By Arabian Post Staff The Dubai Gold & Commodities Exchange (DGCX) and the Multi Derivatives Exchange Nepal (MDX), a proposed derivatives exchange in Nepal that has applied for a regulatory license from SEBON to operate a commodities and derivatives exchange, today announced the signing of a Memorandum of Understanding (MoU), agreeing to collaborate and share knowledge on areas of mutual benefit surrounding commodity trading. DGCX and MDX will […]
Arabian Post Staff A UAE bid to become a globally recognized internet security watchdog, empowered to certify the safety of websites for Firefox users, has failed with the browser maker Mozilla rejecting the country’s bid. Websites seeking designation as safe by internet browsers have to be certified by an outside organization, which will confirm their identity and vouch for their security. Mozilla said it made the decision […]
By Arabian Post Staff The return of Qatari and Saudi Arabian issuers to the market and high levels of liquidity in Indonesia as well as Turkey’s efforts to tap all available financing sources have boosted issuance of sukuk 17.6% in the first five months of 2019. Foreign currency issuances also increased 15.6% during the period, explained primarily by Turkey’s issuances but also issuances by Qatari banks and […]
By Arabian Post Staff ENOC Group has secured a five-year US$690 million term loan from a Chinese consortium of banks as China’s biggest financial institutions endorse the Group’s operational and financial health. The term loan will finance general corporate purposes as ENOC continues to fuel the local economy through its business divisions in exploration & production, supply & operations, terminals, fuel retail, aviation fuel and petroleum products […]
Arabian Post Staff Saudi Arabia’s economy is expected to pick up in 2019 but a global economic slowdown and its potential impact on the global oil market could impact growth, the Kingdom’s central bank said. Saudi Arabia’s economy grew by 2.2 percent in 2018, driven by the oil sector, compared to a decline of 0.7 percent in 2017, the Saudi Arabian Monetary Authority (SAMA) said in a […]
By Arabian Post Staff Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, according to Rystad Energy. Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates (UAE) this weekend, sending crude futures sharply up Monday morning. Commenting on the incident, Bjørnar Tonhaugen, Head of Oil Market Research at Rystad […]
/Arabian Post Staff/ Emirates Group, which operates Emirates Airline – the world’s largest international carrier – reported a 44 percent decline in profits to US$631 million (Dh2.3 billion) in 2018-19 financial year ending March 31, 2019, despite achieving a 7 percent growth in revenue to reach US$29.8 billion (Dh109.3 billion). In line with the overall profit, the Group declared a dividend of Dh500 million (US$136 million) to its shareholder, […]
|By Arabian Post Staff|The Islamic gold market is set to expand, develop and flourish – benefiting investors, product providers and the entire Islamic finance world, the World Gold Council has said in a report citing research commissioned by the council. The research was conducted as part of the council’s efforts to help develop a market for Shari’ah-compliant gold-backed products following the launch of the AAOIFI Shari’ah Standard […]
|By Arabian Post Staff| A new whitepaper published by Dubai Chamber of Commerce and Industry on start-ups has called for closer cooperation between universities, government agencies and investment funds to expand the scope of investments that can support the growth of startups in the UAE. The whitepaper has been published in collaboration with Roland Berger. The findings were released during Dubai Startup Hub’s Entrepreneurship Advocacy event series. […]
|By Arabian Post Staff| Emaar Group is marking an industry-first by leveraging the significant potential of blockchain technology with plans to offer the Emaar community token for customers and partners by the year end. This highlights Emaar’s intense focus on innovation and providing the most complete experience to drive customer service, loyalty and referral across its businesses, thereby enhancing customer satisfaction, growth and profitability. Emaar grew revenues […]
|By Arabian Post Staff|In a pivotal geopolitical shift, the United States will soon export more oil and liquids than Saudi Arabia. This remarkable turnaround is made possible by the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast. The US has for decades relied on large-scale imports to satisfy its thirst for oil, but this is about […]
|By Arabian Post Staff| The shareholders of National Central Cooling Company have approved a dividend of 9.5 fils per share for the financial year ending 31 December 2018. Driven by the company’s strong and consistent performance in 2018, this represents a 19% increase on the previous year’s pay out. The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), chaired by Khaled Abdulla […]
|By Arabian Post Staff| The current global energy transition is driving an “inevitable geopolitical shift” and creating “unique opportunities not seen in generations,” according to a Winton Group-backed advanced energy investment firm. This analysis by Dr Erich Becker, Founder and Managing Partner of London-based energy investment firm, Exergy Capital, comes as momentum builds across the world on the seismic shift towards cleaner energy sources, and with oil […]
|By Arabian Post Staff| Cyprus could turn into an important gas hub and might consider constructing a land-based natural gas liquefaction plan after the impressive string of major discoveries in the area. ExxonMobil and partner Qatar Petroleum announced the major gas discovery offshore Cyprus this week. According to Rystad Energy’s senior upstream analyst Palzor Shenga, the Glaucus-1 and the neighboring discoveries Aphrodite and Calypso will collectively add […]
|By Arabian Post Staff| 5G is expected to reach 30 million subscriptions for enhanced mobile broadband in the Middle East and Africa (MEA) by the end of 2024, representing 2% of total mobile subscriptions. This will make 5G the fastest generation of cellular technology to be rolled out on a global scale, according to the new MEA edition of the Ericsson (NASDAQ: ERIC) Mobility Report. Key drivers […]
|By Arabian Post Staff| Aldar Investment Properties announced it has agreed to acquire full ownership of Etihad Plaza and Etihad Airways Centre in an AED 1.2 billion transaction with Etihad Airways. As part of the deal, Etihad will take 100% ownership of Etihad Airways HQ. The three properties were previously held in three 50/50 joint ventures between Aldar Properties and Etihad. The transaction is expected to complete […]
|By Arabian Post Staff| OYO Hotels & Homes signed an MoU with Saudi Arabia’s Public Investment Fund, which reiterates OYO’s commitment to the Kingdom and the business potential it sees in the market. OYO Hotels & Homes also confirmed the launch of its operations in Saudi Arabia. It is also noteworthy that OYO is one of the first Public Investment Fund and SoftBank Vision Fund backed company […]
|By Arabian Post Staff| International Holdings Company, one of the UAE’s foremost holding companies with investments in diversified operating businesses, signed today an Implementation agreement to acquire PAL Cooling Holding LLC (PAL) – subject to final shareholders and regulatory approval – which allows International Holdings Company to enter into the utilities market. The acquisition will see the two companies conduct a share-swap arrangement, with IHC acquiring PAL’s […]
|By Arabian Post Staff|ENOC Group has announced a strategic alliance with Indian Oil Company (IOC), the largest commercial oil and gas company in India worth US$63 billion, in a joint effort to expand its global footprint while building on IOC’s R&D infrastructure to mitigate future manufacturing challenges. The ENOC-IOC partnership includes R&D efforts, to jointly develop cylinder oil compliant to the Sulphur cap of 0.5 percent from […]
|By Arabian Post Staff| Dubai Land Department (DLD) announced the launch of the Smart Audit initiative that allows the completion of real estate transactions on the same day. This comes as part of its tireless efforts to develop and formulate modern 10X initiatives that guarantee the smooth provision of services to its customers, ensuring their comfort. During the first week of the evening audit, more than 112 […]
|By Arabian Post Staff|Home Owners Direct (HOD) has launched a new e-marketplace platform -HOD.co – that directly connects property owners with buyers, tenants and developers. Placing total control of property deals in the hands of the consumers, the platform will help deliver significant savings for users with zero commission to be paid on any property deal as it is directly made between the two parties. Democratising the […]
|By Arabian Post Staff| DP World announced the acquisition of the holding company of P&O Ferries and P&O Ferrymasters (together P&O Ferries) for a purchase consideration of about $420 million, implying a 2017 EBITDA valuation multiple of 6.1x. P&O Ferries is a pan-European integrated logistics business consisting of a market leading roll-on roll-off (Ro-Ro) ferries operation and a European transportation and logistics solutions provider, P&O Ferrymasters. P&O […]
|By Arabian Post Staff|The Port Fund announced it has finally secured the release of $496 million in investor funds that have been frozen at Noor Bank in Dubai for over 14 months, allowing the fund to immediately begin repaying its investors. The money consists of proceeds earned by The Port Fund through the 2017 sale of a development project in the Philippines. In November 2017, as the proceeds of that sale were being […]
|By Arabian Post Staff|The IMF has stressed that the external downside risks to the UAE’s outlook have risen and encouraged the authorities to continue their efforts to bolster economic growth and safeguard macro-financial stability. In this context, the Fund stressed the importance of increasing supervisory vigilance and strengthening management of contingent liabilities from borrowing by government-related enterprises, government guarantees, and public-private partnerships. The IMF advice came in […]
