|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 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|Saudi Arabia is holding one of its most important investment summits ever, named the Future Investment Initiative (FII), considered to be game-changing forum in Riyadh. The landmark event is being attended by more than 2,500 delegates and internationally-renowned business and investment leaders from over 60 countries. The three-day event will explore new trends, opportunities, challenges and emerging industries that will shape the world economy and […]
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| The combined value of the Expo 2020-related development projects has touched $33 billion (Dh121 billion) as the UAE begins the three-year countdown for the six-month-long mega global event that will kick-off on October 20, 2020, according to BNC Network, a project research and intelligence provider in the Middle East and North Africa (MENA) region. These projects include transport infrastructure, such as the expansion […]
|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| 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| The Ministry of Finance is still in the process of developing the executive regulations of the Value Added Tax, and the rateon on all taxable and exempt goods, exports and services have not yet been finalised. Younis Haji Al-Khouri, under-secretary in the ministry of finance, said in a statement that the ministry is working to ensure maximum disclosure and transparency before announciung the […]
|By Arabian Post Staff| TV is the most popular news medium in Middle East and North Africa (MENA) region, a recent study by the Northwestern University in Qatar has revealed that. When asked about how they stay informed about the latest news in Egypt, Jordan, Lebanon, Qatar, Saudi Arabia, Tunisia and United Arab Emirates, more than 75% of nationals reported watching television each day rather than relying […]
|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 K Raveendran| Virgin boss Richard Branson recently went on a voyage to Arabia’s past, which he claims helped him discover an incredibly exciting time in Saudi Arabia’s history. The visit also turned out to be an inspiration for him to announce a major investment in a luxury tourism project aiming to transform a stretch of Saudi Arabia’s Red Sea coast into a hub for high-end holidaymakers. […]
|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 F R Chowdhury| Myanmar (previously known as Burma) is a vast country of 676,550 sq. km. or 261,217 sq. miles on the north-east coast of Bay of Bengal. Basically it is between Bangladesh and Thailand though it has also long common border with India and China. Its population is only about 49 million. Majority are Buddhists. Next large population is ethnic Bengali Muslims and a small percentage […]
|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| Dubai’s DIFC Courts witnessed sustained growth in the first six months of 2017, with the English-language, common law judiciary continuing to help global businesses resolve their largest and most complex disputes while becoming the increasingly preferred forum for settling the smaller claims of corporations, SMEs and individuals. The workload of the main Court of First Instance (CFI), including arbitration-related cases and counter claims, […]
|By Arabian Post Staff| The UAE Federal Tax Authority (FTA) announced that it will open online registration for tax purposes for businesses in mid-September 2017. The announcement was made at a media briefing by the FTA to familiarise with various aspects of the FTA’s work. The briefing also covered the implications of the tax procedures for boosting the momentum of the UAE’s sustainable economic development. Khalid Ali […]
|By Arabian Post Staff| Teneo Holdings, the global CEO advisory firm, today announced that it has acquired Credo Business Consulting LLP, a leading management consulting firm with operations in London and Dubai. Credo is a highly-respected management consulting firm focused on corporate strategy, transaction services, commercial and operating model transformation and performance improvement. With an outstanding reputation for depth of analysis and insight, Credo has helped many of the world’s leading organizations […]
|By Arabian Post Staff| The DIFC Courts announced the passing away of Sir Anthony Colman after a short illness in hospital in England last week. He was appointed as a Judge of the DIFC Courts from 2008, serving as Deputy Chief Justice from June 2010 until his retirement in May 2013. From 2013 onwards, Sir Anthony continued as a Judge at the Courts, overseeing ongoing cases initiated before […]
|By Arabian Post Staff| Fitch Ratings has upgraded DP World’s Limited’s Long-Term Issuer Default Rating (IDR) to BBB+ from BBB and affirmed Short-Term IDR at F2. The rating outlook is stable. This follows on Fitch’s rating upgrade in August 2016 from BBB- to BBB and reflects DP World’s solid performance and stable cash flow generation. Fitch also notes the Group’s flexibility in its expansionary plan to maintain […]
|By Saifur Rahman| As many as 1.43 million bank cheques – worth Dh75.77 billion (US$20.64 billion) – out of 31.36 million issued in 2016 were returned, according to the UAE Central Bank. On an average, each bounced cheque carried a sum of Dh52,732. The number of cheques placed with banks averaged 2.61 million per month, or nearly 85,933 per day. The total amount of money involved in 31.36 million […]
|By Arabian Posr Staff| The Abu Dhabi National Oil Company (ADNOC) and Borealis have signed a framework agreement to expand both ADNOC and Borealis downstream petrochemicals business and support the delivery of ADNOC’s integrated smart growth and partnership strategy. Under the agreement, ADNOC and Borealis will move to the pre-feed (front end engineering and design) stage for the construction of the Borouge 4 complex, which encompasses a world-scale, mixed […]
