The newly established Bankruptcy Court marks a pivotal shift toward faster, more transparent resolution of financial distress cases, according to legal and economic experts, the Khaleej Times reported. Established by the Ministry of Justice and headquartered at the Abu Dhabi Federal Court of First Instance, the Bankruptcy Court will streamline complex procedures and reduce delays, according to Asma Siddiqui, a senior associate at BSA LAW.
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Abu Dhabi and the UAE federal government will issue more than $8 billion of local currency debt this year to support the establishment of a domestic yield curve, a new report suggests, EconomyMiddleEast.com reported. S&P Global Ratings anticipated anticipated that Abu Dhabi is preparing to issue local currency debt as part of an ongoing initiative to develop the UAE domestic debt capital markets.
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Dubai is weighing significant changes to its rules governing money managers to further burnish the city’s credentials as an emerging hub for hedge funds, Bloomberg News reported. The Dubai Financial Services Authority is undergoing a sweeping review of its slate of regulations with the goal of removing unnecessary regulatory burden and lowering barriers to entry, according to a spokesperson for the agency. The DFSA regulates the Dubai International Financial Centre, a hub for many fund managers. Already, the agency has proposed cutting minimum capital thresholds for some money managers.
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The question of who owns the European unit of Sam Bankman-Fried’s former crypto enterprise appeared to be settled: Dubai-based Backpack Exchange said that it had purchased FTX EU after months of wrangling, Bloomberg News reported. Backpack, a crypto trading platform founded by one-time employees of Bankman-Fried’s FTX and Alameda Research businesses, said the $32.7 million acquisition would expand its derivatives offerings in the region. But according to the US-based FTX estate, the ownership situation is less clear.
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