03/18/2019
Saudi Arabia's New Rules Set to Raise Islamic Tax for Some Banks
That’s equivalent to a corridor of between 10 percent and 20 percent of net income, Bloomberg Intelligence analyst Edmond Christou said.
Legal, Tax, Regulation & Compliance
03/18/2019
UAE authorities introduce passporting regime for investment funds
Financial regulators in the United Arab Emirates (UAE) have formally introduced new investment fund passporting protocols across the country.
03/18/2019
Bahrain issues new cryptoasset rules
The Central Bank of Bahrain (CBB) has published final rules allowing for the regulation and licencing of dealing, advisory, and portfolio management services in accepted crypto-assets and as a cypto-asset exchange.
03/18/2019
Saudi insurers face upheaval as regulator mulls capital hike
Draft insurance rules contain proposals to increase minimum capital requirement five-fold, Moody's analyst says
03/18/2019
Qatar freezes new business for First Abu Dhabi Bank amid currency probe
Qatar keeps its riyal pegged at a fixed rate to the U.S. dollar, but saw it trade several percent weaker than its usual rate of 3.64 per dollar in offshore markets just after the Gulf dispute began.
03/18/2019
Qatar bars FAB from adding clients amid probe
The restriction doesn’t stop the lender, which operates one wholesale banking branch in Doha, from continuing to provide services to existing customers.
03/15/2019
Egypt affirms support for the African Development Bank, regional integration agenda
The Bank team also met several other cabinet ministers and the Chairman of the Central Agency for Public Mobilization and Statistics, Khirat Barakat.
03/15/2019
Government and businesses to accelerate entrepreneurial growth
The annual summit, now in its sixth year, also celebrated successful entrepreneurs from various verticals and featured some of the region’s most innovative startups like Fetchr, Starz play & Ekar.
03/15/2019
CBUAE foreign currency assets hit AED348 bn in January
Government deposits amounted to AED297.6 bn in January, while monetary deposits hit AED415 bn and quasi-monetary deposits stood at AED819 bn.
03/15/2019
Abu Dhabi state investor Mubadala halts business with Goldman Sachs amid 1MDB lawsuit
A spokesman for Goldman Sachs declined to comment.
03/14/2019
CBQ to power opening round of MERC in Qatar
Al Atya has over 50 rally starts and he has gone on to win many international rallies.
03/14/2019
Dubai and Hong Kong to forge strong investment, trade ties
Dubai FDI and HKTDC also agreed to cooperate on trade and economic information sharing; provide support by facilitating network platforms for companies keen to expand business in both markets; and extend support and assistance to visiting delegations seek
03/14/2019
Law tackling gray economy by limiting cash deals lurches real estate market
Finance Ministry’s chief economist finds a rise in deals as buyers rushed to complete purchases before new regulation to curb tax evasion came into force on January 1
03/14/2019
DFSA signs MoU with Bank Al Maghrib
The MoU also provides for coordination and cooperation in relation to applications to establish a branch in either jurisdiction.
03/14/2019
UAE regrets inclusion in EU tax blacklist
"The UAE remains firmly committed to its long-standing policy of meeting the highest international standards on taxation," it said.
03/13/2019
Dubai-based crypto firm to stop using Alibaba name
ABBC Foundation has agreed to stop using trademarks that include the term 'Alibaba' following a long-running dispute with Chinese e-commerce company Alibaba Group
03/13/2019
QFC signs MoUs with Paris Europlace, Finance Innovation to support Doha’s digital industry
The agreements aim to support the development of the digital industry in Qatar
03/13/2019
Israeli bank to pay $195M for US tax-avoidance scheme
The bank agreed to pay the government $53 million in restitution
03/13/2019
UAE banking sector remained positive during the fourth quarter of 2018
Capital Adequacy Standards in line with international regulatory framework: Central Bank
03/12/2019
UAE legal overhaul could trigger adviser exodus
"The biggest casualties will be the financial advisers for whom years of profiting from high commission paid up front for sales is drawing to a close. Their number has halved in recent years and it could drop by another 80%," he added.