GFH Financial Group said on Thursday that up to $150 million will be invested in The Entertainer, the incentives provider and lifestyle app, following a takeover deal. The company said in a statement posted to Dubai Financial Market that The Entertainer …
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US hedge fund wrests Telecom Italia control from Vivendi
ROZZANO, Italy (AP) — French media group Vivendi lost de facto control of Telecom Italia on Friday when a U.S. activist hedge fund won a majority of seats … The escape Hala, at least, was safe, having flown to Dubai months earlier to stay with …
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PwC approved as UAE tax agent amid growing VAT demand
The Federal Tax Authority (FTA) has approved PwC as a registered tax agent as demand rises following the launch of VAT in the UAE at the start of the year. PwC said in a statement that it has met the required standards, conditions and qualifications …
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Bank of Singapore is upbeat on its Middle East prospects after a sound start to 2018
The private banking arm of OCBC, Singapore’s second-largest lender by total assets, saw its assets under management in Dubai grow about 30 percent from its launch in the city’s financial center last year, according to Reuters. “I firmly believe and I’m …
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Mashreq Kenya bank loan syndication
Dubai: Mashreq bank on Wednesday closed a $100 million (Dh367 million) dual tranche syndicated term facility for Stanbic Kenya Bank Limited — a subsidiary of the Standard Bank Group. The transaction closed nearly two and a half times oversubscribed.
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Dubai Islamic Bank Recognized by Dubai Service Excellence Scheme for the Widest Implementation of Happiness Meter
Dubai Islamic Bank, the largest Islamic bank in the UAE, has been recognized by Dubai Service Excellence Scheme (DSES) for the “Widest Implementation of the Happiness Meter” across its 34 branches in 2017. Mr. Nasser Al Awadhi, Chief of Consumer …
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First Abu Dhabi Bank appoints new CEO for Saudi Arabia’s banking business
Dubai: First Abu Dhabi Bank (FAB) said on Wednesday it has appointed Layth Al Shaiban as Chief Executive Officer of its new commercial banking business in Saudi Arabia, subject to regulatory approvals. FAB has been licensed by the Saudi Arabia Monetary …
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UAE Banks Federation issues financial literacy handbook to reduce chronic indebtedness
Central Bank of the UAE data, released last month, found that of the 7.168 million cheques worth Dh351.1 billion, handled by the UAE Clearing Cheque System during the first three months of 2018, Dh15.7bn worth bounced. “The UAE Banks Federation is no doubt …
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Nasdaq Dubai welcomes Noor Bank USD500mln sukuk listing
(MENAFN) The Nasdaq Dubai exchange has welcomed the listing of a USD500 million sukuk by Noor Bank, a UAE-based sharia-compliant bank. The five-year sukuk issue was oversubscribed 2.1 times, according to an official statement. After a USD500 million …
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UAE’s First Abu Dhabi Bank hires Saudi head
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates by assets, said on Wednesday it has appointed Layth al-Shaiban, a former executive at Qatar National Bank, as head of its Saudi Arabian business. FAB, created by last year’s merger …
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Noor Bank Discusses Impact of VAT at Its Launch of ‘Noor Business Council’
Noor Bank, one of the leading Shari’a-compliant banks in the UAE, today announced the launch of the Noor Business Council (NBC), which is a thought leadership platform. Bringing together SMEs and large corporate clients of Noor Bank, the NBC has been …
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UAE to exempt gold and diamond trading from VAT
The UAE Cabinet has adopted a law to introduce the VAT Reversed Charge mechanism for investors in gold, diamond and precious metals, meaning that while there will only be documented entries of five per cent VAT in the books of both buyers and sellers …
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Billionaire Shetty said to hire Evercore on Finablr IPO
Dubai-based billionaire Bavaguthu Raghuram Shetty hired Evercore to advise on a potential initial public offering for his financial-services company, according to people with knowledge the matter, as he seeks to expand a sprawling empire built on offering …
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Billionaire Shetty said to hire Evercore for money exchange IPO
Dubai: Middle East billionaire Bavaguthu Raghuram Shetty hired … No final decisions have been taken and the plans could change, the people said. The timing of an IPO is yet to be determined, according to Finablr Executive Director Promoth Manghat.
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Travelex And UAE Exchange Owner Eyes IPO
Billionaire Bavaguthu Raghuram Shetty is combining Travelex and UAE Exchange under one parent company called Finablr in preparation for a possible initial public offering, according to Reuters. The UAE-based businessman announced on Monday the creation of …
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Dubai’s Lumina announces Saudi expansion plan
Andrew Nichol, who previously served as head of corporate finance for PwC in Saudi Arabia, has been appointed as a partner to enable Lumina to link three major markets – Saudi Arabia, the UAE, and the UK – for capital flows and M&A deals. Regulated by …
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Access Bank UK eyes strong growth in Africa business through Dubai
Dubai: The DIFC branch of Access Bank UK Limited, a wholly-owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange listed bank expects to see strong growth for business through Dubai operations this year. The Access Bank UK was established a decade …
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