News

  DUBAI / WAM Dubai Banking Group (DBG), a subsidiary of Dubai Group, and Abu Dhabi Financial Group (ADFG) have reached an agreement whereby DBG will sell its 48.36% interest in SHUAA Capital PSC (‘SHUAA’) to ADFG. The completion of the sale is subject to regulatory approvals. Through its subsidiaries, ADFG has widespread expertise and experience across its core sectors, ...

DUBAI / WAM As part of its efforts to promote Dubai as an attractive business destination and to familiarise overseas companies with the emirate’s business environment, the Dubai Chamber of Commerce and Industry recently concluded its Food Import Trade Mission to Azerbaijan and Georgia, highlighting the requirements and conditions of exporting foodstuffs to Dubai. During the trade mission, Dubai Chamber ...

    Bloomberg Saudi Arabia is considering a plan to tax millions of foreign residents as the kingdom seeks to reduce its reliance on oil revenue after the plunge in crude prices. The proposal was included in the country’s National Transformation Plan, an ambitious multi-year program released this week. But the tax element is only “an initiative that will be ...

  Bloomberg Iran will seek international investors for a $3 billion refinery project in the country’s south as the Persian Gulf nation looks to boost sales of its oil and natural gas products in Asia. The refining complex on Iran’s Persian Gulf coast will seek to raise as much as 80 percent of the capital needed from international partners or ...

  Emirates Business Morocco’s Casa Transports has awarded Turkey’s Yapi Merkezi an €83m ($94m) contract for the construction of Line 2 of the Casablanca tram line. The line will feature 20 stations, with construction expected to take a two-and-a-half years, according to a rail industry publication. Line 2 will start where the western branch of Line 1 terminates, at Boulevard ...

  Ritika SHARMA / Emirates Business As the scope for horizontal growth in the real estate takes backseat, there is a huge demand for vertical structures with smart designs that make optimal use of the space. Experts believe that the trend of smart vertical structures is poised to grow manifold in the coming years. “In Middle East region, some countries ...

  Dubai / Emirates Business A new online shopping platform in the UAE is breaking through the clutter in the world of e-commerce by offering customers industry-leading standards for warranty support and aftersales care. YallaShop.com offers almost 10,000 consumer electronics lines, from mobile phones and tablets, to televisions and cameras, from more than 400 brands. But while most similar platforms ...

  ALKESH SHARMA / Emirates Business Backed by zooming economy and diverse communities, the GCC cafe and bakery industry is all set undergo a robust growth in the next couple of years. This particular segment, out of the overall food industry, has registered an annual billing of nearly $1.9 billion, exhibiting strong growth during 2012-14. “Food market, especially cafe and ...

  Abu Dhabi / WAM The Abu Dhabi General Services Company (Musanada) announced that it has completed 40 percent of the upgraded road network and interchange at Abu Dhabi International Airport, as part of its efforts to realise the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and to implement the directions of His Highness Sheikh Mohamed ...

  Dubai / WAM The Road and Transport Authority (RTA) Licensing Agency has recently launched the second phase of its ‘Online Vehicle Mortgage Addition’ service, the ‘Vehicles Mortgage Addition/Redemption’ scheme. The first phase of the scheme, ‘Online Vehicles Mortgage Redemption,’ was launched in 2013. Ahmed Bahrozyan, CEO of the RTA Licensing Agency, said, “The RTA constantly seeks to adopt the world’s ...