|By Matein Khalid| The epic political dramas of last week (Aunty Theresa’s Brexit plan was rejected by the House of Commons but she managed to survive a no-confidence vote by a narrow margin) strengthened the British pound, exactly as I had expected. Yet sterling has not managed to rise above 1.30 to the US dollar in the past two months and now trades at its lowest levels […]
|By Arabian Post Staff|Oversupply concerns in the Dubai real estate market are increasing ahead of demand resulting in further downward pressure on both prices and rentals, JLL said in its review of 2018. The residential market in Dubai remains tenant friendly, allowing existing tenants to renegotiate their rents and providing attractive rentals and sales opportunities for new entrants to the market, it said. Traditionally, the majority of […]
|By Arabian Post Staff| The Port Fund called on the general manager of the Kuwait Port Authority (KPA), Sheik Yousef Al-Abdullah, to correct misstatements he made in a CNBC Arabia interview aired on Tuesday, January 8, 2019 regarding The Port Fund and its efforts to distribute $496 million to its investors and stakeholders. The general manager made inaccurate statements that conflict with the official position of the […]
The Euro has been a disaster since its birth in 1999. Its monetary pathologies led to youth unemployment rates of 50-60% in Greece, Spain and the Italian Mezzogiorno. It gave a trillion-dollar windfall to German exporters at the expense of the hapless Club Med and amplified Berlin’s diktat over the lands once occupied by the Third Reich. It created the milieu for Brexit, the gilets jaunes riots […]
|By Arabian Post Staff| Dubai Land Department (DLD) recorded an unprecedented growth in the last ten days of 2018, Sultan Butti bin Mejren, Director General of DLD, announced. The-transaction volume during the last ten days of 2018 was worth over AED 19 billion through 2,081 transactions. .Bin Mejren added: “This activity affirms the attractiveness of Dubai’s real estate sector, specifically the demand from buyers and investors who are […]
|By Arabian Post Staff| The value of UAE online travel sales in 2018 is forecast to reach AED 17.3 billion ($4.7 billion), driven by a growing population, an increasing number of tourists, and UAE residents’ shift towards digital services, new analysis from Dubai Chamber of Commerce and Industry has revealed. The analysis, based on recent data from Euromonitor International, found that direct online sales in 2018 are expected […]
|By Arabian Post Staff| The total value of international trade through Dubai’s free trade zones recorded 22 percent jump to US$107.35 billion (Dh394 billion) in the first nine months of 2018, according to a latest report. This represents 41 percent of the emirate’ total trade of the first nine months. Imports amounted to 54.5 percent at Dh215 billion, while exports and re-exports reached 45.5 percent at Dh179 billion. Overall, […]
|By Arabian Post Staff| Pharmax Pharmaceuticals opened its factory in the Dubai Science Park, built at a cost of AED 125 million. It has an annual production capacity of over 200 million tablet and capsule dosage forms and is dedicated to the manufacturing and commercialisation of pharmaceuticals that target chronic conditions prevalent in the Middle East. The factory is equipped with the latest European technology, meeting stringent global regulatory standards. […]
|By Saifur Rehman|A 37 percent jump in fuel price has reduced the half-yearly net income of Emirates Group by 53 percent to $296 million in the first half of 2018-19 year, a company statement said. The high fuel cost as well as currency devaluations in India, Brazil, Angola and Iran, wiped out approximately Dh4.6 billion from the group’s profits. Emirates Group, which operates the world’s largest international […]
|By Arabian Post Staff| Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a growth in net profit of 9 per cent during the first nine months (January to September) of the year to AED 1.639 billion (US$ 446 million), compared to the same period in 2017 at AED 1.507 billion (US$ 410 million). Revenue for the first nine months of the year was […]
|By Arabian Post Staff|Smart Dubai and IBM announced the launch of the Dubai Blockchain Platform, the first government-endorsed blockchain platform as-a-service in the United Arab Emirates (UAE). Delivered through an IBM Cloud environment and built locally in the UAE, the enterprise-ready platform will serve as a stepping stone for organizations in the UAE and globally to transition their blockchain testing and development into full-production. It will also […]
|By Matein Khalid| 2018 has been a difficult year for GCC and Dubai real estate. Rents and capital values continued to fall in the third quarter, albeit at different rates in specific segments and micro-markets. The Federal Reserve’s latest monetary tightening at the September 26 FOMC means the six months Emirates Interbank Offered Rate (EIBOR), the bellwether rate for floating rate home mortgages in the UAE is […]
|By Arabian Post Staff| DP World announced that Sir Richard Branson has decided to step down from his role as chairman of Virgin Hyperloop One, which has a project with the Dubai-headquartered global port operator to launch DP World Cargospeed–an international brand for hyperloop-enabled cargo systems to support the fast, sustainable and efficient delivery of palletized cargo. Virgin Hyperloop said Branson’s decision is based on the increased […]
|By Arabian Post Staff| Dubai CommerCity, a joint venture between Dubai Airport Freezone Authority (DAFZA) and the Wasl Asset Management Group, dedicated to e-commerce firms, says its investment value has increased by 18.5 percent to AED 3.2 billion with an increase in the total leasable area by 32.5 percent. Launched in 2017, Dubai CommerCity is an area of 2.1 million square feet located in Umm Ramool, an […]
|By Arabian Post Staff|Dubai has annonnced the world’s first faciltiy to make Blockchain-based digital payments for school fees, bills and retail purchases. The digital currency has been launched in partnership between Blockchain payment provider Pundi X, Ebooc Fintech and Loyalty Labs along with Dubai’s Credit Bureau named emcredit. Consumers in Dubai, UAE will be able to use digital currency to make retail payments in-store, pay for government […]
|Arabian Post Staff|Dubai continues to generate strong demand for premium office space according to new data released by global real estate consultancy firm CBRE. Total office stock in the emirate stood at 9.21 million sqm of gross leasable area (GLA) in the first half of 2018. This represents a 14% rise from levels recorded during the same period in 2014. Recent completions in the market further highlight […]
|By Arabian Post Staff| Emirates is looking at taking over Abu Dhabi’s Etihad airline, Bloomberg reported quoting people familiar with the matter. If the plan materialises, it would create the world’s biggest carrier by passenger traffic. Bloomberg said the talks, which are at a preliminary stage, would see Emirates acquire the main airline business of Abu Dhabi’s Etihad, which would keep its maintenance arm. Both airlines initially declined […]
An Emirates Airline flight from Dubai was quarantined at New York’s John F. Kennedy International Airport on Wednesday after some passengers became ill during the flight. Emirates can confirm that about 10 passengers on board flight EK203 from Dubai to New York were taken ill. On arrival at JFK, as a precaution, they were immediately checked by local health authorities, and those needing medical attention will be […]
|By Arabian Post Staff| Media reports have quoted Houthi forces as claiming a rocket battalion attack on the Dubai International Airport. The UAE General Civil Aviation Authority (GCAA), however, denied the Houthi media claims and affirmed that the UAE air traffic was operating business as usual. The denial was carried by official news agency WAM in a one-sentence statement. According to the Houthi forces’ official media wing, […]
Dubai will become a multi-billion dollar magnet for stone trade suppliers from around the globe next month as massive urban growth and infrastructure development continues to make the Middle East one of the world’s highest spending construction markets, analysts say. According to market analysts BNC, a raft of new mega projects valued at US$29.19 billion were launched in the Middle East and North Africa’s residential, hospitality, retail, healthcare and […]
|By Arabian Post Staff| GCC sovereign debt issuance is expected to reach US$53 billion in 2018, surpassing last year’s US$49.5 billion, according to Fisch Asset Management, a Zurich-based asset manager. “GCC sovereign debt issuance has had another strong first half, with the two multi-tranche sovereign bond transactions of Saudi Arabia and Qatar leading issuance of over US$30 billion in the hard currency market,” Fisch Asset Management said […]
|By Arabian Post Staff| After a landmark ruling in Germany last week that social media accounts can be inherited by a person’s beneficiaries, DIFC has announced that those who register inheritance Wills with the authority can include such assets in their Wills. Lawyers and lawmakers around the globe have been grappling with the legal status of online assets, not just personal data on sites such as Facebook […]
|By Arabian Post Staff|Dubai World Trade Centre (DWTC) announced up to 70 per cent reduction on licensing and incorporation fees within the DWTC Authority (DWTCA), a free zone offering offshore licenses for businesses, and One Central, the lifestyle development at the heart of Dubai’s Central Business District, to spur business and benefit multi-sector growth. DWTC’s programme seeks to provide highly competitive offerings with the twin objectives of […]
|By Arabian Post Staff|Dubai-based KEF Infra, part of the KEF Holdings owned by Non-Resident Indian billionaire Faizal E. Kottikollon, has merged with Katerra, a US-based family-owned construction technology business to create a US$3.75 billion conglomerate with US$8.5 billion order book. Prior to the merger, KEF Infra had US$250 million orderbook and $400 million work in the pipeline in India where the company gradually started to change the […]
