04/18/2022
Some UAE banks ask for further temporary relaxations on key IFRS 9 compliances
Banks are concerned about higher provisioning burden from a full IFRS 9 compliance
Legal, Tax, Regulation & Compliance
04/18/2022
Risks for Saudi's banking sector to remain contained: S&P
The trend for economic risk is stable
04/14/2022
HAYVN receives approval from the Swiss Financial Market Supervisory Authority, FINMA
HAYVN will now be offering clients Asset Management, Trading and Custody services from its Swiss entity
04/14/2022
Hoxton Capital Management gains US Securities & Exchange Commission licence
It has further set up a branch as a state registered investment advisor in New Jersey.
04/13/2022
UAE’s DMCC records 665 new company registrations in Q1 2022
It the best first quarter since the inception of the freezone in Dubai 20 years ago
04/13/2022
Saudi competition authority approves 88% more mergers & acquisitions requests in Q1
General Authority for Competition received 101 application in 1Q 2021, +42 percent year-on-year
04/12/2022
Saudi EXIM Bank Approves Credit Worth $1.4 Bn to Boost Alternative Economy
The value of insurance applications amounted to SR3 billion during the same period, allocated to local companies, financial institutions, and banks.
04/11/2022
Dubai Ruler issues decree to subject public-interest entities to financial regulatory oversight
Public-interest entities will be required to maintain up-to-date financial and administrative records so that Dubai’s Community Development Authority can review them when needed
04/11/2022
Banks close “unused” bank accounts for 6 months
Emirates Today” published an investigation into customer complaints that thousands of dirhams had accumulated due to forgetting old bank accounts earlier
04/11/2022
Severe shortage of workers; 7,000 over 60s expat ‘craftsmen’ leave for good
The recent government decisions regarding a complete return to the manifestations of normal life to what it was before the emergence of the Covid- 19 pandemic revealed the severe shortage of expatriate workers, which the Kuwaiti labor market suffers from
04/11/2022
UAE’s Emirates ID replaces visa sticker in passport as proof of residency from today
Residents can also get a soft copy of Emirates ID, residence visa stickers for reference
04/08/2022
QIB completes legal procedures to raise foreign ownership limit up to 100%
The decision (to allow up to 100% FOL) is expected to enhance the country’s economic activity and attract overseas funds in efforts to diversify the economy
04/08/2022
IMF, Lebanon reach draft funding deal, subject to reforms
Legislative elections are scheduled for May 15, after which a new government will need to be formed
04/08/2022
UAE’s DFSA introduces ‘whistleblowing’ regulatory regime
DFSA’s regime aims to improve the whistleblowing culture among its regulated entities by increasing transparency around how they handle regulatory concerns
04/08/2022
QNB, QDB sign partnership agreement on 'Al-Dhameen' updated programme
It also includes a higher profit rate for all companies and does not require a percentage from entrepreneurs or investors.
04/08/2022
Egypt, World Bank hold talks over COP27
Fouad said that the conference will translate the decisions made at COP26 into operational steps
04/07/2022
Egypt to launch new phase of digital tax collection system by 1 July: Finance ministry
The system covers all tax types, including income taxes, freelance taxes, deductions and collection returns, value added taxes, and stamp taxes
04/07/2022
UAE’s economic growth on track for 4.2% GDP growth despite inflation rise: Central Bank
Inflationary pressures checkmated by rising dirham strength, says central bank’s update
04/07/2022
Kamco Invest shareholders approve distribution of 10 fils cash dividend
Al-Suwaidi: We fully endorse and support the sustainability strategy and the issuance of the first sustainability report for the year 2021
04/07/2022
PwC Middle East details six steps to develop sustainable Real Estate Markets in the region in a new report
To bridge the gap between high-performing Real Estate markets globally and those in the Middle East, PwC Middle East details six guiding principles for regulators in a new report titled Six Steps to Sustainability