Abu Dhabi’s economy expanded an inflation-adjusted 5.2 percent in 2013, its official statistics centre said on Tuesday, a much slower rate than the government had previously estimated but still higher than 4.8 percent in 2012. The figure from the Statistics Centre Abu Dhabi (SCAD) was much lower than an estimate in February by the emirate’s Department of Economic Development (DED), which said real GDP grew 7.4 percent […]
With the election in Egypt last week of former army chief Abdel Fattah Al Sisi as the new president, a nation and a region awaits a potential period of stability in the troubled Arab state. And one company that is desperate for calm is the flag carrier EgyptAir. EgyptAir website “We expect some indication of recovery, especially after the presidential election,” said Sameh El Hefny, the chairman […]
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, […]
Qatar’s sizzling growth would slow if it lost the right to host the 2022 World Cup soccer tournament, but the tiny country is so rich that the impact on its economy and financial markets would be much smaller than the blow to its reputation. The Qatari stock market sank 1.1 percent on Monday, underperforming the region, after a British newspaper published what it said was evidence of […]
‘As a scientist, all I can do is tell the truth based on the evidence,’ says Dr Jane Plant Photo: MARTIN POPE In 1993, the breast cancer that had plagued Jane Plant since 1987 returned for the fifth time. It came in the shape of a secondary tumour – a lump in her neck the size of half a boiled egg. Doctors told her that she had only […]
The hotel was honoured at the MENA Travel Awards 2014 and Sharjah Tourism Excellence Award events DUBAI (May 28, 2014) – Ramada Sharjah received two separate accolades honouring its service quality and facilities at the MENA Travel Awards 2014 and Sharjah Tourism Excellence Award this spring. The hotel won its first Silver Award in the ‘Best 4-Star Business/Corporate Hotel’ category at the MENA Travel Awards 2014 on […]
The chief executive of Arabtec Holding has raised his stake in the Dubai-based contractor to 21.46 percent, the company said, in an investment worth about $1 billion which it described as a vote of confidence in the group’s prospects. Hasan Ismaik, who has been leading a growth strategy at the company since taking charge early last year, bought the shares because of “his strong belief in the […]
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 […]
Ayatollah Ali Khamenei, Iran’s supreme leader, has called for a population increase, an edict likely to restrict access to contraception. In an edict on his website, he wrote that increasing the population of 76 million people would “strengthen national identity” and counter “undesirable aspects of Western lifestyles.” Since 1986 the population growth rate has fallen to 1.22 percent from 3.2 percent, according to the C.I.A. World Factbook. […]
Etisalat expects to conclude a long-delayed deal to allow competition in UAE fixed-line telecommunications services by the end of 2014, a company document states, which could threaten its dominant position in the lucrative sector. Etisalat and rival du have been unable to reach an agreement over so-called bitstream access, or network-sharing, in the United Arab Emirates, despite beginning talks in 2009 and the government being the largest […]
Even before his inauguration, India’s Prime Minister designate Narendra Modi made waves on the global stage, where once he was treated by many with suspicion – and by some as a pariah – for a rash of Hindu-Muslim violence that erupted 12 years ago in Gujarat, the state he ruled. Modi, 63, has spoken with the presidents of the United States and Russia, and he has become […]
The Middle East’s oil boom was made in China HSBC As the world’s second-largest consumer of oil, China in the past decade has relied heavily on the Middle East to secure the resources required to fuel its ascendancy to become an economic superpower. In doing so, it overtook the U.S. as principal investor in the Middle East and played a pivotal role in transforming the region by […]
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 […]
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 […]
Venture capitalist Chamath Palihapitiya, the former Facebook VP of growth for mobile and international, has criticized Apple’s strategies, saying the company is “screwed.” Palihapitiya, however, has a lot of praise for Facebook and Google.(Photo : Getty Images) Venture capitalist Chamath Palihapitiya says that Apple has lost its “mojo,” compared with the overall better jobs being carried out by tech rivals Facebook and Google. Palihapitiya, who describes himself […]
The surge in oil prices driven by Chinese demand has added $1 trillion to output in the Gulf Cooperation Council countries over 10 years, according to HSBC Holdings Plc. The six-member bloc’s gross domestic product increased to $1.7 trillion between 2003 and 2013, bringing per capital GDP to an average of $35,000, HSBC said in a report on the effect of a “globalizing China” on the Middle […]
Islamic finance has been one of the fastest-growing sectors in global finance but the industry has yet to shake off perceptions about high costs and complexity that are holding back some issuers. Sukuk, or Islamic bonds that follow religious principles such as a ban on interest and speculation, are now a major funding tool for companies in the Middle East and southeast Asia, and are becoming increasingly […]
Etihad Airways had access to an interest-free $3 billion loan from Abu Dhabi’s ruling family, the Australian Financial Review newspaper said on Thursday, prompting criticism from rivals that have long complained of state support for the carrier. Citing what it said were leaked documents prepared for prospective financiers in 2011, the newspaper said the loan for government-owned Etihad required no repayments until 2027. The airline, which also […]
Uber San Francisco-based Uber — a smartphone app that connects passengers with cars for hire — officially launches in the Saudi capital Riyadh today after three months of beta testing, entering a new market with some unique opportunities. Saudi Arabia is a country with virtually no public transport and where half of the population — women — is not allowed to drive. Many of the regular cabs available […]
|TAP Special| Sharjah might soon have its own Metro, which could be linked to Etihad Rai, as part of a massive plan to develop the emirate’s transport infrastructure, according to sources familiar with the plan. The newly-created Sharjah Roads and Transport Authority has been tasked with the responsibility of undertaking the feasibility studies in this regard. The plan also includes the development of new road networks and […]
Dubai’s index makes its one-day decline in eight months on Monday and technical indicators suggest it will fall further, while most other Middle East markets also retreated. Dubai fell 5.5 percent to 4,856 points, its lowest close in a month and biggest one-day loss since Aug. 27. “I think we’ll see more selling – the key is that Dubai broke and then closed below 5,000 points,” said […]
Chief executives in the Middle East are the world’s most upbeat about economic growth next year on hopes that the region will see a period of increased stability following the geo-political turmoil of recent years, says consultancy firm PwC. Of those regional CEOs who say their companies will grow revenues in the next 12 months, 66% are “very confident” compared to the global average of 39%. The […]
