The United Arab Emirates is not doing enough to prevent money laundering despite recent progress, and causing concerns about its ability to combat financing of terrorism, the global dirty money …
( read original story …)
UAE doing too little to stem terrorist financing, says watchdog
If the UAE fails to improve, it may find itself alongside states such as Syria, Yemen and Pakistan, which the FATF deems to have “strategic deficiencies.” …
( read original story …)
UAE MoF receives budget draft from federal entities
The UAE Ministry of Finance (MoF) has announced receiving the federal budget draft for 2021 from federal entities through its automated budget preparation system, which was fully developed, and for …
( read original story …)
UAE among top 3 resilient economies
The UAE is set to emerge among the world’s most resilient economies in 2020 post-Covid-19, thanks to traditional and new sectors as well as rapid, decisive and innovative measures taken to contain the …
( read original story …)
British firms in the UAE report cash flow, revenue concerns amid Covid-19
A large proportion of British businesses in the UAE are concerned about cash flow and revenue drops amid the coronavirus pandemic, according to new figures released by the British …
( read original story …)
Air France must be good Airbus customer -finance minister
The French government’s financial support of Air France comes with the expectation that the airline keeps buying planes from Airbus, Finance Minister Bruno Le Maire said on Wednesday. The government …
( read original story …)
COVID-19 impact: UAE bank profits come under pressure
Early indicators from the first quarter results of UAE banks point to a spike in provisions on expected credit losses from COVID-19 linked loan impairments and lower loan yields as a result of low …
( read original story …)
Online Learning Accelerates in United Arab Emirates Amid COVID-19 Outbreak with Ankabut, Mediasite Partnership
The use of video learning is rapidly increasing in the Middle East due to a new partnership between Mediasite and Ankabut, the United Arab Emirates’ Advanced National Research and Education Network …
( read original story …)
Jumia: The e-commerce start-up that fell from grace
Online retailer Jumia is struggling, a year after its debut on the New York Stock Exchange.
( read original story …)
UAE banks face write-downs of between 25%-50% on NMC debt – sources
Banks in the United Arab Emirates (UAE) with exposure to troubled hospital operator NMC Health risk having to make provisions for between 25% to 50% on more than $2 billion of outstanding debt to the …
( read original story …)
Covid-19: UAE’s ’10 million meals’ campaign exceeds target in one week
The campaign, led by Sheikha Hind bint Maktoum bin Juma Al Maktoum, chairperson of the board of trustees of the UAE Food Bank, has received donations from companies, humanitarian organisations, …
( read original story …)
First Abu Dhabi Bank reports 22% slump in profit over coronavirus
First Abu Dhabi Bank set aside $201m in impairment charges, calling it prudent provisioning due to a challenging operating environment’ …
( read original story …)
UAE’s First Abu Dhabi Bank’s quarterly profit hit by impairment charges
First Abu Dhabi Bank, the biggest lender in the United Arab Emirates (UAE), reported a 22 percent drop in quarterly profit on Monday, hit by interest rate cuts and impairment charges. Its net profit …
( read original story …)
UAE instructs banks to freeze accounts of NMC founder Shetty, his family: Report
United Arab Emirates lenders have been told by the central bank to freeze the accounts of NMC Health shareholder BR Shetty and his family, three sources with knowledge of the matter said. NMC, which …
( read original story …)
Solidarity Fund: Dubai Islamic Bank unveils Dh120 million contribution
The Dubai Islamic Bank has announced on Saturday a Dh120 million contribution to the Community Solidarity Fund against COVID-19 launched by the Islamic Affairs and Charitable Activities Department.
( read original story …)
UAE, Gulf states can raise billions via asset sales
Gulf nations may turn to asset sales to complement an almost $50 billion debt spree to support economies rocked by the coronavirus pandemic and the collapse in crude prices, according to Citigroup Inc …
( read original story …)
Jumia: Africa’s Amazon’s huge losses since a billion-dollar IPO
After peaking at a high of $49.77 within its first week of trading in April 2019, the stock had crashed below its IPO price by August. Jumia lost its “unicorn” status by September and the stock now …
( read original story …)