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Mergers of Banks in Abu Dhabi may help UAE economy

Bank Mergers in UAE Market

Banks in Abu Dhabi are set to merge later in this quarter which is set to impact UAE in several ways. ADCB (Abu Dhabi Commercial Bank) and UNB (Union National Bank) are set to merge. The combined company is then to acquire Al Hilal bank which is still set to act as a separate Islamic bank entity in this new group. It is expected for the final merged and acquired company to remain under the name of ADCB. This is the most recent merge of banks after the merger of National Bank of Abu Dhabi and First Gulf Bank last year. In addition to this, there has also been recent news about a potential merger of some local banks in Sharjah.

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China-UAE Trade Agreements

China-UAE Trade Agreements

The Chinese President Xi Jinping’s recent visit to UAE is set to make gradual, yet large economic change in UAE. Both countries spoke about boosting different industries and have made 13 strategic agreements. These agreements include construction of embassies and cultural centers, advancing energy cooperation, e-commerce ties, numerous investments, and the infamous Belt and Road Initiative all of which the UAE government strongly supports, and would bring an inflow of income into the UAE.

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US GAAP

US GAAP

US GAAP:
Generally Accepted Accounting Principles, also called GAAP or US GAAP, are the set of accounting standards or principles adopted by the U.S. Securities and Exchange Commission.

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Onshore / Commercial Company (1)

Onshore/ Commercial Company:

Mainland companies are regulated by the UAE legal structure and government policies and are located within the limitation of commercialized geographical areas falling under the jurisdiction of the Emirates government.

The main feature of an onshore company registered outside FTZ is partial ownership of a foreign entity, at least 51 % shall belong to a citizen of the United Arab Emirates. And as a rule, an additional agreement is signed with him that actually he does not own shares of such company, except in the following cases:

  • Activities with 100% GCC ownership Businesses located in the Free Zones
  • Instances where GCC companies (wholly owned) enter into a partnership with UAE national
  • Where the law requires 100% local ownership.

Commercial companies and Establishments (Onshore) can be of following types:

  1. Individual Establishment (UAE national or GCC national)
  2. Civil Companies
  3. General Partnership
  4. Limited Partnership
  5. Private Shareholding Company
  6. Public Shareholding Company
  7. Joint Venture Companies
  8. Partnership Limited with Shares
  9. Limited Liability Companies (LLC)
  10. Foreign Companies (Branch / Representative office)
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