10/08/2020
Regulator issues swift second rebuke of IFS Qatar
The firm was banned from accepting new business on 17 September
Legal, Tax, Regulation & Compliance
10/08/2020
UK woman tried to fly to Dubai with $2.44 million in cash in five suitcases
Officers searched her suitcases and found the huge cash haul, the largest detection at the UK border so far in 2020.
10/07/2020
The rise of foundations in the UAE
A foundation is an independent legal entity and is derived from civil law jurisdictions, as opposed to a trust which is a common law concept. It also has no members or shareholders, but is self-owned.
10/07/2020
PwC acquires SAP enterprise consulting business of Tyconz
The deal marks the firm’s first in the region since it bolted on UAE-based data analytics firm Teambase in May last year, and just its second globally during the corona-induced downturn (following a deal in Austria).
10/07/2020
Dubai's top court dismisses tycoon's $115m damages claim for superyacht
The court ruled that the challenge filed by Russian tycoon Farkhad Akhmedov on the judgements pronounced by two lower courts shall be deemed "groundless".
10/07/2020
QIB named ‘Best Bank for SMEs in Qatar’ at Asiamoney Best Bank Awards 2020
The programme offers entrepreneurs financial services, advice, and guidance, and features several benefits for SMEs
10/07/2020
EBRD’s investments in Turkey to reach $1.7 billion this year
The EBRD head also noted that Turkey has a strong economic base as a developing country
10/06/2020
MSMEDA, Banque Misr sign EGP 500m worth microfinance contract
It will support the Central Bank of Egypt and Egyptian Federation for Microfinance initiative to expand the provision of funding to NGOs and micro companies.
10/06/2020
Regulator orders IFS Qatar to close to new business
It comes a little over a year after the firm was hit with a $100,000 fine
10/06/2020
Dubai Department of Finance partners with UAE Central Bank to facilitate fee payments
The new partnership will ultimately advance the UAE's digital transformation strategy for public services
10/06/2020
Saudi Arabia introduces Arab world's first plastic banknote
A five riyal polymer note comes into circulation from Monday
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.
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.