Caption: Lose yourself in a Moroccan Paradise at the Es Saadi Resort Arabia is a beautiful and varied landscape, with diverse cultures and a rich history. It’s no surprise then that it’s home to some of the world’s most luxurious hotels. Whether it’s an opulently appointed Moroccan hideaway, a city centre Saudi palace or a relaxing beachside retreat in Oman, Arabia has something to offer every kind […]
Arabian Post Staff DP World, which recently announced delisting of its shares from Nasdaq Dubai, reported revenue growth of 36.1% and adjusted EBITDA increase of 17.7%, delivering profit of $1.3 billion, but without separate disclosures. Revenues were of $7,686 million, with a growth of 36.1% driven by acquisitions including P&O Ferries (UK), Topaz Energy & Marine (UAE) and the two terminals in Chile (Puerto Central and Puerto […]
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 […]
Over the past few years the UAE has seen a boom in start-ups and online businesses. The influx of female entrepreneurs heading start-ups have systemically changed office culture, making it accessible for all genders, and giving a stronger voice to women in general. In fact, the UAE is considered one of the best markets for business women. Back in 2017 the UAE pledged $50 million to the […]
By Matein Khalid The US dollar is the traditional safe haven currency during times of geopolitical or financial stress even when the cause of a risk aversion spasm is ultimately American, such as the failure of Lehman Brothers in 2008, Obama’s epic budget battles with the Republicans in 2011 and the Trump White House’s drone hit on Iran’s most revered Revolutionary Guard commander on 3 January 2020. […]
By Arabian Post Staff Emaar Properties recorded net profit of AED 6.200 billion (US$ 1.688 billion) as compared to AED 6.139 billion (US$ 1.671 billion) in FY 2018. Revenues were worth AED 24.586 billion (US$ 6.694 billion) for 2019. An Emaar statement said the company maintained its positive performance in 2019 recording property sales in Dubai of AED 14.949 billion (US$ 4.070 billion). It attributed the performance […]
By Matein Khalid Thankfully, I was not in the global markets during the Black Death, the Great Plague and the Spanish flu pandemic but coronavirus cases have now crossed 40,000 infections and this is way beyond a local Wuhan outbreak. Despite the blowout 225,000 US January non-farm payrolls growth data, I am alarmed by the global recession SOS in the capital markets metrics I track. One, the […]
By Arabian Post Staff Emaar Malls announced a 5 per cent increase in revenue to AED 4.673 billion (US$ 1.272 billion) for 2019, compared to AED 4.446 billion (US$ 1.210 billion) in 2018. Overall net profit in 2019 amounted to AED 2.286 billion (US$ 622 million), similar to AED 2.230 billion (US$ 607 million) recorded for the previous year. Revenue grew by 4 per cent to AED […]
By James M. Dorsey A podcast version of this story is available on Soundcloud, Itunes, Spotify, Stitcher, TuneIn, Spreaker, Pocket Casts, Tumblr, Podbean, Audecibel, Patreon and Castbox. Saudi Arabia may have been getting more than it bargained for when authorities in Khujand, Tajikistan’s second largest city, ordered that the city’s largest and most popular mosque be converted into a cinema. The order followed the closure of some 2,000 mosques in the country in the last three years and the arrest last month […]
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 […]
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 Saudi Arabia has unveiled a 2020 budget that projects a budget deficit of 6.4 percent of GDP. This is much higher than the figure for 2019, which was estimated at 4.7 percent. The 20220 budget indicates total expenditures of SAR 1,020 billion, and SAR 833 billion of projected revenues. For FY 2019, it is expected that the actual expenditures will reach SAR 1,048 billion and total actual revenues are expected […]
By Arabian Post Staff A surge in arrivals over the summer months accelerated Dubai’s tourism momentum, as the city welcomed 12.08 million international overnight visitors in the first nine months of 2019, according to the latest visitation figures released by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism). The strong 4.3 per cent increase in volume growth compared to the same period last year was supported […]
By Matein Khalid I first encountered Lebanon as a teenager after the fabled Choueifat College opened its first UAE campus in Sharjah, fleeing the civil war in the Chouf. My ignorance of the country I was to know and love as my own patrie was monumental. When a classmate told me he was a Darzi, I assumed his father was a tailor since Darzi means “tailor” in […]
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 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 […]
Saudi Arabia’s energy-sector manufacturing – industrial activities that are principally related to the energy value-chain – are set for robust growth in the coming decade, not only adding to the Kingdom’s exports but also promoting job creation among highly-skilled Saudis and strengthening the Small and Medium Enterprises (SME) sector, reports the findings of the first-of-its-kind study on the Saudi industrial and energy manufacturing landscape by GE. Unveiled […]
By Matein Khalid George Soros once observed “the big money in emerging markets is made when things go from Godawful to just plain awful”. So true. The point of maximum pessimism in an emerging market is often an opportune moment to accumulate its shares, ideally after a political, economic or financial systemic shock. I sold my entire Pakistan equities portfolio in summer of 2017 after the Supreme […]
By Arabian Post Staff The return of Qatari and Saudi Arabian issuers to the market and high levels of liquidity in Indonesia as well as Turkey’s efforts to tap all available financing sources have boosted issuance of sukuk 17.6% in the first five months of 2019. Foreign currency issuances also increased 15.6% during the period, explained primarily by Turkey’s issuances but also issuances by Qatari banks and […]
By Saifur Rahman Dubai Islamic Bank (DIB), the UAE’s first and largest Islamic lender, said, is set to acquire Noor Bank, enhancing Dubai’s position as the capital of Islamic economy and creating the region’s most powerful Shari’a banking group. The combined asset value is set to reach Dh275 billion post acquisition, it said. “The Board of Directors of Dubai Islamic Bank convened its meeting on 09/06/2019 and […]
By James M. Dorsey A public apology by a prominent Salafi scholar sheds a light on Saudi crown prince Mohammed bin Salman’s version of ‘moderate Islam,’ his effort to shape the Middle East and North Africa in his mould, and the replacement of religion with hyper-nationalism as the source of his legitimacy. Claiming to speak in the name of the Sahwa or Awakening movement, Aidh al-Qarni, one of the […]
By Matein Khalid Citigroup, the third largest US money center bank, owns subsidiaries in Latin America whose pedigrees go back almost a century. For instance, Banamex, Citi’s subsidiary in Mexico, is the second largest corporate/retail bank south of the Rio Grande. So it was no coincidence that Citi shares got sandbagged to a recent 61 as President Trump threatened to impose tariffs on Mexico’s $350 billion exports […]
Arabian Post Staff Saudi Arabia’s economy is expected to pick up in 2019 but a global economic slowdown and its potential impact on the global oil market could impact growth, the Kingdom’s central bank said. Saudi Arabia’s economy grew by 2.2 percent in 2018, driven by the oil sector, compared to a decline of 0.7 percent in 2017, the Saudi Arabian Monetary Authority (SAMA) said in a […]
By Manish Rai Recent attacks launched by Houthis rebels on critical installations of Saudi Arabia has demonstrated a significant leap in their capabilities. The story of how Ansar Allah (official name of Houthi movement) moved from small-arms ambushes to medium-range ballistic missile and sophisticated drone attacks deep inside enemy territory in just half a decade illustrates that how an ambitious militant group can capture and use a […]
