Latest in Tag: UAE Highlight
Latest in Tag: UAE
Al-Sisi on official visit to UAE
Defence minister overseeing final stages of military exercises and meeting officials
Egypt and UAE continue joint military training
Final stage of the two-week joint exercise is set to commence within the next two days
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.
Saudi, Bahrain, UAE recall envoys to Qatar
The three Gulf Arab states made the decision following what newspapers described as a āstormyā late Tuesday meeting of foreign ministers from the six-nation Gulf Cooperation Council in Riyadh.
UAEās Etisalat misses forecast with 70% profit leap
Etisalatās 2013 full-year net profit rose to AED 7.08bn from AED 6.74bn a year earlier.
UAEās Aramex wants Gulf customs rules amended to aid e-commerce
The current regulations only allow small shipments, such as parcels sent by online retailers, to be cleared by customs if these are transported by air
Egypt and UAE armed forces begin joint training exercises
Air and naval forces two-week joint exercise latest example of Egypt-UAE cooperation
UAEās ADCB to price $750m 5-year bond
Reuters – Abu Dhabi Commercial Bank has set final terms for a $750m five-year bond which will price on Monday, a document from lead arrangers said, as demand among international investors for Gulf paper remains strong. The transaction will price at the tight end of revised guidance of 140-145 basis points over midswaps, according to …
Franceās insurance giant to take major stake in UAEās Green Crescent Insurance
Reuters ā French insurance giant AXA Group and its partner in the United Arab Emirates, Kanoo Group, plan to become major shareholders in the UAEās Green Crescent Insurance Co (GCIC), GCIC said on Sunday. The firm has called a shareholder meeting on 26 March āto consider resolutions to expand the capital base of GCIC and …
Egypt receives UAE financing to support capital spending, a credit positive: Moodyās
This is the second increase in budgeted expenditures in the current 2013-14 fiscal year, which ends June 2014.
UAEās Gulf Marine Services plans London IPO
GMS plans to sell new shares worth $100m, as well as an undisclosed number of shares currently held by private equity backers
Dubaiās Emaar Q4 net profit up 48%, beats estimates
Reuters ā Emaar Properties, Dubaiās largest real estate developer, reported a 48% jump in fourth-quarter net profit on Monday, beating analystsā estimates, as it benefited from a renewed real estate and tourism boom in the emirate. The builder of the worldās tallest tower posted a quarterly profit of AED 756m ($206m), compared with AED 512m …
UAE Telco Du agrees terms on $720m loan financing
Reuters – UAE telecom firm du has agreed terms on a $720m loan which will be used to replace two existing debt facilities and lower the companyās funding costs, two banking sources said on Sunday. The five-year loan will be provided by Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Saudi Arabiaās Samba …
UAE bourses should unify back offices even without merger: ADX CEO
Fund managers and analysts have said consolidating back office operations of the ADX and the DFM could cut costs and, by creating a single framework for settling trades, make it easier for more foreign investors to enter the UAE.
Gulf states step up policing of online media: watchdog
Kuwait topped the Gulf Cooperation Council (GCC) countries on the press freedom list but dropped 14 points to rank 91st worldwide.
MidEast Stocks: Egypt hits new 45-month high; Dubai surges
Egyptās benchmark index rose for a fourth straight session, up 0.4% to 7,488 points, to its highest level since April 2010.
UAE-led group expects to sign $2bn India power deal soon
Reuters – Abu Dhabi National Energy Co (TAQA), leading a consortium that plans to invest around $2bn to acquire hydropower assets in India, expects to close the deal this quarter, three sources familiar with the matter told Reuters. TAQA, majority-owned by the Abu Dhabi government, is buying two hydropower plants owned by Jaiprakash Power Ventures …
JP Morgan cuts banking ties with Dubaiās Emirates NBD
JP Morgan said in a statement that it was āimportant for us to pause and assess our business, particularly in select markets, to ensure we are well-positioned to meet our responsibilities for the long termā.
Dubai house prices forecast to reach pre-crisis levels
The fast growth has raised concern about a potential repeat of the property market bubble that sent prices plunging by more than 50% after the 2008 financial crisis.
Dubaiās Arabtec Holding says will set up five new subsidiaries
One company will focus on investment in Egypt
UAEās Gulf Navigation convertible as soon as this month
The first step was the disposal of the two very large crude carriers (VLCCs), and this week Gulf Navigation said it had agreed their sale to Bermudaās DHT Holdings for $98m.
QNB financial services expands coverage to Saudi, Egypt, UAE
QNB Financial Services accounted for 25% of transactions in the Qatari market, the biggest share.
Abu Dhabiās TAQA to build UAE desalination plant
Reuters – Abu Dhabi National Energy Company plans to build a water desalination plant in the United Arab Emirates to meet rising demand, the state-owned utility said on Tuesday. The 30 million gallon per day plant will be built in the emirate of Ajman, producing enough water to supply 250,000 people in the northern emirates, …
UAE says ‘no disputes’ with Qatar after envoy summons
Abu Dhabi summoned Doha’s envoy on Sunday to protest against “insults” to the UAE made by Egypt-born cleric Yusef al-Qaradawi, who is based in Qatar.
Egypt shares slips from 4-Yr high; UAE mixed in downbeat Gulf trend
Reuters- Egyptās benchmark index slipped 0.4%, easing off Sundayās four-year high, as investors booked profits in mid- and small-cap stocks. Egyptian Resorts dropped 5.2% and Palm Hill Developments Company fell 2.2% on Monday. Investors remain positive on the market despite uncertainty over a cabinet reshuffle. Prime Minister Hazem el-Beblawi has said the reshuffle will include …
OPEC producer UAE considers importing North American gas
Reuters – The United Arab Emirates, a Gulf OPEC oil producer, said it was looking at the possibility of importing natural gas from North America, in what would be one of the most striking developments since the start of the US shale boom. The United States and Canada are producing record amounts of gas from …
Israeli pitches: A tale of racism, bigotry and double standards
By James M. Dorsey If Israeli football pitches are any indication, Israeli attitudes towards Palestinians do not bode well for US Secretary of State John Kerryās Middle East peace efforts. The story echoing from the pitches is one of racism, racial superiority, bigotry, double standards and little sincere effort to address a key issue that …
Dubai retailer Al Futtaim to invest $2.3bn in Egypt
The investment plan is positive for Egyptās army-backed government, which is trying to attract foreign money back to the country and create jobs to ease social discontent as it manages a difficult transition to elections this year.
Most Middle East markets gained on Tuesday
Saudi Telecom lifts index with strong Q4 earnings
UAE jails 20 Egyptians for āsetting up Muslim Brotherhood cellā
Amnesty International condemns trial and irreversible verdict, describes charges as āvagueā