The two main stock exchanges in the United Arab Emirates are trying to attract market makers but some industry professionals say Abu Dhabi is offering more generous financial terms and more liberal rules than Dubai, suggesting it may have more success. Market makers stand ready to buy and sell stocks at all times, improving liquidity on an exchange – something which may be increasingly important as Abu […]
Kingdom Holding Q1 profit rises 10.3pc RIYADH, 20 hours, 23 minutes ago Saudi Arabia’s Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 10.3 per cent rise in first-quarter net profit on Tuesday, on the back of higher income from dividends and associates. Kingdom make a net profit of SR139.4 million ($37.2 million) in the three months to March 31, compared […]
Alitalia SpA may follow British Airways parent IAG in quitting the Association of European Airlines as a rift widens over the competitive threat from Gulf carriers, which are the biggest shareholders at both companies. “A strong signal is needed and other airlines have already done that,” Alitalia Chief Executive Officer Silvano Cassano, whose Rome-based company is 49 percent owned by Etihad Airways PJSC, said in an interview. […]
In my previous column, I outlined the innovative German system of cooperative study and universities of applied sciences. These institutes in particular support a practical, hands-on approach to learning about engineering. But where do managers of mid-sized business learn the tools of their trade? As we have seen, traditionally, the answer would be through common sense and trial and error. The majority of world-leading mid-sized enterprises were […]
Ameen … new role. Deutsche Bank appoints new COO for MEA DUBAI, 3 days ago Deutsche Bank AG announced today the appointment of Javeed Ameen as chief operating officer (COO) for the Middle East and Africa (MEA) region. Ameen will be based in Dubai, UAE, and report to Ashok Aram, CEO Middle East and Africa, and Karl von Rohr, global chief operating officer regional management. Ameen replaces […]
Bengaluru/By Vishnu Raja/The on-going brawl over telcos move to charge consumers differently and discriminate in favor of some apps opposed to others, had once existed in the past, but only in a realm of hypothetical discussions. The debate is becoming realistic as people in India begin to realize the importance of net neutrality (NN) and the ‘dangers’ this may pose to consumers. ISPs, globally, have a track record of such arbitrary actions and […]
The specter of an atomic arms race in the world’s most volatile region has heightened the stakes in Iran’s nuclear talks after Saudi Arabia’s repeated hints it would seek its own atomic weapons if Tehran ever did the same. Riyadh’s unprecedented action in assembling a coalition of other Sunni Muslim countries to bomb Tehran’s Houthi allies in Yemen this week has shown how seriously it takes the […]
As chairman of Emaar Properties, Mohamed Alabbar has shaped much of Dubai’s skyline, but rapid growth in his outside real estate interests is raising the possibility of a rarity in the Gulf – open shareholder dissent. Speculation persists that Alabbar and Emaar, the company he founded in 1997, could soon part ways despite a categorical denial from the firm last month. His involvement in other firms’ projects, […]
Borse Dubai ruled out any sale of its shares in Nasdaq OMX Group on Thursday after shedding its entire 17.4 percent stake in the London Stock Exchange (LSE). The firm had been the biggest single shareholder in the LSE prior to the sale, which occurred on Wednesday through a so-called book building process which a source familiar with the matter told Reuters on Thursday happened at 22.50 […]
|By TAP Staff| Dubai’s stock exchange operators Borse Dubai Ltd said it was selling its remaining stake of 17.4 percent in the London Stock Exchange Group. Borse Dubai holds the biggest shareholder in the premier global exchange, valued at about $2.2 billion. Borse Dubai is the holding company for Dubai Financial Market (DFM) and NASDAQ Dubai. Borse Dubai was created 6 August, 2007 to consolidate the Government […]
Lloyds Banking Group and Natixis have sold their holdings in debt of Dubai World, the state-owned conglomerate nearing a $14.6 billion debt restructuring, according to sources familiar with the matter. Royal Bank of Scotland (RBS) also sold at least part of its exposure in the conglomerate, said two sources, which could mean more than $1 billion of Dubai World’s debt has changed hands. The moves help pave […]
Dubai Investments, a diversified Gulf-based investment group, plans to float shares in at least one subsidiary next year and could also divest other holdings, its chief executive said on Monday. The firm, which reported a 63 percent rise in annual profit to 1.34 billion dirhams ($364.8 million) last year, has primed three subsidiaries – in financial services and property, plus district cooling firm Emicool – to potentially […]
Salim Al Aufi, Oman’s undersecretary for oil and gas, likens attempts to cut the reliance on oil during a price slump to acting “with a gun pointed at your head.” If you have to make decisions under pressure, “you will probably make the wrong ones,” he said March 3 in Muscat during a panel discussion on the impact of the oil shock. Oman relied too much on […]
Oil and gas companies will spend about $450 billion buying each other this year as lower valuations caused by a drop in crude prices stimulate mergers and acquisitions, according to consultants A.T. Kearney. The value of M&A transactions in the oil and gas industry will probably rise by $10 billion from last year when deals totaled $440 billion, said Richard Forrest, A.T. Kearney’s lead partner for energy. […]
Gen Odierno said that British defence cuts are already jeopardising US-UK joint operations Photo: AP Ever since the Cold War ended more than two decades ago, America has never entertained any serious doubts about Britain’s ability to fulfil its commitment as a vital military ally when tackling threats to the Western alliance. Until now. For the dramatic cuts to Britain’s defence budget implemented since the Coalition took power […]
RIYADH, 2 days ago Saudi Arabia’s Mobily on Wednesday said it swung to a full-year loss in 2014 after the telecommunications operator announced its audited results, also revealing it had breached loan covenants with various lenders. Mobily — formally called Etihad Etisalat — made a loss of SR913 million ($243.4 million) in 2014 after it took an additional charge of SR1.13 billion, it said in a statement […]
Malaysia’s largest refined sugar manufacturer MSM Malaysia Holdings Berhad will terminate a pact with Dubai’s Al Khaleej International Ltd to build a sugar refinery in the southern state of Johor, the firm said on Wednesday. In a filing to the local bourse, MSM said it will not proceed the non-binding memorandum of understanding with Al-Khaleej signed on May 8, 2014 to form a joint venture company to […]
|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 […]
Dubai Investments PJSC, the company with interests in real estate and manufacturing, will buy a 60 percent stake in investment bank Al Mal Capital PSC as part of a plan to boost financial services assets. The company will pay about 150 million dirhams ($41 million) for the stake and expects to complete the purchase by March 15, Chief Executive Officer Khalid Jassim Kalban said in a phone […]
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. […]
Dubai International Capital (DIC) is launching the sale of German alumina products maker Almatis as the fund seeks to reduce its liabilities in the wake of a debt restructuring, three people familiar with the deal said. DIC has mandated Barclays to explore the options of the possible divestment, the people said on Thursday. Almatis is around 80 percent owned by DIC with a stake also held by […]
Gulf stock markets fell sharply on Tuesday as Brent crude extended losses after plunging 5 percent a day earlier and the threat of a fresh euro zone crisis in Greece also prompted investors to sell risk assets globally. Brent crude touched a fresh 5-1/2-year low at $52.28 a barrel on Tuesday on oversupply concerns. MSCI’s emerging market index was down 0.9 percent. Saudi Arabia’s main index dropped […]
Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world’s biggest crude exporter, takes action to reverse the slump, Iran’s deputy foreign minister told Reuters. Hossein Amir Abdollahian described Saudi Arabia’s inaction in the face of a six-month slide in oil prices as a strategic mistake and said he still hoped the kingdom, Tehran’s main rival in the Gulf, would respond. […]
