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Egypt’s benchmark index rose for a fourth straight session, up 0.4% to 7,488 points, to its highest level since April 2010.
JP Morgan said in a statement that it was “important 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 term”.
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.
The material non-compliance was declared by the court which covers the Dubai International Financial Centre (DIFC), home to many large global banks and asset management who were attracted by the region’s oil wealth and rapid economic growth.
One company will focus on investment in Egypt
Reuters – Dubai construction firm Arabtec clinched a $6.1bn contract on Sunday, its biggest ever by value, as its relationship with Abu Dhabi state fund Aabar, a key shareholder, promised to make the firm one of the region’s top builders. Arabtec said it had signed a memorandum of understanding to build 37 mixed-use, residential and …
The investment plan is positive for Egypt’s 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.
Saudi Telecom lifts index with strong Q4 earnings
Reuters – Major Dubai-based builder Arabtec Holding said on Tuesday that one of its units had been awarded a AED 2.59bn ($705m) construction contract on Abu Dhabi’s Al Reem Island. The project will house a five-star hotel and a residential tower, and will be built within three years, it said in a bourse statement, adding …
Drydocks agreed a restructuring plan worth $2.2bn in 2012 having got into difficulty after taking on debt to fund its expansion into southeast Asia.
Rumours of a Dubai issue pre-date the World Expo announcement.
Foreign Ministry spokesman declines to comment on allegations regarding Emirati interference in Egypt’s domestic politics
Africa would be Aramex’s main focus for growth
Nakheel’s profit jumped in recent quarters on the back of the local real estate recovery – its nine-month net profit was 58% higher year-on-year
Several Egyptian actors were present for the opening of the 10th Dubai International Film Festival
Dubai slips from 5-yr high, other markets mixed
Expo 2020 in Dubai will possibly add a 0.5% to 1% growth to UAE’s real GDP in the next few years
New global issuance of sukuk has grown rapidly for most of the past several years and is projected to hit $237 billion in 2018, up from an estimated $100 billion this year
A deal was seen worth between $200 million and $300 million. MAF gave no reason for the breakdown in talks.
“The proceeds of the facility will be utilised by OSN to further grow and strengthen its core business,” the firm said.
Dubai hopes to attract some 25 million visitors and create nearly a quarter of a million jobs if it wins the bid.
Dubai’s market, rebounding from the bursting of a real estate bubble in 2008-2010, is up 80% so far this year, while Kuwait is up 33% and Saudi Arabia has gained 18%.
By Farah Halime, Rebel Economy We may not like it, but Egypt desperately needs Gulf money. So why not change the way the Gulf lends money to Egypt to make it count. It won’t be just about wasting away cash to address a symptom without resolving the underlying problem. Indeed, without Gulf aid, the government would have …
The Federal Supreme Court sentenced 56 of the 94 defendants to 10 years in prison each, the official WAM news agency said.
Egypt may be bumped from “emerging market” to “frontier market” on lack of liquid investments
Ashour first Egyptian to win Squash British Open since 1966
By: Rasheed Hammouda As the Gulf’s major players compete to be crowned the region’s finance king, Egypt may end up benefitting from being left out of the race entirely The race to be MENA’s top financial hub has been heating up over the past few years, a race that Cairo has been noticeably absent from. …
Expo held in Dubai next week
Egyptian funny man looks forward to compete and work on his material
Project will be located at the Port of Dubai and comprise of full service hotel and apartment complexes