|By TAP Staff| The UAE is taking the world’s most popular landmarks and attractions in Vegas, Orlando, London, Paris, New York and Ibiza to the next level for 2020. “Dubai is now considered as an international city on the same stage as New York, London, Paris and Tokyo, and is leading the development of the UAE leisure market together with Abu Dhabi,” said Phil Taylor, Director of Team Leisure LLC, previously Chief Executive of […]
TEHRAN — “Happy nuclear deal” said Cyrus Razzaghi, a business consultant here, when he picked up the phone on Wednesday. Mr. Razzaghi has been trying to make a business of organizing seminars and meetings for European and American companies interested in Iran, but it had been a bit slow until now. Even though, technically, many of them could have done business here despite the sanctions, they feared […]
UAE. Dubai continued to see steady supply growth during the first six months of the year, as performance within the residential and hospitality markets began to soften after a three year period of sustained growth, according to the Q2 2015 Dubai MarketView by global property consulting firm CBRE. According to the CBRE report, Dubai’s rental market continues to outperform the transactional market in 2015, although residential leasing […]
|By Matein Khalid| Last week was a roller coaster and the Nikkei Dow closed at 19,800. Abenomics has had a seismic impact on Japan’s economy, financial markets and banking system. The yen has fallen from 76 on the eve of the election in 2012 to 122 against the US dollar. Corporate profits have exploded. Land price rises, job growth, bonuses, capex and consumer spending have lifted Japan […]
Iranian stocks climbed to the highest level in three months as diplomats from the Persian Gulf country and six negotiating powers moved closer to reaching a nuclear accord. The Tehran Stock Exchange’s benchmark index advanced 1.2 percent on Sunday to 67,646.4, the highest level since April 15, as officials sought to clinch a deal that would help lift sanctions crippling Iran’s economy. Bank Saderat Iran was the […]
Rulers and ministers from the UAE have attended the funeral of Prince Saud Al Faisal, who served as foreign minister of Saudi Arabia for four decades. Prince Saud’s body arrived on Saturday morning at King Abdulaziz International Airport in Jeddah from the US, where he died on Thursday aged 75. His body was taken to Al Adel Cemetery in Mecca. A delegation including Sheikh Hamdan bin Zayed, […]
|By Matein Khald| During the 2008 post-Lehman financial meltdown, home prices in Dubai fell by 60-70 per cent and a generation of offplan flippers and leveraged investors/buyers (a mortgage, by definition, is a highly leveraged and speculative financial product. There is a reason the word “mortgage” derives from the French “mort” or death!) were wiped out. However, the Arab Spring, global liquidity and the successful debt restructuring […]
Developed over 5 years with a championship Formula One race team, the TL3 racing simulator is the world’s most advanced race-driving simulator. The cockpit is built to deliver a life-like race car feel with options for driving a Formula 1 car, sedan or GT. Its 200º spherical display features a dramatic 6-million pixel seamless image. This entry passed through the Full-Text RSS service – if this is […]
A black-market fuel sale in Sana, Yemen, where food and fuel are in short supply because of the fighting. By SOMINI SENGUPTA July 9, 2015 UNITED NATIONS — The Saudi-backed government of Yemen has agreed to a “pause” in fighting, starting Friday, so that humanitarian relief can be delivered in the country, United Nations officials said Thursday. The Houthi rebels who control large parts of Yemen have agreed to […]
|By Matein Khalid| De Gaulle dissed gold as a “barbarous relic” and Lenin sneered the yellow metal was fit only to “pave capitalist latrines”. So what? Gold has been an monetary metal in human history for centuries, back to the time of Pharonic Egypt, the Inca Empire, King Midas and the Spanish conquistadores of Mexico. While President Nixon removed the gold/dollar Bretton Woods linkage in 1971 and […]
ABU DHABI // The New York Times bestselling author Dan Buettner’s secrets to a long and healthy life transfixed the audience, which included members of the Royal Family, at the fifth Sheikh Mohammed bin Zayed Ramadan Majlis on Wednesday night. Buettner provided some surprising revelations in his tips on how to live a grand life to the age of 100 in his talk Blue Zones: Secrets of […]
|By TAP Staff| Claims worth AED 2.27 billion have been filed with the DIFC’s Court of First Instance from January to June 2015. This represents a 447 percent increase compared with the same period in 2014. The big increase reflects the growing confidence placed in DIFC and Dubai as a global and regional centre of legal excellence, DIFC Courts said. The average value per claim in the […]
ABU DHABI // Of the many legacies left behind by Sheikh Zayed that has continued to prosper is the country’s foreign aid contribution, an audience at a Sheikh Mohammed bin Zayed Majlis was told on Monday. The UAE is the world’s top donor because Sheikh Zayed, the founding President, made foreign aid a fundamental pillar of the country’s foreign policy, said Sheikha Lubna Al Qasimi, Minister of […]
Oil price flux unlikely to hit long-term sector growth BEIRUT, 13 hours, 17 minutes ago The cyclicality of the oil and gas industry is unlikely to impact the long term trajectory of the sector, a report said, noting that the current fluctuations may speed up some of the trends that were already unfolding. The new report entitled “Oil and Gas Reality Check 2015” released by Deloitte, a […]
|TAP Staff| Iran’s oil biggest shipping company has amassed the world’s largest fleet of super tankers and is in talks to sail back into western waters should the Islamic Republic strike a nuclear deal, according to senior officials, the Wall Street Journal reported. The report quotes privatised Iranian shipping company NITC as saying it has 42 very large crude carriers, known as VLCCs, after buying 20 such […]
ME property market among world’s fastest growing NEW DELHI, 2 days ago Middle East real estate market revenues have augmented at a compounded annual growth rate (CAGR) of 4.7 per cent between 2009 and 2014, making it one of the fastest growing sectors across the world, a report said. Foreign real estate developers have infused billions of dollars into places such as Oman, Qatar, Dubai (UAE), Saudi […]
BEIRUT, Lebanon — A Saudi prince pledged on Wednesday to give away his entire $32 billion fortune to charitable causes in Saudi Arabia and elsewhere in the world. The prince, Alwaleed bin Talal, said the funds would go to his charity, Alwaleed Philanthropies, for causes like disease eradication, intercultural understanding, women’s empowerment, disaster relief and the electrification of isolated areas. The new pledge by one of the […]
|By TAP Staff| Dubai announced plans to build the world’s first fully functional 3D printed building, an ambitious move that will establish the UAE’s position as the global centre of technology in architecture construction and design. The building will be located close to the ‘Museum of the Future’, launched earlier this year in Dubai, and will act as temporary headquarters for its staff. It will be approximately […]
UAE. A new report by The Boston Consulting Group (BCG), a global management consulting firm and the world’s leading advisor on business strategy, delves into the challenges faced by Exploration & Production (E&P) companies here in the GCC region. The fact is, these are trying times for E&P companies globally. Following more than a decade of strong financial returns, the industry has experienced several difficult years caused […]
Few events will be as significant for the world in the next 15 years as China opening its capital borders, a shift that economists and regulators across the world are now starting to grapple with. With China’s leadership aiming to scale back the role of investment in the domestic economy, the nation’s surfeit of savings — deposits currently stand at $21 trillion — will increasingly need to […]
SANA, Yemen — For nearly three months, Saudi Arabia, along with its allies, has been bombing Yemen, its southern neighbor, hoping to force the retreat of Shiite rebels who have seized major cities and to return the country’s president from the Saudi guest mansion where he lives to the presidential palace. So far, it has not worked. The rebels, known as the Houthis, have gained ground, more […]
Op-Ed Contributor By ALAN J. KUPERMAN June 23, 2015 PRESIDENT OBAMA’S main pitch for the pending nuclear deal with Iran is that it would extend the “breakout time” necessary for Iran to produce enough enriched uranium for a nuclear weapon. In a recent interview with NPR, he said that the current breakout time is “about two to three months by our intelligence estimates.” By contrast, he claimed, the pending deal […]
UAE. Dubai and Abu Dhabi have been ranked as the 23rd and 33rd most expensive cities to live in (respectively) according to Mercer’s 2015 Cost of Living Survey. The two cities have experienced a significant jump compared to 2014, with Dubai soaring 44 places from last year’s position at 67 and Abu Dhabi going up 35 places 68th in 2014. Dubai and Abu Dhabi are the most […]
Every week, The National looks at the people and politics of the UAE, as the country steps more confidently forward on the world stage. June 11 New Zealand military visit to Ajman Museum A military delegation from New Zealand visited Ajman Museum and was received by Faisal Al Nuaimi, general manager of Ajman Tourism Development Department accompanied by ATDD national heritage adviser Ali Al Matroushi. Mr Al […]
