Arabian Post Staff Oil prices are currently ruling at such levels that they carry quite some risk for traders, with today’s wild fluctuation illustrating their fragility and vulnerability to market developments. As Monday’s OPEC+ policy decision does not relieve the market tightness further in coming months, oil prices continued their stunning rally this morning. Despite the bullish morning, the API estimate that US crude stocks built last […]
Arabian Post Staff Bank of America has launched its digital asset research with the publication of a report entitled “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy. Digital assets represent a $2 trillion+ market value with 200 million+ users, and have the potential to transform every industry by improving efficiency and reducing friction across transactions. Hundreds […]
Arabian Post Staff The United Arab Emirates Space Agency announced the commencement of a new Emirati interplanetary mission, designed to further accelerate the young nation’s space engineering, scientific research and exploration capabilities and drive innovation and opportunity in the country’s private sector. Built on the knowledge and experience gained from the Emirates Mars Mission (EMM), the new mission will involve significant participation from Emirati private sector companies. […]
Arabian Post Staff During September, the Dubai Gold and Commodities Exchange (DGCX) once again registered a high monthly Average Open Interest (AOI), amounting to 154,629 contracts. Open interest is an indicator of the total number of futures contracts held by market participants at the end of the trading day – and the significant increase over the last few months reflects a growing appetite from market participants. Following […]
Arabian Post Staff The new water feature is a star attraction at Dubai Expo 2020. Thunderous music, climbing and falling water waves, synchronised with haunting melodies, combine to weave a certain magic for the spectators. The mechanics of the installation creates the illusion that the water is shooting in reverse from the sides as it rises above spectator’s heads before falling to their feet. The installation is […]
Arabian Post Staff Expo 2020, which just got under way with the kind of fanfare typically characteristic of Dubai, is expected to lead to a significant rebound in tourism and other domestic economic activities. The prestigious show is also expected to greatly add to the emirate’s attraction for highly skilled professionals and support private sector employment, increase trade and foreign investment, and harness the benefits of technology, […]
Arabian Post Staff IMF has forecast a gradual recovery by the UAE economy in 2021, supported by the country’s early and strong health response, continued supportive macroeconomic policies, and rebound in tourism and domestic activity related to the delayed Expo 2020. The Fund expects non-oil GDP growth to exceed 3 percent this year, and to improve further in the medium-term, while oil GDP will continue to grow […]
Arabian Post Staff Residential property values in the UAE’s two largest cities, Dubai and Abu Dhabi, have expanded at their fastest pace since 2015, according to provisional data for the third quarter from global property consultancy, Knight Frank. According to Faisal Durrani, Partner – Head of Middle East Research, the UAE’s decisive, rapid and world leading response to the pandemic has caught the attention of the world’s […]
Arabian Post Staff Dubai’s non-oil external trade surged 31 percent in the first half of 2021 to reach AED722.3 billion from AED550.6 billion in the corresponding period in 2020. Exports grew 45 percent year on year (YoY) in H1 2021 to AED109.8 billion from AED75.8 billion, which supports the goal of the 10 x 10 programme (one of the nation’s ‘Projects of the 50’ initiatives) to increase […]
Image Source Running a business is no simple task. Sure, there are countless benefits that come hand in hand with being your own boss and running your own company. You get to choose your working style. This includes choosing your working hours, choosing when you want to take breaks and choosing when you want time off. You get to choose what kind of industry you specialise and […]
Arabian Post Staff The Abu Dhabi Emergency, Crisis and Disasters Committee for the Covid-19 Pandemic has approved home quarantine without the use of wristbands for international travellers and those in contact with positive cases, effective Sunday, 19 September 2021. Positive cases must still wear a wristband. The decision follows implementation of enhanced precautionary measures. The committee has approved continued strict adherence to home quarantine procedures and required […]
Arabian Post Staff UAE headquartered investment group Yas Holding has completed the acquisition of Gulf Inject LLC (GI) from Ras Al Khaimah-based Gulf Pharmaceutical Industries (Julphar), a listed UAE-based pharmaceutical company. The 100% acquisition, which includes Gulf Inject’s Jebel Ali Free Zone branch, was completed through Yas Holding’s dedicated healthcare investment vehicle, GlobalOne Healthcare Holding LLC (GHH). GHH’s healthcare portfolio includes biopharma, manufacturing, medical supply chain, hospital […]
Arabian Post Staff Swvl Inc., a Dubai-based provider of transformative mass transit and shared mobility solutions, announced that several investors, including Agility and Chimera Abu Dhabi, have completed the pre-funding of $35.5 million of the aggregate PIPE subscription raised in connection with the Company’s proposed business combination with Queens Gambit Growth Capital (NASDAQ: GMBT). Swvl is executing a comprehensive growth strategy with the goal of realizing approximately […]
Arabian Post Staff Emaar Malls recorded an increase in net profit by 80 per cent to AED 622 million (US$ 169 million) during the first six months (January to June) of 2021, compared to a net profit of AED 345 million (US$ 94 million), during the same period in 2020. Revenue for H1 2021 amounted to AED 2.048 billion (US$ 558 million), an increase of 23 per […]
Arabian Post Staff Anghami Inc, the music streaming platform and service in the Middle East and North Africa, and Vistas Media Acquisition Company Inc., a publicly traded special purpose acquisition company led by CEO F. Jacob Cherian and co-founders Saurabh Gupta and Abhayanand Singh, announced they have sought regulatory approval for their proposed business combination. The business combination is subject to customary closing conditions, including the approval […]
Arabian Post Staff Lucid Group, which is setting new standards for sustainable mobility with its advanced luxury EVs, today became a publicly listed company trading on the Nasdaq Global Select Market with its Class A common stock and public warrants listed under the new ticker symbols “LCID” and “LCIDW,” respectively. Lucid completed the previously announced merger with Churchill Capital Corp IV on July 23, 2021. The combined […]
Arabian Post Staff Trump’s former inaugural chairman Tom Barrack has been indicted for illegally promoting the interests of UAE by building a backchannel to senior US officials, US media reports said. According to Bloomberg, Barrack and two of his associates were charged with failing to register as foreign agents for work they allegedly did to promote the United Arab Emirates’ foreign policy interests and increase its political […]
Arabian Post Staff Pirelli has launched a new type of tyre dedicated primarily to electric or hybrid cars and SUVs. Made to support the weight of new vehicles equipped with batteries, the tyre is perfect for heavier vehicles, such as electric cars. It is designed to provide low rolling resistance as well as a high level of driving comfort. The new tyre features the HL (high load) […]
Arabian Post Staff CARS24, one of the world’s fastest-growing e-commerce platforms for pre-owned vehicles, has entered the UAE. The company has invested heavily on its technology framework and has become one of the first companies in the UAE to provide a seamless car buying experience entirely online. A customer can browse through thousands of cars, identify and book their favourite car, complete the full payment and documentation […]
Arabian Post Staff The Armenian National Interests Fund (ANIF) and Sharjah’s low cost carrier Air Arabia announced the signing of an agreement to launch Armenia’s new national airline. The agreement will see the establishment of an independent joint venture company that will operate as a low-cost passenger airline with Yerevan’s Zvartnots International Airport (EVN) as its base. The announcement was made following a signing ceremony and a […]
Arabian Post Staff The Dubai Financial Services Authority (DFSA) has published a Decision Notice against Ashish Bhrugu Dave , a former Chief Financial Officer (CFO) of the Abraaj Group, imposing a penalty of USD 1,700,000 (AED 6,243,250). The notice also prohibits and restricts Dave from performing any function in connection with the provision of financial services in or from the DIFC. Dave was the Abraaj Group CFO […]
Arabian Post Staff Dubai Collection has announced details of the first artworks to be accepted into the recently launched initiative, designed to build an institutional art collection for the Emirate of Dubai through a new and innovative partnership model. Dubai Collection is a community-led and collaborative scheme that allows patrons to lend their works while retaining legal ownership, in addition to benefitting from expert advice to support […]
Arabian Post Staff DP World has announced that it has made an offer to acquire JSE-listed Imperial Logistics, an integrated logistics and market access company with operations mainly across the African continent and in Europe. The acquisition will enhance DP World’s capabilities, particularly in Africa, building on its extensive infrastructure of ports, terminals and economic zones. It will also significantly accelerate DP World’s transformation into an advanced […]
Arabian Post Staff Dubai International Financial Centre (DIFC) has announced new Intellectual Property Regulations (IP Regulations) with effect from 5 July 2021. The introduction of the regulations reflects the Centre’s continuing commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practice. It also supports DIFC’s focus on fostering innovation by identifying and protecting intellectual property rights, which is of key importance […]
