DUBAI: Behind the 65-story glass tower that houses the shiny new headquarters of Abu Dhabi National Oil Co (Adnoc) sits a remnant of the Middle Eastern emirate’s not-so distant past: the squat, sand-coloured building that the government-owned energy …
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Dubai’s stock market sees 52% slump in Q1 net profit
Dubai Financial Market Company on Tuesday announced a net profit of AED48.9 million ($13.3 million) in the first quarter of 2018, a 52 percent decrease compared to the year-earlier period. The company’s total revenue also fell by 34 percent to AED99.1 …
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Bollywood superstar opens new $27m Dubai steel pipe mill
Conares, the second largest private steel manufacturer in the UAE, has inaugurated its pipe mill in Jebel Ali Free Zone. The new state-of-art facility, installed with an investment of AED100 million ($27 million), now makes Conares a manufacturer of 1 …
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Dubai, Abu Dhabi Non-Oil GDP to Grow on State Spending, IMF Says
Dubai’s economy expanded 2.8% in 2017 Abu Dhabi’s non-oil GDP grew 1.8% in 2017 Abu Dhabi’s non-oil GDP is set to advance 3.3% in 2019 vs 2.5% this year
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U.S., UAE crack down on network for smuggling funds to elite Iran group
The Treasury Department, acting with the United Arab Emirates where front companies were located, said it had disrupted the large network’s operations, and accused Iran’s central bank of helping the group access U.S. dollars held in foreign banks to …
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UAE puts nine Iranian entities, individuals on terrorism list
The United Arab Emirates listed on Thursday nine Iranian entities and individuals on the terrorism list for transferring funds to the Iranian Revolutionary Guards. According to the statement published by WAM, the Cabinet issued Ministerial Resolution No …
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UK agency to provide $135m for Dubai World Trade Centre expansion
UK Export Finance (UKEF), the UK’s export credit agency, is to provide support of more than £100 million ($135.2 million) for the construction of the fourth phase of the Dubai World Trade Centre. Phase four will see the construction of an onsite hotel and …
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UAE Ministry of Finance Organizes a Workshop on the Launch of the Automated Reconciliation System
As part of its ongoing efforts to provide the best integrated solutions that improve the levels of financial management systems, the Ministry of Finance (MoF) organised a workshop today on the launch of its automated reconciliation system specific to …
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Dubai Properties Says ‘1/JBR’ on Track for Completion in 2019
Dubai Properties’ flagship project 1/JBR, taking shape on one of the final plots of land in the sought-after Jumeirah Beach Residence (JBR) district, is on track for a timely handover in Q4 2019. Bearing the distinction of being the only residential …
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Growing up – why the UAE’s first vertical farm could be a regional gamechanger
Badia Farm grows greens in a controlled, indoors environment using hydroponic technology and LED lights. By Rabiya Jaffery ABU DHABI, May 10 (Thomson Reuters Foundation) – When people picture the United Arab Emirates, what likely comes to mind are desert …
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Why switch your offshore company to the UAE?
Doing business: The UAE regularly ranks highly on the World Bank’s Doing Business Index, which measures countries against 11 key indicators of business regulation to establish the ease with which it is possible to form and run a company. In 2018 it was …
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Dubai Launches Blockchain Business Registry To Ease Market Entry
Businesses looking to launch in Dubai will benefit from a blockchain registry, a joint project between the government and partners including IBM. The Dubai Blockchain Business Registry Project will also see involvement from Smart Dubai and Dubai Silicon …
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Egypt Property Show nets $110m sales
The Egypt Property Show ended on a successful note in Dubai, registering a sharp jump in property sales which soared to $110 million, more than 100 per cent over last year’s returns. The event, inaugurated by Egypt Ambassador to the UAE, Wael Gad and …
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IMF says UAE’s VAT introduction has gone well, impact short-lived
Tamirisa said property market weakness was having a significant economic impact and authorities needed to monitor this carefully. Average rents sank 10.2 per cent in Abu Dhabi in 2017 and 5.2 per cent in Dubai, according to the central bank. Read …
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Dates set for new Dubai Islamic Bank rights issue
Dubai Financial Market (DFM) has announced that the rights issue of Dubai Islamic Bank is due to trade on the exchange between May 16-30 May as the bank embarks on a capital increase. Trading of the rights issue enables existing shareholders of the bank …
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FAB Named Best Investment Bank in the UAE for the Second Year in a Row
First Abu Dhabi Bank (FAB), the UAE’s largest bank, and one of the world’s largest and safest financial institutions, has been named ‘Best Investment Bank in the UAE’ at the prestigious Euromoney Awards for Excellence 2018. FAB’s Head of Global …
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Mashreq Bank to offer commercial borrowings in Indian Rupees
The UAE’s Mashreq Bank has announced it will enter India’s non-bank financial institution (NBFI) sector through by offering external commercial borrowings in Indian Rupees through an engagement with IL&FS Financial Services Ltd. Through the IL&FS Group …
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