09/02/2020
UAE makes it mandatory for hawala service providers to register
Hawala, or hundi, is an unofficial and informal channel to transfer money mainly used among South Asians.
Legal, Tax, Regulation & Compliance
09/02/2020
2 Saudi royals, others officials investigated for fraud
The kingdom is investigating four other officials as well, all on the orders of 84-year-old King Salman, the statement said.
09/02/2020
KPMG in Bahrain expands its tax and corporate services
Effective September 1, 2020, Mubeen Khadir joins KPMG in Bahrain as Tax Partner
09/02/2020
To enable trade relations, Israel must first remove UAE banks from its blacklist
The Israel Money Laundering and Terror Financing Prohibition Authority currently classify the UAE as a high-risk country due to money laundering and terror financing concerns
09/01/2020
Jordan signs 4 financing agreements with EU, Germany
The objective of the school construction programme financed by the European Union is to assist the government of Jordan in responding to the needs of children and youth impacted by the Syrian crisis.
09/01/2020
TMG, NBE, Banque Misr sign EGP 4bn strategic partnership
The strategic partnership with TMG will allow the Arab Company for Projects and Urban Development to develop projects spanning a total of over 341,000 sqm in both Rehab and Madinaty.
09/01/2020
Egypt signs $2bn conventional, Islamic facility to finance budget deficit
According to a Ministry of Finance statement, on Monday, the facility was closed by Emirates NBD Capital Limited, the investment-banking arm of Emirates NBD, and First Abu Dhabi Bank (FAB) as the transaction’s global coordinators, mandated lead arra
09/01/2020
UAE central bank boosts liquidity with $4.3bn cash injection
Certificates of deposit dropped to $53bn by the end of May, from $54bn in April
08/28/2020
Bahrain jails Future Bank officials; $47mln fines issued for money laundering
Bahrain's High Criminal Court handed down the sentences against three future bank officials, the Central Bank of Iran and other banks
08/28/2020
Lebanese central bank tells banks to provision for 45% loss on Eurobonds
It gave banks five years to make the provisions
08/28/2020
Controversy Erupts Over Stanley Fischer’s Candidacy for Israel's Bank Hapoalim Board
Government nominating committee approved candidacy of former Bank of Israel chief over objections by one member
08/27/2020
NMC Health faces advisory fees of $140m for bankruptcy
NMC’s court-appointed overseers are applying for bankruptcy proceedings through ADGM
08/27/2020
Turkish firms play intermediary role in Central Asian money laundering operation
Over a dozen businessmen told the RFE/RL and OCCRP investigation that trucks connected to the Abdukadyr family’s cargo empire were sped through border posts by Kyrgyz customs agents who otherwise obstructed competing companies.
08/27/2020
Nasdaq Dubai signs agreement to attract Chinese listings
In the case of shares, this will enable companies to join Nasdaq Dubai’s Private Market, which can be the start of a journey towards a capital market transaction.
08/27/2020
Israel’s Bank Leumi negotiating collaboration with Emirati bank, reveals Leumi exec
“We, at Leumi, believe there is a golden opportunity for collaborations here and we intend to be an active party,” said Shmulik Arbel
08/26/2020
KPMG moves to “world-class” office in Dubai’s Central Business District
The firm is also upgrading its Abu Dhabi office
08/26/2020
Federal Council adopts dispatches on new double taxation agreement with Bahrain and amendments to DTA with Kuwait
The new DTA with Bahrain in the area of taxes on income and capital improves matters for cross-border investments.
08/25/2020
CII bolsters Saudi Arabia adviser education programme
It is a ‘very significant development for the Middle East’s insurance and financial planning sectors’
08/25/2020
Ras Al Khaimah reduces license renewal fees, waives fines in new COVID-19 relief measures
Businesses affected by lockdown measures will see full benefits from move
08/25/2020
Bahrain raises debt ceiling to finance public spending - cabinet
The debt ceiling was also increased to pay for other expenditure and to cover debt instalments for the financial years 2020 through 2022