09/26/2017
Dubai signs deal to create digital currency emCash
Emcredit, a subsidiary of Dubai Economy, and UK-based Object Tech Group Ltd will work together on new technology
Legal, Tax, Regulation & Compliance
09/26/2017
Emirates NBD calls on central bank to ease restrictions on mortgage lending
CEO says housing loans should be treated separately from wider exposure to property and construction sectors
09/25/2017
Central Bank says money supply drops 1.5% in July
Foreign assets were down in July by seven percent standing at KD 2.2 billion.
09/25/2017
Saudi central bank suspends three currency exchange houses
The three privately-held companies largely provide the ten million expat workers in Saudi Arabia for money transfers and currency exchange.
09/25/2017
Saudi Arabia hires banks for third international bond
Saudi Arabia could issue up to $10bn, banking sources said
09/25/2017
Modi’s ambitious infrastructure fund NIIF to get up to $5 to 10 bn first investment; know details here
Ending a hiatus since it was launched more than two years ago, the much-touted National Investment and Infrastructure Fund (NIIF) is close to its first major deal.
09/25/2017
UAE central bank withdrawal of excess cash from banking system signals recovery, analysts say
Central bank withdrew Dh11.3 billion of banking liquidity in July and August
09/25/2017
Winner of inaugural IFN Law Award for FinTech
IFN highlighted the firm’s standing in the Islamic finance market and how Simmons & Simmons has ensured its FinTech expertise has benefitted clients in this area.
09/24/2017
DAFZA enables customers to obtain dual licenses to operate across Dubai
The agreement aims to strengthen cooperation on initiatives targeting all aspects related to providing economic support for DAFZA’s main services.
09/24/2017
‘Database’ of 118 local firms compiled so far under FATCA
The US tax authority received date for 2015 which includes more than 24 thousand files.
09/22/2017
Dubai’s Atlas Jewellery still struggling to resolve debt issues
Atlas defaulted on loans in 2015 and its owner, M M Ramachandran, was sentenced to a three-year jail term
09/21/2017
Practices in the UAE financial sector ‘no longer tolerated’
Wells also discusses the issue of regulatory arbitrage in some business sectors given the high number of regulators in the UAE, five in total.
09/21/2017
Grant Thornton partner detained in Dubai
The Dubai authorities have stopped a Grant Thornton partner from leaving the United Arab Emirates after confiscating his passport when he landed in Dubai on a connecting flight in July
09/20/2017
UAE Central Bank ramps up clampdown on banks mis-selling consumer and investment products
The move has seen 100 customers that have money they invested returned to them by banks in the Emirates
09/19/2017
Qatar Insurance Says Abu Dhabi License Process Is Still Underway
Qatar Insurance shares dropped as much as 4.6 percent, the most in more than two months.
09/18/2017
DFSA Signs MoU with Lebanon’s CMA
The MoU reflects growing relations between the DIFC and Lebanese markets.
09/14/2017
Massive fraud puts 54 in Abu Dhabi court
The money from the sale would be used to pay back previous investors.
09/14/2017
Insiders trading on capital markets banned effective next week
It shall not be permitted for a chairman, members of the board of directors of a company.
09/14/2017
Iran, China Sign $10 Billion Finance Deal
The Iranian delegation, headed by Valiollah Seif, the governor of the Central Bank of Iran, has traveled to China in an attempt to enhance bilateral banking relations.
09/14/2017
UBF launches first cyber threat sharing platform for UAE banks
Banks to share cyber security intelligence on Anomali ThreatStream