July, 2017

• 31 July

  UK takes two steps forward, one step back on Brexit plan

  Bloomberg The semblance of unity behind a life-as-normal and business-as-usual Brexit didn’t last. With Prime Minister Theresa May away on holiday, her chancellor of the exchequer went out on a limb to say a consensus was forming around a three-year transition phase, during which little would change about the UK’s relationship with the European Union even past 2019, when the ...

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• 31 July

  Chinese firms to invest AED1bn in Abu Dhabi

  

  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 ...

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• 31 July

  Dana Gas axes offer to swap $700mn bond

  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 ...

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• 31 July

  Khalifa issues new Tax Procedures Law

  

  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 ...

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• 31 July

  Mohammed unveils grand replica of Dubai Creek Tower

  

  Abu Dhabi / WAM Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has unveiled a compelling replica of the ‘Dubai Creek Tower’ — the icon that will frame a fascinating new skyline in the emirate. The new centerpiece of the Grand Atrium in The Dubai Mall, was revealed ...

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• 31 July

  MAF revenue jumps 4% to AED15.7bn

  

  DUBAI / WAM Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, announced continued financial growth throughout its business during the first six months of the year, with overall group revenue expanding by 4 percent to AED15.7 billion and EBITDA increasing by 4 percent to AED2.0 billion. At constant FX ...

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• 31 July

  Abu Dhabi hotel guest arrivals up 30%

  

  ABU DHABI / Emirates Business Abu Dhabi recorded a remarkable 30% increase in the number of hotel guest arrivals this June, compared to the same month in 2016, boosted by an exceptional Eid Al Fitr period, which saw many premium hotels fully booked. In first six months of 2017, the emirate welcomed more than 2.25 million guests to its 165 ...

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• 31 July

  ADX launches new system for employees’ equity incentives

  

  ABU DHABI / WAM The Abu Dhabi Securities Exchange (ADX) has requested all listed companies to disclose the agendas and outcome of their board meetings which discuss the possibility of awarding shares to their employees in form of equity incentives. The request comes in implementation of the Securities and Commodities Authority’s resolution under which the system of issuing public stock ...

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• 31 July

  Aramex records 4% growth in revenue during second quarter

  DUBAI / Emirates Business Aramex, the disruptive leader in the global logistics and transportation industry, announced its financial results for the Second Quarter and First Half of 2017. Aramex’s Q2 2017 Revenues grew by 4% to AED 1,148 million, compared to AED 1,105 million in Q2 2016. Net profits in Q2 2017 decreased by 23% to AED 97 million, compared ...

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• 31 July

  DCCI-Google workshop to help boost Chamber’s online presence

  Dubai / Emirates Business The Dubai Chamber of Commerce and Industry (DCCI) recently hosted a workshop in partnership with Google to assist Chamber members’ efforts to strengthen their online presence and reach among potential customers. The event, held at Dubai Chamber’s premises, was the first in a series of workshops aimed at familiarising companies with the Google My Business solution, ...

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