11/30/2014
UAE May Create Body To Monitor FX Peg, No Policy Change Likely
Since 1997, the UAE dirham has been fixed at a rate of 3.6725 to $1
Legal, Tax, Regulation & Compliance
11/27/2014
Bank Leumi Said to Be Near $400 Million US Tax Settlement
The bank’s provisions reflect its legal team’s most recent estimates of what it will need to pay
11/27/2014
DIFC Courts, Kenyan judiciary sign enforcement guide
The DIFC Courts, Dubai’s established English-language, commercial common law judicial system, today signed a landmark enforcement document with the High Court of Kenya (Commercial and Admiralty Division) in a move that further reinforces the UAE&
11/27/2014
Baker & McKenzie Advises Yasar Holding on Bond Offering
A team of lawyers from Esin Attorney Partnership, a member firm of Baker & McKenzie International, and Baker & McKenzie's London office advised Yasar Holding A.S. on a Eurobond offering under Rule 144A and Regulation S.
11/26/2014
Kuwait's appeals court cuts insider trading fine against Al Ahli Bank chairman
Kuwait's Court of Appeal has reduced a fine against the chairman of Al Ahli Bank on alleged insider trading charges to 100,000 dinars ($343,500) from 1.5 million dinars, a bourse statement from the lender said on Wednesday.
11/25/2014
UAE banks close to resolving credit bureau liability issue
Banks in the United Arab Emirates are close to resolving a liability issue over information provided by the Gulf Arab state’s new credit bureau, the head of the country’s largest bank by assets said on Monday.
11/25/2014
Private Capital team scoops another award
"This award is a testament to our team, its international strength and the quality of work it does. It tops off what has been a great start to the new merged firm."
11/21/2014
UAE launches money-laundering crackdown
The move was announced in a decree published on the prime minister's website, which did not mention specific groups.
11/20/2014
Islamic finance body AAOIFI to revise four standards, eyes sukuk
Sukuk issuance is increasing worldwide but the structures used to create the instruments aren't uniform, which limits their cross-border acceptance by investors and trading in the secondary markets.
11/20/2014
Bahrain’s GFH completes capital reduction plan, cuts losses
It had received approval from the Bahraini authorities for the step, which reduces the nominal value of its shares by 13.8 per cent
11/20/2014
Qatar moves to increase business regulation
Qatar has approved draft legislation that increases the regulatory burden on small businesses, weeks after the Gulf state fell 11 places in a World Bank ranking of the best places to start a company.
11/20/2014
Qatar moves to increase business regulation
That new legislation also removed the right to appeal, but stated bureaucrats must respond to applications within one working day.
11/19/2014
Kuwait Central Bank: No Restrictions On Foreign Derivatives Trading
The central bank clamped down on derivatives trading in 2008 as Kuwaiti banks were hit hard by the debt problems of local investment firms.
11/18/2014
Banks behaving badly: can Middle East sector profit?
The reputation of international banking is under scrutiny once again over another scandal, this time in the foreign currency trading sector.
11/17/2014
United Arab Bank signs agreement with Nationals' Defaulted Debts Settlement Fund
United Arab Bank the fastest growing bank in the UAE, has signed an agreement with the Nationals' Defaulted Debts Settlement Fund to settle the debts of Emirati customers incapable of fulfilling their liabilities to the bank.
11/17/2014
Convergence between Shari’a and traditional accounting standards?
AAOFI sees itself as the leading standard setter for the global Islamic finance industry
11/16/2014
Baker & McKenzie Habib Al Mulla advises Hasan Ismaik on sale of significant stake in Arabtec to Aabar Investments PJSC
Leading UAE law firm Baker & McKenzie Habib Al Mulla has advised Hasan Ismaik, the former CEO of the Dubai-based and DFM-listed construction firm, Arabtec, on the sale of a significant stake in Arabtec to the Abu Dhabi state fund, Aabar Investments PJ
11/14/2014
Qatar, Russia cleared of World Cup corruption
The 2018 and 2022 FIFA World Cups will go ahead in Russia and Qatar as planned after the ethics committee of football's governing body said it could find no grounds for reopening the controversial bidding processes.
11/14/2014
HSBC loses 2.7mn users’ data in Turkey cyber attack
The hack resulted in the theft of data on cards and related bank accounts, Europe’s biggest lender said in an e-mailed statement.
11/13/2014
Barclays sued by Saudi developer for $10 billion
Barclays believes the claim is without foundation and will vigorously defend it