UAE shakes up share ownership rules

DUBAI (Reuters) - The United Arab Emirates' market regulator unveiled a major overhaul of stock ownership rules in the Gulf Arab state, in a bid to force more disclosure in takeover deals and boost transparency. The new regulations by the Securities and Commodities Authority (SCA) requires buyers to inform the stock market if they intend to buy 30 percent or more of a listed company in the UAE. It was not clear when the guidelines would come into effect. The regulator can reject proposed transactions if it deems them to be against the interests of shareholders or the economy. ...

DUBAI (Reuters) - The United Arab Emirates' market regulator unveiled a major overhaul of stock ownership rules in the Gulf Arab state, in a bid to force more disclosure in takeover deals and boost transparency.

The United Arab Emirates' market regulator unveiled a major overhaul of stock ownership rules in the Gulf Arab state, in a bid to force more disclosure in takeover deals and boost transparency. The new ...

DUBAI (Reuters) - Compagnie des Bauxites de Guinee (CBG) signed a long-term supply agreement with the United Arab Emirates for bauxite, the main raw material in aluminium, the Gulf country's state news agency reported. The Emirates News Agency did not report the duration or value of the contract, which was concluded between CBG and the Emirates' investment fund Mubadala Development Co. But Guinean Mines Minister Mohamed Lamine Fofana was quoted as saying at a signing ceremony in Abu Dhabi that the deal would add $500 million to Guinea's gross domestic product. ...

DUBAI (Reuters) - About 30 billion dirhams ($8.2 billion) of funds have flowed into the United Arab Emirates over the past two years from countries hit by the Arab Spring uprisings, the UAE's prime minister said on Monday. "We received 30 billion dirhams from the Arab Spring...plus/minus," Sheikh Mohammed bin Rashid al-Maktoum, who is also Dubai's ruler, said in answer to a question by a member of the public at an open forum of government officials. ...

The United Arab Emirates has eased its tough rules for foreign workers who want to change employer, loosening the controversial "sponsor" system in force in the Arab states of the Gulf."An employee with an expired contract can obtain a new work permit and shift to another employer" without having to wait six months and have his sponsor's consent, the labour ministry said.The new regulation takes effect in January and will "replace the current formalities of transfer of sponsorship for expatriate workers," it said in a statement carried by the Emirati state news agency WAM.

US Secretary of State Hillary Clinton left for a tour of Gulf Arab allies in a bid to tighten sanctions against Iran and win greater support for Iraq's new government, officials said.In her five-day trip to the United Arab Emirates (UAE), Oman and Qatar, Clinton will also urge the region's governments, civil society and business community to cooperate more to advance democratic, economic and social reforms, they said.It is her second trip to the energy-rich Gulf in around a month, following her visit to Bahrain in early December.