10/22/2018
HSBC Joins Hands with MRMWR to Restore AFLAJ Across Sultanate
The programme is part of HSBC’s US$150mn global Water Programme launched in 2012 to support areas that are vulnerable to the impacts of climate change.
Legal, Tax, Regulation & Compliance
10/22/2018
Japan's Biggest Bank CEO Joins Exodus From Saudi Forum
Pulls out after Saudi Arabia acknowledges dissident’s killing
10/22/2018
U.S., Israel Expected to Announce Talks on New Bilateral Tax Deal
The U.S.-Israeli agreement is outdated, and contain some of the highest tax rates in the world, at a higher rate than U.S. bilateral agreements with other nations
10/22/2018
Banque Saudi Fransi augments Sharia compliance with SRB
Sharia audit is often the most labour-intensive stage of the Sharia compliance management process.
10/21/2018
New employee insurance scheme takes effect in UAE
A new low-cost employee insurance scheme began in the UAE this week, replacing a previous scheme which required expatriate workers to provide a AED 3,000 (approx. $816) bank guarantee when applying for a work permit.
10/18/2018
Investors panic as Heera Group chairperson is arrested in India
Heera Group was offering 35% returns on investment, investors say
10/18/2018
Knight Frank signs knowledge partner MoU with Dubai Land Department
As part of its efforts, the DLD recently signed an agreement with global property consultancy Knight Frank.
10/18/2018
Bank Muscat, Ominvest ink financing pact
The credit facility is aimed at creating a stronger capital structure and long-term liquidity for Ominvest.
10/18/2018
British citizens to get 5-year Saudi visas
The new law will come into force once all necessary legal procedures have been completed by the contracting parties
10/18/2018
Dubai Silicon Oasis appoints Noor Bank as partner
The bank provide entrepreneurs with 100 hours of specialised complementary financial advice
10/18/2018
Maples Fiduciary extends Middle East offering to Abu Dhabi Global Market
The extension of our offering to ADGM further enhances our geographic footprint and ability to service clients doing business locally and in multiple jurisdictions.
10/17/2018
Erdoğan moves to add Turkey’s largest listed bank to his collection
The bank was founded in 1924 with capital raised from contributions both from Atatürk and his comrades in the Turkish War of Independence, and from Muslims in India and Indonesia in support of the country’s struggle.
10/16/2018
Federal debt law to create foundations of domestic bond market
A domestic funding source will reduce reliance on bank finance
10/16/2018
Global Forum publishes compliance ratings on tax transparency for further seven jurisdictions
These reports assess jurisdictions against the updated standard which incorporates beneficial ownership information of all relevant legal entities and arrangements, in line with the definition used by the Financial Action Task Force Recommendations.
10/16/2018
MD of investment firm behind Dh7 billion project held for fraud
They took money from our client but failed to deliver, says lawyer of company hit by suspected fraud
10/16/2018
Standard Chartered leads first green loan in Middle East for DP World
This transaction is structured such that the margin of the facility is linked to DP World's carbon emissions intensity where the Company is incentivised to reduce its greenhouse gas emissions
10/15/2018
Jamal Khashoggi: Richard Branson and Uber CEO suspend ties with Saudi Arabia
Sir Richard has announced he will suspend his role as director in two Saudi tourism projects until the fate of Mr Khashoggi is uncovered.
10/15/2018
UAE President Issues A Federal Law On Public Debt
The debt law will also support the establishment of a secondary market for government securities through which public debt instruments can be traded in UAE financial markets to meet the liquidity needs of the banking sector.
10/15/2018
New debt law will help UAE financial markets
It will enable a deepening of the financial markets, allow the UAE to tap a wider pool of financing options and create a government yield curve
10/14/2018
UAE issues federal law on public debt
The law will enable banks operating in the state to purchase government bonds in dirhams or foreign currencies, which will help them comply with Basel III requirements.