Gloria Blog

Dubai’s biggest listed developer Emaar Properties agreed to fully acquire Dubai Creek Harbour from Dubai Holding for Dh7.5 billion ($2.04bn). The amount will be paid equally in cash and shares of Emaar Properties, thus making Dubai Holding the second largest shareholder of Emaar, the entities said in a joint statement on Thursday. The 50 per cent payment in cash includes a deferred payment of Dh1.25bn payable in three equal instalments arranged from available cash and banking facilities, Emaar said in a statement to the Dubai Financial Market, where its shares are traded. The deal is expected to close on September 27. “The transaction will be beneficial to Emaar shareholders as it will allow Emaar full control over the strategically located land assets of Dubai Creek Harbour, including entitlement to 100 per cent of its generated profit,” the company said. READ MORE : https://www.thenationalnews.com/business/property/2022/08/11/emaar-to-buy-dubai-creek-harbour-from-dubai-holding-for-2...

The National Central Cooling Company, better known as Tabreed, is bullish about growth in India and is looking at acquisitions and greenfield projects to expand in Asia’s third largest economy. Last year, Tabreed formed a new holding company with the World Bank’s International Finance Corporation (IFC) to invest up to $400 million in the next five years to expand in India. As part of the agreement, Tabreed India, currently a wholly owned unit of Tabreed, will be transferred to a new holding company established in Singapore, in which Tabreed will hold a 75 per cent stake and IFC 25 per cent. The partners are targeting a portfolio of more than 100,000 refrigeration tonnes of cooling capacity by 2026 as they aim to serve industrial, commercial and retail developments in the country. India, the world's second most populous country, is “a huge market that potential is beyond what we expected in initial stages”, Khalid Al Marzooqi, chief executive of Tabreed, told The National in an int...

The driver of a minibus involved in a Dubai accident in which two passengers died and nine others were injured has been cleared of all charges, after a court ruled the incident was beyond his control. The vehicle's front tyre burst, causing it to veer from its lane and hit a concrete barrier on Sheikh Zayed Road, on July 12, 2020. Witnesses said the minibus — which was carrying 11 passengers — flipped on its side and was engulfed in flames under Al Manara Bridge. The Pakistani driver was arrested and charged with causing two wrongful deaths and injuries to nine passengers from India, Italy, Philippines, Egypt, Kurdistan, Morocco, and Kenya. Initial reports had stated 12 people were injured in the crash, but court records clarified nine were hurt. Prosecutors said at the time the driver had lost control of the vehicle due to carelessness and not paying attention on the road. The Dubai Traffic Court convicted the man of the charges and sentenced him to a suspended three-month jail te...

The Central Bank of the UAE (CBUAE) on Tuesday imposed administrative and financial sanctions on a finance company operating in the UAE for not adhering to the rules and regulations of the regulator. The apex bank said it imposed a fine on the finance company on May 18, for failure to submit its audited financial statements by the deadline, and failure to abide by its guidelines. However, it didn’t disclose the name of the company and the amount of fine imposed on it. In addition, the company failed to comply with the Consumer Protection Regulations and Complaint Management System rulebook and the Central Bank instructed the company to remedy its shortcomings within a month of the notification. Read More : https://www.khaleejtimes.com/banking-in-uae/uae-central-bank-fines-financial-firm-for-violating-laws