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|By Arabian Post Staff| DP World announced the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries) for a purchase consideration of about $420 million, implying a 2017 EBITDA valuation multiple of 6.1x. P&O Ferries is a pan-European integrated logistics business consisting of a market leading roll-on roll-off (Ro-Ro) ferries operation and a European transportation and logistics solutions provider, P&O Ferrymasters. P&O […]

|By Arabian Post Staff| Emirates Integrated Telecommunications Company (EITC), popularly known as du,  announced the resignation of its chief financial officer, Amer Kazim, who is leaving to take up a position with a Dubai government-owned organization. Amer Kazim will remain with EITC till the end of the first quarter of 2019 to ensure a smooth handover of responsibilities and to supervise the full year 2018 financial results. Mohamed […]

Ole Hansen With turmoil on every side, gold has re-emerged as a preferred safe haven with further upside. Meanwhile, prospects for a further recovery in oil seem limited by signs of slowing global growth. The direction of commodities in the early part of 2019 will continue to be influenced by decisions taken in Washington and by central banks last year. The economic fallout from US president Donald […]

|By Arabian Post Staff| Global trade enabler DP World announced that it has entered into an agreement to acquire 71.3% stake in Puertos y Logistica S.A.  from Minera Valparaiso and other shareholders associated with the Matte Group. Pulogsa is listed on the Santiago stock exchange, and the acquisition will be effected via a tender offer to acquire all outstanding shares of the business. Under the tender process DP […]

|By Arabian Post Staff| Abu Dhabi Securities Exchange (ADX), the region’s leading financial market, together with General Holding Corporation (SENAAT), one of the largest holding companies in industrial investment in the UAE, rang the market opening bell to celebrate the listing of the first tranche of SENAAT sukuk. Valued at $300 million (1.1 billion AED), it is the first of its kind dual listing between Abu Dhabi Securities […]

|By Arabian Post Staff| The Arab Strategy Forum has issued a report that estimates the total cost of Iran’s nuclear programme to have exceeded US$500 billion since 2002.Furthermore, the costs of developing and operating infrastructure and facilities for the programme have added some US$50 billion to the bill. Specifically, the report states that the construction of the Bushehr Nuclear Power Plant accounted for the majority of the nuclear […]

|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 […]

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|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| Saudi Arabia shocked global capital markets by announcing scrapping of its plan to float  state-owned energy giant Aramco through an IPO, which the world was keenly looking forward to, media reports said. The initial public offering was among the initiatives announced by Crown Prince Mohammed bin Salman as part of his ambitious plan to overhaul the Saudi economy. The Saudis had hoped to […]

|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| Abu Dhabi Securities Exchange (ADX) has announced the distribution of more than AED 23.4 billion in cash dividends to around 406 thousand investors on behalf of listed companies in 2018. The cash dividends paid out by listed companies increased around 5.5% compared AED 22.2 billion in the year 2017. This announcement is a confirmation of ADX’s success in providing a distinct investment climate and […]

|By Arabian Post Staff|  Global DP World Limited handled 35.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2018, with gross container volumes growing by 4.8% year-on-year on a reported basis and 6.0% on a like-for-like basis. The first half of 2018 continues to see an upswing in global trade and all three DP World regions delivered growth, particularly […]

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 Arabian Post Staff| The Abu Dhabi National Oil Company (ADNOC) announced the signing of two historic agreements awarding Italy’s multinational oil and gas company Eni stakes in two of Abu Dhabi’s offshore concession areas. Eni joins an Indian consortium, led by ONGC Videsh, and Japan’s INPEX as stakeholders in the Lower Zakum concession. The awards mark the first time an Italian energy company has been given concession rights in Abu Dhabi’soil and gas sector. […]

By James M. Dorsey Saudi Arabia, in an indication that it is serious about shaving off the sharp edges of its Sunni Muslim ultra-conservatism, has agreed to surrender control of the Great Mosque in Brussels. The decision follows mounting Belgian criticism of alleged intolerance and supremacism that was being propagated by the mosque’s Saudi administrators as well as social reforms in the kingdom introduced by Crown Prince Mohammed bin Salman, including […]

|By Arabian Post Staff| UAE residents consider VAT to be a challenge, but are largely optimistic about the year ahead, a YouGov survey revealed. The results found that 50 percent of residents have positive sentiment towards the UAE for 2018, while 34 percent are neutral and 15 percent are negative. Some 62 percent of residents feel the introduction of VAT will be a challenge for the country. The […]

Heart Disease – An infographic by GeriatricNursing.org   Every year over 1.2 million people suffer from a heart attack due to coronary heart disease. The probability that a person may die from heart attack is 40 out of 100. According to the latest estimations, more than 335,000 of these heart attack patients are estimated to die even before reaching the hospital or the emergency ward. In the […]

|By Arabian Post Staff| Dubai rental yields have trended lower structurally since 2009, indicating that investors are willing to accept risk with lower risk premia. Of all the major cities analyzed, Dubai remains far above the highest yielding city, suggesting that there is ample room for further yield compression, according to property portal Reidin. In the first nine months of 2017, even though level of transactions are […]

|By Arabian Post Staff| Analysts fear that the GCC mobile phone market could see a slump in the wake of the 2018 VAT roll-out, as it happened in many countries, which saw a pre-VAT buildup of inventories, followed by a major slump in sales. Such concerns come at a time when the region’s mobile phone market is already in a state of flux, with IDC’s latest Quarterly Mobile […]

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 Arabian Post Staff| Emaar Properties announced an IPO, offering 20 per cent of Emaar Development, the company’ development unit to investors. The size off the IPO size is lower than what the market had anticipated, which was at least 10 percent higher. The listing will take place in November on the Dubai Financial Market. “The IPO of our UAE development business will allow potential investors an […]

|By Arabian Post Staff| Japanese retailer Daiso opened at Bawabat Al Sharq Mall in Abu Dhabi this week. The newly opened store is the 11th store in Abu Dhabi and the 32nd in the UAE, bringing the total count in the GCC region to 49. The store is located on the first floor of the mall, opposite the Food Court, and boasts of 4,500 square feet. Daiso […]

|By K Raveendran| Virgin boss Richard Branson recently went on a voyage to Arabia’s  past, which he claims helped him discover an incredibly exciting time in Saudi Arabia’s history. The visit also turned out to be an inspiration for him to announce a major investment in  a luxury tourism project aiming to transform a stretch of Saudi Arabia’s Red Sea coast into a hub for high-end holidaymakers. […]

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