11/23/2020
Saudi Arabia to review VAT hike once economic crisis ends
The VAT hike to 15 per cent, was implemented in July this year
Legal, Tax, Regulation & Compliance
11/23/2020
Israel’s Bank Hapoalim signs agreement with DIFC, AGDM
The agreement enables Bank Hapoalim to access banking and innovation opportunities in the Middle East, Africa and South Asia through the DIFC platform
11/23/2020
Goldman says Saudi peg ‘here to stay,’ though at cost to economy
In a low oil price environment, however, this means that fiscal policy will have to tighten, keeping the budget deficit in check in order to ensure that external balances remain consistent with peg stability.
11/20/2020
UAE Central Bank's total assets up 2 pct to AED3,252.5 bn by end of Q3-2020
At the end of the third quarter of 2020, total deposits of resident and non-resident customers with banks operating in the UAE rose by 2.2 pct (q-o-q), reaching AED1,907.2 billion.
11/20/2020
Turkey's new central banker aggressively raises key rate
The Turkish lira rose 2% in value against the dollar moments after the announcement before paring back some of its gains.
11/20/2020
The Arab Coordination Group Approves US$ 8.6 Billion to Help Countries Tackle the Economic Impact of COVID-19 Pandemic
The US$ 8.6 billion approved/committed by the ACG represents 86% of the US$ 10 billion pledged by the ACG institutions.
11/20/2020
Saudi MoJ expands e-conveyance of property to cover additional banks
It is noteworthy that the ministry has raised the upper property value limit for e-conveyance to SAR 3 million, in order to streamline transactions and save clients time and effort.
11/20/2020
Online portal for UAE economic substance regulation notification
The MOF said licensees that had already submitted notifications will now need to re-submit the notification via the portal.
11/20/2020
Oman Arab Bank launches debt exemption initiative for defaulting borrowers
Debt exemption initiative includes a wide range of stringent criteria to ensure that it benefits and supports those most in need
11/20/2020
Turkey hikes rates to rescue lira
Turkey had long resisted investor calls to raise interest rates to support the tumbling lira.
11/20/2020
Abu Dhabi’s Etihad and El Al Israel sign MoU to cooperate on codeshare and loyalty programme
The teams at Etihad Guest and El Al Matmid loyalty programmes will explore reciprocal “earn and burn” opportunities for its members
11/19/2020
BCG discusses how to lead in the new reality during the middle east CEO & leaders forum
The Invitation-Only Events Brought Together Middle Eastern Senior Leaders To Discuss Pressing Topics Across Sectors
11/19/2020
Egypt- ABE signs agreement to finance 1.5 million-feddan reclamation project
According to the protocol, the ABE will finance small and medium enterprises
11/19/2020
Criminal charges brought against Falcon Private Bank
Falcon has announced its plans to wind down.
11/18/2020
Extension of UAE Central Bank’s support scheme a confidence booster: Bankers
The initiative would shield the economy from the impact of the pandemic and place the UAE in an ideal position to recover, once the pandemic is over
11/18/2020
Turkish banks may hit profit milestone in 2021 on market-friendly policies
The central bank will hold its first meeting under the new team on Thursday, when it is expected to hike the main policy rate by 475 basis points to 15%.
11/18/2020
How Dh50 billion Central Bank stimulus extension will boost UAE economy
Central Bank of UAE’s decision will support fund-strapped individuals and businesses
11/18/2020
Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited
This transaction, which involves creating a mudaraba based subordinated perpetual financial "equity-like" instrument, is the world's largest ever Islamic finance transaction
11/17/2020
UAE central bank extends stimulus scheme to stem COVID-19 impact
CBUAE will now extend for another six months, starting from January, the duration of a "Zero Cost Facility" aimed at easing liquidity management for banks
11/17/2020
CIB’s financial position unaffected by initial audit report: Chairperson
Sami stressed that the CIB pays great attention to the Central Bank of Egypt’s notices regarding compliance issues, and that the necessary mechanisms are being put in place to avoid the repetition of these issues in the future