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Global economic growth set to slow to 2.6pc in 2024: UNCTADUN Trade and Development (UNCTAD) forecasts global economic growth to slow to 2.6% in 2024, just above the 2.5% threshold commonly associated with a recession. This marks the third consecutive year of growth below the pre-pandemic rate, which averaged 3.2% bet More… |
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MoF launches 'digital public consultation' on R&D tax reliefThe UAE Ministry of Finance (MoF) has launched a digital public consultation to gather the views of stakeholders on the potential implementation of a Research & Development (R&D) Tax Incentive under the UAE Corporate Tax law. The consultation will be o More… |
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Fortis secures $20m in Series A funding roundDubai-based Fortis, a retail tech and fintech solutions provider tailored for SMEs, has announced the successful completion of Series A funding round, raising $20 million in investment led by Opportunity Venture (Asia). This funding marks a significant m More… |
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Saudi investment funds' assets surge to $33bn in Q4The assets of local and foreign investment funds in the Saudi market totalled SR122.578 billion ($33 billion) at the end of the fourth quarter (Q4) of 2023, marking a 5% growth from the previous quarter. Consequently, these funds had achieved an estimate More… |
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ADGM wins 'Most Trusted Financial Centre Brand’ awardAbu Dhabi Global Market (ADGM) has clinched the top spot as the "Most Trusted Financial Centre Brand, Middle East” for 2024 at the distinguished Global Brand Awards. The esteemed Global Brand Awards, an annual ceremony organised by Global Brands Mag More… |
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Adnic acquires 51% of Allianz Saudi Arabia stakeAbu Dhabi National Insurance Company (Adnic), one of the leading regional multi-line insurance providers for both corporates and individuals, has completed the strategic acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Company in Saudi Arabia. The acquisition wi More… |
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Emirates Islamic concludes debut $500 million financing facilityEmirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced the successful conclusion of its debut $500 million syndicated financing facility. The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financ More… |
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SNB Capital closes cross-border insurance M&A dealSNB Capital has led the buyside advisory on Abu Dhabi National Insurance Company (ADNIC)’s SR499 million ($133 million) acquisition of 51% of the share capital of Allianz Saudi Fransi Cooperative Insurance Company (ASF). The acquisition of a majority sta More… |
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GCC insurers’ top-line growth to be 5pc-15pc in 2024: S&PS&P Global Ratings expects GCC insurers' top-line growth to range between 5% and 15% in 2024, with Saudi insurers likely to expand at the fastest pace. The top-line growth of insurers in Gulf Cooperation Council (GCC) countries will likely result from More… |
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Dubai Investments shareholders approve 12.5pc dividendDubai Investments, a leading diversified investment Company listed on the Dubai Financial Market (DFM), has announced the distribution of 12.5% cash dividend to the shareholders for the financial year ending December 31, 2023. The company’s 28th An More… |
