Dubai property developer Danube Properties announced the launch of its 11th project, a Dh550 million Lawnz at the International City.Construction of the project is expected to start in 2018 with completion in 2020. Lawnz is Danube Properties’ first project at the International City and its first gated complex. “This is our biggest project so far that will add 1,064 units to our existing portfolio and we are […]
|By Saifur Rahman, Executive Editor| UAE Central Bank said, it has downgraded seven money exchanging houses for violating the Central Bank’s regulations, including Anti-Money Laundering rules. The UAE has 140 money exchange houses with 835 branches spread across the length and breadth of the country while some of the exchange houses have branches in other countries. Following the downgrading, Taher Exchange Est., Al Hadha Exchange LLC, Al Hemriya Exchange […]
Dubai Government’s trade licensing body – the Department of Economic Development (DED) – said, it has exempted companies and business establishments in Dubai from all fines imposed on them and granted them time till end of 2018 to renew their licenses. “The DED launched a package to make it further easier for businesses to clear fines and renew their licenses. The package will allow businesses to pay […]
Azizi Developments, one of the leading private developers in the UAE, has announced a construction update for their upcoming AED 470 million project in Dubai Healthcare City, Azizi Aliyah Residences. Construction is progressing rapidly with concrete works fully completed. The developer has announced that finishing and façade works are currently underway, ensuring that the project meets the highest construction and building design standards. Commenting on the update, […]
|By Saifur Rahman, Executive Editor| The International Monetary Fund (IMF) finally recognised the Islamic banking principles by endorsing a proposal on the use of the Core Principles for Islamic Finance Regulation (CPIFR), according to a statement. This effectively means that the IMF now accepts Islamic financial principles to become a globally accepted system in parallel to the conventional interest-based economy. “The CPIFR will complement the international architecture for financial […]
The first of its kind Ramadan offer allows ready businesses, start-ups and distressed companies to commence operations immediately and pay rents and related costs in 2019, when their financial position is better-off. The business incubator-like initiative benefit new investors to kick-start, grow, diversify and expand across the business. The initiative comes at a time when Dubai is making concerted efforts to bring in new businesses and investments in […]
Etisalat Digital announced that it has signed strategic partnerships with four scale-ups as part of the ‘Dubai Future Accelerators Program,’ the world’s largest governbment supported accelerator. The 4th cohort of the ‘Dubai Future Accelerators’, launched in March this year with the participation of Etisalat Digital and other government bodies and in cooperation with the world’s most innovative companies, came to a close on xx May. The program […]
|By Arabian Post Staff| Emirates Group reported a 67 percent jump in net profits to $1.1 (Dh4.1 billion) billion in 2017-18 financial year ending March 31, 2018 compared to the previous year, with revenues reaching $27.9 billion (Dh102.4 billion), crossing the Dh100 billion mark for the first time in the history of the 32 year old airline group that includes Emirates Airline and its ground handling and ticketing arm, […]
By James M. Dorsey A Saudi Moroccan soccer spat speaks volumes about the depth of change in the Arab world. The spat over Saudi Arabia’s refusal to support a Moroccan bid for the hosting rights of the 2026 World Cup tells the tale of the rise of individual country nationalism at the expense of Arab solidarity, Saudi determination to safeguard its alliance with the United States at whatever cost, […]
By Matein Khalid A dismal legacy of civil war, sanctions, insurgency, foreign invasion and terrorism has had a catastrophic impact on the Iraqi economy. Prime Minister Haider al-Abadi told the assembled global elite at Davos 2018 that Iraq needed $100 billion in postwar construction. Yet money alone will not solve Iraq’s problems of systemic corruption, a society divided by sectarian cleavages, poverty, the displacement of 2 million […]
By James M. Dorsey The Gulf crisis that pits a United Arab Emirates-Saudi-led alliance against Qatar is escalating in discreet but no less worrisome ways that effect major third-party commercial interests and could increase international pressure for a resolution of the dispute. In a major shift away from Saudi and UAE restraint in attempting to force the international community and multi-nationals from taking sides in the 11-month […]
|By Arabian Post Staff| Emaar Properties recorded revenue for the first three months of 2018 of Dh5.58 billion (US$1.52 billion), 37 per cent higher than the first quarter of 2017 revenue of Dh4.07 billion (US$1.109 billion). This was led by significant progress achieved on projects under construction and the growth in malls and hospitality businesses. Emaar’s net profit grew by 20 per cent to Dh1.66 billion (US$453 […]
A new partnership between the UAE and India will enable the UAE to communicate with India the requirements of skills and their certification for Indian workers coming to the UAE. Accordingly India can align its ambitious skill development programmes and certification procedures with the requirements of the UAE’s job market. The UAE and India announced on Monday the launch of a new strategic partnership focused on skill […]
|By Arabian Post Staff| In another setback to the region’s most high-profile private equity firm, state-owned Mubadala is reported to have halted talks to buy Abraaj’s investment business. Abraaj is facing an investigation by investors into how it used some of their money. Abraaj has been trying to sell some or all of the unit following a row with four investors, including the Bill & Melinda Gates Foundation […]
Dubai property prices are falling at increased speed. The Dubai Residential Property Sales Price Index for all residential estates decreased by 2.6 points, from 248.7 to 246.1, which represents a decline of 1.05 per cent in March 2018, according to the latest REID report. Prices also went down by 4.76 per cent year on year. Apartment sales prices registered a decrease in March 2018 with a drop […]
|By Arabian Post Staff|Emirates NBD plans to raise its share capital by up to 7.35 billion dirhams ($2 billion) through the issuance of new shares, as Dubai’s largest lender prepares to bid for Turkey’s Denizbank. The bank said in January it had started initial strategic talks with Sberbank about a possible purchase of the Russian lender’s stake in Turkey’s Denizbank. The share hike, announced on Sunday, was […]
|By Arabian Post Staff|The most popular area for renting an apartment in Dubai was Dubai Silicon Oasis, according to Bayut.com’s latest survey. Rents for 1 and 2 beds here were AED 55k and AED 80k respectively, representing a 0.20% drop for the latter while the former stayed stable. The price of studios in the neighbourhood dropped 5% to AED 38k. Last month’s most searched for area, Dubai […]
|By Arabian Post Staff| Emaar Properties recorded a net operating profit of AED 5.704 billion (US$ 1.553 billion) during full-year (January to December) 2017, a growth of 16 per cent over the FY 2016 net operating profit of AED 4.917 billion (US$ 1.339 billion). Total revenue for FY 2017 increased by 21 per cent to AED 18.812 billion (US$ 5.122 billion), over FY 2016 revenue of AED […]
|By Anand Vardhan|Shaikha Hind Al Qassimi, member of the royal family of Sharjah, is a multifaceted personality with an enviable record as a painter, publisher and fashion designer. She has set up a number of businesses that reflect her interests, among them a fashion house that showcases exquisitely designed abayas, which combine luxurious functionality and style. Her signature brand, ‘House Of Hend’ retails in several countries in […]
|By Arabian Post Staff| DP World Ltd., the Dubai-based port operator that manages terminals from Hong Kong to Peru, and India’s National Investment & Infrastructure Fund (NIIF) plan to jointly invest up to US$3 billion in the South Asian nation, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, disclosed at the sixth World Government Summit (WGS 2018) in Dubai. During a panel discussion titled […]
While there are many ways in which medical science is using digital techniques and artificial intelligence (AI) to make life-saving decisions., the science and art of animation holds the potential to help revolutionize healthcare. Once the province of movies and cartoons, more realistic computer-generated imagery in medical science is providing solace to patients undergoing harsh treatments. And at the meeting point of movies and medicine, doctors are […]
|By Arabian Post Staff| The Dubai residential market witnessed solid growth in off-plan sales transactions during the last quarter of 2017. According to a recent report by global real estate consultancy firm CBRE, off-plan sales accounted for more than 65 per cent of total sales transactions for the year ending 2017, an increase of approximately 56 per cent in the number of transactions and 44 per cent in […]
|By Arabian Post Staff| The increased availability of affordable properties in Dubai is encouraging residents of Sharjah and other northern emirates to move closer to their work places in Dubai, Asteco said in its latest report. This is despite despite waived deposit requirements, rent-free periods, increased number of payments (up to 12 cheques) and rent adjustments at their current residences. The Northern Emirates will remain an affordable […]
|By Arabian Post Staff|A buoyant GCC Bond and Sukuk market achieved an all-time high issuance of USD 70 billion in 2017, with sustained investor appetite expected in 2018, according to a co-authored white paper from Emirates NBD Asset Management (Dubai) and Fisch Asset Management (Zurich). The paper, titled “The GCC Fixed Income Market: Then and Now” identifies key themes in 2017 and provides an outlook for the […]
