Arabian Post Staff PricewaterhouseCoopers forecasts that the leisure and entertainment industry in the UAE has a market potential that will reach 45 million visitors by 2021. Of the Middle East’s diverse verticals in tourism, one that stands out for its immense potential is that of theme parks. As per pre-COVID-19 estimates, the Dubai theme parks industry could generate about $5 billion (Dh18.3 billion) as annual revenue by […]
Arabian Post Staff IMF Managing Director Kristalina Georgieva has praised GCC countries for what the have done on the digital front. Speaking at the Meeting of the Ministers of Finance and Central Bank Governors of GCC, she said full standalone 5G wireless in the region will enable remote work, education, telemedicine, and e-government. “You can pursue with even more imagination the application of technologies to be even […]
Arabian Post Staff The Abu Dhabi National Oil Company (ADNOC) announced the launch of AIQ, its Artificial Intelligence (AI) joint venture (JV) company with Group 42 (G42), an Abu Dhabi-based AI and cloud computing company. The completion of the formation of AIQ follows the signing of the JV agreement between ADNOC and G42 in November 2019 with ADNOC holding a 60-percent stake and G42 a 40-percent stake […]
Arabian Post Staff Dubai Airport Free Zone Authority (DAFZA) announced the signing of a memorandum of understanding with the Israeli Federation Israeli Chambers of Commerce (FICC) to define frameworks for bilateral cooperation between the two sides in the field of encouraging and supporting Israeli companies to establish their businesses and take advantage of commercial and investment opportunities and incentives. They were presented by the Dubai Airport Free […]
Arabian Post Staff Abu Dhabi’s sovereign investment company Mubadala and Barings, one of the world’s leading financial services firms, announced the formation of Barings Mubadala Enterprise (BME) – an evergreen origination platform seeking to provide financing solutions to European middle-market businesses. BME and its capital partners aim to provide $3.5 billion in financing over the next 18 months to help meet growing corporate demand for flexible capital solutions in Europe. […]
Arabian Post Staff DP World and Bank Leumi, Israel’s oldest banking corporation and one of the leading institutions in the region, have signed a Memorandum of Understanding (MOU) to work together to enhance trade and logistics in Israel and promote the flow of trade between Israel and the wider region. The MOU includes a framework for collaboration which will enable the parties to explore potential opportunities including […]
Arabian Post Staff DP World and Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, have announced the expansion of their ports and terminals investment through a new commitment of US$4.5 billion (CA$6 billion), that will increase the total size of the platform to US$8.2 billion (CA$ 10.6 billion). DP World holds 55% share of the platform, and CDPQ the remaining 45%. Since its […]
Arabian Post Staff The Dubai Gold and Commodities Exchange (DGCX) saw a spike in trading of its precious metals portfolio in August, as investors and market participants turned towards safe-haven assets amidst continuing global economic uncertainty and a weakening US dollar. Last month, the DGCX saw its flagship Gold Futures product record year-to-date (YTD) volume growth of 47.64% compared to the same period last year, whilst its […]
Arabian Post Staff UAE Minister of State for Food and Water Security Mariam Al Mheiri and Israel’s Minister of Agriculture and Rural Development Alon Schuster discussed the great opportunities that lay ahead for both countries as a result of the Peace Accord. This discussion solidifies UAE efforts in supporting the principles of Peace, Tolerance and Fraternity in the MENA region. The two ministers pledged to collaborate on […]
COUNTRY LATEST UPDATES Saudi Arabia Covid-19 pandemic latest: Total confirmed cases: 301,323 Recoveries: 272,911 Deaths: 3,470 Actions to slow the spread of Covid-19: 3 August: Pilgrims returning from Hajj must quarantine for 14 days and will be monitored using electronic bands to ensure compliance. 28 July: Health Ministry to assign a health leader for every 50 pilgrims at this year’s scaled-back […]
Arabian Post Staff Unifeeder, through its Unifeeder ISC (Indian Subcontinent) platform, a majority owned subsidiary of DP World Limited, today announced the acquisition of Transworld Feeders FZCO, Avana Logistek Limited, including its subsidiary Avana Global FZCO, and Transworld Feeders Pvt. Ltd., the containerised Indian coastal and EXIM feeder shipping operations of Shreyas Shipping and Logistics Limited, excluding vessels and bulk operations. The transaction is subject to regulatory […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) announced that Chimera Capital LLC’s Exchange Traded Fund (ETF) has listed on the exchange. The ETF has been designed to replicate the S&P UAE Domestic Shariah Liquid 35/20 Capped Index. The index is provided by S&P and tracks the performance of UAE-based Shariah compliant liquid equities, opening up a new and increasingly demanded asset class to investors seeking exposure […]
Arabian Post Staff Emaar Properties demonstrated a resilient performance in H1 2020 by recording revenue of AED 9.032 billion (US$ 2.459 billion) across its assets in the first half of the year (January-June) and net profit of AED 2.007 billion (US$ 546 million), despite the impact brought to bear by the COVID-19 pandemic on the global economy. Emaar delivered half-yearly property sales of AED 5.120 billion (US$ […]
Arabian Post Staff UAE’s leading industrial manufacturer Ducab Group has announced that overall profitability for the first six months of 2020 has been maintained as compared to same period last year, due to the resilience of its diversified cables and metals business with all manufacturing based in the UAE. Jointly owned by ADQ (through Senaat) and ICD, with six manufacturing facilities across four sites in the UAE, […]
Arabian Post Staff DIFC FinTech Hive has attracted an unprecedented 620 global, regional and local applications for the signature programme. The 620 applications for the intake, exceeds the previous record of 425 applications, received in 2019. The applications represent an exceptionally broad range of concepts, submitted by an impressive pool of talent which reflects DIFC’s reputation for nurturing financial innovation. Specialisms include FinTech, InsurTech, RegTech and Islamic […]
Arabian Post Staff Middle East M&A deal values and volume decreasing by 58% and 26% respectively from H1 2019, according to the latest report by law firm Baker McKenzie. Despite this significant drop in Middle East M&A activity, there was a slight increase in total transaction values during the last two months of H1 2020 (May and June), from $2.649 billion in H1 2019 to $33.501. Deal-making […]
Arabian Post Staff Dubai International Financial Centre (DIFC) has signed a Memorandum of Understanding (MOU) with Jiaozi Fintech Dreamworks, one of China’s first Fintech innovation and entrepreneurship platforms. The MOU will enable the DIFC to further support the UAE in facilitating the ‘Belt and Road’ economic initiative and forms a central part of the Centre’s 2024 strategy to strengthen relationships with the international financial community and increase […]
Arabian Post Staff Dubai and Sharjah have won endorsement by the the World Travel & Tourism Council (WTTC) for using to the world’s first ever global safety and hygiene stamp, launched the world travel and tourism organization. Other popular holiday hotspots achieving this include Indonesia and Spanish summer sun destinations including Alicante and Benidorm. WTTC, which represents the global travel & tourism private sector, created the Safe […]
Arabian Post Staff Etihad Airways has signed agreements with Boeing Global Services for the provision of maintenance support on its fleet of Boeing 787s. These agreements are part of the strategic partnership between Etihad and Boeing signed in November 2019, in line with Etihad’s ongoing commitment to achieve excellence in all aspects of operational reliability, maintenance, and on-board experience. Key to the agreements is a Component Services […]
Arabian Post Staff Dubai International Financial Centre announced that one of its clients is undertaking a ground-breaking capital raising. Investment banking and wealth management firm GRIP (DIFC) Ltd. will conduct a multi-million dollar capital raise for Lead Real Estate this month, through the innovative issuance of Digital Securities representing Investor Shares. The issuance is the first major globally compliant digital securities offering in MEASA, marking a key […]
Arabian Post Staff As many as 62% of the Middle East survey respondents said they had experienced a decrease in household income due to redundancy or reduction in hours – the highest proportion of any territory surveyed, PwC said while announcing the results of its GCIS COVID-19 Pulse, a snapshot survey that analyses how consumer behaviour and habits have changed due to the lockdown and social distancing […]
Arabian Post Staff Dubai is ranked sixth, ahead of India, in the top ten medical tourism destinations by the the International Healthcare Research Center (IHRC) in 2020-2021 Medical Tourism Index (MTI). The top ten destinations: Canada, Singapore, Japan, Spain, United Kingdom, Dubai, Costa Rica, Israel, Abu Dhabi, and India. The MTI ranks the American perceptions of 46 international healthcare destinations providing insight into how consumers view 41 […]
Arabian Post Staff The first WHO enlisted global clinical Phase III trial of Sinopharm CNBG’s inactivated vaccine to combat COVID-19 has started in Abu Dhabi and has been inspired by the UAE leadership’s vision and commitment to overcome the pandemic through a global collaborative effort. Sheikh Abdullah bin Mohammed Al Hamed, Chairman of the Department of Health, Abu Dhabi, was the first individual in the world to […]
Arabian Post Staff The IMF has praised the UAE authorities for reacting very quickly and swiftly in addressing the spreading of the coronavirus, and the pioneer measures in terms of controlling the spreading, increasing the number of testing, and introducing technology as a way and mean to address and to contain the spreading of the virus. It pointed out that the UAE economy is the second largest […]
