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Michael Fahy

Michael Fahy


Articles

The entrance to the Dubai Hills estate, which was one of the new developments where prices actually rose during the third quarter, according to consultancy Asteco. Victor Besa / The National
Emaar Properties chairman upbeat despite revenue and profit slide

Mohamed Alabbar expects 'things will be in better shape in most sectors' by next summer

PropertyNovember 11, 2020
Boursa Kuwait's upgrade to emerging market status by MSCI will take place in five phases, starting from this month until November 2021. EPA.
Boursa Kuwait makes changes ahead of EM index upgrade

Inclusion into MSCI Emerging Market index will bring in $2.9bn from passive funds that track the index, according to Kamco Research

MarketsNovember 07, 2020
Abu Dhabi, United Arab Emirates, May 25, 2020. The NMC Pharmacy along the Zayed The First Street, Abu Dhabi. Victor Besa / The National Section: Standalone / Stock
NMC Health's administrators begin legal action for 'in excess of £1bn' against auditor EY

The UAE's biggest healthcare company collapsed in April after an investigation uncovered debts of more than $6.6bn

MarketsNovember 07, 2020
The Financial Markets Tribunal upheld decisions taken by the Dubai Financial Services Authority in September last year to issue fines against two companies and ban three individuals who were running funds from within the DIFC without authorisation. Courtesy: DIFC Authority
Dubai tribunal upholds fines against Al Masah Capital and bans for three former executives

The individuals were found to be running funds from the DIFC without authorisation and to have misled investors over fees

MarketsNovember 05, 2020
A worker at construction site in Riyadh. A new Labour Relation Initiative strengthening rights for workers in Saudi Arabia will come into force from March next year. Reuters
Saudi Arabia reforms labour laws to improve rights for expat workers

Employees will be able to switch companies and apply for exit visas without needing employers' consent

EconomyNovember 04, 2020
A view of old Muscat. Foreigners may soon be able to invest in a wider selection of Oman's property market. Reuters
Oman to broaden foreign investor access to its property market

The sultanate currently only allows foreigners to buy in 13 Integrated Tourism Complexes

PropertyNovember 04, 2020
The buy-back of stakes in three companies from Interserve International gives Khansaheb Investments "full ownership of our assets", says chairman Tariq Hussain Khansaheb. Image courtesy of Khansaheb Investments
Dubai's Khansaheb Investments buys back stakes in three companies from UK's Interserve

Company buys back minority shares in main contractor, oil & gas company and facilities manager

PropertyNovember 03, 2020
A construction site in Riyadh with the SBG-built Al Faisaliah Tower in the background. The company has built many of the kingdom's landmarks. Waseem Obaidi for The National
Parent company of Saudi Binladin Group outlines new business plan

Binladin International Holding Group says it will look to re-establish SBG as a national and regional construction champion

PropertyNovember 03, 2020
First Abu Dhabi Bank's new digital payments business will go live early next year, the lender said. Chris Whiteoak / The National
First Abu Dhabi to carve out payments business

Lender is creating a wholly-owned subsidiary with a view to targeting new geographies and customers

BankingNovember 02, 2020
A view of Port Sultan Qaboos in Muscat. With a country still in mourning for its former ruler and an ailing economy, National Day celebrations will be muted this year. Getty Images
Oman said to be planning income tax on high earners from 2022

Sultanate would be the first of the GCC states to issue a levy on personal income

EconomyNovember 02, 2020
Dubai Islamic Bank now has assets of more than Dh300 billion following the completion of its integration of Noor Bank. Victor Besa/The National
Dubai Islamic Bank completes integration of Noor Bank

The lender now has more than Dh300 billion of assets

BankingNovember 02, 2020
QuantLase Imaging Lab's technology has run rapid laser testing to screen people on the border between Abu Dhabi and Dubai. It tests for signs of surging red blood cells, which is an early indicator that a body is fighting off a virus. Courtesy: QuantLase
Abu Dhabi's IHC reports eight-fold revenue increase on back of acquisition spree

The company owns Quantlase Imaging Lab, which is behind the rapid screening test in place on the Abu Dhabi-Dubai border

MarketsOctober 29, 2020
Dubai is launching a new stock market for small and medium-sized enterprises, the Nasdaq Dubai Growth Market. Image courtesy of DIFC
What is the new Nasdaq Dubai Growth Market and who is it for?

The Nasdaq Dubai Growth Market is set to begin trading once the first company lists its shares in early 2021

MarketsOctober 29, 2020
The Financial Markets Tribunal upheld decisions taken by the Dubai Financial Services Authority in September last year to issue fines against two companies and ban three individuals who were running funds from within the DIFC without authorisation. Courtesy: DIFC Authority
Dubai to launch Nasdaq market for growth companies

The Nasdaq Dubai Growth Market will allow listings for companies with a market value of up to $250m

MarketsOctober 27, 2020
Arab Bank's headquarters in Amman. Jordan's largest lender reported a 68% drop in profit for the first nine months of the year on higher provisions. Its provisions are high enough to cover 100 per cent of non-performing loans, the lender said. Reuters
Arab Bank's 9-month profit plunges 68% on higher provision charges

Lender blames a 'deterioration in the macroeconomic environment' for the decline

BankingOctober 26, 2020
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