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Thursday , August 17 2017
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UAE

Dubai’s Noor Bank cuts dozens of jobs

NOOR BANK DUBAI

DUBAI: Dubai-based Noor Bank has laid off several dozen employees, banking sources told Reuters on Tuesday, the latest lender to adjust to more subdued growth levels in the local financial services sector. Although the number of jobs cut in the past few weeks was in the high double-digits, sources said the final figure for the planned redundancies could be more ... Read More »

Gold prices in Dubai fall by more than Dh1 per gram

sales fall

DUBAI: Jewellery gold rates in Dubai plunged on Tuesday, providing buyers a momentary relief from soaring prices. The price of 24K stood at Dh154.50 per gram as of 9.29am, down by Dh1.25 per gram from Monday. At the same time, spot gold dropped 0.5 per cent at $1,275.79 an ounce, as investors turned to riskier assets on easing tensions between ... Read More »

Fake goods worth Dh73m seized in Dubai in H1 of 2017

counterfeit goods

DUBAI: Dubai Customs has made 133 seizures of fake goods worth a total of Dh72.6 million in the first half of this year. The seized goods — electronics, watches, tyres, medicines, clothing, perfumes and cosmetics among others — were fakes of established brands. Dubai Customs said the seizures enabled producers to avoid losses from imitation of their brands.“Intellectual property rights ... Read More »

Nineteen UAE listed banks posted $5.17bln in H1 net profit

BANKS

ABU DHABI: A total of 19 listed banks reported H1 net profit of around AED19 billion, a 3.8 percent growth from around AED18.3 billion during the corresponding period last year. Matching previous expectations, the gains reflect the banking sector’s resilience and ability to cope with the fast-paced, multifaceted developments witnessed by the national economy which in its turn has maintained ... Read More »

Dubai Customs handles 12m passengers

Dubai-customs-446x330

DUBAI: The first half of the year has been so busy for the Dubai Customs’ passenger operations department at the Dubai International Airport. Official records showed that the emirate’s oldest department has dealt with around 12 million passengers in the first six months of this year. According to a senior official, they have checked about 18 million bags coming through ... Read More »

Dubai Chamber to hold Next Generation Africa

DUBAI CHAMBER

DUBAI: The Dubai Chamber of Commerce and Industry will organise and host the fourth Global Business Forum on Africa in Dubai in November, it has said. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and prime minister, will host the two day forum themed “Next Generation Africa.” It will bring together 1,000 top-level participants, including government officials, policymakers, business and ... Read More »

Dubai’s DP World creates joint venture firm with Egypt’s Suez Canal Zone

Dubai Ports World, DP World

DUBAI: Dubai-based port operator DP World has established a joint venture development company with Egypt’s General Authority for the Suez Canal Economic Zone, it was announced on Wednesday. The plans to establish the company were approved by Egyptian President Abdel-Fattah El-Sisi, who also affirmed his government’s support for the venture to begin its projects. The new venture will develop projects ... Read More »

Dubai Customs clears 12m passengers in six months

Dubai-customs-446x330

DUBAI: Millions of travellers are benefiting from streamlined customs services at Dubai International Airport, officials said on Wednesday. Newly compiled statistics recorded by Dubai Customs Passenger Operations Department at Dubai International Airport reveal that Terminals 1, 2 and 3 processed more than 12 million passengers in the first half of this year. In addition, roughly 18 million luggage items transited ... Read More »

Dubai Chamber to organise 4th Global Business Forum on Africa in Nov

dubai chamber

DUBAI: The Dubai Chamber of Commerce and Industry has announced that it will organise and host the 4th Global Business Forum on Africa in Dubai on November 1-2, 2017. The two-day forum will be held at Dubai’s Madinat Jumeirah under the theme “Next Generation Africa”, and bring together 1,000 top-level participants, including government officials, policymakers, business and finance leaders, and ... Read More »

Dubai non-oil economic activity dips slightly in July, remains in expansive mode

dips

DUBAI: Bank Emirates NBD, the second lender in the United Arab Emirates (UAE), said on Wednesday that the adjusted Emirates NBD Dubai Economy Tracker Index fell to at 56.3 in July, down from 56.5 in June. The index is a survey-based indicator measuring activity in the emirate’s non-oil private sector economy. By sector, the wholesale and retail industry (index at ... Read More »

UAE bank ATMs surge to 5,219, up 2% in H1

BANK

DUBAI: The number of automatic teller machines (ATMs) operated by banks in the UAE hit a total of 5,219 by end of H1, an increase of 2 per cent from 5,118 in the same period in 2016, according to UAE Central Bank statistics. The continual rise in ATMs in the country reflects the UAE banking sector’s commitment to forging ahead ... Read More »

Dubai Investments Real Estate signs $300m deal for Mirdif Hills

Germany-Switzerland sign arbitration agreement for tax disputes

DUBAI: Dubai Investments Real Estate Company LLC [DIRC] has signed an 1.1 billion dirhams ($300 million) financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development. Mirdif Hills is being developed by DIRC — the real estate development arm of Dubai Investments PJSC, a diversified investments conglomerate listed on the Dubai ... Read More »

UAE’s Ajman Free Zone to open office in Azerbaijan

UAE’s Ajman Free Zone

AJMAN: UAE’s Ajman Free Zone (AFZ) will open its office in Azerbaijan this year, the Arab media reported Aug. 7. The new AFZ global offices this year will be also opened in China, Switzerland, Canada and Hong Kong. “Over the years, the USP (Unique Selling Proposition) of AFZ as an investment destination have been acknowledged by global investors, especially for ... Read More »

Dubai Chamber to host workshops on VAT

DUBAI CHAMBER

DUBAI: The Dubai Chamber of Commerce and Industry will host two workshops in cooperation with the UAE’s Federal Tax Authority (FTA) to provide guidelines for complying with the forthcoming GCC-wide value-added tax (VAT). The Dubai Chamber of Commerce and Industry will host two workshops in cooperation with the UAE’s Federal Tax Authority (FTA) that will provide businesses in Dubai with ... Read More »

UAE’s ADNOC raises July crude prices more than expected

adnoc

DUBAI: Abu Dhabi National Oil Company (ADNOC) said on Friday it set the July retroactive selling price for its benchmark Murban crude <MUR-OSP> at $48.60 per barrel. That puts Murban’s OSP premium to Dubai quotes at $1.03 a barrel, up 20 cents from the previous month. Das’s OSP premium to Dubai quotes rose 30 cents from June. The price hike ... Read More »

Dubai Customs delivers 4.5m transactions in H1

dubai customs

DUBAI: Dubai Customs processed 4.5 million transactions in the first half of 2017, posting a growth rate of 4.5 per cent compared to the 4.3 million transactions scored in the same period last year, said DP World Group chairman. Sultan Ahmed Bin Sulayem, also the CEO and chairman of Ports, Customs and Free Zone Corporation, added that Dubai’s stature as ... Read More »

Dubai Chamber, UAE Federal Tax Authority to host workshops on VAT compliance

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

DUBAI: The Dubai Chamber of Commerce and Industry will host two workshops in cooperation with the UAE’s Federal Tax Authority (FTA) that will provide businesses in Dubai with guidelines for complying with the forthcoming GCC-wide value-added tax (VAT). The workshops complement the Chamber’s efforts to keep its members informed about the latest regulatory developments and requirements, while they also provide ... Read More »

DP World to launch sustainability drive in Egypt

DP_world

DUBAI: Dubai-based DP World, a leading global trade enabler, has unveiled its corporate sustainability plan for Suez and Sokhna in Egypt with 11 projects benefitting around 7500 people in both cities. Ajay Singh, CEO, DP World-Sokhna, said: “Corporate sustainability is at the heart of our business in countries and regions where we operate and we firmly believe that public-private partnerships ... Read More »

Slight dip in Dubai gold prices after 7- week high

dips

DUBAI: Gold prices held early on Wednesday near a seven-week high struck in the previous session, as downbeat US data weakened the prospect of the Federal Reserve pursuring an aggressive rate hike stance. The price of 24k gold in Dubai remained steady at Dh153.25 – the same rate as yesterday. You can buy 22k gold at Dh144 today. Spot gold ... Read More »

Dubai Customs presents best practice experience to SDAA delegation

dubai customs

DUBAI: Dubai Customs (DC) acquainted a visiting delegation from the Sharjah Documentation and Archives Authority (SDAA) with the best practices applied across different DC’s business units, namely human resources, corporate communications, information technology, administration affairs, and project management. The members of the delegation were walked through DC’s project management methodology and project delivery processes from needs analysis, benefits and ROI ... Read More »