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By James M. Dorsey Stepped up Saudi efforts to forge close diplomatic, economic and cultural ties to Shia-majority Iraq in a bid to counter significant Iranian influence in the country appear to be paying off. The Saudi initiative demonstrates the kingdom’s ability to engage rather than exclusively pursue a muscular, assertive and confrontational policy towards the Islamic republic and its perceived allies. It raises the question whether […]

By James M. Dorsey Bangladesh, in a twist of irony, is looking to Saudi Arabia to fund a $ 1 billion plan to build hundreds of mosques and religious centres to counter militant Islam that for much of the past decade traced its roots to ultra-conservative strands of the faith promoted by a multi-billion dollar Saudi campaign. The Bangladeshi plan constitutes the first effort by a Muslim country to enlist […]

By James M. Dorsey There’s a cutting-off-the-nose-to-spite-the face aspect to a Saudi plan to turn Qatar into an island by digging a 60-kilometre ocean channel through the two countries’ land border that would accommodate a nuclear waste heap as well as a military base. If implemented, the channel would signal the kingdom’s belief that relations between the world’s only two Wahhabi states will not any time soon return to […]

|By Arabian Post Staff| The GCC’s first and the world’s only Shari’ah Compliant Spot Gold contract (DGSG), was listed on the DGCX on March 29th. The contract opened with world-record Exchange traded Shari’ah Compliant Gold volumes on the first day of trading. The product traded volume of 84 Kilograms worth USD 3.56 million, on its opening day. The contract’s launch follows months of planning and preparation for the […]

By James M. Dorsey When Miguel Torres, scion of an iconic Spanish winemaking dynasty, described the impact of the Catalan quest for independence on his more than a century-old business in a letter to wine writer Andrew Jefford, little did he realize that he had put his finger on one of the current world’s most fundamental battles: nationalism and populism vs. inclusive multi-culturalism.  It is a struggle that is tearing […]

|By Arabian Post Staff|Global trade enabler DP World announced strong financial results for the twelve months ending 31 December 2017. On a reported basis, revenue grew 13.2 percent and adjusted EBITDA increased 9.1 percent with adjusted EBITDA margin of 52.4 percent, delivering profit attributable to owners of the company of $1,209 million, up 7.3 percent, and EPS of 145.6 US cents. On a like-for-like basis, revenue grew […]

|By Arabian Post Staff| Emaar Properties recorded a net operating profit of AED 5.704 billion (US$ 1.553 billion) during full-year (January to December) 2017, a growth of 16 per cent over the FY 2016 net operating profit of AED 4.917 billion (US$ 1.339 billion). Total revenue for FY 2017 increased by 21 per cent to AED 18.812 billion (US$ 5.122 billion), over FY 2016 revenue of AED […]

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|By Arabian Post Staff| DP World Ltd., the Dubai-based port operator that manages terminals from Hong Kong to Peru, and India’s National Investment & Infrastructure Fund (NIIF) plan to jointly invest up to US$3 billion in the South Asian nation, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, disclosed at the sixth World Government Summit (WGS 2018) in Dubai. During a panel discussion titled […]

|By Arabian Post Staff| Fujairah, which hosts the Middle East’s largest commercial storage capacity for refined oil products, has engaged S&P Global Platts in a 3-year agreement to distribute the Emirate’s weekly inventory data as part of its effort to position the Indian Ocean port-city as a global oil trading and storage hub. After a successful one-year publishing agreement, the Fujairah Oil Industry Zone (FOIZ) agreed to extend […]

|By Matein Khalid| I had projected a bloodbath in the US Treasury bond market since late 2016, when it was obvious that Trump’s tax reform would double the US budget deficit at the same time as the Federal Reserve prepared to “normalize” or shrink its balance sheet by $470 billion. Fiscal stimulus is often a policy ballast amid a depression, as in the early 1980’s or 2009, not […]

|By Arabian Post Staff| Abu Dhabi Securities Exchange (ADX) has signed a Memorandum of Understanding (MoU) with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and seven leading global Central Securities Depository (CSD) companies to collaborate on Distributed Ledger Technology (DLT) implementation in post trade operations, as well as capital market transactions. Today, securities processing, particularly in areas requiring multi-party contact and involving extremely cumbersome manual processes carry […]

|By Matein Khalid| When I first started on a Treasury bond futures trading desk in New York fresh out of Wharton, a senior mentor once advised to keep track of the four heartbeats of gold finance in real time. The price of money (interest rates), the price of currency (the US dollar), the price of oil and the price of gold.   The price of money can be […]

|By Matein Khalid| Dubai based Gulf Islamic Investments (GII) acquired a one million square foot Amazon logistics center in Dortmund, Germany for $144 million. This deal is a testament to the boutique global merchant bank created in Dubai by GII’s co-founder/CEO Pankaj Gupta, who I am honored to call a friend. I consciously model my own firm Asas Capial on the strategic path laid out by GII and […]

By Saifur Rahman Dubai Government expects its Dh376.8 billion (US$102.67 billion) economy to grow at 3.5 per cent in 2018, slightly lower than the UAE economic growth, pegged at 3.9 per cent, according to a news release issued by the Department of Economic Development (DED), the government’s trade licensing body. The country has just implemented a 5 per cent Value-Added Tax (VAT) from January 1, 2018, expects […]

|By Arabian Post Staff| DP World’ made a capital spending of over $1 billion in 2017 for a series of acquisitions, technology tie-ups and other activities, the company said in a statement. These investments saw the global trade enabler expand its business horizons across the world during the year. The expansion at Prince Rupert in Canada opened for business, DP World Limassol in Cyprus opened a new […]

By Manish Rai Last year in June Saudi Arabia, the UAE, Bahrain and Egypt imposed a land, sea, and air blockade on Qatar for its alleged support to terror outfits and being too close to Iran. The Arab neighbours thought that by imposing this blockade they can pressurise Qatar to set aside its own ambitious foreign policy and toe the line of its bigger neighbours. But during […]

|By Matein Khalid|The rise in Brent crude to $60 a barrel and the trade volume ballast generated by the world’s first post Lehman synchronized economic recovery is hugely positive for UAE economic growth in 2018. After all, the UAE is unique because Abu Dhabi’s 100 billion barrels of proven oil reserves is complemented by Dubai’s role as the Gulf’s financial, logistics, aviation, shopping and services hub. The […]

|By Matein Khalid|I am often asked by investors to articulate my “philosophy” of real estate investing. Tough question. My ideal deal is one where it is possible to buy brick and mortar assets at 60 – 70% of replacement cost. This usually occurs in the aftermath of a banking crisis or economic shock. This was the case in Florida homes in 2009 or Spanish office space in […]

|By Alia Al-Khater| The Middle East has a long history of coffee drinking traditions. Over the years, the traditions have been shifting towards more Western ones. More recently, numerous specialty coffee shops are being opened, many of which are run by local independent business owners. As people are beginning to appreciate quality coffee, the region can be characterized by its vastly expanding market for coffee drinking. Many of these […]

|By Matein Khalid| US and global equities surged on news of the US House of Representatives pass the tax reform bill, Cisco and Walmart posted blowout earnings and a potential bidding war emerged for Fox’s media assets. The rally on Thursday followed a week of carnage in the US high yield debt markets, flattening of the US Treasury yield curve and losses in the major stock market indices worldwide.   […]

|By K Raveendran| The arrest of wealthy Saudi prince Al Waleed, whose investments ranging from Citibank to Apple to Twitter, making him the most high profile Arab investor on the global stage, may involve more than internal power struggle within the Saudi ruling establishment and the new Crown Prince’s spirited fight against corruption. Al Waleed may have paid a heavy price for his spat with Donald Trump […]

|By Arabian Post Staff| Emaar Development said on Thursday it plans to price its initial public offering in between Dh5.7 to Dh6.9, thereby valuing the company at Dh25.2 billion.  The company plans to offer 800 million shares or 20 per cent of the share capital, it said in an emailed statement.The final price will be announced on November 16, and the shares will be listed on the […]

|By Matein Khalid|Emaar Properties will sell 20% of its UAE development portfolio in an initial public offering in November. This is the first IPO in the UAE capital markets in the last three years and follows bellwether offerings such as Emaar Malls and Emaar Misr. Emaar’s Dubai development’s adjusted net value is 24.1 UAE dirhams and I would not be surprised if the post IPO revalues the […]

|By Arabian Post Staff| NRI Emirati Investors Group, a new UAE-based group formed by the Business Leaders Forum (BLF), announced that it will raise US$1 billion (Dh3.67 billion) in commercially viable big-ticket projects in India. The announcement was made at the inaugural two-day India-UAE Partnership Summit (IUPS) taking plae at the Armani Hotel, Burj Khalifa, Dubai. This would be the largest such collective fund-raising programme by a […]

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