|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|The Brent crude oil price has fallen to a post-October 2017 low, while WTI now trades at August 2017 levels, according to UBS Energy Review. Economic growth concerns, along with systematic selling – momentum trading and the clearing of futures positions ahead of the end of the year – are robably fueling this latest price decline. That the OPEC+ production cuts only come into […]
|By Arabian Post Staff| The CEOs Advisory Council of the UAE Banks Federation (UBF) reviewed the adoption of Blockchain to enhance know your customer (KYC) processes at banks. Other key topics on the agenda included Emiratization, and digital transformation. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “As part of our efforts aimed at creating and sustaining a thriving banking ecosystem, we have undertaken a number […]
|By Arabian Post Staff| Emirates Steel, a subsidiary of the General Holding Corporation (SENAAT), has finalized a loan refinancing deal that will enable the company to accelerate deleveraging, increase financial flexibility, simplify its debt structure and fund its growth plans. The new financing replaces Emirates Steel’s outstanding secured debt with a corporate financing structure reflecting the established nature of the company. The loan facility has a tenure of […]
|By Arabian Post Staff| Cosco Shipping Ports and Abu Dhabi Ports inaugurated CSP Abu Dhabi Terminal at Khalifa Port; positioning Abu Dhabi as the regional hub for Cosco’s global network of 36 ports and further connecting the Emirate to the major trade hubs along the Belt and Road Initiative (BRI). The deepwater, semi-automated container terminal includes the largest Container Freight Station (CFS) in the Middle East, covering 275,000 square metres. The state-of-the-art […]
|By James M. Dorsey| A series of Gulf and Middle East-related developments suggest that resolving some of the Middle East’s most debilitating and devastating crises while ensuring that efforts to pressure Iran do not perpetuate the mayhem may be easier said than done. They also suggest that the same is true for keeping US and Saudi interests aligned. Optimists garner hope from the fact that the US Senate may […]
|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 Raj Samani |As 2018 draws to a close, we should perhaps be grateful that the year has not been entirely dominated by ransomware, although the rise of the GandCrab and SamSam variants show that the threat remains active. Our predictions for 2019 move away from simply providing an assessment on the rise or fall of a particular threat, and instead focus on current rumblings we see […]
|By Saifur Rehman|A 37 percent jump in fuel price has reduced the half-yearly net income of Emirates Group by 53 percent to $296 million in the first half of 2018-19 year, a company statement said. The high fuel cost as well as currency devaluations in India, Brazil, Angola and Iran, wiped out approximately Dh4.6 billion from the group’s profits. Emirates Group, which operates the world’s largest international […]
James M. Dorsey The killing of journalist Jamal Khashoggi and potential Western sanctions against Saudi Arabia has sparked renewed debate about the value of the longstanding alliance between the United States and the kingdom. The debate is not limited to the US or the kingdom, both of which are assessing the reliability of the other even if that is a debate that is waged in Saudi Arabia behind […]
|By Arabian Post Staff| Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a growth in net profit of 9 per cent during the first nine months (January to September) of the year to AED 1.639 billion (US$ 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 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 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 […]
|By Arabian Post Staff| New York: Demby Coin, the world’s biggest ICO, has debuted at an investor conference in New York, eliciting keen interest from investors looking for alternative investment opportunities. Demby Coin, which will power the world’s first ever all-inclusive marketplace with the combined effect of the likes of Amazone and Ebay, seeks to bring the much-needed liquidity into the crypto currency ecosystem, by enabling purchases […]
|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| In an unusual move, Saudi Arabia’s sovereign wealth fund,which is a stake holder in Elon Musk’s Tesla, has invested $1 billion in rival Silicon Valley start-up Lucid Motors. This means the Saudis will benefit, irrespective of which new generation car company achieves leadership in this automobile sector. Lucid is set to start making its first model, the Air sedan, in 2020. The comapny […]
|By Alexander Stewart|Advertisers are increasingly appreciative of the value in data-driven, channel-specific creative messaging. Given the associated costs of BRTV spot advertising, more and more brands are focussing their efforts elsewhere – social, programmatic OLV, on-demand programming. Viewership is moving away from linear television to go online, with 54% of 25-34 audience in Ukraine claiming to watch online video content every single day. As smartphone penetration continues […]
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 James M. Dorsey Less than a week in office, Pakistani Prime Minister Imran Khan has made blasphemy one of his first issues, empowering militants and initiating international moves, long heralded by Saudi Arabia, that would restrict press freedom by pushing for a global ban. Mr. Khan, in his first address as prime minister to the Pakistani Senate, said he intended to raise the blasphemy issue in […]
|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 […]
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 […]
Emerging Markets Property Group (EMPG), the parent company of vastly successful property portals in the MENA and South Asia regions, has announced that it has wrapped up a first close of $50 million as part of a substantially larger investment round. In addition to Bayut.com in the UAE, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, and recently announced its acquisition of Mubawab in Morocco. The Pakistan, Bangladesh and Morocco portals are clear leaders in their respective markets, and Bayut.com, […]
