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|By Arabian Post Staff|Saudi Arabia will build a maritime complex on its east coast, with shipbuilding capability, to provide sufficient capacity for exporting oil, Bloomberg reported quoting Energy Minister Khalid Al-Falih. The country, the world’s largest oil-producing nation, eventually will have a shipping fleet that will match its oil capabilities, Al-Falih said in Riyadh. Saudi Arabian Oil Co., or Aramco, will need more tankers to meet global […]

|By Matein Khalid|Brexit will have a profound impact on international banking. It was no coincidence that the shares of UK, German, Swiss, Italian, Spanish and other banks fell 20-25% in a single trading session on news of Brexit. Even American money center banks and investment banks with a large footprint in the City of London fell 8 – 10% on Friday, June 24, 2016. As Deutsche Bank […]

INTERNATIONAL. The Bloomberg Commodity Index, which tracks the performance of 20 major commodities split evenly between energy, metals and agriculture, continues to show a gain of more than 10% in the year to date. Some softness, however, has crept in during the past few weeks with some sectors, most notably energy, pausing after rallies in oil and natural gas ran out of steam. Industrial metals found support […]

UAE. Implementing change strategies to reinvent the value proposition of the Islamic financial services industry is high on the agenda of industry leaders, according to Deloitte’s new whitepaper entitled “The catalysts for change: Strategic priorities in governance and regulation in Islamic Finance practice.” This necessity is fueled by recent global economic downturn coupled with geopolitical risks that have put more pressure on industry strategists and policymakers. The […]

During its Shape Tech Expo in San Francisco this weekend, AT&T plans to demonstrate how it is using drones to inspect its cell towers from the air. The company is also looking at other future applications that could include using unmanned aerial vehicles (UAVs) to provide improved LTE coverage during crowded events or disasters. AT&T has been testing various uses for drones over the past year, and […]

It is said that good things come to those who wait. If so, then the European Union’s (EU) new Global Strategy on Foreign and Security Policy, more than a decade overdue, must be a very good thing. Actually, it is exactly what Europe needs. But the timing of its release — in the immediate aftermath of the United Kingdom’s (UK) vote to leave the EU — could […]

|By Matein Khalid| The merger of Abu Dhabi banks First Gulf Bank and NBAD creates the largest bank in the Middle East, a regional colossus with $170 billion in assets, competitive funding cost in the global interbank/capital markets and a market value greater than Credit Suisse, Standard Chartered Bank (SCB) and Deutsche Bank. This is the biggest game changer event in UAE banking and finance since the […]

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Pivotal, the developer of the Cloud Foundry open source cloud development platform, is teaming up with Canonical, the company behind the popular Ubuntu Linux distribution. Announced today, the partnership means that Ubuntu is now the preferred operating system for Cloud Foundry. Cloud Foundry was originally developed by VMware and is now owned by Pivotal Software, a joint venture by EMC, VMware and General Electric. Canonical and Pivotal […]

|By Matein Khalid| David Cameron, Wall Street’s elite, Mutti Merkel, Obama, the Eurocrats of Brussels, the great and the good of the City and the IMF’s Lady Christine all got it so horribly wrong. I slept Thursday night with sterling at 1.50 on New York and awoke to see it trade at 1.34 on Friday, a 30 year low before the Plaza Accords. Britain has voted to […]

BERLIN/LAGOS When German e-commerce investor Rocket Internet launched Jumia in 2012 as a would-be African Amazon, it was optimistic that a rapidly expanding middle class would quickly shift from street markets to shopping online. Four years on, falling sales for sites like Jumia and slower growth from Nigeria to Russia and Brazil is casting doubt on Rocket Internet’s ambition to become the world’s biggest Internet company outside […]

SAUDI ARABIA.  Saudi Arabia approved the National Transformation Plan (NTP) on Tuesday June 7, 2016, as part of Saudi Vision 2030 and goal to reduce reliance on oil. The NTP aims to boost non-oil revenue to 530 billion riyals (US$141 billion) by 2020 through more than 500 initiatives including the implementation of new taxes and increasing government fees and taxes on “harmful products”. Minister of State Mr. […]

The decision of British voters in last Thursday’s referendum to leave the European Union will have vast consequences for Britain, for Europe and for the world. For a day, the British people were the government, and by 52 per cent to 48 per cent, they took the decision to go. I was a British prime minister who believed completely that Britain’s future lay in Europe. I was […]

UAE.  A new generation of young, highly motivated and mostly well-educated men and women is ready to take over leadership of their family businesses, according to Deloitte’s latest report conducted across the Europe, Middle East and Africa region entitled “Next-generation family businesses Evolution, keeping family values alive.” They are resolute and ready to face the challenges ahead in order to maintain the family character of the business […]

UAE.  Boardrooms’ awareness of cyber risks has been recently growing in Europe, Middle East and Africa, with cyber security ranking far up on the agendas of non-executive directors in the region, according to Deloitte’s recent report entitled “EMEA 360 Boardroom Survey: Agenda priorities across the region.” The report reveals that innovation is also gaining ground with 60% of respondents ranking it as a very important issue. These […]

TEHRAN — In comments suggesting that Iran was prepared to support an armed uprising in Bahrain, a senior Iranian commander has threatened the Sunni-led state of Bahrain for revoking the citizenship of a leading Shiite opposition cleric. In a statement on Monday, the commander, Gen. Qassem Soleimani, the high-profile leader of the elite Quds Force of the Islamic Revolutionary Guards Corps, denounced the “mistreatment” of the cleric […]

By THOMAS ERDBRINK June 21, 2016 TEHRAN — Threats issued on Monday by a senior Iranian commander to the Sunni-led island state of Bahrain seemed to indicate that Iran was prepared to support an armed uprising there, after the Bahraini authorities revoked the citizenship of a leading Shiite opposition cleric. In a statement, the commander, Gen. Qassem Soleimani, the high-profile leader of the elite Quds Force of the Islamic […]

During its annual SugarCon conference last week, customer relationship management (CRM) firm SugarCRM unveiled a new machine learning-based offering that’s currently in development: Sugar Intelligence Service. The service, which will be delivered through a Siri- or Cortana-like artificial intelligence (AI) agent called “Candace,” will combine companies’ in-house data with other outside sources to provide predictive analytics and a more 360-degree view of customers. No release date or […]

|By Matein Khalid| Sterling sell off in the world currency markets and the sheer populist appeal of Boris Johnson suggests the world should not rule out a geopolitical shock that will unnerve financial markets and lead to the mother of all rate cuts at the Bank of England. If Britain votes to leave the EU, the only currency I want to own is the Swiss franc and gold, […]

|By Matein Khalid|Dr. Mervyn King broke with tradition by publishing his book “The End of Alchemy: money, banking and the future of the global economy”. After all, retired governors of the Bank of England do not, as a rule, do not write/publish books, let alone write books that lambast the City of London’s culture of greed and hubris. It is no coincidence that Dr. King quotes T.S. […]

SAUDI ARABIA.  According to a new report by The Boston Consulting Group (BCG), the digital age has ushered in a number of trends that have transformed the media consumption habits of each Saudi generation profoundly – and vastly differently. In parallel, with information and connectivity available at everyone’s fingertips – anywhere, anytime – the Kingdom’s traditional media landscape has, in recent years, been disrupted. The findings presented […]

INTERNATIONAL. As companies move to catch up with the digital future, they are taking a close look at what kind of executive they need to lead the way. In a new report, “The Right CDO for Your Company’s Future”, Strategy&, PwC’s strategy consulting business, defines five Chief Digital Officer (CDO) “archetypes” – descriptions of typical roles CDOs might play within an organisation. The Five Archetypes of a […]

It has been known for years that personality traits of animals, such as aggressiveness, risk-taking, curiosity or sociality, may have far-reaching consequences for reproduction and survival. However, separating the effect of personality from other factors, such as environmental conditions, is not easy. If the natural environment of the animals is subjected to strong fluctuations, the different personalities may have different consequences depending on the prevailing situation. For […]

Saudi Arabia’s sovereign wealth fund made its highest-profile deal, investing $3.5 billion in U.S. ride-share company Uber Technologies Inc. as the country seeks to diversify its assets with more overseas acquisitions. Yasir Alrumayyan, managing director of the Public Investment Fund, will take a board seat at the San Francisco-based company after the deal, which values Uber at $62.5 billion, the company said in a statement. It’s the biggest […]

The company logo is shown at the headquarters of Oracle Corporation in Redwood City, California, February 2, 2010. Reuters/Robert Galbraith/Files Oracle Corp was sued on Wednesday by a former senior finance manager who claimed she was terminated in retaliation for complaining about improper accounting practices in Oracle’s cloud services business. Shares of Oracle fell about 2.6 percent to $39.23 in after-hours trading. In a complaint filed in […]

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