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Relaxation of restrictions triggers strong rebound in Middle East economies | Business – Gulf News

Relaxation of restrictions triggers strong rebound in Middle East economies | Business – Gulf News Business confidence in the Middle East has strengthened in recent months as coronavirus restrictions eased and vaccination rollouts progressed according to the latest Economic Insight report for the Middle East, compiled by Oxford Economics.While there are positive signs for recovery in the second half of this year and beyond, economies still remain far from their pre-pandemic levels.According to...
Tags: Travel, Middle East, Gulf News, Rupert Neil Bumfrey, Gulf News Business, Oxford Economics While


Central Bank of #UAE issues guidances for financial institutions on anti-money laundering and combatting financing of terrorism | Banking – Gulf News

Central Bank of UAE issues guidances for financial institutions on anti-money laundering and combatting financing of terrorism | Banking – Gulf News The Central Bank of the UAE (CBUAE) issued two new guidances on anti-money laundering and combatting the financing of terrorism (AML/CFT) for its licensed financial institutions (LFIs) on suspicious transaction reporting and legal persons/arrangements.The guidances will assist the understanding and mitigation of risks as well as the effective per...
Tags: Travel, Uae, AML, AML CFT, Gulf News, Financial Intelligence Unit, Rupert Neil Bumfrey, Financial Action Task Force, Central Bank of the UAE, UAE CBUAE, Central Bank of UAE, CBUAE, Khaled Mohamed Balama, Gulf News The Central Bank


#Dubai developer Damac's shareholders to know of opening and closing dates of buy offer in 21 days | Property – Gulf News

Damac's mintority shareholders will have 21 days and then some to make up their mind on the Dh2.2b offer to buy  them out. Image Credit: Bloomberg In another 21 days, the Hussain Sajwani owned Maple Invest will inform Damac’s Board of Directors and shareholders the opening and closing date for its open-ended offer to acquire the 27.285 per cent not held by it.Maple made the formal approach to Damac on June 9, a day after signaling its intention to acquire the balance stake. If al...
Tags: Travel, Bloomberg, Dubai, Gulf News, Rupert Neil Bumfrey, Damac, Hussain Sajwani, Sajwani, Maple Invest, Damac 's Board of Directors


#Dubai Financial Market suspends trading in DXBE shares | Markets – Gulf News

Dubai Financial Market suspended trading in shares of DXB Entertainments PJSC (DXBE) on Sunday following the mandatory acquisition of its shares by Meraas Leisure and Entertainment (Meraas).All remaining DXBE shares not already held by Meraas or Meraas Holding will be re-registered in the name of Meraas in DXBE’s share register.Meraas will settle any cash consideration due to those remaining DXBE shareholders through the relevant payment method as registered with Dubai CSD at by such DXBE shareh...
Tags: Travel, Dubai, General Assembly, Emirates NBD, Gulf News, Dubai Financial Market, Meraas Holding, Rupert Neil Bumfrey, Dubai Islamic Bank, DXBE, Meraas, Meraas Leisure and Entertainment Meraas All, Meraas Leisure and Entertainment LLC Meraas


#Sharjah, #Ajman approve foreign ownership of commercial and industrial licenses | Markets – Gulf News

Sharjah, Ajman approve foreign ownership of commercial and industrial licenses | Markets – Gulf News The Sharjah Economic Development Department (SEDD) has started implementing 100 per cent foreign ownership for investors from this month (June).This is done without any requirements such as a specific capital or any additional fees for foreign investors. The decision also includes allowing branches of foreign companies to conduct their business in the emirate without the need for an agent of a ...
Tags: Travel, Sharjah, Department of Economic Development, Gulf News, Ajman, Rupert Neil Bumfrey, The Department, Sharjah Ajman, Sultan Abdullah bin Hadda Al Suwaidi, Ajman Ajman DED, Abdullah Ahmed Al Hamrani, Ajman DED


It's nearly neck and neck for #Dubai's Emirates REIT and opposing investors ahead of June 7 vote | Property – Gulf News

It's nearly neck and neck for Dubai's Emirates REIT and opposing investors ahead of June 7 vote | Property – Gulf News It is now down to the wire in the race between the Dubai property fund Emirates REIT and an investor group opposed to its latest plans to win a majority ahead of the Jun 7 deadline.According to the opposing investors – calling themselves the ‘Ad Hoc Group – they now have sewn up support from 40 per cent of those who had invested in the $400 million Sukuk issued by Emirates REI...
Tags: Travel, Ad, Dubai, Group, Akin Gump Strauss Hauer Feld, Gulf News, Rupert Neil Bumfrey, Ad Hoc Group, Equitativa, Hoc Group, AD HOC GROUP DEMAND Ad Hoc Group, Equtativa


ENBD REIT is considering strategic disposal of a real estate asset | Property – Gulf News

ENBD REIT is considering strategic disposal of a real estate asset | Property – Gulf News ENBD REIT, the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced that it is considering the strategic disposal of a real estate asset that accounts for more than 5 per cent of its net asset value (NAV).The Board of Directors has received and accepted a letter of intent (LoI) in respect to property held by ENBD REIT in Dubai Silicon Oasis (which ...
Tags: Travel, Emirates NBD Asset Management Limited, Gulf News, Rupert Neil Bumfrey, Dubai Silicon Oasis, ENBD


#Dubai property fund Emirates REIT bond proposal yet to win a majority, says opposing group | Property – Gulf News

Dubai property fund Emirates REIT bond proposal yet to win a majority, says opposing group | Property – Gulf News Dubai: So, who won? The operator of Emirates REIT says it has a sizeable number of bondholders siding with its proposal to extend the maturity period of its $400 million Sukuk from 2017.On Thursday, Equitativa, the fund manager, said 75 per cent of those who cast early votes on the proposal sided with the move.But the ‘Ad Hoc Group’ – comprising bondholders who opposed the maturity...
Tags: Travel, Dubai, Group, Gulf News, Rupert Neil Bumfrey, Ad Hoc Group, Equitativa, Hoc Group, Equitative


Many bondholders at #Dubai's Emirates REIT oppose $400m Sukuk conversion plan | Property – Gulf News

Many bondholders at Dubai's Emirates REIT oppose $400m Sukuk conversion plan | Property – Gulf News Dubai-based real estate fund operator Emirate REIT’s plans to issue a new debt offering is meeting “significant resistance” from a “majority” of its existing bondholders, highly placed sources have told ‘Gulf News’.These bondholders have called a virtual meeting later today to discuss the options available to them, including legal means, these sources add. “We believe that there is a widely reco...
Tags: Travel, Dubai, Gulf News, Rupert Neil Bumfrey, Emirates REIT, Emirate REIT


#Dubai's Marina 101: Property owners willing to spend 'few millions' to finish much-delayed skyscraper | Property – Gulf News

Dubai's Marina 101: Property owners willing to spend 'few millions' to finish much-delayed skyscraper | Property – Gulf News Some of these property owners have already paid off the entire amounts on their multi-million homes.  But they still don't   have a clue as to when they can get a completion certificate for the 97.3% finished project. Image Credit: Clint Egbert/Gulf News Property buyers in Marina 101, the much-delayed skyscraper project at Dubai Marina, are willin...
Tags: Travel, Dubai, Dubai Marina, Gulf News, Rupert Neil Bumfrey, Marina 101, Clint Egbert Gulf News Property


Sheikh Mohammed updates DIFC's founding law - new version expands free zone's 'strategic objectives' | Banking – Gulf News

Sheikh Mohammed updates DIFC's founding law - new version expands free zone's 'strategic objectives' | Banking – Gulf News Dubai has updated the laws for the Dubai International Finance Centre, thus expanding the financial hub’s “strategic objectives”.These objectives now also include “advancing sustainable economic growth for Dubai, developing and diversifying the economy and increasing the GDP contribution of the financial services sector, to promote investment into Dubai and to attract regi...
Tags: Travel, Law, Dubai, Uae, Mohammed, Mohammed bin Rashid Al Maktoum, Gulf News, DIFC Courts, Dispute Resolution Authority, Rupert Neil Bumfrey, Dubai International Finance Centre, Arbitration Institute This


What Q1 financial results of top four banks say about #UAE’s banking sector? | Banking – Gulf News

What Q1 financial results of top four banks say about UAE’s banking sector? | Banking – Gulf News Most of the leading banks in the UAE have declared their first quarter 2021results pointing to improving operating conditions. While year on year profit gains have been modest at best for most banks, they have made significant gains over the previous quarter and other preceding quarters. Clearly, the Q1 numbers are pointing to improvement in the economic conditions leading to improved non...
Tags: Travel, Uae, Casa, Emirates NBD, NPL, Gulf News, Rupert Neil Bumfrey, ADCB, First Abu Dhabi Bank, Dubai Islamic Bank DIB, Central Bank of UAE, Hesham Abdulla Al Qassim, NMC Healthcare Group, Hana Al Rostamani Group, Ala'a Eraiqat Group


At Dh853m for Q1-2021, #Dubai Islamic Bank's net profit is definitely in recovery mode | Banking – Gulf News

At Dh853m for Q1-2021, Dubai Islamic Bank's net profit is definitely in recovery mode | Banking – Gulf News Dubai Islamic Bank will take a lot of strength from its first quarter 2021 numbers, with net profit up a whopping 2,337 per cent compared to what it was in the final three months of 2020. That’s Dh853 million between January to end March against Dh35 million in the fourth quarter of last year.Just as important, impairment related losses were brought down to Dh751 million, from Dh1.9 bill...
Tags: Travel, Uae, Central Bank, Tess, Gulf News, UAE Central Bank, Rupert Neil Bumfrey, Dubai Islamic Bank, Mohammed Ibrahim Al Shaibani, Gulf News Dubai Islamic Bank, Court of Dubai


‘In this world, social media is everything’: how Dubai became the planet’s influencer capital

Once a small port on the edge of a desert, Dubai is now a magnet for reality stars and a jet set crowd looking to beat the vaccine queue. But do the filtered images tell the whole story?On the electric blue tarmac of a helipad on the edge of Palm Jumeirah, an artificial island on the Dubai coastline, Busra Duran stands on tiptoes. Wearing multicoloured trainers and a pink tulle minidress, the 28-year-old Turkish influencer is posing for photos in front of a red helicopter. Her husband, Gökhan Gü...
Tags: Technology, Media, Instagram, Saudi Arabia, Social Media, World news, Middle East and North Africa, Digital Media, United Arab Emirates, Dubai, Disneyland, Duran, Palm Jumeirah, Gulf News, Coelho, Sheikh Mohammed bin Rashid al-Maktoum


Citi sees new #UAE, GCC opportunities as economies recover | Banking – Gulf News

Citi sees new UAE, GCC opportunities as economies recover | Banking – Gulf News Large-scale fiscal and structural reforms being undertaken by the governments across the Middle East and North Africa, especially the GCC will create new opportunities for financial services, Elissar Farah Antonios as Head of the MENA Cluster and Citi Country Officer (CCO) for the UAE told Gulf News in an interview.The sharp economic contraction across the region caused by the COVID-19 pandemic and a prolonged slump ...
Tags: Travel, Saudi Arabia, GCC, Middle East, Uae, Citi, North Africa, Gulf News, Antonios, Rupert Neil Bumfrey, Elissar Farah Antonios, MENA Cluster, Citi Country Officer CCO


#SaudiArabia gets a new bank - and Saudi National Bank is already market leader | Banking – Gulf News

Saudi Arabia gets a new bank - and Saudi National Bank is already market leader | Banking – Gulf NewsSaudi Arabia’s newest bank is now open…Created from the merger of two banking giants, the Saudi National Bank immediately starts off as being the ‘largest’ in the Kingdom. It sure has the numbers.• Total assets – 896 billion riyals ($239 billion)• Combined net profit – 15.6 billion riyals ($4.2 billion)• Shareholders’ equity – 127 billion riyals ($34 billion)• Combined market share – 30 per cent“...
Tags: Travel, Saudi Arabia, Kingdom, Gulf News, Rupert Neil Bumfrey, Saudi National Bank, Gulf NewsSaudi Arabia, Ammar Alkhudairy


Rise and fall of #UAE Arabtec: From building Burj Khalifa in #Dubai and Louvre #AbuDhabi, to filing for bankruptcy | Property – Gulf News

Rise and fall of UAE Arabtec: From building Burj Khalifa in Dubai and Louvre Abu Dhabi, to filing for bankruptcy | Property – Gulf News Arabtec project sites are not operating in full active mode, according to construction industry sources. The market is waiting for Arabtec to provide some updates on its operations. Image Credit: Clint Egbert/Gulf News The UAE’s once mighty construction giant Arabtec is all set to be broken up. It sure looks that way.On Sunday (March 21), the paren...
Tags: Travel, Saudi Arabia, Dubai, Burj Khalifa, Gulf News, Arabtec, Rupert Neil Bumfrey, Louvre Abu Dhabi, Dubai Court, Emirates Falcon Electromechanical Co, Clint Egbert Gulf News The UAE, Arabtec Construction llc, Readymix Concrete Co, Target Engineering Construction Co, Arabtec Engineering Services Target


#AbuDhabi's Arkan not to pay dividends until end 2022 after debt moratorium | Property – Gulf News

Abu Dhabi's Arkan not to pay dividends until end 2022 after debt moratorium | Property – Gulf News Arkan, the Abu Dhabi based building materials company, will start paying off its loans and other commitments from mid-December 2022.This follows a moratorium on repayments that it entered into its with principal lenders. But this comes with a clause – Arkan will not be making any dividend payments to shareholders until late 2022.“In light of these challenging circumstances, the Board has decided n...
Tags: Travel, Abu Dhabi, Gulf News, Rupert Neil Bumfrey, Rothschild Co, Arkan, Gulf News Arkan


#UAE announces $10 billion fund for investments in #Israel | Government – Gulf News

UAE announces $10 billion fund for investments in Israel | Government – Gulf NewsFollowing a constructive phone call His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has received from Benjamin Netanyahu, Prime Minister of the State of Israel, the United Arab Emirates has announced the establishment of a $10 billion (Dh36 billion) fund aimed at strategic sectors in Israel.Through this fund, the UAE will invest in and alongside ...
Tags: Travel, Israel, United States, United Arab Emirates, Benjamin Netanyahu, Uae, UAE Armed Forces, Gulf News, Rupert Neil Bumfrey, Mohamed bin Zayed Crown Prince of Abu Dhabi, Israel Through


Top 10 #UAE banks’ profits shrunk 40% in 2020: A&M | Banking – Gulf News

Top 10 UAE banks’ profits shrunk 40% in 2020: A&M | Banking – Gulf NewsThe aggregate net profit of the top 10 UAE banks declined by 38.3 per cent year on year in 2020, on the back of lower operating income and increased provisions, according to data analysed by Alvarez & Marsal (A&M).A&M expects the operating environment for the UAE’s banking sector to remain less volatile in 2021 compared to last year; banks might witness deterioration of their asset quality after the completion of Central Bank...
Tags: Travel, Uae, Gulf News, NII, Rupert Neil Bumfrey, Alvarez Marsal, Central Bank of the UAE, Asad Ahmed, Gulf NewsThe, UAE Profitability, Head of Middle East Financial Services Low


Why retail lending will remain a key focus for #Saudi banks? | Banking – Gulf News

Why retail lending will remain a key focus for Saudi banks? | Banking – Gulf News The sustained growth in retail lending is a key source of strength for Saudi banks and that has largely mitigated the impact of the pandemic on their financial profiles, says rating agency Fitch.“The retail segment supported the sector’s asset-quality metrics in 2020, and we expect it will soften the impact of an adverse operating environment for Saudi banks. Austerity measures, rising unemployment and weaker consu...
Tags: Travel, Saudi Arabia, Fitch Ratings, Fitch, Gulf News, Rupert Neil Bumfrey, Amin Sakhri, Fitch Ratings Retail


Global Payments platform Adyen makes DIFC its regional headquarters | Banking – Gulf News

Global Payments platform Adyen makes DIFC its regional headquarters | Banking – Gulf News Dubai International Financial Centre has welcomed global payment technology provider Adyen, a company that has a market capitalisation of €66.4 billion and processed over €303.6 billion worth of transactions in 2020.Dutch firm Adyen announced their expansion into the Middle East in November 2020 and selected the DIFC as the location for their regional headquarters, due to the Centre’s regional reach and com...
Tags: Travel, Middle East, Dubai, Tokyo, Adyen, Middle East They, Dubai International Financial Centre, Gulf News, Rupert Neil Bumfrey, New York London Hong Kong Singapore, Arif Amiri


Mick Fleetwood goes same way as others with music catalogue deal - Gulf News

Mick Fleetwood goes same way as others with music catalogue deal   Gulf News
Tags: Seo, Gulf News, Mick Fleetwood


It is Fleetwood Mac's turn to rock and roll in latest big-ticket catalog deal - Gulf News

It is Fleetwood Mac's turn to rock and roll in latest big-ticket catalog deal   Gulf News
Tags: Seo, Fleetwood Mac, Gulf News


United Arab Emirates: Know Your Rights - What To Do When A Work Contract Is Bad - Hassan Elhais

Dubai: If you have accepted a job offer but are unhappy with the final contract offered to you, what are your options to refuse the job contract? This was the query raised by a Gulf News reader.
Tags: News, Dubai, Gulf News, Hassan Elhais


'Distress' sales are pushing land prices down in #Dubai property market, says Pantheon owner | Property – Gulf News

'Distress' sales are pushing land prices down in Dubai property market, says Pantheon owner | Property – Gulf News Dubai’s land values have dropped sharply this year – but that’s still not helping developers to launch new projects.“We are seeing distress sales of land that were owned by investors who had plans to launch projects,” said Kalpesh Kinariwala, Chairman of Pantheon Group. “But in today’s market conditions, there is little appetite among most developers for new offplan launches.“That’s...
Tags: Travel, Dubai, Gulf News, Rupert Neil Bumfrey, Pantheon Group, Kalpesh Kinariwala


#AbuDhabi hospital operator NMC gets $325m to pay off salaries and make $65m credit payment | Banking – Gulf News

Abu Dhabi hospital operator NMC gets $325m to pay off salaries and make $65m credit payment | Banking – Gulf News:The money is in the bank… all $325 million of it. That will be enough for NMC Healthcare to meet short-term payment priorities, including salary obligations for its 13,000 strong workforce and operational expenses. With the new funds flowing in, the majority coming from ADCB, it also sets a marker for what is going to be an extremely complex corporate revival plan. This could see NMC...
Tags: Travel, UK, Barcelona, Abu Dhabi, NMC, Gulf News, Rupert Neil Bumfrey, ADCB, NMC Healthcare, Clínica Eugin, ADGM Abu Dhabi Global Market


NMC Health investigations now target 'financiers' who aided with multi-billion dollar fraud | Banking – Gulf News

NMC Health investigations now target 'financiers' who aided with multi-billion dollar fraud | Banking – Gulf News:The investigations into NMC’s lost billions – upwards of $4 billion – have “identified a number of financiers” who colluded with the previous management in diverting bank funds. Detailed reports have been collected of evidence against all these bankers.These financiers’ actions are to be “reviewed in detail” in a update on the investigations put by Alvarez and Marsal, the consultancy...
Tags: Travel, Alvarez, NMC, Gulf News, Rupert Neil Bumfrey, NMC Health


News in pictures: Amit Shah congratulates Modi, Tesco profits surge, Huge asteroid to cross Earth's orbit, Biden regrets calling Trump clown, Tesco profits... - Gulf News

News in pictures: Amit Shah congratulates Modi, Tesco profits surge, Huge asteroid to cross Earth's orbit, Biden regrets calling Trump clown, Tesco profits...   Gulf News
Tags: Shopping, Amit Shah, Tesco, Biden, Trump, Gulf News, Modi Tesco


Our ongoing list of how countries are reopening, and which ones remain under lockdown

Models present creations from the Dolce & Gabbana Spring/Summer 2021 men's collection in a live-streamed show at the university campus of the Humanitas Research Foundation in one of the first physical fashion shows since the coronavirus disease (COVID-19) outbreak, during Milan Digital Fashion Week in Rozzano, south of Milan, Italy, July 15, 2020. REUTERS/Alessandro Garofalo As the novel coronavirus continues to spread, some countries are putting their citizens on various forms of lockd...
Tags: Travel, South Korea, UK, Science, News, Sweden, Supreme Court, Washington Post, North Korea, France, Saudi Arabia, China, Germany, Angela Merkel, Russia, Berlin