|By Arabian Post Staff| Buoyed by sharp fall in gold prices globally, India is likely to see a jump of 11 per cent in imports of the metal to 1,000 tonnes this year, according to the All India Gems and Jewellery Trade Federation. The world’s second-biggest gold consumer imported around 900 tonnes in 2014. “Gold import is estimated at around 1,000 tonnes in 2015 calendar year, compared […]
|By Arabian Post Staff| Central banks in the Gulf raised the interest rates within 24 hours of the US Fed announcing a quarter percent rate hike as their currencies are linked to the dollar. At least four central banks announced the hike. “We have an advantage over other emerging markets because the currencies are pegged,” so there are fewer foreign exchange risks, said Nabil Farhat, an […]
|By Arabian Post Staff| Gold prices were trading higher in afternoon dealings and holding on to early gains in the aftermath of the first interest rate increase from the U.S. Federal Reserve since 2006. The gains were explained as a move by traders to get a jump on the possibility of Fed rate hike, on the firm belief that the gold market would exhibit a “sell the rumor, […]
|By Arabian Post Staff| National Central Cooling Company (Tabreed) announced the signing of a AED 192.5 million long term limited recourse project finance facility with Emirates NBD for the district cooling plant it is developing for Dubai Parks and Resorts. Tabreed’s district cooling plant for Dubai Parks and Resorts is now nearing completion and will be commissioned in time for the park’s opening. Jasim Husain Thabet, Tabreed’s […]
|By Arabian Post Staff| A new study from IFC, a member of the World Bank Group, has found that external risks, security concerns, and over-indebtedness are perceived as the most serious challenges facing the microfinance sector in the Arab World. The survey, conducted in conjunction with Sanabel, the Microfinance Network of Arab Countries, said tackling those problems will be key to spurring the development of the industry. […]
|By Arabian Post Staff| Dubai headquartered global conglomerate Transworld Group and Yokohama-based Suzue Corporation of Japan announced the formation of a joint venture for exploring business opportunities in logistics in the Indian Sub-continent, Middle East and Japan. A Memorandum of Understanding in this respect was signed by Ramesh S. Ramakrishnan, Chairman and Ritesh S. Ramakrishnan, Director – Strategy and Business Planning of Transworld Group, and Takahiro Suzue […]
|By Arabian Post Staff| The fiscal restructuring across GCC, including the introduction of additional taxation, will have serious implications for real estate investments in these countries, according to real estate investment and advisory firm JLL. Fiscal restructuring is already evident in the form of budgetary cuts among GCC countries including the UAE. As governments become more cautious about their finances, there is a likelihood of cuts in […]
|By Arabian Post Staff| A dialogue of legislators and officials of India and Pakistan held in Dubai last week underscored the urgent need to improve conditions allowing for free dialogue and sharing of good practices among citizens of both countries. The Dubai event was the second in a series devoted to sharing of experiences on governance, democracy and the fight against corruption. Participants from both sides expressed […]
|By Arabian Post Staff| AstroLabs, Google -backed technology hub, is helping regional entrepreneurs to grow their startups. AstroLabs opened in October, with 42 startups picked from among 250. The facility features a device lab designed by Google is equipped with iPhones, Android smartphones, tablets and computers, which can be used by startups to test their mobile applications and content. One of the aspiring entrepreneurs is Lamia Tabbaa-Bibi, creator of IReadArabic.com, […]
|By Arabian Post Staff| Emirates landed a windfall gain this week as it guaranteed itself bulk of the US-originating passenger traffic to the Gulf by way of a decision by the United Airlines to cancel flight service between Washington and Dubai starting in late January, meaning no U.S. passenger carrier will fly direct to the Gulf states. According to a Reuters report, the move comes after the […]
|By Arabian Post Staff| Dubai-based Landmark Group said it was pulling Donald Trump products off its shelves in response to the Republican presidential front-runner’s call for a ban on Muslims entering the United States. Landmark and DT Home Marks International LLC have an exclusive deal to sell Trump Home products – including lighting, mirrors, and jewellery boxes – in their Lifestyle department stores in Kuwait, the UAE, […]
|By Arabian Post Staff| The Courts of the Dubai International Financial Centre (DIFC) have, once again, ruled in favour of the Al Khorafi family to the tune of $70 million plus costs and interest. This comes after the Court of First Instance published its judgment in November 2015, where the first and second defendants, Bank Sarasin-Alpen (ME) and Bank J.Safra Sarasin Ltd respectively, were ordered to pay […]
|By Arabian Post Staff| The UAE’s growth in new business was the weakest since April 2012, according to the purchase manager’s index (PMI) data for November. Companies also saw their pricing power diminish while input costs rose further. But competitive pressures meant that charges fell regardless. The UAE’s non-oil private sector expansion strengthened in November, having eased to a two-and-a-half year low during October. Business conditions improved […]
|By Arabian Post Staff| Volkswagen CEO Matthias Mueller and Chairman Hans Dieter Poetsch met with officials of the Qatar Investment Authority (QIA) in Doha on Sunday amidst newspaper reports suggesting that Qatar has demanded curtailing the role of unions in the automobile company. Qatar is the third largest shareholder of VW. Volkswagen, however, denied QIA made such a demand, but Reuters reported the meeting discussed the state of […]
|By Arabian Post Staff| Opec’s ability to control the oil market suffered its worst debacle when the organization failed to agree on a ceiling for production. This meant that Saudi Arabia prevailed over other members to continue the policy of excess production as to force non-OPEC players, such as the US and Russia, out of the market by making their output uneconomical. “Lots of people said that […]
|By Arabian Post Staff|Analysts are consistently arguing in favour of a pickup in Dubai’s economic prospects in the wake of a possible boost in trade with Iran following the lifting of sanctions. Low oil price, which cast a shadow over the Gulf’s oil economies, has also affected Dubai, with its real estate sector, a key determinant of the emirate’s economic performance, showing signs of a clear slowdown. […]
|By Arabian Post Staff| Emirates and Malaysian Airlines agreed a huge code-share deal, allowing the airlines to sell tickets to more long-haul destinations. The accord covers more than 90 locations in the U.S., Europe, the Middle East and Africa served via Emirates’s Gulf hub, according to the airline, which will sever 10 code-share agreements with existing partners and drop its own direct flights to Paris and Amsterdam next […]
|By Arabian Post Staff| Sheikh Mansour bin Zayed Al Nahyan’s City Football Group (CFG), which owns a number football related clubs and businesses, including Manchester City FC, New York City FC, Melbourne City FC, and a minority stake in Yokohama F. Marinos, has announced a partnership with a consortium of high profile Chinese institutional investors to create an unprecedented platform for the growth of CFG clubs and […]
|By Arabian Post Staff| Zurich announced that it will begin a phased closing to new retail and small business customers in its general insurance business in the Middle East. Subject to an assessment of contractual obligations, existing portfolios in this business will be put into run off. This means that Zurich will effectively exit its general insurance businesses by the end of 2016 or as soon as […]
|By Arabian Post Staff| The price of gold futures hit their lowest levels since October 2009, below what Goldman called a crucial level and at current prices half of the gold coming from mines may not be viable, industry sources warned. “The more we continue to produce unprofitable gold, the more pressure we put on the gold price,” said Randgold Resources Ltd. Chief Executive Officer Mark Bristow. […]
|By Arabian Post Staff| It is a double whammy for gold this Thursday. The metal was trading near its lowest in nearly six years while Reuters reported from Mumbai that third-quarter gold buying in India, the world’s biggest consumer, is likely to fall to the lowest level in eight years. Gold is hurt by poor investment demand as the dollar held at multi-month highs after U.S. economic […]
|By Arabian Post Staff| House prices in Dubai will bottom out towards the end of next year, real estate consultancy Cluttons said in its Dubai 2015/16 Winter Residential Property Market Outlook. House prices are expected to fall another 3-5 percent over the next 12 months. The report said values for both apartments (-0.8%) and villas (-0.5%) dipped marginally during the third quarter of this year, marking the […]
|By Arabian Post Staff|Arabtec said its board accepted the resignation of acting chief executive Mohamed al-Fahim and appointed a replacement. The loss-making firm, whose largest shareholder is Abu Dhabi state fund Aabar, appointed Saeed al-Mehairbi as its new acting chief executive, it said in a bourse announcement. The company has been in trouble for the past 18 months after former chief executive and then biggest shareholder Hasan […]
|By Arabian Post Staff| Masdar announced the start of the operational stage of its pilot programme in Ghantoot, Abu Dhabi, which will see 1,500 m3/day of potable water produced over the next 15 months using four unique technologies that demonstrate commercially-viable and energy efficient solutions for renewable-powered desalination. After launching the programme in 2013, Masdar partnered with four global industry leaders – Abengoa, Suez, Sidem (Veolia) and […]
|By Arabian Post Staff| The gold deposit scheme launched with great fanfare by Prime Minister Narendra Modi two weeks ago has so far attracted only 400gm, Indian newspapers reported.This is against a national hoard estimated at 20,000 tons. Modi has urged people to put gold stashed in homes and temples in the bank, offering modest rates of interest that earlier schemes have lacked. The government has also […]
|By Arabian Post Staff| Saudi nationals engaged in gold and jewellery business believe that the new foreign investment law, which allows expatriates to set up fully-owned businesses in the kingdom, would ultimately drive them away from their traditional business. According to Saudi media reports, they complain that some Arab expatriates have entered the market by obtaining Saudi citizenship, GCC passports and foreign investment license. A Abdul Ghani […]
|By Arabian Post Staff| The AED 1.9 billion debt restructuring deal by Dubai government-owned entity Limitless has run into trouble following resistance by some of the creditors, Reuters reported quoting three banking sources. The company needs complete creditor approval in order to push through any deal. The delay in completing the deal is causing uncertainty, particularly in view of the weakness in the UAE property market, the […]
|By Arabian Post Staff| IFC, a member of the World Bank Group, and the IFC Asset Management Company are investing $27 million in Souq, the largest e-commerce platform in the Middle East and North Africa. The investment will support the company’s growth, boost e-commerce in the region, and help create jobs and drive innovation. The investment will help Souq diversify its offerings and enhance its logistics and […]
|By Arabian Post Staff| Participants at the World Strategy Summit in Abu Dhabi emphasized the importance of establishing an international platform for strategy, leadership, and innovation. This platform would contribute to building governmental and business sector leadership and would be based on a comprehensive vision to understand the nature of future opportunities and challenges. The platform could then be used to create measurable scientifically-based strategies that are […]
|By Arabian Post Staff| Dubai’s investment plans are not threatened by the situation stemming from the fall in oil prices and its economic impact, Mohammad al-Shaibani, chief executive of state-owned Investment Corporation of Dubai (ICD), asserted. Although energy is a key determinant of business confidence, as far as Dubai is concerned, oil accounts for only 2 percent of the emirate’s economy, he pointed out. “There won’t be […]
