Arabian Post Staff Accenture has been selected by the Central Bank of the UAE (CBUAE) to lead a consortium of companies to help execute its National Payment Systems Strategy. In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years. The new platform lays the groundwork for transforming the financial services […]
Arabian Post Staff The United Arab Emirates will introduce a corporate tax from mid-2023, the finance ministry said Monday, in a major change of course as the country seeks to diversify its income. Long known as a tax haven and the regional headquarters for a swathe of multinationals, the UAE will tax business profits over 375,000 AED ($102,000) at 9.0 percent from June next year, a statement […]
Arabian Post Staff The Securities and Commodities Authority (SCA)’s approval of the region’s first Special Purpose Acquisition Company (SPAC) regulatory framework has paved the way for the listing of the first SPAC on the ADX this year. The first of its kind in the GCC, the SPAC regulatory framework was developed by ADX and Abu Dhabi’s Department of Economic Development (DED), in conjunction with the SCA and […]
Arabian Post Staff Google has formed a dedicated Blockchain Group focused on “blockchain and other next-gen distributed computing and data storage technologies”. Shivakumar Venkataraman, an engineering vice president for Alphabet Inc.’s Google shall be leading this new blockchain division. Venkataraman led Google’s search advertising team for almost 19 years turned VP/GM at Google Labs in Jan 2022. Although Google has been offering cloud services to blockchain projects, this […]
Arabian Post Staff Oil prices continue to please the bulls, rising to multi-year highs as a result of tighter-than-expected supplies. The reason prices are reaching multi-year highs is the unexpected product gap the market is facing, as the theme so far for 2022 is that the oil market is short of the oil supply it anticipated for the beginning of 2021. According to Rystad Energy analysts, unplanned […]
Arabian Post Staff Demand for shuttle tankers in countries with robust offshore oil production and limited pipeline infrastructure is set to grow continuously in the coming years, as produced volumes in need of transport rise to 3.3 billion barrels per year before the end of the decade, jumping 35% from 2.5 billion in 2021, a Rystad Energy report shows. The analysis focuses on the five key shuttle […]
Arabian Post Staff The Abu Dhabi Securities Exchange (ADX) and FTSE Russell have partnered to develop co-branded indices, supporting the exchange’s recently launched derivatives market and bringing the exchange’s stock performance measures into line with global standards. As of 10th of January 2022, the FTSE ADX General Index is replacing the ADX General Index, and FTSE ADX sector indices will take the place of the existing sector indices, […]
Arabian Post Staff The Dubai Gold & Commodities Exchange (DGCX) recorded a total value of the contracts amounting to USD 149.676 billion. The best performing product in 2021 was its Indian Rupee Options (DINRO) Futures Contract, which traded up 1,233% year-on-year (Y-O-Y). As part of its broader cross-border collaboration efforts, the DGCX also signed landmark agreements with the S & Royal Group Mongolia to explore future business and trade opportunities, as well […]
Arabian Post Staff Premier League Champions Manchester City today announced a new global partnership with Masdar, which will see the renewable energy and sustainable development company become an Official Partner of the Club. Masdar, a global leader in renewable energy, clean technologies and sustainable development, is focused on the development of renewable energy projects across the Middle East and North Africa, and wider international markets, with a presence […]
Arabian Post Staff Alpha Dhabi Holding (ADH) has announced the acquisition of 25.24% shareholding in Al Qudra Holding, as part of its AED8 billion strategic investment plan across various key-sectors in the UAE. Al Qudra Holding is an Abu Dhabi-based private joint stock company which has grown significantly by focusing on sustainable development in the region and creating value by investing in fundamental growth sectors. Alpha Dhabi […]
Arabian Post Staff CARS24, India’s e-commerce platform for pre-owned vehicles, announced the closing of a $400 million round of funding, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions. This is CARS24’s third round of fund raising in over a year and values the used cars e-commerce player at $3.3 billion, about double the valuation from its previous round in […]
Arabian Post Staff Following the opening of the final phase of Concourse A at Dubai International’s (DXB) Terminal 3, the world’s busiest international airport is 100% operational with all terminals, concourses, lounges, restaurants, and retail outlets now open. Terminal 3 is expected to serve more than 1.6 million passengers in the second half of December during the month’s peak seasonal travel period. Visitors to Dubai exceeded 1 […]
Arabian Post Staff GCC policymakers must navigate a challenging and uncertain landscape as the pandemic continues to cloud the global outlook and countries are in different phases of recovery, with varied growth prospects and policy space, IMF said in an assessment of the GCC economies. The Fund noted that GCC policymakers moved quickly to mitigate the health and economic impacts of twin COVID-19 and oil price shocks. […]
Arabian Post Staff The four-and-a-half day working week is another twist in the UAE’s drive to attract business and investment in the Gulf Cooporation Council (GCC). according to a GlobalData analysis. It points out how the weekend switch is the latest in a string of measures that have enhanced the competitiveness of Abu Dhabi and Dubai as regional centers, as it puts them on the same working […]
Arabian Post Staff The GCC leaders affirmed today the importance of completing pillars of the GCC common economic, defence and security integration and unity and coordinating stances in order to enhance solidarity and stability among GCC member states, serve their interests, avert them regional and international conflicts, fulfill aspirations of their people and strengthen their regional and international role through unified political positions and new partnerships regionally […]
Arabian Post Staff The Dubai International Financial Centre Courts announced the launch of a ‘Specialised Court for the Digital Economy’ aimed at simplifying the settlement process of complex civil and commercial disputes related to the digital economy. The new specialised court will deal with national and international disputes related to current and emerging technologies. It will cover a wide variety of fields including big data, blockchain technologies, […]
Arabian Post Staff Gulf Capital announced record profitability results for its private equity portfolio over the last twelve months (LTM) ending in Q3 2021. The fair value of Gulf Capital’s $750 Million GC Equity Partners III (Fund III) soared by 67% in the Last Twelve Months, fuelled by the record profitability of its underlying portfolio companies. This strong performance is a direct result of Gulf Capital adopting […]
Arabian Post Staff Abu Dhabi has set its sights on Belgium, as a leading global pharmaceutical hub, to establish a global distribution corridor to serve the world in vaccine delivery and future life science needs. The collaboration builds on the capabilities of Abu Dhabi’s healthcare sector as a leading life sciences hub and the efforts of the HOPE Consortium in providing vaccine solutions for the world. This […]
Arabian Post Staff Amazon today announced that Alexa, the brain that powers the Echo device family, is coming to the United Arab Emirates, offering customers an all-new, localized language experience in Khaleeji Arabic as well as in English, new features built with Gulf customers in mind, new smart home integrations with many compatible devices, and nearly 200 Alexa skills. Echo devices are voice-controlled speakers designed entirely around […]
Arabian Post Staff The United Arab Emirates announced today that it will transition to a four and a half day working week, with Friday afternoon, Saturday and Sunday forming the new weekend. The new working week will commence January 1, 2022, across the federation of seven emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain) that make up the UAE. Currently the working […]
Arabian Post Staff India’s Reliance Industries Limited (RIL) Tuesday said it will partner with Abu Dhabi Chemicals Derivatives Company RSC to launch TA’ZIZ EDC & PVC, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais. The joint venture will have an investment of more than $2 billion. This is Reliance’s first investment in the Middle East and North Africa (MENA) region, and it […]
Arabian Post Staff Borouge, a leading petrochemical company providing innovative, value-creating polyolefin solutions, announced today the award of the Engineering, Procurement and Construction (EPC) contracts for the world-scale fourth expansion of its manufacturing complex in Ruwais, Abu Dhabi (“Borouge 4”). ADNOC and Borealis AG recently signed a strategic partnership that confirms a $6.2 billion (AED22 billion) investment agreement to build Borouge 4. The EPC award underscores Borouge’s […]
Arabian Post Staff The Abu Dhabi National Exhibitions Company (ADNEC), part of ADQ, one of the region’s largest holding companies, is taking the next step in its business diversification strategy with the strategic assets transfer of tourism business unit from Etihad Airways to ADNEC Group. Etihad Holidays will be acquired by Abu Dhabi National Exhibition Company (ADNEC) to expand their footprint in tourism. Etihad Holidays will integrate with […]
Arabian Post Staff A new and unchartered type of price war is brewing in the oil market. The world’s biggest consumers of oil have pledged an unprecedented and relatively sizeable release of strategic reserves onto the market to quell high oil prices amid pandemic recovery. The orchestrated release of what is estimated as 71.5 million barrels from the US, China, India, Japan, South Korea, and the UK […]
Arabian Post Staff The fast-food service sector is expected to grow at 5.8 percent per year to US$4.51 billion in 2022, up from US$3.66 billion in 2018, according to a report by Statista.com, a digital market intelligence provider. The full-service restaurants revenue in the UAE is expected to reach US$2.34 billion in 2022, up from US$1.94 billion recorded in 2018, while the sales revenue of the coffee […]
Arabian Post Staff The Ministry of Industry and Advanced Technology (MoIAT) and Dubai Industrial City (DI) have signed a deal designed to further enhance the UAE’s industrial sector while facilitating decarbonisation efforts. The Memorandum of Understanding was signed on the first day of the Global Manufacturing and Industrialisation Summit at Expo 2020 Dubai. It focused on three core elements, including enabling the UAE’s Industry 4.0 program, attracting […]
Arabian Post Staff The Abu Dhabi National Oil Company (ADNOC) announced record investments worth up to almost $6 billion (AED22 billion) to enable drilling growth as it boosts its crude oil production capacity to 5 million barrels per day (mmbpd) by 2030 and drives gas self-sufficiency for the UAE. The announcement was made at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) and follows the recent […]
Arabian Post Staff Etihad Rail announced the completion of excavation of all rail tunnels of Package D of Stage Two of the UAE National Rail Network, which will be a key element of the global supply chain, and play a vital role in sustaining the position of the United Arab Emirates as a global and regional transport, shipping and logistics hub. The network will also support the […]
Arabian Post Staff Pandora Papers have made fresh disclosures about a trove of secret records obtained by the International Consortium of Investigative Journalists, revealing that the UAE is home to a raft of shady players in the offshore world. Among them: A Belgian tycoon accused of profiting from the smuggling of “conflict gold” ripped from violence-torn regions of the Democratic Republic of Congo. An internet mogul from […]
Arabian Post Staff Emaar Properties announced it has achieved an impressive growth in property sales which increased by over 236 per cent to AED 26.146 billion (US$ 7.118 billion) compared to the same period in 2020. Led by its UAE development business and complemented by its international operations, the achieved results underscore investors’ continued confidence in the Emaar brand and its exponential success. Backed by robust property […]
