City Dubai Financial News
26.07 / 10:03
markets
Citi
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A New Frontier: The BNK Group forays into the GCC Market
Neelam Kothari Soni to establish LINK BNK for luxury residential projects and our recently launched entity K-BNK with Kshitij Limaye that expands into workspace & commercial design.By harnessing Dubai's dynamism, we aim to craft spaces that not only reflect the city's essence but also redefine design innovation on a global scale.Our vision for contributing to the design ecosystem in the GCC is rooted in our commitment to excellence and innovation. As we embark on this new chapter, we anticipate various challenges, including navigating cultural nuances, addressing climate considerations, and adapting to regulatory frameworks.
24.07 / 16:47
23.07 / 20:30
Man
Instagram
President
Photos
show
social
reports
Dubai princess Sheikha Mahra's latest photo after divorce. What does it show?
Sheikha Mahra bint Mohammed bin Rashid Al Maktoum recently posted a new picture of herself and her 2-month-old daughter on Instagram, just after she made it public that she was seeking a divorce. Sheikha Mahra is seen in the picture looking at a painting of a white horse with her infant. She used just a white heart emoji as the only caption for the post, as per the reports of The Mirror.
22.07 / 09:22
Aware
security
Research
wellness
students
Universities
War
Edtech funding crisis sucks in two-decade-old firm and its thousands of students
BENGALURU : One of India’s earliest edtech companies, iNurture, is in talks with Dubai-based Kimera Investment to raise capital to stave off a potential crisis that could leave about 500 employees and thousands of students stranded. iNurture, which partners with universities to offer specialised courses and skill-development programs, is facing a shortage of funds and has failed to pay salaries to its employees and faculty, according to employees and faculty members. As a result, teachers have either quit or stopped teaching, leaving students who have enrolled for iNurture courses across universities stranded.
21.07 / 19:38
FIVE
LEH
country
Department
International
108 kg gold bar route: Smuggled from 7 nations to Tibet, then India
LEH: Expanding its probe into the seizure of 108 kilogrammes of gold bars from the Line of Actual Control (LAC) along the India-China border, the Directorate of Revenue Intelligence (DRI) found that gold bars were smuggled from seven countries, including the United States, Canada, Germany, Saudi Arabia and Dubai, and were brought to Tibet, from where they were meant to be smuggled into India. A total of five suspects, including a couple who ran two cafes in upmarket Leh, have been arrested and taken to Ludhiana for interrogation by a joint team of the DRI, customs and Intelligence Bureau, officials told ET. They said the couple, identified as Tender Tashi and Tashi Dolma, recruited Tenzin Samphel, a native of Hanley in eastern Ladakh, who in turn hired two couriers, Tenzin Targy and Tsering Chamba, from Hanley. The interrogation of the suspects revealed the name of the alleged kingpin, who is believed to be based in Delhi and is presently on the run, according to the people.
18.07 / 15:38
markets
Digital
Software
WhatsApp
country
Investigations
International
Key accused in Rs 2,500 crore crypto scam arrested: Himachal Police
Shimla: The Himachal Pradesh Police has arrested one of the masterminds of a Rs 2,500-crore cryptocurrency scam, which was unearthed in the state in 2022, from Kolkata, officials said on Thursday. Accused Milan Garg (35), a resident of Meerut in Uttar Pradesh, was apprehended on Wednesday night from the Netaji Subhash Chandra Bose International Airport, Kolkata while he was trying to flee to Bangkok in Thailand, they said. Garg, who was allegedly involved in designing and marketing of a fake cryptocurrency, was later brought to Shimla, Deputy Inspector General of Police (DIG), Northern Range, Abhishek Dhullar told. Garg, who earlier fled to Dubai after the scam came to light, had returned to India in June and was again leaving the country when he was detained at Kolkata airport. The accused has been arrested and brought to Shimla, said Dhullar, who is heading an SIT probing the case.
18.07 / 08:58
markets
UPS
Citi
CEO
2020
Meridien acquires 27% stake in DKK Partners
Founded in 2020 by banking industry veterans Dominic Duru, previously of RBS and Citi, and Khalid Talukder, previously of UBS, Citi & Deutsche Bank, DKK specialises in emerging markets (EM) and foreign exchange (FX) liquidity. The firm last raised a £3 million pre-seed round in September last year at a pre-money valuation of £100 million. DKK has seen its flow rise to $1.3 billion in transactions in the last year with Ebitda reaching an impressive $2 million. The firm has also opened dedicated offices across all key markets, including London, Dubai, Ghana, Nigeria, Cameroon and Senegal. Earlier this year, DKK received initial approval from the Dubai Virtual Assets Regulatory Authority (VARA) to offer Virtual Asset Broker Dealer Services. As part of the deal Meridien Holdings will help the firm to scale up its operations by supplying complementatary technology to help drive efficiency and distribution of its products and services.
16.07 / 10:20
Citi
FIVE
Trade
reports
prevention
Investigations
GTRI is concerned about precious metals imports under India-UAE trade pact
import of precious metals from the UAE under a free trade agreement with India. GTRI demanded an investigation, citing the negative impact on the domestic jewellery industry and potential annual revenue loss for India, PTI reported. The key issue centers around the India-UAE Comprehensive Economic Partnership Agreement (CEPA) that permits unlimited imports of gold, silver, platinum, and diamonds from the UAE into India with zero tariffs in the coming years. GTRI's report highlighted that addressing these issues is crucial to ensure the integrity of import practices, safeguard domestic industries, and prevent significant revenue losses. The report noted that the zero-tariff policy under CEPA could cause an annual revenue loss of Rs 63,375 crore due to duty-free imports of gold and silver, based on FY2024 import levels. This policy is also likely to shift import business from banks to a few private traders and replace top suppliers with Dubai-based firms.
15.07 / 19:41
UPS
Manufacturing
Food
PepsiCo
Trade
exclusive
Varun Beverages Ltd to set up units for PepsiCo snacks in Zimbabwe, Zambia
Varun Beverages (VBL), PepsiCo's bottling franchise partner, will set up manufacturing units in Zimbabwe and Zambia with an investment of $7 million (close to ₹60 crore), the company said in a regulatory filing on Monday. VBL said two of its subsidiaries plan to enter into an agreement with PepsiCo to manufacture, distribute and sell snacks brand Simba Munchiez in Zimbabwe and Zambia. These subsidiaries are VFZ Varun Foods (Zimbabwe) (VFZ) and Varun Beverages (Zambia) (VBZ).
15.07 / 11:50
UPS
Manufacturing
Food
PepsiCo
Trade
exclusive
Varun Beverages to set up production units for PepsiCo's snacks brand in Zimbabwe, Zambia
Varun Beverages Ltd, a franchise partner of PepsiCo, on Monday said its two subsidiaries plan to enter into an agreement with the multinational food and beverages major to manufacture, distribute and sell the snacks brand 'Simba Munchiez' in Zimbabwe and Zambia. The company plans to set up manufacturing units in Zimbabwe and Zambia entailing an investment of USD 7 million (around Rs 60 crore), according to a regulatory filing by Varun Beverages Ltd (VBL). Through its subsidiaries — VFZ Varun Foods (Zimbabwe) Pvt Ltd (VFZ) and Varun Beverages (Zambia) Ltd (VBZ), VBL has discussed with PepsiCo to further strengthen and expand the latter's footprint in the snacks portfolio. It has discussed with PepsiCo to enter into an exclusive snacks franchising appointment with Premier Nutrition Trading LLC, Dubai (a PepsiCo Inc. subsidiary) to manufacture, distribute and sell 'Simba Munchiez' in the territory of Zimbabwe and Zambia, the filing added.
14.07 / 18:46
COST
Citizens
WhatsApp
country
information
Features
Looking to switch citizenship? Try Vanuatu. It's fast & cheap
Vanuatu on the map. He had never been there; probably, he never would. Until the other day, he had not heard about the country. Vanuatu sounded like a mystery land in a ‘guess the country’ game. Nonetheless, he and his wife are citizens of Vanuatu — an island nation in the South Pacific that few Indians knew two years ago. Today, many do. Vanuatu has emerged as the quickest and cheapest avenue to switch citizenship, grab a new passport. Competing with Cyprus and Malta — which are more expensive and time-consuming options — Vanuatu is among the very few countries where one can become a citizen without ever visiting it. FIRST SPEND A YEAR IN UAE
14.07 / 15:13
Platform
DAL
social
politician
PM Modi becomes most followed world leader on X, crosses 100 million followers
Narendra Modi has become the world's most followed leader on the social media platform 'X' with over 100 million followers. While comparing the followers of various Indian politicians on X, PM Modi stands out significantly in terms of numbers. The Leader of Opposition (LoP), Rahul Gandhi has 26.4 million followers, Delhi Chief Minister Arvind Kejriwal has 27.5 million, Samajwadi Party's Akhilesh Yadav has 19.9 million, and West Bengal CM Mamata Banerjee has 7.4 million.
14.07 / 12:09
WhatsApp
wellness
Colleges
Dubai crown prince named UAE defence minister
Sheikh Mohammed bin Rashid Al-Maktoum on Sunday announced he appointed his son, the emirate's crown prince, as defence minister of the United Arab Emirates in a cabinet reshuffle. "Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has joined the government of the UAE as Deputy Prime Minister and has been appointed Minister of Defence," Sheikh Mohammed, who is the UAE's prime minister, wrote on X. Sheikh Hamdan, 41, is the second son of Sheikh Mohammed and has held the title of crown prince of Dubai since 2008.
13.07 / 15:22
Art
Booking
Compilation
awards
Photos
Cycling
travelers
Turn your home office into a homely office
Also read: Understanding the emotional quotient of a home The process of deciding what sort of space I want is always an interesting exercise in mining my past. I’ve been cycling through all the spaces I’ve ever worked in, going as far back as the first office environment I ever experienced, which was my father’s when I was, maybe, 10 years old. He was part of the oil and gas industry in the Gulf region during its heydays, from the 1970s till he sold his businesses in 2015.
13.07 / 10:49
Blockchain
Provident
Strategy
Trade
Experts
innovations
gatherings
UnTrade at Mempool Reload: A Journey of Insights and Innovation
UnTrade recently had the honor of participating in Mempool Reload, an exclusive event organized by our esteemed accelerator partner, Applicature. Held on May 30th and 31st, 2024, at the luxurious Atlantis, The Royal in Dubai, this premier gathering was designed to foster connections, share groundbreaking insights, and explore the future of blockchain and cryptocurrency. Ideated by Ian Arden and masterfully orchestrated by Gordon Einstein as the master of ceremony, Mempool Reload brought together prominent investors, family offices, entrepreneurs, and experts from around the globe.
13.07 / 07:54
Provident
Digital
CEO
security
Diversity
travelers
International
NRIs, Indian tourists can now make QR code-based UPI payments in UAE
Indian tourists and Non-Resident Indians (NRIs) visiting the UAE, providing them with a seamless and secure method to make transactions using UPI, as announced by NPCI International. Network International is a leading facilitator of digital commerce across the Middle East and Africa (MEA) region. The company operates a network of over 200,000 point-of-sale (POS) terminals, which serve more than 60,000 merchants in diverse sectors such as retail, hospitality, transport, and supermarkets. This wide-ranging network will now support UPI payments, offering Indian visitors a familiar and convenient payment method while abroad. The rollout of UPI acceptance will be progressive, eventually covering a broad spectrum of establishments. These will include retail stores, dining outlets, and various tourist and leisure attractions, notably popular destinations like Dubai Mall and Mall of the Emirates. This phased implementation aims to ensure a smooth transition and widespread availability of UPI payment options across the UAE.
13.07 / 05:25
Citi
Provident
security
community
track
innovations
reports
Cosmoverse Heads to Dubai, Showcasing Interchain and Web3 Innovation
Cosmoverse is back with its fourth annual conference in Dubai this year. Building on three successful years, Cosmoverse continues to showcase the thriving Cosmos-SDK ecosystem and its potential to cultivate a multichain future for greater global collaboration.
13.07 / 04:54
FIVE
Progressive
Diversity
Department
prevention
Courts
Investigations
ED attaches assets worth Rs 14.02 cr in Rs 263 cr income tax refund fraud case
ED) Mumbai has provisionally attached assets worth Rs 14.02 crore of five accused under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in the case of an Income Tax Refund fraud of Rs. 263 crore. This includes one flat in Mumbai of Purushottam Chavan, land parcels in Lonavala and Khandala of Rajesh Batreja, balance in Anirudh Gandhi's company bank A/c, insurance policies of accused Rajesh Shetty and Bhushan Anant Patil and fixed deposits totalling to Rs. 14.02 crore, the ED said in a release on Friday. According to officials, ED initiated an investigation on the basis of an FIR registered by CBI under various sections of the IPC, 1860 and of Prevention of Corruption Act, 1988 against Tanaji Mandal Adhikari and others for fraudulently generating and issuance of TDS refunds from the Income Tax Department to the tune of Rs. 263.95 Crore.
13.07 / 04:21
coindcx
CoinDCX Acquires BitOasis, Expands into MENA Region
CoinDCX, India’s leading cryptocurrency exchange, has announced its acquisition of BitOasis, a prominent digital asset platform in the Middle East and North Africa (MENA).
12.07 / 22:03
Blockchain
Dubai Launches Blockchain Platform For Faster Customs Clearance
Dubai Customs on Monday launched a new system using blockchain to improve trade. This will make things faster and clearer for businesses, inside Dubai and across borders. It marks a big step for the city’s digital plans and will help government and logistics companies work together better.
12.07 / 21:33
WhatsApp
reports
travelers
cricket
Champions Trophy 2025: India unlikely to travel to Pakistan; tournament to be held in hybrid mode
Champions Trophy 2025, ANI reported citing sources on Thursday. The Board of Control for Cricket in India (BCCI) will ask ICC to host matches in hybrid mode in Dubai or Sri Lanka, sources said. The marquee tournament is scheduled from February 19 to March 9 with March 10 as Reserve Day.
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