Gross assets of banks operating in Abu Dhabi and Dubai have risen to around AED2.897 trillion ($788 billion), by the end of April, accounting for 92 percent of total banking assets in the country, …
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Dubai Customs cancels fines for late Customs Representative Card renewal, cancellation
The decree exempts businesses from late fines related to any government service in Dubai as part of government efforts to boost the national economy, …
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UAE says Israel should back off threat to annex West Bank
A senior United Arab Emirates official said on Monday that any unilateral move by Israel to annex parts of the occupied West Bank would be a serious setback for the Middle East peace process.
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Saudi Central Bank Provides $13.3 Billion to Support Bank Liquidity
The Saudi central bank said it provided 50 billion riyals ($13.3 billion) to support liquidity in the banking sector, according to a statement on twitter on Monday.
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Dubai faces 5.5% recession this year as $10 bln debt repayments loom, BofA says
Dubai could see a recession of around 5.5% in 2020 as it faces about $10 billion in debt maturities this year while revenues are expected to drop in line with the pattern of the 2009 crisis, Bank of …
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CORRECTED-Saudi central bank provides $13.3 bln to support banking sector liquidity
The Saudi central bank said it provided 50 billion riyals ($13.32 billion) to support the banking sector liquidity, according to a statement on twitter on Monday. ($1 = 3.7545 riyals) (Reporting by …
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UAE’s financial markets need more depth
The lack of depth and coverage of regional debt and equity markets is well known and documented. We have puny equity capital markets … and even those cater only to the larger companies. They are …
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Life insurance top priority for UAE residents after Covid-19
Life insurance is the top financial priority for almost 50 per cent of people living in the UAE in the wake of the pandemic outbreak, a study has revealed. The study’s findings have added relevance in …
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Dubai faces 5.5% recession this year as $10 billion debt repayments loom, BofA says
Dubai could see a recession of around 5.5% in 2020 as it faces about $10 billion (8.1 billion pounds) in debt maturities this year while revenues are expected to drop in line with the pattern of the …
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Ministry of Finance reduces some UAE federal fees
UAE’s Ministry of Finance (MoF) has reduced some federal fees as part of its ongoing support for businesses in the country during the Covid-19 pandemic. In particular, the ministry reduced the fees …
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UAE Central Bank issues guidance to calculate COVID-19 credit losses
The Central Bank of the UAE has issued guidance to financial institutions (FIs) on the application of International Financial Reporting Standard 9 (IFRS 9) to ensure that credit losses due to COVID-19 …
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UAE central bank issues guidance to financial institutions on application of IFRS 9
The Central Bank of the UAE, CBUAE, has issued its guidance to financial institutions on the application of International Financial Reporting Standard 9, IFRS 9. The guidance has been issued after a …
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COVID-19 response: UAE Ministry of Finance announces fee reductions
The decisions included: reduction of fees of Registering suppliers in the Federal Supplier Register at MoF and the Ministry of Infrastructure Development by 50 per cent from Dh1,0 …
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Combating coronavirus: MoF announces more relief measures for UAE firms
In addition, MoF cancelled fees for selling tender documents in federal entities. These decisions will boost the national economy and stimulate business environment against coronavirus. A number of …
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Morgan Stanley not given advisory role on Aramco pipeline sale: sources
Morgan Stanley has not been given an advisory role on the potential sale of a stake in Saudi Aramco’s pipeline business, a deal worth over $10 billion, two sources told Reuters.
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Expo body formally approves one-year delay to Expo 2020 Dubai
The World Expo awarding body said on Friday its general assembly had approved a one-year postponement of Expo 2020 Dubai due to difficulties posed by the coronavirus pandemic, and the event would now …
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ED attaches Dubai villa, 5 Swiss bank accounts of AgustaWestland scam accused Rajiv Saxena
The value of the villa in Palm Jumeirah (Dubai) is worth 20 million Dirhams and money attached in five Swiss bank accounts is worth US dollars 45.5 million, the ED said in a press statement on Friday.
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