The elite of the UAE’s social set and fashion industry gathered at Palazzo Versace hotel in Dubai on Tuesday evening. The brand’s chief designer Donatella Versace had flown in for the occasion, which marked the official opening of the hotel in the city’s Cultural Village within Al Jadaf district. “This hotel is amazing,” said Donatella, “It will hopefully become a number one tourist destination. I feel very […]
17 November 2016 Ashurst has advised Saudi Arabian client Delta Marketing Company on the agreement to dispose of its bottled water division, to Abu Dhabi-based Agthia Group. Corporate counsel Chris Young led the transaction for Delta, with Saudi law advice provided by Jeddah-based partner Dr. Faisal Baassiri. Dr. Faisal Baassiri said: ‘We are delighted to have supported our long-time and valued client Delta Marketing on this transaction. […]
Saudi Arabia’s King Salman is to appoint 75 new members to the kingdom’s highest consultative body, the Shoura Council, according to a report. The Saudi Gazette, quoting a local Arabic-language newspaper, said that at least 15 of the new members will be women. The appointments are expected to be made on 2 December, when the current council’s term ends. The newspaper reported that 19 members of the […]
Saudi Arabia’s Public Investment Fund (PIF), its main sovereign wealth fund, said on Thursday it had filled key posts as part of plans to expand investment capacity and help reduce the kingdom’s dependence on oil income. Under economic reform plans announced early this year, the government has said it aims eventually to expand the PIF, founded in 1971 to finance development projects in the country, from $160 […]
LONDON Battered bonds and emerging market currencies enjoyed some respite on Thursday as the dollar took a breather from a post-U.S. election charge that has taken it to a 13-1/2 year high. Wall Street looked set for a quiet start and Europe’s main stock markets <0#.INDEXE> were shuffling sideways as the dip in global bond yields cooled bank stocks, which have been rising on better lending profits. […]
Swiss International enters Riyadh with Swiss International Royal Hotel and Swiss Spirit Hotel & Suites Metropolitan Baar (CH)/ Ras Al Khaimah (UAE)/ Riyadh (Saudi Arabia), November 17, 2016 – Gearing up to boost its presence in Saudi Arabia, Swiss International proudly announces the arrival of its first 2 hotels in Riyadh. The chain will be entering the capital city with Swiss International Royal Hotel and Swiss Spirit […]
Rotana to open 16 hotels in 2017 The UAE hotel company Rotana has announced that it will open 16 hotels next year, including five in the UAE and four in Saudi Arabia. There will also be two hotels each for Turkey and Iraq and the company’s first property in Muscat, Oman. The UAE properties are the Capital Centre Rotana in Abu Dhabi, complementing the existing Capital Centre […]
Despite an economic slowdown and rising inflation, Bahrain’s property market has witnessed stability across most real estate sectors in the second half, which is expected to continue into 2017, according to international real estate consultancy Cluttons. While the Gulf state’s residential markets have outperformed expectations due to resilient rental budgets, its office and retail markets have largely seen no change in rents in the first nine months […]
SINGAPORE Crude oil futures dropped on Thursday after official inventory reports indicated a larger-than-expected build in U.S. oil stocks. Crude inventories in the United States rose by 5.3 million barrels in the week to Nov. 11, compared with expectations for an increase of 1.5 million barrels. The climb in inventories was mainly due to higher imports that averaged 910,000 barrels per day (bpd), according to data released […]
Photo Destroyed buildings in the Syrian village of Kfar Jales, near Idlib, on Wednesday, following air strikes by Syrian and Russian warplanes. Credit Omar Haj Kadour/Agence France-Presse — Getty Images LONDON — President Bashar al-Assad of Syria, in his first remarks since the American election, has called President-elect Donald J. Trump “a natural ally, together with the Russians, Iranians and many other countries” in the struggle against […]
As the region’s avid online shoppers get set for another record-breaking 4-day shopping festival, SOUQ.com ensures a seamless and exciting shopping experience for customers – With the introduction of new Fashion, FMCG and lifestyle categories, 50% of units sold expected to be non-electronics – More than 100K mobiles, 100K health & beauty products and 50K apparel items on sale this year 16th November, 2016, Dubai, […]
|By Matein Khalid| Donald Trump’s shock win will have a profound impact on the GCC economic constellation via multiple feedback loops. His economic policies mean a much higher US dollar, anathema to GCC economies since it correlates with stock/property market crashes, banking stress and oil slumps. This is the macroeconomic linkage due to the GCC US dollar peg whose lessons the region learnt the hard way in […]
DUBAI: Yemeni Foreign Minister Abdel Malek Al-Mekhlafi said on Tuesday his government was not interested in a cease-fire and unity government announcement by US Secretary of State John Kerry.Speaking after talks in Oman, which is close to the Houthis, and in the UAE, a key member of the Saudi-led coalition, Kerry said he had presented Houthi delegates with a document outlining a cease-fire and peace deal.He said […]
From chanting in Arabic to classes for men, there are more than 100 yoga and natural healing classes packed into this year’s two-day Yoga Fest Middle East. The festival, which begins on Friday at Dubai Internet City Amphitheatre, was launched by Dubai yogi Elaine Kelly in 2010. It has grown from a one-day event attended by about 300 people to a gathering of 4,000 people eager to […]
Saudi Arabia’s central bank expects gross domestic product to grow 1.8 percent this year, faster than the 1.2 percent forecast by the International Monetary Fund, the bank said in its annual report, released on Monday. The non-oil sector is expected to expand 2.5 percent and the oil sector, 1.2 percent, the central bank said. At a news conference, central bank governor Ahmed Al Kholifey said that the […]
Photo Donald Trump at a rally against the Iran deal in Washington last year. He vowed during his campaign to renegotiate or renounce the agreement. Credit Doug Mills/The New York Times Seventy-six national security experts urged President-elect Donald J. Trump on Monday to reverse his hostility to the nuclear agreement signed with Iran last year and to use it as a tool to ease other tensions with […]
|By Arabian Post Staff| UAE telecom major Etisalat suffered a setback in its claim against its estranged Saudi partner Zain, when the arbitration panel dealing with the dispute between the two parties awarded the leading UAE player just 10 percent of the 2.2 billion Saudi riyal it had claimed as compensation. Last week the arbitration panel announced its judgment alloating Mobily SAR 219 million, amounting to less […]
SINGAPORE Oil prices rose around 2 percent on Tuesday to move away from multi-month lows struck the day before, pushed higher by expectations of falling shale output and renewed optimism that OPEC will deliver on touted production cuts. U.S. crude futures for December delivery CLc1 had climbed 90 cents, or 2.1 percent, to $44.22 a barrel by 0340 GMT. They struck their lowest in nearly two months […]
|By Arabian Post Staff|Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, Bloomberg reported quoting people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, […]
|By Arabian Post Staff|Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, Bloomberg reported quoting people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, […]
14 November 2016 The Middle East and Africa (MEA) will experience the fastest rate of digitization in the world according to analysts IHS Markit. Shipments of LTE technologies* increased by more than 300 per cent in 2015, and the MEA region is projected to be one of the world’s fastest growth markets for TETRA critical communications technology Led by TETRA, the MEA PMR market was the fastest […]
After months of sending government troops to battle militants blowing up oil pipelines in the Niger Delta, Muhammadu Buhari tried a different tack. The Nigerian president invited the region’s community leaders and traditional rulers to his villa this month for talks — a step energy sector executives hoped could halt a wave of sabotage since January that has cost the country billions of dollars in damages and […]
Brent crude oil dropped below $44 a barrel on Monday to hit its lowest level for three months, as a strengthening US dollar and doubts over Opec’s ability to agree supply curbs when it meets this month led to funds selling out of the market. Hedge funds and other large speculators have been paring their bets on higher oil prices for the past month, with the latest […]
Jeddah, Kingdom of Saudi Arabia, 14 November 2016 The Board of Executive Directors of the Islamic Development Bank (IsDB) has approved US $592.2 million in financing for new development projects in several member countries and some Muslim communities in non-member countries. The major approvals include: US $105 million, for the Fadhili Combined Heat and Power Project (FCHPP), Saudi Arabia Advertisement US $338.5 million, for the High-Speed Train […]
