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By James M. Dorsey Ousted Pakistani prime minister Nawaz Sharif kicked up a storm when he earlier this month seemingly admitted that Pakistan had supported militants who attacked multiple targets in Mumbai in 2008, killing 166 people. Mr. Sharif’s admission, which he has since tried to walk back, put a finger on Pakistan’s controversial policy of selective support of militant groups at a sensitive time. Pakistan is gearing up for elections that […]

|By Saifur Rahman, Associate Editor|  The historic first cargo of two million barrels of crude oil from the Abu Dhabi National Oil Company (ADNOC), destined for the Indian Strategic Petroleum Reserves Ltd (ISPRL) has been loaded and is en-route to India, in the presence of Dharmendra Pradhan, Indian Minister for Petroleum and Natural Gas, and Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO at a ceremony in Abu […]

|By Arabian Post Staff| Emirates Group reported a 67 percent jump in net profits to $1.1 (Dh4.1 billion) billion in 2017-18 financial year ending March 31, 2018 compared to the previous year, with revenues reaching $27.9 billion (Dh102.4 billion), crossing the Dh100 billion mark for the first time in the history of the 32 year old airline group that includes Emirates Airline and its ground handling and ticketing arm, […]

|By Matein Khalid| I had written an article titled “six reasons to be bullish Saudi equities in 2018, published in the KT on January 28. Yet I was surprised to see Saudi Arabian equities become the world’s second best performing stock market in 2018 after Egypt. The Saudi equity index fund (KSA) I recommended in my column is up 18% at a time when the MSCI emerging markets […]

By James M. Dorsey A Saudi Moroccan soccer spat speaks volumes about the depth of change in the Arab world. The spat over Saudi Arabia’s refusal to support a Moroccan bid for the hosting rights of the 2026 World Cup tells the tale of the rise of individual country nationalism at the expense of Arab solidarity, Saudi determination to safeguard its alliance with the United States at whatever cost, […]

By Matein Khalid A dismal legacy of civil war, sanctions, insurgency, foreign invasion and terrorism has had a catastrophic impact on the Iraqi economy. Prime Minister Haider al-Abadi told the assembled global elite at Davos 2018 that Iraq needed $100 billion in postwar construction. Yet money alone will not solve Iraq’s problems of systemic corruption, a society divided by sectarian cleavages, poverty, the displacement of 2 million […]

By James M. Dorsey The Gulf crisis that pits a United Arab Emirates-Saudi-led alliance against Qatar is escalating in discreet but no less worrisome ways that effect major third-party commercial interests and could increase international pressure for a resolution of the dispute. In a major shift away from Saudi and UAE restraint in attempting to force the international community and multi-nationals from taking sides in the 11-month […]

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|By Arabian Post Staff| Sixty-nine percent of adults in the UAE work full-time for an employer – the highest rate in the world. However, a much lower percentage, 12%, have full-time jobs that engage them. These are some of the findings from global analytics and advice firm Gallup’s new global job figures,. The new report examines the distribution of quality jobs across the world. While the percentage of adults with […]

|By Arabian Post Staff| Emaar Properties recorded revenue for the first three months of 2018 of Dh5.58 billion (US$1.52 billion), 37 per cent higher than the first quarter of 2017 revenue of Dh4.07 billion (US$1.109 billion). This was led by significant progress achieved on projects under construction and the growth in malls and hospitality businesses. Emaar’s net profit grew by 20 per cent to Dh1.66 billion (US$453 […]

By James M. Dorsey Saudi Crown Prince Mohammed bin Salman’s investment of $1 billion and option to pump a further $480 million into Richard Branson’s ventures in space, confirmed during the prince’s recent visit to the United States, was more than just another headline-grabbing move. By focusing on space sciences, long a field rejected by ultra-conservative Islamic scholars, some of whom insist that the earth is flat, Prince […]

By James M. Dorsey Twin attacks earlier this week on Pakistani security forces in the troubled province of Balochistan cast a light on a sustained and violent campaign against police and paramilitary units as well as Shiite and Christian minorities. The attacks by groups, some of which have had links to Pakistan’s powerful military and intelligence apparatus as well as Saudi Arabia, spotlight the Pakistani state’s inability to […]

|By Arabian Post Staff| In another setback to the region’s most high-profile private equity firm, state-owned Mubadala  is reported to have halted talks to buy Abraaj’s investment business.  Abraaj is facing an investigation by investors into how it used some of their money. Abraaj has been trying to sell  some or all of the unit following a row with four investors, including the Bill & Melinda Gates Foundation […]

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 James M. Dorsey Iranian leaders are struggling, three months after anti-government protests swept the Islamic republic, to ensure that environmental issues that helped sparked a popular uprising in Syria in 2011 leading to a brutal civil war don’t threaten the clergy’s grip on power. Like Syria, Iran has been confronting a drought that has affected much of the country for more than a decade with precipitation dropping to its lowest […]

|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 Arabian Post Staff|The Saudi Stock Exchange (Tadawul) announced FTSE Russel has decided to classify Tadawul as a “Secondary Emerging” market in the FTSE Global Equity Index Series, moving up from its previous status as “Unclassified”. This decision followed a series of market enhancements introduced by Tadawul and the Capital Market Authority (CMA) over the past two years. These developments have fulfilled market quality criteria set by […]

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 James M. Dorsey In his effort to improve Saudi Arabia’s badly tarnished image and project the kingdom as embracing an unidentified form of moderate Islam, Saudi Crown Prince Mohammed bin Salman has hinted that he envisions a conservative rather than an ultra-conservative society, but not one in which citizens are fully free to make personal, let alone political choices of their own. Prince Mohammed’s vision, although […]

|By Arabian Post Staff|Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announces the acquisition of a 90% stake in Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL), an integrated multimodal logistics player in India. CWCNSL’s founders, the Reddy family, will retain the remaining 10% shareholding and will remain involved in the business operations. The purchase consideration is […]

|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| Abraaj Group, the Middile East’s biggest private equity firm, is facing the biggest crisis in its history, with a number of major management changes and top-level resignations. According to reports, chief financial officer Ashish Dave has left the company and two other other senior executives are also preparing to leave. The investment firm, which manages $13.6 billion in assets, is also considering a […]

|By Arabian Post Staff| Saal, an innovative technology company based in Abu Dhabi, has launched saal.ai – a revolutionary artificial intelligence (AI) framework, an enabler, ready to transcend and redefine current practices across industries and fuel economic and social growth. Capable of cognitive tasks such as reasoning, inference and retrieval, using data collected from multi-modal sensor inputs, saal.ai uses advanced computing and machine learning techniques to perform actions in the AI […]

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