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/By Arabian Post Staff/The UAE moved a step closer to a federal bankruptcy law when the country’s Cabinet approved the final draft of the new law. The law, which will help companies facing financial difficulties to restructure and avoid arbitrary liquidation and criminal proceedings by the state. Companies and individuals are now able to restructure their debt while avoiding bankruptcy liquidation. The law contributes to strengthening the […]

Economy

/by Arabian Post Staff/The global growth of asset management stalled as the industry in 2015 recorded its worst year since the 2008 financial crisis, according to a report by The Boston Consulting Group (BCG). Growth in assets under management (AuM) stalled—or in the case of the Middle East declined 10%—and net new flows of assets, revenue growth, and revenue margins all dipped lower in 2015, according to […]

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/by Arabian Post Staff/The impact of the softening global economy continues to hamper the UAE’s office market as redundancies in the oil and gas, finance and banking sectors have stifled demand for office space across the emirates, according to leading international real estate consultancy Cluttons. Cluttons’ 2016 UAE Property Market Report, highlights the consultancy’s expectation for office market performance throughout the year and expects declines of close […]

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/By Arabian Post Staff/ UK bank Barclays move in 2008 to raise capital funding from private investors in Abu Dhabi and Qatar to avoid government bailout has snowballed into a major controversy as it now transpires that the bank itself loaned the money to these investors. Plc loaned $3 billion to Qatar to help fund a share purchase as the lender sought investments from the Middle East […]

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/By Arabian Post Staff/Emirates Islamic announced it has successfully closed a US$ 250 million tap of its earlier US$ 750 million 5-year Sukuk issued in May 2016. This is under the bank’s US$ 2.5 billion Certificate Issuance Programme. The tap generated an order book of US$ 706 million, reflecting the solid regional and international investor confidence in the bank. Earlier this month, ratings agency Fitch affirmed Emirates […]

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|By Arabian Post Staff| Fitch Ratings has upgraded DP World Limited’s  Long-Term Issuer Default Rating (IDR) to BBB from BBB- and its Short-Term IDR to F2 from F3. The rating outlook is stable. The upgrade follows the Fitch announcement in November 2015 revising DP World’s outlook to Positive from Stable. It reflects the global trade enabler’s strong performance and stable cash flow generation supported by its geographical […]

Biz Tech

|By Arabian Post Staff| Residential batteries, together with battery applications in commercial, industrial and utilities, are considered to be the next big opportunity in batteries besides electric vehicles. Indeed, this will become a $6 billion market by 2026 as predicted by the new IDTechExResearch report “Batteries for Residential, Commercial, Industrial and Utility Applications 2016-2026: Technologies, Markets, Players and Opportunities”. On April 30, 2015, Tesla officially launched its residential and commercial/utility-scale […]

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Asian News by Media-Outreach

|By Arabian Post Staff| Marya Group, headquartered in Abu Dhabi, announced an increase to its investment portfolio, bringing the total invested to more than $ 1 billion. Marya Group focuses on making private and public equity investments in cash-generating business with strong fundamentals across core economic sectors that are resilient: education, health care, food and beverage processing as well as real estate. Its investments are centered on […]

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|By Arabian Post Staff|Saudi Arabia’s banks are seen more likely now than ever before to tap the international bond markets. According to data compiled by Bloomberg, Saudi banks have less foreign currency debt outstanding compared to any other GCC country. Of the 57 securities outstanding from issuers in the kingdom, only one is a dollar bond from a bank, compared with more than 400 foreign-currency notes from […]

Banking & Finance

|By Arabian Post Staff| Uzbekistan’s banking system recently received Moody’s endorsement when the agency acknowledged that the country’s banks continue to benefit from a growing economy with well-diversified export revenues. “As a result, banks in Uzbekistan are somewhat shielded from the volatility characteristic of some other countries in CIS,” Olga Ulyanova, a Vice President – Senior Analyst at Moody’s, said in a report. The International Monetary Fund […]

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AutoMotiv, Business

|By Arabian Post Staff| Ford Motor Company has terminated its dealership agreement with Kuwait’s Arabian Motors Group WLL for the Ford and Lincoln brands, a top functionary of the US carmaker confirmed. The company will now go with Alghanim Auto, with which it had a relationship since March this year as an official importer. Alghanim Industries is one of the largest privately-owned and professionally managed companies in […]

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|By Arabian Post Staff|After a period of near desperation, oil is once again getting into the limelight, with crude trading near the highest close in two weeks in the wake of OPEC plans for informal talks to control supply. Qatar Oil Minister Mohammed Al Sada said the other day that OPEC members are in “constant deliberations” on stabilizing the market, although it is not clear if there […]

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|By Arabian Post Staff| In another case involving Dr Khater Massad,  a former Georgian associate appointed by the former RAKIA chief has been ordered to pay compensation to Rakeen Uptown Development in respect of claims of breach of duties as director, embezzlement and fraud. This is the first in a series of Georgian cases brought by RAK entities against Georgian aide Mikadze, Dr Massaad and their associates […]

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|By Arabian Post Staff| Dubai’s private developer engaged in developing shopping malls, hotels and mixed use communities says Dubai is well on the way to a strong market recovery. Robert Welanetz, Chief Executive Officer of Majid Al Futtaim – Properties, believes Dubai’s position as a world-class business and investment hub will drive the real estate revival. “We expect the ‘soft’ retail market will continue through the end […]

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|By Arabian Post Staff| First Gulf Bank reported a lower Group net profit for the first half of this year, recording AED 2.64 billion for the six-month period ended 30 June 2016, compared to AED 2.87 billion for the first half of 2015 FGB, one of the leading banks in the UAE, reported second quarter 2016 Group revenue growth of 3%, while Q2’2016 net profits were recorded at AED […]

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|By Arabian Post Staff| Ahmad Hamad Algosaibi & Brothers claimed a historic milestone in the efforts to resolve the largest and most complex financial dispute in the history of the Middle East. AHAB today said it has signed a settlement support agreement with the five Steering Committee members who have been negotiating the terms of settlement since May 2014. This agreement formally commits AHAB and the Steering […]

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|By Arabian Post Staff|Iran is exploring a return to international debt markets for the first time since 2002, a senior government official said, as the Islamic Republic seeks to finance an economic recovery a year after a historic nuclear deal that offered it a route out of isolation, Bloomberg reported. It quoted Economy Minister Ali Tayebnia, whose ministry is at the forefront of securing Iran’s access to […]

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|By Arabian Post Staff|Saudi Arabia will build a maritime complex on its east coast, with shipbuilding capability, to provide sufficient capacity for exporting oil, Bloomberg reported quoting Energy Minister Khalid Al-Falih. The country, the world’s largest oil-producing nation, eventually will have a shipping fleet that will match its oil capabilities, Al-Falih said in Riyadh. Saudi Arabian Oil Co., or Aramco, will need more tankers to meet global […]

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|By Arabian Post Staff|The coordinated militant attack on the eve of Eid is the biggest challenge yet to Saudi Arabia’s internal security since it crushed an al-Qaeda insurgency a decade ago, according to Bloomberg. With no claims of responsibility, suspicion has fallen on Islamic State, which has vowed to overthrow Gulf rulers they see as betraying Islam. One of the bombings on Monday, near the Prophet’s Mosque […]

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|By Arabian Post Staff| A fall in the value of UK pound will adversely affect the demand of Dubai property emanating from UK nationals. Additionally, the weaker currency is expected to adversely impact tourism as well, given that British and European national are one of the top tourists in Dubai, Global Ivestment House said In a report on the GCC impact of the Brexit decision. When the […]

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|By Arabian Post Staff|Malaysia’s state-owned oil corporation and Saudi Arabian Oil Co. are asking banks for proposals to finance about $7 billion for a planned refinery and a petrochemical complex in the Southeast Asian nation, Bloomberg reported. The lenders would provide financing for the two projects worth a total of $12 billion to be constructed by Petroliam Nasional Bhd. and Saudi Aramco under a memorandum of understanding that […]

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}By Arabian Post Staff| Iran plans to set up its own financial center as it seeks to attract global financial institutions, Bloomberg reported. Chinese and Russian banks are seeking to set up representative offices in the area, Farhad Taghizadeh-Hesary, senior adviser to the Qeshm Investment and Development Co., was quoted as sayig in an interview. One of Japan’s largest banks is also negotiating with officials on establishing a […]

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|By Arabian Post Staff|The Saudi Arabia Monetary Agency has written to banks instructing them not to under-report Saudi Interbank Offered Rate they’re actually lending at, Bloomberg reported. The decision came after some banks were seen conducting business at higher rates than were quoted, indicating some submissions were below the real market, according to two of the people.  SAMA is exerting greater control over Saudi Arabia’s banking sector as […]

Featured, India Takes

|By Arabian Post Staff| The Dubai Gold & Commodities Exchange (DGCX) witnessed a strong upswing across various segments, which has been attributed to the uncertainty over Britain’s exit from the European Union and also a possible interest rate hike by the Fed in June. The Exchange witnessed the upswing across precious metals, hydrocarbon and equities segments, trading an aggregate of 1.5Mn contracts in May, growing 55% from […]

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|By Arabian Post Staff| DP World’s new $1.2 billion 7-year sukuk received strong investor interest and was two times oversubscribed receiving more than $2 billion in bids, the company announced. The new sukuk was priced at a fixed coupon rate of 3.91% maturing in 2023, replacing over $1.1bn of the 2017 6.25% coupon sukuk. The new sukuk issue followed DP World’s successful refinancing of over $1.1 billion […]

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|Arabian Post Staff| Banks in Saudi Arabia are coming under fresh pressure over products that allow speculators to bet against the kingdom’s currency peg, Bloomberg reports quoting people with knowledge of the matter. Bloomberg said the Saudi Arabia Monetary Agency has asked lenders to explain why they are offering dollar-riyal forward structured products to customers less than four months after the regulator banned options contracts that let […]

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|By Arabian Post Staff| The overall tourism spend by visitors to the UAE declined by 6% in the first quarter of 2016, according to a report on consumer card spends by Network International, the leading payment solutions provider in the MENA region. Due to a continuous appreciation in the US Dollar along with a bullish global economic outlook and a fall in the prices of crude oil, […]

Featured, India Takes

|By Arabian Post Staff| Emirates Islamic announced the successful closure of its US$ 750 million 5-year Sukuk from its US$ 2.5 billion Certificate Issuance Programme. The issue, which will be listed on NASDAQ Dubai and the Irish Stock Exchange, received overwhelming investor interest from across the globe and marked the Bank’s return to the international debt capital markets after a period of four years. In September 2015, […]

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|By Arabian Post Staff| Dubai’s government owned property developer Limitless  will make an early payment of 2.07 billion dirhams ($564 million) to banks and trade creditors after reaching a second debt restructuring deal with them, Bloomberg reported. The company will pay 1.9 billion dirhams to banks this month, covering 43 percent of the outstanding loan amount, Limitless said in an e-mailed statement on Thursday. It will pay 163 million […]

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|By Arabian Post Staff| Saudi Arabia ranks among the top dozen foreign holders of U.S. debt, the Treasury Department disclosed, breaking its silence on the issue for the past four decades. “The stockpile of the world’s biggest oil exporter stood at $116.8 billion as of March, down almost 6 percent from a record in January, according to data the Treasury disclosed Monday in response to a Freedom-of-Information […]

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