Dubai: The current slowdown in business is good for the banking sector and UAE banks would emerge strong from these challenges, said Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation (UBF) at the meeting of the CEOs Advisory Council of UBF on Wednesday.
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UAE publishes VAT timetable; excise tax roll out in 2017
The UAE Ministry of Finance has launched the first phase of its awareness and education workshops that will prepare businesses for the new tax system that will be introduced by the end of this year, in the case of excise tax, and early next year for value …
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Emirates Global Aluminium plans IPO, banks pitch for role: sources
DUBAI Emirates Global Aluminium (EGA), one of the world’s top five producers, has invited banks to pitch for a role in its planned initial public offering, sources told Reuters. The IPO could take place later this year, on either the Dubai or Abu Dhabi …
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Emirates Global Aluminium plans IPO
The IPO could take place later this year, on either the Dubai or Abu Dhabi stock exchange, but the size of the offering has yet to be determined, the sources said. EGA was created in 2013 when state-owned companies Dubai Aluminium (Dubal) and Abu Dhabi’s …
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Warba Bank celebrates listing of its sukuk in Nasdaq Dubai
KUWAIT: Shaheen Al-Ghanem, Chief Executive of Warba Bank, the best investment bank in Kuwait as well as the best corporate advisory, yesterday rang the market-opening bell to celebrate the listing on Nasdaq Dubai of a $250 million Perpetual Tier 1 Basel …
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Kuwait’s Warba Bank lists $250m sukuk on Nasdaq Dubai
Shaheen Al Ganem, Chief Executive of Warba Bank, one of Kuwait’s leading banks, on Monday rang the market-opening bell to celebrate the listing on Nasdaq Dubai of a $250 million Perpetual Tier 1 Basel III compliant Capital Sukuk. The sukuk instrument …
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Going Public: A Mark Of Distinction, And A Platform For Growth
1. Taking stock The liberal business environment, reinforced by recent legislation to boost IPO activity is encouraging companies to launch in the UAE. Globally there were 1,055 IPOs in 2016, 11 of which were on exchanges in the Middle East. The decision …
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DFM adds significant risks in Islamic finance on hedging standards
Dubai: Dubai Financial Market (DFM) said it has officially published the final version of its Standard on Hedging against Investment and Finance Risks, the first comprehensive standard of its kind, as part of the DFM’s constant efforts to further enhance …
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VAT and CRS to add to costs and regulatory burden of banks
… 2017”, KPMG partners argue that both VAT and CRS are likely to have a significant impact on every bank operating in the UAE. “VAT is likely to be an irrecoverable cost, negatively affecting margins for the banking sector. It is therefore …
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914 Emiratis hired in financial, banking sectors
Dubai: A total of 914 Emiratis have been hired in 111 banking establishments and companies operating in the financial sector, the Ministry of Human Resources and Emiratisation announced on Saturday. Around 774 Emiratis have assumed their functions while …
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UAE Central Bank raises rates in line with US Federal Reserve
The Central Bank of the UAE raised interest rates on its certificates of deposit by 25 basis points on Thursday, in line with the US Federal Reserve move on Wednesday to increase the Federal Funds rate by the same amount. Markets had expected the increase …
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UAE hikes interest rates: How will it impact your EMI?
The United Arab Emirates central bank said on Wednesday that it was raising key interest rates by 25 basis points, effective on Thursday, in response to the rate increase by the US Federal Reserve. Rates on certificates of deposit issued by the UAE central …
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First Qatar stock exchange IPO since 2014 likely
Discussions with the unnamed family-owned firm were in their final stages, said Mr Al Mansoori on the sidelines of the Arab IPO Summit in Dubai yesterday. “It’s in the process, hopefully IPO-ing in April,” he told The National. He did not give an …
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Stricter UAE bank rules against money laundering hurt SME borrowing
Anti-money laundering regulations that are increasingly being strengthened by UAE banks are making it more difficult for small and medium-sized businesses to tap debt, according to the accountancy firm KPMG. SMEs have struggled to get financing in recent …
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UPDATE 1-Qatar exchange says IPO requires decision by shareholder -CEO
(Corrects headline and lead after company clarifies CEO comments on IPO) DUBAI, March 14 (Reuters) – The chief executive of Qatar Stock Exchange said on Tuesday any initial public offering of its own shares would require a shareholder decision. “There are …
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CBK signals end to licensing freeze with nod for Dubai bank
The Central Bank of Kenya (CBK) yesterday signalled its intention to lift the moratorium it had imposed on the licensing of new banks, saying it had started processing one local and one foreign application to set up operations. The CBK said it would …
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UAE Bankruptcy Law: A guide for business directors
The new UAE Bankruptcy Law (Federal Law No. 9 of 2016) has put a spotlight on the treatment of companies in financial difficulties in the United Arab Emirates. It comes into force on 29 December 2016. We set out a summary of the key points in the Law.
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