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Bahrain-backed McLaren Group to sell shares in search new investment for F1 team

British conglomerate McLaren Group is mulling plans to sell around 20 to 30 per cent of shares in its F1 team as it struggles financially, reports say. The plans according to Sky News are in the making and also considers other funding options, including raising capital from existing bondholders. The British group is looking to […]

June 18th, 2020 | Posted in Finance,Headlines | Read More »

EU removes Tunisia from money blacklist

One month after issuing a draft resolution, the European Union has removed Tunisia from its list of countries that pose threats to the financial system over money laundering and terrorism financing because of lack of legislation at home. The European Commission last month drafted a new list minus several countries including Tunisia. The list was […]

June 12th, 2020 | Posted in Finance,Headlines,World News | Read More »

UAE-based TPAY MOBILE acquires Turkey’s Payguru

UAE-based Fintech company TPAY MOBILE has acquired Payguru, a leading Turkish digital payment service provider as part of its expansion plan. The value of the transaction has not been disclosed but the Middle East’s leading Merchant Acquirer, Digital Payment Enabler, said it extends its footprints in the region and continues its diversification into new business […]

June 11th, 2020 | Posted in Finance,Gulf News,Headlines,World News | Read More »

Bank of America acquires about 1.51 per cent of Emirates NBD

North Carolina-based Bank of America Corp. (BofA) has acquired about 1.51 per cent of Dubai largest bank Emirates NBD for an investment of AED900 million, Arabian Business reports citing an anonymous source. The operation takes as the UAE banking sector is struggling to cope with the impact of a plunge in oil prices and the […]

June 9th, 2020 | Posted in Finance,Headlines | Read More »

Mubadala Investment Co invests $1.21bn in India’s Reliance Industries Ltd

Abu Dhabi state fund Mubadala Investment Co has acquired 1.85 per cent of Jio Platforms, Reliance Industries Ltd’s technology platform for an investment of $1.21 billion. The operation brings the total Jio Platforms’ shares sold to 19 per cent after Facebook acquired 10 per cent. Jio Platforms houses movie, music apps and telecoms venture Jio […]

June 5th, 2020 | Posted in Finance,Headlines | Read More »

Abu Dhabi Islamic Bank PJSC CEO steps down, COO takes charges as caretaker

Abu Dhabi Islamic Bank PJSC has announced the resignation of its Chief Executive Officer has resigned adding that Chief Operation Officer (COO) will take over as caretaker, Bloomberg reports. The bank did not provide reasons for Mazin Manna’s resignation. Manna. COO, Sandeep Chouhan has been appointed to serve in the capacity until appointment of a […]

June 1st, 2020 | Posted in Finance,Headlines | Read More »

Saudi Salic acquires 29.81 per cent in India’s Agri Business Fund

Saudi Arabia’s Agricultural and Livestock Investment Company, Salic, has acquired 29.81 per cent of Daawat Foods Ltd (DFL) from the India Agri Business Fund. The acquisition is in line with the Saudi investment company’s strategy to invest in rice, the aim being to strengthen the rice supply chain and make it more efficient and robust. […]

May 25th, 2020 | Posted in Finance,Gulf News,Headlines,World News | Read More »

Lebanon: Top official of Central Bank charged with manipulating exchange rate

The director of monetary operations at the central bank, Mazen Hamdane has been charged with manipulating exchange after he was arrested last week, reports say. Financial prosecutor Ali Ibrahim, AFP reports citing a judicial source, found Hamdane of the manipulating the national currency and breaching the pound’s stability through directly buying dollars from money changers. […]

May 19th, 2020 | Posted in Finance,Headlines | Read More »

Emirates Chairman forecasts aviation industry recovery after 18 months

Chairman of the Dubai-based Emirates Fly has projected it will take at least 18 months for the travel demands returns to a semblance of normality, Arabia Business reports. Sheikh Ahmed bin Saeed Al-Maktoum issued the warning amid the airline’s report that generated AED1.1billion ($288 million) in net profit for the financial year ending March, up […]

May 11th, 2020 | Posted in Finance,Headlines | Read More »

Saudi Arabia triples VAT as part of austerity measures

Saudi finance ministry announced Monday the kingdom the value added tax (VAT) rate will increase from 5 % to 15 % from July 1 as part of austerity measures taken to prop up the economy hit by the impacts of low global oil price and covid-19 pandemic. In addition to the three-fold increase in the […]

May 11th, 2020 | Posted in Finance,Gulf News,Headlines | Read More »