Abu Dhabi Securities Exchange (ADX) announced that Palms Sports P.J.S.C has listed its shares on ADX’s Second Market under the trading symbol PALMS, and trading begins on the shares today. The company’s nominal value of share capital is AED 150 million, with each share having a nominal value of AED 1. This is the fifth listing on ADX in 2020. Arabian Post Staff Palms Sports, a subsidiary of the […]
Arabian Post Staff On the back of ongoing market volatility and major global events, the Dubai Gold and Commodities Exchange (DGCX) continued to register strong trading activity during the month of November 2020. DGCX’s G6 currencies portfolio continued its strong performance from the previous month, and markedly recorded a year-to-date (Y-T-D) growth of 364% as compared to the same period last year. Among the G6 currency pairs, […]
Arabian Post Staff The Financial Markets Tribunal (FMT) has upheld enforcement action taken by the Dubai Financial Services Authority (DFSA) against Dr Mubashir Ahmed Sheikh for serious misconduct including misleading and deceptive behaviour. Following a five-day hearing in April of this year, the FMT issued its decision on 20 October upholding the DFSA’s findings and imposing the following sanctions, which include a fine of $225,000; a direction […]
Arabian Post Staff Ras Al Khaimah International Airport is gearing up to receive the first commercial flights from Indian value carrier SpiceJet on November 26, 2020. The development signals a steady return to normal economic activity following the COVID-19 pandemic, spokespersons for the two operations said, noting that with SpiceJet’s connection to 28 destinations across the Indian sub-continent and RAK Airport’s position as an expanding travel and […]
Arabian Post Staff DAMAC Properties Dubai Co. announced a net loss of AED 931 millon for the first nine months of 2020. Total revenue stood at AED 3.7 billion vs AED 2.8 billion in 9M 2019. Booked sales for the period stood at AED 1.6 billion vs AED 2.4 billion for the similar period last year. In the same period of the previous year, the company had […]
Arabian Post Staff DP World and Messe Frankfurt’s Hypermotion have announced a global partnership that will drive innovation and the use of digital technology in logistics and mobility. Hypermotion, as the multimodal innovation platform for smart solutions and future transport systems, brings together innovators, providers and users who set new standards for tomorrow’s logistics and mobility. With this announcement, DP World has become a global partner of […]
Arabian Post Staff PricewaterhouseCoopers forecasts that the leisure and entertainment industry in the UAE has a market potential that will reach 45 million visitors by 2021. Of the Middle East’s diverse verticals in tourism, one that stands out for its immense potential is that of theme parks. As per pre-COVID-19 estimates, the Dubai theme parks industry could generate about $5 billion (Dh18.3 billion) as annual revenue by […]
Arabian Post Staff IMF Managing Director Kristalina Georgieva has praised GCC countries for what the have done on the digital front. Speaking at the Meeting of the Ministers of Finance and Central Bank Governors of GCC, she said full standalone 5G wireless in the region will enable remote work, education, telemedicine, and e-government. “You can pursue with even more imagination the application of technologies to be even […]
Arabian Post Staff The Abu Dhabi National Oil Company (ADNOC) announced the launch of AIQ, its Artificial Intelligence (AI) joint venture (JV) company with Group 42 (G42), an Abu Dhabi-based AI and cloud computing company. The completion of the formation of AIQ follows the signing of the JV agreement between ADNOC and G42 in November 2019 with ADNOC holding a 60-percent stake and G42 a 40-percent stake […]
Arabian Post Staff Dubai Airport Free Zone Authority (DAFZA) announced the signing of a memorandum of understanding with the Israeli Federation Israeli Chambers of Commerce (FICC) to define frameworks for bilateral cooperation between the two sides in the field of encouraging and supporting Israeli companies to establish their businesses and take advantage of commercial and investment opportunities and incentives. They were presented by the Dubai Airport Free […]
Arabian Post Staff Abu Dhabi’s sovereign investment company Mubadala and Barings, one of the world’s leading financial services firms, announced the formation of Barings Mubadala Enterprise (BME) – an evergreen origination platform seeking to provide financing solutions to European middle-market businesses. BME and its capital partners aim to provide $3.5 billion in financing over the next 18 months to help meet growing corporate demand for flexible capital solutions in Europe. […]
Arabian Post Staff DP World and Bank Leumi, Israel’s oldest banking corporation and one of the leading institutions in the region, have signed a Memorandum of Understanding (MOU) to work together to enhance trade and logistics in Israel and promote the flow of trade between Israel and the wider region. The MOU includes a framework for collaboration which will enable the parties to explore potential opportunities including […]
Arabian Post Staff DP World and Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, have announced the expansion of their ports and terminals investment through a new commitment of US$4.5 billion (CA$6 billion), that will increase the total size of the platform to US$8.2 billion (CA$ 10.6 billion). DP World holds 55% share of the platform, and CDPQ the remaining 45%. Since its […]
Arabian Post Staff The Dubai Gold and Commodities Exchange (DGCX) saw a spike in trading of its precious metals portfolio in August, as investors and market participants turned towards safe-haven assets amidst continuing global economic uncertainty and a weakening US dollar. Last month, the DGCX saw its flagship Gold Futures product record year-to-date (YTD) volume growth of 47.64% compared to the same period last year, whilst its […]
Arabian Post Staff UAE Minister of State for Food and Water Security Mariam Al Mheiri and Israel’s Minister of Agriculture and Rural Development Alon Schuster discussed the great opportunities that lay ahead for both countries as a result of the Peace Accord. This discussion solidifies UAE efforts in supporting the principles of Peace, Tolerance and Fraternity in the MENA region. The two ministers pledged to collaborate on […]
COUNTRY LATEST UPDATES Saudi Arabia Covid-19 pandemic latest: Total confirmed cases: 301,323 Recoveries: 272,911 Deaths: 3,470 Actions to slow the spread of Covid-19: 3 August: Pilgrims returning from Hajj must quarantine for 14 days and will be monitored using electronic bands to ensure compliance. 28 July: Health Ministry to assign a health leader for every 50 pilgrims at this year’s scaled-back […]
Arabian Post Staff Unifeeder, through its Unifeeder ISC (Indian Subcontinent) platform, a majority owned subsidiary of DP World Limited, today announced the acquisition of Transworld Feeders FZCO, Avana Logistek Limited, including its subsidiary Avana Global FZCO, and Transworld Feeders Pvt. Ltd., the containerised Indian coastal and EXIM feeder shipping operations of Shreyas Shipping and Logistics Limited, excluding vessels and bulk operations. The transaction is subject to regulatory […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) announced that Chimera Capital LLC’s Exchange Traded Fund (ETF) has listed on the exchange. The ETF has been designed to replicate the S&P UAE Domestic Shariah Liquid 35/20 Capped Index. The index is provided by S&P and tracks the performance of UAE-based Shariah compliant liquid equities, opening up a new and increasingly demanded asset class to investors seeking exposure […]
Arabian Post Staff Emaar Properties demonstrated a resilient performance in H1 2020 by recording revenue of AED 9.032 billion (US$ 2.459 billion) across its assets in the first half of the year (January-June) and net profit of AED 2.007 billion (US$ 546 million), despite the impact brought to bear by the COVID-19 pandemic on the global economy. Emaar delivered half-yearly property sales of AED 5.120 billion (US$ […]
Arabian Post Staff UAE’s leading industrial manufacturer Ducab Group has announced that overall profitability for the first six months of 2020 has been maintained as compared to same period last year, due to the resilience of its diversified cables and metals business with all manufacturing based in the UAE. Jointly owned by ADQ (through Senaat) and ICD, with six manufacturing facilities across four sites in the UAE, […]
Arabian Post Staff DIFC FinTech Hive has attracted an unprecedented 620 global, regional and local applications for the signature programme. The 620 applications for the intake, exceeds the previous record of 425 applications, received in 2019. The applications represent an exceptionally broad range of concepts, submitted by an impressive pool of talent which reflects DIFC’s reputation for nurturing financial innovation. Specialisms include FinTech, InsurTech, RegTech and Islamic […]
Arabian Post Staff Middle East M&A deal values and volume decreasing by 58% and 26% respectively from H1 2019, according to the latest report by law firm Baker McKenzie. Despite this significant drop in Middle East M&A activity, there was a slight increase in total transaction values during the last two months of H1 2020 (May and June), from $2.649 billion in H1 2019 to $33.501. Deal-making […]
Arabian Post Staff Dubai International Financial Centre (DIFC) has signed a Memorandum of Understanding (MOU) with Jiaozi Fintech Dreamworks, one of China’s first Fintech innovation and entrepreneurship platforms. The MOU will enable the DIFC to further support the UAE in facilitating the ‘Belt and Road’ economic initiative and forms a central part of the Centre’s 2024 strategy to strengthen relationships with the international financial community and increase […]
Arabian Post Staff Dubai and Sharjah have won endorsement by the the World Travel & Tourism Council (WTTC) for using to the world’s first ever global safety and hygiene stamp, launched the world travel and tourism organization. Other popular holiday hotspots achieving this include Indonesia and Spanish summer sun destinations including Alicante and Benidorm. WTTC, which represents the global travel & tourism private sector, created the Safe […]
