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...

In line with the US Federal Reserve's move, the Central Bank of the UAE raised its base rate by 75 basis points, effective from Thursday, 16 June 2022. Major central banks of emerging and developed markets raised interest rates in 2021 and initiated the same practice this year to contain inflation, which surged to multi-decade highs in the US and other major economies of the world. Here's all you need to know about what effect the hike will have in the Emirates. How will the UAE Central Bank's move impact consumers? The interest rate hike will be reflected in equated monthly instalments (EMIs) on home, vehicle and other personal and corporate loans. Consumers will have to pay higher EMIs, as higher rates will make it more expensive to buy a home/car or carry a credit card balance. Read More : https://www.khaleejtimes.com/personal-finance/uae-central-bank-increases-interest-rate-how-it-will-impact-consumers