|By Arabian Post Staff|With the official implementation of Valued Added Tax (VAT) across the GCC coming into effect in January 2018, a majority of industries in the Gulf, including the burgeoning food production and manufacturing sphere, are worried about the ripple effect of the region’s first applied taxation. The Business Talks Conference will see top decision makers and market leaders gathering to outline, discuss and debate the […]
|By Arabian Post Staff| Non-resident foreign investors will be able to invest directly in Saudi Arabia’s parallel market called NOMU meant for small and medium sized enterprises starting from January next, Mohammed El-Kuwaiz, chairman of the Capital Market Authority (CMA) announced at the investment summit in Riyadh. Saudi Arabia’s reforms to develop and open up its capital markets are part of Vision 2030, an economic reform plan […]
|By Arabian Post Staff|Saudi Crown Prince Mohammed bin Salman put the kingdom somewhat in the ‘Dubai mode’ announcing the launch of an initiative backed by more than $500 billion investment to transformation of the kingdom into a leading global hub through the introduction of value chains of industry and technology. The plan, known as Neom, spires to make the country the “safest, most efficient, most future oriented, […]
|By Arabian Post Staff| Subdued economic growth continued to translate into job cuts, reduction of staff allowances and few employment opportunities, which resulted in increased vacancy rates in the Abu Dhabi property market, according to the latest report of Asteco. Average apartment rental rates dropped by 3% over the quarter and by 10% during the past 12 months, with the highest rate of decline recorded for mid-end […]
|By Arabian Post Staff| National Bank of Ras Al Khaimah (RAKBank) Group said the bank’s profit for the third quarter more than doubled to Dh224.8 million, compared to the previous period and recorded all-round improvement in its 9 months performance, achieving a growth of 9.4 per cent in the consolidated net profit of Dh606.3 million. Gross loans and advances stood at Dh32.6 billion as of 30 September […]
|By Arabian Ppost Staff| DP World Limited claimed that its nine-months performance exceeded projections handling 52.3 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals, with gross container volumes growing 9.6% on a like-for-like basis, with the third quarter growth rates accelerating to 13.5% year-on-year. This is against Drewry Maritime’s upgraded industry estimate of 5.5% throughput growth in 2017. Global trade outlook improved significantly […]
|By Arabian Post Staff| Latest property transactions data released by the Dubai Land Deparment clearly shows an increasing demand across all property categories, including land plots, buildings and residential units, according to Director General Sultan Butti bin Mejren. This indicates Dubai is attracting a wide variety of investors, he added. Dubai Land Department (DLD) announced that the total value of real estate transactions for the first nine […]
|By Arabian Post Staff|A new survey conducted by Bayt.com and YouGov titled ‘Top Cities in the Middle East and North Africa’, revealed that Abu Dhabi and Dubai ranked as the top cities to live and work in the Middle East and North Africa region. The ranking was based on several factors including economic, environmental, standard of living, socio-cultural and entrepreneurship factors. Overall, Dubai and Abu Dhabi ranked […]
|By Arabian Post Staff| Abu Dhabi Commercial Bank reported net profit of AED 3.206 billion for the nine month period ended 30 September 2017. The figure was 2% higher than the the previous level. Total net interest income and Islamic financing income of AED 4.983 billion was up 8% while operating income of AED 6.585 billion was up 4%, and operating expenses of AED 2.147 billion was […]
|By Arabian Post Staff|Foreign direct investment (FDI) inflows to West African countries increased 12% to $11.4 billion in 2016, supported by recovering investment in Nigeria, an analysis conducted by the Dubai Chamber of Commerce and Industry revealed. The analysis, based on data from United Nations Conference on Trade and Development (UNCTAD), was released by the Chamber as it prepares to host the 4th Global Business Forum on […]
Sheikh Mohammed bin Rashid’s new cabinet formation is predicated on a futuristic approach that lays greater emphasis on science and technology, transparency and the empowerment of women and youth. It marks a departure from the traditonal approach to governance steeped in the past rather than future. The age profile of some of those inducted into the new ministry would sound as though they are at the start […]
|By Arabian Post Staff| Saudi Arabia’s Public Investment Fund (PIF) has announced the establishment of the Saudi Real Estate Refinance Company (SRC) to improve the performance of the real estate market, increase its contribution to GDP, and raise the rate of homeownership among Saudis to 52% by the end of 2020. Demand for real estate financing in the Kingdom is expected to increase from SAR 280 billion […]
|By Arabian Post Staff| Chestertons MENA has reported the total number of off-plan transactions in the third quarter of 2017 has increased by 86% from the previous quarter, while the value of off plan transactions was up by 118% to AED4.04 billion. “With reference to off-plan transactions, Dubai’s real estate market has witnessed seasonal peaks and troughs in the last year due to high levels of uncertainty. […]
|By Arabian Post Staff| Dubai-based Azizi Developments has announced the launch of a new mega community project in the heart of Dubai at an estimated cost of AED25 billion. The new mega project, whose name is yet to be announced, will have a distinctly British feel, with themes and elements influenced by contemporary British culture and way of living, thge company announced. The development will comprise residential, […]
|By Arabian Post Staff|Trading conditions for smaller community and regional centres and non-mall retail formats have become more testing, according to the Q3 2017 Dubai MarketView by global real estate consultancy firm CBRE. As a result, retailers are increasingly looking for flexibility from landlords to help soften the impact of changes in sales volumes. But development activity across the retail sector remains buoyant with approximately 1.0 million […]
|By Arabian Post Staff| Japanese retailer Daiso opened at Bawabat Al Sharq Mall in Abu Dhabi this week. The newly opened store is the 11th store in Abu Dhabi and the 32nd in the UAE, bringing the total count in the GCC region to 49. The store is located on the first floor of the mall, opposite the Food Court, and boasts of 4,500 square feet. Daiso […]
|By Arabian Post Staff| Middle East Venture Partners (MEVP) announced the launch of its third MENA venture capital fund – the Middle East Venture Fund III (MEVFIII) – with a target size of $250 million. MEVFIII will invest in innovative early-stage and growth-stage tech companies in the MENA and Turkey region. The launch of the new fund follows the announcement in May 2017 that Mohamed Alabbar and MEVP […]
|By Arabian Post Staff| EFS Facilities Services, a regional leader in delivering integrated facilities management services across the Middle East, Africa, South Asia, announced that the company has sustained its growth momentum by securing contracts worth AED 1 Billion across its operating regions. The company was awarded key contracts in its biggest markets i.e. UAE, Saudi Arabia, Qatar, Jordan, and Egypt, for both public and private sector clients […]
|By Matein Khalid| Jamie Dimon, the unanointed king of Wall Street and chief executive of New York banking colossus J.P. Morgan did not mince his words. He called Bitcoin “a fraud”, a speculative bubble comparable to the Dutch tulip mania of the seventeenth century and declared he would fire any trader at his bank trading in the cryptocurrency “in a second” for “stupidity”. This has only reinforced the […]
|By Arabian Post Staff| A high-level meeting of the Arab Monetary Fund (AMF), International Monetary Fund (IMF) and the World Bank, in collaboration with the Financial Stability Board (FSB on the Withdrawal of Correspondent Banking Relationships (CBRs) in the Arab region has highlighted the importance of initiatives aimed at addressing compliance costs and profitability considerations to deal with the situation. These initiatives could cover areas such as […]
|By Arabian Post Staff| DP World Limited announced it has entered into agreements to acquire Maritime World LLC, owners of Dubai Maritime City, and Drydocks World LLC for a total cash consideration of $405 million. Of this, the Dubai Maritime City owners are to be acquired for $180 million while the Drydocks World for a cash consideration of $ 225 million. DMC is a world class maritime […]
|By Arabian Post Staff|The Central Bank of Bahrain (CBB ) announcement of new Shari’ah governance regulations applicable to wholesale and retail Islamic banks in Bahrain are a positive development, Moody’s said in a report. Effective June 2018, the new regulations will make Islamic banks subject to an Independent External Shari’ah Compliance Audit, to ensure that all Islamic banks activities are Shari’ah compliant. Additionally, all internal Shari’ah board […]
|By Arabian Post| JAFZA’s active secondary market has witnessed an increase in the number of properties available for sub-lease and sale, leading to a decline in capital values over the last 12 months, according to a report by real estate consultancy firm CBRE. Occupiers are understandably keen to take advantage of the prevailing market, to locate to newer facilities with lower rentals, better infrastructure and road connectivity. Further signs […]
|By Arabian Post Staff|New issues for the remainder of 2017 are estimated to be in excess of USD 20 billion, as a result of favourable market conditions, according to Fisch Asset Management. An encouraging landscape for new bond issuances in the GCC will likely see a USD sovereign deal between Saudi and Bahrain, while Oman is anticipated to confirm new issues, depending on the size of deficits. […]
