Commodity Prices

Brent Oil
60.99
Barrel
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52.58
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1,282.60
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Platinum
794.00
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Silver
15.34
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Prayers

Fajr
05:41
Thursday
24
January 2019

Fajr
Fajr
05:41
Sunrise
Sunrise
07:03
Dhuhr
Dhuhr
12:34
Asr
Asr
15:40
Maghrib
Maghrib
18:06
Isha
Isha
19:36
Markets

2,517.00 0.93%
Volume
82,352,412
Turnover
0.93%
Trades
2,427
18
Up
4
Flat
10
Down
Traded stocks 32
4,970.81 0.30%
Volume
31,684,331
Turnover
0.30%
Trades
1,414
7
Up
10
Flat
6
Down
Traded stocks 23
Most active
Dar Al Takaful
0.49
IHC
0.88
Damac
1.2
GGICO
0.17
Methaq
0.67
Amanat
1.08
RAK Properties
0.46
Ekttitab
0.24
Etisalat
16.88
Emaar
4.13
FAB
14.52
DIB
5.12
UPP
0.4
Emaar Malls
1.57
Emaar
4.13
Aldar Properties
1.52

Gulf Business


1 month 2 week

Are the GCC region’s digitisation plans transforming to reality?

Defying dull market conditions in the region, the annual Gitex technology week in Dubai was bustling with activity this year, with tech giants and government entities displaying and announcing numerous new products and services. According to organisers, more than 100,000 visitors trooped through the five-day tech extravaganza in Dubai World Trade Centre, which featured international speakers such as Sir Tim Berners-Lee – founder of the World Wide Web, over 4,500 exhibitors including more than 200 government bodies, and the third edition of the startup-investor event Gitex Future Stars.Held under the tagline ‘Experience Urban Futurism’ Gitex had its fair share of...
1 month 2 week

Dubai-based Gloria Hotel to rebrand to Two Seasons

Dubai-based Gloria Hotel has been rebranded as Two Seasons Hotel and Apartments, its developer Al Ghaith Holdings has confirmed. The rebrand will become effective from January 2019. The move was a “mutual decision reached amicably” between Al Ghaith Holdings and Gloria Hotel Management, a statement said. Located directly opposite to Dubai Internet City metro station, the Two Seasons Hotel and Apartments features 1010 rooms and suites. The entire property has undergone refurbishments including the lobby and the rooms, to improve the product standards, the statement added. The new brand will remain an alcohol-free property but will have the ‘BYO’ (bring...
1 month 2 week

Tesla opens pop-up showroom in Dubai’s Mall of the Emirates

Tesla opens pop-up showroom in Dubai’s Mall of the Emirates Ben Welham Sunday 25 November 2018 Electric vehicle company Tesla has opened a temporary showroom in Dubai’s Mall of the Emirates as it looks to grow its presence in the regional market. The 220 square metre showroom will be open until February 2019 and will display Model S and Model X, and also provide information about the company’s new Model 3, which is due to arrive within the first half of 2019. The Model 3 is Tesla’s more affordable car with a starting price of around $35,000 (Dhs128,000) and is...

1 month 2 week

UAE’s ADNOC awards 10% stake in mega Ghasha gas project to Germany’s Wintershall

The Abu Dhabi government and the Abu Dhabi National Oil Company (ADNOC) has awarded a 10 per cent stake in its Ghasha ultra-sour gas mega project to Germany’s Wintershall Holding, it announced on Monday. The Ghasha concession consists of the Hail, Ghasha, Dalma and other offshore fields including Nasr, SARB and Mubarraz and has a term of 40 years. Wintershall, Germany’s largest crude oil and natural gas producer, will contribute 10 per cent of the capital for the multi-billion dollar project and operational development expenses, a statement said. Earlier this month, ADNOC awarded a 25 per cent stake in the...
1 month 2 week

Property prices in Dubai to continue falling in 2019

Residential property prices in Dubai are anticipated to continue their downward slump in 2019 as increased supply enters the market, a new report has found. The report by real estate portal Property Finder found that supply is expected to double – or even increase by three times – even as demand remains sluggish. A total of 19,881 residential units were completed as of October 2018, with a further 14,707 units scheduled for completion by the end of the year. If this is achieved, this will bring 2018’s total added supply of residential units to 34,588, the report stated. Meanwhile, during...
1 month 2 week

Dubai’s RTA awards construction contract for 77km of roads at Al Khawaneej 2

Dubai’s RTA awards construction contract for 77km of roads at Al Khawaneej 2 Staff writer Sunday 25 November 2018 Dubai’s Roads and Transport Authority has awarded the contract for the construction of internal roads extending 77km at Al Khawaneej 2. The value of the contract was not disclosed. The new project includes 68km of single roads and 9km of collector dual carriageways. It also comprises the construction of the associated infrastructure works, which includes rainwater drainage network, enhancements to the electricity and water networks, and street lighting. “The construction of internal roads at Al Khawaneej 2 stems from RTA’s commitment...

1 month 3 week

UAE’s Al Hilal Bank executes ‘world’s first’ sukuk transaction using blockchain

Abu Dhabi’s Al Hilal Bank has executed the world’s first sukuk transaction using blockchain technology, it said on Monday. The Islamic bank used the distributed ledger technology, best known as the underpinning of crypto-currency Bitcoin, to sell and settle in the secondary market a small portion of its $500m five-year sukuk, issued in September. “Al Hilal Bank is aiming to transform the sukuk market through embracing blockchain and integrating it into their infrastructure, paving the way for innovative digitized Islamic sukuk,” it said. A bank spokeswoman said the size of the deal was $1m, sold by Al Hilal to a...
1 month 3 week

Over 85% of UAE hospitality workers plan to change jobs – survey

Up to 86 per cent of UAE hospitality workers are planning to change jobs in the near future, according to a new survey. The research was conducted by online hospitality recruitment portal CatererGlobal.com, which surveyed 21,000 candidates from around the world, including professionals from the UAE. The findings revealed that 43 per cent of UAE hospitality staff are planning on changing positions in the coming quarter, compared to the global average of 22 per cent. It also found that almost half (49 per cent) of those surveyed use the internet to explore new job opportunities. UAE-based respondents cited career progression...
1 month 3 week

UAE’s Finablr hires banks for IPO, listing in London

United Arab Emirates-based payments and foreign exchange company Finablr has hired JP Morgan and Barclays as global coordinators for its listing in the first half of 2019 on the London Stock Exchange, three sources told Reuters. Several London IPOs have been cancelled in recent weeks with issuers blaming market conditions. Others, including Aston Martin and Kazatomprom have traded below their opening price. The joint book runners for the initial public offering (IPO), will include local and international banks and will be finalised this week, the sources said, declining to be named as the matter is not yet public. Finablr, the...

1 month 3 week

OPEC will work to stabilise markets at next meeting

Iraqi deputy oil minister Fayadh al-Nema said on Wednesday that OPEC will work to stabilise oil markets, crude prices and supplies at its next meeting.
1 month 3 week

If hit by data breach, UAE firms not compliant with GDPR could face fines of $23m

Many UAE companies remain “critically vulnerable” to cyber-attacks and also face the added threat of falling foul of the General Data Protection Regulation (GDPR) which took effect this year, according to insurance firm AIG. Since May this year, local companies which do business in Europe (or have dealings with European nationals) are required to comply with GDPR, which mandates organisations to report any kind of breach to the authorities within 72 hours of being aware of it. But many companies in the country fail to “maintain basic cyber-hygiene practices”, and if their cyber-security is not compliant, they could face significant...
1 month 3 week

Dubai app Careem looks to raise up to $200m in China

Dubai app Careem looks to raise up to $200m in China Reuters Tuesday 20 November 2018 Careem, Uber’s main Middle East rival, is looking at raising between $100m and $200m from Chinese investors, a source with direct knowledge of the matter told Reuters. Investment bank China International Capital Corporation (CICC) is advising Dubai-based Careem, but it was not immediately clear when or if a deal would be finalised, the source said, adding there was a lack of familiarity and interest among Chinese investors in Middle Eastern start-ups. Beijing-based CICC and Careem both declined to comment. Reuters reported on Monday that...