04/24/2020
Saudi Response to Fiscal Shock Centers on Record Debt Plan
The government is looking at additional spending cuts and may issue as much as an extra 100 billion riyals of debt on top of 120 billion riyals already announced.
Legal, Tax, Regulation & Compliance
04/23/2020
IMF urges Lebanon to enact crisis plan that rebuilds confidence
A draft government rescue plan floated this month said that Lebanon would need $10 billion to $15 billion in foreign aid and that IMF funding could play a role.
04/23/2020
Egypt raises bank withdrawal cap during Ramadan
In late March, the Central Bank of Egypt imposed caps on individuals’ daily ATM cash withdrawals.
04/23/2020
Omani banks to freeze personal loans repayment for three months - state news agency
The decision will take effect in May
04/23/2020
Dubai regulator fines firm $600,000 for illegal activities
The DFSA has taken this action to penalise La Tresorerie, deter others and protect clients.
04/23/2020
Saudi Arabia and Qatar’s proxy war spills into Premier League
BeIN Media Group is seeking to block Saudi takeover of Newcastle over piracy issues
04/23/2020
German companies optimistic about investment in Saudi Arabia
The German-Saudi Arabian Liaison Office for Economic Affairs has digitized many of its offerings and is conducting digital meetings between the Saudi-German business community and institutions.
04/23/2020
Turkish government targets private banks during pandemic
The government is forcing private banks to follow its policies by labelling them traitors, opportunists and racketeers while declaring the public banks at its command to be patriots and saviours.
04/22/2020
Fed policy lays the foundation for gold
With COVID-19 infections and their associated lockdowns ravaging demand across sectors of the US economy
04/22/2020
UAE announces $5,500 fine for coronavirus fake news
UAE will fine people if they share medical information about the coronavirus that contradicts official statements.
04/22/2020
Expired Emirates IDs will be valid for banking transactions in the UAE
The country’s central bank also instructed all banks to consider entry permits issued to expats in the UAE from March 1 – December 31, 2020 to be valid
04/22/2020
Bahrain follows Saudi Arabia, Oman with budget cuts amid crisis
The kingdom has so far reported 1,895 virus cases and seven deaths
04/22/2020
Deadline for submitting VAT returns extended in UAE
This enables taxable persons to meet their tax obligations without facing any difficulties.
04/22/2020
DFSA welcomes Regulatory Sandbox applications for its 2020 Summer Cohort
Firms must provide a clear explanation of their planned business model and the proposed innovative product or service.
04/22/2020
Oman Arab Bank gets regulatory nod for Alizz bank merger
The Central Bank of Oman has approved the creation of an entity with assets of 3.18bn rials
04/22/2020
Aldar teams up with banks to offer low interest rate home finance
The developer is offering mortgages at fixed rate of 1.99% and payment deferrals for up to six months
04/22/2020
Newcastle owner Mike Ashley to bank £17m even if Saudi-funded takeover collapses
The Magpies chief is far from a popular figure with supporters but he appears set to profit from the proposed takeover whatever happens
04/22/2020
UAE employers reminded of insurance obligations during Covid-19
Patients require medical insurance to receive care across government and private hospitals and health centres.
04/21/2020
CBK tells lenders to postpone customer dues
“Banks are urged to process more applications from individuals, corporates and SMEs (small and medium-sized enterprises) whose business operations are affected by the implications of the pandemic,” the central bank said
04/21/2020
UAE borrows $7bn to counter slumping oil prices
OPEC kingpin Saudi Arabia last week raised $7 billion in a bond sale, while gas-rich Qatar sold bonds worth $10 billion two weeks ago.