establish The Ritz-Carlton hotel and residences in Amman, which is scheduled to be complete in 2020. The agreement was inked by Tawfiq Fakhouri, Founder and Chairman of Al Eqbal Real Estate Development, and Alex Kyriakidis, President and Managing […]
India’s $1.6tn stock market broke new ground last week, with the benchmark index hitting an all-time high as confidence builds that the government’s reform agenda will strengthen growth and corporate earnings. But the stock market’s 14.9 per cent rally since January 1 has divided opinion among fund managers who disagree over whether Indian equities can make further gains. “The most common question that I am asked by […]
Dubai Properties has announced the appointment of SEIDCO General Contracting as the main contractor for its Bellevue Towers residential development in Burj Khalifa district. The contract, worth more than AED200 million ($54 million), will be completed by the second quarter of 2019, the developer said in a statement. The Bellevue Towers residential apartment buildings will offer 319 units including 159 one-bedroom apartments, 105 two-bedroom apartments, 42 three-bedroom […]
BUSBARI, Italy Financial leaders of seven leading world economies pledged stronger cooperation against cyber crime on Saturday and not to use foreign exchange to gain competitive advantage, but stuck to their cautious wording on trade, their final communique showed. Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain met in the Italian city of Bari to discuss the world […]
TUNIS Several thousand Tunisians marched through central Tunis on Saturday to protest against a bill that would grant amnesty to businessmen accused of corruption when autocrat Zine El-Abidine Ben Ali was in power. Critics of the Economic Reconciliation bill say it is a step back from the spirit of Tunisia’s 2011 revolution to oust Ben Ali but government officials say it is a way get the businessmen […]
“The hope that consumer and business spending will surge is probably just that, hope.” – Joel Naroff, President of Naroff Economic Advisors and TDn2K Economist So another chain restaurant is “preparing” to bite the dust. Ignite Restaurant Group, which operates the Joe’s Crab Shack chain with 113 locations and the Brick House Tavern chain with 25 locations, and used to operate the Romano’s Macaroni Grill […]
By David Lawder and William Schomberg | BARI, Italy BARI, Italy The United States said on Saturday the world’s other rich economies were getting used to the policy plans of President Donald Trump, but Europe and Japan showed they remained worried about Washington’s shift. Officials from the Group of Seven nations met in southern Italy hoping to hear more about Trump’s plans which they fear will revive […]
· du’s advanced Cloud Infrastructure is awarded during the distinguished Cloud MENA Award · du recognized as the best Managed Security Services Provider by Fortinet in the Middle East 13 May 2017 Dubai, UAE – du has received prestigious recognition for its Cloud and Managed Security Services during two awards ceremonies this May. The telecommunications provider was recognised as the Best Managed Security Services provider in […]
Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Washington was convulsed last night by icy nastiness, harsh language and people crying foul. Oh, that was the deciding game in a hockey playoff between the historically hard-luck Washington Capitals and Pittsburgh Penguins, just one of three major sports distractions […]
By William Schomberg | BARI, Italy BARI, Italy U.S. President Donald Trump’s economic policies risk creating growth that mostly benefits the rich and aggravates income inequality in the United States, Nobel Prize-winning economist Angus Deaton said. Trump was swept to power on promises of help for poorer Americans but Deaton said his proposals to roll back regulations on finance and industry and cut healthcare benefits would […]
· Masaken to open UAE branch to explore new investment and strategic partnership opportunities · Board of Directors decides to study available investment opportunities before increasing firm’s capital 13 May 2017 Abu Dhabi, UAE – The Board of Directors of Masaken for Land and Industrial Development Projects (Masaken Capital), a company listed in Amman stock exchange, held its third meeting in 2017 on Thursday, 11 May, […]
BARI, Italy Financial leaders of seven leading world economies will pledge stronger cooperation against cyber crime on Saturday and not to use foreign exchange to gain competitive advantage, but stick to their cautious wording on trade, a draft communique showed. Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain are meeting in the Italian city of Bari to discuss […]
Europe’s investment community has barely had time to breathe a sigh of relief following Emmanuel Macron’s victory in the French presidential elections before starting to fret about other latent threats to the eurozone. Some investors have hailed the election — in which Mr Macron, a pro-EU liberal defeated Marine Le Pen, the Eurosceptic rightwing candidate — as a sign that Europe’s economic recovery remains on track. This […]
DUBAI // The numbers of people using public transport have grown in the emirate with the tram registering the highest number of passengers in the first quarter of this year. The Roads and Transport Authority (RTA) confirmed that the Dubai Metro comprising the Red and Green Lines had ferried 51.371 million riders during the first quarter of this year compared with 49.9 million passengers in the same […]
If you are an investor wanting a safe, unexciting asset to make a bit of money, avoid South Africa’s rand. It is not that you cannot make money trading the currency. You very much can, and you might make it big and quickly. The problem is you can also lose much more than you gain and at a frightening pace. To play the rand, investors need not […]
