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 K Raveendran| The arrest of wealthy Saudi prince Al Waleed, whose investments ranging from Citibank to Apple to Twitter, making him the most high profile Arab investor on the global stage, may involve more than internal power struggle within the Saudi ruling establishment and the new Crown Prince’s spirited fight against corruption. Al Waleed may have paid a heavy price for his spat with Donald Trump […]
|By Arabian Post Staff| Emaar Development said on Thursday it plans to price its initial public offering in between Dh5.7 to Dh6.9, thereby valuing the company at Dh25.2 billion. The company plans to offer 800 million shares or 20 per cent of the share capital, it said in an emailed statement.The final price will be announced on November 16, and the shares will be listed on the […]
|By Matein Khalid|Emaar Properties will sell 20% of its UAE development portfolio in an initial public offering in November. This is the first IPO in the UAE capital markets in the last three years and follows bellwether offerings such as Emaar Malls and Emaar Misr. Emaar’s Dubai development’s adjusted net value is 24.1 UAE dirhams and I would not be surprised if the post IPO revalues the […]
The IMF recently upgraded the global growth outlook for 2018, and the oil price is trading at its highest levels since 2015. These are both positive developments for the UAE economy, which is expected to see an uptick in growth in 2018. But will this be the beginning of a sustained period of growth, or will it just be a rebound from the recent slump in growth? […]
|By Arabian Post Staff|With the official implementation of Valued Added Tax (VAT) across the GCC coming into effect in January 2018, a majority of industries in the Gulf, including the burgeoning food production and manufacturing sphere, are worried about the ripple effect of the region’s first applied taxation. The Business Talks Conference will see top decision makers and market leaders gathering to outline, discuss and debate the […]
|By Arabian Post Staff|Destination management company Alpha Destination Management has signed an exclusive agreement with Expedia, the world’s largest online travel company, to operate the Expedia Local Expert® program in Dubai and Abu Dhabi. Dubai and Abu Dhabi will thus become the first destinations in the world outside North America to offer this program. Expedia is an internationally trusted brand and Expedia Local Expert allows the company […]
|By Arabian Post Staff|Emaar Chairman Mohamed Alabbar said that the new digital marketplace Noon, founded by him, will be rollled out in Saudi Arabia before the end of this year. He was addressing a media briefing with Faraz Khalid, Chief Executive Officer of Noon, on the sidelines of the Future Investment Initiative in Riyadh. Headquartered in Riyadh, Noon is a joint venture with the Public Investment Fund […]
|By Arabian Post Staff|Saudi Crown Prince Mohammed bin Salman put the kingdom somewhat in the ‘Dubai mode’ announcing the launch of an initiative backed by more than $500 billion investment to transformation of the kingdom into a leading global hub through the introduction of value chains of industry and technology. The plan, known as Neom, spires to make the country the “safest, most efficient, most future oriented, […]
|By Arabian Ppost Staff| DP World Limited claimed that its nine-months performance exceeded projections handling 52.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals, with gross container volumes growing 9.6% on a like-for-like basis, with the third quarter growth rates accelerating to 13.5% year-on-year. This is against Drewry Maritime’s upgraded industry estimate of 5.5% throughput growth in 2017. Global trade outlook improved significantly […]
|By Arabian Post Staff|Saudi Arabia is holding one of its most important investment summits ever, named the Future Investment Initiative (FII), considered to be game-changing forum in Riyadh. The landmark event is being attended by more than 2,500 delegates and internationally-renowned business and investment leaders from over 60 countries. The three-day event will explore new trends, opportunities, challenges and emerging industries that will shape the world economy and […]
|By Arabian Post Staff| Latest property transactions data released by the Dubai Land Deparment clearly shows an increasing demand across all property categories, including land plots, buildings and residential units, according to Director General Sultan Butti bin Mejren. This indicates Dubai is attracting a wide variety of investors, he added. Dubai Land Department (DLD) announced that the total value of real estate transactions for the first nine […]
|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| The United Nations is set to consider a proposal by the US Federal Aviation Administration to ban laptop computers and other large electronic devices from checked bags on international flights. It remains yet unclear whether the ban would be extended to domestic airlines. Gulf airlines including Emirates and Qatar Airways were removed from the ban last August after these airlines suffered a huge […]
|By Arabian Post Staff| The combined value of the Expo 2020-related development projects has touched $33 billion (Dh121 billion) as the UAE begins the three-year countdown for the six-month-long mega global event that will kick-off on October 20, 2020, according to BNC Network, a project research and intelligence provider in the Middle East and North Africa (MENA) region. These projects include transport infrastructure, such as the expansion […]
|By Arabian Post Staff| Abu Dhabi Securities Exchange (ADX) today announced the launch of its latest investment service ‘Technical Short Selling’ (TSS), an addition to the existing suite of services and products provided by ADX to investors through brokerage firms. The launch of this new service falls in line with ADX’s strategy to increase liquidity levels as well as diversify investment and hedging instruments in order to […]
|By Arabian Post Staff| The Ministry of Finance is still in the process of developing the executive regulations of the Value Added Tax, and the rateon on all taxable and exempt goods, exports and services have not yet been finalised. Younis Haji Al-Khouri, under-secretary in the ministry of finance, said in a statement that the ministry is working to ensure maximum disclosure and transparency before announciung the […]
|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 Arabian Post Staff| Dubai’s Al Ghurair Properties has announed a series of new devlopment projects worth AED 5 billion, which is expected to add new impetus to the Dubai property sector. The plan envisages the construction of 58 distinctive residential projects of new age homes with high quality infrastructure, the company said in a statement. The statement cited real estate agency, JLL MENA, findings that as […]
|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. […]
|By Matein Khalid| Jamie Dimon, the unanointed king of Wall Street and chief executive of New York banking colossus J.P. Morgan did not mince his words. He called Bitcoin “a fraud”, a speculative bubble comparable to the Dutch tulip mania of the seventeenth century and declared he would fire any trader at his bank trading in the cryptocurrency “in a second” for “stupidity”. This has only reinforced the […]
|By Arabian Post Staff| DP World Limited announced it has entered into agreements to acquire Maritime World LLC, owners of Dubai Maritime City, and Drydocks World LLC for a total cash consideration of $405 million. Of this, the Dubai Maritime City owners are to be acquired for $180 million while the Drydocks World for a cash consideration of $ 225 million. DMC is a world class maritime […]
|By Arabian Post Staff|The Central Bank of Bahrain (CBB ) announcement of new Shari’ah governance regulations applicable to wholesale and retail Islamic banks in Bahrain are a positive development, Moody’s said in a report. Effective June 2018, the new regulations will make Islamic banks subject to an Independent External Shari’ah Compliance Audit, to ensure that all Islamic banks activities are Shari’ah compliant. Additionally, all internal Shari’ah board […]
