The proposal by Dubai Municipality to introduce mandatory affordable housing quotas for all new residential developments in Dubai is long overdue and is expected to bring a wide range of benefits to the emirate, while driving further maturity in the market, according to leading international real estate consultants, Cluttons. With the residential market in Dubai now meandering through the second half of the current property cycle and […]
National Bank of Abu Dhabi (NBAD) is not interested in buying retail business of Citigroup, and is instead targeting organic growth in the country and globally, the bank’s chief executive told Reuters on Sunday. The plan to grow organically by the United Arab Emirates’ largest lender sets it apart from several other big Gulf banks, which have sought to use overseas acquisitions as a way to expand […]
Saudi Arabia’s ACWA Power is obtaining a loan of about $344 million from three banks to finance a solar energy project in Dubai, chief executive Paddy Padmanathan said on Sunday. The 27-year amortising loan with an interest rate of 4 percent is being provided by Abu Dhabi’s First Gulf Bank and two Saudi banks, National Commercial Bank and Samba Financial Group, he told reporters on the sidelines […]
The tide may be turning in the retreat of the U.S. oil explorers. Rigs targeting oil fell by 33 to 986, the smallest decline since Jan. 2, Baker Hughes Inc. said on its website Friday. Energy rigs in the Permian Basin shale region dropped by seven to 355 after dropping by as much as 49 earlier in the month. The Eagle Ford in Texas lost three rigs. […]
DUBAI, 2 days ago STME, a leading IT solutions provider, has upgraded the infrastructure and software requirements of Dubai-based wasl properties, a UAE semi-government property development entity, by adopting an efficient storage reclamation approach. “We understand that organisations today are struggling to accommodate growing volumes of data on a limited, if not declining, budget,” said Ayman Al Bayaa, CEO of STME. “However, by using a more […]
ABC Islamic Bank profit up 23pc to 15m MANAMA, 1 days ago ABC Islamic Bank has posted a net profit of $15.1 million last year, a 23 per cent increase as compared to $12.2 million recorded in 2013. The net profit for the fourth quarter was $3.6 million, 19 per cent higher than the same period of the previous year, said a statement. The total operating income […]
Mubasher Financial ….. Nasdaq Dubai’s ‘Retail Broker of the Month’ January 2015. Mubasher wins special recognition by Nasdaq DUBAI, 2 days ago Mubasher Financial Services, one of the Middle East’s leading financial institutions, has announced that it has been recognised by Nasdaq Dubai as the ‘Retail Broker of the Month’ for January 2015. This recognition reinforces Mubasher’s market positioning as a widely respected financial services business, […]
After an extensive and sometimes contentious public and politcal debate, the Federal Communications Commission (FCC) voted February 26, with a 3 to 2 split along party lines, in favor of new regulations intended to preserve Net neutrality. The vote is seen as a win both for the Obama administration and a large Net roots activist campaign that has been pushing for this outcome for several years. Under […]
DUBAI, 8 hours, 45 minutes ago Software AG, a leader in enterprise management software, has appointed Rami Kichli as its new vice-president for the firm’s UAE division. Kichli will expand the company’s Middle Eastern business and reinforce the company’s position as the leading provider of digital business platform solutions through product innovation, strategic acquisitions, and a strong customer focus, said a company statement. The new vice president […]
|By A. Gary Shilling| At about $50 a barrel, crude oil prices are down by more than half from their June 2014 peak of $107. They may fall more, perhaps even as low as $10 to $20. Here’s why. U.S. economic growth has averaged 2.3 percent a year since the recovery started in mid-2009. That’s about half the rate you might expect in a rebound from the […]
Rolls-Royce announced plans to build a sport utility vehicle (SUV), validating hints dropped by company officials earlier this year. .The announcement comes after months of rumors that Rolls would finally introduce something to compete against Porsche’s Cayenne, Mercedes-Benz’s G-Wagon, Land Rover’s Range Rover, and Bentley’s (forthcoming) Bentayga. This now leaves Ferrari as the only major luxury automaker without an SUV in its lineup. Rolls has confirmed that […]
|By Sarosh Zaiwalla| Towards the end of last year, it was announced that the UAE’s long anticipated insolvency reform bill was reaching its final stages prior to implementation. The legal framework was drawn up following the establishment of the Dubai World Tribunal that resulted from the entity’s inability to pay its creditors in November 2009. The case cast a spotlight on the UAE, which until today does […]
|By TAP Staff| Mumbai-based shipping and logistics provider Shreyas Shipping and Logistics Limited,, part of global conglomerate Transworld Group, has become introduced domestic containerised cargo movement at every Indian port, from Mundra up to Kolkata, all along peninsular Indian coasts. Shreyas is the first provider to offer this service. “This is a first in Indian maritime history. This will be Shreyas Shipping and Logistics Limited’s contribution towards […]
Kalban … expansion plans. Dubai Investments plans $108m acquisitions DUBAI, 1 days ago Dubai Investments (DI), a leading investment company listed on the Dubai Financial Market, has announced expansion plans across its diversified portfolio, which include two new acquisitions worth Dh400 million ($108 million). The new acquisitions in the financial and real estate sectors, to be finalised soon, are expected to reinforce Dubai Investments’ robust growth across […]
By Aditi Shah NEW DELHI Mon Jan 12, 2015 1:38pm IST Labourers work at a construction site of a high-rise residential building in central Mumbai August 25, 2014. Credit: Reuters/Danish Siddiqui/Files NEW DELHI (Reuters) – Indian businessman Navin Bhartia’s Internet habits make him a dream customer for billionaire foreign media moguls like Rupert Murdoch. The 45-year-old from Kolkata likes to buy homes online, sometimes without visiting them. […]
|By Andrew Torchia| It’s a weekend morning at the Dubai Mall, a glitzy complex with 1,200 stores, and the shoppers are pouring in. A traffic jam has formed in the basement parking area. With passenger arrivals at Dubai’s airport at record highs, retailers expect a good month. The 55 percent plunge of oil prices since last June might be expected to usher in an age of austerity […]
The Jetsons probably had no idea how soon the average American would see robots become a reality. At the Consumer Electronics Show in Las Vegas this week, a number of devices showed the futuristic concept is here and now. Robotics exhibits at CES grew 25 percent from last year’s show, according to the event’s organizers. “It speaks to the category’s growth and ability to disrupt and transform […]
If you don’t visit Facebook at least once a day, you’re in a dwindling minority. Facebook still remains the most popular social media site by far, according to a new survey by Pew Research. While its growth has slowed as other social sites continue to grow in popularity, the level of user engagement on Facebook has increased nonetheless. Facebook membership numbers since 2013 have been mostly static, […]
Dubai Islamic Bank will reopen the Gulf bond market next week with a capital-boosting sukuk, the region’s first debt offering in two months as financial markets there wobbled under the impact of falling oil prices. A successful offering would not just bolster reserves at DIB, the largest Islamic bank in the United Arab Emirates, but also pave the way for others who may have been waiting to […]
SHANGHAI Sun Jan 4, 2015 7:47pm IST Lei Jun, founder and chief executive officer of China’s mobile company Xiaomi Inc, introduces the new features of Xiaomi Phone 4 at its launching ceremony, in Beijing, July 22, 2014. Credit: Reuters/Jason Lee/Files Related Topics Stocks Bollywood actor Deepika Padukone turns 29. Pics SHANGHAI (Reuters) – Fast-growing Chinese tech firm Xiaomi Technology Ltd Co booked 74.3 billion yuan […]
Gulf stock markets rose on Thursday as Saudi Arabia released a 2015 state budget that will keep spending high, reassuring the region that economic growth is unlikely to be hurt much by the plunge of oil prices. The Saudi budget envisions state spending at a record 860 billion riyals ($230 billion) next year, up 0.6 percent from the 2014 budget plan. That would be the smallest rise […]
Saudi authorities pledged to curb wages and push ahead with investments next year as the world’s largest oil exporter seeks to counter the effect of tumbling crude prices on the economy. The government said it expects the budget deficit in 2015 to widen to 145 billion riyals ($39 billion), from 54 billion riyals this year, the Finance Ministry said today. That amounts to about 5 percent of […]
Bisco Misr… bidding battle Kellogg outbids Abraaj third time for Bisco CAIRO, 2 days ago Breakfast cereal maker Kellogg Co has again raised its bid for Egyptian snack maker Bisco Misr, outbidding private equity group Abraaj for the third time and snatching the lead in a $140 million takeover battle. Kellogg said on Thursday it would improve its offer to EGP86.36 ($12.04) per share, hoping to secure […]
