04/03/2019
Kuwait signs financial aid agreement for Bahrain
Kuwait, along with Saudi Arabia and the UAE, pledged $10bn in financial aid to Bahrain last year
Legal, Tax, Regulation & Compliance
04/03/2019
QCB issues Treasury Bills worth QR600m
The issuance is part of the QCB’s monetary policy initiatives and its efforts to strengthen the financial system as well as to activate the tools available for the open market operations.
04/02/2019
UAE implements new family sponsorship policy for expats
With the latest Cabinet announcement, the requirement for residents to have certain professions was scrapped.
04/02/2019
Gulf Bank denies being victim of hacking or tampering
The Bank assured all stakeholders that the amount of the loss referred to does not exceed 0.4 percent of the shareholders’ equity
04/02/2019
Dubai Chamber opens representative office in Argentina
Announcement comes ahead of 3rd Global Business Forum Latin America and follows office openings in Panama and Brazil
04/01/2019
Qatari regulatory authority closes First Abu Dhabi Bank to new customers
The supervisory notice does not prohibit FAB from continuing to provide services to its existing customers and the regulatory authority does not expect notice to have any negative impact on those relationships, the statement added.
04/01/2019
Alef Group Signs Agreement With Dubai Islamic Bank to Provide Murabaha Financing for Al Mamsha Project
The agreement stipulates that the Dubai Islamic Bank will provide highly privileged real estate finance to Emiratis and other nationalities wishing to own homes in Al Mamsha project, with a competitive interest rates, based on the Murabaha principles.
04/01/2019
UAE’s exchange houses gearing up for new anti-money laundering regulations
A federal decree came into effect in November
04/01/2019
Sharjah developer signs finance deal with Dubai Islamic Bank
It will have a built-up area of 9.3 million sq ft and a retail floor area of 500,000 sq ft, it stated.
03/28/2019
Turkey's Regulator to Probe JPMorgan (JPM) Post Lira Slump
Notably, the board promised to undertake "necessary administrative and legal proceedings" against JPMorgan.
03/28/2019
Sohar International concludes perpetual nonds issuance
With the over-subscribed closing of its perpetual bonds issuance, Sohar International steadily and confidently moves forward in its strategy as a pivotal player and advocate for growth and prosperity for stakeholders and the nation.
03/28/2019
Mourant advises on energy takeover
This transaction is one of a long line of schemes of arrangement on which the Mourant team has recently advised.
03/28/2019
Hedge fund is said to spurn Saudi money after Khashoggi murder
Guillaume Fonkenell, 54, who founded Pharo, told some investors in January that the decision was made to uphold its principles due to concerns about Khashoggi’s death
03/27/2019
Decommissioning assets in the Middle East: the regulatory landscape.
With a significant number and concentration of older oil and gas facilities, decommissioning is becoming a hot topic in the Middle East.
03/27/2019
Andersen Global Enters Qatar
"Hamzeh and his team have an impressive record of experience providing specialized services to international firms for the last 20 years," said Mark Vorsatz, Andersen Global Chairman and Andersen Tax LLC CEO.
03/27/2019
Impact of new reporting standards on Gulf banks has been 'manageable', says S&P
Under International Financial Reporting Standards 9, banks disclose the breakdown of their portfolio by different stages defined in the standards
03/26/2019
Bahrain tries to limit expat contracts as Dubai keeps doors open
The committee is now due to meet with the Civil Service Bureau next month for final discussions before tabling the amendments to parliament for a vote.
03/25/2019
GBM and Banfico partner to support Bahrain's efforts for a more digitalized financial sector
The two leading companies can now support banks required to comply with Open Banking standards set by the Central Bank of Bahrain
03/25/2019
Central Bank of Kuwait issues circular to all local banks asking for data on SMEs
The database provided will include the total facilities, including activity and loan distribution.
03/25/2019
Lawyer ordered to pay fine
The court ordered the defendant to pay the woman BD346 and interest at a rate of 6 per cent per annum, as well as late payments for 6 months.