By Saifur Rahman Emirates Group, which include Emirates Airline and its ground handling and ticketing arm Dnata, today reported a 77 per cent jump in net profits to Dh2.3 billion (US$631 million) for the first half of the 2017-18 financial year, starting from April 1, 2017, up from Dh1.3 billion (US$364 million) recorded in the first half of its last financial year – in what is perceived […]
|By Arabian Post|For the first time since 2008, off-plan property sales now account for more than half of total real estate transactions in Dubai, according to a real estate broker in the city. While the gap between off-plan transactions and sales of ready property for the first 3Q of 2017 is only minor – 19,915 (50.45%) against 19,564 (49.55%) – fäm Properties, one of Dubai’s largest real […]
|By K Raveendran| The arrest of wealthy Saudi prince Al Waleed, whose investments ranging from Citibank to Apple to Twitter, making him the most high profile Arab investor on the global stage, may involve more than internal power struggle within the Saudi ruling establishment and the new Crown Prince’s spirited fight against corruption. Al Waleed may have paid a heavy price for his spat with Donald Trump […]
|By Arabian Post Staff| In an unprecedented move against corruption at high places Saudi Arabia’s King Salman removed the chief of the National Guard,along with 10 other princes, and replaced the the Economy Minister. The king also constituted anti-corruption panel, headed by Crown Prince Mohammed bin Salman to prevent corrupt practices by those in the authority. Al-Arabiya news channel reported that 11 princes and dozens of former […]
|By Matein Khalid|Emaar Properties will sell 20% of its UAE development portfolio in an initial public offering in November. This is the first IPO in the UAE capital markets in the last three years and follows bellwether offerings such as Emaar Malls and Emaar Misr. Emaar’s Dubai development’s adjusted net value is 24.1 UAE dirhams and I would not be surprised if the post IPO revalues the […]
|By Arabian Post Staff||Emaar Properties chairman Mohamed Alabbar said he is keen to do further business with Saudi Arabia, and offered to help in the development of the $500 billion Neom project. “It’s a big, exciting thing. If they call on us (Emaar), we would look on that positively. The Middle East as a whole is very short on infrastructure, and the project is a very significant […]
DAMAC Properties, a leading luxury real estate developer in the region, announces the launch of Vera Residences, luxury apartments in the ever-popular Business Bay with breathtaking views of Dubai Canal. Strategically placed at the epicentre of one of Dubai’s business hot-spots, Vera’s close proximity to the prestigious Downtown Dubai district offers the ultimate lifestyle for those seeking a lively community with connectivity to the city. Vera Residences […]
|By Arabian Post Staff|Saudi Crown Prince Mohammed bin Salman put the kingdom somewhat in the ‘Dubai mode’ announcing the launch of an initiative backed by more than $500 billion investment to transformation of the kingdom into a leading global hub through the introduction of value chains of industry and technology. The plan, known as Neom, spires to make the country the “safest, most efficient, most future oriented, […]
|By Arabian Post Staff| Subdued economic growth continued to translate into job cuts, reduction of staff allowances and few employment opportunities, which resulted in increased vacancy rates in the Abu Dhabi property market, according to the latest report of Asteco. Average apartment rental rates dropped by 3% over the quarter and by 10% during the past 12 months, with the highest rate of decline recorded for mid-end […]
|By Arabian Ppost Staff| DP World Limited claimed that its nine-months performance exceeded projections handling 52.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals, with gross container volumes growing 9.6% on a like-for-like basis, with the third quarter growth rates accelerating to 13.5% year-on-year. This is against Drewry Maritime’s upgraded industry estimate of 5.5% throughput growth in 2017. Global trade outlook improved significantly […]
|By Arabian Post Staff|A new survey conducted by Bayt.com and YouGov titled ‘Top Cities in the Middle East and North Africa’, revealed that Abu Dhabi and Dubai ranked as the top cities to live and work in the Middle East and North Africa region. The ranking was based on several factors including economic, environmental, standard of living, socio-cultural and entrepreneurship factors. Overall, Dubai and Abu Dhabi ranked […]
|By Arabian Post Staff| The combined value of the Expo 2020-related development projects has touched $33 billion (Dh121 billion) as the UAE begins the three-year countdown for the six-month-long mega global event that will kick-off on October 20, 2020, according to BNC Network, a project research and intelligence provider in the Middle East and North Africa (MENA) region. These projects include transport infrastructure, such as the expansion […]
|By Arabian Post Staff| Dubai-based Azizi Developments has announced the launch of a new mega community project in the heart of Dubai at an estimated cost of AED25 billion. The new mega project, whose name is yet to be announced, will have a distinctly British feel, with themes and elements influenced by contemporary British culture and way of living, thge company announced. The development will comprise residential, […]
|By Arabian Post Staff| ABB has won an order worth around $45 million from Dubai Hills Estate, a joint venture between Emaar Properties PJSC and Meraas Holding, to construct a substation that will boost distribution capacity and feed power to a new integrated lifestyle project being constructed in Dubai. The order was booked in the third quarter of 2017. Dubai consumes over 37,000 gigawatt hours of electricity […]
|By Arabian Post Staff|Trading conditions for smaller community and regional centres and non-mall retail formats have become more testing, according to the Q3 2017 Dubai MarketView by global real estate consultancy firm CBRE. As a result, retailers are increasingly looking for flexibility from landlords to help soften the impact of changes in sales volumes. But development activity across the retail sector remains buoyant with approximately 1.0 million […]
|By Arabian Post Staff| A high-level meeting of the Arab Monetary Fund (AMF), International Monetary Fund (IMF) and the World Bank, in collaboration with the Financial Stability Board (FSB on the Withdrawal of Correspondent Banking Relationships (CBRs) in the Arab region has highlighted the importance of initiatives aimed at addressing compliance costs and profitability considerations to deal with the situation. These initiatives could cover areas such as […]
|By Arabian Post Staff| DP World Limited announced it has entered into agreements to acquire Maritime World LLC, owners of Dubai Maritime City, and Drydocks World LLC for a total cash consideration of $405 million. Of this, the Dubai Maritime City owners are to be acquired for $180 million while the Drydocks World for a cash consideration of $ 225 million. DMC is a world class maritime […]
|By F R Chowdhury| Myanmar (previously known as Burma) is a vast country of 676,550 sq. km. or 261,217 sq. miles on the north-east coast of Bay of Bengal. Basically it is between Bangladesh and Thailand though it has also long common border with India and China. Its population is only about 49 million. Majority are Buddhists. Next large population is ethnic Bengali Muslims and a small percentage […]
|By Arabian Post| JAFZA’s active secondary market has witnessed an increase in the number of properties available for sub-lease and sale, leading to a decline in capital values over the last 12 months, according to a report by real estate consultancy firm CBRE. Occupiers are understandably keen to take advantage of the prevailing market, to locate to newer facilities with lower rentals, better infrastructure and road connectivity. Further signs […]
|By Matein Khalid| Trump’s post Charlottesville remarks, the Barcelona terrorist attacks and Cisco’s results unnerved the US stock market bulls last week. Friday was a surreal moment in the history of Wall Street. It was entirely rational for traders on the New York Stock Exchange floor to cheers and the Dow Jones Index rise 150 points when news broke that Trump had fired his alt-right, white nationalist chief strategist […]
|By Arabian Post Staff| UAE-based conglomerate Al Ghurair announced a partnership with AccorHotels to launch the upper-upscale Swissôtel and Swissôtel Living in the Al Ghurair Centre. With over 4,000 hotels, resorts and residences, as well as over 2,500 of private homes around the globe under the AccorHotels banner, this reflag marks Swissôtel’s first entry into the UAE market. Known for the famous Swiss hospitality, Swissôtel upholds industry-leading […]
|By Arabian Posr Staff| The Abu Dhabi National Oil Company (ADNOC) and Borealis have signed a framework agreement to expand both ADNOC and Borealis downstream petrochemicals business and support the delivery of ADNOC’s integrated smart growth and partnership strategy. Under the agreement, ADNOC and Borealis will move to the pre-feed (front end engineering and design) stage for the construction of the Borouge 4 complex, which encompasses a world-scale, mixed […]
|By Arabian Post Staff| Starz Play, MENA region’s fast growing on-demand video streaming service has raised a total of US$125 million since inception, including new 2017 commitments from leading global industry investors Starz, a Lionsgate company, State Street Global Advisors (SSGA), in its capacity as an advisor and manager of private equity, and media and technology investment firms SEQ Capital Partners and Delta Partners. The new investment funds […]
|By Arabian Post Staff| Senaat, the industrial investment holding company managing the assets of the Abu Dhabi government, announced marginally lower revenue and profits for 2016. The Group claimed a solid performance by operating companies, reflecting the resilience of its business model. Revenues of AED 13.4 billion (2015: AED 14.0 billion) were marginally lower compared to the previous year and total EBITDA also declined slightly to AED 1.8 […]
