The total value of ongoing projects in the GCC region currently stands at $2.62 trillion, with the Kingdom accounting for $875 billion. The Kingdom’s strong construction market is being driven by government spending and high oil prices, according to a recent Global Investment House report. For 2013, the Kingdom budgeted $219 billion for spending, up by 18.8 percent, year-on-year, from 2012. Out of this, almost $76 billion […]
By Asa Fitch As Dubai’s economy rebounds, the number of commercial disputes in one of its main courts appears to be waning, too. Perhaps taking a cue from rising real estate prices and an influx of tourists, lawyers say many people are trying to settle their differences and move on. The courts of the Dubai International Financial Centre, Dubai’s main financial free zone, have seen just nine […]
Dubai’s business community are more upbeat on the emirate’s economy than they were a year ago, according to the latest business confidence survey released by Department of Economic Development (DED). The department’s latest quarterly Business Confidence Index (BCI) reached 120.7 points for the second quarter of 2013 – up 14.6 per cent points on the same period last year. The index has also risen by 6.7 points […]
By Peter Schiff I’ve been emphasizing for months that the current correction in the gold price is a result of speculative money fleeing the market and not any reflection of gold’s long-term fundamentals. Unfortunately, there is so much money to be made (and lost) by day trading that my cautions have once again fallen on deaf ears. Well, it looks like the so-called “technicals” are starting to […]
The U.K. markets regulator fined a compliance officer and a broker a total of about 116,000 pounds ($180,000) for enabling Rameshkumar Goenka, a Dubai-based investor, to commit market abuse in 2010. The Financial Conduct Authority fined David Davis, a compliance officer at Paul E. Schweder Miller & Co., 70,258 pounds, and Vandana Parikh, a broker at the same firm, 45,673 pounds, for not acting with enough care […]
Riyadh (Reuters): The Saudi Arabian government awarded $22.5 billion (Dh82.6 billion) in contracts to three foreign-led consortia on Sunday for the design and construction of the first metro rail system in the capital, Riyadh. The project, which will involve six rail lines extending 176 kilometres and carrying electric, driverless trains, is the world’s largest public transport system currently under development, Saudi officials said. US construction giant Bechtel […]
NEW YORK (AP) — With new public stock offerings for guitar maker Fender and travel booking website Kayak on deck next week, there are signs demand is starting to grow for IPOs after a five-week freeze triggered by a steep decline in financial markets and exacerbated by Facebook’s rocky May 18 debut. Five companies are scheduled to go public next week alone, including Fender, Kayak and Palo […]
LG Display has agreed to pay $380m (£246m) to settle an LCD panel price-fixing case in the US. The company denied doing anything wrong, but said it had agreed to a settlement to avoid “the expense and burden of protracted litigation”. It was the largest amount paid by any of the 10 companies that have settled the case, including Toshiba, Samsung, Sharp and Hitachi. They were accused […]
Treasury yields fell close to all- time lows as an almost insatiable desire for the safest assets amid signs global growth is stalling helped the U.S. draw record rates at 10- and 30-year debt auctions. U.S. government debt rallied for a third consecutive week as Europe’s economy slipped toward its second recession in three years amid a worsening debt crisis, lower-than-forecast growth in China and the Federal […]
Despite the recent run of disappointing economic data, a broad range of experts and forecasters expect the economy to improve slightly in coming months, thanks to lower oil prices and new signs of life from sectors like automobile sand housing. Call it a firming up, if not quite a comeback. Economists at many of the most-watched forecasting organizations, both public and private, expect growth to pick up […]
Netflix is more popular among couch potatoes than investors a year after its polarizing decision to raise U.S. prices for video subscription services. The unexpected twist that Netflix unveiled a year ago Thursday triggered mass customer cancellations and a sell-off in its stock, which has wiped out more than $11 billion US in shareholder wealth. Netflix Inc. has bounced back this year to revive its subscriber growth. […]
