PRO Partner Group
News & Updates

Abu Dhabi are planning to form the largest steel and building materials company in the UAE.

Using ADQ, one of Abu Dhabi’s three sovereign wealth funds, Abu Dhabi plan to combine Emirates Steels Industries PJSC with Arkan Building Materials Co to set up a single entity accumulating total assets worth around $ 3.54 billion.

ADQ, which was founded in 2018, has rapidly grown since its incorporation, it now sits within the world’s top 20 sovereign wealth funds and places itself as the UAE capital’s third largest behind Abu Dhabi Investment Authority and Mubadala Investment Co.

Arkan will issue a convertible instrument to ADQ controlled Senaat. Arkan holding will account for total value of approx. 1.4 billion dirhams, and Senaat will own approx. 87.5% of the group, post completion.

According to Senaat, this will be the first time that investors are able to access a steel manufacturer on the UAE public market.

For the full article click here 

Sheikh Mohammed bin Rashid Al Maktoum has initiated a new law which focuses on the expansion of Dubai International Financial Centre (DIFC) - according to Emirates News Agency WAM. The objective behind this new law is to strategically place DIFC as the principal place of business for companies in the UAE, with an aim to promote Dubai as a global hub for financial services.

Dubai wants DIFC to incentivise companies to move HQ to Dubai and wants financial services to contribute more to the overall economy.

This follows a similar move by Saudi Arabia earlier this year to encourage global firms to set up their regional headquarters in the Kingdom.

For the full article click here

The Federal Authority for the Government of Human Resources has announced the public holidays which will be from the 29^th day of Ramadan to the 3^rd day of Shawwal.

Although this relies on the moon sighting, the 29^th day of Ramadan is in line with Tuesday 11^th. As result of this, employees are to expect a long weekend from Tuesday for the public sector. This will also be the case for the private sector, as both the public and private now have a unified calendar of holidays in the UAE.

For the full article click here 

According to the global research firm IHS Markit, a recent study found that the employment rates within the UAE private sector has consecutively fallen for the third month in a row.

Although April proved to show a rise in economic activity, applicants who are looking for a new position or a change in career path struggled with overall employment numbers within the UAE private sector down over the month.

David Owen, an Economist from the research firm, suggests that we should see increase in job openings as the market demands it. The expected growth is a result of the increased pressure from new export orders and domestic based sales which have risen recently.

For the full article click here

Murban crude price is based on the trading exchange in the Middle Eastern petrostate. The Abu Dhabi Government owned Oil Co (ADNOC) it is now selling Murban Crude at $63.35 per barrel.

According to officials, the actual selling price is based on the futures trading on the ICE Abu Dhabi exchange which is owned by ADNOC and Atlanta-based Intercontinental Exchange.

The market is now waiting for Kingdom of Saudi Arabia to issue its official crude pricing this week - KSA is the top oil producer in OPEC.

For the full article click here

New updates from the Abu Dhabi government - travellers who are flying into Abu Dhabi from countries which are not on the “green list” are no longer required to quarantine for 10 days. Instead, travellers must quarantine for 5 days only. It is still mandatory to take a PCR test upon arrival to the Emirate.

Travellers who are on the green list are no longer required to undergo quarantine upon arrival in Abu Dhabi.

For the full article click here

According to the Minister of Economy, Abdulla Bin Touq, the UAE plans to double the size of its economy over the next 10 years.

A recent study, carried out by the Central bank of the UAE, showed that the UAE economy is expected to grow by 2.5 per cent in 2021 overall, and by 3.6 per cent in its non-oil economic sectors.

With huge planned expansion in oil production, the UAE is aiming to be able to produce up to 5 million barrels per day, which is a massive increase from its current production rate at 2.8 million barrels per day in 2020. Such an increase will play a significant role in contributing towards the UAE’s GDP over the next 10 years.

For the full article click here

Company Formation Agents, Precious Metal Dealers, Estate Agents and other professions should be registered with the relevant anti-money laundering system before April 30^th 2021 to ensure they do not breach the UAE’s anti-money laundering (AML) regulations.

The Ministry of Economy (MOE) inspections have commenced, focusing on Non-Financial businesses and professions. The objective is to ensure that businesses are following the rules and regulations which have been set out to mitigate money laundering and other cross border financial crimes.

Businesses which are not following AML monitoring requirements can face fines from Dh50,000 to Dh5 million which will begin from May 1^st according to officials.

For the full article click here

The United Kingdom and the UAE are set to finalise a multibillion pound investment deal which focuses on clean energy and infrastructure.

The UK recently set a new agency (Britain’s Office for Investments) for the purpose of promoting investments into the UK from overseas. The office anticipates more clarity on the size and scope of potential deals will announced within the second half of the year.

The deals follow from the UK and UAE agreement for £1bn worth of joint investments in Britain’s life sciences industry under the Sovereign Investment Partnership signed in March. Abu Dhabi's Mubadala Investment Company will pump £800 million into the industry over the next five years while £200m will come from the UK’s Life Sciences Investment Programme unveiled last year.

For the full article click here