Arabian Post Staff The Federal Tax Authority (FTA) has called on registered taxpayers to benefit from the decision to re-determine administrative penalties on taxes to be worth 30% of the total outstanding amount of penalties that were not paid before 28 June 2021, and to ensure they meet the conditions set out in the Cabinet Decision on re-determining administrative penalties imposed on tax law violations in the […]
Arabian Post Staff An appeal to the rulers of the United Arab Emirates not to allow servers of Abr Arvan cloud company to function from the territory of emirates is trending over the social media. According to social media activists, after the EU sanctioned Abr Arvan, the company lost the servers it was using in Europe and the Iranian regime is unable to censor the country’s internet […]
Arabian Post Staff UAE unveiled new regulations to reduce carbon emission at the United Nation’s annual climate summit, COP27, in Egypt. The new regulations are aimed at generating a large proportion of Emirate of Abu Dhabi’s electricity from clean and renewable sources by 2035, marking a significant milestone in the UAE’s journey to deliver carbon neutrality by 2050.# The shift is being pursued by the Environment Agency […]
Arabian Post Staff Master-developer Nakheel announced it has secured AED 17 billion in strategic financing deal to drive its new phase of growth. This includes refinancing of AED 11 billion, and additional funds of AED 6 billion. The finance will be utilised to accelerate the development of its new projects including Dubai Islands and other large waterfront projects. The refinancing of AED 11 billion has been secured […]
Arabian Post Staff Alternative asset manager Gulf Capital announced it has successfully completed the sale of 100% of Chef Middle East, the GCC’s premier foodservice distribution business, to The Chefs’ Warehouse, a Nasdaq-listed speciality food distributor operating across North America. The US$ 100 million successful sale is one of the few strategic sales involving a Nasdaq-listed company in the GCC region in recent years. During Gulf Capital’s […]
Arabian Post Staff UAE-headquartered Shari’ah-compliant investment management compan Gulf Islamic Investments has acquired two German senior care facilities as part of its latest acquisitions through the EUR 500 million European senior living fund in a joint venture with Capital Bay Group a German investment and asset manager. The fund has a primary focus in Germany, enabling MENA-based investors to participate in this highly desirable asset class, providing […]
Arabian Post Staff Doorstep parcel theft is soaring in the UAE, according to the first global report on parcel theft. More than 1.2 million parcels were lost or stolen, a 1% increase compared to the previous 12 months, despite lockdown restrictions lifting. The results are part of the world’s first global parcel theft survey, which found that close to one in ten people had at least one […]
Arabian Post Staff Individuals in the MENA region received $566 billion in cryptocurrency from July 2021 to June 2022, representing a 48% increase over the previous year, according to the 2022 Geography of Cryptocurrency report from blockchain data platform Chainalysis. While the previous edition of the report found that the MENA accounted for 7% of global cryptocurrency transactions, this year, the figure has risen to 9.2%, making […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) has introduced five more single stock futures in a further step to develop its derivatives market. Starting from October 6th, stock futures on Abu Dhabi Islamic Bank (ADIB), Abu Dhabi Commercial Bank (ADCB), Fertiglobe, Borouge and AD Ports, will be available for trading on the ADX Derivatives market. The addition of new contracts has doubled the total number of […]
Arabian Post Staff High competition and a surge in motor and medical claims will continue to constrain earnings of Islamic insurers in the GCC, particularly in the largest regional market Saudi Arabia, if insurers do not substantially adjust their premium rates< S&P said in a report. Weak profitability combined with new regulation and higher capital requirements will likely prompt further capital raising and consolidation, notably in Saudi […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) achieved its fifth dual listing with the market debut on Friday of Gulf Investment House (GIH), a Kuwait-based financial services company. The dual listing on ADX allows GIH to expand its investor base and liquidity in its shares. The company, which invests in real-estate properties and direct investments, has been listed on the Kuwait Boursa since May 2002 and […]
Arabian Post Staff After a strong first half, Gulf Cooperation Council banks are returning to form. S&P Global Ratings expects that earnings for most GCC banks will reach almost pre-pandemic levels by year-end 2022, amid high oil prices and rising interest rates, supporting their creditworthiness. In the second half, S&P forecasts a more visible strengthening of regional banks’ interest margins and a manageable pick-up in cost of […]
Arabian Post Staff IMF has recommended a change from Dubai current real estate index into a residential property price index (RPPI) to better reflect the trends in the emirate’s property sector. An IMF mission that held discussions in this respect suggested that regardless of obtaining an overall real estate index covering all types of properties, a RPPI that follows the price trend of the residential buildings should […]
Arabian Post Staff The millionaire populations of Dubai, Mumbai, and Shenzhen are expected to break into the Top 20 wealthiest cities by 2030, according to global wealth intelligence firm New World Wealth. “Cities with strong oil and gas industries are performing especially well this year, including the likes of Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos. Others on the fastest-growing list include Lugano, a Swiss hotspot for […]
Arabian Post Staff Alternative investment firm Investcorp announced that Investcorp Saudi Pre-IPO Growth Fund LP led the Pre-IPO round in privately-held TruKKer Holding Limited, MENA’s largest digital freight network with a leading position across Saudi Arabia, the United Arab Emirates, Egypt and neighbouring countries. Investcorp led the initial close of this round with $51 million investment alongside new and existing investors. This investment is part of the […]
Arabian Post Staff Emirates carried more than 10 million passengers on nearly 35,000 flights to 130 destinations this summer, the airline announced. Having anticipated the strong return of travel demand, Emirates worked closely with its airport partners to operate as scheduled, minimise travel disruptions, and take customers to their planned holidays and trips to see friends and family across the world over the summer. The airline also […]
Arabian Post Staff Dubai based master developer Nakheel has unveiled a new vision for Dubai Islands which will redefine the concept of waterfront living. Comprised of five islands with a total area of 17 square kilometres, Dubai Islands have been designed to enhance the wellbeing and lifestyles of residents and visitors. Aligning with Dubai 2040 Urban Master Plan, Dubai Islands (formerly known as Deira Islands) will reinforce […]
Arabian Post Staff G42, the leading UAE-based AI and cloud computing technology company, announced the launch of the US$10 billion G42 Expansion Fund, a global technology growth fund formed in strategic partnership with Abu Dhabi Growth Fund (ADG). The fund, which will be managed by a subsidiary of G42, is focused on accelerating the pace of global innovation by investing in late-stage growth companies with disruptive technologies and […]
Arabian Post Staff The government of the Sultanate of Oman scored a major victory in the U.S. Department of Commerce’s countervailing duty investigation of steel nails from the Sultanate. The Commerce Department’s final determination included a first-ever finding in an Oman CVD case that the provision of electricity conferred no subsidy benefit on Oman Fasteners, the respondent company, and the final CVD margin was set at just […]
Arabian Post Staff Intense competition and an increase in claims frequency will continue to weigh on Islamic insurers’ earnings in 2022, S&P said in a report on the outlook for the GCC Takaful industry. But it forecast a modest recovery in 2023 thanks to anticipated rate adjustments in loss-making lines and higher interest rates, which should boost investment returns. Ongoing pressure on earnings and capital has already […]
Arabian Post Staff Expo 2020 has had a positive impact on all markets in the UAE, while the FIFA World Cup Qatar 2022 is expected to result in overspill demand to the key transit hubs in Dubai and Abu Dhabi, Colliers said in its monthly hotel report for MENA. However, rising instability in key CIS source markets is expected to suppress demand, with the largest impacts expected […]
Arabian Post Staff Abu Dhabi-based Alpha Dhabi Holding has increased its stake in Aldar Properties, reaffirming its position as the single largest shareholder and consequently becoming Aldar’s parent company. Through this latest additional stake, Alpha Dhabi has raised its shareholding of Aldar, to complement its existing majority representation on Aldar’s Board of Directors. Accordingly, Aldar will be treated as a subsidiary in Alpha Dhabi’s consolidated financial statements, the impact […]
Arabian Post Staff Oman Insurance Company announced it has completed the sale of its insurance operations in Turkey to VHV Reasürans, Istanbul/Turkey, a company of VHV Group, Hannover/Germany. The size of the financial transaction was not disclosed. This transaction represents a continuation of Oman Insurance’s transformation and simplification strategy with the objective to focus company’s resources on specific markets and segments. Jean-Louis Laurent Josi, CEO of Oman […]
Arabian Post Staff Etihad Credit Insurance (ECI), the UAE Federal export credit company, has entered into a historic collaboration with Israel Export Insurance Corp. Ltd. (ASHRA) to form the first Public-Private Partnership project between the UAE and Israel after the signing of the historic Abraham Accords in September 2020. The deal will provide buyer’s credit guarantees to the funding bank for Ghana’s AED 540 million (EUR 140 […]
Arabian Post Staff Nissan has won the case in which its erstwhile distributor Al Dahana FZCO brought various claims against it in the wake of their joint venture business in the Middle East, named Nissan Gulf FZCO was called off in 2019. In 2008 Nissan entered into an agreement with Al Dahana to form a joint-venture called NGF to manage the distribution of vehicles in part of […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) has successfully completed a London investor roadshow which saw ADX host a delegation of over 25 senior executives from 9 listed companies and the exchange. The sizeable Abu Dhabi capital market representation reinforces the strong focus on investor relations and continuous dialogue that ADX and its listed companies continue to foster with international and institutional investors. Over the course […]
Arabian Post Staff’ DP World and CDPQ, a global investment group, announced an investment of US$5 billion (CA$6.3 billion) in three of DP World’s flagship UAE assets. CDPQ will invest US$2.5 billion in the Jebel Ali Port, the Jebel Ali Free Zone and the National Industries Park through a new joint venture in which it will hold a stake of approximately 22%, with the remainder of the […]
Arabian Post Staff Al Jalila Foundation, a member of the Mohammed bin Rashid Al Maktoum Global Initiatives, has partnered with a leading cryptocurrency platform to expand the foundation’s donation channels. The foundation has thus become the first healthcare charity in the UAE to accept digital money donations. The foundation simultaneously announced that it has been granted approval to receive charitable donations in cryptocurrencies. The unprecedented move in […]
Arabian Post Staff Air and travel services provider dnata announced it would invest US$ 100 million in green operations in the next two years to further enhance environmental efficiency across its global network. The company’s ongoing investment in infrastructure, equipment and process improvement will support it to achieve its strategic objectives and reduce its carbon footprint by 20% by 2024, and by 50% by 2030. In recent […]
Arabian Post Staff Abu Dhabi Securities Exchange (ADX) announced the secondary listing of GFH Financial Group B.S.C. The listing is set to further expand GFH’s investor base and enhance liquidity in its shares amid increased regional and international participation on the exchange. To mark the occasion, ADX Managing Director and CEO, Saeed Hamad Al Dhaheri, and GFH’s Group Chief Executive Officer, Hisham Alrayes, rang the market-opening bell […]
