News

DUBAI / WAM Dubai International Financial Centre (DIFC) announced on Saturday the completion of ‘The Exchange’ building. Located in DIFC’s Gate Village, The Exchange is a Ground + 8 storey building with a total leasable area of 147,000 sqft, of which 114,000 sq. ft. is office space and 33,000 sqft is retail space. The AED180 million building comprises 5 basement ...

ABU DHABI / WAM Adnoc Distribution has unveiled a partnership with global retail brand Géant, in a clear signal that the UAE’s largest fuel and convenience store retailer is becoming more customer-centric in an effort to boost its financial performance. Under the agreement with Urban Foods, which operates Géant in the UAE, ten existing Adnoc Distribution convenience stores will be ...

Bloomberg Large digital companies operating in the European Union, such as Alphabet Inc. or Twitter Inc., could face a 3% tax on their gross revenues based on where their users are located, according to a draft proposal by European Commission. The draft was circulated and outlines how a targeted levy on gross revenues would increase the tax bill digital giants ...

Bloomberg Global finance chiefs are set to warn that the broadest and stro-ngest economic expansion since the turn of the decade would be thrown into jeopardy if governments turn inward. In the draft of a statement that finance ministers and central bankers will discuss during talks in Buenos Aires beginning on Monday, the Group of 20 repeated a pledge to ...

DUBAI / Emirates Business DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem has inaugurated a new manufacturing unit for the Momin Group at Jebel Ali Free Zone (Jafza). The facility has a built-up area of over 10,000 sqm for production of vegetable ghee, soft oils such as corn, canola and sunflower and processing of soya bean oil for ...

Paris / WAM His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, inaugurated, in the presence of HH Sheikha Jawaher bint Mohammad Al Qasimi, wife of His Highness the Ruler of Sharjah and Chairperson of the Supreme Council for Family Affairs (SCFA) and Sheikha Bodour bint Sultan Al Qasimi, Founder and CEO of ...

Dubai / Emirates Business MEED has announced this year’s finalists of the only recognition scheme honouring completed projects in the Gulf region. A total of 94 projects from Bahrain, Kuwait, Oman, Saudi Arabia and the United Arab Emirates are competing for honours in 16 different categories of the annual MEED Projects Awards, in association with Mashreq. The UAE led the ...

Dubai / Emirates Business Emirates had announced a successful execution of a $600 million sukuk (Islamic finance issuance). The issuance received a good response from both local and international investors. The issuance of the Trust Certificates, in the principal amount of $600 million will be repaid in an amortizing format over 10 years with legal maturity in March 2028. The ...

Dubai / Emirates Business Dubai Land Department (DLD) has hosted a workshop with representatives from commercial shopping malls and retail outlets to discuss the new rental law project. The three-day workshop was attended by His Excellency Sultan Butti bin Mejren, Director General of DLD; His Excellency Judge Abdulqader Mousa, Director of the Rental Disputes Center (RDC), the judicial arm of ...

FUJAIRAH / WAM The National Bank of Fujairah (NBF), announced on Saturday that it has been awarded the Dubai Chamber CSR Label for its strong commitment to upholding the best practices in the field of corporate social responsibility and its support for developing a sustainable environment. This award recognises NBF’s progress in developing an outstanding strategy and significant practical measures ...