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Michael Fahy

Michael Fahy


Articles

NMC Healthcare expects gross revenue to fall 16 per cent this year mainly due to a decline in revenue as movement restrictions were imposed to control the spread of Covid-19. Ravindranath K / The National
NMC hopes turnaround plan will shift focus from past events to its future as a key healthcare player

The company generates about 80 per cent of its earnings in the UAE, Michael Davis says

EconomyAugust 20, 2020
An NMC Speciality Hospital in the UAE. The company's administrators have appointed a new board whose priority will be to "implement corporate governance changes" at the UAE's biggest healthcare operator. Reuters
NMC Health sets out three-year turnaround plan focused on UAE and Oman operations

The company has sold or closed most of its trading arm and is looking to offload most of its international businesses

EconomyAugust 19, 2020
The New York skyline. Saudi Arabia's Public Investment Fund placed almost $1.6bn into an exchange-traded fund that invests in US property companies during the second quarter of 2020. Reuters
Saudi Arabia's PIF invests $4.65bn into energy, utilities and property ETFs in second quarter

More than $370bn has flowed into exchange trade funds so far this year

MarketsAugust 16, 2020
Legoland Water Park is one of several parks at Dubai Parks and Resorts operated by DXB Entertainments. The company said 12 new rides and a Legoland hotel are being added to the theme park complex by the end of this year. Courtesy Dubai Parks and Resorts
DXB Entertainments remains committed to breaking even despite pandemic

Dubai Parks and Resorts is set to reopen to annual pass holders and guests 'with additional health and safety measures' by September 23

PropertyAugust 15, 2020
Samba Financial has had a licence from the Central Bank of the UAE to operate since 2008 but can now also offer services from the emirate's financial free zone after gaining approval from the Dubai Financial Services Authority. Courtesy DIFC
Samba Financial gains approval for DIFC branch

The lender gained approval to offer 'selected financial services to professional clients and market counterparties' from the financial free zone

BusinessAugust 11, 2020
A tenant in Dubai is struggling to get her deposit back from the landlord. Philip Cheung / The National
Italian FinTech partners with Abu Dhabi company on scheme to offer loans

Agreement between Supply@ME and iMass investments will trial an inventory monetisation programme with Abu Dhabi-based manufacturers and lenders

BankingAugust 10, 2020
Hussam Hammo, founder and chief executive of Amman-based Arabic games publisher Tamatem, expects to grow employee numbers to 100 this year from 55 currently after securing $3.5m in a funding round in February. EPA-EFE
Generation start-up: Tamatem founders see Arabic games market as ripe for expansion

Mobile games publisher, which raised $3.5m in February funding round, is planning a move into South East Asian market

BusinessAugust 03, 2020
Wirecard's headquarters in Aschheim, near Munich. The company said last week 77 potential buyers for parts of the business had signed confidentiality agreements so far. About 60 of these were for its North American assets. AFP
How a rising German FinTech star crumbled

Wirecard's collapse offers lessons for regulators around the world

TechnologyAugust 02, 2020
Apple took the second spot in the list of the most-traded equities among Saxo Bank’s UAE clients. Bloomberg
Dubai Financial Markets reports 21% growth in first half profit as it appoints new chief executive

The value of shares traded on the exchange in the six-month period was up 25% to Dh31bn

BusinessJuly 27, 2020
A branch of the Cambridge Medical and Rehabiltation Centre in Abu Dhabi. The business is one of five investments TVM Capital Healthcare made through its first fund launched in 2010. Courtesy of TVM Capital Healthcare.
TVM Capital Healthcare plans second Middle East fund

Exclusive: The growth capital specialist is also raising its first Asia Pacific fund

BusinessJuly 25, 2020
People exchange Lebanese pound and US dollar notes in Lebanon's capital, Beirut. The currency has lost 75 per cent of its value on the black market this year. AFP
Sharp increase in Lebanon's inflation rate 'could get worse without government action'

Year-on-year consumer price inflation rose to nearly 90 per cent in June as devaluing pound makes food imports more expensive

BusinessJuly 25, 2020
The order freezing Mr Shetty's assets limits him to a maximum of $7,000 a week to spend on ordinary living expenses and legal representation Ryan Carter / The National
Dubai court issues worldwide freezing order on BR Shetty’s assets

Order was granted ahead of a claim brought against Mr Shetty, NMC Trading and NMC Healthcare by lender Credit Europe Bank

BusinessJuly 25, 2020
A picture of the headquarters of Jordan's largest lender the Arab Bank. Moody's says the profitability of the kingdom's banks may weaken as a result of the pandemic's impact on the economy, however capital buffers remain strong. Reuters
Rise in provisions dent Arab Bank's first half net profit

Jordan's biggest lender saw net income decline 66 per cent to $152.1m in the first six months of 2020

BankingJuly 25, 2020
A rendering of a streetscape in the completed Modon City South project 30km from Abu Dhabi city. Courtesy of Modon Properties
Modon awards Dh1.93bn of contracts at Riyadh City South

Tristar Engineering & Construction and Nurol won infrastructure contracts for phases three and four

BusinessJuly 22, 2020
Customers using a UAE Exchange outlet at a mall in Al Quoz, Dubai. Finablr-owned UAE Exchange's operations have been overseen by the country's central bank since March. Pawan Singh / The National
FinTech firm Finablr appoints lawyers to probe ‘historic potential malfeasance’

The company said it 'continues to work with regulators and authorities' on identifying wrongdoing

BusinessJuly 22, 2020
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