Arabian Post Staff In the event of another deadlock between Russia and Saudi Arabia, the desert kingdom is likely to suffer a bigger hit than Russia in an extended oil price war, according to Rystad Energy. Rystad feels Saudi Arabia will suffer a bigger hit in all five financial criteria: the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget […]
Golf is an absolutely beautiful sport. People love playing it and watching it all over the world. In this article, we are going to highlight the Top 5 Golf Tournaments in the world. These golf tournaments are extremely prestigious and always feature extraordinary play. They are primarily PGA Tour events, which originates from the United States. The PGA Tour also has a European counterpart called the PGA […]
If you’re someone who loves playing videogames and also indulge in online casino games every once in a while, you might have observed the inclusion of casino features in some of the best-known video games of today. Oftentimes, the casino gaming feature is added only to include a certain type of atmosphere in the game, and at other times it’s an integral part of the game’s storyline. […]
Businesses can improve efficiency by automating tasks, encouraging communication, and downloading handy applications There is always room for improvement in business. To become more organized, increase productivity and grow your profitability, you must look for ways to create a more efficient work environment. By doing so, you can improve employee morale and job satisfaction, which could lead to lower staff turnover. Find out […]
Arabian Post Staff A staggering one million jobs are being lost every day in the Travel & Tourism sector due to the sweeping effect of the coronavirus pandemic, according to the World Travel & Tourism Council (WTTC). According to the London-based international organisation, which represents the global Travel & Tourism private sector, the growing job losses are affecting every level of the industry and are gathering pace, as countries go into […]
As we all know, Covid-19 and the effect it is having on the world has been substantial. With several cancellations and travel bans to locations all over the world, there are plenty of changes being made. With changes to sporting events as well as the postponement of a number of major events in the UAE and internationally, there are many wondering how Covid-19 can continue to affect not […]
Arabian Post Staff Around 20% of Europe’s mid- and small-sized oilfield service companies, the vast majority of which are British or Norwegian, are set to become insolvent as the effect of the Covid-19 epidemic will hit the continent’s OFS market hard and cut purchases by about $5 billion year-on-year, a Rystad Energy impact analysis shows. The European service market, which was expected to stay largely flat this […]
Caption: Lose yourself in a Moroccan Paradise at the Es Saadi Resort Arabia is a beautiful and varied landscape, with diverse cultures and a rich history. It’s no surprise then that it’s home to some of the world’s most luxurious hotels. Whether it’s an opulently appointed Moroccan hideaway, a city centre Saudi palace or a relaxing beachside retreat in Oman, Arabia has something to offer every kind […]
Arabian Post Staff The World Travel & Tourism Council says up to 50 million jobs in the Travel & Tourism sector are at risk due to the global COVID-19 pandemic. Gloria Guevara, WTTC President & CEO, said: “WTTC figures show the stark impact on the Travel & Tourism sector of the present COVID-19 outbreak with analysis now suggesting that up to 50 million jobs are at risk in the sector globally”. “When the time is right, WTTC and the […]
Arabian Post Staff DP World, which recently announced delisting of its shares from Nasdaq Dubai, reported revenue growth of 36.1% and adjusted EBITDA increase of 17.7%, delivering profit of $1.3 billion, but without separate disclosures. Revenues were of $7,686 million, with a growth of 36.1% driven by acquisitions including P&O Ferries (UK), Topaz Energy & Marine (UAE) and the two terminals in Chile (Puerto Central and Puerto […]
The issue of gambling has reared its head more than once in Dubai in recent years, as the city looks to lure more and more sports and entertainment events. With big-name sports contests come big-name gambling sponsors, and with that comes a problem. Gambling remains illegal in Dubai just as it remains illegal in every other part of the United Arab Emirates and – despite some suggestions […]
Arabian Post Staff Dubai International Financial Centre (DIFC) announced a record growth in 2019. The total number of firms in the Centre reached 2,437, up 14% from 2018, with a total of 32% growth since 2017. It attracted 493 new businesses in 2019 and now counts 17 of the world’s top 20 banks, 8 of the 10 leading global law firms, 3 of the top 5 insurance companies […]
Arabian Post Staff While the new low oil prices will test Saudi fiscal balances, they have the lowest cost barrels and with low debt can pull on sovereign reserves and take the pain, according to Chris Midgley, head of global analytics, S&P Global Platts. Crude fell sharply on Friday to test $45/bbl on the back of the failed talks and we now expect if to fall sharply as […]
Over the past few years the UAE has seen a boom in start-ups and online businesses. The influx of female entrepreneurs heading start-ups have systemically changed office culture, making it accessible for all genders, and giving a stronger voice to women in general. In fact, the UAE is considered one of the best markets for business women. Back in 2017 the UAE pledged $50 million to the […]
Arabian Post Staff The International Air Transport Association (IATA) sees 2020 global revenue losses for the passenger business of between $63 billion (in a scenario where COVID-19 is contained in current markets with over 100 cases as of 2 March) and $113 billion (in a scenario with a broader spreading of COVID-19). No estimates are yet available for the impact on cargo operations. IATA’s previous analysis (issued […]
Arabian Post Staff The UAE Central Bank has advised banks to implement measures to counteract the effects of COVID-19 including rescheduling loans, offering temporary deferrals on monthly loan payments and reducing fees and commissions. Management consultancy Oliver Wyman warns that the resulting impact of the Coronavirus outbreak on the global economy could lead to reduced borrowing and lending that will affect banks with a bearing on corporate and […]
Arabian Post Staff The spread of coronavirus continues to deepen the severity of the blow to global fuels demand. Energy consultancy Rystad Energy now expects more than half of global oil demand growth to be lost in 2020. As global stocks increase by the day, the ongoing OPEC+ meeting is unlikely to result in cuts sufficient enough to balance the market, under all of our scenarios. The […]
Arabian Post Staff Ducab is consolidating its metal operations into a new subsidiary -DMB, a dedicated business unit within the Ducab Group of companies supplying “Made in UAE” copper and aluminium solutions. Ducab Aluminium Company (DAC) and Ducab Copper Rod Plant, which have over 160 employees between them, are included under the DMB umbrella. Today, DMB exports 75% of its production to more than 35 countries in the wider Middle East, Africa, […]
By Matein Khalid The US dollar is the traditional safe haven currency during times of geopolitical or financial stress even when the cause of a risk aversion spasm is ultimately American, such as the failure of Lehman Brothers in 2008, Obama’s epic budget battles with the Republicans in 2011 and the Trump White House’s drone hit on Iran’s most revered Revolutionary Guard commander on 3 January 2020. […]
Arabian Post Staff The Dubai Financial Services Authority (DFSA) announced that it has fined Enness Limited (Enness DIFC), a DIFC Representative Office. The DFSA fined Enness DIFC USD 105,000 (approximately AED 386,000) for engaging in unauthorised activity outside the scope of its Representative Office DFSA Licence. As a Representative Office, Enness DIFC is only permitted to carry out a narrow set of activities in the DIFC relating […]
Arabian Post Staff PepsiCo, the global food and beverage company, announced the renewal of its 25-year partnership with Americana Group, one of MENA’s largest restaurant operators and food manufacturers. The renewal will see PepsiCo continuing its diverse and much-loved product offering to consumers across the region through Americana’s most loved restaurant brands. As the food and beverage landscape in the region continues to evolve, consumers are turning […]
Arabian Post Staff DP World has decided to delist its shares from Nasdaq Dubai citing better operational efficiency as a private entity. Accordingly, DP World’s parent company Port and Free Zone World has offered to acquire the 19.55 per cent of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership. The company said the move will enable DP World to focus on its […]
Arabian Post Staff Dubai-based DP World has agreed to acquire a majority 51% stake in TIS Container Terminal in the Port of Yuzhny, Ukraine, subject to the satisfaction of certain conditions, including regulatory approval. Bringing the TIS Container Terminal into DP World’s global network of ports, economic zones, warehousing, and inland logistics solutions will strengthen its position as the market-leading terminal of Ukraine. This latest acquisition also […]
By Arabian Post Staff Emaar Properties recorded net profit of AED 6.200 billion (US$ 1.688 billion) as compared to AED 6.139 billion (US$ 1.671 billion) in FY 2018. Revenues were worth AED 24.586 billion (US$ 6.694 billion) for 2019. An Emaar statement said the company maintained its positive performance in 2019 recording property sales in Dubai of AED 14.949 billion (US$ 4.070 billion). It attributed the performance […]
