Company Insights Central Bank of the United Arab Emirates Banking and Finance Central Bank of the United Arab Emirates News Banking and Finance Not yet time to write off UAE cheque payments Cheque books are on their way out in the UAE, but experts have said there is still some way to go before they are signed off for good. The number of cheques cleared through the country’s banks has fallen from 26 million in 2019 to just over 20 million for the first 11 months of […] February 16, 2024 Banking and Finance UAE likely to escape FATF grey list this month The UAE has made “positive steps” to meet anti-money laundering and terrorism funding standards and is likely to be removed from an international grey list later this month. Experts say this will provide a major boost to the Gulf state’s economy. The country was placed under enhanced supervision – known as the grey list – […] February 9, 2024 Banking and Finance UAE froze $123m in assets linked to crime in 2022 The UAE froze assets valued at AED 452.5 million ($123 million) in 2022 related to crimes such as money laundering and financing of terrorism, new data shows. The UAE’s Financial Intelligence Unit (FIU), a special unit of the UAE Central Bank, released its annual report this week and revealed that it conducted “freeze orders” targeting […] February 8, 2024 Economy UAE economy to grow 5.7% despite global challenges The UAE economy is projected to grow by 5.7 percent in 2024 despite prevailing global economic challenges, according to the Gulf state’s finance ministry undersecretary Younis Haji Al Khoori. “Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9 percent in 2023 and […] February 1, 2024 Retail UAE enforces new rules for buy-now-pay-later operators Updated regulations for buy-now-pay-later service providers and other finance companies providing short-term credit facilities have been introduced by the Central Bank of the UAE. Buy-now-pay-later (BNPL), a business model that allows consumers to make immediate online purchases and spread their payments over interest-free instalments, has grown in popularity in the Gulf post Covid-19. Last month, […] January 2, 2024 Finance UAE growth forecast revised upward to 5.7% in 2024 The Central Bank of the UAE has revised its forecast for economic growth next year to 5.7 percent, up from an earlier projection of 4.3 percent. The overall GDP is forecast to grow by 3.1 percent in 2023, the UAE state-run Wam news agency reported, citing the central bank report. Non-oil GDP will grow 5.9 […] December 22, 2023 Finance UAE and Qatar keep rates steady in line with US Fed The central banks of the UAE and Qatar have followed the US Federal Reserve’s decision to keep interest rates unchanged. The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4 percent, the UAE state-run Wam news agency reported. The central bank also decided to maintain the interest rate on […] December 14, 2023 Trade UAE and China renew $4.9bn currency swap deal The UAE and China have renewed their currency swap agreement to settle cross-border financial and trade transactions in local currencies. The Central Bank of the UAE and the People’s Bank of China signed a currency swap agreement with a nominal value of AED18 billion ($4.9 billion) for the next five years, UAE state-owned Wam news […] November 29, 2023 Opinion Banking and Finance Why I’m rooting for the fintechs Apps like Revolut will give the UAE's slow incumbent banks a wake-up call November 10, 2023 Video length: 06:16 Banking and Finance UAE to clamp down on unlicensed crypto operators Unlicensed cryptocurrency operators in the UAE may face civil and criminal penalties, according to the anti-money laundering division of the UAE Central Bank. Companies, owners and senior managers could also face financial sanctions. The UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee issued the directive this week. The […] November 8, 2023 Posts navigation Previous 1 … 3 4 5 … 9 Next
Banking and Finance Not yet time to write off UAE cheque payments Cheque books are on their way out in the UAE, but experts have said there is still some way to go before they are signed off for good. The number of cheques cleared through the country’s banks has fallen from 26 million in 2019 to just over 20 million for the first 11 months of […] February 16, 2024
Banking and Finance UAE likely to escape FATF grey list this month The UAE has made “positive steps” to meet anti-money laundering and terrorism funding standards and is likely to be removed from an international grey list later this month. Experts say this will provide a major boost to the Gulf state’s economy. The country was placed under enhanced supervision – known as the grey list – […] February 9, 2024
Banking and Finance UAE froze $123m in assets linked to crime in 2022 The UAE froze assets valued at AED 452.5 million ($123 million) in 2022 related to crimes such as money laundering and financing of terrorism, new data shows. The UAE’s Financial Intelligence Unit (FIU), a special unit of the UAE Central Bank, released its annual report this week and revealed that it conducted “freeze orders” targeting […] February 8, 2024
Economy UAE economy to grow 5.7% despite global challenges The UAE economy is projected to grow by 5.7 percent in 2024 despite prevailing global economic challenges, according to the Gulf state’s finance ministry undersecretary Younis Haji Al Khoori. “Our efforts to diversify the economy and promote sustainable growth have proven effective. The country expects non-oil GDP growth to reach 5.9 percent in 2023 and […] February 1, 2024
Retail UAE enforces new rules for buy-now-pay-later operators Updated regulations for buy-now-pay-later service providers and other finance companies providing short-term credit facilities have been introduced by the Central Bank of the UAE. Buy-now-pay-later (BNPL), a business model that allows consumers to make immediate online purchases and spread their payments over interest-free instalments, has grown in popularity in the Gulf post Covid-19. Last month, […] January 2, 2024
Finance UAE growth forecast revised upward to 5.7% in 2024 The Central Bank of the UAE has revised its forecast for economic growth next year to 5.7 percent, up from an earlier projection of 4.3 percent. The overall GDP is forecast to grow by 3.1 percent in 2023, the UAE state-run Wam news agency reported, citing the central bank report. Non-oil GDP will grow 5.9 […] December 22, 2023
Finance UAE and Qatar keep rates steady in line with US Fed The central banks of the UAE and Qatar have followed the US Federal Reserve’s decision to keep interest rates unchanged. The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4 percent, the UAE state-run Wam news agency reported. The central bank also decided to maintain the interest rate on […] December 14, 2023
Trade UAE and China renew $4.9bn currency swap deal The UAE and China have renewed their currency swap agreement to settle cross-border financial and trade transactions in local currencies. The Central Bank of the UAE and the People’s Bank of China signed a currency swap agreement with a nominal value of AED18 billion ($4.9 billion) for the next five years, UAE state-owned Wam news […] November 29, 2023
Opinion Banking and Finance Why I’m rooting for the fintechs Apps like Revolut will give the UAE's slow incumbent banks a wake-up call November 10, 2023
Video length: 06:16 Banking and Finance UAE to clamp down on unlicensed crypto operators Unlicensed cryptocurrency operators in the UAE may face civil and criminal penalties, according to the anti-money laundering division of the UAE Central Bank. Companies, owners and senior managers could also face financial sanctions. The UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee issued the directive this week. The […] November 8, 2023
