Senior UAE judges outline action taken to tighten anti-money laundering controls
Senior judges in Abu Dhabi have spoken about the UAE’s efforts to fight money laundering and ensure protection to all from financial crime.
Mansour Al Marzouqi, chief justice of the Abu Dhabi Criminal Court, said reinforcing anti-money laundering mechanisms was an important step and part of efforts to strengthen controls in the fight against such crimes.
He spoke during a seminar organised by the Abu Dhabi judicial department, reported Wam, the state news agency.
The online conference follows swift action taken by law enforcement in the Emirates to combat financial crime.
There have been several high-profile arrests made recently by UAE authorities including Dubai Police arresting South African brothers Atul and Rajesh Gupta for allegedly looting billions from state-owned companies.
Police also arrested Sanjay Shah, a hedge fund trader in a $1.7 billion tax fraud case last month.
The meeting in Abu Dhabi focused on the strategies in place to tackle money laundering, terrorism financing and the obligations of legal professionals and officers of the court.
Sunday, 3 July 2022
Gulf bourses end mixed; Egypt hits lowest in over 2 years | Reuters
Gulf bourses end mixed; Egypt hits lowest in over 2 years | Reuters
Stock markets in the Gulf ended mixed on Sunday, with the Saudi index extending losses as investors fret that the latest show of central bank determination to tame inflation will slow economies rapidly.
Last week, central bank chiefs from the U.S. Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control inflation no matter what pain it caused. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, with Retal Urban Development Co (4322.SE) losing 2.4%, while Al Rajhi Bank (1120.SE) declined 2.6%.
In Qatar, equities (.QSI) gained 0.7%, helped by a 1.7% rise in Qatar Islamic Bank (QISB.QA).
Oil prices, a key catalyst for the Gulf's financial markets, gained more than 2% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2.4%, hitting its lowest in over 2 years, with top lender Commercial International Bank (COMI.CA) losing 2.2%.
Behind the slides have been concerns over the Ukraine-Russia war, soaring inflation, higher interest rates and, more recently, a possible U.S. recession.
Stock markets in the Gulf ended mixed on Sunday, with the Saudi index extending losses as investors fret that the latest show of central bank determination to tame inflation will slow economies rapidly.
Last week, central bank chiefs from the U.S. Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control inflation no matter what pain it caused. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, with Retal Urban Development Co (4322.SE) losing 2.4%, while Al Rajhi Bank (1120.SE) declined 2.6%.
In Qatar, equities (.QSI) gained 0.7%, helped by a 1.7% rise in Qatar Islamic Bank (QISB.QA).
Oil prices, a key catalyst for the Gulf's financial markets, gained more than 2% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 2.4%, hitting its lowest in over 2 years, with top lender Commercial International Bank (COMI.CA) losing 2.2%.
Behind the slides have been concerns over the Ukraine-Russia war, soaring inflation, higher interest rates and, more recently, a possible U.S. recession.
#Saudi Al Othaim Family Scraps IPO of Malls Amid Market Rout - Bloomberg
Saudi Al Othaim Family Scraps IPO of Malls Amid Market Rout - Bloomberg
Saudi Arabia’s Al Othaim family has called off its plans to sell shares of its malls business, in a rare instance of an initial public offering in the Middle East being scrapped as a market rally fades.
Abdullah Al Othaim Investment Co. decided to cancel the listing of a 30% stake on the Saudi stock exchange, according to a statement, without specifying the reason.
Bloomberg News reported in May that Al Othaim family had delayed the IPO of its mall unit just as it was due to start an investor roadshow for the offering, shortly before the family confirmed the report. The firm said at the time it was rescheduling the listing to select “the best suitable window.”
More family-owned companies have been listing in Saudi Arabia as officials try to deepen its capital markets and shake up traditional ways of doing business. Even though investor appetite for local listings in the kingdom remains strong, a rally in Middle Eastern equities faded over the past month as fears of recessions gripped global markets. Saudi Arabian stocks briefly erased this year’s gains in June and are down more than 16% from highs in May.
The Al Othaim family was considering seeking about $400 million to $500 million from the offering in Saudi Arabia, though hadn’t set precise terms of the deal, people familiar said in May.
GIB Capital LLC had been advising on the listing.
Saudi Arabia’s Al Othaim family has called off its plans to sell shares of its malls business, in a rare instance of an initial public offering in the Middle East being scrapped as a market rally fades.
Abdullah Al Othaim Investment Co. decided to cancel the listing of a 30% stake on the Saudi stock exchange, according to a statement, without specifying the reason.
Bloomberg News reported in May that Al Othaim family had delayed the IPO of its mall unit just as it was due to start an investor roadshow for the offering, shortly before the family confirmed the report. The firm said at the time it was rescheduling the listing to select “the best suitable window.”
More family-owned companies have been listing in Saudi Arabia as officials try to deepen its capital markets and shake up traditional ways of doing business. Even though investor appetite for local listings in the kingdom remains strong, a rally in Middle Eastern equities faded over the past month as fears of recessions gripped global markets. Saudi Arabian stocks briefly erased this year’s gains in June and are down more than 16% from highs in May.
The Al Othaim family was considering seeking about $400 million to $500 million from the offering in Saudi Arabia, though hadn’t set precise terms of the deal, people familiar said in May.
GIB Capital LLC had been advising on the listing.
