Arabian Post Staff Aramco, one of the world’s leading integrated energy and chemicals companies, has signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million. MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors. MidOcean Energy is currently in the process of acquiring interests in four […]
Arabian Post Staff Sales transactions in Dubai’s off-plan and secondary segments in Q3 2022 were the highest in 12 years, both in volume and value with 25,456 sales transactions worth AED 69.7 billion, according to Swiss luxury developer DHG Properties, which is set to launch a flagship project in Dubai A slowdown in real estate transactions has typically been synonymous with UAE summers. Subsequently, lower costs of […]
Arabian Post Staff As much as 88 percent of retailers think the UAE is a great place to operate a retail business, online retail management company Uplo says in a report. The report is based on an in-depth survey of more than 100 retail leader, commissioned through YouGov, and is part of Uplo’s MENA Online Retail Report 2023. The paper also includes leading insight from experts at […]
Arabian Post Staff The Russia-Ukraine war and NATO bids have driven recent Distributed Denial of Service (DDoS) attacks growth, according to the findings of 1H2023 DDoS Threat Intelligence Report by Netscout Systems. Cybercriminals launched approximately 7.9 million DDoS attacks in the first half of 2023, representing a 31% year-over-year increase. Finland was targeted by pro-Russian hacktivists in 2022 during its bid to join NATO. Turkey and Hungary […]
Arabian Post Staff A fund with an initial corpus of $1 billion, named ASI BNP QLV Fund, has been launched aiming to serve as a bridge connecting India, the UAE, and Poland. Those associated with the fund are Sheikh Ahmed Al Qassimi, a UK-India businessman Biswananth Patnaik and former Prime Minister of Poland Kazimierz Marcinkiewicz. The fund seeks to facilitate investments in strategic sectors such as energy, […]
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Arabian Post Staff The United Nations Development Programme (UNDP) and the Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF) teamed up with the online learning platform, Coursera, to launch the FutureSkills4All initiative — a transformative programme aimed to provide scholarships for upskilling and reskilling citizens across the Arab States region to enhance their employability in jobs of the future that will drive economic growth in the region. […]
Arabian Post Staff Airport Handling, a joint venture of leading global air and travel services provider dnata, has been awarded a multi-year contract by Hainan Airlines to manage its ground handling operations at Milan Malpensa Airport (MXP). The agreement will see Airport Handling provide a range of passenger, ramp and baggage services to the airline which will operate three weekly flights between Milan and Shenzhen Bao’an International […]
Arabian Post Staff Gulf Capital announced it has exited from its investment in Metito Holdings Ltd. after a 17-year partnership by leading the consortium that sold a majority stake in Metito to Alpha Dhabi Holding , one of the United Arab Emirates’ (UAE) fastest-growing investment holding companies. Gulf Capital said it has been instrumental in Metito’s substantial growth, enabling and financing the company’s expansion into over 50 […]
Arabian Post Staff Al Yah Satellite Communications Company announced that its government services arm, Yahsat Government Solutions has received from the UAE Government an Authorization to Proceed to provide satellite capacity and managed services for 17 years. The mandate, valued at AED 18.7 billion (USD 5.1 billion), combines related operations, maintenance and technology management services of ground segment satellite systems and terminals currently provided under a separate […]
Arabian Post Staff UAE’s state-owned renewable energy company Masdar will take final investment decisions later this year on the company’s first UK battery projects, CFO Niall Hannigan recently told S&P Global Commodity Insights in an interview. The UK is a strategic market for Masdar, with the company involved in fixed and floating offshore wind projects and targeting 1 GW plus of battery storage via Masdar Arlington. “In acquiring […]
Arabian Post Staff Bahrain has taken significant regulatory steps to create a favorable environment for fintech, including the introduction of a fintech unit at the Central Bank of Bahrain (CBB), a regulatory sandbox, and new regulations for the digitalization of banking and payment services, IMF noted in a report. It said quoting the World Bank Global Fintech Database that Bahrain was already a leader compared to the […]
Arabian Post Staff Attendees of the 4th Global Vertical Farming Show in Dubai had the opportunity to explore cutting-edge technologies, innovative farming methodologies, and the latest advancements in vertical farming solutions. The two-day event, which had participation from stakeholders in more than 30+ countries, hosted the top players from the entire vertical farming value chain, with key government officials, and industry experts turning it into a platform […]
Arabian Post Staff Dubai Airport leads the preliminary direct connectivity ranking for 2023 in Middle East and Asia-Pacific, according to the Airport Connectivity Report, launched by the Airports Council International (ACI) Asia-Pacific and Middle East (ACI APAC & MID) at the launch of its Middle East office in Riyadh. The report reveals that air connectivity in the Middle East stands out with +26% growth in total connectivity […]
Arabian Post Staff Dubai International Financial Centre (DIFC) added a number of new insurance players in recent times, thereby strengthening Dubai’s position as a global hub for the insurance and reinsurance industry. The sector is on track for 20 per cent annual growth, DIFC said. Over the past five years, DIFC has seen an influx of insurance and reinsurance players with a 43 per cent representation of […]
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Arabian Post Staff Nakheel announced the launch of Palm Jebel Ali to the market, announcing the release of the first villas available to purchase on the island. This follows the recent unveiling of the new futuristic masterplan earlier this year. The highly anticipated release centres around four fronds which feature Coral villas and Beach villas, each of which are available in eight unique styles. Both types of villas […]
Arabian Post Staff Energy giant Aramco has agreed to purchase a 100% equity stake in Esmax Distribusción SpA from Southern Cross Group, a Latin America-focused private equity company. The transaction is subject to certain customary conditions, including regulatory approvals. Esmax is a leading diversified downstream fuels and lubricants retailer in Chile. Its national presence includes retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending […]
Arabian Post Staff Lunate, a new partner-led and independent global alternative investment manager, announced plans to launch more than $50 billion of Assets under Management (AuM), making it one of the largest in the MENA region. The creation of Lunate follows a multi-party effort to establish an independent investment manager of scale and breadth, headquartered in Abu Dhabi and serving global markets. With a focus on private […]
Arabian Post Staff ROSATOM, Gazprom Neft Marine Bunker and Gazprom Neft Shipping signed a memorandum of cooperation in the implementation of the Eurasian Container Transit Project (EACT) during the Eastern Economic Forum 2023. The document sets out the parties’ intentions to create the first regular container line to carry out transit cargo transportation via the Northern Sea Route (NSR) between the eastern and western parts of Eurasia. […]
Arabian Post Staff Higher interest rates and OPEC oil production cuts will constrain near-term growth prospects for the major Gulf Cooperation Council (GCC) economies, but non-oil growth and, consequently, credit growth in the UAE and Saudi Arabia remain robust, S&P said in the latest report on the GCC banks. Despite a slight deterioration in asset quality indicators and an increase in the cost of risk, it expects […]
Arabian Post Staff Sukoon, formerly Oman Insurance, has acquired the UAE Life insurance portfolio of Chubb Tempest Life Reinsurance Ltd. An agreement to this effect was signed on August 24th, but the financial terms of the transaction were not disclosed. Chubb Tempest Life Reinsurance Ltd, is a private company incorporated in Bermuda, with UAE branch offices in Dubai and Sharjah. The transfer which covers unit-linked life insurance […]
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Arabian Post Staff AFAQ and BUNA systems have helped improve payments in the GCC region, Khaled Al Basias, Director Financial Sector Development, Saudi Central Bank, stressed while speaking at the Global Fintech Fest 2023. AFAQ system was created in 2020 to link all the GCC countries’ RTGS payments and central banks for foreign exchange transactions. Over 50 financial institutions are now part of it. The BUNA system […]
Arabian Post Staff Lack of access to family planning and contraception methods is a significant barrier to achieving gender equality, as outlined in the UN Sustainable Development Goals. It not only affects women’s health but also hinders their socio-economic empowerment. When women can’t control their reproductive rights, they often face challenges in pursuing education, entering the workforce, and contributing to the economy. This lack of access also […]
Arabian Post Staff Dubai International Financial Centre (DIFC) has enacted amendments to the Data Protection Regulations. The amendments enhance the current data protection framework, keeping the Centre at the forefront of data protection in the region. The amendments to the Data Protection Regulations address the means for better, safer and more ethical management of personal data processing and operations. The updated regulations provide clarity on: Personal Data […]
Arabian Post Staff Abu Dhabi Commercial Bank has announced that it has successfully priced a USD 650 million green bond, the proceeds of which will be used to finance eligible green assets as outlined in ADCB’s Green Bond Framework. The green bond is in line with ADCB’s climate strategy and reflects the Bank’s commitment to supporting customers in the transition to a net zero economy. Proceeds will […]
