03/29/2021
Shura Council approves draft law on common insurance protection for GCC citizens
The draft law came in implementation of the principle of reciprocity and in line with similar laws in other GCC countries.
Legal, Tax, Regulation & Compliance
03/26/2021
Turkish central bank chief removal is credit negative for bank funding says Moody’s
Could impact bank funding costs says credit agency
03/26/2021
Gold hub UAE toughens fight against financial crime
The steps follow a 2018 tightening of financial regulations that sought to dispel a view among some foreign investors that the country is an illicit money hot spot.
03/25/2021
Deloitte advises United Arab Chemical Carriers on landmark merger with United Overseas Group Ltd
UOG to acquire United Arab Chemical Carriers
03/25/2021
Rollover risks loom for Turkey's banks
The switch has jolted markets, with the lira and Turkey’s bonds tumbling in value and interest rates soaring on overnight lira swaps, used for hedging and shorting by overseas investors.
03/25/2021
Qatar Credit Bureau launches new service providing credit reports online
She noted that the new services, which will launch Sunday, will enhance the bureau’s role in supporting the financial system and providing accurate and comprehensive credit information.
03/24/2021
Saudi Central Bank grants licenses to 2 more payment companies
This brings the total number of payments companies licensed by SAMA to 13 companies, in addition to two payments companies obtaining initial approval.
03/23/2021
Saudi fintech Geidea gets SAMA license to process payments
Company plans rollout across other MENA markets in 2021
03/23/2021
DIFC wins membership in global financial centres' alliance
DIFC said it will use its membership to collaborate with members who represent other leading global financial centres including London, Frankfurt, Paris, Tokyo and Toronto
03/23/2021
Saudi Arabia creates database of privately financed projects
The body will also review any complaints that emerge over privatization procedures
03/23/2021
Central Bank of Egypt offers EGP19 billion worth of treasury bills
Governments resort to financing budget deficits by offering bonds and treasury bills as debt instruments, and public banks are their largest buyers.
03/23/2021
Businesses need to be VAT ready: Experts
Once the VAT becomes live in Oman and Qatar, then Kuwait will be the last GCC country to implement it, she added.
03/23/2021
IMF urges Bahrain to implement fiscal reforms, contain rising public debt
Bahrain responded quickly to contain the COVID-19 pandemic and has launched a widespread vaccination campaign, but the crisis led to a 5.4% economic contraction in 2020, with the non-oil economy shrinking by 7%
03/23/2021
UAE Banks Federation's General Assembly approves strategic objectives, action plan for 2021
They ratified the budget for 2020, and approved strategic objectives and action plan for the year 2021.
03/22/2021
Qatar First Bank successfully exits CMRC Limited for $31.5
The bank’s recent transaction also comes in line with its plans to explore new markets and industries, and to expand its investments to new locations and regions around the world.
03/21/2021
Luxury oasis draws elite Saudis locked in by pandemic
The Riyadh Oasis — a high-end desert retreat with palm-fringed pools, pop-up restaurants and luxury tents
03/19/2021
Egypt's central bank keeps key interest rates on hold
The Central Bank of Egypt noted that most of Egypt’s indicators were “gradually recovering” to their pre-pandemic levels, while prospects for global economic recovery appeared to be contingent on the coronavirus vaccine rollout.
03/19/2021
Abu Dhabi Global Market partners with OCO Global for US FDI
The business-friendly conditions attract hundreds of global companies annually.
03/19/2021
Turkey to offer big tax breaks to firms, workers at Istanbul Finance Centre
No tax will be levied on any kind of bonds and bills issued abroad and on interest and dividends paid for lease certificates, Hürriyet said.
03/19/2021
Turkish Central Bank's rate hike surprises, pleases economists
Economists laud 200-basis-point interest rate rise as important move in fighting inflation