Ahead of a new global marketing campaign launching later this year, Dubai’s Department of Tourism and Commerce Marketing has debuted a new brand for the destination. The new logo, launched last week at the Arabian Travel Market (ATM), features the word ‘Dubai’ written in both the Arabian and Roman alphabets, reflecting the city’s rich multiculturalism. Announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister […]
Damac Real Estate Development Ltd. (DMC) is bolstering Dubai’s drive to lead the global Islamic economy with serviced apartments that are Shariah-compliant from their financing to their restaurants and saunas. Abu Dhabi Islamic Bank PJSC (ADIB) is managing the project’s funding as Damac, which issued its debut sukuk last month, sells the certified Islamic residences, Niall Mc Loughlin, the Dubai-based developer’s senior vice president of communication, said […]
PARIS — An international tribunal that has spent five years and more than $325 million investigating a political assassination in Lebanon without making a single arrest finally got on Tuesday its first look at an accused in the dock. But it was none of the five men charged with complicity in the 2005 murder of Rafik Hariri, the former Lebanese prime minister. Rather, it was the unlikely […]
IZMIR, Turkey — Rescuers battled on Wednesday to reach miners trapped underground after more than 200 were killed in one of the worst mining disasters in Turkey in decades. Despite the extensive rescue operation, a senior official said hopes of finding survivors were “dimming.” More than 200 were thought to be still underground after an explosion in a power distribution unit on Tuesday set off a fire […]
‘A square plate is at odds with nature,’ remarks the food writer William Sitwell Photo: Alamy There are some advantages to square plates. The task of chasing those last few peas around the platter, for example, is made considerably easier when the blighters can be safely trapped in a corner. But leguminous entrapment aside, it is hard to make a case that they are a significant aesthetic advancement […]
STORY HIGHLIGHTS Porta Nuova aims to transform Milan’s skyline Project will feature new skyscrapers and buildings covered with trees Some experts believe construction ventures like these could get Italian economy moving One Square Meter explores the leading architectural designs, city plans and demand for property investment in emerging markets. Join CNN’s John Defterios as he visits some of the world’s most dynamic cities for an insight into […]
Middle East borrowers are increasingly weighing Australian-dollar bonds as they seek to tap one of the world’s biggest sources of pension funds, according to HSBC Holdings Plc. Three regional lenders including National Bank of Abu Dhabi sold A$1.05 billion ($984 million) of debt this year, known as Kangaroo bonds, compared with two sales in 2013 for A$475 million, according to data compiled by Bloomberg. “We expect to […]
Emirates’ ground services unit Dnata is “very interested” in acquiring the world’s largest in-flight catering business from Lufthansa, if it is put up for sale again, Dnata’s president said on Tuesday. Lufthansa, Europe’s largest airline by revenue, had put LSG Sky Chefs up for sale in 2012 but then abandoned the plans. “They have said they are not ready to sell,” Gary Chapman,told reporter on the sidelines […]
|By TAP Staff| The reappearance of cranes on the Dubai skyline is encouraging analysts to predict that the emirate is soon set to reclaim the status it once enjoyed as the world’s crane capital. Construction cranes have dotted the Dubai skyline and are seen to herald the economic growth, with a major build-up of momentum in the real estate activity. Dubai was once home to almost 25 […]
Samsung Electronics Co Chairman Lee Kun Hee, who leads Asia’s biggest technology company and helps generate about a quarter of South Korea’s economic output, remains in stable condition after emergency surgery following a heart attack. Lee, 72, is at Samsung Medical Center in Seoul after being resuscitated following an acute myocardial infarction, Rhee So Eui, a spokeswoman for Samsung Group, said in an e-mailed statement. Lee, who […]
Kingdom Tower, the Saudi skyscraper set to be the world’s tallest building, will probably have construction funding in place by the end of the first half, the developer’s chief executive officer said today. The company is in talks to bring in Riyadh-based Alinma Bank as an adviser and lender, Mounib Hammoud, CEO of Jeddah Economic Co., told reporters today on the sidelines of a conference in Dubai. […]
Iran’s Supreme Leader described as “stupid and idiotic” Western expectations for his country to curb its missile development, striking a defiant tone ahead of a fresh round of nuclear talks. Ayatollah Ali Khamenei called on Iran’s Revolutionary Guards to mass produce missiles and said the nuclear negotiations were not the place to discuss Tehran’s defense program or to solve the problem of sanctions damaging the Iranian economy. […]
Dubai International Capital, the private equity arm of Dubai Holding, today announced that it has signed an agreement for the sale of Mauser Group to Clayton, Dubilier & Rice for $1.7 billion. Mauser, which was acquired by DIC in 2007 in a deal that valued the Group at c. $1.1 billion, is a worldwide leading producer of rigid industrial packaging with approximately 4,400 employees and consolidated revenues […]
Dennis Lockhart, President, Federal Reserve Bank of Atlanta, spoke to the American Business Council of Dubai on Sunday. Reuters Large Middle Eastern holders of U.S. Treasuries shouldn’t worry about the stability of their investments especially as the U.S. economy shows more signs of improvement following the worst recession in a generation, Atlanta Fed President Dennis Lockhart said on Sunday. U.S. government debt has long been a key […]
The fallout from the Syrian war continues to weigh on Lebanon’s economy and fiscal stability with long-needed structural reforms now more challenging to implement, an International Monetary Fund mission visit to the country found after routine consultations with local authorities. A political impasse “has amplified the microeconomic imbalances,” a mission report summary said, in a country with one of the highest debt-to-GDP ratios in the world. Here […]
The Bharatiya Janata Party (BJP) says it plans to clamp down on beef exports if it takes power after general elections that end on Monday, threatening supplies from one of the world’s biggest shippers of the meat. Surprisingly in a country where so many view cows as sacred, India has been poised to become the No.1 beef exporting nation, supplying markets such as Malaysia, Thailand, Vietnam and […]
With Alibaba Group Holding Ltd. filing to go public, the biggest winner won’t be founder Jack Ma or his fellow executives or even venture capital backers like Silver Lake Management LLC. It’ll be Japan’s Masayoshi Son. Fourteen years ago, Son’s SoftBank Corp. started with a $20 million bet on a then-unknown Web portal connecting Chinese manufacturers with overseas buyers. That site evolved into China’s biggest Internet shopping […]
One year into the delivery of Dubai’s ‘Tourism Vision for 2020,’ significant first steps have been taken to achieve the target of attracting 20 million annual visitors by 2020, leading the emirate’s tourism authority to state a new ambition: for Dubai to become the world’s most visited city. If a growth rate similar to that achieved in 2013 is maintained – a 10.6 percent year-on-year increase equating […]
Dubai’s bourse has outpaced other Gulf markets by a wide margin in terms of companies’ first-quarter profit growth, data show, supporting its position as the top performer in the region. The emirate’s benchmark soared 108 percent last year and is up 57 percent this year, making it one of the world’s top-performing stock markets over the past 17 months. Although some analysts believe the market is overbought, […]
An aerial view shows Dubai international airport, home to the national carrier Emirates Airways. Agence France-Presse/Getty Images Dubai International Airport last week became the world’s busiest for international traffic. But the stellar performance in the first quarter is not likely to be repeated in the second as the airport is currently undertaking a major upgrade of its runways. Here, Chris Garton, senior vice president of airport operations […]
Saudi Arabia’s stock exchange plans to sell shares in an initial public offering as the Arab world’s largest bourse seeks to gradually open up to foreigners and boost institutional investment. Tadawul, as the gauge is known, will hire advisers soon for the share sale, Chief Executive Officer Adel Al Ghamdi said at a conference in Riyadh today. That would make it the second market in the Gulf […]
|By TAP Staff|The Investment Corporation of Dubai (ICD), owner of many of Dubai’s corporate jewels, such as the Emirates airline and the airport duty-free business, said its revenues grew 18 percent to $24.8 billion in the second half of 2013. The numbers were revealed in the prospectus released in connection with the plan to raise about $750m in its first Islamic bond issue. The latest full-year revenue […]
According to international real estate consultancy firm Cluttons, an upsurge in economic confidence following Dubai’s World Expo 2020 win, has led to heightened demand for commercial office space in the emirate. Rents for prime Grade A space in particular have continued to climb with a 10% increase recorded in Q1, pushing average rates in this category to AED 220 per square foot. Cluttons Dubai Spring 2014 Commercial […]
Dubai may need stronger measures to counter property speculation in the emirate, a senior International Monetary Fund official said on Tuesday as it warned again about a potential real estate bubble. Growth in the Gulf emirate, the region’s trade and business hub, picked up strongly last year as the government committed to real estate projects worth tens of billions of dollars following a property market crash in […]
