By Manish Rai Recent protests in Beirut over government corruption and mismanagement of the economy quickly escalated into rioting and violence that included clashes between Shi’ite Hezbollah supporters and demonstrators. Protesters poured into the streets of the Lebanese capital to decry the collapse of the economy. Moreover, there are now renewed calls from various sections of the society for the total disarmament of the powerful Hezbollah which is […]
Arabian Post Staff ENOC Group, the wholly-owned Dubai government entity, has reported a significant surge in the demand of storage capacity across its terminals in the UAE, Saudi Arabia, Singapore, Morocco and Djibouti. The increased demand for bulk liquid storage at its facilities is a result of the upward price trajectory, as customers seek storage provision due to the weakening demand for oil in the wake of the […]
Public Services Company Serco Middle East has appointed Wallace Weatherill as its new Managing Director, a role in which he will spearhead the operations of the largest automated transport system in the region the Dubai Metro as well as the Dubai Tram in collaboration with the Roads and Transport Authority (RTA). Serco Middle East operates and maintains the Dubai Metro and operates the Dubai Tram on behalf […]
As companies worldwide continue laying-off workers, Atkins has unveiled a new business structure for their business in Africa and the Middle East. The new business structure is set to start taking effect from July 1st, 2020, based around two main markets of the Kingdom of Saudi Arabia and the United Arab Emirates. This structure will also allow Atkins to align their services with client projects and country […]
Arabian Post Staff AstraZeneca has launched its GCC Health Innovation Hub, a culmination of digital innovation efforts by the Company to make diagnosis and treatment easier for diabetic patients, in conjunction with UK medtech start-up Gendius, which specialises in remote disease management. As a result of this partnership, HealthGATE – an artificial intelligence (AI)-powered platform and app to support diabetic patient care in the GCC – will […]
By James M. Dorsey Europe is progressively being sucked into the Middle East and North Africa’s myriad conflicts. As if wars on its doorstep in Libya and Syria were not enough, UAE support for an Eastern Mediterranean pipeline that could hurt Qatar economically — combined with Greek, Cypriot and French opposition to Turkish moves — leaves Europe with few, if any, options but to get involved. Europe’s […]
by James M. Dorsey The Middle East is at a crossroads. The coronavirus pandemic and its economic fallout confronts regional leaders with a stark choice: dial down tensions to open the door toward cooperation in tackling existential challenges or risk ever more aggravated political and economic threats enhanced by a potential wave of social protest. A second wave of the coronavirus pandemic is raising its ugly head. […]
by James M. Dorsey Rejiggering security arrangements in the Gulf may be a more pressing issue than meets the eye. That is not good news for the Gulf states. It is also bad news for China, which could see the rug pulled out from under its studious effort to remain on the sidelines of the Middle East’s myriad conflicts. China and the Gulf states are in the same […]
By James M. Dorsey A decision by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers like Russia to temporarily end a price war and cut production amounts to a time-out rather than an end to what is likely to erupt at some point in the future as a tripartite war. More immediately, the decision averts a significant deterioration in relations between the United States and […]
Arabian Post Staff In the event of another deadlock between Russia and Saudi Arabia, the desert kingdom is likely to suffer a bigger hit than Russia in an extended oil price war, according to Rystad Energy. Rystad feels Saudi Arabia will suffer a bigger hit in all five financial criteria: the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget […]
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 […]
