/Arabian Post Staff/ Emirates Group, which operates Emirates Airline – the world’s largest international carrier – reported a 44 percent decline in profits to US$631 million (Dh2.3 billion) in 2018-19 financial year ending March 31, 2019, despite achieving a 7 percent growth in revenue to reach US$29.8 billion (Dh109.3 billion). In line with the overall profit, the Group declared a dividend of Dh500 million (US$136 million) to its shareholder, […]
|By Arabian Post Staff|The IMF has stressed that the external downside risks to the UAE’s outlook have risen and encouraged the authorities to continue their efforts to bolster economic growth and safeguard macro-financial stability. In this context, the Fund stressed the importance of increasing supervisory vigilance and strengthening management of contingent liabilities from borrowing by government-related enterprises, government guarantees, and public-private partnerships. The IMF advice came in […]
|By Arabian Post Staff| The Abu Dhabi National Oil Company (ADNOC) announced, awarding of an onshore block – known as Onshore Block 3 – to US based international oil and gas exploration and production company Occidental Petroleum. Onshore Block 3 covers an area of 5,782 km2 located in the Al Dhafra region. Existing 3D seismic data already covers a large part of the Block which, combined with its proximity to […]
|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 […]
|By Arabian Post Staff| UAE real estate market conditions are likely to remain challenging in 2019, although it could to some extent depend upon how quickly the regulatory changes enacted last year begin to generate additional demand, JLL said in its review of 2018 and outlook for 2019. “While market conditions are likely to remain challenging, investors and occupiers have the opportunity to introduce new strategies to enhance […]
|By Arabian Post Staff|Oversupply concerns in the Dubai real estate market are increasing ahead of demand resulting in further downward pressure on both prices and rentals, JLL said in its review of 2018. The residential market in Dubai remains tenant friendly, allowing existing tenants to renegotiate their rents and providing attractive rentals and sales opportunities for new entrants to the market, it said. Traditionally, the majority of […]
|By Arabian Post Staff|The UAE Federal Tax Authority plans to further improve VAT compliance rates, promote registration among taxable businesses, and combat tax evasion. FTA director general Khalid Ali Al Bustani announced in a review of the first year of implementation of tax. The DG revealed that the number of businesses that registered in the tax system during the first year of implementation exceeded 296,000 companies and […]
By James M. Dorsey Traditionally focussed on ultra-conservative Sunni Muslim Islam, Saudi funding in the era of crown prince Mohammed bin Salman has been streamlined and finetuned to ensure that it serves his geopolitical ambitions, primarily stymying the expansion of Iranian influence in the Middle East and North Africa and enhancing the kingdom’s global impact. The effort, however, has so far produced a mixed bag. Spending is […]
|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 Central Bank of the UAE confirmed that its working with the Saudi Arabian Monetary Authority (SAMA) on a joint project which constitutes a Proof-of-Concept (PoC) for experimenting with Blockchain technology to facilitate cross-border payments between the two countries. The PoC is still at an early stage and will help CBUAE gain a deeper understanding of the feasibility of distributed ledger technology in this […]
|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 Arabian Post Staff| French energy firm Total has secured 40 percent stake in aa major gas concession of Abu Dhabi National Oil Company (Adnoc). Under the terms of the agreement, Total will explore, appraise and develop the resources at the Ruwais Diyab Unconventional Gas Concession. Adnoc said the award is “an important milestone to reach the target of 1 billion cubic feet per day (bcfd) of unconventional gas […]
|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 […]
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 […]
|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 James M. Dorsey This month’s inauguration of a fibreoptic cable linking Pakistan with China could prove to be a double-edged sword. Constructed by Chinese conglomerate Huawei Technologies Co., Ltd, the cable is likely to enhance both Pakistan’s information communication technology infrastructure as well as the influence of Chinese authoritarianism at a moment that basic freedoms in Pakistan are on the defensive. The $44 million, 820-kilometre underground Pak-China Fibre […]
|By Arabian Post Staff| Abraaj Holdings, Abraaj Investment Management Limited and Colony Capital, Inc., through the Group’s Joint Provisional Liquidators, PricewaterhouseCoopers and Deloitte, announced that they have reached agreement on the principal terms for the sale and purchase of the Group’s Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business and the Group’s Limited Partnership interests in the underlying Funds, along with staff in the eight offices being […]
Dubai property developer Danube Properties announced the launch of its 11th project, a Dh550 million Lawnz at the International City.Construction of the project is expected to start in 2018 with completion in 2020. Lawnz is Danube Properties’ first project at the International City and its first gated complex. “This is our biggest project so far that will add 1,064 units to our existing portfolio and we are […]
|By Arabian Post Staff| Emirates Group reported a 67 percent jump in net profits to $1.1 (Dh4.1 billion) billion in 2017-18 financial year ending March 31, 2018 compared to the previous year, with revenues reaching $27.9 billion (Dh102.4 billion), crossing the Dh100 billion mark for the first time in the history of the 32 year old airline group that includes Emirates Airline and its ground handling and ticketing arm, […]
|By Matein Khalid| I had written an article titled “six reasons to be bullish Saudi equities in 2018, published in the KT on January 28. Yet I was surprised to see Saudi Arabian equities become the world’s second best performing stock market in 2018 after Egypt. The Saudi equity index fund (KSA) I recommended in my column is up 18% at a time when the MSCI emerging markets […]
|By Arabian Post| UAE’s leading satellite operator Yahsat has entered into an agreement to acquire a majority stake in the mobile satellite services operator Thuraya, also based in the UAE, subject to final pre-closing conditions being met. The acquisition of the UAE’s first home grown satellite operator will significantly expand Yahsat’s current satellite solutions portfolio for both commercial and government verticals, as well as its global footprint. […]
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| ADNOC Distribution, the retail and fuel-selling arm of Abu Dhabi’s state-owned oil company, will be valued at $8.5 billion — around the middle of a range of possible valuations — when trading opens on the Abu Dhabi Securities Exchange (ADX) next week. The sale of 10 percent of the unit in an initial public offering (IPO) was oversubscribed “multiple” times by institutional investors, and […]
|By Arabian Post Staff| An estimated $100 billion has been involved in the systematic corruption and embezzlement |that plagued Saudi Arabia over several decades, Saud Al Mojeb, the kingdom’s Attorney General and member of the Supreme Anti-Corruption Committee, announced. The disclosure came in a statement on the status of the anti-corruption proceedings, which are moving forward There is strong evidence that confirms initial suspicions, which led Saudi […]
