A long-awaited bankruptcy law could be finalised by late 2016, the UAE's Economy Minister has said. His Excellency Sultan bin Saeed Al Mansoori said investment legislation being drafted would permit majority foreign ownership of companies in certain sectors. Under current rules, bounced cheques and unpaid loans can land business owners in jail. The measure is expected to help smaller firms in particular to manage their debt more responsibly.
Dubai Properties awards AED 1.1 billion in contracts to advance Villanova community
Dubai Properties, a member of Dubai Holding Real Estate, has awarded contracts worth nearly AED 1.1 billion to Metac General Contracting Co. LLC for the construction of 850 townhouses at Villanova in Dubailand.
Parkin to operate parking spaces near Binghatti developments
Parkin has entered into a multi-year agreement with real estate developer Binghatti Holding, where it will operate approximately 1,200 spaces across selected Binghatti developments.
UAE, Uzbekistan explore partnerships in new economy sectors
The UAE's Minister of Economy and Tourism, Abdulla bin Touq Al Marri, has met with a high-level delegation from Uzbekistan to explore ways to strengthen economic and investment ties.
Dubai and Shanghai trade bodies hold talks to boost business ties
Dubai Chambers has held talks with a major Chinese trade body in Shanghai aimed at strengthening economic ties and increasing trade and investment between the two markets.
Saudi Arabia restores full capacity on East-West oil pipeline
Saudi Arabia has restored full oil pumping capacity through the East-West pipeline to about seven million barrels per day, it said on Sunday, days after providing an assessment of damage on its energy sector from attacks during the Iran conflict.
