Dubai, with events cancelled, flights grounded and investment halted, faces both the threat of the coronavirus and a growing economic crisis.
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UK court played video of Nirav Modi’s threats to ‘dummy directors’
“My name is Ashish Kumar Mohanbhai Lad, I am the namesake owner of Sunshine Gems Limited, Hong Kong, and Unity Trading Fze, Dubai,” says one of the men on the recording from June 2018.
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Video: Mashreq Bank’s Mohammad Al Shouli on Expo 2020 Dubai postponement
“It will allow a lot of people to cross the “T”s and dot the “I”s from now till next year,” says Mohammad Al Shouli, the executive vice president, and global head of contracting finance at Mashreq …
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Nirav Modi told me he would get me killed, UK court hears from ‘dummy director’
Witnesses relate to the Enforcement Directorate (ED) discovery that dummy directors/owners/managers were appointed in a number of overseas companies in Hong Kong and Dubai, though the companies …
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UAE banking system strengthens support for agricultural sector
ABU DHABI – The UAE’s banking system strengthened its support for the agricultural sector in the first quarter of 2020, by providing financing valued at more than AED500 million to agricultural …
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JPMorgan sees more Gulf companies linking up but no liquidity crunch
JPMorgan expects more consolidation among Gulf companies this year in sectors such as banking, real estate and hospitality, but it sees no liquidity crunch in the region, despite the twin blow of the …
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UAE businesses seek VAT waiver for a year to stimulate demand
VAT relief will stimulate demand for consumer goods in the country. This website uses cookies to improve your online experience. They were placed on your computer when you launched this website. You …
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Nirav Modi used 13 companies in UAE to round trip millions: Prosecution in UK
Indian fugitive diamantaire Nirav Modi used 13 companies in the UAE and six in Hong Kong for the purpose of round tripping money, the prosecution told a London court on the first day of the five-day …
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How a Gulf Hospital Chain Unleashed Scandal in London
A financial scandal has swept through London and the United Arab Emirates, centered on allegations of fraud at the two core companies of the Abu Dhabi-based tycoon Bavaguthu Raghuram Shetty. Both NMC …
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Promise of Future Prosperity Fades as Austerity Hits Saudis’ Pockets
Saudi Arabia’s austerity drive will squeeze a private sector vital to its plan to diversify away from oil and may cost its powerful crown prince some prestige as citizens see their spending power …
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Moelis & Co granted advisory licence in Saudi Arabia -CMA
U.S. investment bank Moelis & Co MC.N has been granted an advisory licence by Saudi Arabia, the Capital Market Authority said on Tuesday, in a move that will enable the boutique firm to secure more …
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Saudi Aramco First-Quarter Net Profit Slides 25% as Oil Prices Tumble
Saudi Arabian state oil giant Aramco on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion base …
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Saudi Aramco Q1 net profit slides 25% as oil prices tumble
Aramco said the results reflected “lower crude oil prices, as well as declining refining and chemicals margins and inventory re-measurement losses.” …
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Saudi Arabia Deepens Oil Cuts As Weak Demand Weighs on Prices
Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom’s budget and global demand remains weak due to lockdowns to contain the …
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UAE banks told to reveal exposure to Phoenix Commodities
The rice trading firm went into liquidation after it accrued $450m losses from currency hedging trades undertaken by the currency derivative desk of …
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Under virus pressure, Saudi Aramco may cut government payout
Saudi oil giant Aramco may cut its dividend to the Saudi government, but is likely to maintain payouts to minority shareholders as a plunge in crude prices shrinks first-quarter profits, …
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UAE not planning VAT hike: finance minister
DUBAI – The UAE has no plans to increase its value-added tax rate, its finance minister told Al Arabiya TV on Monday, after Saudi Arabia said it would triple its rate. Saudi Arabia on Monday said it …
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