Arabian Post Staff The strong investment activity in the fintech sector continued in 2020, despite the global slowdown in venture capital deals caused by the COVID-19. According to data presented by AksjeBloggen.com, the cumulative value of funds fintech startups raised over time hit $121.7bn in February, a $20bn increase in a year. In 2018, fintech startups raised $31.3bn with the cumulative funding value reaching $71.3bn that year, revealed the […]
Arabian Post Staff Barclays and HSBC are in the top three banks in Europe investing in companies at high risk of being linked to the deforestation of the Amazon and Cerrado for cattle and soya production to feed factory farmed animals globally, according to a new report by World Animal Protection. International bank BNP Paribas was ranked number one. The report, Big Meat. Big Bucks. Bigger Harm, found that Barclays and […]
Arabian Post Staff Emaar Properties , the master developer of the Burj Khalifa, reported a revenue of AED 19.710 billion (US$ 5.366 billion) and net profit of AED 2.617 billion (US$ 712 million). Overall property sales were worth AED 10.902 billion (US$ 2.968 billion) of which AED 6.321 billion (US$ 1.721 billion) was achieved in UAE. The company attributed the performance to sustained interest from investors, both domestic […]
Arabian Post Staff Emaar Malls recorded revenue of AED 3.508 billion (US$ 955 million) in 2020, the company announced. Overall net profit in 2020 amounted to AED 704 million (US$ 192 million). Commenting on the results of the full-year results of 2020, Mohamed Alabbar, Founder of Emaar Properties and Emaar Malls said: ““Emaar Malls has emerged from 2020 in a much stronger position, having faced some of […]
Arabian Post Staff The Dubai Financial Services Authority (DFSA) announced punitive action against a former relationship manager at a DFSA authorised firm. On 17 September 2020, the DFSA decided to take enforcement action against Ashish Bhandari, the emoployee concerned, for being knowingly involved in breaches of Anti-Money Laundering (AML) legislation from 2011 to 2013 and for obstructing the DFSA in 2017 and 2018. The DFSA has fined […]
Arabian Post Staff The Abu Dhabi Securities Exchange (ADX) announced that it is reducing overall trading activity fees on all exchange transactions as part of its “ADX One” strategy to double the market capitalization of companies listed on the exchange in the next three years. The new pricing structure will be the second time the exchange has reduced its charges in the past two years to enhance market […]
Arabian Post Staff The Dubai Financial Services Authority (DFSA) announced that it has suspended the licence of Red Spear Capital (DIFC) Limited (Red Spear) for a period of 12 months, consistent with its aim of protecting direct and indirect users of the financial services industry in the DIFC. Red Spear’s licence was suspended due to serious concerns about the adequacy of its financial resources, its non-compliance with the […]
Arabian Post Staff | SHUAA Capital announced that it has successfully completed a debt buyout of Stanford Marine Groups AED 1.13 billion (USD 308 million) facility, resulting in a successful outcome for all parties involved, including the participating banks. SMG is one of the most prominent and diversifed offshore services companies in the Middle East, with a focus on chartering, building and repairing offshore support vessels for the […]
Arabian Post Staff Dubai Airports, operator of Dubai International (DXB) and Dubai World Central (DWC), and GMR Hyderabad (GMR-HYD) have joined forces to create a Covid-19 vaccine distribution corridor. Home to 88 global airlines including Dubai’s flagship carrier Emirates, and 12 international and 400 local and regional freight forwarders, Dubai Airports with its interlinked cargo facilities at DXB and DWC and in partnership with dnata cargo, the […]
Arabian Post Staff Dubai Airports is gearing up for an upsurge in the number of passengers expected to pass through Dubai International (DXB) over the next few days. From January 1-7 an estimated 545,000 passengers are expected to use DXB, with January 2nd and 3rd being the busiest days of the week with more than 78,000 departing passengers. Considering that travel requirements have changed globally over recent weeks and […]
Arabian Post Staff DC Aviation Al-Futtaim (DCAF) has reported a pickup in private and business jet activity at its fully integrated facility at Dubai South following the easing of air travel restrictions, The increased activity in private and business aircraft movement is a result of the opening up of the economy and the various tourism-related initiatives undertaken by the government that has helped Dubai bounce back faster […]
Arabian Post Staff Etihad Airways has expanded its business with the launch of charter and special flight services. Fully customisable, business and leisure guests can choose from a variety of flight options including a dedicated passenger service, cargo only flight or a combined passenger and cargo package. Alex Featherstone, Vice President Network Planning & Alliances, Etihad Airways, said: “While the COVID-19 pandemic continues to impact the commercial […]
Arabian Post Staff DP World and the Government of Senegal, have signed agreements for the development of a deep water port at Ndayane, approximately 50kms from the existing port and near the Blaise Diagne international airport. The new port will further reinforce Dakar’s role as a major logistics hub and gateway to West and North West Africa, and support the realisation of His Excellency, President Macky Sall’s […]
Abu Dhabi Securities Exchange (ADX) announced that Palms Sports P.J.S.C has listed its shares on ADX’s Second Market under the trading symbol PALMS, and trading begins on the shares today. The company’s nominal value of share capital is AED 150 million, with each share having a nominal value of AED 1. This is the fifth listing on ADX in 2020. Arabian Post Staff Palms Sports, a subsidiary of the […]
Arabian Post Staff On the back of ongoing market volatility and major global events, the Dubai Gold and Commodities Exchange (DGCX) continued to register strong trading activity during the month of November 2020. DGCX’s G6 currencies portfolio continued its strong performance from the previous month, and markedly recorded a year-to-date (Y-T-D) growth of 364% as compared to the same period last year. Among the G6 currency pairs, […]
Arabian Post Staff The Financial Markets Tribunal (FMT) has upheld enforcement action taken by the Dubai Financial Services Authority (DFSA) against Dr Mubashir Ahmed Sheikh for serious misconduct including misleading and deceptive behaviour. Following a five-day hearing in April of this year, the FMT issued its decision on 20 October upholding the DFSA’s findings and imposing the following sanctions, which include a fine of $225,000; a direction […]
Arabian Post Staff Ras Al Khaimah International Airport is gearing up to receive the first commercial flights from Indian value carrier SpiceJet on November 26, 2020. The development signals a steady return to normal economic activity following the COVID-19 pandemic, spokespersons for the two operations said, noting that with SpiceJet’s connection to 28 destinations across the Indian sub-continent and RAK Airport’s position as an expanding travel and […]
Arabian Post Staff DAMAC Properties Dubai Co. announced a net loss of AED 931 millon for the first nine months of 2020. Total revenue stood at AED 3.7 billion vs AED 2.8 billion in 9M 2019. Booked sales for the period stood at AED 1.6 billion vs AED 2.4 billion for the similar period last year. In the same period of the previous year, the company had […]
Arabian Post Staff DP World and Messe Frankfurt’s Hypermotion have announced a global partnership that will drive innovation and the use of digital technology in logistics and mobility. Hypermotion, as the multimodal innovation platform for smart solutions and future transport systems, brings together innovators, providers and users who set new standards for tomorrow’s logistics and mobility. With this announcement, DP World has become a global partner of […]
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. […]
