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 Arabian Post Staff Swvl Inc., a Dubai-based provider of transformative mass transit and shared mobility solutions, announced that several investors, including Agility and Chimera Abu Dhabi, have completed the pre-funding of $35.5 million of the aggregate PIPE subscription raised in connection with the Company’s proposed business combination with Queens Gambit Growth Capital (NASDAQ: GMBT). Swvl is executing a comprehensive growth strategy with the goal of realizing approximately […]

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Arabian Post Staff Emaar Malls recorded an increase in net profit by 80 per cent to AED 622 million (US$ 169 million) during the first six months (January to June) of 2021, compared to a net profit of AED 345 million (US$ 94 million), during the same period in 2020. Revenue for H1 2021 amounted to AED 2.048 billion (US$ 558 million), an increase of 23 per […]

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Arabian Post Staff Anghami Inc,  the music streaming platform and service in the Middle East and North Africa, and Vistas Media Acquisition Company Inc., a publicly traded special purpose acquisition company led by CEO F. Jacob Cherian and co-founders Saurabh Gupta and Abhayanand Singh, announced they have sought regulatory approval for their proposed business combination. The business combination is subject to customary closing conditions, including the approval […]

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Arabian Post Staff Lucid Group, which is setting new standards for sustainable mobility with its advanced luxury EVs, today became a publicly listed company trading on the Nasdaq Global Select Market with its Class A common stock and public warrants listed under the new ticker symbols “LCID” and “LCIDW,” respectively. Lucid completed the previously announced merger with Churchill Capital Corp IV on July 23, 2021. The combined […]

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Arabian Post Staff Trump’s former inaugural chairman Tom Barrack has been indicted for illegally promoting the interests of UAE by building a backchannel to senior US officials, US media reports said. According to Bloomberg, Barrack and two of his associates were charged with failing to register as foreign agents for work they allegedly did to promote the United Arab Emirates’ foreign policy interests and increase its political […]

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Arabian Post Staff Pirelli has launched a new type of tyre dedicated primarily to electric or hybrid cars and SUVs. Made to support the weight of new vehicles equipped with batteries, the tyre is perfect for heavier vehicles, such as electric cars.  It is designed to provide low rolling resistance as well as a high level of driving comfort. The new tyre features the HL (high load) […]

Companies

Arabian Post Staff CARS24, one of the world’s fastest-growing e-commerce platforms for pre-owned vehicles, has  entered the UAE. The company has invested heavily on its technology framework and has become one of the first companies in the UAE to provide a seamless car buying experience entirely online. A customer can browse through thousands of cars, identify and book their favourite car, complete the full payment and documentation […]

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Arabian Post Staff The Armenian National Interests Fund (ANIF) and  Sharjah’s low cost carrier Air Arabia announced the signing of an agreement to launch Armenia’s new national airline. The agreement will see the establishment of an independent joint venture company that will operate as a low-cost passenger airline with Yerevan’s Zvartnots International Airport (EVN) as its base. The announcement was made following a signing ceremony and a […]

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Arabian Post Staff The Dubai Financial Services Authority (DFSA) has published a Decision Notice against  Ashish Bhrugu Dave , a former Chief Financial Officer (CFO) of the Abraaj Group, imposing a penalty of USD 1,700,000 (AED 6,243,250). The notice also prohibits and restricts Dave from performing any function in connection with the provision of financial services in or from the DIFC.  Dave was the Abraaj Group CFO […]

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Arabian Post Staff Dubai Collection has announced details of the first artworks to be accepted into the recently launched initiative, designed to build an institutional art collection for the Emirate of Dubai through a new and innovative partnership model. Dubai Collection is a community-led and collaborative scheme that allows patrons to lend their works while retaining legal ownership, in addition to benefitting from expert advice to support […]

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Arabian Post Staff DP World has announced that it has made an offer to acquire JSE-listed Imperial Logistics, an integrated logistics and market access company with operations mainly across the African continent and in Europe. The acquisition will enhance DP World’s capabilities, particularly in Africa, building on its extensive infrastructure of ports, terminals and economic zones. It will also significantly accelerate DP World’s transformation into an advanced […]

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Arabian Post Staff Dubai International Financial Centre (DIFC) has announced new Intellectual Property Regulations (IP Regulations) with effect from 5 July 2021.  The introduction of the regulations reflects the Centre’s continuing commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice. It also supports DIFC’s focus on fostering innovation by identifying and protecting intellectual property rights, which is of key importance […]

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Arabian Post Staff The sale of homes priced at over $10 million has risen sharply in Dubai, according to property consultants Knight Frank. “The uber luxury end of the market is a terrific barometer for general market sentiment. And in Dubai, we appear to be in the midst of a spectacular post-Covid rebound in luxury home sales. There have been 22 sales of homes worth more than […]

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Arabian Post Staff After being awakened from their 15-month long hibernation, Dubai International’s Terminal 1 and Concourse D welcomed their first passengers on Thursday morning with the arrival of flynas flight XY201 from the Saudi Arabian capital of Riyadh. Linked to Terminal 1 by an airport train, the $1.2 billion Concourse D, opened in February 2016 as the home terminal of DXB’s 65 plus international carriers. The […]

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Arabian Post Staff DP World said the Jebel Ali Free Zone (Jafza) witnessed a 12 per cent growth in its healthcare and pharmaceuticals customer base between 2019-2020. As one of the most important contributing sectors in the Free Zone, the healthcare and pharmaceuticals segment is one of the key economic pillars in Jafza. Spanning an area of around 170,000 sqm, and currently housing 174 companies from 41 countries, the segment […]

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Arabian Post Staff The world’s newest anti-viral treatment for COVID-19, Sotrovimab, is now available for early treatment of certain categories COVID-19 patients in the UAE following a landmark agreement between the Abu Dhabi Department of Health, the country’s leading group purchasing organization (GPO) Rafed, and GlaxoSmithKline (GSK). With the arrival of the first shipment yesterday in Abu Dhabi airport, Abu Dhabi become the first location globally to […]

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Arabian Post Staff Abu Dhabi Securities Exchange (ADX) has listed 1 billion euros of bonds issued by Emirates Telecommunications Group Company PJSC (Etisalat Group) in two equal tranches maturing in 2028 and 2033.  The bonds were more than six times over-subscribed. Etisalat Group’s 500 million euro 7-year notes mature on 17 May 2028 and carry a 0.375% coupon, while the 12-year 500-million-euro tranche matures on 17 May […]

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Arabian Post Staff Although the dust from the latest, uneventful, OPEC+ meeting has settled, trader enthusiasm has not ebbed, as oil prices have risen to high levels. It’s remarkable that prices are so high with the pandemic not being yet fully behind us and the real news of the day is that strong prices keep their gains. The policy discipline that OPEC+ has shown and the confidence […]

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Arabian Post Staff  Low cost carrier Air Arabia  reported a profitable first quarter (January to March) 2021 despite COVID-19 continued impact on the aviation’s industry financial and operational performance. The budget airline reported a net profit of AED 34 million for the three months ending March 31, 2021, a 52 percent less than the corresponding 2020 figure of AED 71 million. In the same period, the airline […]

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Arabian Post Staff Trade enabler DP World has launched DUBUY.com, a global wholesale e-commerce platform. DUBUY.com is available first in Rwanda with plans to expand across Africa and around the world. DUBUY.com adds digital trading corridors to the physical corridors DP World has built across the African continent with its investment in ports, terminals and logistics operations. DUBUY.com is partnering with local businesses and the Rwandan Government […]

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By Arabian Post Staff DP World Limited handled 18.9 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2021, with gross container volumes increasing by 10.2% year-on-year on a reported basis and up 9.6% on a like-for-like basis. The first quarter witnessed a strong start to the year and all three regions delivered growth, especially our terminals in India […]

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Arabian Post Staff The United Arab Emirates (UAE) ranks 15th globally in Kearney’s 2021 Foreign Direct Investment (FDI) Confidence Index, up from 19th place in 2020. The UAE business environment demonstrates continued strengths in factors most important to investors, including government incentives for investors. The country’s strong enabling environment, featuring advanced technological infrastructure and high innovation levels, is also central to its FDI attractiveness. The UAE is one of only […]

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Arabian Post Staff SHUAA Capital has led a USD 50 million structured Sukuk for Pure Harvest Smart Farms, the world-leading, sustainable technology-enabled agribusiness based in the UAE. SHUAA also co-invested in Pure Harvest through its managed funds as part of this funding round. SHUAA originated, structured and placed the innovative financing solution, which comprises a USD 50 million 3-year sukuk with embedded warrants. Simultaneously, Pure Harvest has […]

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Arabian Post Staff SHUAA and its subsidiaries achieved an FY 2020 net profit attributable to shareholders of AED 125 million, up 168% year on year, with continued strong EBITDA generation of AED 349 million, up 89% year on year. Despite significant valuation adjustments across the Group’s listed and unlisted assets and portfolios, the results benefited from three consecutive quarters of profit. Assets under management increased to a […]

VISHNU RAJA
RYO YAMADA
HITORI GOTOH
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