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US probing StanChart’s Dubai accounts

U.S. authorities are investigating London-based Standard Chartered for potential U.S. sanctions violations connected to its banking for Iranian-controlled entities in Dubai, according to people familiar with the probe. The latest investigation involving the bank is based, in part, from evidence that emerged during a separate probe of BNP Paribas, the French bank that pleaded guilty this summer to charges related to sanctions-busting and agreed to pay $8.9 […]

Nigerians buying up Dubai hotel apartments

|By TAP Staff| Nigerian property investors account for 60 percent of hotel apartment purchases in the Dubai  hospitality market, according to a Nigerian newspaper. During the property market boom which suffered a crash in the world economic recession of late 2008 to 2010, Nigerian investors accounted for well over 40 percent of Dubai’s  residential market, such that a significant number of houses on Palm Jumaireh—one of Dubai’s exclusive […]

Cross-border partnerships crucial to Islamic economy growth

Al Gergawi … Islamic economy aims at developmentof societies Cross-border partnerships crucial to Islamic economy growth DUBAI, 10 hours, 0 minutes ago The growth of the Islamic economy has the ability to unlock economic opportunities and improve socio-economic stability through cross border partnerships, the opening ceremony of the 10th World Islamic Economic Forum (WIEF) stated. The opening session was graced by HH Sheikh Mohammed bin Rashid Al […]

UAE Exchange remittances top $25 billion

UAE Exchange… handling 7.9 million customers worldwide UAE Exchange remittances top $25 billion DUBAI, 1 days ago UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, said it handled $25.4 billion in remittances in 2013 and has a share of 6.1 per cent of the global remittance volume. Celebrating the brand’s 34th anniversary, UAE Exchange said in a statement that, it currently handles […]

Markets in UAE, Qatar edge up

Markets in UAE, Qatar edge up DUBAI, 1 days ago Bourses in the UAE and Qatar rose in early trade on Sunday on the back of a supportive global background and positive domestic news flow. US stocks were up on Friday after strong results from Microsoft and Procter & Gamble. Brent oil prices slipped but were little changed on the week. Dubai’s index rose 1.8 per cent […]

Dubai’s Borrowings from its Biggest Bank Surpass 100 Billion Dirhams

Emirates NBDs lending to the Dubai government has increased despite recent attempts by regulators to rein in local banks exposures. Bloomberg News The Dubai government has borrowed more than 100 billion U.A.E. dirhams ($27.24 billion) from Emirates NBD as of the end of the third quarter, according to the bank’s most recent financial statements, underscoring the extent to which the emirate has come to rely on its […]

DOING BUSINESS IN INDIA TO GET EASY, REGISTRATION IN JUST A DAY

NEW DELHI: In order to make India a better place to do business, the government is working to cut down the time for registering a business from 27 days to a single day. Towards this end, it has readied a raft of measures, such as, single registration for all labour laws, overhaul of tax systems, reduction in the number of permits required, easing up property registration, quick […]

INDIA TO SIGN A DEAL FOR OIL PIPELINE TO NEPAL

NEW DELHI: India is likely to next month sign a deal to lay an oil pipeline to Nepal for supply of petrol, diesel and ATF, said Sunil Kumar Thapa, Commerce Minister of the Himalayan nation.   Prime Minister Narendra Modi during his visit to Nepal in August had “assured that India will assist in putting up a pipeline,” he told reporters after meeting Oil Minister Dharmendra Pradhan […]

IPO Candidate Amanat Targets Crowded Local Education, Health Sectors

Children sit in their classroom in Dubai. IPO candidate Amanat is betting that healthcare spending and student enrolments in the Gulf will continue to grow rapidly. Agence France-Presse/Getty Images As U.A.E.-based greenfield company Amanat prepares to launch its initial public offering in Dubai next week, its target sectors healthcare and education appear increasingly crowded. Amanat is hoping to raise $374 million from investors, funds it will mainly […]

US banking firm to host seminars across GCC

US banking firm to host seminars across GCC DUBAI, 2 days ago US Freedom Capital, the premier EB-5 investment banking firm, is all set to launch its US immigration investment seminar across the GCC. The seminar will be covering Dubai, Abu Dhabi, in the UAE; Manama in Bahrain and Muscat in Oman, and will be part of a roadshow. The seminar will commence at the Shangri-La hotel […]

Abu Dhabi e-govt showcase solutions at Gitex

Abu Dhabi e-govt showcase solutions at Gitex ABU DHABI, 3 days ago Twenty-two Abu Dhabi Government entities will showcase their latest innovative IT solutions, product apps and software offerings, all under the theme, “Towards a Digital Abu Dhabi’, at Gitex 2014, Dubai. UAE. The apps have been designed specifically to strengthen customer service and enhance the customer experience. Abu Dhabi Systems and Information Centre (Adsic) will host […]

Mideast ICT market to hit $20bn, outpacing global average

Officials at the announcing of the Gitex Technology Week 2014 Mideast ICT market to hit $20bn, outpacing global average DUBAI, 3 days ago The Middle East region’s information and communication technology (ICT) market is set to jump from a projected $15 billion this year to $20 billion in 2020, outpacing the global average, according to market intelligence firm IDC. The growth is being buoyed by region-wide investment […]

Emaar Malls Group jumps 20pc on listing

Emaar Malls Group jumps 20pc on listing DUBAI, 1 days ago Shares in Dubai’s Emaar Malls Group (EMG) jumped in early trade on Thursday as the stock started trading on Dubai’s main stock exchange and drained liquidity from the rest of the emirate’s market. EMG shares, which were sold at Dh2.90 in the heavily oversubscribed $1.6 billion initial public offer, rose 13.8 per cent to Dh3.30 after […]

FTTH Council to host 6th annual conference

FTTH Council to host 6th annual conference DUBAI, 3 hours, 27 minutes ago Fibre to the Home (FTTH) Council Mena, has announced the launch of its sixth annual conference in the UAE under the theme of ‘FTTH – The Rise of Smart Nation’.According to a 2013 study conducted by the council, UAE has the highest penetration rate in the world of fibre to the home connectivity for […]

Mashreq names new country head for Bahrain

Vivek Uberoi, country head of Mashreq Bank Bahrain Mashreq names new country head for Bahrain MANAMA, 1 days ago UAE-based financial institution Mashreq has appointed Vivek Uberoi as the new country head of Mashreq Bank Bahrain. Uberoi has more than 20 years experience in the banking and financial sector, and has held various senior positions with international banks, said a report in the Gulf Daily News (GDN), […]

Platform to trade private company shares

|By TAP Staff| The United Arab Emirates’ stock exchange plans to offer a trading platform for shares in private joint-stock companies so that they can raise capital with less disclosure of corporate information than publicly listed firms. Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said that trading would begin over the next few months on a special platform set up inside the country’s existing stock exchanges, state […]

How UAE’s private sector can improve Emiratisation

Image: Bigstockphoto. For illustration purpose only How UAE’s private sector can improve Emiratisation DUBAI, 1 days ago There has been an increasingly competitive talent attraction landscape amongst UAE businesses for some time now, with many companies, particularly in the private sector, struggling to recruit enough Emirati nationals to fulfil goals laid out by the government. Gavin Smith, managing director of ReThink MEA, a specialist recruiter in the […]

KFH Research sees positive outlook for Kuwait construction sector with 5.7% growth in 2014

KUWAIT. A recent report issued by KFH Research, a subsidery for KFH Group, sees continued positive outlook for the Kuwaiti construction industry, on the back of strong domestic demand in the Kuwaiti economy and a pick-up in government capital spending. Overview and Outlook “While we remain fundamentally cautious about the country’s medium-term investment outlook, we note that higher growth in bank lending over the last few months […]

Dubai to get biggest Apple?

Dubai’s next big one is the Apple store. Neil Churchill of EDGAR has the story. US-based tech giant Apple will open its biggest store in the world at Dubai’s Mall of the Emirates, EDGAR can exclusively reveal. After regional media picked up on UAE-based job advertisements by the Californian company, we have insider knowledge that the Majid Al Futtaim owned mall will become home to Apple’s first flagship in the Middle East. Our […]

Dubai Court of Appeal to rule on bomb belt woman next month

DUBAI // A woman who threatened to blow up the Public Prosecution building with a bomb belt will hear if the appeal against her sentence is successful next month. In March, Zulfiya Hamraeva, 33, from Uzbekistan, was sentenced to seven years in jail by Dubai Criminal Court. The Court of Appeal will deliver its final verdict on this sentence on September 3. The woman’s accomplice, Emirati M […]

Dubai hospitality sector unfazed by Russia travel woes

Hotels and high-end retailers in Dubai are optimistic that they can ride out the Russian tour operator crisis and possibly even benefit from it. Rotana, which operates 15 hotels in the emirate and has a global sales office in Russia, is hopeful that the decline in Russian tourists because of the closure of some leading tour operators in the country would be offset by more tourists from […]

INDIA, US DECIDE TO JOINTLY PRODUCE DEFENCE EQUIPMENT

New Delhi: With co-development and co-production of defence products in mind, India and the US on Friday agreed to take the Defence Technology and Trade Initiative forward.

The decision was taken at the delegation-level talks between defence minister Arun Jaitley and US secretary of defence Chuck Hagel, who is on a three-day visit to the country.

In the meeting, both sides took note of the progress made over the years in deepening defence ties. Both the sides reaffirmed their desire to further enhance bilateral defence cooperation, especially in technology and discussed ways for strengthening this partnership.

Stressing on indigenisation of the defence industries, Jaitley said, “The develop

BILL TO REFORM POWER SECTOR IN WINTER SESSION

NEW DELHI: The government will bring a Bill, amending the Central Electricity Act, in winter session of Parliament to improve the tariff policy and regulations in the power sector. The power ministry is working out different tariff structure for different times of the day for easy availability of power for maximum hours in electricity deficit areas. It will soon consult states over the issue as the tariff matter comes under the states’ domain.

Besides, the government has decided to promote domestic power companies to help increase solar power generation in the country. Announcing these decisions in Rajya Sabha, power minister Piyush Goyal said the government will allow only 100% indigenous domestic companies to participate in the

ADANI GROUP IN TALKS WITH INDIAN OIL FOR RS 30,000 CRORE MUNDRA REFINERY JOINT VENTURE

MUMBAI: The Adani Group and Indian Oil Corporation are in talks to build a Rs 30,000-crore joint venture refinery at Mundra, which would give Gautam Adani an entry into the oil sector while the state-run company would get land port facilities for the proposed export-focused unit.

The proposed 30-million-tonne refinery at Mundra will make Prime Minister Narendra Modi’s native state, Gujarat, a bigger energy hub. It already has refineries of Reliance Industries, Essar Oil and Indian Oil, apart from two LNG terminals and the country’s biggest city-gas distribution network.

Industry sources said Gautam Adani has held initial talks with top executives at IOC and offered around 3,500-4,000 acres of land for th