Saudi Arabia intends to issue around 120 billion riyals ($32 billion) of bonds next year to help finance its deficit, with plans to tap international markets in the first half, Finance Minister Mohammed Al-Jadaan said. The kingdom is considering international bonds in dollars and other currencies, Al-Jadaan told Bloomberg TV in Riyadh on Wednesday. The […]
Abu Dhabi: Adnoc Distribution has opened its first service station in Dubai located at Dubai Investment Park, according to an announcement on Monday. Commenting on the station opening, Adnoc Distribution Acting Chief Executive Officer Saeed Al Rashdi said: “We are extremely pleased to have opened in Dubai and to be serving customers in all of […]
General Motors faces a “sharp and continued drop in profit” from its GM China joint venture in 2019 and beyond and might consider spinning off the JV, Morgan Stanley analyst Adam Jonas said in a note. The strategic and financial options available to an automaker like GM in China “likely shrinks as profitability of the […]
Due to its multimodal connectivity and outward-looking vision, the UAE has evolved into the undisputed logistics hub of the region, resulting in steady economic growth. KIZAD, the integrated trade, logistics, industrial free zone of Abu Dhabi, is driving this economic growth by developing an ecosystem with best-in-class connectivity and efficiencies. KIZAD’s combination of quality soft […]
What a year for both UAE based-businesses and the Federal Tax Authority (FTA). It began, hearts in mouths, with the opening of business on 1 January 2018. Have we correctly applied VAT to our sales, will our systems generate compliant tax invoices for customers, will our goods clear Customs without delays — all these were […]
Dubai: DP World, the Dubai-based ports operator, says it welcomes the statement made by US National Security Adviser John Bolton criticising the government of Djibouti’s autocratic actions earlier this year in illegally expropriating the Doraleh Container Terminal. The comments were made in a speech by Bolton at the Heritage Foundation on December 13, where he […]
Facebook Inc. is working on making a cryptocurrency that will let users transfer money on its WhatsApp messaging app, focusing first on the remittances market in India, according to people familiar with the matter. The company is developing a stablecoin – a type of digital currency pegged to the US dollar – to minimize volatility, […]
Scheme is used for new work permit applications in the mainland.
Dubai: Aramex, the Dubai-listed logistics company, said on Tuesday it will sell its 60 per cent stake in its joint venture with Australia Post for $20 million (Dh73.4 million). The stake in Aramex Global Solutions will be sold back to Australia Post, and comes after approval from Aramex’s board of directors. The company said the […]
Dubai: The UAE’s car dealerships wouldn’t be looking back on 2018 with fond memories — in fact they are on the verge of closing what has been another exceptionally difficult year. The drop in new car sales for the full year is estimated 15-20 per cent, according to industry sources. And that too only because […]