UAE Employment Termination Entitlements | Former Nakheel CEO Awarded $3m By DIFC Court

Former Nakheel CEO, Chris O’Donnell, was recently awarded $3.25 million, including $3 million in two unpaid annual bonuses and 54 days of paid leave, amounting to almost AED 850,000. Nakheel was also told to pay for the former CEO’s business class flights back to Australia — at a cost of AED 67,000. Read more about […]

Dubai Economic Growth Expected to Slow

Posted on Mar 15, 2012 in UAE Economy, UAE Investment and Finance

The United Arab Emirates’ economic growth is expected to slow to 2.3% this year, from an estimated 4.9% in 2011, due to limited potential for further increasing oil production amid an uncertain global economic environment, according to the International Monetary Fund. The IMF also noted that in the event of a worsening of world economic […]

Company Merger Regime In The UAE | Real Estate Mergers Expected To Increase in 2012

The real estate sector of the United Arab Emirates (UAE) expects to see a number of significant mergers and business consolidations this year. Why? The UAE real estate market is still struggling to recover after real estate prices slumped in 2008 and it is expected that mergers between real estate developers would be needed to […]

Choosing The Right Forum For Business Disputes | Etisalat Sues Indian JV Partner In Indian Courts.

Posted on Mar 12, 2012 in Emirates-Asia, India, UAE Law and Business

Late last month, the local media was flooded with reports of UAE-based operator Etisalat initiating legal proceedings in Indian courts against its Indian JV partner alleging fraud and misrepresentation. Given that the Indian court system is often criticized for its protracted judicial processes and accumulation of huge arrears of cases, the first question that comes […]

UAE Economy Sees Modest Growth in 2011

The UAE economy grew at a rate of 3.3% in 2011, according to Economy Minister Sultan bin Saeed al-Mansour. That’s less than the 3.9% analysts expected, but more than twice the rate of growth seen in 2010. Increased growth was due to higher oil prices and trade with Asia, but hampered by sluggish real estate […]

Banks in UAE Sharply Boost Provisions in December

UAE banks appear to be stepping up a drive to build up bad debt provisions four years after the 2008 global fiscal distress, allocating nearly Dh2.1 billion in December, the highest monthly average in 2011. Due to massive lending in the real estate sector, banks in the UAE are extremely sensitive to downturns in the […]

Abu Dhabi Likely Best Placed if Hormuz Strait Closes

March 8 – Abu Dhabi will become the oil producing member of the Gulf Cooperation Council that is best insulated from a closure of the Strait of Hormuz, once the Habshan-Fujairah pipeline is fully operational later this year, Fitch Ratings says (The following statement was released by the rating agency) Yahoo! Maktoob News Related articles […]

UAE Healthcare | NMC Health PLC Plans Listing on the London Stock Exchange

Posted on Mar 8, 2012 in Emirates - U.K., UAE Investment and Finance

From the Washington Post:  NMC Health PLC, a health care company in the United Arab Emirates, laid out plans Thursday to list its shares in London rather than at home as it seeks to raise up to $250 million. The company said it is targeting an initial public offering on the London Stock Exchange to […]