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EU no longer accepts UAE as a taxhaven

European Union finance ministers agreed to remove the United Arab Emirates (UAE) and Switzerland from the bloc’s lists of countries deemed to be acting as tax havens, according to a statement on Thursday. At a meeting in Luxembourg, ministers decided to drop UAE from the EU blacklist that covers jurisdictions …

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Masdar at UK’s Charging Infrastructure Investment Fund

Masdar, a subsidiary of Mubadala Investment Company, has today joined UK government leaders in London for a specialised industry event to discuss its recent investment in the Charging Infrastructure Investment Fund, CIIF. Hosted by the Infrastructure and Projects Authority, IPA, at the Foreign and Commonwealth Office in Whitehall, participants included …

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Abu Dhabi Global Market partners with New Zealand

The Registration Authority, RA, of the Abu Dhabi Global Market, ADGM, and the Registrar of Companies New Zealand have announced a partnership to facilitate further cooperation in recognition of the increasingly international nature of business. The agreement is set to enhance the exchange of information, expertise and secondment opportunities in …

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UAE direct investments in Lebanon reach 11%

The UAE has maintained its position as a leading investor in Lebanon with its foreign direct investment, FDI, constituting 11 percent of total FDI inflows to Lebanon, according to a top Emirati diplomat. “The upcoming joint investment forum is a realisation of the vision of the UAE’s leadership for joint …

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Abu Dhabi takes multi-tranche bonds market by storm

Demonstrating strong investor confidence in its solid credit fundamentals, the Emirate of Abu Dhabi on 23rd September 2019 successfully priced a US$10.0 billion multi-tranche international bond offering. The transaction comprised three tranches: (i) US$3.0 billion, 2.125 percent, due in 2024, which priced at 65 bps over US Treasuries; (ii) US$3.0 …

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Dubai Business Women Council recieves European delegation

The Dubai Business Women Council, DBWC, and a high-level European delegation yesterday discussed ways to foster cooperation and develop networking mechanisms with business communities. The business delegation, comprising 11 businesspersons representing some of the most prominent start-ups in Europe, including France, Germany, Russia, the United Kingdom, Estonia and Italy, was …

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Split Scimitar Winglets installed on flydubai planes

Dubai-based flydubai announced today the completion of the first Split Scimitar Winglets installation on its fleet of Next-Generation Boeing 737-800 aircraft, becoming the first airline in Middle East to invest in this fuel saving technology. On Friday, 27th September, flydubai flight FZ 144 from Amman to Dubai was operated by …

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Tashkent to host UzAgroExpo 2019

International Expo Group holds the largest industry event – the 15th International Exhibition UzAgroExpo 2019 on November 27-29. The exhibition will be attended by enterprises and organizations specializing in production and sale of modern agricultural machinery and spare parts, equipment, technologies and materials for poultry farming, plant growing, veterinary medicine, …

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Saudi non-oil sector booming

Growth in Saudi Arabia’s non-oil private sector increased in September at the fastest rate for three months, as output increased and employment growth reached an 18-month high, a survey showed on Thursday. The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) rose to 57.3 in September from 57.0 …

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ADNOC wins honour of Silk Road award

Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, was honoured today with the ‘New Silk Road CEO of the Year Award’ for his outstanding contribution to enabling the flow of energy across the fast-growing economies of Asia. The award was presented to him by …

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Turkey owed $381.08 million by Thomas Cook

Turkey’s Tourism Advisory Council said on Tuesday it estimates that Thomas Cook owes the local sector more than 350 million euros ($381.08 million), adding that it was impossible for the amount to be re-paid in the short- and medium-term. Thomas Cook, the world’s oldest travel agency, collapsed last week leaving …

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Sharjah Industrial Investment Booklet launched

Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the Sharjah Economic Development Department, SEDD, stressed on the importance of the industrial sector and its leading role in supporting the growth of the economy of Sharjah and the UAE during the launch of the Sharjah Industrial Investment Booklet. The role of …

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Virtual Company Licence launched in Dubai

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, today announced the launch of the region’s first ‘Virtual Company Licence’, allowing investors worldwide to do business in Dubai digitally without requiring residence and in accordance with the highest international legal standards. The announcement is aligned with …

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ADNOC completes combination of fertilizer enterprise with OCI

OCI N.V. and Abu Dhabi National Oil Company, ADNOC, today announced the completion of their transaction to combine ADNOC’s fertiliser business into OCI’s Middle East and North Africa, MENA, nitrogen fertiliser platform, creating a world-leading joint venture. The combined company, which has been named Fertiglobe and is headquartered in the …

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Protests break out in Lebanon

Protesters blocked roads across Lebanon on Sunday in demonstrations against deteriorating conditions in a country grappling with an economic and financial crisis. Tires were set ablaze on several major roads in Beirut, paralyzing the capital. Several hundred people chanted “Down with capitalism” and “Leave!” as they marched along a main …

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Fuel shortage hits Yemen admist fighting

A fuel shortage is deepening Yemen’s humanitarian crisis, forcing drivers to wait for days in queues that stretch back from some petrol stations as far as the eye can see. The new shortage is just one of many problems causing suffering in the civil war being fought by the Iran-aligned …

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Iraq to reopen borders with Syria

Iraq’s Prime Minister Adel Abdul Mahdi has approved the reopening on Monday of the Qaim border-crossing with Syria, state news agency INA said, the latest sign of normalization between Baghdad and Syrian President Bashar al-Assad’s government. The crossing will be reopened for travelers and trade, INA reported on Friday, citing …

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Dubai’s Cityscape Global 2019 expanding

Dubai Land Department (DLD) continues to showcase its presence through its stand at Cityscape Global 2019, currently being hosted by Dubai. Besides its remarkable activity in welcoming visitors as well as local and foreign delegations, especially investors wishing to familiarise themselves with the investment horizon in the Emirate, DLD, through …

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UAE Hub71 Incentive Programme welcomes new start-ups

A new cohort of startups have been admitted to the Hub71 Incentive Programme in a bid to grow their companies and set up operations at the tech ecosystem, Hub71. Originating from different sectors and countries, the seven startups include British fintech company, dopay; Egypt-based Furnwish; Tunisian ProvenMed International; Trukker; and …

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Saudi Aramco needs $1 billion bank loan

Saudi Aramco has asked banks to submit proposals for a project finance loan of more than $1 billion, two sources with direct knowledge of the matter said. The state oil company’s request for proposals (RFPs) was sent this week, one of the sources said. It was not immediately clear from …

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Dubai Islamic Economy giving lessons to Indonesia

Dubai Islamic Economy Development Centre, DIEDC, has received a senior financial delegation from Indonesia that aimed to learn about the Islamic economy system in the UAE and explore opportunities for cooperation. The delegation comprised senior officials from Bank Indonesia – the central bank of the country – and the Indonesia …

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Soft drinks scandal brewing in Israel

Israel’s securities regulator said on Tuesday it was investigating a senior executive at carbonated drink-machine maker SodaStream on suspicion of insider trading prior to its $3.2 billion acquisition by PepsiCo (PEP.O) last year. The executive, whose name has been placed under a gagging order, was detained on Monday and released …

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