The Central Bank of the UAE and the Abu Dhabi Global Market, the capital’s international financial hub, on Wednesday invited financial technology companies to compete in the annual FinTech Abu Dhabi …
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Dubai’s economy declined by 3.5% in Q1 amid Covid-19 crisis
Dubai’s economy declined by 3.5 percent in the first quarter of 2020 as the emirate grappled with the impact of the coronavirus pandemic. This compares to a growth rate of 2.2 percent in 2019, …
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Saudi CMA approves BinDawood, White Cement IPOs
Riyadh – The Saudi Capital Market Authority (CMA) has approved the request of BinDawood Holding Company to offer 20% of shares through an initial public offering (IPO). A total of 22.86 million shares …
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Amlak International’s IPO prices shares at 16 Saudi riyals
NCB Capital, financial advisor, lead manager, bookrunner and underwriter for Amlak International’s IPO, announced the successful completion of the book building process for institutions and investment …
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Dubai’s GDP declines by 3.5% in Q1 2020; real estate, finance retain growth
According to the statistics centre, strong management of repercussions of COVID-19 outbreak reduced economic impact of global crisis on Dubai. Real estate, finance, manufacturing and the government …
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Dubai’s economy shrank by 3.5% in first quarter amid coronavirus crisis
Dubai’s real gross domestic product shrank by 3.5% year-on-year in the first quarter, the government’s media office said in a statement on Tuesday, as the Middle East’s business and tourism hub feels …
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Dubai World ends historic restructuring with final payment
Dubai World has made a final $8.2bn payment to creditors, ending the most complicated and highest-profile restructuring to stem from the debt crisis that almost overwhelmed the Gulf emirate a decade …
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Dubai World Fulfils Obligations to Creditors Totalling USD 18.9 Billion
Dubai World announced today the repayment of the final tranche of debt to its original creditors, completing the refinancing program that commenced in 2010.
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Dubai World pays $8.2bn early to complete debt revamp
Payment was made using funds from asset sales, dividend payments and the delisting of port operator DP World Ltd …
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Being in sync with UAE’s Economic Substance Regulations
Like most federal laws, the ESR (Economic Substance Regulations) should apply equally to all the emirates, including free zones unless otherwise agreed upon. Free zones are exempted from UAE labour …
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No plans for Mulk Holdings IPO for now, says founder Shaji Ul Mulk
The Indian billionaire founder of UAE-based Mulk Holdings has ruled out the possibility of an initial public offering (IPO) for the multinational conglomerate this year. However, Shaji Ul Mulk told …
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Dubai World Pays $8.2 Billion Early to Complete Debt Revamp
Dubai World made a final payment of $8.2 billion to creditors two years ahead of schedule, completing a debt restructuring that weighed on the emirate for almost a decade.The government-owned …
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Ensure your firm abides by the new UAE economic substance rules to avoid hefty penalties!
Have you set up your company in line with the new UAE economic substance rules? If you have not yet, do it now – because if the looming deadline passes, which is today – June 30, be prepared to pay a …
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COVID-19: UAE banking sector could see more job cuts this year
The banking sector in the UAE is facing a lot of pressure due to the unprecedented compression in net interest margins, slowdown in the economic activity, low oil prices and wo …
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Long-term UAE residents recall Haj Saeed Lootah’s humility, generosity
Haj Saeed was a self-made businessman who progressed from being a seafarer and trader to a businessman and visionary community leader.
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UAE- Sheikh Mohamed pays tribute to Haj Saeed Lootah
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has paid tribute to Emirati businessman Haj Saeed bin Ahmed Al Lootah, …
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UAE- Will AI revolutionise the banking and legal sector?
Of all the digital technologies that are driving change in businesses, Artificial Intelligence (AI) is perhaps the most disruptive of all and has taken over the globe by storm. Currently, AI based …
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