12/22/2022
KPMG: Consistent Growth to Continue for Saudi Arabia Banks
The report found an increase in net profit by 26.21 per cent year-on-year for the banking sector.
Legal, Tax, Regulation & Compliance
12/22/2022
6 UAE firms fined $871,000 for anti-money laundering law violations
Businesses operate in designated non-financial business or professions sector
12/21/2022
Oman: No VAT increase, no income tax in 2023
The details were unveiled during a media presentation of the state's general budget for the year 2023
12/20/2022
UAE Corporate Tax: Multinationals' being pegged at 9% for now will be a win-win
UAE's decision to hold back on 'Pillar Two' and 15% tax to be a major incentive
12/20/2022
Emiratisation fines, job loss insurance, corporate tax: 5 new UAE laws that will come into effect in 2023
These include a plastic ban will be imposed across more emirates; sales outlets must charge 25 fils extra per plastic bag shoppers use as of next year
12/19/2022
Egypt’s new IMF deal aims to reduce government debt: Cabinet
Egypt negotiated its latest IMF loan as the economic fallout from the war in Ukraine exacerbated a foreign currency shortage resulting from Egypt's large trade deficit.
12/19/2022
Diriyah Gate in strategic financing solutions deal with SABB
As per the agreement, both parties will also work together on refining DGDA’s investment opportunities
12/19/2022
Bahrain announces distribution of over 6,000 residential units
The move comes following the directives of His Majesty King Hamad bin Isa Al Khalifa and the order of His Royal Highness Prince Salman bin Hamad Al Khalifa
12/16/2022
Central Bank of Bahrain increases key interest rates
The CBB continues to monitor global and local market developments closely in order to take any further necessary actions to maintain monetary and financial stability in the kingdom, it added.
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.
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.