Finance UAE entrepreneurs lack succession plans, warns HSBC Almost half of entrepreneurs in the UAE have no formal succession strategy in place to protect their business or family wealth, according to a report from HSBC. This failure to prepare points to a structural risk in one of the country’s most vital economic segments. While 98 percent of UAE respondents are optimistic about their […] June 12, 2025
Banking and Finance Kuwaiti companies to face fines for not disclosing ownership Kuwait is expected to net nearly KD4.1 million ($13.5 million) from financial penalties imposed on 4,000 companies flouting transparency rules related to their ownership. The government had given more than 150,000 businesses operating in Kuwait until June 10 to disclose what it terms as “the actual beneficiary or owner” as part of a crackdown on […] June 12, 2025
Finance EU plans to remove UAE from money laundering watchlist The European Union (EU) plans to remove the UAE from its list of high-risk countries for money laundering, a move that could ease compliance burdens for investors and banks operating in the Gulf state. The decision still requires final approval from the European Parliament and Council, which have up to two months to raise objections. […] June 11, 2025
Finance Dubai takes control of Majid Al Futtaim amid succession dispute The Government of Dubai has stepped in to take control of Majid Al Futtaim (MAF) Holding, a pillar of Dubai’s consumer economy. A new board has been appointed to lead the group in an emirate-backed effort to resolve a long-running family succession battle. Founded in 1992, MAF is one of the largest closely held companies […] June 9, 2025
Aviation Disputed region to get new airport for Morocco’s World Cup Morocco has unveiled plans to build a new civilian airport in the disputed Western Sahara as part of a massive infrastructure development programme ahead of the 2030 Fifa World Cup which it co-hosts with Spain and Portugal. Transport Minister Abdul Samad Qayouh disclosed the proposed plan for the airport in Boujdour city during a parliament […] June 5, 2025
Banking and Finance Kurdish authorities clamp down on crypto trading The semi-autonomous Kurdistan region in northern Iraq has launched a crackdown on cryptocurrency trading, following warnings by the Central Bank of Iraq. The Kurdistan Regional Government has formed an interior ministry committee to enforce the closure of crypto and foreign exchange companies, it said in a statement at the weekend. The committee, which can order […] June 2, 2025
Real Estate Dubai issues Middle East’s first tokenised property certificate Dubai has issued its first tokenised property certificate, moving tokenisation of real estate from the realm of theory to practice. Tokenisation is the process of creating and trading digital tokens that are backed by real-world assets on a blockchain. It enables direct and verifiable peer-to-peer transactions. The certificate’s launch follows the successful sale of the […] May 30, 2025
Banking and Finance Shuaa Capital sues former executives for $70m over losses Investment bank and asset manager Shuaa Capital has filed a lawsuit against former executive managers, seeking approximately $71 million (AED 260 million) in compensation for alleged misconduct that the company claims contributed to its financial losses. The legal action, disclosed in a filing to the Dubai Financial Market, is part of Dubai-based Shuaa’s broader efforts […] May 30, 2025
Banking and Finance UAE firms approach Italy to buy UniCredit’s Russia business Three companies based in the UAE have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit at a steep discount, a document seen by Reuters showed. UniCredit is under pressure both from the European Central Bank and Italy’s government to quit Russia, where it runs a commercial lender. It has so […] May 28, 2025
Oil & Gas Iraqi oil ministry sues KRG over US contracts The Iraqi federal government’s oil ministry has sued the government of the semi-autonomous Kurdistan Region of Iraq over oil and gas contracts it signed with US companies, three sources with direct knowledge of the matter said and a document showed. The legal challenge is the latest obstacle to the resumption of flows through the Iraq-Turkey […] May 26, 2025
Finance Tighter Dubai rules tipped to drive crypto market expansion Fresh digital asset regulations in the UAE may encourage further tokenisation and the rollout of more complex cryptocurrency products, analysts have said. Tokenisation is the creation and trade of digital tokens that are backed by real-world assets – such as real estate, gold or art — on a blockchain. It enables direct and verifiable peer-to-peer […] May 26, 2025
Oil & Gas Iraq rejects Kurdish oil deals with US companies Iraq has rejected the validity of two major oil and gas contracts recently announced by the Kurdistan Regional Government (KRG), declaring them illegal under federal law. The disputed agreements involve the development of the Miran and Topkhana-Kurdamir fields in Sulaymaniyah Governorate, the local Al Eqtisad News reported. But the oil ministry said in a statement […] May 21, 2025
Infrastructure Taqa to invest in Morocco’s energy and water security The Casablanca-listed subsidiary of Abu Dhabi’s Taqa has agreed to develop multi-billion-dollar large-scale power and water projects in Morocco along with local partners, according to a statement. Taqa Morocco Group, Nareva, a wholly-owned subsidiary of Morocco’s Al Mada Group, and the sovereign Mohammed VI Investment Fund signed agreements with the Moroccan government and the Office National de […] May 20, 2025
EXCLUSIVE Finance Qatari state faces UK legal action over $6bn debt Swifthold Foundation, a Panama-registered Anglo-Spanish family office, is mounting legal action against the state of Qatar over a $6 billion debt owed by a member of its royal family, the latest stage in a dispute that dates back more than a decade. Swifthold, whose individual founders or beneficiaries are not publicly known due to the […] May 19, 2025
Aviation Trump dismisses concerns over Qatari plane gift US president Donald Trump has dismissed ethical concerns about his decision to accept a Boeing 747-8 jet as a gift from the Qatari royal family. Trump said it would be “stupid” to turn down the generous offer. The $400 million luxury plane, which would be outfitted to serve as Air Force One, would be one of […] May 13, 2025
Health NMC’s BR Shetty fails to overturn $33m DIFC court ruling BR Shetty has lost his bid to appeal against a $33 million judgment by the Dubai International Financial Centre Courts in a case linked to the collapse of the company he founded, NMC Health. In the ruling made public this month, Chief Justice Wayne Martin dismissed Shetty’s request to challenge the judgment in favour of […] May 12, 2025
Leisure & Hospitality Wynn says UAE casino on track despite delays to US projects Wynn Resorts has said its $5 billion integrated resort in the UAE is progressing on schedule, even as the Las Vegas casino operator delays hundreds of millions of dollars in other projects due to rising construction costs linked to new Trump tariffs.` While gambling remains prohibited under UAE federal law, the 47-storey resort on Al […] May 9, 2025
Gaming New Jersey and UAE gaming regulators sign agreement The US state of New Jersey, home to Atlantic City’s casino resorts, signed a landmark agreement this week with the UAE’s gaming regulator. The agreement comes as MGM Resorts International, a major Las Vegas casino operator, held meetings about its upcoming projects in the emirates. The memorandum of understanding was signed in Abu Dhabi on […] May 2, 2025
Real Estate Kuwait wealth fund sues over London tower project Kuwait Investment Authority, the world’s fifth-biggest sovereign wealth fund, is suing global investment company Axa Investment Managers in connection with a planned tower in London’s financial district that risks blocking light to a KIA building. St Martins Property, the investment authority’s property development unit, is suing Hygie, a special purpose vehicle controlled by Axa Investment […] April 29, 2025
Real Estate Owner plans to cut up and remove five-star hotel from Beirut UAE billionaire Khalaf Al-Habtoor is considering hiring a Chinese company to deconstruct his five-star hotel in Beirut and move it to another country, following a decision in January to end all investment in Lebanon. Al-Habtoor is considering dividing the 185-room Metropolitan Palace Hotel into pieces and shipping the parts by sea out of Lebanon, possibly […] April 29, 2025
Aviation Dubai jet leaser wins $282m settlement in Russian case Dubai Aerospace Enterprise (DAE), the Middle East’s largest aviation leasing company, has received a $282 million cash settlement from unnamed insurers for aircraft leased to Russian Federation carriers. This latest payment brings DAE’s total insurance recovery to $601 million. With this settlement DAE and its partners have resolved all claims against the involved insurance and […] April 24, 2025
Lifestyle UAE sets up music copyright agency to distribute royalties The UAE government has set up an organisation to collect and distribute royalties on behalf of music copyright holders in what has been called a “new era” for the country’s music industry. Emirates Music Rights is the first licensing body for songwriters, composers and music publishers in the Gulf. It was set up by the […] April 17, 2025
