Finance Drake & Scull to resume trading on Dubai bourse in May Dubai contractor Drake & Scull International (DSI) expects to resume trading on the Dubai Financial Market on May 21 following a five-year suspension. Trading came to a halt in November 2018 when the company disclosed losses exceeded 75 percent of its capital. At the time of its suspension, the stock had fallen 64 percent from […] April 2, 2024
EXCLUSIVE Banking & Finance UAE sets up bankruptcy court to rule on disputes The UAE is overhauling its bankruptcy and restructuring law, introducing a specialist court to oversee disputes. The legislation – formally Federal Law Decree No 51 of 2023 – comes into force on May 1, 2024, and replaces the 2016 bankruptcy framework. It will emphasise the importance of amicable resolutions, broadening the scope for debtors to […] December 5, 2023
Construction Raysut Cement faces court over ‘misrepresentation’ An Omani investigation into a “material misrepresentation” in the accounts of Raysut Cement Company is set to go to court. The probe by financial regulator, the Capital Market Authority, related to the company’s unaudited financial reports for the third quarter of 2022. In a filing to the Muscat Securities Exchange, Hamdan Al Shaqsy, chairman of […] October 18, 2023
Construction Court gives Dubai’s Drake & Scull stay of execution Dubai contracting company Drake & Scull International (DSI) has received a reprieve from liquidation following the latest court ruling on its long-running restructuring plan. DSI has been attempting to thrash out a restructuring proposal for more than a year. Its accumulated losses increased to AED5.3 billion ($1.44 billion) in the first half of this year, […] August 23, 2023
Construction Jamal Omar loses petition against zakat claim of $95m Jamal Omar Development, the company which has led construction in the holy city of Mecca, must pay Islamic alms (zakat) of SAR357 million ($95 million) for the years 2012-2018, after losing a complaint against the Saudi government tax authority. The building firm, which is listed on the Saudi stock exchange, made the petition after it […] August 10, 2023
Exclusive Development Dubai arbitration centre aims high as caseloads surge Dubai International Arbitration Centre (DIAC) aims to become the top global destination for settling corporate disputes after the revamped institution reported a six-fold rise in the value of cases filed there last year. Before the creation of DIAC in 2004, arbitration in the emirate was conducted mostly through a division of Dubai Chamber of Commerce […] July 18, 2023
Retail Coffee maker loses $33m lawsuit against Saudi retailer Jeddah Commercial Court has rejected a SAR124 million ($33 million) compensation claim by coffee-machine maker Arab Dalla against the Danube supermarket chain. Danube’s owner BinDawood Holding Co said in a filing to the Saudi Stock Exchange that claims by Arab Dalla that it had violated a patent were rejected. A SAR300,000 claim for legal fees […] June 14, 2023
Business of Sport Mubadala wins $440m court case against Real Madrid An international court has ruled in favour of Abu Dhabi sovereign investor Mubadala in a $440 million case against Spanish football giants Real Madrid. The lawsuit surrounded a potential 20-year sponsorship deal for the naming rights to Los Blancos’ Santiago Bernabéu Stadium. Real Madrid claimed Mubadala had reneged on the agreement, which was originally struck […] May 15, 2023
Construction Dubai’s DSI launches court case against PwC Dubai construction contractor Drake & Scull International has registered a lawsuit against global consultancy giants PwC in Dubai Courts over a AED5.5 billion ($1.49 billion) black hole in the company’s accounts. The case revolves around the six-year period between 2011 and 2017 when PwC were auditors for DSI and were also in charge of preparing […] May 5, 2023
Banking & Finance UAE remains on Financial Action Task Force grey list – for now Last month the Financial Action Task Force upheld the decision to keep the UAE on the grey list, a status it had assigned to it in March 2022. In its February ruling, the international watchdog dedicated to fighting financial crime said the UAE had made “significant progress” on three of seven recommendations to get off […] March 13, 2023
Banking & Finance Abraaj Capital founder loses extradition appeal to the US Arif Naqvi, the founder of what was once the largest private equity firm in the Middle East, has lost a bid to challenge his extradition from London to the US to face fraud charges. US prosecutors allege that the Pakistan-born businessman defrauded investors, including the Bill & Melinda Gates Foundation, by concealing a liquidity crisis […] March 9, 2023
Banking & Finance UK watchdog fines Barclays $55m over fees paid to Qatari entities Britain’s Financial Conduct Authority (FCA) said it would fine Barclays £50 million ($55 million) for its failure to disclose fees paid to Qatari entities during its financial crisis-era fundraising. The fine dates back to the height of the 2008-2009 crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in order to avoid […] October 23, 2022
Business of Sport Four golfers drop out of LIV lawsuit against PGA Tour Hall of Famer Phil Mickelson and three other golfers dropped out of a lawsuit on Tuesday which was filed against the PGA Tour last month over its decision to suspend players who participated on the new LIV Golf circuit. Mickelson, who counts six major championships among his 45 career PGA Tour wins, asked to be […] October 2, 2022
Sustainability Volkswagen faces Israeli emissions class action suit Volkswagen faces a class action suit in Israel after a court ruled in favour of petitioners seeking compensation from the German carmaker over diesel emissions cheating. A Tel Aviv district court ruled that the class action suit will represent the car owners as well as the general public who were exposed to higher pollution levels, […] September 30, 2022
Business of Sport Mickelson and others sue PGA Tour in LIV fight Hall of Fame golfer Phil Mickelson and 10 other players filed a lawsuit against the PGA Tour on Wednesday, alleging that it broke anti-trust law by refusing them to participate on the tour and the new rival LIV Golf circuit, backed by Saudi Arabia. The lawsuit was led by six-time major champion Mickelson and includes […] August 4, 2022
Business of Sport PGA Tour probed for possible law break in fight against LIV Golf The US Justice Department is investigating whether the PGA Tour broke antitrust law in fighting off the rival LIV Golf circuit, backed by Saudi Arabia. The PGA Tour confirmed the probe, which was first reported by the Wall Street Journal. “This was not unexpected. We went through this in 1994 and we are confident in […] July 12, 2022
Media & Advertising Samsung fined over ‘water-resistant’ smartphone ad Australia’s competition regulator said on Thursday a court has ordered the local unit of Samsung Electronics to pay a penalty of A$14 million ($9.65 million) over misleading claims about a water-resistance feature in some of its smartphones. Samsung Australia admitted to misleading buyers of some of its ‘Galaxy’ phones about the water-resistance level, the Australian […] June 23, 2022
Retail Amazon.com says it is being unfairly targeted by US Congress bill By David Shepardson and Diane Bartz Amazon.com Inc on Wednesday lambasted a bill in Congress barring tech giants from giving preference to their own businesses on their websites, saying it unfairly singles the retailer out while not subjecting rivals to similar regulations. The Senate could vote on the bill as early as this month, media […] June 1, 2022
