10/03/2023
Central banks of UAE and Egypt agree currency swap
Khaled Mohammed Balamma, governor of the Central Bank of the United Arab Emirates, and Hassan Abdullah, his Egyptian counterpart, signed the agreement.
Legal, Tax, Regulation & Compliance
10/03/2023
DIFC announces consultation on new Digital Assets Law
New Law of Security and Related Amendments to Select Legislation
10/02/2023
Alipay+ Launches in Saudi Arabia to Better Connect Local Businesses to Asian Tourists
Alipay+ is now available in over 50 markets outside China across Asia, Europe, as well as the Middle East.
09/29/2023
UAE and Egypt central banks enter into currency swap agreement
Egypt has been suffering from a hard currency crunch with the Egyptian pound falling by about half against the dollar since March 2022 after the Ukraine crisis exposed its economy’s vulnerabilities.
09/28/2023
UAE: 5.73 million subscribe to unemployment insurance scheme
Ministry urges those eligible to register immediately to avoid fine
09/27/2023
Kuwait Finance House sheds light on customers rights, regulations of dealing with banks
Kuwait Finance House “KFH” continues efforts to support “Diraya” financial and banking awareness campaign
09/26/2023
The Tax Benefits of using a UAE Free Zone Company as a Holding Company
The ItalianCo is considering transferring its ownership in MoroccanCo to a wholly-owned holding entity located in the United Arab Emirates (“UAE HoldCo”).
09/26/2023
Banking Transparency Under the Spotlight: Kuwait Central Bank issues guidelines
In this regard, the Central Bank of Kuwait stated that banks must fulfill due diligence requirements to verify the integrity of the funds and information available to them
09/25/2023
CBB issues the first Investment Business Category 4 license to BAGS Capital
Caters for the business models of specialist fund managers who operate, manage, and market CIUs exclusively for accredited investors
09/22/2023
Federal Tax Authority collaborates with Umm Al Quwain Chamber to promote tax culture among business sectors
The collaboration forms part of the strategic plan to raise awareness about tax legislation and highlight compliance requirements.
09/22/2023
Saudi Arabia’s climate envoy meets ministers, officials at UN General Assembly
Discussions were held on how to deal with the effects of climate change
09/20/2023
Minister of Finance meets with Governor of Swiss National Bank
During the meeting, they discussed a variety of topics essential to the shared interests of both parties
09/19/2023
Bahrain Central Bank issues new investment licenses to expand scope for family offices
Central Bank of Bahrain brings in new category for investment firms
09/19/2023
KBBO Group restructuring receives creditor and court approval
Deloitte is acting as trustee of the group and is overseeing the restructuring process.
09/18/2023
Saudi's SAMA licenses two insurance aggregation companies
With Al-Tizam and Altheqa, there will be five authorized insurance aggregation companies operating in Saudi Arabia
09/18/2023
Banks operating in Egypt record EGP 126.9bn of net profits in 1H 2023
The banks operating in the Egyptian market achieved a net profit of approximately EGP 126.910bn by the end of the first half of the current year (1H 2023).
09/15/2023
Alvarez & Marsal joins Middle East's tax advisory landscape
The Middle East’s tax landscape is continuing to evolve at unprecedented pace, with both the reform of existing tax regimes and introduction of new taxes.
09/14/2023
Credit card fraud costs global economy $32bn, says AMF
The increase in losses is forcing banks to leverage cutting-edge technologies to detect and analyse fraudulent transactions
09/12/2023
New Family Business Law - Bolstering Family Businesses in the UAE
The New Family Business Law is in effect now and applies in all Emirates and free zones of the UAE.
09/11/2023
Employers offered alternative end of service benefits scheme in the UAE
Employers can opt to invest and save their employees’ end of service gratuities through these funds on their behalf, according to various investment options.