Sheikh Hamad bin Jassim bin Jabr Al Thani, who played a key role in Glencore International Plc’s takeover of Xstrata Plc, is returning to dealmaking a year after his ouster as prime minister and head of Qatar’s sovereign wealth fund. Sheikh Hamad is injecting 1.75 billion euros ($2.4 billion) into Deutsche Bank AG through his Paramount Holdings Services Ltd. investment vehicle, the Frankfurt-based bank said May 18. […]
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 […]
BEIRUT, Lebanon — The death toll in the three-year Syrian conflict has risen to about 162,000, an increase of more than 10,000 in less than two months, according to an antigovernment monitoring group that is one of the few organizations still attempting to keep an exact count. The group, the Syrian Observatory for Human Rights, which is based in Britain and operates through a network of about […]
Analysts are predicting a pre-Ramadan correction on the Dubai Financial Market. They say this has happened twice before: in early 2006 after the near doubling of the market in 2005; and in 1999 when the Emaar-IPO bubble burst. It will happen again. The price-to-earnings ratio has swung from an under-valued 10 to an extremely over-sold 21. Emerging markets in the MSCI Index, whose highly prized inclusion of […]
BEIRUT, Lebanon — The general in charge of Syria’s air defense has been killed in fighting near Damascus, an opposition monitoring group and Syrian security officials said Sunday. The officer, Lt. Gen. Hussein Ayoub Ishaq, one of the highest-ranking officers to die during the country’s three-year conflict, commanded 60,000 troops in Syria’s air defense forces, said Hisham Jabber, a retired Lebanese Army brigadier general who closely follows […]
WASHINGTON — To those who lost loved ones in the suicide bombing of the American Embassy in Beirut, Lebanon, in April 1983, it is often called “the forgotten bombing” — overshadowed by an even deadlier attack on a Marine barracks at the Beirut airport six months later. Now, a new book shines a spotlight on the embassy bombing, which killed 63 people, 17 of them American, including […]
ABU DHABI, United Arab Emirates — The strike had entered its second day when construction workers at Labor Camp 42 got word that their bosses from the BK Gulf corporation had come to negotiate. Mohammed Amir Waheed Sirkar, an electrician from Bangladesh, scrambled down the stairs to meet them. But when he got to the courtyard, he saw the truth: It wasn’t the bosses who had come. […]
Egypt’s weak currency, unstable security situation, energy crisis and a government that’s almost bankrupt after three years of political uncertainty hardly make ideal conditions for a market rally. But even as periodic blackouts hit Cairo and Islamist militants carry out attacks on security forces, Egypt this week is welcoming its first initial public offering since a revolution toppled former president Hosni Mubarak in 2011. Arabian Cement, a […]
Scientists leading the fight against Middle East Respiratory Syndrome say the next critical front will be understanding how the virus behaves in people with milder infections, who may be spreading the illness without being aware they have it. Establishing that may be critical to stopping the spread of MERS, which emerged in the Middle East in 2012 and has so far infected more than 500 patients in […]
Thirteen labourers were killed and more than a dozen injured early yesterday when their bus ploughed into the back of a lorry. The tragedy happened on Dubai’s Emirates Road soon after 6.30am Nine of the dead were from India and four from Bangladesh. The nationality of the other two victims is unknown. The injured are being treated at Al Baraha Hospital and in Rashid Hospital, Oud Metha. […]
UNITED NATIONS — The United Nations is under pressure to ratchet up aid to nongovernmental organizations that can operate in the vast sections of Syria under opposition control, as most of the humanitarian relief sponsored by the organization ends up in the western slice of the country held by President Bashar al-Assad. More than 85 percent of food aid and more than 70 percent of medicines went […]
JERUSALEM — President Mahmoud Abbas of the Palestinian Authority met Thursday in London with Israel’s justice minister, Tzipi Livni, the first known face-to-face talks between the two sides since the American-brokered peace negotiations collapsed last month. Ms. Livni, one of Israel’s two chief peace negotiators, and Mr. Abbas had each met separately in London with Secretary of State John Kerry to discuss the breakdown of the talks […]
SOMA, Turkey — As grieving families prepared to bury more of the dead from Turkey’s worst mine disaster, the country’s energy minister said on Friday that up to 18 people were still missing and the death toll could exceed 300. The assessment was lower than other accounts suggesting that scores of miners were still unaccounted for. An explosion at a coal mine on Tuesday near this town […]
Bombings and shootings around Baghdad, Iraq’s capital, killed at least 29 people and wounded dozens on Thursday, officials said. Gunmen killed five off-duty army officers after stopping their car on a road just north of Baghdad, the police said. Earlier, a car bomb in Karrada, a busy commercial area with several government offices, killed four civilians and three police officers and wounded 21, a police officer said. […]
Dubai’s Emaar Properties said on Thursday that its revenue from villa sales dropped by nearly 17 percent in the first quarter of the year, as it extracted more income from malls and hotels instead. The builder of the world’s tallest tower generated revenue of 256.91 million dirhams ($69.94 million) from sales of villas in the first quarter compared to 308.73 million dirhams in the corresponding period in […]
King Abdullah appointed a son, Prince Turki bin Abdullah, as governor of Riyadh Province on Wednesday, strengthening his branch of the ruling dynasty as it approaches a difficult decision on how to transfer power to the next generation. Another son, Prince Mishaal bin Abdullah, was made governor of Mecca Province months ago. The line of succession does not pass directly from father to son but has moved […]
IZMIR, Turkey — Rescuers battled on Wednesday to reach miners trapped underground after more than 200 were killed in one of the worst mining disasters in Turkey in decades. Despite the extensive rescue operation, a senior official said hopes of finding survivors were “dimming.” More than 200 were thought to be still underground after an explosion in a power distribution unit on Tuesday set off a fire […]
|By TAP Staff|The ability of mortgaged buyers of Dubai properties to step on to the housing ladder is set to be curbed in the near to medium term, real estate consultancy Cluttons has predicted.This in turn will impact on the volume of transactions being recorded, the agency said in its report titled Dubai Spring 2014 Residential Market Outlook. “ We are already seeing the first signs of […]
|By TAP Staff|Investcorp, a leading provider and manager of alternative investment products with more than $11 billion of assets under management, announced that its U.S.-based real estate arm, through separate transactions, acquired a portfolio of commercial and residential properties in Dallas, TX and South Florida for approximately $105 million. “The investment market in the U.S. continues to experience growth in transaction volumes with significant capital flowing into […]
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. […]
Dennis Lockhart, President, Federal Reserve Bank of Atlanta, spoke to the American Business Council of Dubai on Sunday. Reuters Large Middle Eastern holders of U.S. Treasuries shouldn’t worry about the stability of their investments especially as the U.S. economy shows more signs of improvement following the worst recession in a generation, Atlanta Fed President Dennis Lockhart said on Sunday. U.S. government debt has long been a key […]
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 […]
|By TAP Staff|The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline and the airport duty-free business, said its revenues grew 18 percent to $24.8 billion in the second half of 2013. The numbers were revealed in the prospectus released in connection with the plan to raise about $750m in its first Islamic bond issue. The latest full-year revenue […]
The United Arab Emirates will have its own stand-alone exchange-traded funds with this week’s launch of the iShares MSCI UAE Capped ETF (UAE). On May 30th, both Qatar and the UAE will get promoted by the MSCI index folks being frontier markets to becoming full-fledged emerging markets. As of this year’s first quarter, the UAE and Qatar occupied the second- and third-largest country weights in the MSCI […]
