Latest news with #Dh160
Filipino Times
2 days ago
- Business
- Filipino Times
Al Ain Court Orders Man to Repay Dh160,000 in Fake Investment Scheme
The Al Ain Civil, Commercial, and Administrative Cases Court has ruled against a man for duping another into a fraudulent investment, ordering him to repay Dh160,000 plus interest and legal costs. Court documents show the defendant convinced the plaintiff that he owned private companies and persuaded him to invest. Trusting the claims, the plaintiff handed over Dh150,000 in two instalments, supported by a signed receipt. However, the defendant failed to deliver on the investment, avoided communication, and later claimed the money had been lost. A court-appointed forensic accounting expert confirmed that the defendant acknowledged receiving the funds under an informal investment agreement but did not honour the partnership terms. The court ordered the defendant to repay the Dh150,000 principal, Dh20,000 in damages, and 12 per cent annual interest from the date of filing until full settlement, along with all court fees and expenses.
Gulf Insider
3 days ago
- Business
- Gulf Insider
Al Ain Court Orders Man To Pay Dh160,000 In Fake Investment Case
The Al Ain Civil, Commercial and Administrative Cases Court has ordered a man to pay Dh160,000 to another in connection with a fraudulent investment scheme. According to court documents, the plaintiff stated that the defendant convinced him he owned private companies and solicited funds to invest on his behalf. Believing the claims, the plaintiff handed over Dh150,000 in two instalments, documented by a signed receipt. Soon after, the defendant allegedly began avoiding communication and eventually stopped answering calls. A forensic accounting expert appointed by the court found that the defendant had proposed a partnership in trade and foodstuffs, acknowledged receiving the money, and entered into an informal investment agreement with the plaintiff. However, the defendant failed to honour the agreed terms, later claiming the capital had been lost and refusing to provide accurate partnership accounts. The court ruled in favour of the plaintiff, ordering repayment of the Dh150,000 principal along with Dh20,000 in damages. The judgment also included 12 per cent annual legal interest from the date of filing until full settlement, in addition to court fees and expenses.
Al Etihad
20-05-2025
- Business
- Al Etihad
UAE: MoIAT, Airbus partner to boost local aerospace capabilities
20 May 2025 16:49 ABU DHABI (WAM) The Ministry of Industry and Advanced Technology (MoIAT) has signed a strategic Memorandum of Understanding (MoU) with Airbus Africa and Middle East to advance the development of a domestic aerospace capability enhancement Suwaina Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology, and Gabriel Semelas, President of Airbus Africa and the Middle East, signed the agreement on the sidelines of Make it in the Emirates 2025, the UAE's flagship industrial MoU establishes a framework for long-term collaboration to support the UAE's national industrial objectives, including supplier development, skills transfer, and integrating local companies into Airbus's global value initiative aligns with the UAE's National Strategy for Industry and Advanced Technology, which seeks to position the country as a global hub for future under the theme 'Advanced Industries. Accelerated', Make it in the Emirates 2025 is set to be the largest edition yet, featuring more than 700 exhibitors and showcasing over 3,800 locally manufactured products across over 68,000 square meters of exhibition space. The event builds on more than Dh160 billion in offtake opportunities linked to over 4,800 products identified for local manufacture. Make it in the Emirates Continue full coverage
Khaleej Times
30-03-2025
- Business
- Khaleej Times
ALEC partners with Emirates Red Crescent, SmartLife, Charity Association in Riyadh for Ramadan campaign
As part of its community outreach during the holy month, ALEC donated dry food and hygiene care packages worth Dh160,000 to labourers and low-income families in UAE and Saudi Arabia. These items were distributed among beneficiaries through ALEC partners Emirates Red Cresent, SmartLife (NPO/NGO) and Charity Association in Riyadh. Over 1,800 ALEC employees, including some of ALEC's subcontractor and other partners across nine projects across UAE and Saudi Arabia as well as the company's head offices and factories donated these items. Furthermore, 64 ALEC employees volunteered to package the dry food and hygiene products into care hampers and then, alongside SmartLife volunteers, actively participated in distributing these at a labour camp in Dubai. ALEC matched this employee in-kind donation and donated Dh95,000 towards Emirates Red Crescent's Tarahum — for Gaza (UAE Relief Campaign to People Affected by War in Gaza) and King Salman Humanitarian Aid & Relief Center's The Public Relief Campaign for Palestine People in Gaza projects. Another Dh65,000 was donated to SmartLife (NPO/NGO)'s Smart Medic programme, focussed on providing critical treatments and surgeries, setting up tele medicine kiosks, and providing medicines, not covered by existing medical insurance, for labourers in the UAE. In addition to this employee donation matching initiative, ALEC also distributed 3,563 care packages to subcontracted labourers across 15 ALEC, ALEMCO, ALEC FITOUT, ALEC Energy, LINQ, ALEC DIC sites in UAE. 'At ALEC, we believe true success goes beyond financial performance — it's about the meaningful impact we make in the communities we serve. Our commitment to positive change is embedded in everything we do, from our operations to our values. This spirit is reflected across our entire team, and we're incredibly proud to match the generous contributions our employees have made to support these vital humanitarian efforts,' said Barry Lewis, CEO of ALEC. Drawing attention to the need for such corporate-led action, Abhijeet Oak, Vice President, at SmartLife (NPO/NGO) said, 'We are thankful to ALEC for its continued support and contributions as it enables SmartLife to implement some key year-round projects for the blue-collar community. This engagement serves as a role model for sustainable community work championed by the team at ALEC.' The gold bar and coin sector sees greater demand in China than anywhere else. This strong investment demand naturally propels the popularity of gold bars and coins, reaching 280 tonnes. China surpassed India in 2023 to become the world's top consumer of gold jewellery, with a demand of 630 tonnes, a 10 per cent year-on-year increase. India follows with jewellery demand totaling 562 tonnes in 2023. India also ranks among the top ten nations with the highest gold reserves, holding approximately 804 tonnes worth $50 billion. Mohammed Suhaib, Managing Director of Unique World Group, says, the new Gold Destination will help jewellery sales to accelerate further. 'As the population of Dubai and UAE increases rapidly – to cross 3.8 million in Dubai and 10.8 million in the UAE – we see the creation of a new Gold and Lifestyle Hub an important step in facilitating this industry to grow further,' Suhaib said. 'In addition to the population growth, a jump in annual tourist inflow – many of whom have gold and diamond in their shopping list – will require a new Gold and Lifestyle Hub that will help shoppers to hunt for new and trendy collection.' Unique World Group is a Dubai-based diversified business conglomerate with interests in Business Centre, Education and Real Estate sectors, and is currently embarking on a new more diversified growth trajectory. Unique World Group, established by Sulaiman TM, a non-resident Indian serial entrepreneur from Kerala state, has demonstrated leadership in all the areas that he had ventured in – in the UAE. Over the last 27 years, the group has grown from strength to strength with a vision to continuously grow and expand, leveraging the power of digitalisation and innovation. In more than a quarter of a century, the group helped thousands of new businesses with business advisory services, trade licenses, office facilities and a bouquet of business enabling services to help them establish in the UAE. The company actively seeks new opportunities and partnerships, aiming to improve, evolve, and establish itself as an industry leader in the Business Centre, Education, and Real Estate sectors. He and Muhammed Suhaib, the scion of the family, are now getting ready to embark on a new journey that will add greater value to Dubai's economy. Established in 1998, Unique World Group currently manages a portfolio of five business centres, educational institutions and a number of real estate assets in the UAE with a team of more than 100 professionals working day and night to expand the group's business into new economic sectors. Over the last 27 years, the Group has evolved from a small business into a formidable corporate entity, mirroring Dubai's remarkable economic success. Through its business, the group has impacted more than 500,000 businesses with a substantial number of satisfied clients.
Khaleej Times
04-03-2025
- Business
- Khaleej Times
Tilal Al Ghaf's crown jewel: WOW Properties hits sales milestone at Serenity Mansions
WOW Properties has made a significant impact on Dubai's luxury real estate scene again, closing an impressive Dh160 million in sales at Tilal Al Ghaf's Serenity Mansions within a single quarter. This record-breaking performance is a testament to the company's innovative marketing strategies, personalized client engagement, and deep market insights under the visionary leadership of Founder & CEO Atif Jangda. This remarkable milestone comes at a time when international investor interest in Dubai's ultra-luxury properties is surging, reinforcing the emirate's status as a global hub for premium real estate. Tilal Al Ghaf, known for its blend of modern architecture and first-class amenities, continues to attract discerning buyers seeking exclusivity and quality. At the heart of this success is a strategic approach that combines creative marketing with an intimate understanding of Dubai's dynamic property market. Atif Jangda explains, "Our achievement at Tilal Al Ghaf is not just about the numbers. It reflects our unwavering commitment to delivering an exceptional lifestyle experience to our clients. We pride ourselves on tailoring our services to meet the sophisticated demands of both local and international investors." Looking ahead, WOW Properties is poised to build on this momentum. The company is set to expand its portfolio across the region, invest in cutting-edge technology to enhance the customer experience, and forge strategic partnerships that will drive future growth. This forward-thinking vision promises to further shape the evolution of Dubai's luxury market, ensuring that WOW Properties remains at the forefront of the industry.
