|By Arabian Post Staff|Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, Bloomberg reported quoting people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, […]
|By Arabian Post Staff|Saudi Arabia’s sovereign wealth fund is considering selling stakes in local companies to raise funds for international expansion, Bloomberg reported quoting people with knowledge of the matter. The Public Investment Fund — with about $100 billion worth of shares in listed local companies including Saudi Basic Industries Corp. and Saudi Telecom Co. — is reviewing the stakes as it seeks to diversify its assets, […]
newslide Bollywood superstars Shah Rukh Khan and Aishwarya Rai-Bachchan recently shared a few moments of screen space in Karan Johar’s Ae Dil Hai Mushkil. The duo seem to have well and truly buried their longtime hatchet that started with Rai-Bachchan’s unceremonious ouster from Shah Rukh Khan’s 2002 production, Chalte Chalte, due to her rocky relationship with Salman Khan. According to reports in several Indian newspapers, Khan and […]
|By Arabian Post Staff| David Lawrence Haigh, former British deputy chief executive and legal consultant of GFH Capital Limited, whom Dubai Police had arrested in May 2014 on charges of treason and breach of trust, has been ordered to pay amounts of AED8.7 million, 2.03 million pounds and $50,000 for dishonesty and misappropriation of money. Haigh was one of the men behind GFH’s purchase of Leeds from […]
|By Arabian Post Staff|New solutions to meet future needs and diversify the options are being integrated into the the e-Dirham system, top officials involved in the development of a national alternative to cash payment for government services in the UAE indicated. Government revenues from the e-Dirham system during the first nine months of this year stood at AED 5.8 billion. The number of e-Dirham transactions rose by […]
|By Arabian Post Staff|Leading UAE bank FGB has launched the UAE’s first Wealth Sentiment Index, which measures the prevailing mood of affluent investors in the UAE market, from a personal and business point of view. The index will serve as an indicator of the overall sentiment of the market, based on existing fundamental and economic factors. The new index was launched during FGB’s fourth annual Investment Conference, […]
|By Arabian Post Staff|The online shopping experience in the Middle East will forever be changed with the launch of Noon in January. The region’s largest-ever ecommerce company, Noon will be a driver of innovation which will offer a vast product selection and fast delivery across all categories. With an initial investment of US$1 billion, Noon will launch in the UAE and KSA markets and will soon cover […]
By Chris Prentice | NEW YORK NEW YORK Facebook Inc chief executive Mark Zuckerberg again rejected the idea that the social network affected the U.S. presidential election, saying late Saturday it is “extremely unlikely” news hoaxes changed the outcome. Ensnared in a string of content controversies in recent months, Facebook has insisted that it is a technology company, not a media firm. But scrutiny of the site […]
|By Arabian Post Staff|The GCC has the potential to become the world’s fastest growing e-commerce playground, according to A. T. Kearney’s ‘Getting in on the GCC E-commerce Game’ report. Despite strong economic fundamentals, the GCC is one of the most underpenetrated e-commerce markets in the world. However, with high levels of disposal income, world-leading internet and smartphone penetration, and changing consumer preferences, there is robust potential in […]
newslide Stan Lee’s company launches new Indian superhero Comic book legend Stan Lee’s POW! Entertainment and Graphic India, an entertainment company, have come out with Mighty Girl, a new female superhero for India. The new Chakra The Invincible and Mighty Girl comics were unveiled on Saturday at the Bengaluru Comic Con. The comic was also done in collaboration with Unicef’s ‘World’s Largest Lesson’ initiative, supported by GEMS […]
Alia Khalifa Al Nabooda strikes a real balance – she’s an entrepreneur and mother-of-four, who puts in the time to be successful at both. Last year, the 32-year-old co-founded VoucherSkout, a 50 per cent discount app for services across the UAE. “We’ve had our struggles, like any start-up business. Things haven’t gone exactly to plan, but now that we’ve launched, we can see the fruits of our […]
|By Arabian Post Staff| China Construction Bank today marked the listing of a $600 million bond on Nasdaq Dubai under the bank’s six billion US dollar Medium Term Note Programme. Yuan Shengrui, Senior Executive Officer of the DIFC branch of China Construction Bank (CCB), rang the market-opening bell to celebrate the listing. CCB is one of China’s most prominent banks with a market capitalisation of 173.3 billion […]
FUJAIRAH // A centre for the disabled wants more classrooms and teaching staff to deal with a growing number of autistic pupils. Dibba Al Fujairah Rehabilitation Centre for the Disabled started operating in 2002 to teach 12 children with intellectual and physical disabilities. Today, there are 59 aged between 4 and 18, with another five helped by outside support services. Thirteen of children are autistic, and there […]
|By Arabian Post Staff| With a hardliner like Donald Trump set to head the US administration, Iran-US relations seem to be set to re-enter the tension zone once again. Already signs of hard posturing by both sides are visible. Trump has advocated doubling or tripling the sanctions previously imposed on Iran to force the country to accept greater restrictions on its nuclear program than those contained in a […]
ABU DHABI // Sheikh Mohammed bin Zayed met the Egyptian president in Cairo on Thursday to take stock of regional and global issues. The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces and Abdel Fattah El Sisi discussed regional challenges, especially interference from foreign parties, the crises in Arab countries and risks to the region posed by terrorist organisations. They also considered […]
By Makiko Yamazaki | TOKYO TOKYO Japanese conglomerate Toshiba Corp swung to an operating profit in the July-September quarter, driven by strong demand for NAND flash memory chips from Chinese smartphone makers. That boom in demand has been a blessing for Toshiba, which is seeking to recover from a $1.3 billion accounting scandal by turning itself into a company more focused on chips, nuclear energy and social […]
|By Arabian Post Staff|Bank of America-Merrill Lynch has made moderate downward adjustments to its near-term growth forecasts in the light of the election of Trump as the next US President. “Given the high level of uncertainty about the exact policy changes at this stage, we are assuming that trade tensions and fiscal stimulus have offsetting impacts on growth in the medium term,” it said. While a wide […]
By Jonathan Stempel A federal judge on Thursday directed Amazon.com Inc to set up a year-long process to reimburse parents whose children made in-app purchases without permission, but rejected a U.S. regulator’s request for a $26.5 million lump-sum payout. U.S. District Judge John Coughenour, in Amazon’s hometown of Seattle, issued his order more than six months after finding the online retailer liable, in a case brought by […]
|By Arabian Post Staff|Donald Trump’s election as American President is expected to further complicate OPEC’s efforts to strike a deal for output freeze. OPEC was already struggling to finalize a deal and with Trump, it has become all the more difficult. In fact, Trump’s surprise victory threatens to deepen a market sell-off, according to UBS Group AG. Yet the uncertainty arising from the President-Elect’s policies — from […]
|By Arabian Post Staff| Dubai Electricity and Water Authority (DEWA) has confirmed that the ACWA Power and Harbin Electric consortium has begun construction of the 2,400 megawatt (MW) Hassyan clean coal power station, based on the Independent Power Producer (IPP) procurement model.The plant will be the first-of-its-kind in the region and is fully-compliant with set international standards, adopting the use of ultra-supercritical technology. In June, DEWA and the […]
|By Arabian Post Staff| It might be possible in the not too distant future to travel between Dubai and Abu Dhabi in 12 minutes if plans announced today materialise without any major hitch. Hyperloop One, which is reinventing transportation by developing the world’s first Hyperloop, an integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and the Dubai Roads and Transport Authority (RTA) agreed […]
|By Arabian Post Staff|The gold price breached US$1,300/oz in the wake of Donald Trump’s victory, up from US$1,275/oz before the vote counting began. Gold price has increased, outperforming other assets, including other safe havens. The market is expeting short term volatility in the wake of the election result as it signals a major political and economic change. Gold trading volumes have risen sharply in Asia. Western markets, which […]
|By Arabian Post Staff| The Ministry of Finance (MoF) announced the UAE’s membership to the Global Forum on Transparency and Exchange of Information, following the UAE Cabinet’s decision in 2010 on MoF’s implementation of the G20 resolutions for the exchange of information for tax purposes. The Ministry will be responsible for coordinating with government bodies to collect financial information of international companies operating in the country. The UAE Cabinet had […]
By Abhirup Roy | MUMBAI MUMBAI Ford Motor Co is investing 13 billion rupees ($195 million) over the next five years in a technology and business centre in the Indian city of Chennai to develop new products, design mobility solutions and provide business services. Dearborn, Michigan-based Ford, which has already invested over $2 billion in India till date, will hire 3,000 people and bring in 9,000 from […]
