10/06/2020
MSMEDA, Banque Misr sign EGP 500m worth microfinance contract
It will support the Central Bank of Egypt and Egyptian Federation for Microfinance initiative to expand the provision of funding to NGOs and micro companies.
Legal, Tax, Regulation & Compliance
10/06/2020
Regulator orders IFS Qatar to close to new business
It comes a little over a year after the firm was hit with a $100,000 fine
10/06/2020
Dubai Department of Finance partners with UAE Central Bank to facilitate fee payments
The new partnership will ultimately advance the UAE's digital transformation strategy for public services
10/06/2020
Saudi Arabia introduces Arab world's first plastic banknote
A five riyal polymer note comes into circulation from Monday
10/06/2020
Dubai Buyout Firm Al Masah Liquidated After Its Founder Banned
The voluntary liquidation was filed after an extraordinary general meeting called by two of Al Masah’s shareholders.
10/06/2020
Abu Dhabi’s ADQ plans to set up digital bank in the UAE
First Abu Dhabi Bank will have a 10% stake in the digital bank
10/06/2020
Tezos Blockchain receives Shariah Certification
The Tezos blockchain has been utilized by numerous issuers of digital securities but mostly on the conventional side of the financial market.
10/05/2020
SHUAA launches three Sharia-compliant funds in ADGM and secures USD 75 million of commitments
SHUAA launches three open-ended Sharia-compliant funds targeting qualified institutional investors through its wholly owned subsidiary, SHUAA GMC Limited
10/05/2020
Kuwait Central Bank denies plan to devalue, stands by peg
Kuwait is the only country in the six-member Gulf Cooperation Council that links its currency to a basket dominated by the US dollar, while the others are linked solely to the greenback
10/05/2020
DFM and Nasdaq Dubai ring the bell to promote financial literacy and investor awareness
The two exchanges organize two webinars for investors and brokers about equity futures
10/02/2020
ADDED signs cooperation agreement with ADQ
Agreement to establish framework for enhancing the Abu Dhabi Local Content Program
10/02/2020
Saudi Arabia imposes new tax on property deals, exempts them from VAT
The royal order said the government would bear the cost of the new Real Estate Transaction Tax “for up to 1 million riyals ($266,616)” for Saudi citizens purchasing their first home.
10/02/2020
World Bank Ranks Bahrain and UAE Top Arab Nations for Human Capital
Bahrain scored 0.65 points, up more than 8 percent from its 0.60 ranking based on the same factors 2010 – four times the global average.
10/02/2020
Multilateral Convention to tackle tax evasion and avoidance continues expand reach in developing countries
It guarantees extensive safeguards for the protection of taxpayers' rights.
10/02/2020
UAE companies required to keep beneficial ownership register
In addition to the registers of beneficiaries and shareholders, companies will also have to keep a register of nominee directors acting in accordance with the guidelines or instructions issued by another person.
10/02/2020
UAE clarifies scope and application of economic substance regulations
The new regulations will apply retrospectively to applicable entities whose financial years began on or after 1 January 2019.
10/01/2020
UAE companies required to keep beneficial ownership register
Companies which come under the remit of the regulation have until 27 October 2020 to set up a register of their ‘real beneficiaries’ as well as shareholders.
09/30/2020
UAE Central Bank: 6 to 12 months time deposits attract 22.8...
The first quarter of this year recorded activity on time deposits from 6 to 12 months
09/29/2020
Managing the evolving compliance landscape facing multinationals
We take a closer look at the findings of the Global Business Complexity Index 2020
09/28/2020
DIFC Data Protection Law – consent management
Consent management is the process of obtaining and managing consent from data subjects in order to collect and process their personal data.