How Dubai fireworks on New Year’s eve entered record books

Dubai, Apr 26: The Central Bank of the UAE (CBUAE) has instructed financial institutions in the country to search and freeze all bank accounts of Indian billionaire BR Shetty and his family along with those of companies where he has a stake.

The apex bank has also blacklisted several firms associated with Shetty along with their entire senior management.

In an advisory issued last week, CBUAE cited decisions of the Federal Attorney General and asked financial institutions to search and freeze any bank accounts, deposits or investments in the name of Shetty or his family members.

Financial institutions have been directed to stop transfers from these accounts and deny access to deposit boxes.

Currently in India and facing a string of charges, Shetty is the founder of NMC Health.

The heathcare provider was placed into administration by a UK court recently following an application by the Abu Dhabi Commercial Bank (ADCB) which alone has an exposure of $981 million (Dh3.6 billion).

Overall, UAE banks have a combined exposure of more than Dh8bn to NMC which owes money to Oman-based banks and financial institutions as well.

Probing credit facilities
The Central Bank has sought information about credit facilites extended to the Shettys along with details of their safe deposit boxes and the financial transfers they have made till date.

A similar advisory has been issued for NMC Healthcare and NMC Holding, based on the decision of the Head of Plenary Fund Prosecution.

The Central Bank has also blacklisted several companies associated with Shetty. Key staff members of these firms have been similarly blacklisted.

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.

Riyadh, Jul 20: Saudi Arabia's King Salman has been admitted to a hospital in the capital, Riyadh, for medical tests due to inflammation of the gallbladder, the kingdom's Royal Court said Monday in a statement carried by the official Saudi Press Agency.

The statement said the 84-year-old monarch is being tested at the King Faisal Specialist Hospital. The brief statement did not provide further details.

King Salman has been in power since January 2015. He is considered the last Saudi monarch of his generation of brothers who have held power since the death of their father and founder of Saudi Arabia, King Abdulaziz.

King Salman has empowered his 34-year-old son, Crown Prince Mohammed bin Salman, as his successor. The crown prince's assertive and bold style of leadership, as well as his consolidation of power and sidelining of potential rivals, has been controversial.

With the support of his father, Prince Mohammed has transformed the kingdom in recent years, opening it up to tourists and eroding decades of ultraconservative restrictions on entertainment and women's rights as he tries to diversify the Saudi economy away from reliance on oil exports.

The prince has also detained dozens of activists and critics, overseen a devastating war in Yemen, and rounded up top members of the royal family in his quest for power.

The Saudi king has not been seen in public in recent months due to social distancing guidelines and concerns over the spread of the coronavirus inside the kingdom, which has one of the largest outbreaks in the Middle East.

He has been shown, however, in state-run media images attending virtual meetings with his Cabinet and held calls with world leaders.

King Salman, who oversees Islam's holiest sites in Makkah and Medinah, was a crown prince under King Abdullah and served as defense minister. For more than 50 years prior to that, he was governor of Riyadh, overseeing its evolution from a barren city to a teeming capital.