01/12/2023
UAE Central Bank issues new guidelines to combat money laundering
New directives require licenced financial institutions to use digital identification systems for customer due diligence
Legal, Tax, Regulation & Compliance
01/10/2023
EY launches law practice in Saudi Arabia
The appointment - which follows a number of senior hires into EY’s Mena legal practice in 2022 – reflects the firm’s commitment to building a comprehensive one-stop-shop of multidisciplinary professional services in Saudi Arabia and the
01/10/2023
Gross bank assets rose to Dhs3.58tn by end of Oct 2022, reveals Central Bank of UAE
The central bank attributed the increase in domestic credit to the increase in credit granted to the public and private sectors
01/10/2023
Kuwait selects Google Cloud for nationwide digital transformation
The strategic alliance will support digitising government services, migrate national data securely to the cloud and set up a national digital skills
01/06/2023
Egyptian pound sees largest single-day fall since IMF deal
In an attempt to rein in inflation, the National Bank of Egypt and Banque Misr announced they were offering yield saving certificates with 25% interest rates.
01/05/2023
Bank ABC completes legal merger of key Egyptian subsidiaries
The legal merger triples Bank ABC Egypt’s market share and takes its total assets to EGP67 billion ($2.7 billion) on a combined basis.
01/04/2023
Egypt: Credit facilities for 100 largest bank clients increase to $24.32bln
In its recent financial stability report, the Central Bank stated that these facilities are concentrated in 17 sectors, with 6 sectors accounting for 74.6%
01/04/2023
UAE unemployment insurance scheme: Over 60,000 subscribers sign up in two days
According to MoHRE, 90 per cent of those who signed up chose to subscribe to the scheme annually
01/04/2023
Dubai regulator upholds $135mln fine against Abraaj founder
DFSA said Arif Navqi’s conduct was the cause of unprecedented harm to the community of Dubai International Financial Centre (DIFC)
12/30/2022
UAE unveils tax residency criteria
Legislation is a ‘logical step’ towards a global compliance framework
12/30/2022
CBE issues new rules for bank statements: Egypt
The new rules stipulate that banks should put in place policies and procedures to maintain the confidentiality of customer bank statements
12/30/2022
AMF & AGFUND sign MoU to promote economic development in Arab region
The MOU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation, which contributes to accelerating the economic growth
12/30/2022
Dubai’s Court of Appeal orders extradition of Sanjay Shah to Denmark
Dubai Police arrested the suspect earlier this year following an extradition request from Danish authorities
12/29/2022
SAMA to launch Basel III reforms implementation in January 2023
SAMA also updated the prudential framework for Saudi banks’ capital risks to align with these reforms as part of the Kingdom's commitment as a member of the G20.
12/29/2022
UAE Central Bank issues coins to celebrate Abu Dhabi's Zayed and Khalifa ports
Each piece weighs 60g and features the Abu Dhabi Ports Group logo
12/29/2022
The Arab Monetary Fund and the Arab Gulf Programme for Development sign MoU
To coordinate efforts to promote economic development and achieve sustainable development goals in the Arab region via expanding financial inclusion
12/29/2022
Doha’s central bank issues billions in Treasury Bills, Sukuk
Authorities also announced that a record number of bids were placed in the auction, amounting to a total of QR11.46 billion.
12/28/2022
Qatar Central Bank issues QR6bn Treasury Bills, Sukuk
The auction attracted a record amount of bids totaling QR11.46bn.
12/28/2022
Europe investigators to visit Lebanon in central bank chief probe
The visit aims to conduct investigations into financial affairs linked to Salameh, the official added, requesting anonymity as he was not authorised to speak to the media.
12/27/2022
Israel awards license to new digital bank
The Esh Bank Israel is the second addition to the country's banking system in 43 years. In August, One Zero, a digital bank that received its license three years ago, was officially launched and became fully operational.