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Arabtec Holding and Samsung Engineering announced the launch of Arabtec-Samsung Engineering in the Middle East and North Africa’s oil and gas, power and related infrastructure sectors. Arabtec-Samsung Engineering is incorporated and headquartered in Abu Dhabi and is owned 40% by Arabtec, 40% by Samsung Engineering and the remaining 20% is owned by Tasameem Property Investment.  The shareholder agreement was formalised on September 24th at a special signing […]

Doctors at RAK Hospital marked the opening of a new era of intervention in congenital heart disease for this part of the world by carrying out an Atrial Septal Defect (ASD)   Closure without surgical intervention on a young adult by the technique of Device closure ASD device (Amplatzer septal occluder) is a relatively new non-surgical technique used to treat patients with atrial septal defect in which patients […]

Hedge funds cut bullish gold bets, reducing long contracts to the lowest since June, before prices rose the most in a month as the Federal Reserve unexpectedly decided not to taper stimulus. The net-long position held by speculators fell 17 percent to 70,113 futures and options in the week ended Sept. 17, U.S. Commodity Futures Trading Commission data show. Long wagers fell 6.8 percent to 109,217, the […]

A major independent global study released today calls on airlines to take a fresh look at handling flight delays and cancellations in order to drive loyalty and minimize impact on customers in the short- and long-term. Titled ‘Passengers First: Re-thinking Irregular Operations’, the study is authored by Norm Rose of travel industry research authority PhoCusWright and commissioned by Amadeus, a leading technology partner for the global travel […]

The U.S. Federal Reserve defied investor expectations on Wednesday by postponing the start of the wind down of its massive monetary stimulus, saying it wanted to wait for more evidence of solid economic growth. Investors responded by propelling U.S. stocks to record highs and driving down bond yields. Yields on U.S. Treasury debt had risen over the summer on expectations the Fed would cut back its $85 […]

Bahrain-based Islamic investment firm Arcapita has become the first Gulf company to emerge from U.S. bankruptcy under Chapter 11 rules, in a move that could help clarify how Islamic finance is treated in Western courts. Arcapita’s plan, which came into effect on Tuesday, will see it transfer its assets into a new holding company which will dispose of them over time to pay off creditors, effectively a […]

DAMAC Properties, a privately held Dubai property developer, has hired two international investment banks to help arrange an initial public offering of shares in London and join a growing list of Gulf companies seeking overseas listings. Deutsche Bank and Citigroup Inc will advise on the planned flotation, two banking sources aware of the matter said, speaking on condition of anonymity as the matter is not public. The […]

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Iran’s Foreign Ministry said on Tuesday that President Hassan Rouhani had exchanged letters with U.S. President Barack Obama, confirming direct communication between the leaders of the two countries. The United States and Iran cut off formal diplomatic ties in 1980, shortly after students and Islamic militants stormed the U.S. Embassy in Tehran and took American diplomats hostage. But officials from both countries have said they are open to direct talks […]

The results of a new annual poll published by SEI, titled “Employment Trends and Managing End of Service Benefits in the Middle East,” reveals positive employment momentum in the Middle East region is putting increased pressure on company End of Service Benefit (EoSB) liabilities. The poll focused primarily on the UAE, where the majority of respondents were based (89 percent). Eighty percent of the total firms surveyed […]

Dubai could soon enforce ammendments to its real estate law intended to hasten procedures for the settlement of property disputes between landlords and tenants and allow for an appeal within three days, it has been reported. The committee for the settlement of rent disputes has presented a draft of the amendments to the government with the aim of slashing time needed to resolve rent rifts and stimulate […]

The notion of Syria giving up its chemical weapons, or at least putting them under foreign control, has long been on the table in the consultations between Syrian President Bashar Assad’s government and his allies in Moscow. In the course of the civil war that has been raging in Syria for more than two years, “we discussed this possibility many times from many different angles,” says Russian […]

Fitch Ratings has upgraded UAE-based Tamweel PJSC’s Long-Term Issuer Default Rating (IDR) to ‘A’ from ‘BBB+’, Short-Term IDR to ‘F1’ from ‘F2’ and Support Rating to ‘1’ from ‘2’. Fitch has simultaneously withdrawn Tamweel’s ratings. At the same time, the senior unsecured programme rating of Tamweel Funding III Limited (TFIII) has been upgraded to ‘A’ from ‘BBB+’ and withdrawn, and the senior unsecured Long-Term rating of the […]

First Gulf Bank (FGB), the United Arab Emirates’ third largest bank, is cutting about 300 jobs, equivalent to nearly 10 percent of its workforce, as part of a restructuring, sources familiar with the matter said. FGB, controlled by Abu Dhabi’s ruling family, informed employees about the plan last week and the cuts will mainly affect its consumer banking business, the sources said. They were speaking on condition […]

Internet security experts are calling for a campaign to rewrite Web security in the wake of disclosures that the U.S. National Security Agency has developed the capability to break encryption protecting millions of sites. But they acknowledged the task won’t be easy, in part because internet security has relied heavily on brilliant government scientists who now appear suspect to many. Leading technologists said they felt betrayed that […]

The United Arab Emirates said it’s drawing up safety and operational rules for its fledgling rail industry as the desert country dominated by road and sea transport spends $25 billion to build a network from scratch. A draft law is under scrutiny as the first part of an $11 billion freight line connecting the U.A.E.’s seven sheikdoms nears completion. Light rail projects are also under way in […]

With the United States threatening to attack Syria, U.S. and allied intelligence services are still trying to work out who ordered the poison gas attack on rebel-held neighborhoods near Damascus. No direct link to President Bashar al-Assad or his inner circle has been publicly demonstrated, and some U.S. sources say intelligence experts are not sure whether the Syrian leader knew of the attack before it was launched […]

India’s newly installed central bank Governor Raghuram Rajan burnished his international credentials at a 2005 U.S. conference warning about the danger of a potential crisis. Now he has one of his own to contend with. Rajan, 50, joined the front lines of a battle to forestall a record slump in the rupee yesterday with a package of measures that may lure $10 billion in foreign-exchange inflows over […]

Dubai International Airport is working to increase capacity to help accommodate more of the Airbus SAS A380 super-jumbo for Emirates, the largest operator of the double-decker jet, the airline’s chairman said. The expansion may help the Middle Eastern hub become the word’s busiest airport by next year, Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum told reporters today at the airport. “We are going according to plan […]

By Peter Garnry, Equity Strategist at Saxo Bank Microsoft’s acquisition of Nokia’s mobile division means three things. It is a good deal for Nokia. It has the potential to be a disaster for Microsoft. As for BlackBerry, the deal means that patent portfolio may be the only valuable asset. Nokia, the once largest mobile manufacturer in the world, has seen its mobile division deteriorate since 2007. Operating […]

Syria hailed a “historic American retreat” on Sunday, mockingly accusing President Barack Obama of hesitation and confusion after he delayed a military response to last month’s chemical weapons attack near Damascus until after a congressional vote. U.S. Secretary of State John Kerry said tests had shown sarin nerve gas was fired on rebel-held areas on August 21, and expressed confidence that U.S. lawmakers would do “what is […]

The low quality in construction labor and raw material used to build several buildings, especially those up for sale, has unleashed a wave of anger at contracting companies in charge of carrying out projects. Many complaints were recently filed by buyers and real estate companies against contracting companies focusing on low quality construction, breach of the terms of signed contracts, the use of cheap construction material, late […]

The patriotism of wealthy overseas Indians has helped the country avert economic crises in the past and it is little surprise that embattled policymakers are turning to them again to plug a record trade gap that is battering the rupee. This time, though, big investors among the more than 25-million overseas Indian community – the world’s second-largest diaspora – are staying away as the economic outlook darkens […]

Emirates is breaking out of Dubai. In what will be a curious experiment for one of the world’s fastest-growing and most respected airlines, Emirates will begin flying daily from New York’s JFK International Airport to Milan starting Oct. 1. It will be one of the very few routes in the company’s vast network that doesn’t touch its Dubai hub. The JFK-Milan route is currently served with nonstop […]

THIRUVANANTHAPURAM: Thechikkottukavu Ramachandran’s take-home salary would be the envy of many investment bankers. With his majestic ten-and-a-half-foot frame, the elegant Kerala resident is said to earn Rs 1 crore by working just seven months a year. Little wonder then that he’s a Facebook star. Except that the 48-year-old Ramachandran is a large elephant, and a wildly popular fixture in most ceremonial temple processions in the state. His […]

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