Arabian Post Staff S&P Global Ratings believes GCC banks’ exposure to cyber risk is manageable, assuming they continue to invest in cyber security and proactively manage risk, taking into consideration the evolving nature of threats. It notes that GCC banks have reported only a handful of digital breaches and cyberattacks over the past decade. While some might have gone unreported, it is likely these were minor incidents […]
Arabian Post Staff Under President Sheikh Zayed bin Sultan Al Nahyan, the UAE saw its position and proactive role on the regional and international scene boosted, forging robust relations with the outer world on the basis of mutual respect and unwavering commitment to resolving global disputes through diplomacy. The prudent leadership of the late Sheikh Khalifa contributed to advancing the stature of the UAE as a regional […]
Arabian Post Staff Dubai International (DXB) has recorded the busiest quarter since 2020 with 13.6m passengers in Q1 2022, indicating that traffic recovery is gaining momentum at the world’s busiest international hub. This is the second consecutive quarter when passenger traffic at DXB has surpassed the 10-million mark. Bolstered by 5.5m in passenger traffic in March, DXB’s passenger volumes rose to 13.6m in the first quarter of […]
Arabian Post Staff A record price of AED 12,624 per square foot was achieved for a 3- bedroom unit in Bulgari Resort and Residences, making this transaction the highest recorded price per square foot in the history of Dubai. According to Kianoush D. and Lina A., Associate Partners at Driven Properties, the brokers behind the deal, the Bulgari Resort and Residences continues to be the most coveted […]
Arabian Post Staff Crypto firms will flock to Dubai as UAE crypto regulation guides crypto sector rather than curbs it, according to data analyst firm GlobalData. The UAE’s regulation is more about overseeing the development of the crypto sector than curbing it. By accepting the inevitability of mainstream crypto assets and helping the domestic crypto sector grow, the UAE will continue to attract a flock of crypto […]
Arabian Post Staff Office rents in the UAE’s two largest business hubs have begun to recover to pre-COVID levels as demand for prime space intensifies, according to global real estate consultancy, Knight Frank. According to Knight Frank’s analysis, five out of 27 locations in Dubai have seen office rents return to pre-pandemic rates, while in Abu Dhabi, the city’s best buildings continue to demonstrate rental resilience. Still, […]
Arabian Post Staff The Dubai Financial Services Authority (DFSA) has today launched its regulatory regime for Whistleblowing. The regime is the first of its kind to be introduced by a financial service regulator in the UAE and applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre (DIFC). The regime provides enhanced legal protection for persons who report misconduct internally within DFSA […]
Arabian Post Staff GMG, a global well-being company retailing, distributing and manufacturing a portfolio of leading international and home-grown brands across sport, food and health sectors, has acquired Géant operations in the UAE and rights to expand Géant operations in the Middle East. Géant is a part of Groupe Casino, a French retailing giant with a turnover in excess of EUR35 billion. GMG is acquiring Géant’s current […]
Arabian Post Staff Goldman Sachs indicated it will be offering investment vehicles for Bitcoin and other crypto assets to clients of its private wealth management group. The bank aims to start offering investments in the emerging asset class in the second quarter of the year according to its recently named global head of digital assets for the private wealth management division, Mary Rich. The move would see […]
Arabian Post Staff The Financial Action Taskforce (FATF) has put the UAE on the gray list, which means there are deficiencies in the country’s corporate governance and regulatory regimes. The placement means that the country gets the opportunity to swiftly resolve gaps in the system to prevent money laundering and terrorist funding, among other things. The decision also entails increased FATF monitoring of UAE. The FATF action […]
Arabian Post Staff The Abu Dhabi Securities Exchange (ADX) and FTSE Russell have partnered to develop the FTSE ADX 15 Index, a benchmark blue chip measure that will support ADX’s recently launched derivatives market and the creation of ETFs and other index-tracking investment vehicles. Also known as the FADX 15, the benchmark index will be launched on March 30 and will include the largest and most liquid […]
Arabian Post Staff Minister of Science, Technology and Innovation (MOSTI) Dr Adham Baba today announced Malaysia’s participation in the UAE government’s Expo 2020 Dubai 5-year legacy programme, where the Malaysia Pavilion at the event site will be retained and repurposed for the next 5 years. The Expo 2020 Dubai 5-year Legacy Programme is part of the UAE government’s long-term initiative of repurposing the event site as an […]
Arabian Post Staff Middle East shoppers are increasingly influenced by sustainability issues and prioritising health and wellbeing, according to PwC’s latest survey of global consumer insights. The survey highlights a general shift in consumer behaviour as a result of the pandemic and the staying power of those changes. For example, Middle East shoppers believe that they are now healthier (67% vs. 51% globally), more digital (65% vs. […]
Arabian Post Staff SHUAA Capital has successfully completed a strategic investment in UAE-based fintech, Souqalmal. The investment will provide growth capital, allowing Souqalmal to execute on an ambitious growth plan over the next 24 months. Following the investment, Ambareen Musa, Founder and CEO of Souqalmal, will continue to lead the business and oversea the expansion of its services. SHUAA joins existing strategic investors Riyad Capital and UK […]
Arabian Post Staff E-Vision, from e& (previously known as Etisalat Group), and ADQ, an Abu Dhabi-based investment and holding company, today announced the signing of a binding agreement to acquire a majority equity stake of circa 57% in Starzplay Arabia, a leading Subscription Video on Demand (SVOD) and streaming service provider in the Middle East and North Africa. The e& led consortium will acquire a controlling stake […]
Arabian Post Staff UAE’s Bukhatir group has announced the launch of $5 billion Tunis Sports City on the northern shores of the Lac de Tunis. The project will offer a new modern face to the Tunisian capital. In addition to the sports component, which will include the creation of a stadium and four sports academies, which are already targeted by major European clubs, Tunis Sports City will […]
Arabian Post Staff Emplifi, a unified customer experience platform, has released its “11 key things consumers expect from their brand experiences today,” a new report offering deep insights into customer expectations for B2C brand experiences. The report looks at everything from expected customer service response times and preferred communication channels to show how integral CX is to brand loyalty. Surveying more than 2,000 consumers from the U.S. […]
Arabian Post Staff The direct impact of Russian war against Ukraine on the UAE banks is likely to be limited given their limited exposures to Russian and Ukrainian counterparties, S&P said in a special report on the conflict. But it said there could be an Indirect impact, which could materialize through several channels. S&P said the higher oil price is likely to further boost confidence and sentiment […]
Arabian Post Staff Though the monetary and financial measures by the GCC banking authorities helped to offset negative balance sheet effects from virus containment measures, relaxed regulatory and prudential measures could have obscured deterioration in asset quality and led to higher risk-taking by banks on loans where risk classification was deferred or reduced, IMF said in a sectoral report. The support measures helped to mitigate consequences of […]
Arabian Post Staff Dubai International Financial Centre (DIFC) announced the launch of a ground-breaking Artificial Intelligence (AI) and coding license, in cooperation with the UAE Artificial Intelligence Office. The license, which is a UAE first, will advance the country’s Artificial Intelligence Strategy 2031, which aims to enhance the UAE’s reputation in this field by attracting AI companies and coders from around the world. Companies holding the license […]
Arabian Post Staff Telecom giant Ericsson sought permission from the terrorist group known as the Islamic State in Iraq and Syria to work in an ISIS-controlled city and paid protection money to smuggle equipment through ISIS-held zones on a route known as the “Speedway,” according to a leaked internal investigation. The report obtained by the International Consortium of Investigative Journalists reveals Ericsson made tens of millions of […]
Arabian Post Staff DP World Logistics announced that all conditions precedent regarding DP World’s offer to acquire a 100% stake in Imperial Logistics Limited including regulatory approvals, have been fulfilled. The transaction is now unconditional and will be implemented on 14 March 2022. “We are excited about concluding this transaction, which will be value-enhancing for our people, clients and principals, for our service offering across the markets […]
Arabian Post Staff Dubai International (DXB) continues to be the world’s busiest airport by international passenger numbers for the eighth consecutive year after clocking 29.1 million in annual traffic in 2021. DXB’s annual traffic exceeded forecasts for the year by more than half a million passengers, on the back of a strong last quarter. Paul Griffiths, CEO of Dubai Airports, described an eventful year which, despite the […]
Arabian Post Staff IMF has commended the UAE authorities on a successful vaccination program and prompt policy response to combat the effects of the pandemic and welcomed the economic recovery underway. This is mentioned in the IMF board’s 2021 Article IV consultations with the UAE authorities. Noting that significant downside risks remain, the Fund encouraged the authorities to pursue further efforts to maintain macro-financial stability, strengthen fiscal […]
