Saturday, August 19, 2017

Business News

UAE banking sector set to improve in second half of 2017

The UAE’s biggest banks saw profits decline in the second quarter of the year – although only by a modest 1 per cent. That’s according to a new report from consultancy Alvarez & Marsal, which says the performance of leading UAE banks is set to improve throughout the rest of ...

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UAE consumer spending to exceed $261 billion in 2021

Consumer spending in the UAE should see a compound annual growth rate of 7.5 per cent over the next five years. According to research released by the Dubai Chamber of Commerce and Industry, the spending is expected to exceed $261 billion in 2021, compared to nearly $183 billion in 2016. ...

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AED 21 billion worth of new real estate projects launched

Dubai’s property market is continuing to see robust levels of new development. That’s according to the Dubai Land Department, which says 68 real estate projects worth AED 21 billion were registered during the first half of 2017. This reflects a marked increase from 2016, with 88 projects in total launched ...

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Saudi Arabia may favour New York for Aramco listing

Saudi Arabia is looking favourably at New York for Aramco’s main foreign listing. That’s what people close to the deal have told Reuters. Aramco says no decision has been taken yet on where to list the oil giant outside of the Kingdom’s Tadawul exchange.  Crown Prince Mohammed bin Salman, who ...

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Dubai to introduce five steps to obtain building permits

Dubai has a streamlined a five-step procedure for building permits. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved a strategy that aims to reduce processing time, unify systems and provide a one-stop shop for permit approvals. ...

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