|By Arabian Post Staff| The value of UAE online travel sales in 2018 is forecast to reach AED 17.3 billion ($4.7 billion), driven by a growing population, an increasing number of tourists, and UAE residents’ shift towards digital services, new analysis from Dubai Chamber of Commerce and Industry has revealed. The analysis, based on recent data from Euromonitor International, found that direct online sales in 2018 are expected […]
|By Arabian Post Staff| The total value of international trade through Dubai’s free trade zones recorded 22 percent jump to US$107.35 billion (Dh394 billion) in the first nine months of 2018, according to a latest report. This represents 41 percent of the emirate’ total trade of the first nine months. Imports amounted to 54.5 percent at Dh215 billion, while exports and re-exports reached 45.5 percent at Dh179 billion. Overall, […]
|By Arabian Post Staff|The Brent crude oil price has fallen to a post-October 2017 low, while WTI now trades at August 2017 levels, according to UBS Energy Review. Economic growth concerns, along with systematic selling – momentum trading and the clearing of futures positions ahead of the end of the year – are robably fueling this latest price decline. That the OPEC+ production cuts only come into […]
|By Arabian Post Staff| Pharmax Pharmaceuticals opened its factory in the Dubai Science Park, built at a cost of AED 125 million. It has an annual production capacity of over 200 million tablet and capsule dosage forms and is dedicated to the manufacturing and commercialisation of pharmaceuticals that target chronic conditions prevalent in the Middle East. The factory is equipped with the latest European technology, meeting stringent global regulatory standards. […]
|By Arabian Post Staff| The CEOs Advisory Council of the UAE Banks Federation (UBF) reviewed the adoption of Blockchain to enhance know your customer (KYC) processes at banks. Other key topics on the agenda included Emiratization, and digital transformation. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “As part of our efforts aimed at creating and sustaining a thriving banking ecosystem, we have undertaken a number […]
|By Arabian Post Staff| Emirates Steel, a subsidiary of the General Holding Corporation (SENAAT), has finalized a loan refinancing deal that will enable the company to accelerate deleveraging, increase financial flexibility, simplify its debt structure and fund its growth plans. The new financing replaces Emirates Steel’s outstanding secured debt with a corporate financing structure reflecting the established nature of the company. The loan facility has a tenure of […]
|By Arabian Post Staff| The Central Bank of the UAE confirmed that its working with the Saudi Arabian Monetary Authority (SAMA) on a joint project which constitutes a Proof-of-Concept (PoC) for experimenting with Blockchain technology to facilitate cross-border payments between the two countries. The PoC is still at an early stage and will help CBUAE gain a deeper understanding of the feasibility of distributed ledger technology in this […]
|By Arabian Post Staff| Cosco Shipping Ports and Abu Dhabi Ports inaugurated CSP Abu Dhabi Terminal at Khalifa Port; positioning Abu Dhabi as the regional hub for Cosco’s global network of 36 ports and further connecting the Emirate to the major trade hubs along the Belt and Road Initiative (BRI). The deepwater, semi-automated container terminal includes the largest Container Freight Station (CFS) in the Middle East, covering 275,000 square metres. The state-of-the-art […]
|By Arabian Post Staff| Abu Dhabi Securities Exchange (ADX), the region’s leading financial market, together with General Holding Corporation (SENAAT), one of the largest holding companies in industrial investment in the UAE, rang the market opening bell to celebrate the listing of the first tranche of SENAAT sukuk. Valued at $300 million (1.1 billion AED), it is the first of its kind dual listing between Abu Dhabi Securities […]
|By Arabian Post Staff| Global trade enabler DP World announced the successful closing of the acquisition of 100% of the Unifeeder Group, an integrated logistics company with the largest and best-connected feeder and growing shortsea network in Northern Europe with connectivity to approximately 100 ports. Unifeeder operates the largest and most densely connected common user container feeder and an important and growing shortsea network in Europe, serving both […]
|By Arabian Post Staff| The Arab Strategy Forum has issued a report that estimates the total cost of Iran’s nuclear programme to have exceeded US$500 billion since 2002.Furthermore, the costs of developing and operating infrastructure and facilities for the programme have added some US$50 billion to the bill. Specifically, the report states that the construction of the Bushehr Nuclear Power Plant accounted for the majority of the nuclear […]
|By Arabian Post Staff| French energy firm Total has secured 40 percent stake in aa major gas concession of Abu Dhabi National Oil Company (Adnoc). Under the terms of the agreement, Total will explore, appraise and develop the resources at the Ruwais Diyab Unconventional Gas Concession. Adnoc said the award is “an important milestone to reach the target of 1 billion cubic feet per day (bcfd) of unconventional gas […]
|By Arabian Post Staff| Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a growth in net profit of 9 per cent during the first nine months (January to September) of the year to AED 1.639 billion (US$ 446 million), compared to the same period in 2017 at AED 1.507 billion (US$ 410 million). Revenue for the first nine months of the year was […]
|By Arabian Post Staff|Smart Dubai and IBM announced the launch of the Dubai Blockchain Platform, the first government-endorsed blockchain platform as-a-service in the United Arab Emirates (UAE). Delivered through an IBM Cloud environment and built locally in the UAE, the enterprise-ready platform will serve as a stepping stone for organizations in the UAE and globally to transition their blockchain testing and development into full-production. It will also […]
|By Arabian Post Staff| DP World announced that Sir Richard Branson has decided to step down from his role as chairman of Virgin Hyperloop One, which has a project with the Dubai-headquartered global port operator to launch DP World Cargospeed–an international brand for hyperloop-enabled cargo systems to support the fast, sustainable and efficient delivery of palletized cargo. Virgin Hyperloop said Branson’s decision is based on the increased […]
|By Arabian Post Staff| Dubai CommerCity, a joint venture between Dubai Airport Freezone Authority (DAFZA) and the Wasl Asset Management Group, dedicated to e-commerce firms, says its investment value has increased by 18.5 percent to AED 3.2 billion with an increase in the total leasable area by 32.5 percent. Launched in 2017, Dubai CommerCity is an area of 2.1 million square feet located in Umm Ramool, an […]
|By Arabian Post Staff| Banks in the Gulf Cooperation Council (GCC) should continue to breathe a little easier in the year ahead. Barring any major increase in geopolitical risk or a sharp fall in oil prices, 2019 should mark a stabilization of GCC banks’ financial profiles, following three years of significant pressure, Standaard & Poor’s said in its latest review. What’s more, with the transition to IFRS […]
|By Arabian Post Staff|Dubai has annonnced the world’s first faciltiy to make Blockchain-based digital payments for school fees, bills and retail purchases. The digital currency has been launched in partnership between Blockchain payment provider Pundi X, Ebooc Fintech and Loyalty Labs along with Dubai’s Credit Bureau named emcredit. Consumers in Dubai, UAE will be able to use digital currency to make retail payments in-store, pay for government […]
|By Arabian Post Staff| New York: Demby Coin, the world’s biggest ICO, has debuted at an investor conference in New York, eliciting keen interest from investors looking for alternative investment opportunities. Demby Coin, which will power the world’s first ever all-inclusive marketplace with the combined effect of the likes of Amazone and Ebay, seeks to bring the much-needed liquidity into the crypto currency ecosystem, by enabling purchases […]
|Arabian Post Staff|Dubai continues to generate strong demand for premium office space according to new data released by global real estate consultancy firm CBRE. Total office stock in the emirate stood at 9.21 million sqm of gross leasable area (GLA) in the first half of 2018. This represents a 14% rise from levels recorded during the same period in 2014. Recent completions in the market further highlight […]
|By Arabian Post Staff|In a bid to achieve food security in developing countries and eradicate global poverty, Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has allocated nearly AED3.2 billion towards development projects in the agricultural and irrigation sectors. Representing 7 per cent of the total financial assistance contributed by the Fund in supporting developing countries to date, this assistance has allowed […]
|By Arabian Post Staff| Emirates is looking at taking over Abu Dhabi’s Etihad airline, Bloomberg reported quoting people familiar with the matter. If the plan materialises, it would create the world’s biggest carrier by passenger traffic. Bloomberg said the talks, which are at a preliminary stage, would see Emirates acquire the main airline business of Abu Dhabi’s Etihad, which would keep its maintenance arm. Both airlines initially declined […]
/ByArabian Post Staff/ The UAE Cabinet has announced that upon retirement, expatriates over the age of 55 will be granted a five-year retirement visa if they meet a set of clauses which include either having properties worth at least AED 2 million, a minimum of AED 1 million in savings or an active income of more than AED 20k per month. The law is said to come into […]
|By Arabian Post Staff| In an unusual move, Saudi Arabia’s sovereign wealth fund,which is a stake holder in Elon Musk’s Tesla, has invested $1 billion in rival Silicon Valley start-up Lucid Motors. This means the Saudis will benefit, irrespective of which new generation car company achieves leadership in this automobile sector. Lucid is set to start making its first model, the Air sedan, in 2020. The comapny […]
