02/10/2020
Fintechs receive Saudi banking licenses for the first time
The new licences continue SAMA’s efforts to further its financial sector development programme.
Legal, Tax, Regulation & Compliance
02/10/2020
Libya’s banking woes escalate with conflict
The Libyan public debt exceeded 100 billion dinars ($71.4 billion), which is more than annual GDP.
02/10/2020
Abu Dhabi in talks with banks for new debt issues – sources
After a reshuffling at its finance department last year, the government has been in talks with banks on several fundraising options, taking a more proactive approach to debt financing, said the sources.
02/10/2020
Turkey plans to stiffen penalties for manipulation in banking overhaul
The minimum jail sentence for anyone manipulating the price of financial securities will be raised to three years from two
02/10/2020
UAE banks head for Indian courts to recover $7bn loan defaults
The move follows India notifying last month UAE as a reciprocating territory for the purpose of enforcing foreign civil decrees in India
02/07/2020
OAB Signs Agreement with Majan Lounge
The agreement will see platinum and Elite customers gain access to the newly launched lounge at the airport, which has been prepared to receive customers from January 2020
02/07/2020
United Arab Emirates Courts Convict Fraudsters; Warn Banks and Telecoms Providers
In order to gain access to the accounts of unsuspecting victims, the fraudsters impersonated banks and required customers to confirm personal details over the phone in order for accounts to be left active and open.
02/06/2020
Jersey’s Royal Court fines Abu Dhabi Commercial Bank £475,000
It argued that, while there is no allegation that either customer engaged in criminal activity, the transactions presented a clear risk of money laundering or terrorism financing.
02/06/2020
Dubai Crown Prince approves decision to waive Dubai government services fees
The waived fees include those for medical training activities, schools awareness campaigns and entry fees to public libraries, among others
02/05/2020
Global women's forum aims to promote inclusion
More than 100 speakers will address 3,000 attendees later this month
02/05/2020
ADCB to exit its operations in Jersey to focus on home market
The decision will have negligible impact on the bank’s profitability, ADCB said in a statement
02/05/2020
Walkers Dubai Named Best Offshore Law Firm 2020
The winners were announced at an evening ceremony on Wednesday 29 January at the Ritz-Carlton DIFC in Dubai.
02/05/2020
Former Lebanon economy chief in plea for $25bn bailout plan
Rescue package needed ‘to restore confidence’ and kick-start major banking reforms
02/04/2020
PwC dragged into bitter Middle East legal battle between an entrepreneur and a sovereign wealth fund
It also claimed Azima, who runs a cargo airline with customers including the US Navy, orchestrated a 'campaign of denigration' against Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah.
02/04/2020
Lebanon PM signs 2020 state budget with $700m spending cuts
The plan, approved by Berri today, provides between three and 100-day deadlines to carry out the policy proposals, forecasting a six per cent deficit, plans a $700 million reduction in spending, and intends to maintain public services.
02/04/2020
Lebanon Banks Tighten Withdrawal Caps, Sparking Outcry
Withdrawal limits differ from bank to bank, but have so far generally been capped at around $1,000 a month, while most transfers abroad have been halted.
02/04/2020
DAE signs deal for $300m financing facility with ENBD
Five-year unsecured financing can be raised to $600m
02/04/2020
Capital markets in UAE set for listings boost
A draft law in the United Arab Emirates will see more family-run corporates listing, while pension reforms will create a huge pool of investable assets.
02/04/2020
Citigroup Suspends Trader for Stealing Cafeteria Food
Junk-bond trader Paras Shah allegedly took food repeatedly from office cafeteria without paying
02/04/2020
Qatar Commercial Bank completes trial on the Marco Polo Platform
Commercial Bank operates in retail and wholesale banking, and makes strategic investments through its associates and subsidiaries.