… 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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Nasdaq Dubai, Bourse de Tunis partner to boost Islamic finance
Nasdaq Dubai and Bourse de Tunis have signed a Memorandum of Understanding (MoU) to explore collaboration possibilities, including initiatives regarding existing and future issuers and listings on the two exchanges, according a media statment, Ways to …
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Saudi Aramco selects FTI as global media advisor for IPO: sources
KHOBAR, Saudi Arabia/DUBAI Saudi Aramco [IPO-ARMO.SE] has chosen U.S.-based FTI Consulting (FCN.N) as global media adviser for what is expected to be the world’s largest initial public share offer, industry sources said. In recent months the Saudi national …
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UAE bank sector assets at Dh2.6 trillion, tops in GCC
The UAE’s banking sector topped the GCC region in terms of asset volume, with a total value of about $711 billion (Dh2.61 trillion) in 2016, according to statistics from the Central Bank of the UAE. The Saudi Arabia banking sector came second, with a total …
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National Bank of Fujairah signs Dubai Declaration on Sustainable Financing
National Bank of Fujairah announced today that it has recently signed the Dubai Declaration on Sustainable Financing at the United Nations Environment Programme (UNEP) Finance Initiative’s 14th Global Roundtable, a leading platform attracting over 400 …
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Simple ways to leave Dubai with a fat bank account
Don’t be that person who leaves Dubai bankrupt. Plan sensibly and save for the rainy day. How often have you heard about a friend who was in debt when he left Dubai? Expats come to Dubai to make money and add on to their savings, but sometimes get sucked …
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Bank ABC opens a branch in DIFC, Dubai
Bank ABC’s decision to open a branch in the DIFC comes as part of its plan to expand its international network, which already spans 18 countries in five continents. “We are pleased that the Dubai Financial Services Authority (DFSA) has granted Bank ABC …
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Expo 2020 Dubai teams up with DEWA to develop sustainability
DEWA will provide Expo 2020 Dubai with electricity and water from October 2020 to April 2021, excluding the electricity that will be generated at Expo’s site; Expo 2020 Dubai aims to have 50 per cent of its power needs supplied from a variety of …
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Dubai Stocks: First Gulf Bank (FGB:AD) Consolidating
Overall, the bias in prices is: Downwards. Short term: Prices are moving. Intermediate term: Prices are ranging. Note: this chart shows extraordinary price action to the downside. The projected upper bound is: 13.13. The projected lower bound is: 11.86.
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