Arabian Post Staff DP World said the Jebel Ali Free Zone (Jafza) witnessed a 12 per cent growth in its healthcare and pharmaceuticals customer base between 2019-2020. As one of the most important contributing sectors in the Free Zone, the healthcare and pharmaceuticals segment is one of the key economic pillars in Jafza. Spanning an area of around 170,000 sqm, and currently housing 174 companies from 41 countries, the segment […]
Arabian Post Staff The world’s newest anti-viral treatment for COVID-19, Sotrovimab, is now available for early treatment of certain categories COVID-19 patients in the UAE following a landmark agreement between the Abu Dhabi Department of Health, the country’s leading group purchasing organization (GPO) Rafed, and GlaxoSmithKline (GSK). With the arrival of the first shipment yesterday in Abu Dhabi airport, Abu Dhabi become the first location globally to […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) has listed 1 billion euros of bonds issued by Emirates Telecommunications Group Company PJSC (Etisalat Group) in two equal tranches maturing in 2028 and 2033. The bonds were more than six times over-subscribed. Etisalat Group’s 500 million euro 7-year notes mature on 17 May 2028 and carry a 0.375% coupon, while the 12-year 500-million-euro tranche matures on 17 May […]
Arabian Post Staff Although the dust from the latest, uneventful, OPEC+ meeting has settled, trader enthusiasm has not ebbed, as oil prices have risen to high levels. It’s remarkable that prices are so high with the pandemic not being yet fully behind us and the real news of the day is that strong prices keep their gains. The policy discipline that OPEC+ has shown and the confidence […]
Arabian Post Staff Low cost carrier Air Arabia reported a profitable first quarter (January to March) 2021 despite COVID-19 continued impact on the aviation’s industry financial and operational performance. The budget airline reported a net profit of AED 34 million for the three months ending March 31, 2021, a 52 percent less than the corresponding 2020 figure of AED 71 million. In the same period, the airline […]
Arabian Post Staff Trade enabler DP World has launched DUBUY.com, a global wholesale e-commerce platform. DUBUY.com is available first in Rwanda with plans to expand across Africa and around the world. DUBUY.com adds digital trading corridors to the physical corridors DP World has built across the African continent with its investment in ports, terminals and logistics operations. DUBUY.com is partnering with local businesses and the Rwandan Government […]
By Arabian Post Staff DP World Limited handled 18.9 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first quarter of 2021, with gross container volumes increasing by 10.2% year-on-year on a reported basis and up 9.6% on a like-for-like basis. The first quarter witnessed a strong start to the year and all three regions delivered growth, especially our terminals in India […]
Arabian Post Staff The United Arab Emirates (UAE) ranks 15th globally in Kearney’s 2021 Foreign Direct Investment (FDI) Confidence Index, up from 19th place in 2020. The UAE business environment demonstrates continued strengths in factors most important to investors, including government incentives for investors. The country’s strong enabling environment, featuring advanced technological infrastructure and high innovation levels, is also central to its FDI attractiveness. The UAE is one of only […]
Arabian Post Staff SHUAA Capital has led a USD 50 million structured Sukuk for Pure Harvest Smart Farms, the world-leading, sustainable technology-enabled agribusiness based in the UAE. SHUAA also co-invested in Pure Harvest through its managed funds as part of this funding round. SHUAA originated, structured and placed the innovative financing solution, which comprises a USD 50 million 3-year sukuk with embedded warrants. Simultaneously, Pure Harvest has […]
Arabian Post Staff SHUAA and its subsidiaries achieved an FY 2020 net profit attributable to shareholders of AED 125 million, up 168% year on year, with continued strong EBITDA generation of AED 349 million, up 89% year on year. Despite significant valuation adjustments across the Group’s listed and unlisted assets and portfolios, the results benefited from three consecutive quarters of profit. Assets under management increased to a […]
Arabian Post Staff By 2025, more than 75% of venture capital (VC) and early-stage investor executive reviews will be informed using artificial intelligence (AI) and data analytics, according to Gartner. “Successful investors are purported to have a good “gut feel” — the ability to make sound financial decisions from mostly qualitative information alongside the quantitative data provided by the technology company,” said Patrick Stakenas, senior research director at Gartner. “However, this […]
Arabian Post Staff Mohamed Said Guedi, Founder and Chairman of the diversified MSG group of companies, has been granted the 10-year golden visa by the UAE government. The honour is in recognition of his outstanding services as a businessman and entrepreneur who has helped grow several businesses from start-ups into multi-million dollar entities. Mr. Guedi is the first Djibouti national to receive the coveted golden visa. He […]
Arabian Post Staff Recent peace agreements signed in the Middle East – most importantly, the Abraham Accords, have paved the way to transform the region into an innovative knowledge-based economy with enormous growth opportunities, a session of the World Government Summit Dialogues was told. In the session moderated by Becky Anderson, CNN’s Managing Editor in Abu Dhabi, Nechemia Peres, Chairman of the Peres Center for Peace, and […]
Arabian Post StaffUAE According to the UN E-Government Survey 2020, the UAE’s telecommunications infrastructure ranks first in the Gulf, Arab Region and Western Asia, and seventh globally in the Telecommunications Infrastructure Index. In the Smart Services Index, the UAE ranks first in the Gulf, the Arab Region and West Asia, and the eighth in the world. The survey confirmed the UAE’s determination to provide services that meet […]
Arabian Post Staff Emaar Properties and Emaar Malls have announced a plan to merge the two units to become MENA’s largest integrated and diversified real estate company As part of the transaction, the existing business of Emaar Malls will be reconstituted in a wholly owned subsidiary of Emaar Properties and will continue to develop and hold a portfolio of premium shopping malls and retail assets, and Emaar […]
Arabian Post Staff The strong investment activity in the fintech sector continued in 2020, despite the global slowdown in venture capital deals caused by the COVID-19. According to data presented by AksjeBloggen.com, the cumulative value of funds fintech startups raised over time hit $121.7bn in February, a $20bn increase in a year. In 2018, fintech startups raised $31.3bn with the cumulative funding value reaching $71.3bn that year, revealed the […]
Arabian Post Staff Barclays and HSBC are in the top three banks in Europe investing in companies at high risk of being linked to the deforestation of the Amazon and Cerrado for cattle and soya production to feed factory farmed animals globally, according to a new report by World Animal Protection. International bank BNP Paribas was ranked number one. The report, Big Meat. Big Bucks. Bigger Harm, found that Barclays and […]
Arabian Post Staff Emaar Properties , the master developer of the Burj Khalifa, reported a revenue of AED 19.710 billion (US$ 5.366 billion) and net profit of AED 2.617 billion (US$ 712 million). Overall property sales were worth AED 10.902 billion (US$ 2.968 billion) of which AED 6.321 billion (US$ 1.721 billion) was achieved in UAE. The company attributed the performance to sustained interest from investors, both domestic […]
Arabian Post Staff Emaar Malls recorded revenue of AED 3.508 billion (US$ 955 million) in 2020, the company announced. Overall net profit in 2020 amounted to AED 704 million (US$ 192 million). Commenting on the results of the full-year results of 2020, Mohamed Alabbar, Founder of Emaar Properties and Emaar Malls said: ““Emaar Malls has emerged from 2020 in a much stronger position, having faced some of […]
Arabian Post Staff The Dubai Financial Services Authority (DFSA) announced punitive action against a former relationship manager at a DFSA authorised firm. On 17 September 2020, the DFSA decided to take enforcement action against Ashish Bhandari, the emoployee concerned, for being knowingly involved in breaches of Anti-Money Laundering (AML) legislation from 2011 to 2013 and for obstructing the DFSA in 2017 and 2018. The DFSA has fined […]
Arabian Post Staff The Abu Dhabi Securities Exchange (ADX) announced that it is reducing overall trading activity fees on all exchange transactions as part of its “ADX One” strategy to double the market capitalization of companies listed on the exchange in the next three years. The new pricing structure will be the second time the exchange has reduced its charges in the past two years to enhance market […]
Arabian Post Staff The Dubai Financial Services Authority (DFSA) announced that it has suspended the licence of Red Spear Capital (DIFC) Limited (Red Spear) for a period of 12 months, consistent with its aim of protecting direct and indirect users of the financial services industry in the DIFC. Red Spear’s licence was suspended due to serious concerns about the adequacy of its financial resources, its non-compliance with the […]
Arabian Post Staff | SHUAA Capital announced that it has successfully completed a debt buyout of Stanford Marine Groups AED 1.13 billion (USD 308 million) facility, resulting in a successful outcome for all parties involved, including the participating banks. SMG is one of the most prominent and diversifed offshore services companies in the Middle East, with a focus on chartering, building and repairing offshore support vessels for the […]
Arabian Post Staff Dubai Airports, operator of Dubai International (DXB) and Dubai World Central (DWC), and GMR Hyderabad (GMR-HYD) have joined forces to create a Covid-19 vaccine distribution corridor. Home to 88 global airlines including Dubai’s flagship carrier Emirates, and 12 international and 400 local and regional freight forwarders, Dubai Airports with its interlinked cargo facilities at DXB and DWC and in partnership with dnata cargo, the […]
