Law

Abraaj Group is now under court-supervised liquidation
6 August 12:25 PM Investors in Abraaj’s fund hire advisor to recover over $99m
Dubai – Mubasher: Investors in a fund of the embattled Dubai-based private equity company, The Abraaj Group, have hired advisory firm Alvarez and Marsal Holdings to help in the recovery of over $99 million. Alvarez may also represent the fund’s …
The Djibouti government “does not have sovereignty over the contract”
5 August 11:36 AM DP World scrutinises Djibouti gov’t response to court ruling
Dubai – Mubasher: DP World has criticised the Djibouti government's response to a London court’s decision in the litigation with the UAE company. Earlier in August, an Arbitral Tribunal affiliated to the London Court of International Arbitration …
DP World
1 August 11:41 AM DP World denies receiving offer from Djibouti gov’t
Dubai – Mubasher: DP World has denied the news on receiving an official offer from the government of Djibouti as a compensation for terminating a contract of operating Doraleh Container Terminal (DTC). Dubai's state-owned ports operator confirmed …
Saudi Arabia to issue bankruptcy law by late August
16 July 01:19 PM Saudi Arabia to issue bankruptcy law by late August
Riyadh – Mubasher: Saudi Arabia’s new bankruptcy law is expected to go into effect in late August, officials have said. The law is forecast to attract more local and international investments, especially in the private sector, as well as …
Tamkeen clarified that the court ruling is not final
15 July 04:58 PM Court issues ruling against Tamkeen
Mubasher: The court of appeal in Kuwait has issued a ruling against Tamkeen Holding Co and in favor of Al Safat Investment. The Boursa Kuwait-listed Tamkeen will pay KWD 5.64 million to Al Safat Investment, in addition to 7% annual interest …
The Investment Dar will pay KWD 10.08 million to Noor
15 July 12:25 PM Noor Financial to receive KWD 10m on court ruling
Mubasher: Noor Financial Investment said the court of cassation has issued a ruling on 11 July 2018 in favor of Noor against The Investment Dar. Upon the court ruling, The Investment Dar will pay KWD 10.08 million to Noor Financial, according to a …
Abraaj’s troubles began after allegations of money misuse
15 July 11:52 AM Sharjah court dismisses Abraaj’s Naqvi bad cheque case
Dubai – Mubasher: A Sharjah court has dismissed an AED 177.1 million ($48 million) bounced cheque case against the ailing private equity firm Abraaj Group’s founder Arif Naqvi and another executive. Judge Natheer al-Sousi stated that the dismissal …
Dana Gas’ operational activities will not be affected by its exposure to Abraaj
12 July 04:47 PM Dana Gas exposure to Abraaj seen 'very limited' – IR head
By: Mahmoud Gamal Abu Dhabi – Mubasher: Dana Gas’ operational activities will not be affected by its exposure to The Abraaj Group, Dana’s head of investor relations Mohammmed Mubaideen told Mubasher. He described the impact of the exposure as …
DP World is listed on Nasdaq Dubai
12 July 04:44 PM DP World’s Doraleh Container deal remains effective
Dubai – Mubasher: DP World announced on Thursday that its concession agreement for the Doraleh Container Terminal (DTC) remains in force, according to an official statement. DP World, listed on Nasdaq Dubai, confirmed that the agreement is still …
“Dana did not want to be in a litigation"
12 July 04:04 PM Dana Gas seeks to complete sukuk settlement
By: Mahmoud Gamal Abu Dhabi – Mubasher: Dana Gas is keen on fulfilling all the legal requirements for the settlement in the sukuk case in the UAE and UK by the end of the month, head of investor relations Mohammmed Mubaideen told Mubasher. In …
Bloomberg said that Al Tabari and his daughter owed up to $272.3 million
12 July 12:59 PM DSI former CEO denies owing firm AED 1bn
Mubasher: The former CEO of Drake & Scull International (DSI), Khaldoun Al Tabari, has denied news claiming that he owes the contractor a sum of money, Construction Week Online reported. Earlier this week, Bloomberg reported that Al Tabari and his …
Saudi Arabia to allow women to become notaries for 1st time
10 July 11:35 AM Saudi Arabia to allow women to become notaries for 1st time
Riyadh – Mubasher: Saudi women have allowed obtaining notarisation licences for the first time to work in the justice ministry's private notary departments. This step is part of the Saudi social reforms, which included lifting a decades-old ban on …
DSI investigation finds ex-CEO owes AED 1bn
9 July 07:08 PM DSI investigation finds ex-CEO owes AED 1bn
Dubai – Mubasher: Drake & Scull International’s (DSI) ongoing internal investigation into alleged violations by its previous management has revealed that its former CEO Khaldoun Al Tabari and his daughter, together owe the firm around AED 1 …
Al Qudra reveals AED 61.6 million investments in Abraaj funds
9 July 06:47 PM Al Qudra reveals AED 61.6m investments in Abraaj funds
Abu Dhabi – Mubasher: Al Qudra Holding on Monday announced that it has only two investments with The Abraaj Group, but noted that these investments were in funds not managed by Abraaj. The cost of these investments is AED 61.61 million as at 31 …
ABNIC has uncovered its investments with The Abraaj Group
9 July 06:08 PM ABNIC reveals AED 8.44m exposure to Abraaj
Abu Dhabi – Mubasher: Al Buhaira National Insurance Company (ABNIC) on Monday uncovered its investments with The Abraaj Group. ABNIC said it had AED 8.437 million ($1.95 million) in exposure to Abraaj and its funds, according to filing to the Abu …
More ADX-listed firms confirm no Abraaj ties
9 July 05:45 PM More ADX-listed firms confirm no Abraaj ties
Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) and Waha Capital were among a host of companies that disclosed no ties to The Abraaj Group, its funds or its subsidiaries, on Monday. Other companies listed on the Abu Dhabi Securities Exchange …
Gulf Cement resumes stock transfer between ADX, Boursa Kuwait
8 July 04:22 PM Gulf Cement resumes stock transfer between ADX, Boursa Kuwait
Mubasher: Gulf Cement on Sunday announced that it was resuming the transfer of its shares between Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX). The stock transfer comes in line with the regulations and legal amendments that have been …
DIFC awards GFH $5.14 million in David Haigh case
8 July 10:21 AM DIFC awards GFH $5.14m in David Haigh case
Dubai – Mubasher: GFH Financial Group (GFH) on Sunday announced that the Dubai International Financial Courts (DIFC) had concluded its decision regarding the David Haigh case and ruled in the company’s favour. The ruling is GFH’s in favour on all …
Since 5 June 2017, Qatar has been facing outflows of foreign customers' deposits
5 July 10:52 AM UAE does not expel Qatari citizens due to Arab rift
Mubasher: The UAE on Thursday stressed that it did not take any action towards deporting Qatari citizens and nationals living in the country following the expiry of the 14-day period referred to in the Foreign Affairs Ministry's June announcement. …