Thursday 18 October 2018

Waha buys minority stake in Petronash in $88m deal

Waha Capital, a leading investment company based in Abu Dhabi, UAE, has acquired a significant minority stake worth $88 million in Dubai-based Petronash Holdings, a global oilfield services and manufacturing company. The deal, includes options to further increase Waha Capital&rsq


Al Salam offers rewards on its Visa credit cards

Al Salam Bank-Bahrain, a top Shari’a-compliant bank in the Kingdom, has launched a special rewards offer on its range of Visa Credit Cards from October 15 until December 14.  Visa credit cardholders can now take advantage of this special rewards on every BD 1 ($2.65) t


UAE clarifies tax for 'compensation-type payments'

UAE’s Federal Tax Authority (FTA) has issued a public clarification regarding tax treatment of compensation-type payments, noting that value added tax (VAT) is imposed on supplies of goods and services and if any payment does not relate to a supply of goods or services, then the payment i


Fairway Group launches operations in Bahrain

Fairway Group, the Jersey-based independent, owner-managed fiduciary business offering trust, fund and pension services, is expanding internationally with the opening of operations in Bahrain. Initially the new office will be used primarily to provide trust services to high net w


BIBF, AFS partner to launch payments programme

Arab Financial Services (AFS), a top payment solutions provider and the Bahrain Institute of Banking and Finance (BIBF) have signed an agreement to launch a graduate development programme under the “Payments Academy.” The programme will train and upskill financial ser


Bahrain to host KPMG MESA summit in November

Bahrain will be hosting the annual KPMG Middle East & South Asia (MESA) Partners Conference, which also coincides with KPMG’s 50th anniversary celebrations in the Kingdom. The MESA Partners Conference will take place on November 7 – 8, which includes a public rece


Badir contribution to Saudi economy hits $560m

Badir Program for Technology Incubators and Accelerators, an initiative of KACST, has contributed SR2.1 billion ($560 million) to Saudi Arabia's economy on a cumulative basis from 2010 to the end of last year, a report said. Badir Program for Technology Incubators and Acceler


UAE issues new law on public debt, sovereign bonds

UAE President HH Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Decretal Law No. (9) of 2018 on public debt, to enable the federal government to issue sovereign bonds, and help the banking sector meet international liquidity rules as soon as they are issued.  


UAE non-oil private sector expanding: Opec

Operating conditions in the UAE non-oil private sector remained in expansion territory in September, even improving from August’s strong performance, according to the Opec's Monthly Oil Market Report – October 2018. Citing the Emirates NBD Purchasing Managers Inde


Abu Dhabi-generated electric power up 4.9pc in 2017

The total electric power generated in the Emirate of Abu Dhabi in 2017 amounted to 71,504,164 MWH, an increase of 4.9 per cent over 2016, a media report said. The electricity sector in the UAE capital has been witnessing remarkable growth over the recent years to meet the immedia

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