01/14/2020
IEA cuts oil-demand outlook as economy eclipses Saudi attack
The strike on the Kingdom’s production facilities caused the biggest disruption in modern history, halting about six per cent of world oil supply.
Legal, Tax, Regulation & Compliance
01/14/2020
Dubai business licence issuance up 90% in 2019
Dubai has opened new horizons for businesses by restructuring economic activities
01/14/2020
Mohammed bin Rashid enacts amendments to DIFC Employment Law and new Employment Regulations to introduce end of service savings plan
The Amendment Law introduces the new Qualifying Scheme workplace savings scheme in the DIFC, replacing the current end-of-service gratuity payment regime that has been in place since the inception of the DIFC in 2004
01/13/2020
FAB Signs Escrow Agreement With DLD for Holding Accounts for Jointly Owned Property Owners
The agreement was signed by HE Eng. Marwan bin Ghalita, CEO of RERA, and Manoj Menon, Senior Managing Director and Head of Global Transaction Banking at FAB.
01/13/2020
DIFC firms face March 2020 economic substance rules deadline
Although the new rules took effect in the UAE in April 2019, there has been uncertainty over the steps businesses need to take to comply.
01/13/2020
Nomura Middle East head: Saudi-Japan business links to move beyond oil
Makoto Kinone talks to Arab News during Japanese Prime Minister Abe’s visit to the Gulf
01/13/2020
Sukuk market to continue expanding in 2020, S&P Global
S&P Global expects total Sukuk issuance of around $170 billion in 2020 including $40 billion-$45 billion of foreign currency issuance.
01/13/2020
Lebanon’s central bank seeks extra powers
Measures imposed by Lebanese commercial banks needed to be regulated and unified, a central bank letter said
01/13/2020
Chase Bank ex-chair's illicit plan to open Somalia bank
The Iman Group was the platform Mr Khan and Mr Cheema planned to use to open a new bank in Mogadishu, Somalia.
01/13/2020
Indonesia Secures $22.8 Billion From U.A.E. for Wealth Fund
Abu Dhabi National Oil Co. and Mubadala Investment were among U.A.E. companies which signed agreements with Indonesian firms last year to explore investment opportunities from sectors raging from oil and gas, ports and tourism.
01/12/2020
Boubyan & Al-Hisba Ink Strategic Real Estate Market Analysis Agreement
This strategic partnership between the bank and Al-Hisba Real Estate Company will open new horizons for Boubyan Bank’s customers.”
01/12/2020
Regulation of Crypto Assets
Crypto-investors and users, as well as crypto-asset service providers, are exposed to high risks.
01/12/2020
DIFC introduces new leasing law
The law follows the introduction of several legislative changes at the financial hub such as the insolvency law and the new employment law that replaced the one that had been in place since 2005.
01/10/2020
Bahrain liquidity fund deadline for large firms, SMEs
Deadline for applying for support under liquidity fund is January 16 for large companies and March 19 for small and medium enterprises (SMEs).
01/10/2020
New regulations amend income tax law and introduce transfer pricing requirements
The regulations focus on reforming the local tax administration system
01/09/2020
Bank of China Approved for Saudi Branch Launch
Capitalizing on Saudi Arabian opportunities aside, the branch launch marks another step towards for China towards further internationalization through its financial entities.
01/09/2020
Saudi court approves $14 billion in claims against AHAB and Saad Group
The approved creditors’ demands will now be included in restructuring proposals which the debtors and representatives of their respective lenders will submit to the court.
01/09/2020
Euronet Worldwide will work with Visa in bolstering the Visa Fintech Fast Track program in CEMEA
Both companies will work together to deliver geographically tailored payment experiences and quick go-to-market solutions for fintechs
01/09/2020
ADNOC and Abu Dhabi Pension Fund sign agreement to increase pensionable salary of ADNOC's UAE national employees
ADNOC to cover the cost of previous pension contributions totaling AED 14 billion
01/09/2020
Dubai regulator fines defunct wealth firm nearly $250,000
MGL agreed to settle the DFSA's action at an early stage of the DFSA investigation and, therefore, qualified for a discount under the DFSA's policy for early settlement.