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June 13, 2013
10:43 GMT
Egypt's bourse tumbles to an 11-month low as investors fret about the possibility that it could eventually be excluded from the MSCI Emerging Market Index used by many international fund managers.
10:39 GMT
Abu Dhabi property firms Aldar Properties PJSC and Sorouh Real Estate said the two companies expect to close their state-backed merger by June 30, pending a ministerial resolution approving the deal.
10:35 GMT
Officials and investors hailed the MSCI (Morgan Stanley Capital International) decision to elevate the UAE to emerging market status from frontier market and said it would lead to greater international capital flows into the country’s markets.
10:31 GMT
It’s curious to hear economists like ex-Goldman Sachs chief Jim O’Neill talking about the bond market having the same feel as in 1994 when the Fed also tightened monetary policy, but it is just not going to happen this time.
10:31 GMT
The UAE on Wednesday announced a $150 million (Dh733.9 million) aid package to support developing countries’ participation at the Expo 2020, in addition to the $100 million Partnership Fund to support innovative ideas for creating opportunities, mobility and sustainability as part of Dubai’s Expo 2020 bid.
06:00 GMT
Dubai Business Women Council (DBWC) members recently participated in the latest edition of the NBAD Fursati session, which was organised under the theme “Though Markets Change, Good Investing is Timeless”.
05:30 GMT
The GCC is on the threshold of a major power revolution, with investments in the sector estimated at $250 billion in the next five years, according to a new study.
05:00 GMT
Cannibalisation of tablet computers is again going to make a big dent in computer (portable and desktop) sales in the UAE in the second quarter.
05:00 GMT
Pakistan’s Finance Minister Ishaq Dar on Wednesday presented his government’s first budget for fiscal 2013-14 in the National Assembly with a record outlay of $200 billion.
June 12, 2013
15:19 GMT
The latest indices of domestic public debt hit an alarming EGP 1.387tn (about $200bn) in April, posing a threat to the general treasury and causing an economic slowdown, experts warn.
13:04 GMT
Egypt trimmed the size of a treasury bond auction on Monday but its borrowing costs held broadly steady despite anxiety over the country's finances and a mass protest set for June 30.
12:57 GMT
Saudi Arabia's state airports operator has picked three banks to arrange the second tranche of its local Islamic bond programme, banking sources said on Tuesday, with a sale seen matching the firm's record-breaking $4 billion debut Sukuk in 2012.
12:16 GMT
Emirates NBD, Dubai's largest lender, has completed the acquisition of BNP Paribas' Egyptian assets after receiving regulatory approval in the North African country, the bank said in a statement on Tuesday.
12:14 GMT
Gulf Bank announced that Fitch Ratings has upgraded the bank's Viability Ratings to 'bb-' from 'b+'.
11:49 GMT
Swissquote Bank MEA LTD./SQM/ a Dubai-based bank and subsidiary of Swissquote Bank SA./SQB/, announced that it has been granted a category 4 license from the Dubai Financial Services Authority /DFSA/, and Swissquote Bank SA Central Bank Representative Office License.
11:47 GMT
Egypt possesses no clear economic vision for the future, says Fayyaz Azz El-Din, chairman of the Canadian Chamber of Commerce in Egypt and the Middle East.
11:39 GMT
Sudan's currency has fallen close to a record low against the dollar on the black market since Khartoum threatened to halt cross-border oil flows with South Sudan as import firms fear a dollar scarcity will worsen, dealers said.
11:38 GMT
The Ministry of Finance and the Central Bank of the UAE have announced today the signing of a Memorandum of Understanding (MoU) in implementation of a Council of Ministers resolution.
11:03 GMT
Annual inflation in Yemen surged to 14 percent in April, the highest level since February 2012, fuelled by rises in the prices of food, tobacco and qat, central bank data showed on Tuesday.
10:59 GMT
Hedge funds witnessed the seventh consecutive month of positive returns in May amid mixed returns in global markets, according to Eurekahedge.
10:58 GMT
A senior figure at one of the UAE’s largest Islamic banks has called for the government to create a new tax aimed at hitting property flippers in the pocket.
08:00 GMT
After recording a strong growth in first quarter net profit and net income, Emirates Islamic Bank is gearing up towards an aggressive push in the competitive retail
06:00 GMT
The recovery of the Dubai property market has led to a boost in the consumption of auto parts, according to exhibitors at Automechanika at the Dubai International Convention and Exhibition Centre. The event opened on Tuesday.
06:00 GMT
Most regional equity markets ended the day modestly higher amid expectations of a possible MSCI upgrade for UAE and Qatar to emerging market status.
05:00 GMT
Sharaf Retail is on an expansion mode and is set to hire 1,500 additional employees over the next 18 months, the company announced on Tuesday.
June 11, 2013
13:19 GMT
Saudi Arabia is currently undertaking ground-breaking transformations in the transportation sector and Huawei Technologies aims to place the passengers at the heart of the new transformation by emphasizing safety, comfort and reliability as critical components of railway infrastructure.
12:06 GMT
Bahrain has agreed to increase payouts to around 100,000 needy families in an attempt to end the impasse on the national budget.
11:46 GMT
There is keen international interest in the kingdom's aviation industry, Bahrain Airport Services (BAS) has said.
11:46 GMT
Qatari investors have increased their stake in Total to 4.8 percent, said news website Wansquare on Monday. According to the news website, investors from Qatar have increased their participation in the past year and notably in recent weeks.
11:40 GMT
The Information Technology Authority (ITA) has taken the lead to bridge the gap between ...
11:39 GMT
Over 100 business leaders representing over 80 Qatari small and medium businesses from various sectors attended the SME Evolution Program 2013 launch event in the Four Seasons Hotel Doha.
11:33 GMT
Microsoft, Dell, Dubai Internet City and du discussed the supportive role that technology plays in fueling entrepreneurship and the specific solutions developed for SMBs at the MAKE Business Hub. an entrepreneurial platform in the UAE.
11:31 GMT
Bahrain has picked four banks to arrange investor meetings ahead of a potential sovereign bond issue, a document from lead managers said yesterday, with proceeds likely to be used to plug an expected budget deficit for 2013.
11:22 GMT
With an average of 25 per cent of the MENA region's youth unemployed, and over 40 per cent inactive, 85 million additional jobs will be required in the next 10 years just to reach the global average.
10:42 GMT
Hotels, Umrah operators and aviation firms will incur SR 5 billion in losses due to the Haj Ministry’s recent decision to limit the validity of Umrah visas to 14 days, according to the estimates of the National Committee for Haj and Umrah (NCHU).
10:40 GMT
Spot the point of maximum pessimism in any market and you have the best point of entry. That was the maxim that made the great investor Sir John Templeton a billionaire well ahead of today’s fund managers.
10:35 GMT
Despite an upward jump (+16.5 points) after the opening bell, the Tadawul All-Share Index (TASI) finished with a nominal decline of 0.08 percent yesterday.
06:13 GMT
Indian expatriates who were sending money back home had smiling faces yesterday as the struggling Indian rupee hit a record low against the US dollar.
06:00 GMT
Dubai: The Dubai stock benchmark tumbled to its biggest one-day drop since March 2012 as investors continued to shun risk ahead of the MSCI decision on Wednesday to upgrading the UAE into emerging market category.
06:00 GMT
The Muscat Securities Market continued to climb on Monday with strong buying support from local investors. The benchmark index gained 1.28 per cent before closing at a 52-week high of 6,633.41.
05:00 GMT
The spin-doctors are hard at work talking up America’s subpar economic recovery. All eyes are on households.
June 10, 2013
12:35 GMT
An Egyptian delegation arrived in Doha yesterday to secure a natural gas deal, as Egypt continues to suffer from fuel bottlenecks leading to frequent power cuts.
12:31 GMT
Qatar Petrochemical Company (QAPCO) has secured a QAR 1.1 billion facility from Barwa Bank to fund its expansion plans.
12:22 GMT
Abu Dhabi healthcare firm Al Noor Hospitals plans to raise between $320 million and $390 million by offloading up to 34 percent of the company's stock through a flotation in London, it said on Monday.
11:38 GMT
Gulf Bank, with The Export Import Bank of Korea (Korea Eximbank), signed a Memorandum of Understanding which aims at collaboratively financing the industrial and commercial projects in the state of Kuwait.
11:37 GMT
Egyptian three- and nine-month treasury bill yields climbed at auction on Sunday, with investors thin on the ground due to concerns over political unrest ahead of anti-government protests planned for June 30.
11:36 GMT
Egypt’s high consumer interest rates have prompted a number of international and Gulf banks to tap the country’s banking sector for long-term investments, overlooking the incumbent weakened economy.
10:52 GMT
A former woman executive with Nakheel allegedly fled to her home country after embezzling more than Dh1.3 million worth of tenancy contract cheques, a court heard.
10:46 GMT
Russia’s Rosneft is under no pressure to sell assets to fund debt repayments and will decide how to streamline its business once cost savings from a takeover of rival TNK-BP become clear, its finance chief said.
10:45 GMT
Large institutional investors in the Middle East are increasingly switching towards alternative investments such as private equity and hedge funds to generate returns in volatile global markets, a study released on Monday showed.
07:00 GMT
The UAE and Qatar will see a gradual surge in foreign investment inflows of up to $3 billion if they get elevated to the emerging market status tomorrow, investment managers said.
06:13 GMT
Hedge funds posted their 7th consecutive monthly gain in May and the 11th gain in the last 12 months as strong performance in Equity Hedge and Event Driven strategies offset weakness in Macro and CTA strategies, according to data released today by HFR.
06:00 GMT
The regulation allows a shareholder who does not want to or cannot subscribe for the share increase to sell his rights for financial benefit.
05:30 GMT
Emaar Properties has unveiled its newest residential development in the city.
05:00 GMT
Taking cue from the strength in global equities, the Muscat Securities Market general index traded in positive territory, gaining 0.79 per cent to close at 6,549.61 on Sunday.
05:00 GMT
The Dubai and Abu Dhabi benchmarks fell yesterday, led by real estate stocks, that had some of the biggest gains this year ahead of index compiler MSCI Inc.’s decision on its review of UAE’s and Qatar’s possible upgrade to emerging market from its current frontier status.
June 9, 2013
15:19 GMT
In a move that has both commercial and strategic implications, India is looking to increase its oil imports from Iraq even as it continues to reduce its dependence on Iran oil.
14:36 GMT
Qatar's Central Bank said on Thursday it would issue 1 billion Qatari riyals ($300 million) worth of sukuk and 3 billion riyals worth of bonds next week.
11:39 GMT
Kuwait Financial Centre (Markaz) recently published the executive summary of their GCC Media report. In this research note, Markaz analyses the GCC media industry dynamics, identifies its revenue components and ad-spending trends.
11:36 GMT
A project that aims to nearly double the amount of power produced in Bahrain to help meet its future water and electricity demands is gathering pace.
11:33 GMT
With massive investments being pumped into the infrastructure space, the outlook for the Saudi cement sector looks bright in the coming years.
11:29 GMT
Experts and economists called on Arab states in general and the Gulf states in particular to be pioneers in the production and exportation of renewable energy as they are model leaders in oil and gas production at the international level.
11:28 GMT
The MENA region is thriving amid a high-tech revolution and the UAE is at the heart of the drive to innovation.
06:58 GMT
The Central Bank of Egypt (CBE) announced a $1.6bn increase in Egypt’s net foreign currency reserves to $16.04bn at the end of May, but analysts warn this is a “temporary phenomenon”.
06:19 GMT
Dubai Global furniture solutions leader Intermetal, a Group Harwal Company, has invested Dh75 million to establish a new factory in Dubai.
06:19 GMT
The UAE is considered by the World Bank as one of the cheapest locations to send money from. A closer study of transfer fees charged in the UAE showed that remittance costs can get expensive for those sending smaller amounts.
06:13 GMT
The Abu Dhabi Department of Economic Development (ADDED) said yesterday economic conditions in the emirate improved considerably in the first quarter this year led by an outstanding performance of local banks and the stock market that was further boosted by high global oil prices and inflow of tourists into the emirate.
06:00 GMT
Saudi Arabia's telecommunications regulatory body, the Communications and Information Technology Commission (CITC), said in a statement yesterday that it is placing messaging applications Skype, WhatsApp and Tango under review.
06:00 GMT
High production costs and fierce competition has prompted Cadbury Adams Company to shut down its factory in Lebanon, sources said Friday.
05:30 GMT
Prime Minister Mohammed Salem Basindwa met on Saturday a Russian economic and investment delegation, headed by Russian deputy minister of Economic Development Alexei Likhachev who is currently visiting Yemen.
05:00 GMT
A range of gas exploration tenders should bring Egypt billions of dollars in investment this year and help the country meet its pressing long-term energy needs.
05:00 GMT
Sudan's central bank has issued a directive prohibiting individuals from importing all types of gold including refined and bars unless an import permit is acquired from the Ministry of Commerce.
05:00 GMT
The statement comea a few weeks ahead of planned protests for 30 June and amid an already-ailing economy one year into President Mohamed Morsi’s tenure.
June 6, 2013
12:46 GMT
The waivers were granted to major oil importers China, India, Malaysia, Republic of Korea, Singapore, South Africa, Sri Lanka, Turkey, and Taiwan.
12:24 GMT
Dubai-based Arabtec Holding said yesterday it has been awarded a Dh810 million contract to build a 5-star hotel and apartments in Business Bay Dubai.
12:23 GMT
Led by real estate and banking stocks, Abu Dhabi index rose moderately yesterday after a day of decline, its highest close since October 2008. The benchmark gained 0.76 per cent to end at 3599.29.
11:26 GMT
Some 72 percent of residential projects in Beirut completed overthe course of 2012 with a market value just shy of $400 million are still unsold, according to a study released Tuesday by real estate adviser RAMCO.
10:54 GMT
Sudan's investment minister Mustafa Osman Ismail has announced that the Iraqi government agreed on Tuesday to sell it oil but pay for its price at a later date.
10:51 GMT
According to a preliminary energy audit conducted by Tecom in its facilities, a robust building operating practice would reduce energy consumption by 10 per cent immediately.
10:43 GMT
This Friday, all roads will lead to Dubai as the 16th edition of the Dubai Summer Surprises (DSS) kicks off with shopping bargains in participating malls and family-centred entertainment activities for the month-long festival.
05:30 GMT
Expatriates are likely to find it more difficult to stay in contact with their loved ones at home with the banning of Viber by Saudi Arabia's telecommunications regulatory authority.
05:30 GMT
Digital media is everywhere but when it comes to advertising on it the Middle East still sees a deficit between expectation and delivery.
05:00 GMT
Mobile subscriptions in the Middle East grew nine per cent year-on-year — or eight million — to 284 million in the first quarter of this year, mainly fuelled by strong growth in smartphones.
05:00 GMT
Al Majid Motors Company (AMMC), Kia distributors in the UAE, has reported more than 8 per cent growth in sales in the UAE during the first four months of 2013.
June 5, 2013
13:28 GMT
Global mobile payment transaction values are expected to reach $721 billion by 2017 from $163.1 billion in 2012, research firm Gartner said on Tuesday.
13:10 GMT
International Bank of Azerbaijan (IBA), the country's biggest lender, plans to raise $100 million through an Islamic syndicated loan this year to develop Islamic banking in the country, the bank said in a statement.
12:21 GMT
The new pay-as-you-go service called Cloud Compute was announced yesterday.
12:15 GMT
Egypt's bourse dropped to a five-week low on Tuesday, making its biggest one-day loss in two months on increasing fears of political instability, while Gulf markets were mixed.
11:29 GMT
Airline to introduce the double-decker aircraft from January amidst "robust demand" for business and leisure traffic.
11:26 GMT
A total of 2,461 residential units were completed in Abu Dhabi during the first quarter of 2013, down 6.2 per cent compared to Q1 2012, according to official data from the Statistics Centre – Abu Dhabi (SCAD).
11:25 GMT
New labor laws have forced nearly 50 percent of the laborers to quit the construction sector altogether, according to local experts. Most of the laborers are craftsmen.
11:24 GMT
With the holy month of Ramadan around the corner, the Consumer Protection Association (CPA) has launched a campaign to monitor the prices of essential goods in an effort to control seasonal price increases.
11:22 GMT
Islamic finance experts have flagged the urgent need for harmonious international industry standards and cross-border co-ordination and collaboration.
11:19 GMT
Over the past few months newswires have been flooded with stories painting a pretty picture of the real estate market.
11:12 GMT
A global network of private companies were blacklisted by the United States on Tuesday for providing revenue to the Iranian government's leadership and helping it evade the pinch from international sanctions on Tehran's nuclear program,
06:00 GMT
Private financial wealth in the Middle East and Africa (MEA) is poised to grow 35 per cent to $6.5 trillion by 2017 driven by new wealth creation linked to strong economic expansion.
05:30 GMT
SINGAPORE: Islamic banks can help finance Asia’s burgeoning infrastructure investment needs while continuing to adhere to fundamental Sharia tenets, executives said yesterday.
05:00 GMT
By 2020 – the regional fleet size of registered business jets is expected to cross 1,375
05:00 GMT
Shell committed to delivering gas from Bab sour gas project by 2020.
05:00 GMT
The general consumer confidence in economic performance index for the Emirate of Abu Dhabi in the first quarter of 2013 hiked by 2 points, up from 126 for the same period of 2012, an index by Studies Directory of the Department of Economic Development showed.