Dubai-based ride-hailing firm Careem will step up expansion … Participants also included venture capital firm DCM Ventures and hedge fund Coatue Management. Sheikha said Careem could speed up existing plans to expand its number of registered drivers …
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Qatar National Bank sees no big deposit outflows
DUBAI, June 14 (Reuters) – Qatar National Bank (QNB), the largest bank in the Middle East and Africa, has seen no significant outflows of deposits since a diplomatic rift started between Qatar and certain other Arab countries, it said on Wednesday.
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Daimler, Saudi’s Kingdom Holding invest in ride-hailing firm Careem
have taken part in an $150 million investment in Dubai-based ride-hailing firm Careem. Venture capital firm DCM Ventures and hedge fund Coatue Management also took park in the Uber-rival’s fundraising, Careem said in a statement. Kingdom Holding …
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MIDEAST DEBT-Islamic finance industry frets as Dana Gas deems its sukuk invalid
Dana says won’t redeem $700 mln of maturing sukuk * UAE firm cites evolution of Islamic finance for move * Dana proposes new instruments with lower profit rates * Industry fears sharia risk could become “toxic” * Higher costs, delays in corporate sukuk …
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UPDATE 1-Qatar National Bank sees no big deposit outflows
DUBAI, June 14 Qatar National Bank (QNB), the largest bank in the Middle East and Africa, has seen no significant outflows of deposits since a diplomatic rift started between Qatar and certain other Arab countries, it said on Wednesday. Last week …
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‘UAE paid $3bn to finance Turkey coup attempt’
The United Arab Emirates financed a high-profile coup attempt last year in Turkey and paid about three billion dollars to the putschists, a columnist in a Turkish daily has claimed. Mehmet Acet, a columnist for Yeni Safak daily, said on Tuesday that …
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Dubai startups get new funding sources
The Mohammed Bin Rashid Fund (MBRF), which is the financial arm of Dubai SME, and finance platform Beehive have signed a memorandum of understanding (MoU) to aid small and medium-sized enterprises (SMEs) with their financing needs. The MoU will enable SME …
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Natural gas built Qatar, now may protect it in Gulf dispute
As a hedge … sovereign wealth fund called the Mubadala Development Co., French oil giant Total SA and Houston-based Occidental Petroleum, did not respond to a request for comment. Without that natural gas, electricity plants in Dubai and the UAE capital …
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Emaar rethinks IPO strategy
The funds raised from the IPO will be distributed among the company’s shareholders as a special dividend – the primary beneficiary in this case will be Investment Corporation of Dubai (ICD), the main sovereign wealth fund of the emirate, which owns …
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You don’t need to provide your bank statement to your employer
You may advise your employer that you will not provide your personal bank account statement. However, you are willing to provide the same to the authorities in the UAE, if asked by the authorities. The detention of a passport by the employer against the …
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MIDEAST STOCKS-Qatari banks fall after UAE red flag, Dubai’s Emaar climbs
DUBAI, June 11 Shares in Qatari banks fell in early trade on Sunday after the central bank of the United Arab Emirates ordered UAE banks to be wary of any accounts they hold with six Doha-based banks. In Dubai, the largest listed property developer …
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Emaar hires Goldman Sachs to manage IPO of real estate unit
The malls unit IPO raised about $1.58 billion in 2014 and is the largest share sale in the UAE in the past nine years, according to data compiled by Bloomberg. Emaar, listed on the Dubai Financial Market, announced plans to spin-off its real estate unit on …
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Expats lacked financial discipline those days
Sheikh Sultan was just 24 years old when we decided to start present Barjeel Geojit Securities LLC, the Indo-UAE joint venture in financial services. I have tremendous satisfaction for being instrumental in the formation of this joint venture, which has …
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UAE blacklist likely to squeeze liquidity of Qatari banks
Qatari banks have around 60 billion riyals ($16 billion) in funding in the form of customer and interbank deposits from other Gulf states, Chiradeep Ghosh, banking analyst at SICO Bahrain, said. But the United Arab Emirates central bank has ordered local …
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UAE central bank bars deals with Qatar-linked people, bodies on terrorism blacklist: state news agency
DUBAI The United Arab Emirates central bank has instructed local banks to stop dealing with 59 individuals and 12 entities with alleged links to Qatar and to freeze all their assets, the state news agency WAM reported on Friday. This came after Saudi …
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UAE to freeze accounts, financial holdings of terrorists, terror organisations
Banks and other financial institutions operating in the UAE have been instructed to search for and freeze any accounts or deposits or investments held by individuals or entities designated as terrorists or terrorist organisations stated on Thursday’s …
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Qatar central bank asks for forex data as capital outflows pressure riyal
DUBAI/DOHA Qatar’s central bank has asked commercial banks to provide it with detailed information on foreign exchange trading, banking sources told Reuters on Thursday as Doha’s diplomatic rift with other Gulf states put its currency under pressure.
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