Arabian Post Staff In the first quarter of 2023, residential values across Abu Dhabi’s freehold areas grew by 1.2%, pushing the average prices to AED 964 per square feet. In contrast, villa values showed signs of moderation after rising for six consecutive months, resulting in an annual rate of change of 1.2%, according to the latest Abu Dhabi Residential Market Review by global property consultancy, Knight Frank. […]
Arabian Post Staff According to numbers released by the Abu Dhabi Statistics Centre, the emirate achieved a remarkable 9.3% growth by the end of 2022, compared to 2021. The new figures position Abu Dhabi as the fastest-growing economy in the Middle East and North Africa region. Abu Dhabi’s impressive growth across its diverse sectors during 2022 is attributed to its robust economic framework, coupled with a collaborative […]
Arabian Post Staff Emirates Airline and Etihad Airways have signed a Memorandum of Understanding (MoU) to expand their interline agreement and provide travellers additional itinerary options when visiting the UAE. This first of its kind agreement between the two UAE carriers aims to capitalise on opportunities to boost tourism to the UAE from key source markets by enabling visitors to experience more than one destination in a […]
Arabian Post Staff UAE Etisalat reported consolidated revenues of AED 13.0 billion by e& in the first quarter of 2023. At constant exchange rates, revenue increased by 6.6 per cent. Consolidated net profit recorded AED 2.2 billion while consolidated EBITDA reached AED 6.2 billion, resulting in an EBITDA margin of 48 per cent. In the UAE etisalat by e& recorded 13.9 million subscribers an increase of 6 […]
Arabian Post Staff GE has announced the signing of a Memorandum of Understanding (MoU) with the UAE Independent Climate Change Accelerators (UICCA), a think tank and accelerator focused on driving the transition to a green economy, to collaborate across three broad actionable pillars and build the momentum around climate action in the UAE and beyond. Under the framework of the newly signed agreement, GE and UICCA will […]
Arabian Post Staff Container traders and shipping companies in the region are reaping the benefits of lower rates and enhanced governmental initiatives aimed to establish the region as a lucrative component of the global supply chains., according to Container xChange, an online container logistics platform for container trading, leasing, and management. The availability of containers has also improved in the region, presenting a great opportunity for container […]
Arabian Post Staff The introduction of a new tax regime in the UAE has significant implications for businesses operating in the country. Businesses will need to consider the impact of the new tax on their costs, pricing, compliance, operations, and customers. This new tax regime is designed to provide companies with a range of benefits, including increased efficiency, improved competitiveness, and greater flexibility. In this article, we […]
Arabian Post Staff The European Parliament has endorsed the world’s first legislative framework intended to govern the burgeoning cryptocurrency sector. The legislative body has voted 517 to 38 in favour of the Markets in Crypto Act (MiCA), marking a significant milestone in the global regulation of digital assets. Societe Generale’s cryptocurrency division, SG Forge, has announced the launch of a stablecoin pegged to the euro (EUR) on […]
Arabian Post Staff Dubai Airport, the world’s busiest international airport, is leading the way in innovative technologies that are revolutionizing the aviation industry. One of the most impressive technologies being implemented at Dubai Airport is the use of facial recognition technology. This technology allows passengers to go through the airport without having to present their passport or boarding pass. Instead, they simply have to look into a […]
Arabian Post Staff The IMF announced in the World Economic Outlook’s press briefing that the baseline forecast for global output growth is 0.1 percentage point lower than predicted in the January 2023 WEO Update, before rising to 3.0 percent in 2024. “The world economy is still recovering from the unprecedented upheavals of the last three years, and the recent banking turmoil has increased uncertainties. We expect global output […]
Arabian Post Staff QNB net profit for the three months ended 31 March 2023 reached QAR3.9 billion (USD1.1 billion), an increase of 7% compared to same period last year, the group announced. Operating Income increased by 20% to reach QAR9.3 billion (USD2.6 billion) reflects the Group’s continued success efforts in maintaining growth across a range of revenue sources amidst turbulence in global markets. Total Assets as at […]
Arabian Post Staff National Bonds, the UAE’s Shari’a-compliant savings and investment company, saw another strong year soaring to an investment portfolio of AED 13.7bn ($3.7 billion) in 2022, higher by 15% compared to the previous year. Customers’ financial well-being continued to evolve through National Bonds due to its wide range of savings and investments solutions, which have supported their future financial objectives, such as emergency funds and […]
Arabian Post Staff Dubai recorded 88 home sales above US$10m hit AED 6 billion during Q1, according to the latest analysis carried out by global property consultant Knight Frank. The year 2022 saw Dubai record 219 deals above this price point, positioning the city as the fourth busiest luxury homes market in the world. 2023 is shaping up to be another record year for this segment of […]
By Arabian Post Staff Kia has revealed full details of the Kia EV9, its first three-row seat electric flagship SUV that brings fresh thinking, design, and technology to the sector and spearheads the brand’s rapid transformation to a sustainable mobility solutions provider in the era of electrification. Based on the game-changing Electric Global Modular Platform (E-GMP), the EV9 ensures athletic performance, complemented by a targeted all-electric range […]
Arabian Post Staff The promoters of Aster DM Healthcare have increased their shareholding in the India listed company by 4% from 37.88% to 41.88%, after acquiring additional stake from one of the large private equity investors at an additional investment of Rs 460 Crore (Dh. 207 million). Speaking on the increase in stake, Dr. Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare said, “The […]
Arabian Post Staff The real estate market in Dubai saw a surge in off-plan property sales in February 2023. According to Allsopp & Allsopp’s proprietary data, there has been a 42.1% increase in off-plan property sales compared to the same period last year. This rise in demand for off-plan properties is a positive indication that the Dubai property market is gaining momentum and confidence in the future […]
Arabian Post Staff CrowdStrike (Nasdaq: CRWD), today announced the release of 2023 CrowdStrike Global Threat Report – the ninth annual edition of the cybersecurity leader’s seminal report on the evolving behaviors, trends and tactics of today’s most feared nation-state, eCrime and hacktivist threat actors around the world. Now tracking the activities of 200+ adversaries – including 33 new adversaries identified in the past year alone – […]
Arabian Post Staff A white paper on digital payments titled ‘What’s Next for Digital Payments in the Middle East and North Africa’ notes that there is an instant payment ‘revolution’ taking place in the UAE. According to the paper, the overall digital payments market in the UAE is expected to increase at a compound annual growth rate (CAGR) of 18.3%; 13.6% in the KSA; and 19.6% in Egypt. […]
Arabian Post Staff Dubai International (DXB) has registered a year of strong recovery and consistently robust growth in its customer base that propelled the annual passenger numbers to 66 million in 2022. The airport’s growth outpaced the annual forecast yet again in the final months of the year following an exceptionally strong fourth quarter. DXB welcomed a total of 66,069,981 passengers during 2022, a year-on year-growth of […]
Arabian Post Staff Grant Thornton and its Asset Recovery Fund (ARF) announced the purchase of a AED 1.3 billion (US$ 357m) portfolio of distressed non-performing loans (NPLs) from Abu Dhabi Commercial Bank (ADCB), marking one of the first such portfolio sales from a local bank in the UAE. Grant Thornton, the UAE’s fifth largest professional services firm, supported this purchase by deploying its deep rooted local commercial […]
Arabian Post Staff According to the latest research by global property consultancy Knight Frank, buyers from the Middle East purchasing property in prime central London (PCL) hit a four-year high in the second half of 2022. Knight Frank’s data highlights that as a percentage of all property transactions in London’s most prestigious postcodes, buyers from the Middle East made up 10.9% in the second half of last […]
Arabian Post Staff The rapid economic transformation of Saudi Arabia and its global role in bringing near-term stability while driving long-term transformation was the subject of a high-level panel on the third day of the World Economic Forum at Davos. The session, titled “Saudi Arabia’s Transformation in a Changing Global Context”, featured four speakers from the Kingdom who offered their insights on how Saudi’s strategic investments, geopolitical […]
Arabian Post Staff The first Emirates A380 to be completely refurbished under the airline’s US$ 2 billion retrofit program has been deployed today on the Dubai-London Heathrow service, operating as EK003. The fully refreshed A380 features Emirates’ latest products and interiors across all cabins, including 56 Premium Economy class seats on the main deck, and new colour palettes evident in the carpeting and wall panels. On the […]
Arabian Post Staff Dubai government has abolished a 30% tax on alcohol and 270-dirham fee for liquor licenses, two major distributors announced. Maritime and Mercantile International (MMI), one of the largest alcohol stores in Dubai, praised the move as “BIG BIG NEWS,” and said people “no longer need to make trips across the country to stock up on favorite drinks.” “With the removal of 30% municipality tax […]
Arabian Post Staff Ringing in 2023 in style, the Emirate of Ras Al Khaimah in the United Arab Emirates welcomed the New Year with impressive fireworks displays to musical rhythms, as it pushed to break two Guinness World Records titles. Featuring pyro drones, nano lights, colours and shapes choreographed to electric beats, the #RAKNYE2023 celebrations aimed to break world records with its innovative and impressive technology. Covering […]
Arabian Post Staff A recent report by the World Travel and Tourism Council (WTTC) stated that Dubai has topped the list of cities with the highest spending by international visitors this year, pulling ahead international cities such as London. The Gulf tourism and finance hub has ranked in $29.4 billion in international visitor spending so far this year, overtaking London with $16.1 billion, WTTC said in its […]
Arabian Post Staff The current commodity price boom is affecting the region’s commodity exporters and importers differently. Commodity exporters are benefiting from a marked improvement in their terms of trade, while commodity importers are feeling the pain of higher imported energy and food prices. A key question is how countries are managing this boom relative to past experience, particularly as the current commodity price shock is occurring […]
Arabian Post Staff In the face of the COVID-19 pandemic, a new Gulf consumer is emerging, one with shifting financial sentiments and spending habits, says a McKinsey report. According to its latest Middle East Consumer Sentiment Survey, UAE and Saudi Arabia shoppers are becoming more price sensitive. Twenty-seven percent of UAE respondents earning less than 7,000 dirhams ($1,905) a year reported a preference for trading down in […]
Arabian Post Staff In spite of the global macroeconomic headwinds and geopolitical instability, the aviation industry has maintained its consistent recovery providing a positive outlook for the year ahead, according to the ACI Asia-Pacific’s Airport Industry Outlook, a quarterly assessment of the airports’ performances. The Airport Industry Outlook for Quarter 3 2022 (July to September) provides a snapshot of airport business performance across the region as well […]
Arabian Post Staff IMF has recommended further enhancing of cooperation across individual emirates of the UAE, including on the collection, sharing, and dissemination of economic data. Ongoing structural reforms, such as those to support private sector employment and female labor force participation, increase trade and foreign investment, and harness the benefits of technology and education will help deliver sustainable and inclusive growth, the Fund said in a […]
