Arabian Post Staff The United Arab Emirates (UAE) has secured a significant victory in its fight against illicit finance, as the Financial Action Task Force (FATF) removed the country from its “grey list” on Friday. This move, which follows years of efforts by the UAE to strengthen its anti-money laundering (AML) and counter-terrorism financing (CFT) measures, is seen as a major boost to the nation’s international standing. […]
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Arabian Post Staff UAE and India signed a Memorandum of Understanding setting out a framework for the expansion of bilateral investment cooperation in the digital infrastructure sector, with a special emphasis on data centre projects in India. The memorandum marks a significant step towards the development of opportunities in digital infrastructure and artificial intelligence between both nations. This reflects the lead taken by the UAE and India […]
Arabian Post Staff Air Arabia has reported a record net profit of AED 1.5 billion for the full year ending December 31, 2023; representing a 27 per cent increase compared to the AED 1.2 billion recorded in 2022. Turnover for the same period reached AED 6 billion, reflecting a 14 per cent increase compared to the AED 5.2 billion registered in 2022. The airline achieved double-digit growth in […]
Arabian Post Staff Crypto infrastructure provider Aquanow announced it has been awarded its Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). The license remains non-operational until the company fully satisfies all remaining conditions and select localization requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval. The company, headquartered in Vancouver, Canada has worked […]
Arabian Post Staff Emaar recorded revenues of AED 26.7 billion (US$ 7.3 billion) and net profit of AED 11.6 billion (US$ 3.2 billion) in 2023, achieving growth of 7% and 70% respectively compared to the same period last year, the company announced. This performance was supported by growth in tourism, a continued upward trend in retail sales, and a consistent increase in real estate demand. Emaar also […]
Arabian Post Staff High interest rates and tight liquidity conditions have weighed on credit growth in Saudi Arabia’s banking sector, although it remained robust at 10% in 2023, S&P said in a report. Also, after strong growth over the past few years, new mortgage lending has slowed somewhat. At the same time, deposits have been lagging lending growth. Saudi banks will likely report strong-but-slower credit growth of […]
Arabian Post Staff The Abu Dhabi International Arbitration Centre (arbitrateAD) will launch operations on February 1, 2024, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced. This strategic initiative aligns with the Chamber’s commitment to fortify Abu Dhabi’s standing as a preeminent global hub for arbitration. At the forefront of international dispute resolution, arbitrateAD signifies a paradigm shift in the institutional landscape of the Emirate. Not […]
Arabian Post Staff OKX Middle East Fintech FZE, the Dubai subsidiary of OKX, a cryptocurrency exchange and Web3 technology company, announced that it has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services. The license remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will […]
Arabian Post Staff Saudi Tadawul Group Holding Company (STG), a diversified capital markets group in the MENA region, has entered into a binding agreement with the shareholders of DME Holdings Limited to acquire a 32.6% stake in Dubai Mercantile Exchange (DME). As a result, Saudi Tadawul Group will become the joint largest shareholder in DME Holdings Limited alongside CME Group, with other shareholders including the Oman Investment […]
Arabian Post Staff Global sukuk issuance will reach about $160 billion-$170 billion in 2024, from $168.4 billion at year-end 2023 and $179.4 billion in 2022, Standard & Poor’s said in a report. The drop in issuance volumes in 2023, which mainly resulted from tighter liquidity conditions in Saudi Arabia’s banking system and Indonesia’s lower fiscal deficit, was somewhat compensated by an increase in foreign currency-denominated sukuk issuance. […]
Arabian Post Staff The proportion of CEOs who believe global economic growth will improve over the next 12-months has more than doubled since year-on-year. At the same time the proportion of CEOs concerned about their long-term business viability has risen to 45% as tech and climate pressures accelerate, according to PwC’s 27th Annual Global CEO Survey, published today. The survey, which interviewed 4,702 CEOs across 105 countries and […]
Arabian Post Staff India and the UAE signed three Memorandums of Understanding (MoUs), setting out frameworks for the expansion of bilateral investment cooperation in the renewable energy, food processing and healthcare sectors. The agreements were signed on the occasion of Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, by the Ministry of Investment of the UAE with the respective Indian ministries, underscoring the UAE’s strong […]
Arabian Post Staff JetFinder, a Toronto-based private jet broker with UAE presence, recently set a milestone by recording a cryptocurrency transaction for approximately 750K USDT for a single flight booking. The anticipated approval of a Bitcoin ETF represents a significant milestone in the financial and aviation sectors, potentially revolutionizing the private aviation industry. If approved, it could legitimize cryptocurrency as a mainstream investment option, increasing its stability […]
Arabian Post Staff Abu Dhabi-based conglomerate International Holding Company announced the formation of 2PointZero as a next generation Holding Company comprising several diverse and dynamic companies. Spanning multiple sectors, business combinations of entities under common control, have been combined to form 2PointZero, boasting an impressive asset size expected to exceed AED 100 billion. The transfer is subject to obtaining of all regulatory approvals. 2PointZero embodies a vision […]
Arabian Post Staff Saudi Arabia has contributed significantly to promoting women employment in the thriving travel and tourism sector in alignment with the Saudi Vision 2030 goals, ensuring the kingdom’s presence in a report on the sector’s soaring employment opportunities to women and young people around the world. According to the report, the female labour force participation in the sector increased by 64% since 2021. The report shows […]
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Arabian Post Staff Abu Dhabi’s maritime sector received a new year boost with the Abu Dhabi Maritime, part of AD Ports Group launching a platform to bridge the gap between public and private stakeholders to connect and strengthen the maritime sector. The platform www.maritimehub-ad.com is expected to promote collaboration and knowledge exchange for the benefit of all, forging essential links with global and domestic stakeholders, policymakers, and […]
Arabian Post Staff Abu Dhabi Commercial Bank has signed an agreement to divest 80% stake in its wholly owned property management subsidiary Abu Dhabi Commercial Properties to Nine Yards Plus Holding, a real estate subsidiary of EIH Ethmar International Holding. The transaction values Abu Dhabi Commercial Properties at AED 591 million and the bank will register a gain of approximately AED 490 million subject to closing conditions […]
Arabian Post Staff The members of the , have selected Saudi Arabia’s Minister of Finance Mohammed Aljadaan will be the new Chair of the International Monetary and Financial Committee (IMFC), the policy advisory body of the Board of Governors of the International Monetary Fund (IMF). The term is for three years. Aljadaan will succeed Ms. Nadia Calviño, Spain’s First Vice President and Minister for Economic Affairs and […]
Arabian Post Staff UAE Banks Federation (UBF) has pledged to mobilise over AED 1 trillion, which represents more than US$ 270 billion, in sustainable finance by the year 2030. Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation, announced the pledge at an event organised jointly by Central Bank of the UAE with the COP28 Presidency to support and facilitate global climate finance solutions and progress towards a sustainable […]
Arabian Post Staff Dubai International Financial Centre (DIFC) announced the launch of its Sustainable Finance Catalyst to mark COP28’s Finance Day. DIFC’s Sustainable Finance Catalyst, which will be part of COP28’s legacy, aims to unlock opportunities and create impact beyond the conference. Building on DIFC’s position as the first global sustainable finance hub in MEASA, DIFC’s Sustainable Finance Catalyst will help scale sustainable finance flows from Dubai […]
Arabian Post Staff Abu Dhabi Future Energy Company Masdar has agreed to advance the development of 10GW of clean energy projects in Malaysia. The implementation roadmap, signed with the Malaysian Investment Development Authority (MIDA) to develop up to 10GW of renewable energy projects, including ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems, follows the signing of a memorandum of […]
Arabian Post Staff In a historic decision at the beginning of the 2023 United Nations Climate Change Conference in the United Arab Emirates, nearly 200 nations reached an agreement to establish a fund to assist countries grappling with the effects of global warming. The climate talks in Dubai come at a critical juncture as global emissions continue to surge. The UN announced on Thursday that 2023 is […]
Arabian Post Staff The OPEC Fund will sign partnership agreements with the International Atomic Energy Agency (IAEA) and the International Renewable Energy Agency (IRENA), as well as supporting new initiatives launched in cooperation with the Asian Development Bank (ADB) and the World Food Programme (WFP) to address the interlinked challenges of climate change and food security in developing countries. The OPEC Fund will also meet with leaders […]
Arabian Post Staff Integrated healthcare provider Aster announced its board has approved the separation of Aster’s India and GCC businesses, subject to regulatory and corporate approvals including Aster India’s shareholders’ approval. The separation plan will unlock value for the shareholders by allowing both the India and GCC businesses to adopt a market-focused strategy and create sustained long-term growth. Under the separation plan, a consortium led by Fajr […]
Arabian Post Staff Dubai Future Forum 2023, organised by the Dubai Future Foundation, convened around 2,500 people to address some of the worlds’ greatest challenges and opportunities at the Museum of the Future. More than 150 experts in future foresight shared their insights on the near and far future across 70 sessions, keynotes, and workshops. Speakers shared their predictions in spheres including space, sustainability, the environment, energy, […]
Arabian Post Staff Investment Corporation of Dubai (ICD) announced record revenues of AED 145.1 billion and net profit of AED 28.3 billion in its consolidated financial results for the six-month period ended 30 June 2023. Revenues reached a record AED 145.1 billion, up 20 per cent with an increase of AED 24.0 billion compared to the prior year period, due to the significant rise in travel and […]
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Arabian Post Staff Regional ports and terminals operator Gulftainer announced that it has extended its concession agreements with the Sharjah Ports, Customs and Free Zones Authority for a further 35 years, which reinforces the shared mission to transforming UAE’s supply chain and logistics industry throughout the Northern Emirates’ key trade gateways at Sharjah Container Terminal and Khorfakkan Container Terminal. The extended agreements allow Gulftainer to manage, operate […]
Arabian Post Staff Propelled by strong growth throughout the first three quarters of the year and anticipation of an exceptional surge in guest numbers in the final quarter, Dubai Airports is forecasting annual passenger traffic at Dubai International (DXB) to reach 86.8 million – surpassing 2019 traffic. DXB commenced the second half of 2023 with its growth story continuing unabated, with average monthly traffic reaching 7.6 million, […]
Arabian Post Staff Abu Dhabi National Energy Company (Taqa), one of the largest listed integrated utilities in Europe, the Middle East and Africa, unveiled revised growth targets that will see the group accelerate the development of new power and water generation assets. Building upon its 2021 growth strategy, the revised growth targets see Taqa aiming for 150 gigawatts (GW) of gross power generation by 2030, up from […]
Arabian Post Staff The first Emirates flights operating with sustainable aviation fuel (SAF) provided by Shell Aviation have taken off from Dubai International Airport (DXB). Emirates’ flight EK 412 bound for Sydney on 24 October was among the first to operate with SAF. Shell has supplied 315,000 gallons of blended SAF for use at the airline’s hub in Dubai. This first ever supply of SAF to Emirates in Dubai […]
