Noon, the e-commerce venture of Dubai businessman Mohamed Alabbar partly funded by Saudi Arabia’s Public Investment Fund, let go of dozens of staffers in Dubai amid delays to rolling out the app, according to four people familiar with the matter, says Bloomberg.
Barclays Plc plans to recruit 100 staff for its private bank as Chief Executive Officer Jes Staley pushes to expand wealth management in key global hubs, according to a person familiar with the strategy, reports Bloomberg.
Dubai is in talks with banks for a possible Islamic bond sale, people familiar with the matter said, as it considers joining its Gulf neighbors in using public markets to fund a budget deficit, reports Bloomberg.
Dubai Holding LLC named Edris Alrafi chief executive officer as the investment company owned by the emirate’s ruler seeks to grow after years of restructuring, according to Bloomberg.
The U.A.E. government approved a new visa system designed to attract top foreign talents in fields such as medicine, science and research to the country, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum said on Sunday, reports Bloomberg
Damac Properties Dubai Co. PJSC, the company building Donald Trump-branded homes and a golf course in Dubai, said it may expand developments in London as the weak British currency attracts buyers, reports Bloomberg
Dubai Financial Market PJSC said it plans to introduce regulated short-selling in the “coming months,” the latest sign of efforts by stock exchanges in the Gulf to boost trading, reports Bloomberg.
In recent years, the way in which the financial markets have moved and the emergence of negative rates do not match anything that is taught in the economics textbooks. Fortunately, 2017 should confirm the return to normal that began at the end of this year.
There are now a staggering 247 million people living outside their countries of birth and in four Arabian Gulf states – the UAE, Bahrain, Qatar and Kuwait – expats make up the majority of the population.
As the Gulf states tighten the purse strings following the crash in oil prices, the economic implications of having an expat-heavy society have come under the spotlight like never before.