10/06/2020
Dubai Buyout Firm Al Masah Liquidated After Its Founder Banned
The voluntary liquidation was filed after an extraordinary general meeting called by two of Al Masah’s shareholders.
Legal, Tax, Regulation & Compliance
10/06/2020
Abu Dhabi’s ADQ plans to set up digital bank in the UAE
First Abu Dhabi Bank will have a 10% stake in the digital bank
10/06/2020
Tezos Blockchain receives Shariah Certification
The Tezos blockchain has been utilized by numerous issuers of digital securities but mostly on the conventional side of the financial market.
10/05/2020
SHUAA launches three Sharia-compliant funds in ADGM and secures USD 75 million of commitments
SHUAA launches three open-ended Sharia-compliant funds targeting qualified institutional investors through its wholly owned subsidiary, SHUAA GMC Limited
10/05/2020
Kuwait Central Bank denies plan to devalue, stands by peg
Kuwait is the only country in the six-member Gulf Cooperation Council that links its currency to a basket dominated by the US dollar, while the others are linked solely to the greenback
10/05/2020
DFM and Nasdaq Dubai ring the bell to promote financial literacy and investor awareness
The two exchanges organize two webinars for investors and brokers about equity futures
10/02/2020
ADDED signs cooperation agreement with ADQ
Agreement to establish framework for enhancing the Abu Dhabi Local Content Program
10/02/2020
Saudi Arabia imposes new tax on property deals, exempts them from VAT
The royal order said the government would bear the cost of the new Real Estate Transaction Tax “for up to 1 million riyals ($266,616)” for Saudi citizens purchasing their first home.
10/02/2020
World Bank Ranks Bahrain and UAE Top Arab Nations for Human Capital
Bahrain scored 0.65 points, up more than 8 percent from its 0.60 ranking based on the same factors 2010 – four times the global average.
10/02/2020
Multilateral Convention to tackle tax evasion and avoidance continues expand reach in developing countries
It guarantees extensive safeguards for the protection of taxpayers' rights.
10/02/2020
UAE companies required to keep beneficial ownership register
In addition to the registers of beneficiaries and shareholders, companies will also have to keep a register of nominee directors acting in accordance with the guidelines or instructions issued by another person.
10/02/2020
UAE clarifies scope and application of economic substance regulations
The new regulations will apply retrospectively to applicable entities whose financial years began on or after 1 January 2019.
10/01/2020
UAE companies required to keep beneficial ownership register
Companies which come under the remit of the regulation have until 27 October 2020 to set up a register of their ‘real beneficiaries’ as well as shareholders.
09/30/2020
UAE Central Bank: 6 to 12 months time deposits attract 22.8...
The first quarter of this year recorded activity on time deposits from 6 to 12 months
09/29/2020
Managing the evolving compliance landscape facing multinationals
We take a closer look at the findings of the Global Business Complexity Index 2020
09/28/2020
DIFC Data Protection Law – consent management
Consent management is the process of obtaining and managing consent from data subjects in order to collect and process their personal data.
09/28/2020
Egypt’s new banking law comes into force after Al-Sisi’s ratification
Banks obliged to reconcile their conditions under its provisions within 1 year, transition period can be extended for 2 years
09/28/2020
Turkey lowers banks’ asset ratio requirements in stimulus reversal
The measure, which will be applied from Oct. 1, followed a surprise rate hike by the central bank last week designed to defend the lira and ease investors’ concerns that a splurge in lending by banks would lead to economic instability.
09/25/2020
UAE President issues decree for private sector to pay equal salaries to men and women
The procedures, controls and standards necessary for evaluating work of equal value will be set by the government
09/25/2020
UAE central bank urges banks to step up anti-money laundering efforts
It said manufacturing production shrank “due to supply chain disruptions, limited export opportunities and subdued domestic demand.”