DUBAI: The Dubai Banking Group (DBG) will take a 32 percent equity stake in investment bank Shuaa Capital by converting 1.5 billion dirhams ($408.4 million) of bonds into shares, according to media reports yesterday. The decision to convert the bonds on Oct. 31 comes one week after Shuaa was fined around $1 million and sanctioned by regulators for manipulating share prices through irregular trades.
Dubai commits $19.60bn for power
DUBAI: Dubai has committed 72 billion dirhams ($19.60 billion) to finance utility projects either implemented this year or under construction, state news agency WAM said yesterday. Dubai has grown rapidly as a popular location for international companies increasing operations in the Gulf to participate in the region’s economic boom.
