|By Arabian Post Staff| Boeing and flydubai signed a landmark agreement for 225 737 MAX airplanes with a list price value of $27 billion. The deal represents the largest-ever single-aisle jet order – by number of airplanes and total value – from a Middle East carrier. Signed at the 2017 Dubai Airshow in flydubai’s hometown, the agreement includes a commitment for 175 MAX airplanes, and purchase rights […]
|By Arabian Post Staff| Boeing and Emirates announced a commitment to purchase 40 787-10 Dreamliners at the 2017 Dubai Airshow. The deal, including airplanes and related equipment, is valued at $15.1 billion at current list prices. Emirates is the world’s largest Boeing 777 operator and will be the first to receive the new 777X in 2020. In selecting the 787-10, Emirates complements their 777 fleet with a […]
|By Arabian Post Staff| An estimated $100 billion has been involved in the systematic corruption and embezzlement |that plagued Saudi Arabia over several decades, Saud Al Mojeb, the kingdom’s Attorney General and member of the Supreme Anti-Corruption Committee, announced. The disclosure came in a statement on the status of the anti-corruption proceedings, which are moving forward There is strong evidence that confirms initial suspicions, which led Saudi […]
|By Arabian Post Staff| In an unprecedented move against corruption at high places Saudi Arabia’s King Salman removed the chief of the National Guard,along with 10 other princes, and replaced the the Economy Minister. The king also constituted anti-corruption panel, headed by Crown Prince Mohammed bin Salman to prevent corrupt practices by those in the authority. Al-Arabiya news channel reported that 11 princes and dozens of former […]
|By Arabian Post Staff| Abraaj Group, the emerging markets-focused private-equity firm, is delaying the initial public offering of South African food and household products maker Libstar Holdings Ltd., reports quoting people familiar with the matter said. The firm had been working with JPMorgan Chase & Co. and Standard Bank Group Ltd. on a sale expected to raise about $300 million, aaccordding to these reports. Abraaj, which bought […]
|By Arabian Post Staff| Emaar Development said on Thursday it plans to price its initial public offering in between Dh5.7 to Dh6.9, thereby valuing the company at Dh25.2 billion. The company plans to offer 800 million shares or 20 per cent of the share capital, it said in an emailed statement.The final price will be announced on November 16, and the shares will be listed on the […]
|By Arabian Post Staff| Dubai has a new law law concerning the registration of Wills by non-Muslims in the Emirate of Dubai. The law was issued byy Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum. The new law will create legal certainty for the inheritance of a non-Muslim expatriate’s assets after death and the appointment of guardians for their children. This not only allows individuals to have testamentary freedom […]
|By Arabian Post Staff| NRI Emirati Investors Group, a new UAE-based group formed by the Business Leaders Forum (BLF), announced that it will raise US$1 billion (Dh3.67 billion) in commercially viable big-ticket projects in India. The announcement was made at the inaugural two-day India-UAE Partnership Summit (IUPS) taking plae at the Armani Hotel, Burj Khalifa, Dubai. This would be the largest such collective fund-raising programme by a […]
|By Arabian Post Staff|With the official implementation of Valued Added Tax (VAT) across the GCC coming into effect in January 2018, a majority of industries in the Gulf, including the burgeoning food production and manufacturing sphere, are worried about the ripple effect of the region’s first applied taxation. The Business Talks Conference will see top decision makers and market leaders gathering to outline, discuss and debate the […]
|By Arabian Post Staff|Saudi Arabia has indicated it is ready to back extension of an oil production cut agreement led by the Organization of Petroleum Exporting Countries (OPEC) in order to balance global crude oil supply and demand. This was indicated by Crown Prince Mohammed bin Salman in a statement. He said the high demand for oil has absorbed the increase in shale oil production. He said the demand […]
|By Arabian Post Staff| Non-resident foreign investors will be able to invest directly in Saudi Arabia’s parallel market called NOMU meant for small and medium sized enterprises starting from January next, Mohammed El-Kuwaiz, chairman of the Capital Market Authority (CMA) announced at the investment summit in Riyadh. Saudi Arabia’s reforms to develop and open up its capital markets are part of Vision 2030, an economic reform plan […]
|By Arabian Post Staff||Emaar Properties chairman Mohamed Alabbar said he is keen to do further business with Saudi Arabia, and offered to help in the development of the $500 billion Neom project. “It’s a big, exciting thing. If they call on us (Emaar), we would look on that positively. The Middle East as a whole is very short on infrastructure, and the project is a very significant […]
|By Arabian Post Staff|Destination management company Alpha Destination Management has signed an exclusive agreement with Expedia, the world’s largest online travel company, to operate the Expedia Local Expert® program in Dubai and Abu Dhabi. Dubai and Abu Dhabi will thus become the first destinations in the world outside North America to offer this program. Expedia is an internationally trusted brand and Expedia Local Expert allows the company […]
|By Arabian Post Staff|Emaar Chairman Mohamed Alabbar said that the new digital marketplace Noon, founded by him, will be rollled out in Saudi Arabia before the end of this year. He was addressing a media briefing with Faraz Khalid, Chief Executive Officer of Noon, on the sidelines of the Future Investment Initiative in Riyadh. Headquartered in Riyadh, Noon is a joint venture with the Public Investment Fund […]
|By Arabian Post Staff|Saudi Crown Prince Mohammed bin Salman put the kingdom somewhat in the ‘Dubai mode’ announcing the launch of an initiative backed by more than $500 billion investment to transformation of the kingdom into a leading global hub through the introduction of value chains of industry and technology. The plan, known as Neom, spires to make the country the “safest, most efficient, most future oriented, […]
|By Arabian Post Staff| Subdued economic growth continued to translate into job cuts, reduction of staff allowances and few employment opportunities, which resulted in increased vacancy rates in the Abu Dhabi property market, according to the latest report of Asteco. Average apartment rental rates dropped by 3% over the quarter and by 10% during the past 12 months, with the highest rate of decline recorded for mid-end […]
|By Arabian Post Staff| National Bank of Ras Al Khaimah (RAKBank) Group said the bank’s profit for the third quarter more than doubled to Dh224.8 million, compared to the previous period and recorded all-round improvement in its 9 months performance, achieving a growth of 9.4 per cent in the consolidated net profit of Dh606.3 million. Gross loans and advances stood at Dh32.6 billion as of 30 September […]
|By Arabian Ppost Staff| DP World Limited claimed that its nine-months performance exceeded projections handling 52.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals, with gross container volumes growing 9.6% on a like-for-like basis, with the third quarter growth rates accelerating to 13.5% year-on-year. This is against Drewry Maritime’s upgraded industry estimate of 5.5% throughput growth in 2017. Global trade outlook improved significantly […]
|By Arabian Post Staff|Saudi Arabia is holding one of its most important investment summits ever, named the Future Investment Initiative (FII), considered to be game-changing forum in Riyadh. The landmark event is being attended by more than 2,500 delegates and internationally-renowned business and investment leaders from over 60 countries. The three-day event will explore new trends, opportunities, challenges and emerging industries that will shape the world economy and […]
|By Arabian Post Staff|The Saudi government is not in talks with Chinese or other investors to sell a stake in Aramco, CEO Amin Nasser clarified. Aramco was reported to be planning to list nearly five percent of its shares in the stock market, which may now be done through an IPO. Nasser dismissed reports that the oil giant’s plans could be shelved and confirmed that the offfering […]
|By Arabian Post Staff| Latest property transactions data released by the Dubai Land Deparment clearly shows an increasing demand across all property categories, including land plots, buildings and residential units, according to Director General Sultan Butti bin Mejren. This indicates Dubai is attracting a wide variety of investors, he added. Dubai Land Department (DLD) announced that the total value of real estate transactions for the first nine […]
|By Arabian Post Staff|A new survey conducted by Bayt.com and YouGov titled ‘Top Cities in the Middle East and North Africa’, revealed that Abu Dhabi and Dubai ranked as the top cities to live and work in the Middle East and North Africa region. The ranking was based on several factors including economic, environmental, standard of living, socio-cultural and entrepreneurship factors. Overall, Dubai and Abu Dhabi ranked […]
|By Arabian Post Staff| Abu Dhabi Commercial Bank reported net profit of AED 3.206 billion for the nine month period ended 30 September 2017. The figure was 2% higher than the the previous level. Total net interest income and Islamic financing income of AED 4.983 billion was up 8% while operating income of AED 6.585 billion was up 4%, and operating expenses of AED 2.147 billion was […]
|By Arabian Post Staff|The National Commercial Bank announced that net income for the nine months of 2017 reached SAR 7,246 million compared to SAR 7,030 million for the same period of the previous year, an increase of 3.1%. NCB’s net profit for the third quarter reached SAR 2,126 million compared to SAR 1,962 million for the same quarter of the previous year, an increase of 8.4%. NCB […]
