News

Abu Dhabi / WAM Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has extended an AED55 million ($15mn) concessionary loan to the government of Tanzania to finance the upgrade of 51km of the Uvinza-Ilunde-Malagarasi Road. The funded project is an extension to Kidaho – Ovinza Road which was funded in 2009 by ADFD as a ...

SHARJAH / WAM The Sharjah Investment and Development Authority (Shurooq) and master developer Nakheel have collaborated in a joint venture, that will bring a new community retail centre to Sharjah. The project Nakheel’s first outside its home emirate of Dubai has an estimated development value of AED75 million. Under the agreement, signed on Monday by Marwan bin Jassim Al Sarkal, ...

DUBAI / Emirates Business Tax authorities in GCC are starting to use sophisticated digital platforms that require taxpayers to submit data in real time or near-real time prompting firms to enhance their digital capabilities. This is changing the way businesses collect, format and report tax information, and accelerates reporting, filing obligations. Sherif El-Kilany, MENA Tax Leader at EY said, “The ...

Bloomberg Damac Properties Dubai Co. hired banks including Barclays Plc and HSBC Bank Plc for a possible sale of US dollar-denominated Islamic bonds, according to people familiar with the matter. The second-largest listed real estate developer in Dubai is expected to hire more banks to arrange the debt sale, which may happen as soon as this month, said the people, ...

Abu Dhabi / WAM The Abu Dhabi Police (ADP), has warned the public about fraud messages on social media applications, such as Whatsapp, which imitate trademarks and trusted websites, with the aim of stealing personal information, such as usernames, passwords, credit card numbers and other information that may lead to problems for users, who are required to report these crimes ...

Dubai / WAM Dubai Financial Market (DFM), on Monday announced that EFG Hermes Brokerage has become the first member that receives a DFM accreditation to provide the Allocation Account Service to its client base. The DFM launched this new service recently in a pioneering step amongst regional markets, as part of its efforts to reinforce its business framework for the ...

Ajman / WAM The Ajman Chamber of Commerce of Industry organised a panel discussion, titled, ‘Challenges Facing SMEs’. Citing statistics from the Khalifa Fund for Projects Development, the panel highlighted the fact that the small and medium-sized enterprises (SMEs), constitute around 94 percent of the total number of companies in the UAE and approximately 86 percent of the labour force, ...

Tokyo / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met Hiroshige Seko, Japanese Minister of Economy, Trade and Industry, during his current official visit to Japan. During the meeting, the two sides discussed bilateral relations between the UAE and Japan and ways of boosting and developing them in the economic, investment ...

Dubai / WAM The Commercial Compliance and Consumer Protection (CCCP), sector in the Department of Economic Development (DED), Dubai, launched a “Commercial Compliance Package” to educate new business owners in the emirate. The initiative includes a series of official visits to major markets in Dubai and meetings with new business licence holders to brief them on DED’s requirements and standards ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, accompanied by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, visited the Translation Challenge site to review its progress, which falls under the Mohammed bin Rashid Al ...