Dubai traders in $200m scam sentenced to 500 years in prison

and global asset freezes are expected to continue in the UAE, India, Australia, Canada, British Virgin Islands and the US, while about 25 bank accounts have been emptied and frozen. “It sends a very strong message. Financial crime not only destroys the ... ( read original story ...)

Dubai SME expands Beehive finance deal

Dubai: The Mohammad Bin Rashid Fund for SME (MBRF), the financial arm of government agency Dubai SME, has expanded its partnership agreement with peer-to-peer lending platform Beehive. Under a Memorandum of Understanding (MoU) signed last year, MBRF will ... ( read original story ...)

Omniyat secures $40m financing for Dubai real estate project

Dubai-based developer Omniyat has $40 million in construction financing from Kuwait’s Burgan Bank for its twin tower project, The Sterling. Located in Dubai’s Burj Khalifa area, the Sterling will consist two towers – the East House and West House ... ( read original story ...)

Gold prices remain steady, 24k priced at Dh161.50 in Dubai

Dubai gold prices are Dh161.50 for 24-karat and 22-karat ... Higher interest rates discourage the buying of non-interest-paying bullion, which is priced in dollars. Hedge funds and money managers slashed their net long position in COMEX gold in the ... ( read original story ...)

UAE throws open FDI gates for investors

Preliminary results from the International Institute of Finance say FDI inflows to the UAE rose to $11 billion (Dh40.39 billion) in 2017 and won a 22 per cent share of investments made in the Middle East and North Africa. Within a smaller geography ... ( read original story ...)

UAE’s Kanoo Group open to unit IPO and divestment of assets

The Kanoo Group, one of the UAE’s largest family conglomerates, may opt to sell shares in some of its units in the future and is currently sifting through its assets, an exercise that may lead to divestments as early as this year, the company’s ... ( read original story ...)