Arabian Post Staff While the new low oil prices will test Saudi fiscal balances, they have the lowest cost barrels and with low debt can pull on sovereign reserves and take the pain, according to Chris Midgley, head of global analytics, S&P Global Platts. Crude fell sharply on Friday to test $45/bbl on the back of the failed talks and we now expect if to fall sharply as […]
Arabian Post Staff The International Air Transport Association (IATA) sees 2020 global revenue losses for the passenger business of between $63 billion (in a scenario where COVID-19 is contained in current markets with over 100 cases as of 2 March) and $113 billion (in a scenario with a broader spreading of COVID-19). No estimates are yet available for the impact on cargo operations. IATA’s previous analysis (issued […]
Arabian Post Staff The UAE Central Bank has advised banks to implement measures to counteract the effects of COVID-19 including rescheduling loans, offering temporary deferrals on monthly loan payments and reducing fees and commissions. Management consultancy Oliver Wyman warns that the resulting impact of the Coronavirus outbreak on the global economy could lead to reduced borrowing and lending that will affect banks with a bearing on corporate and […]
Airlines in Asia-Pacific and Europe suffered sharp declines in year-on-year growth in total air cargo volumes in January 2020, while North American and Middle East carriers experienced a more moderate decline. Latin America and Africa were the only regions to record growth in air freight demand compared to January 2019. Asia-Pacific airlines saw demand for air cargo contract by 5.9% in January 2020, compared to the year-earlier period. This […]
Arabian Post Staff Ducab is consolidating its metal operations into a new subsidiary -DMB, a dedicated business unit within the Ducab Group of companies supplying “Made in UAE” copper and aluminium solutions. Ducab Aluminium Company (DAC) and Ducab Copper Rod Plant, which have over 160 employees between them, are included under the DMB umbrella. Today, DMB exports 75% of its production to more than 35 countries in the wider Middle East, Africa, […]
By Matein Khalid I had published an article expressing my shock at the abysmal corporate governance and financial disclosure at NMC Healthcare, the London listed UAE’s largest private operator of healthcare clinics and hospitals. NMC Healthcare shares were at 1816 pence on the LSE when I published my article in the Gulf and UK financial press on 30 December 2019. NMC Healthcare has now plunged to 775 […]
Dubai-based Finalrentals makes it possible to rent a car globally By Arabian Post Staff When traveling abroad, people often try to search for a car online from unknown platforms, resulting in situations where customers feel they didn’t get the service they’d hoped for. But Finalrentals has changed all that. Finalrentals is a startup born in Dubai, United Arab Emirates. After creating the best online car rental experience for tourists and […]
Arabian Post Staff Indonesia’s business community on Thursday welcomed the UAE’s pledge to pump tens of billions of dollars into a wide range of key sector projects. President Joko Widodo and his entourage secured an overall $22.9 billion deal during an official two-day visit to Abu Dhabi earlier this week covering the fields of energy, logistics, port construction, mining, and agriculture. It was also revealed that the […]
By James M. Dorsey Disclosures of taped phone calls between embattled former prime minister Najib Razak and a person believed to be United Arab Emirate crown prince Mohammed bin Zayed go a long way to explain Malaysian efforts to counter UAE and Saudi influence in the Muslim world. The disclosures are the latest incident in what have been complex, if not strained relations with the UAE and Saudi Arabia […]
There’s barely an area of entertainment or recreation that Dubai hasn’t either broken into or attempted to break into during the past few years, but this latest trend is one we never expected to see. When you hear the words ‘luxury cruise’, there are to areas of the planet that tend to spring to mind. The first is the Caribbean. The second is the Mediterranean. At a […]
By Matein Khalid NMC Health PLC, the UAE’s leading private operator of medical clinics and hospitals with a footprint in 17 countries was founded by Abu Dhabi based Indian-Udupi businessman B. R. Shetty and listed on the London Stock Exchange. NMC plunged a shocking 45% in five trading sessions after Carson Block of Muddy Waters Capital, one of the world’s preeminent short selling specialist hedge funds, accused […]
By Matein Khalid I had recommended buying the Tadawul ETF iShares MSCI Saudi Arabia (symbol KSA on NYSE) on November 30 to benefit from the post-IPO surge in the price of the Saudi Aramco IPO shares on the Tadawul. This tactical trade was a beauty even before Saudi Aramco shares soared 20% on its Thursday December 12 to peak at 38.7 Saudi riyals (SAR). As I expected, […]
By Arabian Post Staff Landmark Group announced the opening of its fully-automated Mega Distribution Centre (DC) at JAFZA, Dubai – the largest of its kind in the GCC. The Group invested over AED 1 billion with a firm strategy to further strengthen its supply chain capabilities and build a facility that can serve as a logistics and distribution hub for the region. The Mega DC will also […]
By Arabian Post Staff Chairman of Dubai based DAMAC Properties, Hussain Sajwani, through his private investment company, Vision Investments, has bought the Italian fashion group Roberto Cavalli SpA. The acquisition of the Florentine brand was completed on November 28th. The UAE-based investment company emerged as the top bidder amongst various entities that were vying for the globally recognized fashion brand. Roberto Cavalli was previously controlled by the […]
Airbus celebrates 10-years of partnership with Strata shaping the UAE’s aerospace industry, highlighting key milestones achieved with the UAE-based manufacturer throughout the past decade. As part of the UAE’s drive to create a world-class aerospace industry to deliver on its diversification strategy, Airbus is increasing its Middle Eastern footprint through industry cooperation with local entities to contribute to the nation’s economic growth. Abu Dhabi-based Strata Manufacturing has […]
Mirabaud, the banking and finance group founded in Geneva in 1819, in partnership with SBK Holding, has officially opened its Abu Dhabi office operations. The newly opened subsidiary, Mirabaud (Abu Dhabi) Ltd, will offer domestic and international wealth management advisory, business development, succession planning support as well as other investment services to its clientele in Abu Dhabi and wider UAE focusing on local families, their networks, and […]
Research and advisory firm Oxford Business Group (OBG) will launch The Report: Dubai 2020, its new analysis of the emirate’s economic development and investment opportunities, on Monday, December 9 at Nasdaq Dubai, The Exchange Building, DIFC. The event will include a roundtable, titled “Dubai Beyond Expo 2020”, at which leading representatives from the public and private sectors will share their views on how best to ensure the legacy of the world expo benefits the […]
By Arabian Post Staff More than US$500 billion (Dh1.8 trillion) worth of family wealth will be passed on to the next generations in the Middle East and North Africa (MENA) region within the next decade, experts at the 4th Wealth Arabia Summit (WAS) said on Tuesday. According to WealthX, a global intelligence solutions provider, more than US$15 trillion worth of family wealth will be passed over to the […]
By Arabian Post Staff Air Arabia, the Middle East and North Africa’s first and largest low cost carrier, has signed a firm order for 120 Airbus aircraft comprising 73 A320neos, 27 A321neos and 20 A321XLRs. The agreement was signed at the 2019 Dubai Airshow in the presence of Air Arabia’s Chairman Sheikh Abdullah Bin Mohammed Al Thani, Adel Ali, Chief Executive Officer Air Arabia and Guillaume Faury, […]
By Arabian Post Staff The changing landscape of the US$360 trillion (Dh1,321 trillion) global wealth is now more than four times the global GDP of US$88 trillion. The wealth per adult reached a new record high of US$70,850, or 1.2% above the level of mid-2018 with Switzerland topping the biggest gains in wealth per adult this year, according to a latest report by Credit Suisse. Aggregate global […]
By Matein Khalid I literally laughed when I heard that Goldman Sachs put a valuation range of $1.6 to $2.3 trillion on the Saudi Aramco IPO. One, a valuation range of $700 million only means the Goldie analyst bankers (deal promoters?) are clueless about what Saudi Aramco is really worth. Two, I cannot fathom how the financial markets will assign a valuation of 17 to 23 times […]
Mohamed Said Guedi, a Somaliland-Djibouti dual national, has been running successful businesses in East Africa, the Middle East and Europe. He is an entrepreneur who grew several businesses from start-ups to millions in annual sales through effective business planning, quality of products, creative sales techniques and innovative marketing.
Beirut, Lebanon (CNN)-Lebanon is on the verge of economic collapse unless an “immediate solution” can be found to end days of nationwide protests that have paralyzed the country, Central Bank Governor Riad Salame told CNN in an exclusive interview Monday. Lebanon’s banks have been closed since the demonstrations, sparked by a series of proposed austerity measures including a tax on WhatsApp calls, began nearly two weeks ago. “It’s a […]
Ren Zhengfei, founder and CEO of Huawei recently met with a contingent of media from across the Middle East and North Africa (MENA) to share his thoughts on the region’s bold digital transformation efforts—and Huawei ‘s plans for supporting local partners to scale digital services to more people, homes, and organizations than ever before. The global executive acknowledged the Arab world’s long and profound history, particularly its […]
