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|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 […]

|By Saifur Rahman, Executive Editor| UAE Central Bank said, it has downgraded seven money exchanging houses for violating the Central Bank’s regulations, including Anti-Money Laundering rules. The UAE has 140 money exchange houses with 835 branches spread across the length and breadth of the country while some of the exchange houses have branches in other countries. Following the downgrading, Taher Exchange Est., Al Hadha Exchange LLC, Al Hemriya Exchange […]

By James M. Dorsey A look at a decade of failed social, economic and political reform in Jordan goes a far way to explain recent mass anti-government protests demanding the resignation of the government. The protests, prompting concerns about the survival of the Hashemite dynasty, also bear witness to the fallout of the region’s epic power struggles and the pitfalls of government failures to respond to long-standing […]

By James M. Dorsey Nothing in a swath of land stretching from the Atlantic coast of Africa to China is undisputed. Food is often emblematic of disputes over identity, history and political claims that underlie an arc of crisis wracked by ethnic and religious conflict; clamour for political, economic, social, national and minority rights; efforts by states and ethnic groups to garner soft power or assert hegemony, […]

|By Arabian Post Staff| Saudi enforcement courts revealed the recovery of more than 3.4 billion dollars (around 13 billion Saudi Riyals) after enforcing a number of foreign rulings. The rulings came from foreign arbitration committees and foreign courts from a number of countries around the world concerning individuals, companies and entities inside the Kingdom. The most recent one came from a Court in Virginia, forcing a Saudi tourism company to pay $3,758,000 (SAR […]

|By Saifur Rahman, Executive Editor|  The International Monetary Fund (IMF) finally recognised the Islamic banking principles by endorsing a proposal on the use of the Core Principles for Islamic Finance Regulation (CPIFR), according to a statement. This effectively means that the IMF now accepts Islamic financial principles to become a globally accepted system in parallel to the conventional interest-based economy.  “The CPIFR will complement the international architecture for financial […]

The first of its kind Ramadan offer allows ready businesses, start-ups and distressed companies to commence operations immediately and pay rents and related costs in 2019, when their financial position is better-off. The business incubator-like initiative benefit new investors to kick-start, grow, diversify and expand across the business. The initiative comes at a time when Dubai is making concerted efforts to bring in new businesses and investments in […]

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 Etisalat Digital announced that it has signed strategic partnerships with four scale-ups as part of the ‘Dubai Future Accelerators Program,’ the world’s largest governbment supported accelerator.  The 4th cohort of the ‘Dubai Future Accelerators’, launched in March this year with the participation of Etisalat Digital and other government bodies and in cooperation with the world’s most innovative companies, came to a close on xx May. The program […]

Minor International( MINT) announced that it has reached agreement to acquire 30,000,000 shares in NH Hotel Group in a transaction valued at EUR 192 million, which together with its existing shareholding will increase MINT’s stake in NH Hotel Group to 8.6% on a fully diluted basis. NH Hotel Group is the sixth largest hotel chain in Europe and this investment offers important strategic benefits to MINT which, […]

|By Saifur Rahman, Associate Editor|  The historic first cargo of two million barrels of crude oil from the Abu Dhabi National Oil Company (ADNOC), destined for the Indian Strategic Petroleum Reserves Ltd (ISPRL) has been loaded and is en-route to India, in the presence of Dharmendra Pradhan, Indian Minister for Petroleum and Natural Gas, and Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO at a ceremony in Abu […]

|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 Arabian Post Staff| After two decades, Sony Corporation has registered historically high consolidated operating income of US$6.6 billion (¥734.9 billion) in fiscal year 2017, a 2.5-fold increase compared to the previous year. The company’s consolidated sales and operating revenue was US$77.04 billion (¥8.54 trillion), registering a 12 per cent rise compared to FY16. Sony also reported net income of US$4.4 billion (¥490.8 billion), which was 6.7 times […]

|By Arabian Post Staff| Sixty-nine percent of adults in the UAE work full-time for an employer – the highest rate in the world. However, a much lower percentage, 12%, have full-time jobs that engage them. These are some of the findings from global analytics and advice firm Gallup’s new global job figures,. The new report examines the distribution of quality jobs across the world. While the percentage of adults with […]

|By Arabian Post Staff| The GCC’s first and the world’s only Shari’ah Compliant Spot Gold contract (DGSG), was listed on the DGCX on March 29th. The contract opened with world-record Exchange traded Shari’ah Compliant Gold volumes on the first day of trading. The product traded volume of 84 Kilograms worth USD 3.56 million, on its opening day. The contract’s launch follows months of planning and preparation for the […]

By James M. Dorsey In his effort to improve Saudi Arabia’s badly tarnished image and project the kingdom as embracing an unidentified form of moderate Islam, Saudi Crown Prince Mohammed bin Salman has hinted that he envisions a conservative rather than an ultra-conservative society, but not one in which citizens are fully free to make personal, let alone political choices of their own. Prince Mohammed’s vision, although […]

|By Arabian Post Staff|Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announces the acquisition of a 90% stake in Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL), an integrated multimodal logistics player in India. CWCNSL’s founders, the Reddy family, will retain the remaining 10% shareholding and will remain involved in the business operations. The purchase consideration is […]

|By Arabian Post Staff|Global trade enabler DP World announced strong financial results for the twelve months ending 31 December 2017. On a reported basis, revenue grew 13.2 percent and adjusted EBITDA increased 9.1 percent with adjusted EBITDA margin of 52.4 percent, delivering profit attributable to owners of the company of $1,209 million, up 7.3 percent, and EPS of 145.6 US cents. On a like-for-like basis, revenue grew […]

|By Arabian Post Staff| Abraaj Group, the Middile East’s biggest private equity firm, is facing the biggest crisis in its history, with a number of major management changes and top-level resignations. According to reports, chief financial officer Ashish Dave has left the company and two other other senior executives are also preparing to leave. The investment firm, which manages $13.6 billion in assets, is also considering a […]

|By Arabian Post Staff| Saal, an innovative technology company based in Abu Dhabi, has launched saal.ai – a revolutionary artificial intelligence (AI) framework, an enabler, ready to transcend and redefine current practices across industries and fuel economic and social growth. Capable of cognitive tasks such as reasoning, inference and retrieval, using data collected from multi-modal sensor inputs, saal.ai uses advanced computing and machine learning techniques to perform actions in the AI […]

By James M Dorsey The Middle East has a knack for sucking external powers into its conflicts. China’s ventures into the region have shown how difficult it is to maintain its principle of non-interference in the internal affairs of other states. China’s abandonment of non-interference is manifested by its (largely ineffective) efforts to mediate conflicts in South Sudan, Syria and Afghanistan as well as between Israel and Palestine and even between Saudi […]

|By Anand Vardhan|Shaikha Hind Al Qassimi, member of the royal family of Sharjah, is a multifaceted personality with an enviable record as a painter, publisher and fashion designer. She has set up a number of businesses that reflect her interests, among them a fashion house that showcases exquisitely designed abayas, which combine luxurious functionality and style. Her signature brand, ‘House Of Hend’ retails in several countries in […]

|By Arabian Post Staff| DP World Ltd., the Dubai-based port operator that manages terminals from Hong Kong to Peru, and India’s National Investment & Infrastructure Fund (NIIF) plan to jointly invest up to US$3 billion in the South Asian nation, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, disclosed at the sixth World Government Summit (WGS 2018) in Dubai. During a panel discussion titled […]

|By Arabian Post Staff| Overall sentiment in the GCC’s construction sector has improved over the last two years by approximately 7 per cent (from 32 per cent to 39 per cent), according to recent findings from Pinsent Masons’ GCC Construction Survey. The findings show that the UAE remains the number one market expected to deliver growth in 2018, with 38 per cent of respondents expecting the country […]

|By Manish Rai| The recent protests in Iran rang a warning bell for the ruling theocracy in Tehran. What started in Iran’s second largest and holy city of Mashhad over rising prices, transfigured into widespread, unprecedented protests against the theocratic regime in towns and cities across the country. The earlier protests mainly emerged from capital Tehran and some major cities. But the latest ones touch a vast panoply […]

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