Arabian Post Staff Grant Thornton and its Asset Recovery Fund (ARF) announced the purchase of a AED 1.3 billion (US$ 357m) portfolio of distressed non-performing loans (NPLs) from Abu Dhabi Commercial Bank (ADCB), marking one of the first such portfolio sales from a local bank in the UAE. Grant Thornton, the UAE’s fifth largest professional services firm, supported this purchase by deploying its deep rooted local commercial […]
Arabian Post Staff According to the latest research by global property consultancy Knight Frank, buyers from the Middle East purchasing property in prime central London (PCL) hit a four-year high in the second half of 2022. Knight Frank’s data highlights that as a percentage of all property transactions in London’s most prestigious postcodes, buyers from the Middle East made up 10.9% in the second half of last […]
Arabian Post Staff The rapid economic transformation of Saudi Arabia and its global role in bringing near-term stability while driving long-term transformation was the subject of a high-level panel on the third day of the World Economic Forum at Davos. The session, titled “Saudi Arabia’s Transformation in a Changing Global Context”, featured four speakers from the Kingdom who offered their insights on how Saudi’s strategic investments, geopolitical […]
The web series is promising enough to grip the audiences through its engaging storyline, says the producer. Yatin Kukreja, the renowned Indian film producer, is venturing into a new project that has been in the making for months now. He has now invested in a casino-based web series and is planning to release it in December 2023. The web series, which is currently in pre-production, is set […]
Arabian Post Staff The first Emirates A380 to be completely refurbished under the airline’s US$ 2 billion retrofit program has been deployed today on the Dubai-London Heathrow service, operating as EK003. The fully refreshed A380 features Emirates’ latest products and interiors across all cabins, including 56 Premium Economy class seats on the main deck, and new colour palettes evident in the carpeting and wall panels. On the […]
Arabian Post Staff Dubai government has abolished a 30% tax on alcohol and 270-dirham fee for liquor licenses, two major distributors announced. Maritime and Mercantile International (MMI), one of the largest alcohol stores in Dubai, praised the move as “BIG BIG NEWS,” and said people “no longer need to make trips across the country to stock up on favorite drinks.” “With the removal of 30% municipality tax […]
Arabian Post Staff Ringing in 2023 in style, the Emirate of Ras Al Khaimah in the United Arab Emirates welcomed the New Year with impressive fireworks displays to musical rhythms, as it pushed to break two Guinness World Records titles. Featuring pyro drones, nano lights, colours and shapes choreographed to electric beats, the #RAKNYE2023 celebrations aimed to break world records with its innovative and impressive technology. Covering […]
Arabian Post Staff A recent report by the World Travel and Tourism Council (WTTC) stated that Dubai has topped the list of cities with the highest spending by international visitors this year, pulling ahead international cities such as London. The Gulf tourism and finance hub has ranked in $29.4 billion in international visitor spending so far this year, overtaking London with $16.1 billion, WTTC said in its […]
Arabian Post Staff The current commodity price boom is affecting the region’s commodity exporters and importers differently. Commodity exporters are benefiting from a marked improvement in their terms of trade, while commodity importers are feeling the pain of higher imported energy and food prices. A key question is how countries are managing this boom relative to past experience, particularly as the current commodity price shock is occurring […]
Arabian Post Staff In the face of the COVID-19 pandemic, a new Gulf consumer is emerging, one with shifting financial sentiments and spending habits, says a McKinsey report. According to its latest Middle East Consumer Sentiment Survey, UAE and Saudi Arabia shoppers are becoming more price sensitive. Twenty-seven percent of UAE respondents earning less than 7,000 dirhams ($1,905) a year reported a preference for trading down in […]
Arabian Post Staff In spite of the global macroeconomic headwinds and geopolitical instability, the aviation industry has maintained its consistent recovery providing a positive outlook for the year ahead, according to the ACI Asia-Pacific’s Airport Industry Outlook, a quarterly assessment of the airports’ performances. The Airport Industry Outlook for Quarter 3 2022 (July to September) provides a snapshot of airport business performance across the region as well […]
Arabian Post Staff IMF has recommended further enhancing of cooperation across individual emirates of the UAE, including on the collection, sharing, and dissemination of economic data. Ongoing structural reforms, such as those to support private sector employment and female labor force participation, increase trade and foreign investment, and harness the benefits of technology and education will help deliver sustainable and inclusive growth, the Fund said in a […]
Arabian Post Staff The Federal Tax Authority (FTA) has called on registered taxpayers to benefit from the decision to re-determine administrative penalties on taxes to be worth 30% of the total outstanding amount of penalties that were not paid before 28 June 2021, and to ensure they meet the conditions set out in the Cabinet Decision on re-determining administrative penalties imposed on tax law violations in the […]
Arabian Post Staff An appeal to the rulers of the United Arab Emirates not to allow servers of Abr Arvan cloud company to function from the territory of emirates is trending over the social media. According to social media activists, after the EU sanctioned Abr Arvan, the company lost the servers it was using in Europe and the Iranian regime is unable to censor the country’s internet […]
Arabian Post Staff UAE unveiled new regulations to reduce carbon emission at the United Nation’s annual climate summit, COP27, in Egypt. The new regulations are aimed at generating a large proportion of Emirate of Abu Dhabi’s electricity from clean and renewable sources by 2035, marking a significant milestone in the UAE’s journey to deliver carbon neutrality by 2050.# The shift is being pursued by the Environment Agency […]
Arabian Post Staff Master-developer Nakheel announced it has secured AED 17 billion in strategic financing deal to drive its new phase of growth. This includes refinancing of AED 11 billion, and additional funds of AED 6 billion. The finance will be utilised to accelerate the development of its new projects including Dubai Islands and other large waterfront projects. The refinancing of AED 11 billion has been secured […]
Arabian Post Staff Alternative asset manager Gulf Capital announced it has successfully completed the sale of 100% of Chef Middle East, the GCC’s premier foodservice distribution business, to The Chefs’ Warehouse, a Nasdaq-listed speciality food distributor operating across North America. The US$ 100 million successful sale is one of the few strategic sales involving a Nasdaq-listed company in the GCC region in recent years. During Gulf Capital’s […]
Arabian Post Staff UAE-headquartered Shari’ah-compliant investment management compan Gulf Islamic Investments has acquired two German senior care facilities as part of its latest acquisitions through the EUR 500 million European senior living fund in a joint venture with Capital Bay Group a German investment and asset manager. The fund has a primary focus in Germany, enabling MENA-based investors to participate in this highly desirable asset class, providing […]
Arabian Post Staff Doorstep parcel theft is soaring in the UAE, according to the first global report on parcel theft. More than 1.2 million parcels were lost or stolen, a 1% increase compared to the previous 12 months, despite lockdown restrictions lifting. The results are part of the world’s first global parcel theft survey, which found that close to one in ten people had at least one […]
Arabian Post Staff Individuals in the MENA region received $566 billion in cryptocurrency from July 2021 to June 2022, representing a 48% increase over the previous year, according to the 2022 Geography of Cryptocurrency report from blockchain data platform Chainalysis. While the previous edition of the report found that the MENA accounted for 7% of global cryptocurrency transactions, this year, the figure has risen to 9.2%, making […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) has introduced five more single stock futures in a further step to develop its derivatives market. Starting from October 6th, stock futures on Abu Dhabi Islamic Bank (ADIB), Abu Dhabi Commercial Bank (ADCB), Fertiglobe, Borouge and AD Ports, will be available for trading on the ADX Derivatives market. The addition of new contracts has doubled the total number of […]
Arabian Post Staff High competition and a surge in motor and medical claims will continue to constrain earnings of Islamic insurers in the GCC, particularly in the largest regional market Saudi Arabia, if insurers do not substantially adjust their premium rates< S&P said in a report. Weak profitability combined with new regulation and higher capital requirements will likely prompt further capital raising and consolidation, notably in Saudi […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) achieved its fifth dual listing with the market debut on Friday of Gulf Investment House (GIH), a Kuwait-based financial services company. The dual listing on ADX allows GIH to expand its investor base and liquidity in its shares. The company, which invests in real-estate properties and direct investments, has been listed on the Kuwait Boursa since May 2002 and […]
Arabian Post Staff After a strong first half, Gulf Cooperation Council banks are returning to form. S&P Global Ratings expects that earnings for most GCC banks will reach almost pre-pandemic levels by year-end 2022, amid high oil prices and rising interest rates, supporting their creditworthiness. In the second half, S&P forecasts a more visible strengthening of regional banks’ interest margins and a manageable pick-up in cost of […]
