Latest News

• Islamic finance growth contraction in GCC to continue

  06, September 2016
  

  Economic policy reforms in the Gulf Cooperation Council (GCC) region at the outset of falling oil prices will not offer much help to the Islamic finance industry in the short term, according to a new report.   A forecast from credit rating agency Standard & Poors (S&P) Global Ratings says that the contraction in ... Read more

• Emirates crash: Jet hit by shifting winds before hard landing, fire

  06, September 2016
  

  An Emirates jet that skidded along the runway on its fuselage at Dubai airport and caught fire last month was subjected to shifting winds as it made a failed attempt to abort a landing, United Arab Emirates (UAE) investigators said on Tuesday.   In a preliminary report on the Aug. 3 incident, the UAE federal […]

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• Q4 commodity trends: What’s next for gold?

  06, September 2016
  

  The fourth quarter poses possible challenges to gold’s price growth, which, unlike many other commodities, has actually seen a strong 17 per cent price rise over the last year. While other commodity classes struggle amid slowing global growth and reduced demand, gold shines brightly as a safe-haven beacon in a stormy ... Read more

• New UAE bankruptcy law to spare bad-debt executives jail time

  06, September 2016
  

  A new bankruptcy law in the United Arab Emirates promises to reduce the risks of doing business in the country by allowing businessmen and executives to avoid time in jail if their companies fail to pay debts.   The long-awaited law, approved by the cabinet this week, is expected to take effect by the ... Read more

• Arab banks’ ties to foreign banks under pressure, survey finds

  06, September 2016
  

  More than a third of Arab banks have seen their business links with foreign banks shrink over the past four years because of pressures such as economic sanctions and concern about money laundering, according to a study published on Monday. ... Read more

• Gulf may rise on Saudi-Russia oil deal but upside limited

  06, September 2016
  

  Gulf stock markets may rise on Tuesday after Saudi Arabia and Russia said they would cooperate to support oil prices, but any gains look likely to be minor because of scepticism about the deal. Brent crude futures jumped almost 5 percent late on Monday afternoon before a news conference ... Read more

• DP World wins 30 year concession for port project in Somaliland

  05, September 2016
  

  Dubai’s DP World has won a 30 year concession to manage and develop a port in the breakaway Somalia region of Somaliland that will require an investment of $442 million, the ports operator said in a stocks exchange statement on Monday.     The Red Sea Port of Berbera project will focus on containers, ... Read more

• Fetchr NOW: making shipment deliveries even faster

  05, September 2016
  

  The Middle East’s first start-up to raise funds by a top Silicon Valley Venture Capital firm, Fetchr, launched a new service to ensure faster product deliveries to users. The app, which breathed new life to the business of shipments and deliveries, has launched Fetchr NOW, which allows users to send and receive packages ... Read more

• Dubai airport sees record passenger traffic in July

  05, September 2016
  

  Passenger traffic through Dubai International Airport (DXB), the world’s busiest for international travel, jumped by 14 percent from a year earlier to a monthly record of 7.62 million people in July, the airport’s operator said on Monday.   Growing tourism and trade ties with the rest of the Middle East, Asia and other ... Read more

• Bahrain’s Al Baraka to merge unit with Pakistan’s Burj Bank

  05, September 2016
  

  Bahrain-based Al Baraka Banking Group, one of the Gulf’s top Islamic banks, said its Pakistani unit would merge with Pakistan’s Burj Bank to create an institution with assets totalling more than $1.1 billion.   The merger, which was approved by shareholders of the two banks last month and still needs regulatory approvals, would see ... Read more

• Missing Egyptian flight: debris found in Mediterranean?

  19, May 2016
  

  Citing Greek state television, Reuters said debris was found “south of the Greek island of Karpathos.”

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• Dubai’s Limitless gets debt deal, to pay banks and trade creditors early

  19, May 2016
  

  Limitless, along with sister firm Nakheel, was among the biggest casualties of Dubai's property crash and subsequent debt crisis that began in 2009.

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• Qatari telecoms company Ooredoo hires banks for US dollar bond

  19, May 2016
  

  The Doha-based firm has picked a number of banks including ANZ, Bank of America Merrill Lynch, Citigroup and HSBC, sources said.

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• IMF backs Saudi economic plan for ‘appropriately bold’ transformation

  19, May 2016
  

  The IMF had for years been urging Saudi Arabia to adopt many of those measures.

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• Value creation: The luxury evolution

  19, May 2016
  

  Clients make the best ambassadors, say the industry leaders, adding that the most effective approach to generating sales leads is positive word-of-mouth.

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• Deputy PM Simsek: Turkey to roadshow sovereign sukuk in next few months

  18, May 2016
  

  Discussions on the tax bill are currently on halt as the ruling AK Party elects a new leader this weekend, but talks could resume by June or July, Simsek said.

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• ‘Good news’ for Dubai: Airbnb is officially here

  18, May 2016
  

  Currently, there are approximately 3,500 Airbnb listings from the emirate, Dubai Tourism said in a statement.

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• Bahrain’s GDP to grow 2.9 per cent in 2016

  18, May 2016
  

  Bahrain’s gross domestic product (GDP) will grow by 2.9 per cent in 2016, according to the country’s Economic Development Board (EDB).   EDB Chief Economist Dr. Jarmo Kotilaine said that the forecast rate will enable Bahrain to maintain the same rate of economic growth achieved last year, Bahrain News Agency reported on Wednesday (May 18). […]

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