Local News

Abu Dhabi / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, said on Tuesday that relationships between the UAE and Tunisia are growing considerably across areas of economic activities. The minister also stressed the important role played by the private sector in boosting trade and investment ties between the two countries. The non-oil trade between the UAE and Tunisia ...

Abu Dhabi / WAM First Abu Dhabi Bank (FAB), has secured a licence from the Saudi Arabia Monetary Authority (SAMA), to establish a commercial banking business in Saudi Arabia as part of its organic growth strategy. The current licence allows FAB to operate up to three branches across the Kingdom, and follows the recent approval from the Capital Market Authority ...

Dubai / WAM The Federal Tax Authority (FTA), and Dubai Land Department (DLD), have confirmed that the UAE’s recently introduced VAT will have a limited impact on the real estate sector. FTA and DLD have stated that all real estate transactions, with the exception of the sale of vacant commercial properties and commercial property leases, will be either not subject ...

DUBAI / WAM Dubai Investments has announced plans to lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up capital of $100 million. The authorised share capital of Arkan Bank will be $500 million. Arkan Bank is applying to the Dubai Financial Services Authority (DFSA), for approval for a prudential ‘Category 5’ ...

Sharjah/ Emirates Business The Sharjah Business Women Council (SBWC) and the Sharjah Economic Development Department (SEDD), launched a ‘single-window’ service exclusively for female entrepreneurs to accelerate business processing, including applications, permits, visas and licences. SBWC is one of NAMA Women Advancement Establishment’s (NAMA) entities. The NAMA-SEDD initiative is in line with the directives of Her Highness Sheikha Jawaher bint Mohammed ...

Dubai / Emirates Business Meraas announced the winners of its first annual brokers awards at a ceremony held at the Yacht Club at Bulgari Resort & Residences Dubai on Jumeira Bay. The Meraas Brokers Awards were created to recognise the impact leading real estate brokers have had on the industry in Dubai, and the ceremony coincided with an exclusive sales ...

Abu Dhabi / Emirates Business Eagle Hills Abu Dhabi, the private real estate investment and development company, on Tuesday unveiled its new state-of-the-art sales centre located on the 12th floor of Capital Gate Abu Dhabi. The interactive facility features a huge touch-enabled screen designed to serve more than one customer at a time. In addition to providing useful information on ...

Sharjah / Emirates Business Sharjah Investment and Development Authority (Shurooq) signed a partnership agreement with Diamond Developers, a leading Dubai-based company specialised in developing sustainable environmental projects, to deliver a large mixed-used project in Sharjah. The implementation of the green project aligns with Shurooq’s vision to strengthen strategic partnerships with the private sector, giving a strong boost to the drive ...

DUBAI / Emirates Business Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) highlighted Dubai’s growing popularity as a global cruise destination viable for pre-cruise and post-cruise stopovers and an apt homeport in the region at the Seatrade Cruise Global in Florida, USA, a leading event for the cruise industry. Dubai Tourism exhibited under the Cruise Arabia banner, bringing together ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, broke ground on the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the biggest Concentrated Solar Power (CSP) project in the world. The start of the new project advances the UAE’s global leadership ...