|By Arabian Post Staff| After a landmark ruling in Germany last week that social media accounts can be inherited by a person’s beneficiaries, DIFC has announced that those who register inheritance Wills with the authority can include such assets in their Wills. Lawyers and lawmakers around the globe have been grappling with the legal status of online assets, not just personal data on sites such as Facebook […]
|By Arabian Post Staff|Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announced closure of the transaction to acquire 90% stake in Continental Warehousing Corporation (Nhava Seva) Ltd. CWCNSL’s founders, the Reddy family, will retain the remaining 10% shareholding and will remain involved in the business operations. It is the first investment of HIPL, the recently created […]
|By Arabian Post Staff| Noon, the Middle East’s homegrown digital marketplace, announced the launch of two entities in China, one on the mainland and the other in Hong Kong, kick starting noon’s Asia operations. In China, noon aims to establish a trusted network of high-quality Chinese brand owners with unique offerings, to bring the best range of products to customers in the Middle East. A dedicated noon […]
|By Arabian Post Staff|Dubai World Trade Centre (DWTC) announced up to 70 per cent reduction on licensing and incorporation fees within the DWTC Authority (DWTCA), a free zone offering offshore licenses for businesses, and One Central, the lifestyle development at the heart of Dubai’s Central Business District, to spur business and benefit multi-sector growth. DWTC’s programme seeks to provide highly competitive offerings with the twin objectives of […]
|By Arabian Post Staff|Dubai-based KEF Infra, part of the KEF Holdings owned by Non-Resident Indian billionaire Faizal E. Kottikollon, has merged with Katerra, a US-based family-owned construction technology business to create a US$3.75 billion conglomerate with US$8.5 billion order book. Prior to the merger, KEF Infra had US$250 million orderbook and $400 million work in the pipeline in India where the company gradually started to change the […]
|By Arabian Post Staff| The Sharjah Petroleum Council (SPC) announced it is inviting petroleum exploration and production companies and investors to bid in an inaugural onshore acreage licencing round covering three Concession areas. SPC has appointed Sharjah National Oil Corporation (SNOC) to conduct the licencing round, which will open on 25th June,offering companies 30-year contracts with a 10-year extension. “Sharjah has always strongly supported private investment, providing the appropriate economic environment to encourage sustainable […]
|By Arabian Post Staff| Abraaj Holdings, Abraaj Investment Management Limited and Colony Capital, Inc., through the Group’s Joint Provisional Liquidators, PricewaterhouseCoopers and Deloitte, announced that they have reached agreement on the principal terms for the sale and purchase of the Group’s Latin America, Sub Saharan Africa, North Africa and Turkey Funds management business and the Group’s Limited Partnership interests in the underlying Funds, along with staff in the eight offices being […]
|By Arabian Post Staff| Saudi enforcement courts revealed the recovery of more than 3.4 billion dollars (around 13 billion Saudi Riyals) after enforcing a number of foreign rulings. The rulings came from foreign arbitration committees and foreign courts from a number of countries around the world concerning individuals, companies and entities inside the Kingdom. The most recent one came from a Court in Virginia, forcing a Saudi tourism company to pay $3,758,000 (SAR […]
By Arabian Post Staff Macro economic and market conditions remained stable in the UAE in 2017 and the global and domestic economic growth and outlook improved during the year. In financial markets, the money market spreads, dirham-dollar forward points and credit market spreads narrowed reflecting ample liquidity and confidence in the UAE financial system. The UAE’s economic growth and outlook showed an improvement in 2017, but the […]
|By Arabian Post Staff| Emirates Group reported a 67 percent jump in net profits to $1.1 (Dh4.1 billion) billion in 2017-18 financial year ending March 31, 2018 compared to the previous year, with revenues reaching $27.9 billion (Dh102.4 billion), crossing the Dh100 billion mark for the first time in the history of the 32 year old airline group that includes Emirates Airline and its ground handling and ticketing arm, […]
|By Arabian Post Staff| After two decades, Sony Corporation has registered historically high consolidated operating income of US$6.6 billion (¥734.9 billion) in fiscal year 2017, a 2.5-fold increase compared to the previous year. The company’s consolidated sales and operating revenue was US$77.04 billion (¥8.54 trillion), registering a 12 per cent rise compared to FY16. Sony also reported net income of US$4.4 billion (¥490.8 billion), which was 6.7 times […]
|By Arabian Post Staff| Sixty-nine percent of adults in the UAE work full-time for an employer – the highest rate in the world. However, a much lower percentage, 12%, have full-time jobs that engage them. These are some of the findings from global analytics and advice firm Gallup’s new global job figures,. The new report examines the distribution of quality jobs across the world. While the percentage of adults with […]
|By Arabian Post Staff| Emaar Properties recorded revenue for the first three months of 2018 of Dh5.58 billion (US$1.52 billion), 37 per cent higher than the first quarter of 2017 revenue of Dh4.07 billion (US$1.109 billion). This was led by significant progress achieved on projects under construction and the growth in malls and hospitality businesses. Emaar’s net profit grew by 20 per cent to Dh1.66 billion (US$453 […]
|By Arabian Post Staff| Abu Dhabi Commercial Bank (ADCB) reported a 9 per cent increase in its net profit for the first quarter of 2018 as net interest income and income from Islamic financing rose. The bank reported Dh1.2 billion in profit for the first three months, up from the Dh1.1 billion in net profit in the same period of 2017. The earnings are marginally higher than analyst […]
|By Arabian Post Staff| In another setback to the region’s most high-profile private equity firm, state-owned Mubadala is reported to have halted talks to buy Abraaj’s investment business. Abraaj is facing an investigation by investors into how it used some of their money. Abraaj has been trying to sell some or all of the unit following a row with four investors, including the Bill & Melinda Gates Foundation […]
|By Arabian Post Staff| The GCC’s first and the world’s only Shari’ah Compliant Spot Gold contract (DGSG), was listed on the DGCX on March 29th. The contract opened with world-record Exchange traded Shari’ah Compliant Gold volumes on the first day of trading. The product traded volume of 84 Kilograms worth USD 3.56 million, on its opening day. The contract’s launch follows months of planning and preparation for the […]
|By Arabian Post Staff|The Saudi Stock Exchange (Tadawul) announced FTSE Russel has decided to classify Tadawul as a “Secondary Emerging” market in the FTSE Global Equity Index Series, moving up from its previous status as “Unclassified”. This decision followed a series of market enhancements introduced by Tadawul and the Capital Market Authority (CMA) over the past two years. These developments have fulfilled market quality criteria set by […]
|By Arabian Post Staff|Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announces the acquisition of a 90% stake in Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL), an integrated multimodal logistics player in India. CWCNSL’s founders, the Reddy family, will retain the remaining 10% shareholding and will remain involved in the business operations. The purchase consideration is […]
|By Arabian Post Staff|Global trade enabler DP World announced strong financial results for the twelve months ending 31 December 2017. On a reported basis, revenue grew 13.2 percent and adjusted EBITDA increased 9.1 percent with adjusted EBITDA margin of 52.4 percent, delivering profit attributable to owners of the company of $1,209 million, up 7.3 percent, and EPS of 145.6 US cents. On a like-for-like basis, revenue grew […]
|By Arabian Post Staff| Abraaj Group, the Middile East’s biggest private equity firm, is facing the biggest crisis in its history, with a number of major management changes and top-level resignations. According to reports, chief financial officer Ashish Dave has left the company and two other other senior executives are also preparing to leave. The investment firm, which manages $13.6 billion in assets, is also considering a […]
|By Arabian Post Staff| The Abu Dhabi National Oil Company (ADNOC) announced the signing of two historic agreements awarding Italy’s multinational oil and gas company Eni stakes in two of Abu Dhabi’s offshore concession areas. Eni joins an Indian consortium, led by ONGC Videsh, and Japan’s INPEX as stakeholders in the Lower Zakum concession. The awards mark the first time an Italian energy company has been given concession rights in Abu Dhabi’soil and gas sector. […]
|By Arabian Post Staff|Emirates NBD plans to raise its share capital by up to 7.35 billion dirhams ($2 billion) through the issuance of new shares, as Dubai’s largest lender prepares to bid for Turkey’s Denizbank. The bank said in January it had started initial strategic talks with Sberbank about a possible purchase of the Russian lender’s stake in Turkey’s Denizbank. The share hike, announced on Sunday, was […]
|By Arabian Post Staff|The most popular area for renting an apartment in Dubai was Dubai Silicon Oasis, according to Bayut.com’s latest survey. Rents for 1 and 2 beds here were AED 55k and AED 80k respectively, representing a 0.20% drop for the latter while the former stayed stable. The price of studios in the neighbourhood dropped 5% to AED 38k. Last month’s most searched for area, Dubai […]
|By Arabian Post Staff| Saal, an innovative technology company based in Abu Dhabi, has launched saal.ai – a revolutionary artificial intelligence (AI) framework, an enabler, ready to transcend and redefine current practices across industries and fuel economic and social growth. Capable of cognitive tasks such as reasoning, inference and retrieval, using data collected from multi-modal sensor inputs, saal.ai uses advanced computing and machine learning techniques to perform actions in the AI […]
