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 […]
Arabian Post Staff The Department of Municipalities and Transport announced that the UAE capital registered outstanding real estate figures in 2021 with 14,958 transactions, tallying to a total value of 71.5 billion dirhams, reflecting the ongoing sustainable development and attractiveness of real estate investments in Abu Dhabi. As per the Department’s real estate trading indices, the emirate’s real estate sector recorded 7,262 sales transactions worth 18.2 billion […]
By Arabian Post Staff Banks in the UAE will benefit from the planned increase in interest rates by the U.S. Federal Reserve, which the Central Bank of the UAE (CBUAE) will likely mirror because the UAE dirham is pegged to the U.S dollar, S&P said in a report. S&P Global economists expect the Fed to raise rates six times this year starting in March, and five more […]
Arabian Post Staff By 2025, privacy lawsuits and claims related to biometric information processing and cyber-physical systems will have resulted in over $8 billion in fines and settlements, according to Gartner, Inc. “Autonomous vehicles, drones that capture video, smart buildings and smart cities are cyber-physical systems that capture biometrics of all kinds,” said Bart Willemsen, research vice president at Gartner. “The collection and storage of biometric information is gaining, whether […]
Arabian Post Staff Air Arabia , the first and largest low-cost carrier (LCC) operator in the Middle East and North Africa, announced a record financial results for the fourth quarter and for full year ending 31 December 2021, despite the prevailing impact of COVID-19 pandemic that continued throughout the year. Air Arabia reported a net profit of AED 720 million for the full year ending December 31, 2021, an […]
Arabian Post Staff Cognetivity Neurosciences Ltd. announced that it has reached a commercial agreement with Emirates Health Services (EHS) for the company’s Integrated Cognitive Assessment (ICA) technology to be deployed as a screening tool for cognitive impairment throughout the United Arab Emirates. Based in Dubai, EHS is the main federal provider of public healthcare services in the UAE. It functions as the operating arm of the country’s […]
Arabian Post Staff ADX-listed ADNOC Distribution today reported that its EBITDA stood at AED 3.1 billion, with net profit of AED2.2 billion for 2021. For the fourth quarter of 2021, EBITDA was AED802 million, while net profit stood at AED571 million. The company delivered a resilient financial performance throughout 2021, despite volatility caused by the COVID-19 pandemic. ADNOC Distribution has maintained a strong balance sheet as of […]
CEO Oscar Yamin alleges orchestrated campaign to malign company By Arabian Post Staff Amidst the latest Lebanese crisis, alleged fuel smuggling to Syria has been a recurring theme in both traditional media as well as social media platforms. All Lebanese petroleum importing companies such as Total, Uniterminal, Hypco, Medco, IPT, Wardieh, Liquigas, and Coral have been accused of corruption and smuggling of fuel. In view of the […]
Image Source – CC0 License What should you do if your business starts going downhill? Things started off so perfectly, but you’ve now reached a point where everything is going wrong. This happens all the time as running a business is a bit like scaling some mountains. There are long periods where you’re always on the up, but there are also times where you’re going down. If […]
Arabian Post Staff Accenture has been selected by the Central Bank of the UAE (CBUAE) to lead a consortium of companies to help execute its National Payment Systems Strategy. In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years. The new platform lays the groundwork for transforming the financial services […]
