04/27/2020
UAE is partially lifting its coronavirus lockdown measures
From 24 April, residents will be allowed to leave their homes between the hours of 6am and 10pm without a permi
Legal, Tax, Regulation & Compliance
04/27/2020
Egypt lender buys Mayfair Bank stake for Sh3.7bn
The approval by the CBK will pave the way for commencement of operations as Mayfair CIB Bank Limited.
04/27/2020
StanChart Bad Loan Momentum Continues
Loan loss provisions will continue dominating headlines for bank earnings in the first quarter and Standard Chartered is not alone in facing balance sheet headwinds.
04/24/2020
DMCC hosts virtual briefing with UAE Ambassador to China
DMCC's Executive Chairman and Chief Executive Officer connects with UAE Ambassador in China via virtual conference
04/24/2020
UN, European Union warn Israel against West Bank annexation
UN's Middle East envoy says move would be 'devastating', while EU says it 'does not recognise Israeli sovereignty over occupied West Bank'
04/24/2020
Coronavirus: Saudi Arabia forced to boost borrowing as oil glut slams virus-hit economy
Finance minister says kingdom will also draw down up to $32bn from its reserves to finance deficit caused by twin crises
04/24/2020
Contact Finance obtains first consumer credit licence from Egypt's FRA
Contact Finance is now also subject to the decisions made by the FRA’s Board of Directors.
04/24/2020
DFSA fines La Tresorerie Dh2.25m for illegal cash services, regulatory failings
Firm’s activities increased risks of money laundering and endangered client
04/24/2020
Saudi Arabia gives three-month loan repayment delay for citizens - central bank
The measure is part of a government economic package to help businesses and workers cope with the fallout of the COVID-19 outbreak.
04/24/2020
Saudi Response to Fiscal Shock Centers on Record Debt Plan
The government is looking at additional spending cuts and may issue as much as an extra 100 billion riyals of debt on top of 120 billion riyals already announced.
04/23/2020
IMF urges Lebanon to enact crisis plan that rebuilds confidence
A draft government rescue plan floated this month said that Lebanon would need $10 billion to $15 billion in foreign aid and that IMF funding could play a role.
04/23/2020
Egypt raises bank withdrawal cap during Ramadan
In late March, the Central Bank of Egypt imposed caps on individuals’ daily ATM cash withdrawals.
04/23/2020
Omani banks to freeze personal loans repayment for three months - state news agency
The decision will take effect in May
04/23/2020
Dubai regulator fines firm $600,000 for illegal activities
The DFSA has taken this action to penalise La Tresorerie, deter others and protect clients.
04/23/2020
Saudi Arabia and Qatar’s proxy war spills into Premier League
BeIN Media Group is seeking to block Saudi takeover of Newcastle over piracy issues
04/23/2020
German companies optimistic about investment in Saudi Arabia
The German-Saudi Arabian Liaison Office for Economic Affairs has digitized many of its offerings and is conducting digital meetings between the Saudi-German business community and institutions.
04/23/2020
Turkish government targets private banks during pandemic
The government is forcing private banks to follow its policies by labelling them traitors, opportunists and racketeers while declaring the public banks at its command to be patriots and saviours.
04/22/2020
Fed policy lays the foundation for gold
With COVID-19 infections and their associated lockdowns ravaging demand across sectors of the US economy
04/22/2020
UAE announces $5,500 fine for coronavirus fake news
UAE will fine people if they share medical information about the coronavirus that contradicts official statements.
04/22/2020
Expired Emirates IDs will be valid for banking transactions in the UAE
The country’s central bank also instructed all banks to consider entry permits issued to expats in the UAE from March 1 – December 31, 2020 to be valid