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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 ...

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 ...

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 ...

DUBAI / Emirates Business The World Economic Forum (WEF) has released its Digital Evolution Index (DEI) for 2017, classifying the UAE as a “stand out” country with an overall score of 3.22, which makes it the most advanced market in the Arab world and 22nd on a global level. Stand Out countries are “highly advanced digitally, and exhibit high momentum.” ...

Bloomberg I Squared Capital agreed to pay HK$14.5 billion ($1.9 billion) in cash to buy the fixed-line assets of billionaire Li Ka-shing’s Hong Kong telecommunications business, giving the investor group control of a fiber-optic network serving corporate customers and residents. Hutchison Telecommunications Hong Kong Holdings Ltd. shares surged the most in more than six years on Monday. The company announced ...

Bloomberg In China, taxi rides aren’t just a form of transportation any more. They’ve also become useful for bond buyers doing due diligence. Dining out at restaurants is also helpful. It’s all part of a boom in field trips by market participants coming to grips with a new reality in China: the potential for bond defaults. After decades when authorities ...

Bloomberg India is poised to reject Shanghai Fosun Pharmaceutical Group Co.’s proposed $1.3 billion takeover of an Indian drugmaker, according to people familiar with the matter, scuppering the biggest-ever Chinese acquisition in the country. The Cabinet Committee on Economic Affairs, which is chaired by Prime Minister Narendra Modi, has decided to block the Chinese firm’s purchase of an 86 percent ...

Bloomberg Andy Marsh sees his future — and it’s forklifts. His tiny company, Plug Power Inc., makes hydrogen fuel cells, and for years he struggled to find customers. No longer. In April, Amazon.com Inc. agreed to try out the technology in forklift fleets at 10 of its warehouses. And in July, Wal-Mart Stores Inc. matched Amazon’s $600 million deal with ...

Bloomberg Spotify Ltd. is tiptoeing into new businesses again. The No. 1 paid music streaming service has agreed to promote podcasts in its app and via ads on buses. In return, the hosts of “Reply All,” “Pod Save America” and “The Bill Simmons Podcast” agreed to talk up Spotify on social media and during their shows that cover topics ranging ...

DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum met with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Sunday at the headquarters of the Abu Dhabi National Oil Company (ADNOC). Their ...