|By Arabian Post Staff| Dubai has a new law law concerning the registration of Wills by non-Muslims in the Emirate of Dubai. The law was issued byy Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum. The new law will create legal certainty for the inheritance of a non-Muslim expatriate’s assets after death and the appointment of guardians for their children. This not only allows individuals to have testamentary freedom […]
|By Arabian Post Staff|With the official implementation of Valued Added Tax (VAT) across the GCC coming into effect in January 2018, a majority of industries in the Gulf, including the burgeoning food production and manufacturing sphere, are worried about the ripple effect of the region’s first applied taxation. The Business Talks Conference will see top decision makers and market leaders gathering to outline, discuss and debate the […]
|By Arabian Post Staff|Saudi Arabia has indicated it is ready to back extension of an oil production cut agreement led by the Organization of Petroleum Exporting Countries (OPEC) in order to balance global crude oil supply and demand. This was indicated by Crown Prince Mohammed bin Salman in a statement. He said the high demand for oil has absorbed the increase in shale oil production. He said the demand […]
|By Arabian Post Staff| Non-resident foreign investors will be able to invest directly in Saudi Arabia’s parallel market called NOMU meant for small and medium sized enterprises starting from January next, Mohammed El-Kuwaiz, chairman of the Capital Market Authority (CMA) announced at the investment summit in Riyadh. Saudi Arabia’s reforms to develop and open up its capital markets are part of Vision 2030, an economic reform plan […]
|By Arabian Post Staff||Emaar Properties chairman Mohamed Alabbar said he is keen to do further business with Saudi Arabia, and offered to help in the development of the $500 billion Neom project. “It’s a big, exciting thing. If they call on us (Emaar), we would look on that positively. The Middle East as a whole is very short on infrastructure, and the project is a very significant […]
|By Arabian Post Staff|Destination management company Alpha Destination Management has signed an exclusive agreement with Expedia, the world’s largest online travel company, to operate the Expedia Local Expert® program in Dubai and Abu Dhabi. Dubai and Abu Dhabi will thus become the first destinations in the world outside North America to offer this program. Expedia is an internationally trusted brand and Expedia Local Expert allows the company […]
|By Arabian Post Staff|Emaar Chairman Mohamed Alabbar said that the new digital marketplace Noon, founded by him, will be rollled out in Saudi Arabia before the end of this year. He was addressing a media briefing with Faraz Khalid, Chief Executive Officer of Noon, on the sidelines of the Future Investment Initiative in Riyadh. Headquartered in Riyadh, Noon is a joint venture with the Public Investment Fund […]
|By Arabian Post Staff|Saudi Crown Prince Mohammed bin Salman put the kingdom somewhat in the ‘Dubai mode’ announcing the launch of an initiative backed by more than $500 billion investment to transformation of the kingdom into a leading global hub through the introduction of value chains of industry and technology. The plan, known as Neom, spires to make the country the “safest, most efficient, most future oriented, […]
|By Arabian Post Staff| Subdued economic growth continued to translate into job cuts, reduction of staff allowances and few employment opportunities, which resulted in increased vacancy rates in the Abu Dhabi property market, according to the latest report of Asteco. Average apartment rental rates dropped by 3% over the quarter and by 10% during the past 12 months, with the highest rate of decline recorded for mid-end […]
|By Arabian Post Staff| National Bank of Ras Al Khaimah (RAKBank) Group said the bank’s profit for the third quarter more than doubled to Dh224.8 million, compared to the previous period and recorded all-round improvement in its 9 months performance, achieving a growth of 9.4 per cent in the consolidated net profit of Dh606.3 million. Gross loans and advances stood at Dh32.6 billion as of 30 September […]
|By Arabian Ppost Staff| DP World Limited claimed that its nine-months performance exceeded projections handling 52.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals, with gross container volumes growing 9.6% on a like-for-like basis, with the third quarter growth rates accelerating to 13.5% year-on-year. This is against Drewry Maritime’s upgraded industry estimate of 5.5% throughput growth in 2017. Global trade outlook improved significantly […]
|By Arabian Post Staff|Saudi Arabia is holding one of its most important investment summits ever, named the Future Investment Initiative (FII), considered to be game-changing forum in Riyadh. The landmark event is being attended by more than 2,500 delegates and internationally-renowned business and investment leaders from over 60 countries. The three-day event will explore new trends, opportunities, challenges and emerging industries that will shape the world economy and […]
|By Arabian Post Staff|The Saudi government is not in talks with Chinese or other investors to sell a stake in Aramco, CEO Amin Nasser clarified. Aramco was reported to be planning to list nearly five percent of its shares in the stock market, which may now be done through an IPO. Nasser dismissed reports that the oil giant’s plans could be shelved and confirmed that the offfering […]
|By Arabian Post Staff| Latest property transactions data released by the Dubai Land Deparment clearly shows an increasing demand across all property categories, including land plots, buildings and residential units, according to Director General Sultan Butti bin Mejren. This indicates Dubai is attracting a wide variety of investors, he added. Dubai Land Department (DLD) announced that the total value of real estate transactions for the first nine […]
|By Arabian Post Staff|A new survey conducted by Bayt.com and YouGov titled ‘Top Cities in the Middle East and North Africa’, revealed that Abu Dhabi and Dubai ranked as the top cities to live and work in the Middle East and North Africa region. The ranking was based on several factors including economic, environmental, standard of living, socio-cultural and entrepreneurship factors. Overall, Dubai and Abu Dhabi ranked […]
|By Arabian Post Staff| Abu Dhabi Commercial Bank reported net profit of AED 3.206 billion for the nine month period ended 30 September 2017. The figure was 2% higher than the the previous level. Total net interest income and Islamic financing income of AED 4.983 billion was up 8% while operating income of AED 6.585 billion was up 4%, and operating expenses of AED 2.147 billion was […]
|By Arabian Post Staff|The National Commercial Bank announced that net income for the nine months of 2017 reached SAR 7,246 million compared to SAR 7,030 million for the same period of the previous year, an increase of 3.1%. NCB’s net profit for the third quarter reached SAR 2,126 million compared to SAR 1,962 million for the same quarter of the previous year, an increase of 8.4%. NCB […]
|By Arabian Post Staff| Emaar Properties announced an IPO, offering 20 per cent of Emaar Development, the company’ development unit to investors. The size off the IPO size is lower than what the market had anticipated, which was at least 10 percent higher. The listing will take place in November on the Dubai Financial Market. “The IPO of our UAE development business will allow potential investors an […]
|By Arabian Post Staff| The United Nations is set to consider a proposal by the US Federal Aviation Administration to ban laptop computers and other large electronic devices from checked bags on international flights. It remains yet unclear whether the ban would be extended to domestic airlines. Gulf airlines including Emirates and Qatar Airways were removed from the ban last August after these airlines suffered a huge […]
|By Arabian Post Staff|Foreign direct investment (FDI) inflows to West African countries increased 12% to $11.4 billion in 2016, supported by recovering investment in Nigeria, an analysis conducted by the Dubai Chamber of Commerce and Industry revealed. The analysis, based on data from United Nations Conference on Trade and Development (UNCTAD), was released by the Chamber as it prepares to host the 4th Global Business Forum on […]
|By Arabian Post Staff| Saudi Arabia’s Public Investment Fund (PIF) has announced the establishment of the Saudi Real Estate Refinance Company (SRC) to improve the performance of the real estate market, increase its contribution to GDP, and raise the rate of homeownership among Saudis to 52% by the end of 2020. Demand for real estate financing in the Kingdom is expected to increase from SAR 280 billion […]
|By Arabian Post Staff| The combined value of the Expo 2020-related development projects has touched $33 billion (Dh121 billion) as the UAE begins the three-year countdown for the six-month-long mega global event that will kick-off on October 20, 2020, according to BNC Network, a project research and intelligence provider in the Middle East and North Africa (MENA) region. These projects include transport infrastructure, such as the expansion […]
|By Arabian Post Staff| Nasdaq Dubai announced the listing of a $200 million bond by Investment Corporation of Dubai (ICD), which was made under ICD’s Euro Medium Note Programme of $2.5 billion. It is the second conventional bond listing by ICD on Nasdaq Dubai, following a $300 million bond listing in May 2014. ICD also has two Sukuk listed on Nasdaq Dubai. These are a $1 billion […]
|By Arabian Post Staff| Pay levels for management accountants are performing well against the backdrop of low global inflation. The latest annual salary survey from the Association of International Certified Professional Accountants reveals average earnings for qualified Chartered Global Management Accountant designation-holders in the United Arab Emirates are AED 402,000, rising by an average of 8 per cent in the next 12 months. Pay prospects for CGMA […]
|By Arabian Post Staff| Chestertons MENA has reported the total number of off-plan transactions in the third quarter of 2017 has increased by 86% from the previous quarter, while the value of off plan transactions was up by 118% to AED4.04 billion. “With reference to off-plan transactions, Dubai’s real estate market has witnessed seasonal peaks and troughs in the last year due to high levels of uncertainty. […]
|By Arabian Post Staff|The Ras Al Khaimah police issued a fine of AED 1 million to a driver for excessive speeding, overtaking on the hard shoulder and driving recklessly. “The motorist was caught by radars on the roads, and found committing a number of traffic violations, including speeding,” Major General Ali Abdullah Bin Alwan Al Nuaimi, Commander-in-Chief of Ras Al Khaimah Police, told the Arabic daily Al […]
|By Arabian Post Staff| Abu Dhabi Securities Exchange (ADX) today announced the launch of its latest investment service ‘Technical Short Selling’ (TSS), an addition to the existing suite of services and products provided by ADX to investors through brokerage firms. The launch of this new service falls in line with ADX’s strategy to increase liquidity levels as well as diversify investment and hedging instruments in order to […]
|By Arabian Post Staff| Dubai-based Azizi Developments has announced the launch of a new mega community project in the heart of Dubai at an estimated cost of AED25 billion. The new mega project, whose name is yet to be announced, will have a distinctly British feel, with themes and elements influenced by contemporary British culture and way of living, thge company announced. The development will comprise residential, […]
|By Arabian Post Staff| The introduction of value added tax would force Dubai’s precious metals and gems businesses to relocate to other centres such as Singapore and Hong Kong, DMCC excutive chairman Ahmed Bin Sulayem has warned. VAT could lead to an “exodus” of firms in the gold and diamond industry from the UAE, Bin Sulayem said in a message to the Dubai Diamond Conference and urged the […]
|By Arabian Post Staff| The Ministry of Finance is still in the process of developing the executive regulations of the Value Added Tax, and the rateon on all taxable and exempt goods, exports and services have not yet been finalised. Younis Haji Al-Khouri, under-secretary in the ministry of finance, said in a statement that the ministry is working to ensure maximum disclosure and transparency before announciung the […]
