Pointing to similar cases in the past of Dubai-based Sovereign Asset Management’s opposition to SK Corp. in 2003 and Elliott’s attack on Samsung Group in 2015, the associations criticized hedge funds for taking huge profits and then withdrawing from the …
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Islamic finance feels heat from $700 mln Dana sukuk saga
DUBAI, May 15 (Reuters) – Islamic finance operators are scrambling to tighten the industry’s rules in order to make sure other companies cannot take the same path as Dana Gas, which this week forced a $700 million debt restructuring. Global standards are …
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Dubai Tourism announces tie-up with China’s Tencent
Dubai: Dubai’s tourism authority announced on Tuesday a new agreement with Chinese internet giant Tencent, during a trip this week to the country. The agreement seeks to promote Dubai as a preferred destination for Chinese travellers. According to a …
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UAE to refund VAT for conferences, events companies
The UAE Cabinet has decided to refund a 5 per cent value added tax for institutions working in the exhibitions and conferences sector. Facilities involved with organising events have the right to refund the tax levied of providing these services …
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Dubai Islamic Bank Stands out at Banker ME Industry Awards
Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has once again dominated one of the industry’s leading awards ceremonies, collecting five honours at the Banker Middle East Industry Awards 2018. For the third consecutive year, DIB was …
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Carnival Corp. has its eye on Dubai with new cruise terminal deal
DUBAI — Carnival Corporation has signed a strategic partnership to develop the Dubai Cruise Terminal, in an effort to grow maritime tourism in the region and transform Dubai into a major regional maritime tourism hub. Set to open in October 2020 …
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Abu Dhabi’s Aldar sees Q1 profit rise after stake sale
Abu Dhabi’s largest developer Aldar Properties reported a 5 per cent rise in first-quarter profit on Tuesday, beating analysts’ forecasts but mostly due to revenue from a stake sale. The property market in United Arab Emirates remains under pressure as …
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UPDATE 1-Stake sale helps lift UAE’s Aldar Properties first-quarter profit
ABU DHABI, May 15 (Reuters) – Abu Dhabi’s largest developer Aldar Properties reported a 5 percent rise in first-quarter profit on Tuesday, beating analysts’ forecasts but mostly due to revenue from a stake sale. The property market in United Arab …
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UAE leads region in renewable energy: APICORP
The UAE has done impressive work to stay on track with the renewable energy targets and with phases 3 and 4 of the Dubai Solar Park to begin commissioning by the end of 2020, and is placed at the forefront of renewable energy development in the region …
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AI Express to connect Surat with Kochi, Sharjah
SURAT: Air India Express, a wholly owned subsidiary of Air India, has committed to launch flight services from Surat to Kochi and Sharjah within two months of Surat airport getting the customs notified status. Surat Airport Action Committee (SAAC …
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DUBAI, United Arab Emirates | Bahrain revokes citizenship of 115 people in mass trial
DUBAI, United Arab Emirates — A Bahrain court on Tuesday revoked … local Shiite militant groups have carried out several attacks on security forces. Independent news gathering in Bahrain also has grown more difficult, with the government refusing …
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DUBAI, United Arab Emirates | Husband: Detained Iranian-British woman may face new charges
DUBAI, United Arab Emirates— The husband of an Iranian-British … will make any deal impossible to sustain.” Iran’s semi-official Mehr news agency on Friday quoted the chief justice of Tehran province, Gholam-Hossein Esmaili, as saying Zaghari …
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Dubai’s GEMS Education said to choose London IPO over stake sale
GEMS Education is set to move ahead with an initial public offering, rebuffing interest from a private equity firm for a stake in the school operator backed by Blackstone Group, according to people with knowledge of the matter. The Dubai-based education …
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Huawei and Dubai Tourism Sign Global Strategic Partnership
The global strategic partnership agreement will further strengthen Huawei’s commitment to promote Dubai as a business and travel destination across the globe through Huawei Mobile Services Huawei has signed a Global Strategic Partnership agreement with …
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Dubai’s Emirates to begin Ramadan menu
Dubai carrier Emirates is set to begin its special Ramadan … The boxes, which can be taken away by customers, will be available to passengers across economy, business and first class on select flights coinciding with iftar times. Read: Ramadan FAQ …
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Dubai ‘open to allowing 100% foreign ownership’ of retail brands
president and CEO Dubai Chamber of Commerce and Industry. Speaking at the launch of the CBRE’s ‘How Global is the Business of Retail?’ report, Buamim said: “Having a local partner brings great benefits but some brands don’t feel they need a …
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ABN Amro to close Dubai office amid thin business for Dutch lender
The Dutch bank ABN Amro is winding down its operations in Dubai and will transfer some of its existing clients in international commodities business to Amsterdam. “The activities in Dubai will be wound down or transferred to other locations because of …
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