|By Arabian Post Staff| After posting a 10 per cent year-on-year rise in MENA region profits in 2017, Saxo Bank, the online multi-asset trading and investment specialist, has consolidated its high-performing Dubai station as its regional hub of operations. The double-digit annual profit growth across the region, which has elevated MENA to the company’s third most profitable operation this year, had led Saxo’s Head of MENA, Mario Camara, […]
|By Arabian Post Staff| ADNOC Distribution, the retail and fuel-selling arm of Abu Dhabi’s state-owned oil company, will be valued at $8.5 billion — around the middle of a range of possible valuations — when trading opens on the Abu Dhabi Securities Exchange (ADX) next week. The sale of 10 percent of the unit in an initial public offering (IPO) was oversubscribed “multiple” times by institutional investors, and […]
|By Arabian Post Staff| Gold prices were on track for their biggest weekly fall since May ahead of US employment data later that could influence the pace of US interest rate rises. The yellow metal broke below a recent trading range and tumbled through technical levels to its lowest since July as progress on US tax reform fuelled optimism about the US economy and boosted the dollar. […]
|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 Arabian Post Staff|ADNOC plans to explore and appraise Abu Dhabi’s unconventional gas resources, as the company seeks to enable future value creation from its untapped gas resources, the company announced. ADNOC will spend over AED 400 billion over the next five years, as it embarks on its Upstream and Downstream expansion and growth projects, the company announced. The Supreme Petroleum Council (SPC) approved ADNOC’s key strategic […]
|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 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 […]
The IMF recently upgraded the global growth outlook for 2018, and the oil price is trading at its highest levels since 2015. These are both positive developments for the UAE economy, which is expected to see an uptick in growth in 2018. But will this be the beginning of a sustained period of growth, or will it just be a rebound from the recent slump in growth? […]
|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| Abu Dhabi Securities Exchange (ADX) today announced the launch of its latest investment service ‘Technical Short Selling’ (TSS), an addition to the existing suite of services and products provided by ADX to investors through brokerage firms. The launch of this new service falls in line with ADX’s strategy to increase liquidity levels as well as diversify investment and hedging instruments in order to […]
|By Arabian Post Staff| The introduction of value added tax would force Dubai’s precious metals and gems businesses to relocate to other centres such as Singapore and Hong Kong, DMCC excutive chairman Ahmed Bin Sulayem has warned. VAT could lead to an “exodus” of firms in the gold and diamond industry from the UAE, Bin Sulayem said in a message to the Dubai Diamond Conference and urged the […]
|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 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 Matein Khalid| Trump’s post Charlottesville remarks, the Barcelona terrorist attacks and Cisco’s results unnerved the US stock market bulls last week. Friday was a surreal moment in the history of Wall Street. It was entirely rational for traders on the New York Stock Exchange floor to cheers and the Dow Jones Index rise 150 points when news broke that Trump had fired his alt-right, white nationalist chief strategist […]
|By Arabian Post Staff| Gold plunged after trading volume hit 1.8 million ounces in just one minute and gold traders were shaken by the plunge, Bloomberg reported. Gold traders shaken awake by Monday’s rapid price plunge said the move probably won’t mean an end to the sleepy pace that’s characterized the market in recent months. Bullion sank at 9 a.m. in London on Monday after a huge spike […]
|By Arabian Post Staff| Dubai Government is developing a new project development company that will manage projects by Dubai Holding and Meraas Holding, according to a media statement issued on Monday (May 29, 2017). The move is a reflection of the economic reality marked by lower oil price and lower growth outlook that is encouraging governments to consolidate their state-owned businesses to cut costs by creating synergies. It […]
|By Arabian Post Staff|The London High Court has upheld the injunction granted to ICICI Bank UK against leading diamond merchant family of Mehtas, considered legends in the diamond trading business and pioneers in Indian industry’s inroads to Antwerp. This means that the well-known Mehta family of Belgium lost their bid in London’s High Court to unfreeze certain of their family members’ assets, as they continue to be […]
|By Matein Khalid| The financial markets finally cottoned on the increasingly sordid political realities created by the Trump White House. Trump could well be impeached for obstruction of justice if he tried to pressure FBI Director James Comey to drop an investigation on disgraced General Michael Flynn’s contacts with Russian intelligence before the election. The appointment of a special prosecutor to investigate the scandal means Washington is […]
Here is a selection of five charts that FT Markets believes are worth watching. A fresh chart will be added on a regular basis. 1. Wall Street hit by biggest slide since November US stocks suffered their worst trading day in eight months on Wednesday after political turmoil in Washington shook investors, with some fearing President Donald Trump’s ability to push through his pro-growth policies has been […]
By Lisandra Paraguassu and Ricardo Brito | BRASILIA BRASILIA Brazilian President Michel Temer gave his blessing to an attempt to pay a potential witness to remain silent in the country’s biggest-ever graft probe, according to plea bargain testimony by a powerful businessman, newspaper O Globo reported on Wednesday. Temer’s office on Wednesday acknowledged he had met in March with the businessman, Chairman Joesley Batista of meat giant […]
Call it the Trump fade? The so-called Trump trade captivated Wall Street after the surprise election of Donald Trump last November. After years of stagnant economic growth in the wake of the financial crisis, the prospect of Mr Trump’s pro-business agenda, combined with Republican control of both executive and legislative branches of the US government, breathed new life into the ageing equity rally, sent the dollar to […]
This time, the day’s big Trump-Russia-Comey news waited until around 6:00 to break. Former FBI director Robert Mueller has been selected by the US Justice Department to serve as special counsel to oversee the investigation into alleged Russian interference in the 2016 US presidential election. Rod Rosenstein, the US deputy attorney general, said on Wednesday that he had determined it was in the “public interest” to appoint […]
A selfie-app company learned the value of index membership on Wednesday, when shares in Meitu Inc dropped 9 per cent after MSCI said the Hong Kong listed stock would not, as previously announced, enter its China index in June. MSCI had included Meitu in a list of planned index changes published Monday evening, and the sudden reversal highlights the power of index providers to direct money and […]
