Dubai, United Arab Emirates, 11 July 2018 – GAC Dubai Contract Logistics is using HVAC (Heating, Ventilation & Air Conditioning) technology to respond to its customers’ needs for specialist storage to …
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Amnesty urges ‘war crimes’ probe on UAE-run prisons in Yemen
On Sunday, Anwar Gargash, the UAE state minister for foreign affairs, dismissed reports that his country controls prisons as “fake news.” Amnesty said the denials come “despite all the evidence to the …
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Alberta to hire trade specialist in United Arab Emirates
Alberta is seeking to hire a trade representative in the United Arab Emirates as Canada’s energy-rich province looks to bolster its business in the Middle East. The provincial government said Wednesda…
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Investment symposium draws foreign interest including delegation from United Arab Emirates
According to Moran, the symposium attracted roughly 100 investors, representing 60 countries, including a delegation from the United Arab Emirates. “From the UAE’s perspective, they invest about half …
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The UAE and Canada; two nations, one shared goal – enhancing prosperity
This week will see an important gathering in Calgary hosted by the Canada-UAE Business Council that will contribute to the growing relationship between the United Arab Emirates and Canada. I am please…
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Drake & Scull confirms financial violations by previous management
Dubai contractor Drake & Scull International said its former management was involved in “material” financial violations that are currently under investigation by the designated UAE authorities. The co…
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Dubai CBD’s first-half net income climbs 68% on lower expenses
Commercial Bank of Dubai reported a 68 cent rise in its first-half net income as operating expenses and impairment charges for bad loans declined while net interest and fee income climbed. Net profit …
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Dubai’s Shuaa Capital joins First Abu Dhabi Bank in reporting Abraaj exposure
Shuaa Capital and Ajman Bank joined a growing list of UAE-listed companies with direct or indirect exposure to Abraaj Group, the embattled private equity firm that has been roiled by allegations of mi…
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Abu Dhabi, Al Ain house rents continue to decline
Villa and apartment rents recorded a continued decline in Abu Dhabi and Al Ain in Q2 2018, according to Asteco, a property services company. In Abu Dhabi, apartment and villa rents decreased by two pe…
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Dubai education firm GEMS shelves plans for multibillion dollar London IPO
The initial public offering (IPO) of Blackstone-backed, Middle East-focussed education company GEMS has been shelved, three sources familiar with the matter said. Sources familiar with the deal had sa…
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Education company GEMS shelves multibillion dollar London IPO – sources
That would have made it the biggest IPO in London since July 2017 in terms of market capitalisation. GEMS is majority-owned by Dubai-based Varkey Group, which has interests in education, healthcare, c…
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UAE: Court case over Abraaj founder’s Naqvi adjourned until July 15
A case involving the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds was adjourned on Wednesday until July 15 by a court in the U…
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Barclays EMEA banking chairman leaves lender
During Azar’s stint, Barclays has done some key deals in the Middle East, including advising on the Borse Dubai’s sale of its $2.1 billion stake in the London Stock Exchange Group Plc. Barclays hired …
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Why Affordability Is The New Buzzword in Dubai Real Estate
Affordability wasn’t written into Dubai’s design brief. The ‘build it and they will come’ mentality saw developers race to fill the desert with glitzy skyscrapers, transforming the fortunes of the cit…
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UAE leads Arab Countries in Global Innovation Index 2018
Mubarak Rashed Al Mansoori, the UAE Central Bank Governor, highlighted that: “The Central Bank is constantly working to ensure that the financial regulatory environment enables innovation whilst at th…
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String of UAE firms disclose exposure to Abraaj Group
The Abu Dhabi Securities Exchange closed up 1.12 per cent at 4,668, while the Dubai Financial Market closed up 0.71 per cent at 2,895. Julphar was up 6.98 per cent, while FAB shares gained 1.64 per ce…
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UAE tourism spending growth forecast to remain low amid changing traveller habits
Tourist spending in the UAE is unlikely to return to the same growth rates seen prior to the recent oil price slump amid changes in traveller spending habits, according to US financial technology firm …
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