Neopharma acquired antibiotic manufacturing facility in Tennessee from Hyderabad-headquartered Dr. Reddy’s Laboratories Ltd
Author Archives: Staff Writer
crude oil price
Oil holds gains, eyes on $100 a barrel, but Asia markets down
Crude has motored in recent weeks on concerns about supplies after sanctions are imposed on Iran next month
Crown Prince Mohammed bin Salman
Saudi Arabia, Kuwait hold talks on increasing ties on oil policies
Saudi crown prince has held talks with Kuwait’s ruler to discuss fate of two jointly owned oil fields
Dubai Islamic Economy Development Centre
Dubai Crown Prince unveils plan to hold Islamic Economy Week
New event will be organised by the Dubai Islamic Economy Development Centre and will run from October 27 to November 1
Careem
Dubai’s Careem says keen to expand electric car fleet
Senior executive at ride-hailing app Careem says Dubai electric option will be rolled out in other markets
Dubai
Heart of Europe developer reveals first hotel launch plan
Kleindienst Group, the creator of The Heart of Europe, part of Dubai’s The World, will launch its first hotel in the next 100 days
belt and road initiative china
Africa and Middle East strategically positioned to capitalise on Belt and Road
Brand View: The Belt and Road Initiative will bring huge benefits to Africa and the Middle East, according to Standard Chartered Bank’s Sarmad Lone and Saif Malik, co-heads of Global Banking, Africa and Middle East
Dubai
New dates revealed for Dubai Fitness Challenge 2018
Dubai Fitness Challenge will now return on October 26 and run for 30 days through to November 24, a week later than the initial announcement
Aster DM Healthcare
UAE healthcare operator Medcare appoints new CEO
Andre Daoud is hired to help shape growth initiatives for Medcare in the UAE
Dubai Investments
Dubai Investments says flagship Mirdif Hills project 50% complete
Construction on the $820m Mirdif Hills mixed-use project is progressing as scheduled, says developer
Banking & Finance
Dubai’s biggest bank set to launch services via WhatsApp
Emirates NBD has announced that it will be the first to launch customised banking services via WhatsApp in the UAE
GITEX
Over 50% of Gitex Shopper visitors plan to buy smartphone
Survey reveals Gitex Shopper consumers are most interested in purchasing electronic items of personal use, such as laptops, tablets and smartwatches
Echo Building Liverpool
UAE’s Select buys iconic Echo Building in Liverpool
UAE-based developer says it has acquired mixed-used Echo Building in Liverpool, set for 2020 completion
Abu Dhabi International Airport
Gulf carriers see air cargo volume growth slump in August
Middle Eastern carriers post a 2.2% increase in freight volumes in August compared to 5.4% in the previous month
Abu Dhabi
Revealed: new ‘riviera’ project planned between Dubai, Abu Dhabi
Developer Imkan says work on AlJurf, a fully integrated second-home destination along Sahel Al Emarat, will start in 2019
Dubai real estate market
Dubai’s Union Properties set to unveil $680m Avenue District
Dubai developer says launch of new Motor City project is ‘significant milestone’
Arab Yoga Foundation
Saudi Arabia embraces yoga in pivot towards ‘moderation’
Widely perceived as a Hindu spiritual practice, yoga was not officially permitted for decades in Saudi Arabia
Barcelona
Cryptocurrencies are like gambling, says Mastercard’s MidEast boss
Mastercard Middle East and Africa president Raghu Malhotra says he is ‘not a great believer’ in cryptocurrencies
Bahrain credit risk
Bahrain credit risk falls to five-month low on $10bn aid package
Bahrain has been slow to implement fiscal reforms to cope with oil prices that are well below what the nation needs to balance its budget
Aston Martin
Aston Martin pares lofty IPO targets ahead of market listing
Aston Martin, made famous in the James Bond movies, would still reap a market value of about $5.9 billion at the high end
2008 economic crisis
Hard to predict Indian rupee fall, says former RBI governor
Former RBI governor Raghuram Rajan said that while there are ‘pockets of stress’, it remains unclear whether they will eventually lead to another financial crisis
Barcelona
Cryptocurrencies and blockchain ‘like early days of the Internet’, says Steve Wozniak
The Apple co-founder said that he believes that cryptocurrencies will inevitably be regulated by governments seeking to tax their citizens
Abu Dhabi
UAE economy to grow 3.7% next year, says IMF
The IMF believes that the UAE’s fiscal deficit is expected to remain at 1.6% of GDP this year, before returning to a surplus
Careem
Dubai’s Careem resumes services in Oman with local partner
Careem’s new service in partnership with Marhaba Taxi in Muscat will offer on demand rides priced in line with regular taxis
Future Investment Initiative
Saudi Arabia said to scrap $200bn solar generation project
A report in US media said that Saudi officials are expected to unveil a broader renewable energy strategy later this month
bank merger
United Arab Bank, InvestBank deny three-way merger reports
Invest Bank, UAB and Bank of Sharjah have dismissed media reports about a possible merger as ‘rumours’
2019 Cricket World Cup
Money and muscle: India ahead in Asia as World Cup looms
Even without batting star and regular captain Virat Kohli, India powered their way to the Asia Cup title in Dubai
Abu Dhabi Investment Authority
Indebted Indian lender IL&FS outlines restructuring proposal
Investors in IL&FS include Abu Dhabi Investment Authority, India’s largest life insurer, Life Insurance and Housing Development Finance, India’s biggest mortgage lender.
British actress Rita Ora
Rita Ora chosen for first ever female cover shoot in Esquire Middle East
Superstar poses for exclusive pictures and interview in men’s magazine
crude oil future price
Oil advances as Trump and Saudi king discuss market stability
President Donald Trump and King Salman bin Abdulaziz of Saudi Arabia spoke on the phone Saturday and discussed efforts to maintain supplies to ensure stability of the market and growth of the global economy
Amin Nasser
Saudi Arabia plans to eliminate budget deficit by 2023
The kingdom has posted budget deficits totalling more than $260 billion since the 2014 crash in oil prices.
Abraaj
Q&A: What’s left of former private equity dealmaking giant Abraaj Group?
Suitors are now circling the Abraaj Group’s funds as liquidators seek to settle about $1 billion in debt
crude oil
What oil at $100 a barrel would mean for the world economy
$100 would mean less for global growth in 2018 than it did after the 2011 spike, because economies are less reliant on energy and because the shale revolution cushioning the US
budget deficit
Saudi Arabia plans 10% increase in spending to spur economic growth
Despite efforts to expand the economy, growth will remain under 2.5 percent during the next three years
Aviation
Dubai’s Flydubai Cargo to offer animal transportation
Dubai low cost carrier will offer additional features for customers such as door to door, or airport to airport transportation
deficit free budget
UAE approves $16.4bn budget for 2019 with no deficit
UAE cabinet also approves three-year budget worth $49bn, with 59 percent going towards education and social development
Bayut.com
Dubai real estate prices, rents slide in Q3
The most significant rent declines were recorded in Deira and International City, according to new data from Bayut.com
4G
Saudi Arabia’s largest telecom operator plans to keep its lead
Analysis: After a tumultuous turn of the decade, STC looks to make the most of its resurgence
Bank of England Governor Mark Carney
Theresa May plans UK property tax for foreign home buyers
Bank of England Governor Mark Carney said a no-deal Brexit could see house prices plummet by over 35%
Access Power
Infrastructure and innovation – the power revolution
Brand View: ‘Investing in the worlds building blocks is just as critical as understanding the potential of what block chain technologies could become globally.’
Anthonius Gunawan Agung
Indonesian air traffic controller hailed as quake hero
Officials say Anthonius Gunawan Agung refused to leave his post until he got an Batik Air plane off the ground, while his colleagues who were not handling aircraft departed
Abu Dhabi International Airport
Dubai airport operating as normal, says UAE’s aviation authority
Update was issued to counter claims that DXB was being targeted by aerial drones
belt and road initiative china
Ellington reports surge in Chinese investors for its premium residences in Dubai
Brand View: Chinese investors and buyers make up Ellington’s top five customers, with an overall rise in sales
chef Francesca Busso
Domestic appliance giant Miele sees 200% growth in the UAE
German company launched new flagship showroom ‘Miele Experience Centre’ on the Sheikh Zayed Road in Dubai
Hotelier Middle East Power 50
Hotelier Middle East launches first ‘Women in Hospitality’ power list
The Hotelier Middle East list will pay homage to the women at the top of their careers working in the hospitality industry in the region
haramain high speed rail
Saudi high speed train announces launch date for passengers
The new high speed train, which will operate between Makkah and Madinah, will initially run eight times a day, before increasing to 12 journeys in the new year
Cluttons Middle East
Dubai properties in $400k price range offer best long-term returns, experts say
At this price point, experts should expect a gross yield of 7 to 9 percent in some areas of Dubai, according to real estate consultants
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digital media
Lebanon newspaper Al Anwar suspends its print version
Lebanon newspaper Al Anwar says the demise of its print version was due to ‘financial losses’
cooking shows
Image Nation Abu Dhabi begins production of Saudi cooking show
Saudi Arabia’s government has pledged to invest $64 million in the kingdom’s entertainment sector in the next 10 years
Emerging Markets
$11bn in inflows from Saudi inclusion on JPMorgan emerging markets index
Saudi issues will account for 3.1 percent of the weight of the indices
Argentine footballer
Argentina leave out Messi for Saudi friendlies
Manchester City centre-back Nicolas Otamendi was recalled to the Argentina squad for the friendlies against Iraq and Brazil in Saudi Arabia
electric carmaker
Elon Musk to resign as chair of Tesla board but remain CEO
SEC had charged Musk with securities fraud, alleging that he misled investors when he tweeted on August 7 that he had “funding secured” to privatise the electric automaker at $420 a share.
crude oil price
Trump discusses oil market, global economy in call to Saudi king
The White House said Trump and the King spoke on ‘issues of regional concern’
Brand View
Innovation to take centre stage at international road transport union world congress in Oman
Brand view: Government ministers, business executives and logistics experts will descend on the Oman Convention and Exhibition Centre to network, discuss and explore innovative solutions on road transport and trade