The study found that 29 per cent of Emiratis are keen to use their Emirates ID cards to make payments, making them the highest demographic group in the GCC to want to do so. Dubai: Seventy seven per cent of residents across the GCC would opt for alternatives to cash and card payments, should they be available in their country, according to a study commissioned […]
The UAE on Tuesday announced that it would allocate 15 per cent of its projected budget to humanitarian contributions over the next four years. Dr Maytha Al Shamsi, Minister of State, made the pledge while addressing a session of the World Humanitarian Summit in Istanbul, highlighting the directives of President Sheikh Khalifa, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, […]
DUBAI // Parents are struggling to pay for their children’s education, with employers cutting or doing away with allowances as school fees rise along with the wider cost of living. And there are fears that cutting those allowances will make it harder to attract the best and brightest from overseas to work here, at a cost to the economy. “This year in Abu Dhabi there will be […]
Dubai: The cost of insuring exposure to Saudi Arabia risk for a five-year period widened by 8 basis points ahead of its bond issue as investors increased hedging bets. The five-year Saudi Credit-Default (CDS) Swaps jumped to 160 basis points on Tuesday compared to 152 basis points last Monday, data showed. “This accounted for their large […]
ABU DHABI // Residents can expect another hot day with hazy skies as temperatures and humidity continue to climb across the country. Humidity in Abu Dhabi and Dubai is forecast to peak at 95 per cent with 70 per cent humidity expected further north which will increase overnight. Temperatures will range between 22°C and 42°C inland with lows of 24°C and highs of 34°C expected along the […]
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, inaugurates the world’s first fully functional 3D-printed building in Dubai on Monday. Dubai: The world’s first fully functional 3D printed building was inaugurated in Dubai by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Monday. […]
|By Arabian Post Staff| Emirates Islamic announced the successful closure of its US$ 750 million 5-year Sukuk from its US$ 2.5 billion Certificate Issuance Programme. The issue, which will be listed on NASDAQ Dubai and the Irish Stock Exchange, received overwhelming investor interest from across the globe and marked the Bank’s return to the international debt capital markets after a period of four years. In September 2015, […]
DUBAI // A Jordanian man has been arrested on suspicion of raping and killing a seven-year-old boy, who went missing in Sharjah on Friday. Police began searching for the boy after he was reported missing from his home in the industrial area of Sharjah. The 48-year-old was arrested on Sunday morning after police received a report that the body of a child had been found under a […]
By HELENE COOPER May 21, 2016 WASHINGTON — An American drone strike targeted the leader of the Taliban, Mullah Akhtar Muhammad Mansour, in Pakistan near the border with Afghanistan, United States officials said on Saturday, in the most significant American incursion inside Pakistan since Navy SEALs killed Osama bin Laden, the Qaeda leader, in 2011. In a statement issued on Saturday, Peter Cook, the Pentagon press secretary, said the […]
|By Arabian Post Staff| Dubai’s government owned property developer Limitless will make an early payment of 2.07 billion dirhams ($564 million) to banks and trade creditors after reaching a second debt restructuring deal with them, Bloomberg reported. The company will pay 1.9 billion dirhams to banks this month, covering 43 percent of the outstanding loan amount, Limitless said in an e-mailed statement on Thursday. It will pay 163 million […]
The Westminster School in Ghusais area, Dubai. The School is hiking fees. Dubai: A Dubai school’s decision to hike its tuition fees by 27 per cent has left parents fuming over what they claim goes against the Knowledge and Human Development Authority’s (KHDA) fee framework, which depends on school ratings. However, KHDA has said that one-time increases exceeding normal yearly increases can be granted when schools apply […]
Markets move ‘sideways-to-soft’ ahead of Ramadan amid fears international markets will not be robust Dubai: UAE indices fell on Monday, extending losses for another session as traders repositioned themselves ahead of the Ramadan season. The Dubai Financial Market General Index (DFMGI) closed 0.43 per cent lower at 3,290.37, while the Abu Dhabi Securities Exchange General index closed 0.66 per cent lower at 4,345.31. “UAE markets are moving […]
Dubai: Supporters of Turkish Super Lig club Eskisehirspor on Sunday destroyed their own football stadium, setting the stands on fire and vandalising them in the wake of the club’s last-ever match at the ground. Immediately after the final whistle the pitch was invaded by fans who set about pulling down the goals before turning their attention to the aging stadium. The fracas was a demonstration of disgust […]
|By Arabian Post Staff| Emirates Islamic and French financial institution Natixis announced the completion of a US$50 million Collateralised Murabaha deal on the Nasdaq Dubai Murabaha Platform. It is the largest collateralised Murabaha transaction closed by Emirates Islamic this year, and the first of its kind executed on the Nasdaq Dubai Murabaha Platform. A joint initiative between Nasdaq Dubai and Emirates Islamic, Nasdaq Dubai’s Murabaha platform provides […]
|By Arabian Post Staff| Dubai ports operator DP World Ltd. has selected more than a dozen banks for its sale of Islamic bonds in a deal that may be announced as early as Monday, Bloomberg reported quoting two people familiar with the issue. A benchmark-sized issue usually raises at least $500 million. The agency said 15 lenders have been hired for the offering of dollar-denominated, benchmark-sized securities, said […]
DUBAI // A series of accidents on Sunday morning are causing delays for motorists on their commute. There are a number of accidents on the E611 Emirates Road that are resulting in long tailbacks. There is an accident before the E88 Al Dhaid Road intersection in the direction of Dubai and there are reports of further accidents on the E611 after the Maliha Road intersection, resulting in […]
DUBAI // Fair to partially cloudy weather will make it hazy at times on Sunday and similar conditions are expected to persist over the next few days. Although moderate to fresh winds of 38kph will help to lower temperatures along the coast relative humidity will increase at night and in the early hours of Monday morning. “The relative humidity will increase during night and early morning times […]
DUBAI // A group of five cyclists are laying claim to being the first riders to bike through all seven emirates in less than 24 hours. Team leader Roisin Thomas said the group completed the feat in about 21 hours. Starting at 5.30am in Abu Dhabi on Wednesday, the Irish national said the group finished at 2.30am on Thursday morning – about 15 minutes ahead of schedule […]
UAE. According to a new survey released by PwC Middle East, capital projects and infrastructure has been greatly impacted by slowdowns and deferrals of government spending as a result of ‘lower for longer’ oil prices. PwC Middle East’s survey titled “Delivering during change” includes responses from over 130 owners and developers across the region from a range of sectors including transport, cities and urban development, social infrastructure, […]
|By Matein Khalid| The April payrolls data demonstrated that US economic growth has hit a soft patch. The US economy only added 160 jobs in April, less than the expected 203,000 average in the first three months of 2016. One disappointing data point does not imply a macroeconomic trend reversal since the US economy added 2.8 million jobs between March 2015 and March 2016. Statistical and measurement errors […]
|By Matein Khalid| Habib Bank Ltd is one of the Pakistan’s oldest, biggest retail/corporate banks, privatized last year with a 51% controlling stake held by the Aga Khan Fund for Economic Development. Its recent price fall from 240 to 172 rupees (PKR, not INR!) is a compelling opportunity to own an undervalued, well managed proxy for consumption and credit offtake in a 190 million population country now […]
JPMorgan Chase & Co., Morgan Stanley, Gulf International Bank BSC, National Commercial Bank, Samba Financial Group and Saudi Fransi Capital are also being considered for the Tadawul Stock Exchange IPO, and a decision could come as soon as this week, said the people, who asked not to be named because the discussions are private. The IPO could raise more than $500 million for a 30 percent stake […]
|By Arabian Post Staff| As the local economy continues to adjust to softening global conditions, overall residential values and rents in Dubai are set for a further decline throughout 2016, according to leading real estate consultancy Cluttons. Cluttons’ Dubai Spring 2016 Residential Property Market Outlook shows that after falling by an average of 3.1% during 2015, residential values fell by an additional 2.2% during the first quarter of […]
DUBAI // Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai formed the Dubai Nuclear Energy Committee (DNEC) on Tuesday. The permanent committee is attached to the Dubai Supreme Council of Energy and will be chaired by Saeed Al Tayer, reported state news agency Wam. The Dubai Ruler also appointed Waleed Ali Salman as the vice chairman of the new body which will comprise a number […]
