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Month: May 2017

Posted on 31/05/2017

Dubai Smart City Accelerator aims to work with 40 start-ups

launched Dubai Smart City Accelerator at Dubai Technology Entrepreneur Centre (Dtec) on Wednesday. The Dubai Smart City Accelerator, which is the first of its kind in the Mena region, was set-up with Dh18.4 million investment from six strategic partners …
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Posted on 31/05/2017

UAE among top ten most competitive countries in the world

This continues to drive the economy and the improvement in government and business efficiency,” said Professor Arturo Bris, director of the IMD World Competitiveness Centre. In the region, the UAE continued to lead with the highest competitiveness score …
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Posted on 31/05/2017

Abu Dhabi index leads regional losses on selling in banks

Dubai: The Abu Dhabi index fell more than 1.5 per cent weighed by selling in First Abu Dhabi Bank and Aldar Properties. The Abu Dhabi Securities Exchange closed 1.65 per cent lower at 4,427.30. First Abu Dhabi Bank closed 3.65 per cent lower at Dh10.55 …
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Posted on 31/05/2017

Dubai property marketing permit procedures must be followed

I have a question with regards to the new law recently introduced, mandating that real estate brokers must now obtain a permit prior to advertising any property for rent or sale. Furthermore, my understanding is that the broker must submit a copy of the …
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Posted on 31/05/2017

ADX hosts six AGMs using blockchain technology

Dubai: The Abu Dhabi Securities Exchange (ADX) recently held annual general meetings (AGMs) for six listed companies (two private joint stock companies and four public joint stock companies) using Blockchain technology. The move enhanced transparency and …
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Posted on 31/05/2017

UAE-backed forces gain control over Aden airport

SANAA, Yemen – Yemeni security officials say that forces backed by the United Arab Emirates have taken over the airport in the southern city of Aden, further fueling tension between internationally recognized President Abed Rabbo Mansour Hadi and the UAE.
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Posted on 31/05/2017

Canadian Solar to supply panels for Dubai project

More than 800,000 solar panels will be needed to complete the first wave of the Masdar-led project to build the third phase of the Mohammed bin Rashid Al Maktoum solar park in Dubai. Canadian Solar this month began production and shipping of the 22,000 …
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Posted on 31/05/2017

UAE banking sector crisis: 3,000 jobs cut

*UAE banks counting the cost of weakening economy and competitive market The banking sector in the country has been in a state of upheaval over the past 12 months after 3,000 jobs were slashed in the UAE’s two main cities, Abu Dhabi and Dubai.
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Posted on 31/05/2017

Dubai unveils strategy to fight cyber threats

Dubai: The Dubai Cyber Security Strategy was launched on Wednesday to strengthen Dubai’s position as a world leader in innovation, safety and security and manage cyber security risks among establishments and residents in Dubai. The strategy was launched …
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Posted on 31/05/2017

57% of UAE residents expect spending hike during Ramadan

Dubai: Despite assurances that retailers will slash the prices for basic essentials during Ramadan, the majority of residents in the UAE are still anticipating an increase in household spending throughout the fasting period, a new survey suggests …
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Posted on 31/05/2017

Worshippers get parking relief near mosques in Dubai

Dubai: Worshippers rushing to the mosques following iftar can breathe a sigh of relief as they get a grace of 45 minutes from the time of Maghrib Azaan (dusk prayers), Gulf News can confirm. A Roads and Transport Authority (RTA) spokesperson told Gulf News …
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Posted on 31/05/2017

UAE witnesses trafficking trend of liquid cocaine

Dubai: The UAE has identified a new trend for trafficking drugs in the form of liquid cocaine, according to an Interpol report published on Tuesday. Operation Lionfish – ASEAN, which involved more than 2,000 police and customs officials across 14 …
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Posted on 31/05/2017

Cabinet approves establishment of UAE Sharia Ifta Council

Abu Dhabi: The Cabinet has approved the establishment of a UAE Sharia Ifta Council as a religious entity to unify, regulate and streamline Islamic fatwas in the country, highlight the tolerance of Islam, and reduce the difference over Sharia issues and …
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Posted on 31/05/2017

Why Dubai is a hotspot for property investors

From its beginnings as a fishing and pearling port, Dubai has morphed into a glittering global marvel today. It has defied the norms and defined the extraordinary to captivate the world. Glamour and grandeur have now been synonymous with Dubai as it builds …
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Posted on 31/05/2017

German Authorities Target British Investor for Tax Evasion

He currently lives in Dubai. Former senior people at the Hamburg-based bank … In September 2015, Mr. Shah’s now defunct London-based hedge fund, Solo Capital, transferred €222 million to an account at Varengold Bank in Hamburg. The acount belonged …
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Posted on 31/05/2017

Middle East Crude-Benchmarks weaken as July trade slows

Cash Dubai widened to 59 cents below swaps … kingdom’s policy of cooperation with major oil producers to rebalance markets and limit volatility. *Hedge fund managers had already closed out many of their bearish short positions in crude oil before …
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Posted on 31/05/2017

Buy now, pay later deals spur Dubai property market

Developers have used payment plans as a key tool to reinvigorate the real estate market since 2014, changing from mostly front-loaded to back-ended payment plans. In 2013, more than 80 per cent of launches had payment terms that were front-ended, whereas …
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