Company Insights Central Bank of the United Arab Emirates Banking and Finance Central Bank of the United Arab Emirates News Banking and Finance UAE to axe 2,000 procedures in ‘Zero Bureaucracy’ drive The Central Bank of the UAE has announced plans to eliminate at least 2,000 bureaucratic procedures as part of a sweeping “Zero Bureaucracy” plan to enhance efficiency in the country’s financial sector. The change is aimed at reducing administrative burdens on businesses and individuals, according to state news agency Wam. NewsletterGet the Best of AGBI […] July 2, 2024 Finance UAE introduces regulations to clean up crypto market The UAE has taken steps towards regulating its payments sector with the introduction of Payment Token Services Regulation in an attempt to push out fraudulent crypto companies and attract legitimate businesses. The new regulations introduced by the Central Bank of the UAE (CBUAE) focus heavily on stablecoins – digital currencies pegged to a real-world asset […] June 28, 2024 Banking and Finance UAE increases gold reserves with growth set to continue The UAE’s gold reserves reached almost AED20 billion ($5.5 billion) at the end of March, rising 12.6 percent year on year, with expectations that the growth will continue into the rest of the year. The Central Bank of the UAE (CBUAE) said the Gulf state’s reserves of the precious metal have risen considerably over the […] June 20, 2024 Finance UAE’s gold reserves rise 13% to $5.3bn The value of gold reserves of the Central Bank of the UAE (CBUAE) reached AED19.6 billion ($5.3 billion) at the end of March 2024, rising 13 percent year on year. Gold reserves increased by 9.8 percent on a monthly basis from AED17.9 billion in February 2024, the UAE state-run Wam news agency reported, citing the […] June 17, 2024 Banking and Finance Card payments market in UAE to be worth $139bn in 2024 Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending. The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of […] May 6, 2024 Banking and Finance Acwa Power takes China bank loan in first for Saudi Arabia Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […] April 19, 2024 Economy UAE economy to grow 4.2% in 2024, says central bank The UAE’s gross domestic product (GDP) is expected to expand by 4.2 percent in 2024, further growing to 5.2 percent in 2025, the Central Bank of the United Arab Emirates (CBUAE) said in its quarterly economic review. The bank maintained its estimate for 3.1 percent growth in 2023. Non-oil GDP growth is forecast to reach […] April 2, 2024 Analysis Banking and Finance DIFC’s law tipped to help digital assets go mainstream The Dubai International Financial Centre has introduced a law to define and regulate digital assets – a move that should herald their integration into more parts of the economy, lawyers have told AGBI. The DIFC legislation came into effect on March 8 and classifies the assets as property. Digitally tracked items such as cryptocurrencies, non-fungible […] March 27, 2024 Banking and Finance Dubai ends double taxation for foreign banks Foreign banks including HSBC, Banque Misr and Arab Bank operating in Dubai will no longer face double taxation after a change in the emirate’s banking laws. A 9 percent corporate tax, introduced in June last year for corporations and businesses that have a taxable profit above AED375,000 ($100,000) was being applied on top of the […] March 8, 2024 Finance Capital and reserves of UAE banks rise 13% to $131bn The total capital and reserves of banks operating in the UAE increased 13.3 percent to AED481.5 billion ($131 billion) by the end of November 2023, compared to AED425 billion a year ago, the Central Bank of the UAE’s (CBUAE) data showed. Banks’ aggregate capital and reserves increased 12.3 percent or AED53 billion during the first […] February 25, 2024 Posts navigation Previous 1 2 3 4 … 9 Next
Banking and Finance UAE to axe 2,000 procedures in ‘Zero Bureaucracy’ drive The Central Bank of the UAE has announced plans to eliminate at least 2,000 bureaucratic procedures as part of a sweeping “Zero Bureaucracy” plan to enhance efficiency in the country’s financial sector. The change is aimed at reducing administrative burdens on businesses and individuals, according to state news agency Wam. NewsletterGet the Best of AGBI […] July 2, 2024
Finance UAE introduces regulations to clean up crypto market The UAE has taken steps towards regulating its payments sector with the introduction of Payment Token Services Regulation in an attempt to push out fraudulent crypto companies and attract legitimate businesses. The new regulations introduced by the Central Bank of the UAE (CBUAE) focus heavily on stablecoins – digital currencies pegged to a real-world asset […] June 28, 2024
Banking and Finance UAE increases gold reserves with growth set to continue The UAE’s gold reserves reached almost AED20 billion ($5.5 billion) at the end of March, rising 12.6 percent year on year, with expectations that the growth will continue into the rest of the year. The Central Bank of the UAE (CBUAE) said the Gulf state’s reserves of the precious metal have risen considerably over the […] June 20, 2024
Finance UAE’s gold reserves rise 13% to $5.3bn The value of gold reserves of the Central Bank of the UAE (CBUAE) reached AED19.6 billion ($5.3 billion) at the end of March 2024, rising 13 percent year on year. Gold reserves increased by 9.8 percent on a monthly basis from AED17.9 billion in February 2024, the UAE state-run Wam news agency reported, citing the […] June 17, 2024
Banking and Finance Card payments market in UAE to be worth $139bn in 2024 Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending. The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of […] May 6, 2024
Banking and Finance Acwa Power takes China bank loan in first for Saudi Arabia Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […] April 19, 2024
Economy UAE economy to grow 4.2% in 2024, says central bank The UAE’s gross domestic product (GDP) is expected to expand by 4.2 percent in 2024, further growing to 5.2 percent in 2025, the Central Bank of the United Arab Emirates (CBUAE) said in its quarterly economic review. The bank maintained its estimate for 3.1 percent growth in 2023. Non-oil GDP growth is forecast to reach […] April 2, 2024
Analysis Banking and Finance DIFC’s law tipped to help digital assets go mainstream The Dubai International Financial Centre has introduced a law to define and regulate digital assets – a move that should herald their integration into more parts of the economy, lawyers have told AGBI. The DIFC legislation came into effect on March 8 and classifies the assets as property. Digitally tracked items such as cryptocurrencies, non-fungible […] March 27, 2024
Banking and Finance Dubai ends double taxation for foreign banks Foreign banks including HSBC, Banque Misr and Arab Bank operating in Dubai will no longer face double taxation after a change in the emirate’s banking laws. A 9 percent corporate tax, introduced in June last year for corporations and businesses that have a taxable profit above AED375,000 ($100,000) was being applied on top of the […] March 8, 2024
Finance Capital and reserves of UAE banks rise 13% to $131bn The total capital and reserves of banks operating in the UAE increased 13.3 percent to AED481.5 billion ($131 billion) by the end of November 2023, compared to AED425 billion a year ago, the Central Bank of the UAE’s (CBUAE) data showed. Banks’ aggregate capital and reserves increased 12.3 percent or AED53 billion during the first […] February 25, 2024
