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 …
( read original story …)
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 …
( read original story …)
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 …
( read original story …)
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 …
( read original story …)
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 …
( read original story …)
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 …
( read original story …)
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 …
( read original story …)
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.” …
( read original story …)
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 …
( read original story …)
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 …
( read original story …)
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, …
( read original story …)
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 …
( read original story …)
UAE Central Bank, ADGM to host fintech event in November
The central bank has developed a fintech strategy that comprises of fivepillars. These include: (i) research and the application of potential fintech solutions to address the need …
( read original story …)
UAE not planning VAT hike, finance minister tells Al Arabiya
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.
( read original story …)
Dubai real estate fund says irregular trading dented share price
A downturn in the United Arab Emirates’ real estate sector and resulting investor sentiment had contributed to its low share price …
( read original story …)
Coronavirus: Your outstanding bank loan could lead to travel ban in UAE
It should be noted that any bank or approved financial institution in the UAE has to follow the guidelines laid down by Central Bank of UAE while lending personal loans or providing credit card …
( read original story …)
Abu Dhabi’s NMC Health’s finance chief gets a seat on India’s repatriation flight
How can someone holding one of the most senior management roles at NMC get on this flight?” said one member of the staff at the Abu Dhabi headquartered hospital operator. “ …
( read original story …)