12/15/2022
Saudi Central Bank raises interest rates by 50 bps
SAMA also increased the rate of Reverse Repo by 50 basis points to 4.50 percent.
Legal, Tax, Regulation & Compliance
12/15/2022
Jordan: central bank to regulate Open Finance
The account information service and the payment initiation service (PIS) are two examples of Open Finance services that allow third-party providers to offer customers reportedly innovative and competitively priced financial services and products.
12/14/2022
RTA signs MoU with Dubai Development Authority to streamline land permits
No licence shall be issued for lands located in the planned Rail Protection Zone unless the owner obtains a No-Objection Certificate from RTA.
12/14/2022
UAE: Will residents have to pay 9% corporate tax on their salary from next year?
The government released the law last week, revealing some important details for companies to be prepared for the new tax regime
12/13/2022
UAE and Kyrgyzstan sign initial co-operation pacts in various sectors
The two countries will start work on first phase of a 200 megawatt-capacity solar power plant in Central Asian nation
12/09/2022
CBUAE imposes financial sanction on an exchange house operating in the UAE
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE
12/08/2022
Saudi monetary conditions are reassuring, says central bank governor
Saudi Central Bank would continue to manage foreign exchange reserves based on "balanced investment policies"
12/07/2022
UAE: MoHRE launches automated system for employment contracts
In the first two days of the launch, more than 35,000 contracts have been completed
12/07/2022
UAE announces VAT changes in gold, diamond sector
This amendment will be applied for the period from June 1, 2018 to December 31, 2022
12/06/2022
Abu Dhabi’s ADNOC, Malaysia’s Petronas sign unconventional oil concession agreement
The award marks the first time a Malaysian company will explore for hydrocarbons in Abu Dhabi
12/05/2022
JSF report sheds light on Jordan’s ‘robust’ banking sector
The forum said that Z-Score is calculated based on comparison between countries on the basis of capital adequacy and return ratio, and the level of volatility of those returns.
12/05/2022
CBE grants ADIB-Egypt preliminary approval to launch prepaid card Takka
ADIB-Egypt had obtained at the end of last year the Financial Regulatory Authority’s approval to launch ADI-CF, the bank’s wholly-owned and dedicated consumer financing arm
12/02/2022
Egypt's net foreign assets continue to fall in October
The decrease works out to about $228mln after calculating for devaluations during October
11/30/2022
The BIBF receives a number of Arab Central Bank Governors
To discuss areas of cooperation in training and development
11/29/2022
Baker McKenzie awarded “Employment Team of the Year” at The Oath Middle East Legal Awards 2022
The “Employment Team of the Year” award recognized Baker McKenzie’s legal expertise, innovation in service delivery and project management in relation to the landmark employment matters and projects in the region.
11/28/2022
Alvarez & Marsal releases Q3 2022 Saudi Arabia Banking Pulse
Top 10 Saudi banks report jump in profit off the back of rising interest rates, improved cost efficiency and lower impairment charges
11/28/2022
Federal Tax Authority holds awareness seminar about the EmaraTax platform on World Future Day
The session explored the platform’s role in shaping a more advanced future tax system
11/25/2022
Turkiye central bank says easing done after a policy rate cut to 9%
Liam Peach, senior emerging markets economist at Capital Economics, said there is still a risk of further cuts in coming months.
11/21/2022
UBF commits to UAE’s sustainable socio-economic growth
UBF praised the continuous support and guidance from the Central Bank of the UAE in developing policies and regulatory frameworks to maintain the safety of the banking system
11/21/2022
Banque du Caire establishes Cairo Exchange with authorized capital of $10.18mln
Work is scheduled to start at the end of this month, and three branches are being prepared in the regions of Disouq, Sohag, and Hurghada to launch before the end of this year