With the 75-year concession agreements for Abu Dhabi’s onshore oil production set to expire in 2014, executives at oil and gas companies throughout the world will stay keenly attuned to the re-tendering process. Predicting the outcome will not be easy as the new tenders come at a time of unprecedented change in the global energy market. State-owned...
A surge in planned spending on energy projects in Gulf nations has characterised 2012, and Abu Dhabi has been no exception to the trend. While precise estimates vary, there is a consensus among industry observers that the value of the engineering, procurement and construction (EPC) contracts in the emirate’s oil and gas sector is set to see a huge...
Local insurers have weathered a turbulent two years, during which they have been compelled to make the transition from an era of rapid economic expansion to one of more muted growth. Their performance over 2011 suggests that their efforts to date have been successful: bottom-line expansion has been achieved with modest top-line gains, and the sector...
THE COMPANY: Established in 1982, Union National Bank (UNB) has become a leading commercial bank in the country. To date, UNB has 55 branches across the UAE providing basic services, such as deposits, loans and credit cards, as well as more complicated ones including wealth management and investment...
In December 2011 the UAE Cabinet approved a new draft Commercial Companies Law that will replace the companies law that has been in place since 1984. Under development for several years, the new law as specified by the draft could spur investment in Abu Dhabi by making it easier to operate in the UAE and improving corporate governance. However, when...
Formulating market regulation in the UAE is a symbiotic process, in which the Securities and Commodities Authority (SCA) works closely with the Abu Dhabi Securities Exchange (ADX) and its counterpart in Dubai. A long history of cooperation has enabled the regulatory framework to keep pace with the demands of the nation’s evolving capital markets – a...
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