According to the Financial Times, Dubai has instructed KPMG to pay $231 million due to their audit of Abraaj fund.
KPMG has been hit with a hefty fine of $231 million due to their inadequate audit of the collapsed private equity firm Abraaj.
UK-based bank accounts can now be opened by UAE residents.
The new partnership between Al Hilal Bank and BLME is expected to provide significant benefits to UAE residents and UK-based financial institutions alike.
As rates surge by 30% this Eid and are set to rise by 50% next weekend, Dubai landlords are profiting from short-stay rentals.
Dubai Landlords have been quick to capitalize on the short stay rental trend, offering their properties through platforms like Airbnb and Booking.com and charging up to 30% more than usual during peak times like Eid.
Mubadala and Abu Dhabi’s G42 have teamed up to create M42, which has plans for global expansion.
M42, a joint venture between Mubadala and G42, is a major development in the global technology landscape.
On the first trading day of the week, the Indian rupee weakened against the UAE dirham.
The Indian rupee has recently been weakening against the UAE dirham, driven by a range of factors such as a strengthening US dollar, decreasing demand for exports, and concerns over domestic inflation.
On the first trading day of the week in Dubai, gold prices remained stable.
Gold prices is often seen as an indicator of the overall health of the global economy. Recently, the COVID-19 pandemic has caused uncertainty and volatility in financial markets, leading to a surge in demand for gold and driving up its price.
The minister has stated that the economic outlook of the UAE is positive, and inflation is expected to decrease to 3.2% by the end of 2023.
The UAE has been taking various steps to mitigate the impact of inflation and increase its economic growth. The country is focusing on diversifying its economy away from oil, investing in infrastructure projects, and promoting entrepreneurship and innovation.
Hotels in the UAE are experiencing a surge in room rates and 90% occupancy for Eid Al Fitr 2023.
The UAE is gearing up for a busy Eid Al Fitr season in 2023, with reports suggesting that hotels occupancy rates could reach up to 90% and room rates could be as high as four times their regular price.
The wealth fund of Saudi Arabia has received additional shares of Aramco oil through transfer.
The Public Investment Fund (PIF) of Saudi Arabia has recently received 49% of the shares of Aramco oil, in line with the country’s Vision 2030 plan to diversify its economy and reduce dependence on oil.
Could Network International, a payment services company based in Dubai, be a potential target for a buyout
Network International has become an attractive target for potential buyers due to its strong presence in key markets, such as the Middle East and Africa, and its robust financial performance despite the challenging business environment caused by COVID-19.