November, 2019

• 3 November

  UAE flag a symbol of unity, source of pride

  

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, hoisted the UAE flag in the Burj Khalifa area to mark the ‘UAE Flag Day’. A number of students from various schools attended the event. His Highness said: “The UAE flag is a symbol of unity and ...

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• 3 November

  Tabreed posts AED329.1mn net profit in Q3

  ABU DHABI / WAM The National Central Cooling Company (Tabreed), released on Sunday its consolidated financial results for the first nine months of 2019, reporting an increase of 3.1 percent in the net profit to AED329.1 million. In a press release issued by Tabreed on Sunday, group revenue increased by 3.5 percent to AED1,127.9 million, compared to AED1,090.0 million in ...

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• 3 November

  Saudi approves Aramco IPO

  

  Bloomberg Saudi Arabia finally kicked off what could be the world’s biggest initial public offering (IPO), revealing potential tax cuts and dividends to lure investors. More than three years after Crown Prince Mohammed bin Salman first raised the idea, oil giant Saudi Aramco announced its intention on Sunday to list shares on the local stock exchange in Riyadh. The shares ...

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• 3 November

  UAE 3rd globally in ease of issuing building permits

  DUBAI / WAM Dawoud Al Hajri, Director-General of Dubai Municipality and Chairman of the Committee for Developing Building Permits in the emirate of Dubai, expressed his pride in the UAE being ranked first in the Arab world and region, and third in the world, in easing the issuing of building permits, as per the World Bank’s Doing Business 2020 report. ...

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• 3 November

  Sharjah records AED4.2b realty transactions in Q3

  

  SHARJAH / WAM Real estate transactions have recorded AED4.2 billion in the Emirate of Sharjah during the third quarter of 2019, while the total areas covered in the “sales transactions” in the emirate reached 9.5 million feet, as per the latest report of the Sharjah Real Estate Registration Department (SRERD). Abdulaziz Ahmed Al Shamsi, Director-General of SRERD, said that the ...

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• 3 November

  Tata faces $1.7 billion liability as tax cover lost

  

  Bloomberg Tata Trusts, a philanthropic organisation associated with India’s salt-to-software Tata group, faces a tax liability of about 120 billion rupees ($1.7 billion) after authorities cancelled exemptions to six of its entities, the Business Standard newspaper reported. A trust whose registration is cancelled is required to pay tax on its past exempted income, the newspaper said, citing an official it ...

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• 3 November

  China Forestry sues KPMG for $166 million for audit negligence

  

  Bloomberg China Forestry Holdings Co’s liquidators are suing KPMG LLP for more than HK$1.3 billion ($166 million), citing the auditor’s negligence when assisting in the company’s listing in Hong Kong. KPMG failed to detect during the pre-IPO audit that then-executives of China Forestry falsified the company’s plantation assets and revenue, according to information contained in a judgment related to the ...

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• 3 November

  South Korea’s mid-sized enterprises under watch

  Bloomberg South Korea’s corporate watchdog is looking into unfair inter-subsidiary transactions of mid-sized enterprises, reported Yonhap News. “We’re seriously monitoring undue intra-group dealings at mid-sized companies with assets worth or under five trillion won ($4.3 billion),” the Fair Trade Commission Chairwoman Joh Sung-wook was quoted as saying in an interview. “We can’t identify them now, but there are a couple ...

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• 3 November

  India to further ease tax rules to boost investment

  

  Bloomberg India is committed to further improving its people-friendly tax regime, Prime Minister Narendra Modi said, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth. The government has cut corporate tax rates and introduced a nationwide goods-and-services charge to integrate the nation’s economy, Modi said in a speech at Aditya Bira Group’s golden jubilee celebrations in ...

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• 3 November

  Dubai Chamber, FAB sign MoU on digital trade

  

  DUBAI / WAM Dubai Chamber of Commerce and Industry signed a Memorandum of Understanding (MoU) with First Abu Dhabi Bank (FAB), which will align the efforts of the two entities to digitise, facilitate and simplify trade processes in the UAE. The MoU was signed by Hamad Buamim, President & CEO of Dubai Chamber and Andre Sayegh, Deputy Group CEO & ...

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