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ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAE prosecutors launch probe into Union Properties

The allegations arose of the company selling property at less than its real value.
By TRENDS Desk
October 24, 2021 2:53 pm
  • The prosecutors will also investigate accusations that the firm hid the name of the beneficiary of the sale
  • The firm, Union Properties, known for building Dubai Motor City, has not reacted to the start of the investigation

The UAE prosecutors have begun an investigation into Union Properties, the Dubai-based real estate developer, after allegations arose of the company selling property at less than its real value.

The prosecutors will also investigate accusations that the firm hid the name of the beneficiary of the sale, and also forged documents and other transgressions.

The firm, Union Properties, known for building Dubai Motor City, has not reacted to the start of the investigation.

Filings on Sunday to the Dubai Financial Market showed shareholders wanted a vote later this week to possibly remove its board of directors. Separately, the company said one of its subsidiaries was involved in a lawsuit seeking nearly $1 billion, without elaborating.

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