Massive 55% tax coming to the UAE

Good news for the UAE: No value-added tax (VAT) increases for upcoming 5 years. UAE Minister of State for Financial Affairs Obaid Al Tayer said at the Arab Fiscal Forum the government has no plans to raise the rate of VAT or excise tax in the near future. ( read original story ...)

Saudi Arabia’s central bank signs blockchain deal with Ripple

DUBAI (Reuters) - Saudi Arabia’s central bank has signed a deal with U.S.-based Ripple to help banks in the kingdom settle payments using blockchain software, as Gulf regulators begin to explore new forms of financial technology. The pilot program is the ... ( read original story ...)

Mashreq Bank deploys AI solution

UAE’s Mashreq Bank has partnered with Blue Prism to increase productivity, improve customer experiences and deliver new services through an integrated AI solution. The Digital Workforce platform will automate dozens of the bank’s processes across ... ( read original story ...)

The ‘black magic’ bank heist

One day in August 1995 a man called Foutanga Babani Sissoko walked into the head office of the Dubai Islamic Bank and asked for a loan to buy a car. The manager agreed, and Sissoko invited him home for dinner. It was the prelude, writes the BBC's Brigitte ... ( read original story ...)

Dubai’s Shuaa plans Egypt expansion as economy recovers

has said it plans to expand its capital markets business in the Middle East following a return to profit for the investment bank. Shuaa Capital is assessing potential acquisitions in Egypt’s financial services industry as the Dubai-based firm seeks to ... ( read original story ...)