Mashreq Bank Appoints New Group Head of Risk Management

Mashreq Bank, the UAE’s leading financial institution, announced the joining of Arif Usmani as the Group Head of its Risk Management. A graduate of the Imperial College of London, Usmani started his banking career in 1981 and spent more than three ... ( read original story ...)

UAE’s Federal Tax Authority announces full VAT supplies list

The UAE Cabinet is expected to issue a decision to identify the government bodies and non-profit organisations that are not subject to VAT. The below table outlines all supplies that will be subject to the 5% Value Added Tax, as well as zero-rated supplies ... ( read original story ...)

UAE Central Bank gold holdings top $307 million

The UAE Central Bank's reserve of gold bars amounted to Dh1.129 billion ($307.3 million) by the end of October 2017, a growth of 11.2 per cent from Dh1.015 billion by the end of 2016. The month of April 2017 saw the Central Bank resuming gold holdings ... ( read original story ...)

Adnoc IPO of distribution unit set to raise up to Dh3.3bn

Adnoc Distribution said last month it plans to open its first petrol stations in Dubai and Saudi Arabia next year as it positions itself for growth following its planned IPO on the Abu Dhabi Securities Exchange this month. “We intend to leverage the ... ( read original story ...)

Adnoc cuts indicative price range for unit’s IPO as market sags

Last month’s market debut of Dubai real estate firm Emaar Development was weak, and the stock has now dropped to 5.56 dirhams from the IPO price of 6.03 dirhams. The IPO raised $1.3 billion for Emaar Properties. Abu Dhabi’s main share index was flat on ... ( read original story ...)

UAE ranks high in technology adoption in financial services

The UAE embracing digital adoption faster than West in all areas of life including financial services, according to a recent HSBC research. HSBC’s new global research report, Trust in Technology, which includes research from over 12,000 people in 11 ... ( read original story ...)

Big investor response to Adnoc Distribution’s $2B IPO

Adnoc Distribution unit set an indicative price range of between Dh2.35 and Dh2.95 for its IPO that could raise as much as $2 billion to become a milestone transaction, the largest public offering in the UAE to date. Adnoc is selling a minimum of 10 per ... ( read original story ...)