Markets Abu Dhabi backers deny selling crypto before $5bn crash The Abu Dhabi backers of a Dubai-licensed cryptocurrency business have denied wrongdoing after its token’s market cap dropped by more than $5 billion in a matter of hours, raising alarm among investors. Mantra, a Hong Kong-based blockchain company focused on tokenising real-world assets, is backed by Abu Dhabi’s Shorooq Partners, which led an $11 million […] April 16, 2025
Banking and Finance Judge in Lebanon paves way for ex-central bank chief indictment A judge in Lebanon has published a court decision in the embezzlement charges against the country’s former central bank chief, Riad Salameh, paving the way for an indictment. Judge Bilal Halawi published a “presumptive decision” concluding that Salameh, who served as central bank governor for 30 years before his term ended in disgrace in July 2023, had engaged […] April 9, 2025
Manufacturing Morocco probes alleged dumping of Egyptian and UAE steel wire Morocco has started an investigation into the alleged dumping by Egyptian and Emirati producers of galvanised steel wire used in agriculture and industry, according to local media. The investigation comes after Moroccan companies complained that Egyptian and UAE steel wire is being dumped at below market rates in the Moroccan market, Morocco World News reported. […] March 14, 2025
Trade Oman plans commercial court to attract foreign investors Oman intends to set up a commercial court to resolve business disputes in a bid to increase foreign investment, the state-owned Oman News Agency (ONA) has reported. The country is keen to encourage domestic and international investment to spur economic growth. It hopes this will create jobs for an expanding population as the country’s oil […] March 5, 2025
Health NMC founder BR Shetty ordered to pay $33m to Indian bank BR Shetty, the founder of the UAE healthcare company NMC Health, which collapsed in 2020 with billions of dollars in hidden debt, has been ordered by a Dubai court to pay more than $33 million to an Indian bank. In a ruling made public only last month, the Dubai International Financial Centre Courts in November […] February 10, 2025
Finance Former Drake & Scull executives lose appeal in Dubai court UAE-based Drake & Scull International (DSI) has claimed a pivotal legal victory after an appeal from former executives of the company was thrown out. Ex-CEO Khaldoun Rashid Tabari and ex-executive Saleh Muradweij were previously ordered to pay almost AED152 million ($41 million) as compensation “for the material and moral damages suffered by the company”. The […] January 15, 2025
Artificial Intelligence AI-driven ‘virtual lawyers’ to launch in UAE AI-powered “virtual lawyers” are to be launched in the UAE to help process simple cases. The country’s Ministry of Justice said the aim of the project was to speed up legal proceedings for simple cases, with the AI lawyers assisting with entering pleas, submitting documents, and providing services such as text-to-speech, or helping lawyers interact […] October 22, 2024
Real Estate Riyadh leads Saudi Arabia’s hot property market Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […] October 11, 2024
LUNCH WITH FRANK KANE People & Lifestyle ‘The biggest risk to Dubai is the cost of living’ Eminent lawyer and foodie Dr Habib Al Mulla tells our Editor-at-Large why he has opened a Moscow office and how the UAE needs to change October 7, 2024
Logistics DP World hits out at Djibouti after latest court victory DP World has described the government of Djibouti as “bad for business” and said companies should “think twice” about investing in the country, following the latest ruling in their long-running legal dispute. A US court ruled in favour of the Dubai-based global ports operator this week in its battle over the Doraleh container terminal in […] July 31, 2024
Real Estate Al Mazaya reports legal proceedings after alleged fraud The Omani subsidiary of Al Mazaya Holding has uncovered alleged fraudulent activity by employees of the company, estimated at OR242,000 ($628,000). A criminal complaint has been filed by the Kuwait-based real estate development giant against “some of the company’s employees” regarding collections of the sale and rent of some units, according to filings on Boursa […] July 19, 2024
Finance Global legal saga continues for Dubai entrepreneur Riad Tawfiq Al Sadik, a construction entrepreneur based in Dubai, must pay 85 percent of the legal costs incurred by Clyde & Co after his suit against the law firm was thrown out in April, a UK court ruled this week, according to a report from City AM. The case stemmed from Al Sadik’s staggering […] June 27, 2024
Video length: 08:25 exclusive Banking and Finance Rate of debt skipping falls 90% at Dubai’s biggest bank There has been a dramatic decline in the number of people leaving the country to avoid debt obligations to UAE banks. The fall in so-called “skips” is a result of the Gulf state’s introduction of legal reforms such as the decriminalisation of bounced cheques, and new insolvency and bankruptcy laws, experts said. In the past […] May 14, 2024
EXCLUSIVE Business of Sport Binance to launch new Ronaldo NFTs ‘soon’ amid legal case Cristiano Ronaldo and the world’s largest cryptocurrency exchange Binance are to launch a fourth set of non-fungible tokens (NFTs) “soon”, as the footballer faces a $1 billion lawsuit for promoting the company. The Al Nassr and Portugal forward signed a deal with Binance in 2022 to create NFTs – digital collectibles – using his “CR7” […] April 26, 2024
Health NMC and Dubai Islamic Bank end legal dispute NMC Healthcare has reached an out-of-court settlement with Dubai Islamic Bank, ending the long-running legal dispute between the two businesses. The healthcare operator had borrowed around $400 million from DIB, which is the largest Islamic bank in the UAE. The loan used collateral known as insurance receivables, which are payments by insurance companies for medical […] March 19, 2024
Economy Saudi’s ‘whistleblower law’ to bolster anti-corruption drive Saudi Arabia has ramped up its public anti-corruption measures in recent weeks, in a further effort to attract foreign investment and shore up its massive economic reform programme. On February 13 cabinet approved a new law intended to protect whistleblowers, a week after the General Authority for Endowments said it would give a reward of […] February 16, 2024
Banking and Finance Emirates NBD wins first UAE green bond fee waiver Emirates NBD has become the first financial institution to benefit from a fee waiver intended to boost sustainability-related debt security issuances in the UAE. The Dubai Financial Services Authority, which announced the green bond fee waiver during the Cop28 summit last year, said more financial institutions were submitting applications to benefit from the scheme. However, […] February 15, 2024
Real Estate Hope at last for Dubai expats seeking a shared rental home Shared rental accommodation for expats in Dubai, something previously difficult to offer because of rules against subletting, is being developed by a company called Co-Living Legends, working with developers and landlords. Co-Living Legends was set up in 2021 to help female expats find house-share rental options in Dubai. House sharing is well established in markets […] February 9, 2024
Economy Suez slump compounds Egypt’s foreign currency crisis Disruptions to shipping in the Suez Canal as a result of the conflict in the Red Sea are exacerbating Egypt’s foreign currency shortages and increasing the need for a new financing package from the International Monetary Fund. Royalties from traffic through the Suez Canal contribute nearly 8 percent of the Egyptian government’s revenue and generate […] January 26, 2024
Employment UAE reverses stance on diversity rule for visas The UAE Ministry of Human Resources and Emiratisation has reversed its stance on a demographic diversity rule, previously cited by companies as the cause for multiple work visa rejections based on nationality. The policy is still expected to be implemented at a later date. AGBI recently reported that businesses in the UAE were encountering difficulties […] January 25, 2024
Finance Saudi Arabia opens new civil code court Saudi Arabia opened an administrative enforcement court this week that will have binding authority over government entities. The move is part of legal reforms aimed at encouraging foreign investment and assuaging concerns about justice in the kingdom. The new body is an arm of the complaints court where commercial disputes are normally heard, complaints court […] January 23, 2024
Video length: 06:59 Employment UAE diversity law causing visa issues for businesses UAE businesses are encountering difficulties getting work visas for new employees of South Asian nationalities following the enforcement of a government directive to boost diversity in the workforce. Abeer Al Husseini, a Dubai-based partner at immigration law practice Fragomen, told AGBI that the Ministry of Human Resources and Emiratisation has “reinstated” its demographic diversification regulation. […] January 19, 2024
