|By Arabian Post Staff| After posting a 10 per cent year-on-year rise in MENA region profits in 2017, Saxo Bank, the online multi-asset trading and investment specialist, has consolidated its high-performing Dubai station as its regional hub of operations. The double-digit annual profit growth across the region, which has elevated MENA to the company’s third most profitable operation this year, had led Saxo’s Head of MENA, Mario Camara, […]
|By Arabian Post Staff|ADNOC plans to explore and appraise Abu Dhabi’s unconventional gas resources, as the company seeks to enable future value creation from its untapped gas resources, the company announced. ADNOC will spend over AED 400 billion over the next five years, as it embarks on its Upstream and Downstream expansion and growth projects, the company announced. The Supreme Petroleum Council (SPC) approved ADNOC’s key strategic […]
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 Staff| Abraaj Group, the emerging markets-focused private-equity firm, is delaying the initial public offering of South African food and household products maker Libstar Holdings Ltd., reports quoting people familiar with the matter said. The firm had been working with JPMorgan Chase & Co. and Standard Bank Group Ltd. on a sale expected to raise about $300 million, aaccordding to these reports. Abraaj, which bought […]
|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|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| Abu Dhabi Commercial Bank reported net profit of AED 3.206 billion for the nine month period ended 30 September 2017. The figure was 2% higher than the the previous level. Total net interest income and Islamic financing income of AED 4.983 billion was up 8% while operating income of AED 6.585 billion was up 4%, and operating expenses of AED 2.147 billion was […]
|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| The introduction of value added tax would force Dubai’s precious metals and gems businesses to relocate to other centres such as Singapore and Hong Kong, DMCC excutive chairman Ahmed Bin Sulayem has warned. VAT could lead to an “exodus” of firms in the gold and diamond industry from the UAE, Bin Sulayem said in a message to the Dubai Diamond Conference and urged the […]
|By Arabian Post Staff| Teneo Holdings, the global CEO advisory firm, today announced that it has acquired Credo Business Consulting LLP, a leading management consulting firm with operations in London and Dubai. Credo is a highly-respected management consulting firm focused on corporate strategy, transaction services, commercial and operating model transformation and performance improvement. With an outstanding reputation for depth of analysis and insight, Credo has helped many of the world’s leading organizations […]
|By Arabian Post Staff| The GSMA announced the appointment of Laxmi Akkaraju as Chief Strategy Officer. Ms. Akkaraju, who was most recently Senior Vice President, Global Delivery at EVRY, will join the GSMA effective 1 September and will report to GSMA Director General Mats Granryd. As Chief Strategy Officer, Ms. Akkaraju will work with the GSMA’s operator members in identifying opportunities that will advance the development of the […]
FedEx Corporation (NYSE: FDX) announced that the worldwide operations of its TNT Express subsidiary have been significantly affected due to the infiltration of an information system virus. While TNT Express operations and communications systems have been disrupted, no data breach is known to have occurred. The operations of all other FedEx companies are unaffected and services are being provided under normal terms and conditions. Remediation steps and […]
|From Anand Vardhan in Denpasar, Bali| The Middle East crisis, which has seen the diplomatic isolation of Qatar last week, is expected to impact Indonesia’s tourism and lead to a consequential drop in foreign earnings. Bali, the single largest tourist destination of Indonesia, has been receiving some 400,000 visitors via Qatar, of which 70% are tourists. The anxiety is all the more heightened as a majority of these […]
|By Arabian Post Staff| Dubai Government is developing a new project development company that will manage projects by Dubai Holding and Meraas Holding, according to a media statement issued on Monday (May 29, 2017). The move is a reflection of the economic reality marked by lower oil price and lower growth outlook that is encouraging governments to consolidate their state-owned businesses to cut costs by creating synergies. It […]
“We need to reassess every single thing we are doing as to what we can do to bring an end to this conflict,” added Mr. Beasley, a former governor of South Carolina who was appointed to lead the agency by the Trump administration in March. Continue reading the main story By making Riyadh, the Saudi capital, the first stop on his tour, observers say, Mr. Trump has […]
Predictive analytics and machine learning are two technologies we’re hearing a lot about these days. But do they actually present real opportunities for business value? For Flexi-Van Leasing, one of the largest chassis providers in North America with 12 locations and a fleet of more than 130,000 units, the answer at this point is an emphatic “yes.” Cyberwar and the Future of Cybersecurity The company’s chassis units […]
When The Washington Post broke the story this week that President Trump shared highly classified intelligence from a U.S. ally with Russia, not everything the reporters knew made it into print. Halfway through the story, this paragraph referring to the ISIS plot revealed by Trump appeared: “The Post is withholding most plot details, including the name of the city, at the urging of officials who warned that […]
By Robin Emmott | BRUSSELS BRUSSELS France and Germany are resisting a plan by U.S. officials for NATO to take a bigger role in the fight against Islamic State in Syria and Iraq, in line with calls from President Donald Trump for the alliance to do more to combat terrorism. Many alliance members hope the plan will be announced in Brussels next Thursday, when Trump attends his […]
18 May 2017 Colombo: To further boost its sourcing operations and to bring in high quality products for its large chain of hypermarkets, Middle East based retail giant LULU group today inaugurated it world-class sourcing, food processing & export unit in Sri Lanka. Y.A.S. Lanka was inaugurated by Sagala Ratanayaka, Chief of Staff to the PM & Minister for Law & Order and Southern Development in the […]
Call it the Trump fade? The so-called Trump trade captivated Wall Street after the surprise election of Donald Trump last November. After years of stagnant economic growth in the wake of the financial crisis, the prospect of Mr Trump’s pro-business agenda, combined with Republican control of both executive and legislative branches of the US government, breathed new life into the ageing equity rally, sent the dollar to […]
By Jonathan Barrett | SYDNEY SYDNEY Mining magnate Andrew Forrest has used laws designed to protect indigenous land rights to stop prospectors searching for minerals on his West Australian cattle farms, angering both traditional Aboriginal landowners and mining community members. While tensions between the competing interests of indigenous landholders, pastoral leaseholders and miners on government-controlled land are common, Forrest’s approach represents one of the first known examples […]
By Sue Horton | LOS ANGELES LOS ANGELES An hour before dawn on May 11, a team of 10 officers for U.S. Immigration and Customs Enforcement (ICE) began assembling outside a coffee shop in the Southern California beach community of San Clemente. The officers were about to embark on a targeted enforcement action, aiming to pick up five men believed to be in violation of U.S. immigration […]
The UAE Food Bank is to open branches and centres outside the country as part of the UAE’s mission to expand its charitable, relief and humanitarian activities worldwide. Hussain Nasser Lootah, vice chairman of the Board of Trustees of UAE Food Bank and director-general of Dubai Municipality, confirmed the expansion in accordance with the approved strategic plan. “The UAE Food Bank carries special importance as a humanitarian, […]
Kuwait Airways has appointed Ebrahim Abdullah Al-Khuzam as its new CEO, taking over from Rasha Al-Roumi, who resigned last month. Formerly MD of AREF Investment Group KSCC, advisor to the chairman of Kuwait Finance House and GM of telco Zain, Al-Khuzam was announced one of the newly appointed board members of Kuwait Airways in the wake of Al-Roumi’s resignation, and will now take on the additional role […]
