(Uncensored) Middle East Monetary Musings
Babylon
Joined August 2016
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The Mashreq Bank way:
2018 - $40M money laundering probe settlement
reuters.com/article/us-mashr…
2021 - $100M sanctions probe settlement
reuters.com/legal/government…
Rather incredible that the CEO of Mashreq, Abdulaziz AlGhurair is also Chairman of the UAE Banking Federation.
Several companies we've discussed in past years are in the news. The latest is Union Properties abcnews.go.com/International…
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We wrote about Union Properties back in 2019, flagging its questionable business activities. beizat.net/storm-clouds-over…
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The end of Marka Holding finally arrived this month.
gulfnews.com/business/retail…
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#EmiratesREIT... please explain WHY and perhaps WHO would buy at a price DOUBLE that of DIFC rates?
"Sajwani confirmed he was quitting the chairman’s role, given the likely conflict of interest involved in his investment company buying up the 27 per cent stake held by outsiders in Damac".
... but Arjomand, the new Chairman, is Sajwani's best buddy
gulfnews.com/business/proper…
More bad news for Emirates REIT 🤡
bloomberg.com/news/articles/…
Lots of chatter about @EmiratesREIT1 getting slapped with a near-default notice from Fitch this morning. We first highlighted how obscene this REIT was back in 2016 folks!
2016 beizat.net/emirates-reit-the…
2016 beizat.net/update-emirates-r…
2017 beizat.net/is-emiratesreits-…
#EmiratesREIT
We are alive!
We have terminated our IT manager with immediate effect for general sloppiness and failing to renew our domain name then subsequently losing it. Ideas for alternative/similar domain names welcome.... anyone?
Marking the quiet demise of @baizatdotnet, and its accompanying blog, baizat.net. A mixture of rumour, intrigue, insightful opinions, and all the right questions on happenings in corporate MENA
A case where we need much more, rather than less
Meanwhile
geo.tv/latest/299328-arif-na…
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Abbar PR in overdrive this week. Lots of fluff on removing titles, "saving" the F&B delivery industry.. Unless they have super powers to change the unit economics for the entire industry, this just sounds like a price-war is about to unfold.
Noon Food to 'dramatically alter the playing field for F&B deliveries', says Mohamed Alabbar
arabianbusiness.com/retail/4…
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We flagged Union Properties as being in a weak position and faced either default or a debt restructuring exactly a year ago.
thenational.ae/business/unio…
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Genius. Now when customers or subcontractors get angry and ask to speak to the boss, there is nobody to pass them onto.
Mohamed Alabbar removes all job titles from Emaar staff
arabianbusiness.com/jobs/449…
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Check out this unscrupulous behavior, followed by a DFSA fine of USD 3M back in September last year. Who on earth would give these guys money?
dfsa.ae/getattachment/6c8bde…
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A post from November 2017 in which we questioned the sustainability of the Emirates REIT dividend
baizat.net/is-emiratesreits-…