04/21/2022
UAE Central Bank launches two new banknotes
The new banknotes are the third issue of the national currency
Legal, Tax, Regulation & Compliance
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
04/19/2022
Beware of fraudsters while banking, warns ROP
The Royal Oman Police warns citizens and residents not to fall into this type of fraud in order to avoid legal accountability
04/19/2022
Submit your tax returns by this date: Tax Authority Oman
Tax Authority urges all those subject to the provisions of value-added tax to submit their returns before the end of the mentioned period
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
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