The United States and the United Arab Emirates have broken up a network funnelling illicit funds to Iran as Washington steps up a drive to restrict Iranian trade and access to hard currency in the reg…
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Dubai lenders Mashreq, CBD join FAB in declaring Abraaj exposure
Commercial Bank of Dubai and Mashreq Bank are the latest lenders to disclose their exposure to embattled private equity firm Abraaj Group that is reeling under allegations of misusing investors funds. …
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GEMS’ planned London IPO said to be shelved
owns and operates 47 schools and nurseries in the United Arab Emirates, Qatar and Saudi Arabia, according to its website. Blackstone-backed GEMS Education has refused to comment on “rumours” that plan…
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Gems shelves London IPO
That would have made it the biggest IPO in London since July 2017 in terms of market capitalisation. Gems is majority-owned by Dubai-based Varkey Group, which has interests in education, healthcare, c…
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U.S. says disrupts Iran finance operation in UAE to squeeze Tehran
DUBAI (Reuters) – The United States and the United Arab Emirates have broken up a network funneling illicit funds to Iran as Washington steps up a drive to restrict Iranian trade and access to hard cu…
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DUBAI, United Arab Emirates | US official links economic protests in Iran to sanctions
DUBAI, United Arab Emirates — A top U.S. official focused on sanctions against Iran on Thursday linked American financial pressure on Tehran with ongoing economic protests roiling the country, saying …
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Ex-CEO of UAE’s Drake and Scull denies wrongdoing, warns of legal action
DSI also later issued a bourse statement confirming the “existence of material financial violations from the previous management”. It said the violations are currently under investigation by UAE autho…
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Drake & Scull confirms financial violations by previous management
Dubai contractor Drake & Scull International said its former management was involved in “material” financial violations that are currently under investigation by the designated UAE authorities. The co…
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Dubai CBD’s first-half net income climbs 68% on lower expenses
Commercial Bank of Dubai reported a 68 cent rise in its first-half net income as operating expenses and impairment charges for bad loans declined while net interest and fee income climbed. Net profit …
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Dubai’s Shuaa Capital joins First Abu Dhabi Bank in reporting Abraaj exposure
Shuaa Capital and Ajman Bank joined a growing list of UAE-listed companies with direct or indirect exposure to Abraaj Group, the embattled private equity firm that has been roiled by allegations of mi…
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Dubai education firm GEMS shelves plans for multibillion dollar London IPO
The initial public offering (IPO) of Blackstone-backed, Middle East-focussed education company GEMS has been shelved, three sources familiar with the matter said. Sources familiar with the deal had sa…
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Education company GEMS shelves multibillion dollar London IPO – sources
That would have made it the biggest IPO in London since July 2017 in terms of market capitalisation. GEMS is majority-owned by Dubai-based Varkey Group, which has interests in education, healthcare, c…
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UAE: Court case over Abraaj founder’s Naqvi adjourned until July 15
A case involving the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds was adjourned on Wednesday until July 15 by a court in the U…
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Barclays EMEA banking chairman leaves lender
During Azar’s stint, Barclays has done some key deals in the Middle East, including advising on the Borse Dubai’s sale of its $2.1 billion stake in the London Stock Exchange Group Plc. Barclays hired …
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UAE leads Arab Countries in Global Innovation Index 2018
Mubarak Rashed Al Mansoori, the UAE Central Bank Governor, highlighted that: “The Central Bank is constantly working to ensure that the financial regulatory environment enables innovation whilst at th…
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String of UAE firms disclose exposure to Abraaj Group
The Abu Dhabi Securities Exchange closed up 1.12 per cent at 4,668, while the Dubai Financial Market closed up 0.71 per cent at 2,895. Julphar was up 6.98 per cent, while FAB shares gained 1.64 per ce…
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UAE tourism spending growth forecast to remain low amid changing traveller habits
Tourist spending in the UAE is unlikely to return to the same growth rates seen prior to the recent oil price slump amid changes in traveller spending habits, according to US financial technology firm …
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