Law

21 June 05:50 PM Naqvi dismisses intentional wrongdoing at Abraaj
Dubai – Mubasher: Abraaj Group, the Dubai-based private equity firm, has been facing a backlash following money misusage allegations. Earlier in June, the buyout firm filed for liquidation, as a response to a group of liquidation petitions. The …
“We are delighted to have received the approval of all key stakeholders"
21 June 04:13 PM Dana Gas’ shareholders OK its $700m sukuk restructuring plan
Abu Dhabi - Mubasher: Dana Gas has announced that all shareholders present or by proxy voted unanimously in favour of the consensual restructuring of its $700 million Sukuk al-Mudarabah at a general assembly meeting held on Thursday. The current …
Abraaj has been facing a slew of problems
21 June 11:08 AM Air Arabia appoints legal representative to protect investments in Abraaj
Dubai – Mubasher: Dubai-listed  Air Arabia announced that it has an overall exposure of $336 million to the UAE-based private equity firm Abraaj. The Emirati carrier has appointed a legal representative to protect its investments in the troubled …
19 June 06:49 PM Cayman Islands court approves Abraaj’s liquidation request
Abu Dhabi – Mubasher: Cayman Islands court has approved a request submitted by Abraaj Group for a provisional liquidation of its business, which allows for a court-supervised restructuring and the protection of stakeholders’ rights, the UAE-based …
DP World denies seeking out-of-court settlement with Djibouti
16 June 05:53 PM DP World denies seeking out-of-court settlement with Djibouti
Dubai – Mubasher: DP World has denied news that it was searching for an out-of-court settlement with regards to its dispute with the Djibouti government, Emirates News Agency (WAM) reported on Saturday. ''It has been noted in some reports that DP …
Badr Jafar, president of Crescent Petroleum
14 June 01:13 PM Emirati tycoons to recover $300m from Abraaj Group
Dubai – Mubasher: The Emirati tycoons Jafar family, owners of Crescent Petroleum Company (CPC), are planning to recover $300 million from Abraaj Group Holdings through a fund affiliate to the family. Jafars are seeking to attain that end by a …
The cabinet agreed upon a legislative package of visa facilitation
14 June 11:13 AM UAE OKs new visa facilitations, foreign workers plans
Dubai – Mubasher: Chaired by Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and Ruler of Dubai, the UAE cabinet has approved a number of strategic decisions concerning foreign workers’ insurance in the private …
Abraaj’s filing for liquidation may take place before 29 June
13 June 12:55 PM Abraaj files for liquidation amid other winding-up petitions - FT
Dubai – Mubasher: Abraaj is planning to file for liquidation, as a response to a group of liquidation petitions after the company was hit by money misuse allegations. Abraaj Group was accused of mishandling a $1 billion healthcare fund and audits …
13 June 12:12 PM Court issues ruling against Portland Cement
Mubasher: Kuwait Portland Cement said that the court has issued a primary ruling against the company in favour of Global Company. The primary ruling states that Portland Cement has to pay KWD 699,370 to Global, according to a bourse statement on …
All detected violations committed by DSI’s previous management was included in a report
6 June 01:44 PM DSI’s investigation committee detects violations
Dubai – Mubasher: Drake and Scull International (DSI) has announced that its ad-hoc investigation committee appointed by the company’s board has concluded its works. All detected violations committed by DSI’s previous management was included in a …
Converting ADIC into a joint-stock company is a significant push to the UAE’s economy
4 June 10:23 AM UAE converts ADIC into joint-stock company
By: Mahmoud Gamal Dubai – Mubasher: UAE President Sheikh Khalifa bin Zayed Al Nahyan has issued a law to turn Abu Dhabi Investment Council (ADIC), an investment arm of the super-rich emirate, into a public joint-stock company in an effort to …
The company amended 13 articles
31 May 11:00 AM Widam amends provisions to comply with governance
Mubasher: Widam Food Company on Thursday said that its extraordinary general meeting (EGM) had approved amending the provisions of the Articles of Association in a bid to comply with the Corporate Governance Law, in addition to other legal …
“They will need to find another niche for themselves"
28 May 01:20 PM New shareholding law in UAE may weigh on free zones
Abu Dhabi – Mubasher: The UAE-based free zones are expected to be affected negatively after the introduction of the new foreign shareholding law, which enables foreigners to owe up to 100% of local companies and will come into force in the third …
The company amended 37 articles
28 May 10:53 AM QISI nods to amendments to comply with governance
Mubasher: Qatar Islamic Insurance Company (QISI ) on Monday announced that the its extraordinary general assembly has approved the necessary amendments to the Articles of Association of the Company to comply with the corporate governance, in …
The new law aims at spurring Qatar’s economy
27 May 01:17 PM Qatar to rise non-Qatari ownership limit to 100%
Mubasher: A new draft law to be approved by the Qatari cabinet will increase non-Qatari ownership limit to 100% in all sectors, economy and commerce minister Ahmed bin Jassim al-Thani has said. "This supports foreign investors'entry into the …
The CEO said that “his short answer would be no”
24 May 03:09 PM Dana strikes “good deal” with sukukholders – CEO
Abu Dhabi – Mubasher: Dana Gas’ consensual deal with the sukukholders is a “good deal”, CEO Patrick Allman-Ward has told Bloomberg TV. Earlier in May, the UAE-based energy producer stated that it reached an agreement with the Ad-Hoc committee of …
The Plaza Hotel in Manhattan
20 May 09:38 AM Saudi’s Kingdom Holding, Ashkenazy sue majority owner of Manhattan’s Plaza Hotel
Mubasher: Kingdom Holding Company (KHC) and Ashkenazy Acquisition Corp., who have been jointly working to buy New York’s historic Plaza Hotel have sued the hotel’s majority shareholder for “allegedly reneging on an agreement that gives the group …
Dana reportedly reaches deal with $700 million sukuk holders
13 May 09:10 AM Dana reportedly reaches deal with $700m sukuk holders
Abu Dhabi – Mubasher: Dana Gas’ one-year-long sukuk battle may have come to an end. On Sunday, sources told news agency Bloomberg that the Abu Dhabi listed gas company may have reached an agreement with its $700 million sukuk holders. “A committee …