10/06/2023
Egyptian banks suspend debit card use in foreign currency
Arab African International Bank sent a notice to customers on Wednesday and Arab International Bank sent one on Thursday announcing the suspension, according to several customers
Legal, Tax, Regulation & Compliance
10/06/2023
Dentons advises the Islamic Development Bank on sukuk issuance
The transaction was successfully completed on 3 October 2023, and the issuance was made through a special purpose vehicle issuer incorporated in Luxembourg
10/05/2023
UAE: ADGM fines money service provider for inadequate AML controls
The FSRA found that the money service provider failed to establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations in that it failed to
10/04/2023
KENDRIS – Accredited by DIFC Family Wealth Centre
The DIFC Family Wealth Center is a one-stop shop for global and regional family business structures, ultra-high net worth individuals (UHNWI) and private wealth management.
10/03/2023
Saudi Top Trading obtains $6.66mln loan from Banque Saudi Fransi
Saudi Top Trading obtains $6.66mln loan from Banque Saudi Fransi
10/03/2023
Central banks of UAE and Egypt agree currency swap
Khaled Mohammed Balamma, governor of the Central Bank of the United Arab Emirates, and Hassan Abdullah, his Egyptian counterpart, signed the agreement.
10/03/2023
DIFC announces consultation on new Digital Assets Law
New Law of Security and Related Amendments to Select Legislation
10/02/2023
Alipay+ Launches in Saudi Arabia to Better Connect Local Businesses to Asian Tourists
Alipay+ is now available in over 50 markets outside China across Asia, Europe, as well as the Middle East.
09/29/2023
UAE and Egypt central banks enter into currency swap agreement
Egypt has been suffering from a hard currency crunch with the Egyptian pound falling by about half against the dollar since March 2022 after the Ukraine crisis exposed its economy’s vulnerabilities.
09/28/2023
UAE: 5.73 million subscribe to unemployment insurance scheme
Ministry urges those eligible to register immediately to avoid fine
09/27/2023
Kuwait Finance House sheds light on customers rights, regulations of dealing with banks
Kuwait Finance House “KFH” continues efforts to support “Diraya” financial and banking awareness campaign
09/26/2023
The Tax Benefits of using a UAE Free Zone Company as a Holding Company
The ItalianCo is considering transferring its ownership in MoroccanCo to a wholly-owned holding entity located in the United Arab Emirates (“UAE HoldCo”).
09/26/2023
Banking Transparency Under the Spotlight: Kuwait Central Bank issues guidelines
In this regard, the Central Bank of Kuwait stated that banks must fulfill due diligence requirements to verify the integrity of the funds and information available to them
09/25/2023
CBB issues the first Investment Business Category 4 license to BAGS Capital
Caters for the business models of specialist fund managers who operate, manage, and market CIUs exclusively for accredited investors
09/22/2023
Federal Tax Authority collaborates with Umm Al Quwain Chamber to promote tax culture among business sectors
The collaboration forms part of the strategic plan to raise awareness about tax legislation and highlight compliance requirements.
09/22/2023
Saudi Arabia’s climate envoy meets ministers, officials at UN General Assembly
Discussions were held on how to deal with the effects of climate change
09/20/2023
Minister of Finance meets with Governor of Swiss National Bank
During the meeting, they discussed a variety of topics essential to the shared interests of both parties
09/19/2023
Bahrain Central Bank issues new investment licenses to expand scope for family offices
Central Bank of Bahrain brings in new category for investment firms
09/19/2023
KBBO Group restructuring receives creditor and court approval
Deloitte is acting as trustee of the group and is overseeing the restructuring process.
09/18/2023
Saudi's SAMA licenses two insurance aggregation companies
With Al-Tizam and Altheqa, there will be five authorized insurance aggregation companies operating in Saudi Arabia