DUBAI FIRM
India-based crypto exchange Coin DCX acquires Dubai's BitOasis
The firms did not disclose the transaction value, but BitOasis said in a separate statement that CoinDCX, which had already acquired a stake in the business last year, now owns the full share capital of the Dubai-based company.
India’s new finance hub in Gujarat eyes real-time dollar settlement by 2025
Real-time dollar settlement in India’s newest financial hub in Gujarat, GIFT City, is set to begin later this year. The service aims to attract foreign investors by streamlining transactions and reducing delays.
Why are India's richie rich choosing Dubai to migrate?
A report by Henley & Partners reveals that approximately 4,300 millionaires are expected to leave India this year, with many choosing the UAE as their destination. The UAE's appeal lies in its business opportunities, financial benefits, and high-quality lifestyle, attracting both wealthy individuals and professionals.
Julius Baer targets rich Indians in Dubai with UBS, JPMorgan hires
Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to strengthen its business serving wealthy Indians in Dubai.
Binance stops cash payment for P2P trades
Binance, the world's largest cryptocurrency exchange, has halted 'cash deals' for P2P trades in India, affecting traders who used the rupee 'cash option' to avoid tax regulations.
Here’s how this Gujarati chartered accountant bagged free stay for his kids & cut transport expenses in Dubai
Shah disclosed his accommodation at a hotel charging Rs 12,000 per day. The entrepreneur emphasized his preference for hotels where additional charges for his children were not incurred. "It's always a challenge with growing kids, but fortunately, I consistently find deals where the 'Free Kids' allowance aligns with my children's ages. Moreover, these hotels offer access to Kids Clubs with babysitting services and various activities for children," he wrote.
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Indian origin hotel investors increasing in overseas markets
Accor opened Raffles London at The OWO, London’s most expensive hotel owned by the Hinduja Group, expressing gratitude to the Hindujas for the partnership.
Delays in Schengen visa appointment prompt Indians to change course to Georgia, Japan
For the third consecutive year, delays in Schengen visa appointments have led Indian travelers preparing for their summer vacations to explore alternative destinations. Industry executives note a growing trend of Indian holidaymakers turning to countries like Georgia, Australia, and Japan, which offer simplified visa procedures. Particularly noteworthy is Georgia's e-visa system. According to Rajeev Kale, President of Holidays at Thomas Cook (India), demand for Georgia has skyrocketed by an impressive 600% year-on-year.
Indian businessman makes statement with Kerala-plated Range Rover at Burj Khalifa
An Indian businessman, Dileep Heilbronn, parked his Kerala-registered Range Rover outside the Burj Khalifa in Dubai, creating a viral sensation. Shared on Instagram, the video has attracted significant attention, amassing over 490,000 views. Heilbronn's journey from Kerala to Dubai, where he built a successful contracting business, adds an inspiring backdrop to this unique event.
Foreign equity investors turn to hedging on India election jitters
The last major poll had estimated that the ruling Bharatiya Janata Party (BJP) party would win 342 seats, comfortably above the 272 majority required to return to power.
Indian Hotels and CG Hospitality extend partnership to step up presence in experiential segment
Indian Hotel Co Ltd (IHCL) and CG Hospitality are planning to expand their presence in the experiential vacation segment, aiming to increase the number of hotels from 11 to 25 and the number of keys from 900 to 2500 by next year. They plan to invest approximately Rs2000 crore for this expansion. The initiative, called Ekyam, will focus on adventure experiences in destinations across the Indian Ocean and Greater Himalayan regions, as well as wildlife escapes. This move comes as Indian travelers seek more immersive and unique travel experiences.
Iran to change nuclear doctrine if existence threatened, adviser to Supreme Leader says
Iran's Supreme Leader adviser, Kamal Kharrazi, stated that while Iran has no intention to build nuclear weapons, its military doctrine may change if its existence is threatened by Israel. This raises concerns about Iran's nuclear intentions, despite Supreme Leader Ali Khamenei's past ban on such weapons. Kharrazi's comments come amid heightened tensions between Iran and Israel, with Tehran recently launching missiles and drones against Israel in retaliation for an attack on its embassy compound in Damascus.
SFIO chargesheet sparks summons on 2013 'fraud'
A court case unfolds a decade after the Winsome scam, involving Jatin Mehta's family, BLS, and fraudulent activities with UAE clients. The case includes criminal conspiracy, breach of trust, and corporate law violations.
Buying a home in Dubai? Do a FEMA reality check
Navigating property purchases in Dubai can be a regulatory maze for Indians due to foreign exchange laws. Deals offering easy payment plans with instalments over years may violate FEMA. Regulations permit remittance of $250,000 per individual annually for property purchases abroad. However, transactions involving 'instalments' create obligations in foreign exchange, potentially breaching FEMA rules.
World's longest infinity pool hangs in air between two towers. Know about it in detail
The world's longest ultra-lux infinity pool is not cheap, it can cost up to £10,000. However, tourists and Dubai residents can have access, but they will have to buy a pass for 1,000 dirhams or $272.
ED attaches Rs 24.41 crore assets of absconding Dubai-based VIPS Group owner Vinod Khute, others under PMLA
The investigation of the probe agency revealed that Vinod Khute, who is absconding and suspected to be currently living in Dubai, is the mastermind of various illegal trade, crypto exchange, wallet services, and forex trading through Dubai-based firm Kana Capital Limited.
Dubai’s ‘sustainable city’ was supposed to start a trend. It hasn’t yet
Seven years and 1.3 billion dirhams ($354 million) in construction costs later, only some parts of that claim have been realised.
Nasdaq stock falls as Borse Dubai set to sell shares in secondary offering
Borse Dubai had been the largest single shareholder in Nasdaq. It said it will reduce its ownership stake to 10.8% from 15.5%.
Australian regulator demands social media firms disclose anti-terrorism efforts
Australian regulator pressures social media platforms to combat terrorism content, hate speech, and handle fines, challenging platforms like Elon Musk's X over e-Safety violation.
Forex violation case: ED summons Niranjan Hiranandani, Dubai-based son on Monday
The agency has registered a case against the Hiranandanis and group entities under the Foreign Exchange Management Act (Fema), they said. On Thursday, the federal agency conducted searches at four sites linked to the realty firm in and around Mumbai, including Niranjan Hiranandani’s home as well as the registered and corporate offices of group entities.
Dubai’s Golden Visas are helping the city defy global office slump
Dubai's economy is thriving as it attracts expatriates, expands business licenses, and experiences high demand for commercial real estate. From crypto investors to rich Indians looking for second homes, as well as young job seekers, the city's reforms and flexible residency rules have made it a desirable destination for individuals and businesses, leading to population growth and increased investment.
HSBC partners with Google to hit $1 billion climate tech finance goal
Under terms of the partnership, HSBC will look to provide financing to companies cherry-picked by the U.S. technology giant to join its Google Cloud Ready-Sustainability programme. Members of the programme undergo a validation process, with Google assessing quality and efficacy of the technology in development as well as its traction among customers.
Spot the meta city lights
Resurrected residentials During Covid, many predicted the death of global cities because many residents retreated to suburbs and small towns to work remotely. But far from being eclipsed, global cities reinvented themselves with the rise of meta cities - a web of cities that operate as a distinct unit, but are attached to a significant, often global, economic hub.
World's purest ice in Dubai: Frozen 100,000 years ago, shipped from 9,000 miles away. Know in detail the mysterious ice.
This ice is sourced directly from the natural glaciers in the Arctic which have been in a frozen state for over 100,000 years. It is shipped to the capital to fill up a larger, refrigerated shipping container that then sails to Denmark. The ice is loaded onto another ship before traveling to Dubai.
Dubai’s red-hot property market is bracing for a slowdown
So far, the boom has been underpinned by an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians seeking second homes. The government’s handling of the pandemic and its liberal visa policies also attracted more foreign buyers.
Dubai’s shift in consumer behaviour fuels influencer marketing surge
Dubai's social media capital status fuels $1.3B influencer market growth.
More than 60 Indian firms to showcase leather products at Dubai event to boost exports
India is the second-largest exporter of leather garments, third-largest exporter of saddlery and harnesses and 4th largest exporter of leather goods in the world.
Indian fragrance firm to invest USD 5 mn in Dubai research unit
India-headquartered fragrance and flavour manufacturer Sacheerome is planning to invest over USD 5 million to set up a research unit in Dubai, the company said on Tuesday. With an eye on strengthening its business in the burgeoning UAE market, the company aims to drive 10X revenue growth over the next 36-60 months, Sacheerome said in a statement.
Gokaldas Exports inks deal to buy out Dubai-based garment firm Atraco
The equity value of the transaction is $55 million and the same will be funded by a mix of debt and internal accruals. The transaction will comprise acquisition of shares and assets and will be subject to customary regulatory approvals. The transaction is expected to be closed by the October-December quarter of this fiscal year.
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