ABU DHABI / Reuters / WAM Five Chinese companies will start operations in Abu Dhabi’s industrial zone with an initial investment of AED1 billion in a boost for the oil-rich emirate’s economic diversification plans. The companies, from Jiangsu province on China’s east coast, are involved in sectors ranging from power and metals to natural resources and banking, Abu Dhabi officials …

DUBAI / Reuters Dana Gas revoked an offer to creditors to exchange its outstanding $700 million Islamic bond for new notes, ending the chance of a consensual resolution to a case that could shape the future of the global Islamic finance industry. Dana is refusing to repay holders of its Islamic bond, or sukuk, which matures in October. The energy …

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA). “The Tax Procedures Law is a …