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Wednesday , March 29 2017
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UAE

Dubai Chamber of Commerce and Industry holds briefing on new bankruptcy law

Dubai-Chamber-Experts-discuss-challenges-prospects-for-the-growth-of-Islamic-Finance

DUBAI: The Dubai Chamber of Commerce and Industry recently held a briefing to discuss the United Arab Emirates’s new bankruptcy law. The law sheds light on ways to avoid bankruptcy cases and the liquidation of debtor assets. “This bankruptcy law is a result of the ministry’s commitment to develop a new draft legislation based on modern legal and economic principles ... Read More »

Dubai Customs gives more time to innovation

dubai customs

DUBAI: Director of Dubai Customs, Ahmed Mahboob Musabih launched a new initiative in which all Dubai Customs departments will be seen giving 10 hours a month to brainstorming about innovation and coming up with out of the box ideas and services. The idea is inspired by 10X Initiative, which was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, ... Read More »

Dubai Customs organizes its 7th annual book fair

dubai customs

DUBAI: The 7th edition of Dubai Customs’ book fair kicked off on Sunday 26th March and will last until 28th March in partnership with a number of publishing houses including Mohammed Bin Rashid Al Maktoum Knowledge Foundation, Dar Al hikma Printing, and Publishing House and Al Khamri Publishing House. Ahmed Mahboob Musabih, Director of Dubai Customs inaugurated the book fair ... Read More »

Saudi Arabia, UAE lead container trade in region

containertrade

JEDDAH: Despite global dips, the container shipping trade saw the strongest – but still contracting – growth in the Indian subcontinent and Middle East regions at 5.1%. However, the global climate with respect to container trade dictates that, notwithstanding strong growth in the region, container liners must adopt new strategies for enhancing their performance in a new normal characterized by ... Read More »

Dubai Police sign MoU with bank for fine collection

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DUBAI: The Dubai Police have signed a Memorandum of Understanding (MoU) with Commercial International Bank (CIB) to collect the traffic fines from bank’s credit card holders in interest free installments over 3, 6, or 12 months, with a minimum of Dhs500 for the one file. The service is reported to be activated within a maximum of two weeks. Acting Director ... Read More »

UAE halts imports of food products from six Brazilian companies

imports

DUBAI: UAE has taken precautionary measures on imported food products from Brazil, after the Brazilian authorities suspended the activity of number of Brazilian companies on the grounds of unhealthy practices in the production processes. The Ministry of Climate Change and Environment said that their notification system on food products identified six facilities which export its products outside of Brazil. Preliminary ... Read More »

Dubai Chamber seeks to boost ties with regional counterparts

Dubai-Chamber-Experts-discuss-challenges-prospects-for-the-growth-of-Islamic-Finance

DUBAI: The Dubai Chamber of Commerce and Industry held economic meetings with its counterparts in Ras Al Khaimah (RAK) and Saudi Arabia, the Dubai government body announced on Thursday. During the meeting with the RAK Chamber of Commerce and Industry, Dubai officials shared knowledge they have gained within the emirate, as well as displaying smart services provided to their members ... Read More »

UAE personal loans increase to $95.27bn in Feb

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DUBAI: The total volume of personal loans in the UAE increased to Dh349.9 billion ($95.27 billion) in February 2017, according to a UAE Central Bank report issued on Tuesday. The figure is an increase of 3 percent over January’s total loans. By providing personal and corporate finance facilities, as well as creation of jobs, the UAE banks continue to play ... Read More »

Dubai tourism grows 12% in first 2 months 2017

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DUBAI: Dubai’s tourism sector has kicked off 2017 in high gear as the Department of Tourism and Commerce Marketing (Dubai Tourism) reported a stellar 12 per cent year-on-year growth over the first two months of 2017. January and February saw Dubai welcoming just over three million visitors, nearly four times the rate of the previous year. Supported by growth in ... Read More »

Dubai’s DP World eyes Panama Canal opportunities

dp world

DUBAI: Dubai ports operator DP World is exploring opportunities relating to the expanded Panama Canal, the company has confirmed. In a release, DP World said that its chairman and CEO, Sultan Ahmed Bin Sulayem, met with Panama President Juan Carlos Varela to discuss potential logistics and industrial parks and other projects in the country. Panama’s minister of commerce and industry, ... Read More »

Satellite TV revenues to reach $4bn in 2020

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DUBAI: Advancements in network capabilities offered by local Internet Service Providers (ISPs) are opening up new doors in the way content will be delivered to consumers. Over-The-Top (OTT) services, content delivered through internet connection, have been a rising global trend and are rapidly changing how broadcast content, video and entertainment media is consumed. That was the message delivered by senior ... Read More »

Dubai Economy and agencies unveil new identity

economy

DUBAI: Department of Economic Development in Dubai, and its three agencies Dubai SME, Dubai Trade and Exports, and Dubai Investment Development Agency (Dubai FDI), have adopted a new corporate identity, said a report. This latest development is in line with the mandate given to them to organise economic activity in the Emirate of Dubai, said a Wam news agency report. ... Read More »

Dubai completes solar plant to power 50,000 homes

solar power plant

DUBAI: Dubai on Monday completed a solar plant big enough to power 50,000 homes as part of a plan to generate three-quarters of its energy from renewables by 2050. The 200 megawatt plant sprawls over 4.5 square kilometres (1.73 square miles) of desert and includes some 2.3 million photovoltaic panels. It is the second phase of the Mohammed bin Rashid ... Read More »

Dubai Chamber concludes trade mission to India

DUBAI CHAMBER

DUBAI: The Dubai Chamber of Commerce and Industry recently concluded a successful trade mission to India which was organised to facilitate economic cooperation and explore trade and investment opportunities in the country. The trade mission, part of the Dubai Chamber’s Global Business Forum roadshow, was joined by dignitaries, officials and businessmen, who visited Mumbai and Ahmedabad, and met with key ... Read More »

Dubai Customs celebrates International Day of Happiness

dubai customs

DUBAI: Dubai Customs took part in the UAE’s celebrations of the International Day of Happiness which takes place on 20th March every year. Dubai Customs organized its event under the theme “We Draw Happiness” which meant to make 2017 a happier year that is full of giving and positive attitude. On the occasion, Dubai Customs surprised its employees with gifts, ... Read More »

UAE stock markets gain $1.71bln in weekend trading

trading

ABU DHABI: The UAE financial markets closed with a profitability in weekend trading with heavy stocks, which strengthened their gains for the second straight session, amid continued buying by some corporations. The market value share gains traded by companies amounted to AED6.3 billion, according to official figures released after the close of trading. The general index of the Dubai Financial ... Read More »

Germany, UAE non-oil trade $10.9 in 9 months

Germany, UAE non-oil trade $10.9 in 9 months

BERLIN: Non-oil trade between the UAE and Germany stood at more than US$15.5 billion in 2015, and $10.9 billion in the first nine months of 2016, said Abdullah Al Saleh, Under-Secretary for Foreign Trade Affairs at the UAE Ministry of Economy. The UAE attracted $2.8 billion in foreign direct investment, FDI, from Germany in 2015, he noted. Some 110 German ... Read More »

ADNOC’s strategic storage move seen as win-win deal for India, UAE

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ABU DHABI: The recent move by the Abu Dhabi National Oil Company to give up its crude storage lease in South Korea and instead sign a deal with India signals a strategic step by the UAE producer to establish ground presence in one of Asia’s fastest-growing oil demand centers, as competition to grab a piece of that market intensifies. The ... Read More »

UAE three months away from taxation system

TAXATION

DUBAI: Implementation of tax in the UAE is getting momentum and it is expected that the first phase will be starting from July 2017.  The UAE is around just three months away from coming under taxation system. It has been stated that the tax implantation is in final stages. On one hand, the Federal National Council (FNC) three days back ... Read More »

Dubai Chamber of Commerce participates in Africa investment conference

dubai chamber

DUBAI: The Dubai Chamber of Commerce and Industry recently participated in the Investing in Africa conference in London, an event put together by the Wall Street Journal. Majid Saif Al Ghurair, chairman of the Dubai Chamber, addressed those in attendance at the conference, speaking about the importance of trade between Dubai and Africa. He also talked about the Chamber’s expansion ... Read More »