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Legal, Tax, Regulation & Compliance

08/01/2023

Saudi Central Bank approves insurance rules for fintech sector

The insurtech rules aim to regulate the underlying business and its operations, assure client protection, and promote fair competition in solution provision and services to support sector stability and growth.

08/01/2023

DFSA fines bank Mirabaud $3m for anti-money laundering controls failings

The penalty includes disgorgement of $975,000, reflecting the economic benefit Mirabaud gained from its violations in the form of fees and commissions

07/31/2023

Qatar sees 5% increase in interest rates since January 2022

The QCB lending rate has cumulatively increased by 3.75% or 375 bps from the beginning of 2022.

07/31/2023

UAE Corporate Tax: Businesses have 9-month window to get filings right and stay clear of penalties

UAE Ministry of Finance sets out administrative penalties for violations on CT returns

07/27/2023

Saudi EXIM Bank, Japan’s Mizuho Bank sign MoU

Agreement aims to promote cooperation to boost trade opportunities and job prospects

07/27/2023

Turkey’s New Central Bank Governor to Confront Misgivings in Public Debut

We expect inflation to reach 55% by December and see risks tilted to the upside.

07/25/2023

UAE-based Sanctuary launches personalised corporate tax advisory service to companies

The firm said through their tailored solutions, they aim to transform the way clients navigate the intricate landscape of corporate taxation

07/24/2023

DIFC Courts reports Dhs15bn in claims value in H1 2023

There was an increase in the total number of cases across all divisions, with 455 cases filed

07/21/2023

The Central Bank of the UAE and Dubai Police sign MoU to enhance cooperation mechanisms for information exchange on financial crimes

The MoU includes enhancing cooperation and coordination in various areas

07/21/2023

Turkish Central Bank raises policy rate 250 basis points to 17.5%Turkish Central Bank raises policy rate 250 basis points to 17.5%

1-week repo rate in Türkiye reaches 22-month high level after 2nd hike in a row

07/20/2023

Turkey Gets $51 Billion Pledge of Economic Support From UAE

The United Arab Emirates pledged to ramp up support for Turkey’s embattled economy, with the two countries agreeing provisional deals they say could be worth more than $50 billion.

07/20/2023

Aramco, OQ Technology sign MoU to enhance satellite IoT connectivity at remote sites

The deal will see OQ Technology expand its Low Earth Orbit 5G-IoT services and solutions

07/20/2023

Dentons advises Joint Lead Managers on Sobha Realty issue

The Trust Certificates were assigned a rating of Ba3 by Moody's Deutschland GmbH and a rating of BB- by S&P Global Ratings Europe Limited.

07/20/2023

UAE, Turkey sign accord, strategic agreements valued at $50.7bn

The countries signed a joint accord to establish a high-level strategic council, further cementing ties between the UAE and Turkey

07/18/2023

For UAE corporate tax for free-zone companies, what constitutes ‘adequate substance’?

Corporate tax rules require free zone entities to have clearly measurable stakes on ground

07/18/2023

Saudi Arabia and Turkey sign agreements on energy, defence and other fields

Turkey's President Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, witnessed the signing ceremony of the bilateral agreements between the two countries

07/18/2023

St. Kitts & Nevis seeks to expand its diplomatic footprint in the Middle East and other countries

The foreign minister also said that the Federation is looking to expand its diplomatic presence in the Middle East and North Africa.

07/18/2023

UAE, Japan ink 23 agreements, MoUs during business forum

The agreements cover sectors including energy, industry, advanced technology, AI, space, health, transport, conservation and circular economy

07/17/2023

UAE has made significant progress in combatting financial crime - Hamid AlZaabi

We’ve improved the capacity, skills, and effectiveness of law enforcement authorities in the UAE to detect and investigate money laundering cases, the founding Director General of the Executive Office for Anti-Money Laundering and Counter Terrorism

07/14/2023

KPMG's staff in Bahrain to help groom 25 summer interns

“We truly believe that it is through the cultivation of young talent that we can build a vibrant, sustainable, and prosperous future for the Kingdom.”

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