World & Middle East Business & Technology News

Middle Eastern Business News and Data

American Eagle to open Dubai, Kuwait stores this month'

UAE. This Middle East launch, which will see the first American Eagle Outfitters stores outside of North America, comes in cooperation with M.H. Alshaya Co.

Mubadala buys 9% of Raine Group'

UAE. Raine, a US boutique merchant bank, is focused exclusively on media, entertainment and sports.

Middle East carriers to grow 15% in 2010, losses seen at US$400 million'

INTERNATIONAL. IATA halved its global loss forecast for 2010 to US$2.8 billion compared to the US$5.6 billion loss forecast in December 2009.

MENA equity markets rebound 4.9% in February'

INTERNATIONAL.The top performer was the Kuwaiti Stock Exchange which gained 5.0%.

UAE economy to grow 3.2% in 2010'

UAE. The UAE economy is expected to expand by 3.2% in 2010, in sharp contrast to an IMF forecast of 0.6% growth, Economy Minister Sultan al-Mansouri told a forum in Dubai.

Rupert Murdoch believes in Arab creativity, appeals against censorship'

UAE. News Corp Chief Executive Rupert Murdoch said he was betting on Arab creativity, unlike many media companies, and urged regional governments to reject censorship, as he opened a high-profile media conference in Abu Dhabi.

UAE has the highest average online shopping spend, says MasterCard'

UAE. The UAE had an online shopping spend of US$1,048, compared with a slightly higher figure of US$ 1,193 a year ago.

Dubai World creditors divided over reported deal'

UAE. Hopes of progress this week on Dubai World's US$26 billion debt restructuring lifted stocks and eased fears of default, but potential divisions emerged among creditors to the state-owned conglomerate.

Dubai stocks climb 1.7% on Dubai World rollover plan'

UAE. Dubai shares rose to the highest in more than three weeks after bankers said Dubai World will ask lenders to roll over loans when it presents a proposal to creditors this month.

World's consumers expect economy to return to pre-crisis levels within three years'

UAE. Consumers of major Middle Eastern and Western states expect the global economy to revert to pre-crisis levels within the next three years and generally believe that conditions are not as bad as reported by media, Real Opinions, Orient Planet study reveals.

UAE real estate market to witness demand-supply balance in 2010'

UAE. Amidst expectations that the UAE's economy will rise by 3.2% in 2010, Shaikhani Group has predicted that the country's real estate market is poised for demand-supply balance this year.

Bank of Sharjah, BNP Parisbas plan private banking joint venture'

UAE. Bank of Sharjah plans to join forces with BNP Paribas to tap the fast-growing Middle-Eastern market for high net worth individuals.

DP World plans London listing, aims to join FTSE 100'

UAE. DP World is examining a strategy to place new shares with a simultaneous rights issue and a sale of some of the controlling 77% stake held by its parent company, Dubai World.

Egypt plans to sell up to US$1.5 billion Eurobonds, says Finance Minister'

EGYPT. Youssef Boutros-Ghali said the ministry plans to 'access the market' for between US$1-US$1.5 billion in the next six to eight weeks, taking advantage of a drop in borrowing costs in the past year.

DP World gets 'buy' recommendation from EFG-Hermes, lifts Dubai stocks'

UAE. DP World was rated 'buy' in new coverage at EFG- Hermes on the ports operator's prospects after parent company Dubai World reaches an agreement with creditors.

Istithmar hands over prime New York Times Square property to Danske Bank'

UAE. Istithmar bought the building, formerly known as the Knickerbocker Hotel, for US$300 million in June 2006.

87% of Abu Dhabi international tourists would consider returning'

UAE. Some 60% of international visitor arrivals in Abu Dhabi are guests making their first trip to the emirate, according to an Abu Dhabi Tourism Authority survey.

SHUAA GCC Investor Confidence Index slips 7.8% in February'

UAE. After December's significant second half gains which followed the announcement to repay the Nakheel '09 Sukuk in full, the GCC Index has now recorded two months of consecutive declines, with the Index reading 105.6 points.

Iraq oil exports at highest level since 1990'

IRAQ. Iraq's oil exports reached their highest level in February since Saddam Hussein's invasion of Kuwait in 1990, an oil ministry spokesman said.

Middle Eastern mobile operators outperform western counterparts for first time, PRTM study shows'

INTERNATIONAL. PRTM research shows Middle Eastern mobile players have revamped their operating models in ways that have led to profitable growth and overseas expansion.

Middle East hoteliers prove to be the strongest, led by Beirut'

INTERNATIONAL. Beirut reports the strongest increases in the region and the world for the second consecutive year, according to the latest Deloitte report.

Gulf states should drop Dollar peg, says head of currency hedge fund'

UAE. The policy of pegging to the dollar makes Gulf countries vulnerable to US shocks, John Taylor, who oversees the world's largest currency hedge fund, said in a speech in Dubai today.

Dubai plans budget surplus in 2011'

UAE. Dubai's government plans to cut spending in an effort to swing its budget to a surplus by 2011, the emirate's finance department director said.

UAE may take further measures to boost bank lending'

UAE. The UAE may take steps to boost bank credit, as a slowdown in lending and a surge in interest rates threaten to stall the country's recovery.

Telecom in the Middle East: the competitive mandate after the downturn'

INTERNATIONAL. In 2010, as the recession begins to lift, telecom operators in the Middle East will face a very different world.

IMF sets out renewed vision for 21st century, says new reserve currency may one day replace Dollar'

INTERNATIONAL. Having several suppliers of reserve assets would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country.

A lesson in leadership: turning Abu Dhabi's vision into reality '

UAE. Abu Dhabi's new bold vision is to transform itself into a global leader in sustainable future energy and technology.

Standard Chartered plans Islamic hedging in commodities '

INTERNATIONAL. The derivatives are 'part of the development of the industry, where we have moved from selling individual products to servicing the comprehensive needs of the customer,' the bank said.

Dubai Aquarium leak shuts down parts of Dubai Mall'

UAE. Maintenance crews scrambled to contain a leak in the Dubai Acquarium which holds 10 million litres of water and more than 33,000 underwater creatures, including sharks.

IMF approves US$3.6 billion stand-by loan for Iraq'

INTERNATIONAL. The main objectives of the arrangement are to maintain macroeconomic stability during a period of high economic and political uncertainties (parliamentary elections are scheduled for March 7, 2010), and to provide a framework for deepening structural reforms.

Anyone would want to have equity in Emirates, says Sheikh Ahmed'

UAE. 'If Emirates decided to IPO I'm sure it will be good, especially if it's placed within the UAE stock markets,' Sheikh Ahmed said.

Dubai has not yet drawn the full Abu Dhabi bank aid '

UAE. Abu Dhabi government-owned Al-Hilal Bank has still only subscribed to US$500 million of a US$5 billion bond issued by Dubai in November, but will take it up in the future, its chief executive said.

House of Fraser to open stores in the Middle East'

INTERNATIONAl. House of Fraser, the UK retailer, could soon open its first stores in the Middle East after signing a franchise agreement with Retail Arabia International.

Dubai lost 17% of its professional workforce in 2009, reveals survey '

UAE. Across the region, redundancies appear to have disproportionately hit senior executives and western nationals, according to recruitment agency GulfTalent.

News Corporation acquires 9% stake in Rotana Group'

Under the terms of the agreement, News Corp will acquire newly-issued shares in Rotana for US$70 million. The company has an option to increase its stake to 18.18% in the 18 months following completion.

The economic slowdown reveals a growing divergence in credit quality among Gulf Banks, says S&P report '

INTERNATIONAL. S&P believes 2010 will be another difficult year for Gulf banks as they continue to clean up their loan books, an effort that will weigh on their financial performance.

UAE banks could absorb Dubai World losses, says Moody's'

INTERNATIONAL. UAE banks, which are owed about AED55 billion (US$15 billion) by Dubai World, may be able to absorb losses if they are repaid 60 cents on the dollar.

Hans Blix to head UAE nuclear advisory board'

UAE. The UAE established Monday an International Advisory Board to oversee progress of the nation's nuclear energy plan, headed by the former head of the IAEA Hans Blix.

80% of UAE consumers use social media to make purchase decisions, reveals YouGovSiraj poll'

UAE. The survey shows 80% of the consumer base will search online for a brand's website before they make a purchase and 1 out of 3 people surveyed are active on popular Social Media platform, Twitter.

Deloitte Global Economic Outlook looks at the recovery and emerging issues in 2010'

INTERNATIONAL. The first Global Economic Outlook of the new decade looks at the near-term outlook for the world's major economies, while analysing some of the important issues attracting attention of investors and business leaders in 2010.

Dubai hotel room rates will not start to improve until 2011, says CBRE'

UAE. Compared to the global market some cities in the Middle East have out performed other key global cities, but in the region, the UAE has probably faired the worst.

Companies refocus talent priorities on retention and leadership development '

INTERNATIONAL. Since initiating its year-long study of global talent trends and strategies, Deloitte reveals that economic optimism has reached its highest level among surveyed executives.

New paradigm needed to mitigate brain drain in the Middle East'

UAE. The UAE is an interesting case study in human capital, in part because there are few places in the world where you will find a predominantly expatriate workforce.

Moody's upgrades Oman's sovereign ratings'

INTERNATIONAL. Moody's Investors Service has today raised Oman's local and foreign currency government bond ratings to A1 from A2.

UAE economy to grow 0.6% in 2010 after shrinking 0.7% in 2009, says IMF'

UAE. In 2010, the IMF expects the GDP of Abu Dhabi to grow by 2.9%, after oil prices recovered, while Dubai's economy will continue to contract by 1.3%.

Middle East consumers most likely to buy Apple iPad'

INTERNATIONAL. Middle East respondents were most likely to buy the iPad, with 58% of respondents stating they would definitely or probably buy the iPad, compared to 17% in Germany, 13% in the USA and only 7% in Denmark and the UK, reveals YouGov Poll.

BofA Merrill Lynch Fund Manager Survey finds investors questioning economic recovery '

INTERNATIONAL. Investors are positioning themselves for halts in both Europe and China's economic recovery, according to the BofA Merrill Lynch Survey of Fund Managers for February.

Peak in oil demand 'alarms' Saudi Arabia'

SAUDI ARABIA. Saudi Arabia must be 'very serious' about any possible peak in oil demand, which is an 'alarm' to diversify its economy, an Oil Ministry adviser said. The debate about the supply and demand of oil has been gradually shifting towards concerns about the demand side.

Jones Lang LaSalle reveals top 10 UAE real estate trends for 2010'

UAE. In 2010 the UAE real estate market is moving away from the off-plan sales model towards a longer term model based on secure cash flows. Real estate investment vehicles are being redefined as more interest is shown towards co-investment vehicles.

Moody's upgrades Saudi Arabia to Aa3'

SAUDI ARABIA. Moody's Investors Service has upgraded the Saudi Arabia's foreign and local currency government ratings to Aa3 from A1 and the country ceiling for foreign currency bank deposits to Aa3 from A1. Outlook stable

Dollar good for Saudi, says central bank governor'

SAUDI ARABIA. The dollar is serving Saudi Arabia's economy well, although its reserve currency status could be challenged as the euro is gaining in importance.

Corporations still cautious about recovery in 2010'

INTERNATIONAL. More than 50 C-suite executives of major corporations in the Middle East and Africa took part in the Ernst & Young's lessons from change study.

Over half of UAE employers plan to recruit in next quarter'

UAE. More than half of the region's employers, 56%, plan to recruit over the next few months, according to the new Jobs Index study conducted by Bayt.com and YouGov Siraj.

India's Bharti makes bid for Zain's African assets'

KUWAIT. India's largest mobile phone operator Bharti Airtel has offered US$10.7 billion to buy Kuwait's Zain telecom operations in 15 African nations.

Dubai credit-default swaps jump above 600 bps'

UAE. Dubai's debt insurance costs jumped on Friday, with five year credit default swaps rising above 600 basis points for the first time since November 2009.

Saudi Arabia launches solar water desalination programme'

SAUDI ARABIA. Saudi Arabia has begun building the first solar-powered water desalination plant, the first step in a three-part programme to introduce solar energy into the Kingdom.

INSEAD Leadership Summit provides roadmap to innovation in the Middle East '

UAE. Innovation, it seems, is everything that it's cut out to be. Done right, it can take a company, government or country from mediocrity to greatness. But innovation doesn't come easy, and in some industries, the road to innovation is a long and arduous one.

Emaar Properties records 2009 annual net operating profit of US$633 million'

UAE. Annual net operating profits for the period reached AED2.324 billion (US$633 million), as compared to the restated net operating profits of AED4.236 billion (US$1.153 billion) in 2008.

Egyp'st economy grew 5.1% in the fourth quarter'

EGYPT. Egypt's economy recorded its fastest growth in more than a year in the fourth quarter, boosted by tourism, construction and manufacturing.

ETA Group rating lowered to 'BB-', placed on creditWatch negative '

INTERNATIONAL. Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Dubai-based industrial conglomerate ETA Group (ETA) to 'BB-' from 'BB+' on tough market conditions and reduced visibility.

Dubai World standstill request may come this month, says Al Ittihad '

UAE. Dubai World intends to officially ask creditors for a standstill on US$22 billion in debt this month, until it completes restructuring.

Iraq to resume oil exports from Kurdish region 'soon''

IRAQ. Iraq accepted a Kurdish proposal on payments to producers working in the semi-autonomous region, the oil minister said.

Dubai apartment prices fell 4.3% in the fourth quarter, reveals Landmark report'

UAE. Location and quality are driving apartment prices; while average prices decreased, select communities, including Palm Jumeirah and Downtown Burj Dubai, experienced slight increases according to Landmark Advisory's latest quarterly report.

MENA equity markets remain almost flat for the first month of 2010'

UAE. Uncertainty surrounding Dubai's debt crisis continues to overshadow UAE market's performance.

Middle East business travel set for a rebound, says YouGovSiraj survey'

INTERNATIONAL. The latest survey shows 46% of respondents expect their business travel to increase, marking a rise by 22 points compared with figures of the same period in 2009.

Emaar closes Burj Khalifa's observation deck for maintenance'

UAE. "Due to unexpected high traffic, the observation deck experience at the Burj Khalifa... has been temporarily closed for maintenance and upgrade," Emaar said.

Technology industry trends in 2010'

INTERNATIONAL. Despite being widely affected by the economic downturn, the technology sector experienced various bright spots in 2009 which point to the direction the sector will take throughout the year.

Saudi consumers association calls for Toyota recall '

SAUDI ARABIA. Saudi Arabia's Consumer Protection Association (CPA) on Sunday urged authorities to force Toyota's local agent Abdul Latif Jameel Co to recall and check for defaults in cars it sold locally.

Top bankers predict another tough year for GCC markets'

UAE. Top regional executives today predicted another tough year for regional capital markets as they gathered in Dubai to discuss the financial climate at a Thomson Reuters Middle East Investment Banking Leaders Roundtable.

Dubai says Al-Jalila new oilfield could begin production in a year'

UAE. Dubai said on Friday that a new offshore oilfield, discovered at a time when the Gulf emirate is under unprecedented financial pressure, could begin production next year.

Abu Dhabi to acquire stake in London's Gatwick Airport'

UAE. Abu Dhabi Investment Authorit is to buy a 15% stake in Gatwick, the UK's second-largest airport, for US$198 million.

Dubai discovers new offshore oil field '

UAE. The statement announcing the discovery didn't provide details on the location or potential oil reserves.

Zain telecom CEO's resignation raises uncertainty'

KUWAIT. Saad Al-Barrak has submitted his resignation to the chairman, and he will present the resignation to the board of directors to look into it, Zain said in a statement to the Kuwaiti bourse.

UAE banks need to utilise an improved range of risk management tools, reveals study'

UAE. UAE banks need to use a more diverse range of risk management tools and practices to ensure their competitiveness across the world as Basel II gets fully implemented, a study from The British University in Dubai says.

Kuwait's parliament approves US$100 billion spending plan'

KUWAIT. Kuwait's parliament on Tuesday passed an economic development plan that authorises the government to spend KWD30 billion (US$104 billion) on mega projects over the next four years.

Dubai rated preferred Middle East FDI destination by international global investors'

UAE. According to AT Kearney the recent FDI Confidence Index ranked the UAE as the 11th preferred FDI country destination globally.

How quickly can the GCC emerge from the slowdown?'

UAE. The GCC region entered the current financial crisis with substantial resources, but a lack of open communication and financial transparency have proved detrimental, according to Ali Al Shihabi, Founder and Chairman of Rasmala Investment Bank.

Saudi Arabia plans US$120 billion investment on energy projects'

SAUDI ARABIA. Saudi Aramco plans to invest around US$120 billion over the next 5-6 years in developing projects in the oil and petrochemicals sectors, the company's chief executive said.

Kuwait fund invested in BlackRock, eyes emerging markets in 2010'

KUWAIT. Kuwait Investment Authority (KIA) invested about US$750 million in US asset manager BlackRock last year, and eyes investments in Asia and Latin America in 2010.

Globalization to resume in 2010 after temporary blip'

INTERNATIONAL. Ernst & Young ans EIU highlights how globalization slowed during the financial crisis and the subsequent downturn.

IMF urges caution on exiting economic stimulus '

INTERNATIONAL. Dominique Strauss-Kahn, Managing Director of the IMF, warned the world's economic leaders to remain cautious as they examine exit strategies from the various stimulus packages they have implemented in response to the global economic crisis.

Middle East stocks close week lower on global concerns'

INTERNATIONAL. Arab stock markets extended losses this week under the impact of falls in global markets and declining oil prices, financial analysts said.

China overtakes US as largest customer, says Saudi Aramco CEO'

INTERNATIONAl. Aramco, the world's biggest crude producer, is exporting about 1 million barrels a day to China, more than to the US, Chief Executive Officer Khalid al-Falih said.

First race meeting held at Dubai's new Meydan course '

UAE. Mike De Kock's well-regarded filly Raihana became the first thoroughbred winner in the course's history as she quickened three and a quarter lengths away for Christophe Soumillon.

'Peak oil is behind us,' says Saudi Aramco CEO'

INTERNATIONAL. There is still plenty of oil in the ground and the world should put aside fears about "peak oil", the head of oil firm Saudi Aramco said on Thursday.

The World's Sukuk Markets are good medium-term growth prospects, says S&P'

INTERNATIONAL. 'We foresee stable growth in issuance of these securities in 2010, after a recovery last year to issuance of US$23.3 billion,' said Standard & Poor's credit analyst Mohamed Damak in the report.

2010 ranking of fastest-growing Saudi businesses indicates bright entrepreneurial future'

SAUDI ARABIA. The second annual list of Saudi Arabia's fastest growing emerging businesses, released on Monday at an Awards Gala at SAGIA's 4th Annual Global Competitiveness Forum in Riyadh, reveals a diverse array of robust companies.

IMF raises 2010 Middle East growth forecast to 4.5%, expects contraction in Dubai '

INTERNATIONAL. The IMF revised its October growth forecast for the UAE to between zero and 1% from 2.4% because of the property collapse and debt crisis in Dubai.

Global survey reveals trust in UAE government among highest in the world'

UAE. Edelman announced the findings of its annual Global Trust Barometer Survey which, for the first time, includes the views of opinion formers from the UAE.

Shell's investment in Qatar gas project seen at US$21 billion '

QATAR. Royal Dutch Shell's total investment in Qatar's gas-to-liquids (GTL) and liquefied natural gas projects (LNG) was at US$21 billion.

Gulf economies poised for recovery in 2010'

UAE. GCC economies are poised for gradual recovery in 2010, led by growth in the hydrocarbon sector and higher energy prices, according to Emirates NBD.

Dubai's DHCOG rating lowered to 'B' and withdrawn due to lack of information'

UAE. Standard & Poor's Ratings Services said today that it has lowered its long-term corporate credit rating on Dubai Holding Commercial Operations Group to 'B' from 'BB+', assigned a negative outlook, and removed it from CreditWatch with negative implications.

Dubai real estate market is becoming more attractive to tenants'

UAE. The Dubai office market is becoming increasingly favourable for tenants as it is witnessing a significant demand-supply mismatch along with falling rentals and increased vacancies, according to Jones Lang LaSalle.

Saudi Arabia to pursue stimulus, expects growth of more than 4% in 2010'

SAUDI ARABIA. Finance Minister Ibrahim al-Assaf said the kingdom will continue to pump money to boost growth in 2010.

Weak consumer demand a concern ahead of Dubai Shopping Festival'

UAE. Revamped sales and marketing strategies needed ahead of upcoming Dubai Shopping Festival as soft retail demand and prudential consumer shopping patterns raise retailer qualms, according to Datamonitor.

UAE to set up debt-management unit '

UAE. The UAE plans to create a debt-management unit which will work with the central bank, the Director-General of the Ministry of Finance said.

Dubai World assets exceed US$120 billion'

UAE. Dubai World's property and investment assets exceeded US$120 billion at the end of 2009 and could cover its debt of US$57 billion, Al Ittihad said on Sunday.

Saudi investments in Dubai Financial Market down 65%, says al-Eqtisadiya '

SAUDI ARABIA. Saudi transactions in Dubai fell to AED10.3 billion (US$ 2.7 billion dollars) in 2009 from AED16 billion in 2008.

Dubai to spend US$2 billion this year on transport projects'

UAE. The spending will benefit some 120 projects, 13 of which are new and the remainder under completion, the RTA said.

Venezuela oil reserves may be twice the size of Saudi Arabia's'

INTERNATIONAL. Venezuela's Orinoco oil region contains about 513 billion barrels of crude that could technically be recovered, a new US government assessment said. If proven right this could spell the end of 'peak oil.'