By Arabian Post Staff Emaar Properties recorded net profit of AED 6.200 billion (US$ 1.688 billion) as compared to AED 6.139 billion (US$ 1.671 billion) in FY 2018. Revenues were worth AED 24.586 billion (US$ 6.694 billion) for 2019. An Emaar statement said the company maintained its positive performance in 2019 recording property sales in Dubai of AED 14.949 billion (US$ 4.070 billion). It attributed the performance […]
By Arabian Post Staff Emirates Strategic Investments Company (ESIC), an Abu Dhabi-based investment company owned by Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi’s royal family, said it has acquired two mixed-use properties in the United Arab Emirates (UAE), one of a series of investments to be funded by last year’s successful issuance of the company’s US$600 million (Dh2.2 billion) sukuk. The Dh1 billion (US$ […]
By Arabian Post Staff Emaar Malls announced a 5 per cent increase in revenue to AED 4.673 billion (US$ 1.272 billion) for 2019, compared to AED 4.446 billion (US$ 1.210 billion) in 2018. Overall net profit in 2019 amounted to AED 2.286 billion (US$ 622 million), similar to AED 2.230 billion (US$ 607 million) recorded for the previous year. Revenue grew by 4 per cent to AED […]
By Arabian Post Staff After two decades of successful operations in the GCC, UAE’s home-grown brand Nikai has commenced operations in Egypt by setting up facility for the production of television sets. The company believes that fast-growing economy with a high value-based consumer demand will help build on its existing market in Cairo. Nikai chairman Paras Shahdadpuri said the expansion marks a new era for the company. […]
By Arabian Post Staff Already struggling to grapple with a crisis of unprecedented proportions, the coronavirus outbreak is the last thing that Dubai and the UAE would have liked to see happen. Moody’s noted in one of its latest reports that the timing of the outbreak is particularly bad for the hospitality industry because it is has unfolded as the Lunar New Year gets underway. The holiday […]
Dubai-based Finalrentals makes it possible to rent a car globally By Arabian Post Staff When traveling abroad, people often try to search for a car online from unknown platforms, resulting in situations where customers feel they didn’t get the service they’d hoped for. But Finalrentals has changed all that. Finalrentals is a startup born in Dubai, United Arab Emirates. After creating the best online car rental experience for tourists and […]
Arabian Post Staff Dubai is to have a Blockchain Campus at the site of Dubai Expo 2020. The campus will be established by Atlas Capital, one of the leading Fintech firms in the emirate, which are also hosting the Blockexpo and World Blockchain Summit 2020 in Dubai during the Expo 2020 Dubai. Dubai’s Blockchain market grew by 24% in 2018, surpassing the global average of 19%, Smart […]
Arabian Post Staff DMCC announced its strategic partnership with CV VC and CV Labs, to launch Crypto Valley – the world’s largest ecosystem for cryptographic, blockchain and distributed ledger technologies – in Dubai. Designed to foster growth, collaboration and integrity across the global blockchain economy, the ‘DMCC Crypto Valley’ will offer a variety of services including incubation for early-stage start-ups, co-working facilities, innovation services for corporate clients, blockchain and […]
Arabian Post Staff Indonesia’s business community on Thursday welcomed the UAE’s pledge to pump tens of billions of dollars into a wide range of key sector projects. President Joko Widodo and his entourage secured an overall $22.9 billion deal during an official two-day visit to Abu Dhabi earlier this week covering the fields of energy, logistics, port construction, mining, and agriculture. It was also revealed that the […]
Arabian Post staff Dubai-based Wafi Group has acquired the UK’s Craig Bragdy Design (CBD) to establish a new business venture. A small family business in ceramics, started in Wales by Rhys and Jean Powell, the company is now managed by the founder’s two sons Nick and Shon Powell and is an established enterprise that creates art-based products for use in architectural settings. The new company in Dubai […]
DUBAI: Internet has changed the way the health sector in some of the African countries operates. Better internet and mobile connectivity have brought huge benefits to hospitals and health professionals. For instance, doctors and health care workers in the region are now able to exchange information in real-time, thereby improving disease diagnosis and patient management. Similarly, medical staff can now use video conferencing to consult with other […]
Arabian Post Staff Investment Corporation of Dubai, an investment arm of Dubai Government, reported a 4.4 percent increase in net profits reaching Dh10.5 billion despite a 7.7 percent decline in revenues to Dh106.3 billion in the six month period ended 30 June 2019. Investment Corporation of Dubai (ICD) portfolio companies comprises of 44 business organisations include Emirates Group and Emirates Airline, Emirates NBD. The decline in revenues, […]
By Arabian Post Staff Saudi Arabia has unveiled a 2020 budget that projects a budget deficit of 6.4 percent of GDP. This is much higher than the figure for 2019, which was estimated at 4.7 percent. The 20220 budget indicates total expenditures of SAR 1,020 billion, and SAR 833 billion of projected revenues. For FY 2019, it is expected that the actual expenditures will reach SAR 1,048 billion and total actual revenues are expected […]
By Arabian Post Staff DJIBOUTI: Just a few kilometres from the centre of the capital city of Djibouti, experts are giving final touches to what is tipped to be the second largest mosque in the country. The initial idea of Masjid Al Rayan originated in the need for providing a place for worshipers who had to vacate their original neighbourhood in an old district of the capital. […]
By Arabian Post Staff Landmark Group announced the opening of its fully-automated Mega Distribution Centre (DC) at JAFZA, Dubai – the largest of its kind in the GCC. The Group invested over AED 1 billion with a firm strategy to further strengthen its supply chain capabilities and build a facility that can serve as a logistics and distribution hub for the region. The Mega DC will also […]
By Arabian Post Staff Chairman of Dubai based DAMAC Properties, Hussain Sajwani, through his private investment company, Vision Investments, has bought the Italian fashion group Roberto Cavalli SpA. The acquisition of the Florentine brand was completed on November 28th. The UAE-based investment company emerged as the top bidder amongst various entities that were vying for the globally recognized fashion brand. Roberto Cavalli was previously controlled by the […]
By Arabian Post Staff A surge in arrivals over the summer months accelerated Dubai’s tourism momentum, as the city welcomed 12.08 million international overnight visitors in the first nine months of 2019, according to the latest visitation figures released by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism). The strong 4.3 per cent increase in volume growth compared to the same period last year was supported […]
Starting a company in the UAE is straightforward for both locals and foreigners. The following simple steps will guide you on how to start your company without any issues:
By Arabian Post Staff Boeing and Emirates announced they have finalized a purchase agreement for 30 787-9 Dreamliner airplanes, valued at $8.8 billion according to list prices. The agreement, signed at the Dubai Airshow, culminates discussions between the two companies on the best 787 Dreamliner model to meet the requirements of one of the world’s leading airlines. Emirates had previously signed an initial agreement for the larger […]
By Arabian Post Staff More than US$500 billion (Dh1.8 trillion) worth of family wealth will be passed on to the next generations in the Middle East and North Africa (MENA) region within the next decade, experts at the 4th Wealth Arabia Summit (WAS) said on Tuesday. According to WealthX, a global intelligence solutions provider, more than US$15 trillion worth of family wealth will be passed over to the […]
By Arabian Post Staff Dubai Chamber of Commerce and Industry will play a pivotal role in creating new connections and collaborations as an official partner. As an official partner, Dubai Chamber will represent and support the interests of the UAE business community at Expo 2020, helping to connect them with international businesses, innovators, investors, and international chambers of commerce to create new avenues of long-term commercial success. […]
By Arabian Post Staff Emirates placed a firm order for 50 A350-900 XWB aircraft worth US$16 billion (Dh58.7 billion) at list prices at the Dubai Airshow 2019. Powered by Rolls-Royce Trent XWB engines, delivery of the first Emirates A350 XWB is expected in May 2023, and will continue until 2028. Sheikh Ahmed bin Saeed Al Maktoum, Emirates Chairman and Chief Executive, signed the deal with Guillaume Faury, […]
By Arabian Post Staff Air Arabia, the Middle East and North Africa’s first and largest low cost carrier, has signed a firm order for 120 Airbus aircraft comprising 73 A320neos, 27 A321neos and 20 A321XLRs. The agreement was signed at the 2019 Dubai Airshow in the presence of Air Arabia’s Chairman Sheikh Abdullah Bin Mohammed Al Thani, Adel Ali, Chief Executive Officer Air Arabia and Guillaume Faury, […]
By Arabian Post Staff The changing landscape of the US$360 trillion (Dh1,321 trillion) global wealth is now more than four times the global GDP of US$88 trillion. The wealth per adult reached a new record high of US$70,850, or 1.2% above the level of mid-2018 with Switzerland topping the biggest gains in wealth per adult this year, according to a latest report by Credit Suisse. Aggregate global […]
