The shareholders of Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender by assets, approved Dh1.8 billion ($490 million) in dividend payments for 2021 following the bank’s strong performance …
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Dubai’s SHUAA partners Acquisition Corp I prices downsized $100M IPO
The company has downsized IPO by $100M, originally it intended to raise $200M by issuing 20M units. The units are expected to be listed on the NASDAQ today. Each unit consists of one Class A …
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UAE – Yahsat revenue reaches AED452.7 million in 2021
It reported revenues of AED452.7 million [$123.3 million], exceeding the prior year by 7.9 percent, leading to full-year revenue of just under AED1.50 billion [$408 million], marginally up …
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UAE’s Mashreqbank halts Russian bank loans over credit concerns -sources
Dubai’s Mashreqbank has stopped lending to Russian banks and is reviewing its existing exposure to the country as a result of heightened risks following Moscow’s invasion of Ukraine, two sources …
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UAE: Man ordered to pay Dh3.3 million after defrauding illiterate woman
A real estate agent, who took advantage of an illiterate woman to sell her villa and take all the cash has been instructed to pay the woman Dh3.3 million. The Abu Dhabi Court for Family and Civil …
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UAE FinTech start-up Alaan raises $2.5m
Dubai-based FinTech start-up Alaan raised $2.5 million in a new investment round as the company announced it is coming out of the stealth mode. The multi-currency spend management platform said it …
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Axis loans banker jumps to Mashreqbank
Before joining Mashreq, Subba was an assistant vice president at Axis Bank’s Mumbai-based syndication team. He started his banking career with the Indian lender and stayed there for nearly eight years …
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UAE’s $14 Billion Railway Project Links Abu Dhabi With Dubai
“The economic effects of linking Abu Dhabi and Dubai via the UAE National Rail Network will extend for many years,” Sheikh Maktoum bin Mohammed, the country’s finance minister and deputy ruler of …
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UAE and Israel edge closer to finalising trade and economic co-operation agreement
The UAE and Israel are inching closer to a bilateral trade and economic co-operation agreement that could potentially propel Israel into the list of the UAE’s top 10 trading partners. “We understand …
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Abu Dhabi-Dubai railway line: What you need to know
It’s official. Abu Dhabi and Dubai are now connected by a massive railway line, and you could see trains chugging between the two Emirates soon.
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DIFC launches UAE’s first AI and coding license to attract global experts
“DIFC is proud to be collaborating with the UAE AI Office, confirming our commitment to the country’s Artificial Intelligence Strategy 2031 and leveraging the potential of artificial intelligence to …
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First Abu Dhabi Bank to distribute $2.1bn dividends for 2021
First Abu Dhabi Bank (FAB), one of UAE’s leading banks, has approved the dividend distribution of 70% of paid-up capital for the financial year ended December 31, 2021 (or AED 0.70 equivalent per …
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Dubai Museum of the Future: Eight government entities win UAE Innovates Award
This is the largest national initiative of its kind by the Mohammed bin Rashid Centre for Government Innovation …
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Dubai luxury home prices jump 44% in 2021 amid higher demand from wealthy buyers
Luxury home prices in Dubai surged 44 per cent in 2021, driven by higher demand from wealthy buyers as the emirate’s property market continues to rebound from the coronavirus-induced slowdown on the …
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UAE Cabinet adopts policies to protect labour rights, spur Emiratisation in the private sector
The UAE Cabinet approved a policy to support Emiratisation goals and plans of private sector companies, providing additional incentives for companies supporting Emiratisation, and consolidating the …
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UAE Cabinet adopts policies to protect labour rights, spur Emiratisation
The UAE Cabinet approved a policy to support Emiratisation goals and plans of private sector companies, providing additional incentives for companies supporting Emiratisation, and consolidating the …
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Top UAE banks set to see profitability return to pre-pandemic levels
Growth in net interest income will drive profitability to pre-pandemic levels at the largest UAE banks in the next 12-18 months, according to a report by Moody’s Investors Service. The growth in net …
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