Latest in Tag: Business Highlight
Latest in Tag: Business
China faces âserious obstaclesâ: IMF chief
Chinaâs gross domestic product (GDP) grew 7.7% in 2013, unchanged from the year before.
After popular protests, Oman starts to pursue graft
Reuters – Young Omanis who took to the streets in 2011 to demand jobs and better economic prospects failed to trigger the mass protests that transformed other parts of the Arab world in their own Gulf state. But they may have had an impact all the same, as authorities are making a start on a …
Dubai Investments to lift foreign ownership cap to 35%
Reuters – Dubai Investments, a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35% of its total capital, the company said on Sunday. Foreign investors now hold 13.7% of Dubai Investmentsâ shares out of the total 20% allowed, bourse data shows. The firmâs shareholders, including …
Tunisia looks to win back tourists with image makeover
The North African country hopes to welcome 7 million tourists this year, a slight increase on the 6.9 million who visited in 2010 before the revolution that ousted a decades-old dictatorship and unleashed outbreaks of Islamist violence that damaged Tunisiaâs reputation.
Egypt investors believe Sisi presidency will bring stability
Sisi offers the hope of relief from three years of political turmoil that began with the Arab Spring uprising, even though he was the man who toppled Egyptâs first freely-elected president, Islamist Mohamed Morsi.
Russian sanctions ripple through corporate boardrooms
Denmarkâs foreign ministry held a special briefing for about 130 companies, including drugs firm Novo Nordisk and brewer Carlsberg on Friday after being inundated with inquiries about the business implications of the crisis.
Gilead offers Egypt new hepatitis C drug at 99% discount
While the drug will still cost $900 for a 12-week course of treatment, that is a fraction of the $84,000 charged for a course of treatment in the United States.
Air Berlin to be delisted; Etihad to lift stake-report
Smaller investors, which account for 38.5% of the groupâs shares, would be bought out, WirtschaftsWoche said.
Emaar plans Dubai, London listing for retail unit: Chairman
Reuters – Dubaiâs Emaar Properties plans to list its shopping malls and retail unit in both Dubai and London, the companyâs chairman Mohamed Alabbar was quoted as saying on Tuesday. âThis will be a dual listing. We are a Dubai company so we have to be in Dubai, but we will list in London. I …
DP World to invest in Suez Canal project
By Rehab Saber UAEâs Dubai Ports World plans to invest in the ventures which are to be offered as part of Egyptâs Suez Canal Development Project, Deputy CEO Ibrahim Alhammadi told Logistic. He said that DP World, which is among the leading port and terminal operators worldwide, is awaiting an international bid offer for the …
Middle East grain buyers avoid Ukraine, import bills could rise
Reuters – Turmoil in Ukraine is driving Middle Eastern grain buyers to shy away from striking new deals there and to consider rival suppliers, a shift that is likely to push up import bills. The Black Sea region, mostly Ukraine and Russia, has become the major source of wheat and barley for Middle East importers …
Egypt Bourse climbs on talk of Sisi presidential bid; Qatar drops as IQ goes ex-div
Reuters – Egyptian shares rose on Tuesday after an unconfirmed media report suggested defence minister Abdel-Fattah Al-Sisi would soon launch his bid for the presidency, while Qatar took a hit as heavyweight Industries Qatar traded ex-dividend. Egyptâs Al Shorouk newspaper reported Sisi would officially announce his resignation from his current post on March 17; it …
Ahmed Ezz granted bail for illegal acquisition of steel company, but remains in detention
The steel tycoon remains locked up for two other financial corruption cases
Emirates REIT to raise $135m in first Dubai IPO since 2009
Reuters – A real estate investment trust, Emirates REIT, said on Tuesday that it planned to raise at least AED 500 million dirhams ($135m) in Dubaiâs first initial public offer of shares since 2009. The company will use proceeds from its IPO on the Nasdaq Dubai bourse for possible future acquisitions and investment in existing …
Huge housing deal may signal Gulf investment push into Egypt
The construction company said on Sunday that it had agreed with the Egyptian army to build the homes at 13 locations around the country on land provided free by the armed forces, which own a large amount of financial assets and real estate.
Egypt gains marginally after $40bn housing deal; Gulf mixed
Reuters – Egyptâs shares rose slightly on Monday after a deal between the countryâs army and a Dubai builder for an affordable housing project worth EGP 280bn ($40.2bn). Cairoâs benchmark index advanced 0.5%, recovering early-session losses and boosting 2014 gains to 17.6%. Under a deal with Cairoâs army-backed government, Dubaiâs Arabtec will build one million …
Fitch upgrade boosts Saudi shares
Saudi Arabiaâs measure advanced 1.1% to its highest level since July 2008, while trading volume jumped to its highest in almost two years.
Qatar may face higher costs of hiring foreign workers: IMF
Qatar, which has denied the Guardianâs findings, has seen an increasing influx of foreigners, now estimated at 1.8 million, with its population rising 10% in 2013.
Global PC shipments to fall 6.1% in 2014: IDC
Reuters – Global shipments of personal computers fell 9.8% last year, the worst contraction on record, and are likely to decline by 6.1% in 2014 due to lackluster demand in developing countries, according to market research firm IDC. IDC had expected PC shipments to fall 10.1% last year but it said that the fourth quarter …
UAEâs Etisalat misses forecast with 70% profit leap
Etisalatâs 2013 full-year net profit rose to AED 7.08bn from AED 6.74bn a year earlier.
Kuwaitâs Zain says finalises $800m, five-year loan facility
Reuters – Kuwaitâs Zain has finalised an $800m, five-year loan facility from 11 banks, the telecommunications operator said on Tuesday. Zain, which has operations in eight countries in the Middle East and Africa including Sudan, Iraq and Saudi Arabia, said it originally planned to raise $600m, but increased the facilityâs size because of what it …
Dubaiâs DAMAC triples profit as property sales surge
Reuters – Dubai luxury real estate developer DAMAC tripled its 2013 net profit and plans more new projects this year, it said on Tuesday, dismissing growing concerns of a new property bubble in the emirateâs real estate market. Property prices in Dubai rebounded by more than 20% last year, having slumped more than 50% from …
Sawiris to buy into German travel group FTI
Sawiris, a member of Egyptâs richest family, runs Orascom Development Holding, operating tourist resorts and real estate projects in Egypt and Europe.
Asian shares hit by rising Russia-Ukraine tensions
The downbeat atmosphere was compounded in some markets by another disappointing set of manufacturing figures from China that added to concerns about growth in the worldâs number two economy.
Building a gateway to the future
By Sunil Veetil, Regional Head of Payments and Cash Management, HSBC Middle East and North Africa Many would argue that the 1970s was the decade of innovation. It was in these years that the world saw the first handheld mobile phones, and Sony launched its first Walkmanâtransforming how, when and where we listen to music. …
Egypt bourse retreats on political uncertainty
Reuters – Egyptâs bourse retreated because of uncertainty over the timing of a hoped-for presidential bid by Field Marshal Abdel Fattah al-Sisi. An official government source said Sisi would keep his post as defence minister in a new government that is being formed after the old one unexpectedly resigned on Monday. Mohamed Radwan, director of …
Egyptian Pound flat in official and black market trade
Reuters – The Egyptian pound was steady at a central bank foreign currency sale on Monday and remained unchanged on the black market. The central bank sold $38.6m to banks with a cut-off price of EGP 6.9508 to the dollar, fractionally stronger than the cut-off price of EGP 6.9509 from Mondayâs auction. The bank had …
Arabtec denies plans to acquire Kuwaitâs Kharafi National
Reuters – Dubai builder Arabtec on Wednesday denied that it planned to acquire Kuwaiti construction firm Kharafi National. Sources familiar with the discussions told Reuters on Monday that Arabtec had been in talks with Kharafi National, part of the Kharafi Group, to fully acquire the company. On Monday, both Arabtec and Kharafi declined to comment. …
Boundless natural gas, boundless opportunities: Interview with EIA chief
The Energy Information Agency (EIA) has predicted that natural gas production in the US will continue to grow at an impressive pace. Right now output is close to 70bn cubic feet a day and is expected to reach over 100bn cubic feet per day by 2040. The trend is likely to continue without hitting a …
Moodyâs says Egypt banking sector outlook still negative
Moodyâs cited âbanksâ high and increasing exposure to Caa1-rated Egyptian government debtâ, which ties the systemâs solvency to sovereign default risk.