The UAE’s long-awaited bankruptcy law has yet to be applied … It provides traders with three options when in financial crisis – restructuring, preventative composition and (declaring) bankruptcy. However, it does not decriminalise bounced cheques …
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VAT items ‘yet to be determined’, says UAE finance ministry
Tax rates on goods and services are yet to be formally set, the UAE Ministry of Finance has said, ahead of the planned introduction of VAT on January 1. Undersecretary Younis Haji Al Khoori said the ministry is still in the process of preparing the …
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UAE Oil Giant Seeks Partnership For Possible IPO
Even though the UAE’s oil firm ADNOC is seeking partnerships and exploring a possible IPO of minority stakes in some of its services units, at the holding company level ADNOC will remain wholly owned by the Abu Dhabi Government, ADNOC group CEO Sultan …
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Former Goldman executive is raising money for quant hedge fund
Dubai: Ronald Hua, a former Goldman Sachs Group Inc. executive … The duo is raising money as more hedge funds and asset managers start quantitative strategies to adapt to a challenging environment for stock pickers. Active managers are trying to find …
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UAE’s finance ministry yet to fix VAT rate on goods, services
The UAE’s Ministry of Finance is still in the process of fixing the value added tax (VAT) rates for goods and services, it announced on Monday. The ministry is currently developing the executive regulations of VAT, said Younis Haji Al Khouri, under …
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UAE Food Bank opens 2nd location in Dubai
The second operational site of the UAE Food Bank was launched on Monday at Al Bada area near Canadian University under the patronage of Easa Saleh Al Gurg Charity Foundation. The UAE Food Bank also signed cooperation agreements with three other charity …
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Dubai’s Mashreq posts 12% rise in net profit
Mashreq’s CEO, AbdulAziz Al Ghurair, said: “It has been a period of muted growth for the UAE banking system with the banking sector gross credit growing by only 0.3 percent as of August. However at Mashreq we have been successful in increasing our loan …
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Second food bank site opens in Dubai
Labourers queued up to collect food packages which were being distributed at the launch of the second food bank site in Dubai on Monday, which is also World Food Day. More than 1,000 construction workers, cleaning and maintenance staff stood in lines for …
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Dubai Islamic Bank : UAE banks set for resilient third quarter results
Dubai: The UAE banking sector performance is expected to be resilient in the third quarter of this year despite a slowdown in economic growth resulting in modest balance sheet growth across the banking sector. Analysts expect no major surprises except the …
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Dubai Islamic Bank : assets cross AED200 bn
Dubai Islamic Bank, the largest Islamic bank in the UAE by total assets, on Wednesday reported a 10 percent rise in nine-month net profit to AED3.3 billion ($900 million) compared to the same period in 2016. Total income increased to AED7.5 billion for the …
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Dubai Financial Market : Emaar Properties to initiate new batch of UAE IPOs – Report
Dubai – Mubasher:UAE bourses are highly anticipating the resumption … Emaar a market booster Financial analyst at Menacorp Issam Kassabieh forecasts that Emaar Development’s IPO will be main market booster in the UAE in the coming period, indicating …
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UAE online transactions grow to $12bn
Payfort’s ‘State of Payments in the Arab World’ report found the highest rates of growth to be in Saudi Arabia (27 percent), Egypt (22 percent) and the UAE (21 percent). The report included data on four other key countries (including Jordan, Kuwait …
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Saudi Aramco denies plans to shelve international IPO
FT report on Saudi Aramco IPO is entirely speculative … Subscribe to Arabian Business’ newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
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Saudi Arabia could limit initial Aramco IPO to Riyadh exchange
“No decision has been made and the IPO process remains on track,” he said … Subscribe to Arabian Business’ newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
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Saudi Aramco in stake sale talks with Chinese investor: sources
DUBAI/NEW YORK (Reuters) – Saudi Aramco is considering the sale … oil company to a Chinese investor is being evaluated as a precursor to the international IPO, according to two sources who spoke on condition of anonymity as the information was not …
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What do the numbers say about the Kuwaiti banking system?
Read: INSIGHT: Unveiled Qatar Billions to Underwrite Banks According to a recent study by the First Abu Dhabi Bank, the UAE’s banking system comprising of 48 banks affords great financial solvency and reaps the fruits of an open economic and financial …
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Qatar crisis sends tremors through banking in the Gulf
Officials concede that Dubai cannot disentangle itself from the UAE’s role in the embargo. The UAE central bank ordered lenders in the federation to impose enhanced due diligence measures on six Qatari lenders. The DIFC’s regulator has also told …
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