The provision refers to banks implementing the Common Reporting Standard (CRS), which is a reporting requirement to help fight against tax evasion. UAE central bank sanctions six banks for …
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Central Bank of UAE imposes sanctions on six banks for compliance failure
Sammy Dallal The Central Bank of the UAE rolled out a number of initiatives to regulate the country’s financial sector in recent months. Sammy Dallal / The National . The Cen …
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ADNOC joint venture Borouge hits $3.46b in H1-22 revenues – and shareholders eye $975m in dividends
Dubai: Abu Dhabi’s ADNOC JV Borouge has seen first-half 2022 revenues hit $3.46 billion from a 16.4 per cent increase, helped by steadily improving prices for petrochemical products. In fact, Borouge …
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UAE Salary Guide for Year 2022
Businesses in the UAE are stepping up their hiring efforts to replace talent lost during the pandemic.According to the recruitment firm Robert Half’s 2022 Salary Guide, firms in the UAE to reconsider …
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UAE central bank hikes base rates by 0.75%
CBUAE maintained interest rate applicable to borrowing short-term liquidity from the regulator through all standing credit facilities at 50bps above the base rate …
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Central Bank of UAE raises interest rate after Fed’s aggressive rise
The Fed on Wednesday increased the policy rate by 75 basis points (bps) after a larger-than-expected three-quarters percentage point in June. This is the Fed’s fourth interest rate increase in four …
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Central Bank of UAE raises interest rate after Fed’s bazooka rate rise
The Fed on Wednesday increased the policy rate by 75 basis points (bps) after a larger-than-expected three-quarters percentage point in June. This is the Fed’s fourth interest rate increase in four …
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Mohammed swears in 4 new Dubai International Financial Centre Courts judges
Speaking on the occasion, Sheikh Mohammed highlighted the importance of constantly enhancing the DIFC’s judicial framework in order to further raise the confidence of the local and global business …
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UK High Court wades into Dubai trade finance fraud case
The UK High Court has sided with the Dubai Islamic Bank in the latest episode of a long-running trade finance fraud saga, ruling against a British man who had been seeking an immediate release from …
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Govt to Sell its Stakes in 5 Energy Companies to UAE for $2 Billion
The Federal Cabinet has approved selling its stakes in five energy companies to UAE for $2 billion on a government-to-government (G2G) basis, sources told …
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Dubai Islamic Bank’s first-half profit surges to over $735mln
Dubai Islamic Bank announced on Wednesday a significant surge of 45 per cent to Dh2.7 billion in first-half profitability compared to Dh1.86 billion in the same period last year. The strong …
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Dubai Islamic Bank income jumps 7 percent ‘despite global headwinds’
The bank’s net profits amount to 2.7 billion and also saw an increase in total income rose to AED6.3 billion Dubai Islamic Bank income jumps 7 percent ‘despite global headwinds’ banking, Dubai, Dubai …
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Commercial Bank of Dubai posts 28.1% jump in H1 profit
Commercial Bank of Dubai (CBD) reported on Wednesday a net profit jump of 28.1 per cent to Dh866 million for the first half of 2022 compared to the same 2021 period. The bank said in a statement that …
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UBA Group opens banking operations in Dubai.
The branch will facilitate the financing of trade and investment transactions between the Middle East and Africa | THE INDEPENDENT | United Bank for Africa Group has extended its operations to the …
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Emirates Development Bank to offer free manufacturing consultancy services to SMEs
The UAE’s Emirates Development Bank (EDB) is partnering with Future Factory to deliver free consultancy services to its small and medium enterprise (SMEs) customers. The move is part of the lender’s …
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Emirates Development Bank offers free consultancy to SMEs, boosting efficiency in UAE manufacturing
Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, is announcing a new drive to offer free expert guidance to its …
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UAE central bank slaps $1.4mln fine on exchange house
The UAE Central Bank has imposed a fine of more than AED5.2 million ($1.4 million) on an exchange house operating in the country. The exchange outlet, which remains unidentified, was found to have a …
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