04/29/2022
Abu Dhabi and Dubai launch cryptoasset regulatory initiatives
VARA will have the ability to restrict or suspend licences and activities, as well as issue fines for organisations or individuals violating its rules.
Legal, Tax, Regulation & Compliance
04/28/2022
Cayman Islands litigation trends from the Middle East – Security for Costs
The Cayman Islands is a "loser pays" jurisdiction in the context of litigation.
04/27/2022
Arab Monetary Fund grants $623mln loans in 2021
The fund also released $403.7mln of previously contracted loans in 2021
04/26/2022
UAE banks’ financial soundness measures remain robust: Central Bank
Direct liquidity support to UAE banks under TESS programme will end in June
04/26/2022
Overview of the New UAE Federal Penal Code
The changes also bring the UAE in line with most other developed nations, which has been a key driving force in the raft of new legislation introduced.
04/25/2022
Oman’s sovereign wealth fund splits into two portfolios
Oman established the Oman Investment Authority in 2020 to own and manage most of its sovereign wealth fund and Finance Ministry assets.
04/25/2022
Sheikh Maktoum approves DIFC Courts’ 2022-24 work plan
New Digital Economy Court to spearhead resolution of disputes linked to emerging tech
04/25/2022
GFH to list its shares on the Abu Dhabi Securities Exchange in May
This will be the Group’s fourth regional listing, with GFH shares already actively traded on the Bahrain Bourse, Dubai Financial Market and Boursa Kuwait
04/25/2022
Lebanon banking group rejects latest draft of financial recovery plan
The government estimates that the financial sector’s losses amount to $72 billion.
04/22/2022
UAE’s new whistleblowing regime ‘significant and positive’ step for employees
“The new regime is significant and positive and takes the DIFC and the UAE further in the journey to create an environment of transparency and accountability.”
04/22/2022
United Arab Emirates freeze assets and bank accounts of Kinahan cartel in Dubai
Just yesterday the agency he founded MTK Global, which had dozens of fighters on its books, was suddenly shutdown.
04/22/2022
Saudi official entities warn against forex trading
Saudi Arabia is accelerating steps towards protecting the financial system.
04/21/2022
ITFC, Saudi EXIM Bank and “Monshaat” sign MoU for Saudi SME development program
Supporting the objectives of Saudi Arabia's Vision 2030, the MoU provides a framework for cooperation on the development and implementation of programs to support enterprises and SMEs in Saudi Arabia
04/21/2022
Lebanon’s parliament session halted as dispute over capital control bill widens
“The plan will write off $60 billion of debt, and the depositors will bear the losses.”
04/21/2022
UAE Central Bank launches two new banknotes
The new banknotes are the third issue of the national currency
04/20/2022
The Banking Control Law in Saudi Arabia
The bank is not allowed also to purchase, without the approval of SAMA, stocks and shares of any bank conducting its business in the Kingdom.
04/20/2022
UAE gross bank assets increase 0.8% to Dhs3,321.5bn at end of December 2021
Total bank deposits increased by 1.5 per cent, rising from Dhs1,966.8bn at the end of November 2021 to Dhs1,996.5bn at the end of December 2021
04/20/2022
Islamic Development Bank hires banks for 5-year dollar sukuk
A five-year fixed-rate sukuk issuance will follow
04/20/2022
KPMG wins GCC advisory awards at international competition
KPMG’s expert also helped banks with evaluated banks for credit and fraud risk exposure, leading outsourcing projects for IT and compliance functions
04/20/2022
UAE’s new whistleblowing regime ‘significant and positive’ step for employees
Employees, officers or agents of DFSA-regulated companies operating in or from the DIFC can now withhold their identities when reporting suspected misconduct