A Review Of Gulf Finance Awards

Bahrain and Dubai are positioning themselves as Islamic finance hubs, and making use of generative AI would appear a pure progression that could have international implications for the two tech-centered economies.

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Gulf Company Awards 2024 honoured those who have demonstrated Remarkable Management, innovation, and achievement within their respective fields over the GCC.

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Via diversification, technological innovation, and also a motivation to sustainability, the GCC has not merely weathered the storm but has emerged to be a dynamic force in the worldwide financial landscape.

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131. Disputed Defence of Economic Hardship o r Pressure Majeure Beneath the Rules in the United Arab Emirates. Gulf Jet and Al Meeza assert that Gulf Jet wasn't in breach of its obligations for payment underneath the Leases as Individuals obligations turned impossible to perform by reason of your extreme financial crisis which happened in Dubai following the economic downturn commencing in September 2008. It is alleged that for good reasons over and above the Charge of Gulf Jet, it became not possible for Gulf Jet to function and exploit the use of the leased Cessna jets exclusively by motive of your financial disaster inside the Emirate of Dubai. Considering that no get pleasure from the Leases and also the aircraft might be acquired by Gulf Jet, for no fault of its very own, it can be asserted that "the Lessee In such cases is entitled to discontinue the Lease Even with any provision in the contract to the contrary. In these situation, no default may be attributed towards the Lessee" (see Solution of Gulf Jet at paragraph 3.four). In its place, beneath the Legislation on the Emirate of Dubai, it is asserted that a choose "will have the option to endorse the discontinuity of your lease or decrease the burden to an affordable extent." Gulf Jet also characterizes this defence since the" occurrence of the pressure majeure becoming the financial disaster" at paragraph 4.three of The solution Gulf Jet. This defence is more fully established out by Gulf Jet at click here paragraphs one.6, one.seven, 1.eight, 3.3, three.four and four.3 of its Remedy. Cessna forcefully resists this argument in Claimant's Memorial at paragraphs 63 to sixty six. 132. There are actually a lot of reasons why this argument of Gulf Jet simply cannot thrive and does not give rise to a sound defence for the breach on the Leases otherwise established by the Claimant. 133. Initially, Regardless of the significant reliance by Gulf Jet over a regulation from the United Arab Emirates or perhaps a legislation from the Emirate of Dubai, none was discovered for ideal assessment and thought to determine the applicability of this kind of wide thought of drive majeure towards the Leases In cases like this.

I attribute it Completely and totally to our group of personnel and the effort they make in earning our company prosperous and, of course, to our Chairman HH Sheikh Ahmed bin Saeed Al Maktoum, who was also honoured Together with the exact award in 2017.

The kingdom has welcomed western banking companies in particular, with Citibank becoming the most up-to-date agency to get a banking licence, signing up for JPMorgan Chase and HSBC. Intercontinental fiscal interest was reignited at first of 2018 when Saudi Arabia declared it would float 5 p.c of condition oil large Saudi Aramco. This was predicted being the most important IPO in background in advance of it absolutely was referred to as off in August, with the organization’s chairman, Khalid al-Falih, announcing in a statement: “The government stays dedicated to the IPO of Saudi Aramco at a time of its possess picking out when circumstances are optimum.

Submission is usually in published type or video and may respond to the criteria details for each category. Once entire submission can only be approved by way of the official submission type which you can now access. 

v. Claimant s course of action to the sale on the plane devoid of because of thought for your provisions of the Leases, specifically clause 14.b.

As Fintech proceeds to evolve and reshape the banking sector's economic landscape, executives deal with a number of difficulties in remaining present-day with these alterations.

Ian Fairservice, managing director and team editor-in-Main of Inspire Media Team, congratulated the regional small business Local community and marketplace captains on their good results and also the function They're playing in driving advancement.