World Bank Slashes MENA Growth Forecast Due to Geopolitical Tensions
The World Bank, on Wednesday, slashed the growth forecast for the UAE, GCC, and Middle East and North Africa (Mena)…
Regulation, Risk & Compliance
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Bank scam gang arrested in UAE, stole thousands from residents
A gang of four phone fraudsters, who were able to steal Dh12,199 from residents' bank accounts, has been sentenced to…
Bahrain's sovereign wealth fund Mumtalakat hires banks for dollar sukuk
Bahrain’s sovereign wealth fund Mumtalakat has hired banks to arrange fixed income investor meetings ahead of a potential issue of…
Saudi Arabia 2020 budget
The Saudi government set an optimistic target for the country’s economic growth when the Cabinet approved the SAR 1.02 trillion…
AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions
The Accounting and Auditing Organization for Islamic Financial Institutions carried out a rigorous process of testing the compliance of iMAL…
Clifford chance and AS&H advise on a $1.9bln refinancing package for Arabian Centres Company
Clifford Chance, together with Abuhimed Alsheikh Alhagbani Law Firm, have advised the joint lead managers and lenders on a US$1.9…
Mashreq signs agreement with DIFC to provide Escrow account services to owners' associations
Mashreq, had announced that it has signed an agreement with Dubai International Financial Centre, which will enable the bank to…
DFSA takes action against Morgan Gatsby Limited for multiple serious breaches
The Dubai Financial Services Authority has announced that it has fined Morgan Gatsby Limited, approximately USD 246,000 (approx. AED 900,000),…
UAE business community lauds government for new five-year tourist visa
Stakeholders in the UAE’s private sector were all praise for the government’s decision to grant five-year multi-entry visas to foreigners…
Three themes shaping GCC financial services
Governments in the GCC region know that a strong, resilient financial services sector is critical to economic development and reform.…
Winston & Strawn to close Dubai office in Q1 2020
Winston & Strawn is set to close its offices in Dubai in the first quarter of 2020. According to…
Michael Klein: the Middle East Expert at Credit Suisse
His election to the board of Credit Suisse may have gone by almost unnoticed in Switzerland. But Michael Klein’s…