Arabian Post Staff The Dubai Gold and Commodities Exchange (DGCX) announced that it has received a positive assessment from the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, and is now listed as a third-country trading venue (TCTV) that meets the post-trade transparency requirements under MiFID II and MiFIR. The DGCX met all the criteria set out in the ESMA Opinion (determining TCTVs for […]
Arabian Post Staff Companies in the United Arab Emirates expect increased delays in payments, a growing risk of default and an overall weakening in business performance as the country copes with the disruptive impact of COVID-19, according to Atradius’ latest Payment Practices Barometer survey. With an economy struggling from the collapse in oil prices and major sectors, such as trade and tourism, hit by the pandemic, 53% […]
Arabian Post Staff Group 42 (G42), a leading AI and Cloud Computing company based in the United Arab Emirates, and Oxford Nanopore Technologies, an advanced sequencing technology company based in the United Kingdom, announced today they have developed an unprecedented population-scale technology that rapidly and accurately detects SARS-CoV-2, the virus that causes Covid-19. The end-to-end solution will be officially launched within weeks. With ultra-high parallel processing capacity, […]
Arabian Post Staff Dubai International Financial Centre (DIFC) announced sustained performance in the reinsurance sector. The sector grew by 17.4% in 2019, representing the highest volume of premiums ever written in the market, further reinforcing the Centre’s position as the leading reinsurance hub in the region. The DIFC confirmed that Gross Written Premiums (GWP) for Q1 2020 reached $472 million, on par with the same period during Q1 […]
Arabian Post Staff The International Air Transport Association (IATA) announced that demand for air services is beginning to recover after hitting bottom in April. Passenger demand in April (measured in revenue passenger kilometers or RPKs), plunged 94.3% compared to April 2019, as the COVID-19-related travel restrictions virtually shut down domestic and international air travel. This is a rate of decline never seen in the history of IATA’s traffic series, […]
Arabian Post Staff Global solutions integrator AGC Networks announced that it will be acquiring Fujisoft (along with its associated companies in UAE) through its indirect subsidiary – Black Box Holdings Limited Cayman Islands. The proposed acquisition is subject to approval from the Department of Economic Development in Dubai and from Abu Dhabi Department of Economic Development for the company in Abu Dhabi. The acquisition of Fujisoft will substantially increase and strengthen […]
Arabian Post Staff In the event of another deadlock between Russia and Saudi Arabia, the desert kingdom is likely to suffer a bigger hit than Russia in an extended oil price war, according to Rystad Energy. Rystad feels Saudi Arabia will suffer a bigger hit in all five financial criteria: the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget […]
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Arabian Post Staff A staggering one million jobs are being lost every day in the Travel & Tourism sector due to the sweeping effect of the coronavirus pandemic, according to the World Travel & Tourism Council (WTTC). According to the London-based international organisation, which represents the global Travel & Tourism private sector, the growing job losses are affecting every level of the industry and are gathering pace, as countries go into […]
Arabian Post Staff Around 20% of Europe’s mid- and small-sized oilfield service companies, the vast majority of which are British or Norwegian, are set to become insolvent as the effect of the Covid-19 epidemic will hit the continent’s OFS market hard and cut purchases by about $5 billion year-on-year, a Rystad Energy impact analysis shows. The European service market, which was expected to stay largely flat this […]
Arabian Post Staff The World Travel & Tourism Council says up to 50 million jobs in the Travel & Tourism sector are at risk due to the global COVID-19 pandemic. Gloria Guevara, WTTC President & CEO, said: “WTTC figures show the stark impact on the Travel & Tourism sector of the present COVID-19 outbreak with analysis now suggesting that up to 50 million jobs are at risk in the sector globally”. “When the time is right, WTTC and the […]
Arabian Post Staff DP World, which recently announced delisting of its shares from Nasdaq Dubai, reported revenue growth of 36.1% and adjusted EBITDA increase of 17.7%, delivering profit of $1.3 billion, but without separate disclosures. Revenues were of $7,686 million, with a growth of 36.1% driven by acquisitions including P&O Ferries (UK), Topaz Energy & Marine (UAE) and the two terminals in Chile (Puerto Central and Puerto […]
Arabian Post Staff Dubai International Financial Centre (DIFC) announced a record growth in 2019. The total number of firms in the Centre reached 2,437, up 14% from 2018, with a total of 32% growth since 2017. It attracted 493 new businesses in 2019 and now counts 17 of the world’s top 20 banks, 8 of the 10 leading global law firms, 3 of the top 5 insurance companies […]
Arabian Post Staff While the new low oil prices will test Saudi fiscal balances, they have the lowest cost barrels and with low debt can pull on sovereign reserves and take the pain, according to Chris Midgley, head of global analytics, S&P Global Platts. Crude fell sharply on Friday to test $45/bbl on the back of the failed talks and we now expect if to fall sharply as […]
Arabian Post Staff The International Air Transport Association (IATA) sees 2020 global revenue losses for the passenger business of between $63 billion (in a scenario where COVID-19 is contained in current markets with over 100 cases as of 2 March) and $113 billion (in a scenario with a broader spreading of COVID-19). No estimates are yet available for the impact on cargo operations. IATA’s previous analysis (issued […]
Arabian Post Staff The UAE Central Bank has advised banks to implement measures to counteract the effects of COVID-19 including rescheduling loans, offering temporary deferrals on monthly loan payments and reducing fees and commissions. Management consultancy Oliver Wyman warns that the resulting impact of the Coronavirus outbreak on the global economy could lead to reduced borrowing and lending that will affect banks with a bearing on corporate and […]
Arabian Post Staff The spread of coronavirus continues to deepen the severity of the blow to global fuels demand. Energy consultancy Rystad Energy now expects more than half of global oil demand growth to be lost in 2020. As global stocks increase by the day, the ongoing OPEC+ meeting is unlikely to result in cuts sufficient enough to balance the market, under all of our scenarios. The […]
Arabian Post Staff Ducab is consolidating its metal operations into a new subsidiary -DMB, a dedicated business unit within the Ducab Group of companies supplying “Made in UAE” copper and aluminium solutions. Ducab Aluminium Company (DAC) and Ducab Copper Rod Plant, which have over 160 employees between them, are included under the DMB umbrella. Today, DMB exports 75% of its production to more than 35 countries in the wider Middle East, Africa, […]
Arabian Post Staff The Dubai Financial Services Authority (DFSA) announced that it has fined Enness Limited (Enness DIFC), a DIFC Representative Office. The DFSA fined Enness DIFC USD 105,000 (approximately AED 386,000) for engaging in unauthorised activity outside the scope of its Representative Office DFSA Licence. As a Representative Office, Enness DIFC is only permitted to carry out a narrow set of activities in the DIFC relating […]
Arabian Post Staff PepsiCo, the global food and beverage company, announced the renewal of its 25-year partnership with Americana Group, one of MENA’s largest restaurant operators and food manufacturers. The renewal will see PepsiCo continuing its diverse and much-loved product offering to consumers across the region through Americana’s most loved restaurant brands. As the food and beverage landscape in the region continues to evolve, consumers are turning […]
Arabian Post Staff DP World has decided to delist its shares from Nasdaq Dubai citing better operational efficiency as a private entity. Accordingly, DP World’s parent company Port and Free Zone World has offered to acquire the 19.55 per cent of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership. The company said the move will enable DP World to focus on its […]
Arabian Post Staff Dubai-based DP World has agreed to acquire a majority 51% stake in TIS Container Terminal in the Port of Yuzhny, Ukraine, subject to the satisfaction of certain conditions, including regulatory approval. Bringing the TIS Container Terminal into DP World’s global network of ports, economic zones, warehousing, and inland logistics solutions will strengthen its position as the market-leading terminal of Ukraine. This latest acquisition also […]
By Arabian Post Staff Emaar Properties recorded net profit of AED 6.200 billion (US$ 1.688 billion) as compared to AED 6.139 billion (US$ 1.671 billion) in FY 2018. Revenues were worth AED 24.586 billion (US$ 6.694 billion) for 2019. An Emaar statement said the company maintained its positive performance in 2019 recording property sales in Dubai of AED 14.949 billion (US$ 4.070 billion). It attributed the performance […]
By Arabian Post Staff Emirates Strategic Investments Company (ESIC), an Abu Dhabi-based investment company owned by Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi’s royal family, said it has acquired two mixed-use properties in the United Arab Emirates (UAE), one of a series of investments to be funded by last year’s successful issuance of the company’s US$600 million (Dh2.2 billion) sukuk. The Dh1 billion (US$ […]
By Arabian Post Staff Emaar Malls announced a 5 per cent increase in revenue to AED 4.673 billion (US$ 1.272 billion) for 2019, compared to AED 4.446 billion (US$ 1.210 billion) in 2018. Overall net profit in 2019 amounted to AED 2.286 billion (US$ 622 million), similar to AED 2.230 billion (US$ 607 million) recorded for the previous year. Revenue grew by 4 per cent to AED […]
By Arabian Post Staff After two decades of successful operations in the GCC, UAE’s home-grown brand Nikai has commenced operations in Egypt by setting up facility for the production of television sets. The company believes that fast-growing economy with a high value-based consumer demand will help build on its existing market in Cairo. Nikai chairman Paras Shahdadpuri said the expansion marks a new era for the company. […]
By Arabian Post Staff Already struggling to grapple with a crisis of unprecedented proportions, the coronavirus outbreak is the last thing that Dubai and the UAE would have liked to see happen. Moody’s noted in one of its latest reports that the timing of the outbreak is particularly bad for the hospitality industry because it is has unfolded as the Lunar New Year gets underway. The holiday […]
Dubai-based Finalrentals makes it possible to rent a car globally By Arabian Post Staff When traveling abroad, people often try to search for a car online from unknown platforms, resulting in situations where customers feel they didn’t get the service they’d hoped for. But Finalrentals has changed all that. Finalrentals is a startup born in Dubai, United Arab Emirates. After creating the best online car rental experience for tourists and […]
Arabian Post Staff Dubai is to have a Blockchain Campus at the site of Dubai Expo 2020. The campus will be established by Atlas Capital, one of the leading Fintech firms in the emirate, which are also hosting the Blockexpo and World Blockchain Summit 2020 in Dubai during the Expo 2020 Dubai. Dubai’s Blockchain market grew by 24% in 2018, surpassing the global average of 19%, Smart […]
Arabian Post Staff DMCC announced its strategic partnership with CV VC and CV Labs, to launch Crypto Valley – the world’s largest ecosystem for cryptographic, blockchain and distributed ledger technologies – in Dubai. Designed to foster growth, collaboration and integrity across the global blockchain economy, the ‘DMCC Crypto Valley’ will offer a variety of services including incubation for early-stage start-ups, co-working facilities, innovation services for corporate clients, blockchain and […]
