/ByArabian Post Staff/ The UAE Cabinet has announced that upon retirement, expatriates over the age of 55 will be granted a five-year retirement visa if they meet a set of clauses which include either having properties worth at least AED 2 million, a minimum of AED 1 million in savings or an active income of more than AED 20k per month. The law is said to come into […]
|By Arabian Post Staff| In an unusual move, Saudi Arabia’s sovereign wealth fund,which is a stake holder in Elon Musk’s Tesla, has invested $1 billion in rival Silicon Valley start-up Lucid Motors. This means the Saudis will benefit, irrespective of which new generation car company achieves leadership in this automobile sector. Lucid is set to start making its first model, the Air sedan, in 2020. The comapny […]
|By Arabian Post Staff| DP World said it will continue to pursue all legal means to defend its rights as a shareholder and concessionaire in Doraleh Container Terminal SA (DCT) in the face of Djibouti’s blatant disregard for the rule of law and respect for commercial contracts. On 9 September the President of Djibouti enacted a decree which purportedly transferred the shareholding of Port de Djibouti SA […]
|By Arabian Post Staff| All non-UAE operations of leading global money transfer and foreign exchange solutions brand UAE Exchangeis being rebranded as Unimoni. Australia has become the 13th countryin the UAE Exchange Group’s global network to adopt the Unimoni brand. The announcement came as part of the brand’s global rebranding exercise across APAC, Americas and EMEA markets. “Australia is key to the group’s global strategy and we […]
|By Arabian Post Staff| Barwa Bank and International Bank of Qatar (ibq) have announced that they have signed a final agreement regarding the merger of the two banks to create a leading Sharia compliant financial institution with a solid financial position and robust liquidity to support Qatar’s economic growth and finance development initiatives in line with Qatar National Vision 2030. According to this merger agreement, the two […]
|By Arabian Post Staff| Media reports have quoted Houthi forces as claiming a rocket battalion attack on the Dubai International Airport. The UAE General Civil Aviation Authority (GCAA), however, denied the Houthi media claims and affirmed that the UAE air traffic was operating business as usual. The denial was carried by official news agency WAM in a one-sentence statement. According to the Houthi forces’ official media wing, […]
|By Arabian Post Staff| Saudi Arabia shocked global capital markets by announcing scrapping of its plan to float state-owned energy giant Aramco through an IPO, which the world was keenly looking forward to, media reports said. The initial public offering was among the initiatives announced by Crown Prince Mohammed bin Salman as part of his ambitious plan to overhaul the Saudi economy. The Saudis had hoped to […]
|By Arabian Post Staff| GCC sovereign debt issuance is expected to reach US$53 billion in 2018, surpassing last year’s US$49.5 billion, according to Fisch Asset Management, a Zurich-based asset manager. “GCC sovereign debt issuance has had another strong first half, with the two multi-tranche sovereign bond transactions of Saudi Arabia and Qatar leading issuance of over US$30 billion in the hard currency market,” Fisch Asset Management said […]
|By Arabian Post Staff| Abu Dhabi Securities Exchange (ADX) has announced the distribution of more than AED 23.4 billion in cash dividends to around 406 thousand investors on behalf of listed companies in 2018. The cash dividends paid out by listed companies increased around 5.5% compared AED 22.2 billion in the year 2017. This announcement is a confirmation of ADX’s success in providing a distinct investment climate and […]
|By Arabian Post Staff| Ras Al Khaimah Petroleum Authority (RAKPA), the regulator of the petroleum sector in the Emirate of Ras Al Khaimah (RAK) in the United Arab Emirates, is seeing a high level of interest from Indian companies to qualify for the 2018 RAK licensing round. Growing demand in the Indian market and the unique opportunity for Indian companies to explore and develop oil and gas in […]
|By Arabian Post Staff|An Arbitral Tribunal of the London Court of International Arbitration confirmed the illegitimacy of the Government of Djibouti’s action of seizing control of the Doraleh Container Terminal from DP World. The LCIA Tribunal has ruled that Doraleh Container Terminal’s Concession Agreement “remains valid and binding notwithstanding Law 202 and the 2018 Decrees”. Law 202 and the referenced decrees were devices enacted by Djibouti to […]
|By Arabian Post Staff| Global DP World Limited handled 35.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2018, with gross container volumes growing by 4.8% year-on-year on a reported basis and 6.0% on a like-for-like basis. The first half of 2018 continues to see an upswing in global trade and all three DP World regions delivered growth, particularly […]
|By Arabian Post Staff| After a landmark ruling in Germany last week that social media accounts can be inherited by a person’s beneficiaries, DIFC has announced that those who register inheritance Wills with the authority can include such assets in their Wills. Lawyers and lawmakers around the globe have been grappling with the legal status of online assets, not just personal data on sites such as Facebook […]
|By Arabian Post Staff|Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announced closure of the transaction to acquire 90% stake in Continental Warehousing Corporation (Nhava Seva) Ltd. CWCNSL’s founders, the Reddy family, will retain the remaining 10% shareholding and will remain involved in the business operations. It is the first investment of HIPL, the recently created […]
|By Arabian Post Staff| Noon, the Middle East’s homegrown digital marketplace, announced the launch of two entities in China, one on the mainland and the other in Hong Kong, kick starting noon’s Asia operations. In China, noon aims to establish a trusted network of high-quality Chinese brand owners with unique offerings, to bring the best range of products to customers in the Middle East. A dedicated noon […]
|By Arabian Post Staff|Dubai World Trade Centre (DWTC) announced up to 70 per cent reduction on licensing and incorporation fees within the DWTC Authority (DWTCA), a free zone offering offshore licenses for businesses, and One Central, the lifestyle development at the heart of Dubai’s Central Business District, to spur business and benefit multi-sector growth. DWTC’s programme seeks to provide highly competitive offerings with the twin objectives of […]
|By Arabian Post Staff|Dubai-based KEF Infra, part of the KEF Holdings owned by Non-Resident Indian billionaire Faizal E. Kottikollon, has merged with Katerra, a US-based family-owned construction technology business to create a US$3.75 billion conglomerate with US$8.5 billion order book. Prior to the merger, KEF Infra had US$250 million orderbook and $400 million work in the pipeline in India where the company gradually started to change the […]
|By Arabian Post Staff| The Sharjah Petroleum Council (SPC) announced it is inviting petroleum exploration and production companies and investors to bid in an inaugural onshore acreage licencing round covering three Concession areas. SPC has appointed Sharjah National Oil Corporation (SNOC) to conduct the licencing round, which will open on 25th June,offering companies 30-year contracts with a 10-year extension. “Sharjah has always strongly supported private investment, providing the appropriate economic environment to encourage sustainable […]
|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 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 Arabian Post Staff Macro economic and market conditions remained stable in the UAE in 2017 and the global and domestic economic growth and outlook improved during the year. In financial markets, the money market spreads, dirham-dollar forward points and credit market spreads narrowed reflecting ample liquidity and confidence in the UAE financial system. The UAE’s economic growth and outlook showed an improvement in 2017, but the […]
|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 […]
