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 sell first dirham T-sukuk worth nearly $300m The UAE will sell AED1.1 billion ($299.6 million) of Islamic treasury sukuk (T-sukuk) for the first time in the local currency, state-run WAM news agency reported. The T-sukuk will be issued with tranches maturing in two, three and five years, followed by a 10-year bond at a later date. Mohamed bin Hadi Al Hussaini, minister […] April 27, 2023 Food & Drink Relief for online shoppers as food price inflation slows The price of consumer staples bought online increased in 2022, but shoppers in the UAE are now beginning to see costs plateau. The most significant rise was in the price of tea, which increased by almost 26 percent year-on-year in Q1 2023, according to the UAE Ecommerce Consumer Price Index compiled by consultancy Pattern. The […] April 26, 2023 Banking and Finance Rising cost of living boosts Mena remittance flows by 73% The higher global cost of living in the Middle East and North Africa has resulted in a 73 percent increase in the remittance of money across the region, according to new research published this week. US global money transfer company Western Union found that 79 percent of those receiving funds in the Mena region between […] March 24, 2023 Analysis GCC economies to weather latest Fed rate hike Gulf economies will be able to absorb the latest rate hike from the US Federal Reserve, but the ripple effect from the rise will still have repercussions throughout the region, according to economists. Despite uncertainty across the banking sector, the Fed raised interest rates by a quarter of a percentage point on Wednesday, less than […] March 23, 2023 Banking and Finance UAE reviewing status of Russian bank MTS The central bank of the United Arab Emirates (CBUAE) has said it is assessing the status of MTS, a Russian bank to which it gave a licence only weeks previously. Marking the first anniversary of the Russian invasion of Ukraine, the US Treasury and the British foreign office said that they were sanctioning MTS Bank, […] February 24, 2023 Banking and Finance Anti-money laundering order in UAE to tackle stolen IDs The UAE’s latest anti-money laundering guidance aims to tighten up rules related to digital IDs. While it will have little impact for traditional banks, it may weed out some of the weaker players in the fast-growing fintech sector. The advice issued by the Central Bank of the UAE (CBUAE) last week focused on the use […] January 18, 2023 Economy UAE forecasts GDP growth at 7.6% in 2022 and 3.9% in 2023 The Central Bank of the United Arab Emirates expects real gross domestic product (GDP) growth of 7.6 percent this year, up from its previous expectation of 6.5 percent, state-owned WAM news agency reported. In its Q3 2022 review, the apex bank attributed the upward review to the robust performance of some non-oil sectors, including tourism, […] December 20, 2022 Banking and Finance Zand CEO quits just months after UAE licence win Zand, the digital banking platform that secured its licence from the Central Bank of the UAE in July, is on the hunt for a new CEO. The bank, which has launched corporate services with personal banking to follow soon, announced a leadership change on Tuesday with Olivier Crespin, co-founder and CEO, moving on “to pursue […] October 11, 2022 Analysis Economy UAE staff told to wait until next year for salary increases The majority of UAE companies are resisting giving staff a boost in their salaries to help compensate for the rising cost of living, with most putting any increases off until next year. Reuters reported in August that Emirates NBD, Dubai’s largest bank, had given its staff a pay rise of up to eight percent to […] September 26, 2022 Banking and Finance More UAE banks must sign up for true benefits of instant payments The Central Bank of the UAE needs to mandate more banks and financial institutions to sign up be ready for the roll out of its new instant payments system. The Emirates will soon join its neighbours Bahrain, Saudi Arabia and Oman in offering the Instant Payments Platform (IPP), a new and more comprehensive real-time payments […] September 23, 2022 Posts navigation Previous 1 … 6 7 8 9 Next
Banking and Finance UAE to sell first dirham T-sukuk worth nearly $300m The UAE will sell AED1.1 billion ($299.6 million) of Islamic treasury sukuk (T-sukuk) for the first time in the local currency, state-run WAM news agency reported. The T-sukuk will be issued with tranches maturing in two, three and five years, followed by a 10-year bond at a later date. Mohamed bin Hadi Al Hussaini, minister […] April 27, 2023
Food & Drink Relief for online shoppers as food price inflation slows The price of consumer staples bought online increased in 2022, but shoppers in the UAE are now beginning to see costs plateau. The most significant rise was in the price of tea, which increased by almost 26 percent year-on-year in Q1 2023, according to the UAE Ecommerce Consumer Price Index compiled by consultancy Pattern. The […] April 26, 2023
Banking and Finance Rising cost of living boosts Mena remittance flows by 73% The higher global cost of living in the Middle East and North Africa has resulted in a 73 percent increase in the remittance of money across the region, according to new research published this week. US global money transfer company Western Union found that 79 percent of those receiving funds in the Mena region between […] March 24, 2023
Analysis GCC economies to weather latest Fed rate hike Gulf economies will be able to absorb the latest rate hike from the US Federal Reserve, but the ripple effect from the rise will still have repercussions throughout the region, according to economists. Despite uncertainty across the banking sector, the Fed raised interest rates by a quarter of a percentage point on Wednesday, less than […] March 23, 2023
Banking and Finance UAE reviewing status of Russian bank MTS The central bank of the United Arab Emirates (CBUAE) has said it is assessing the status of MTS, a Russian bank to which it gave a licence only weeks previously. Marking the first anniversary of the Russian invasion of Ukraine, the US Treasury and the British foreign office said that they were sanctioning MTS Bank, […] February 24, 2023
Banking and Finance Anti-money laundering order in UAE to tackle stolen IDs The UAE’s latest anti-money laundering guidance aims to tighten up rules related to digital IDs. While it will have little impact for traditional banks, it may weed out some of the weaker players in the fast-growing fintech sector. The advice issued by the Central Bank of the UAE (CBUAE) last week focused on the use […] January 18, 2023
Economy UAE forecasts GDP growth at 7.6% in 2022 and 3.9% in 2023 The Central Bank of the United Arab Emirates expects real gross domestic product (GDP) growth of 7.6 percent this year, up from its previous expectation of 6.5 percent, state-owned WAM news agency reported. In its Q3 2022 review, the apex bank attributed the upward review to the robust performance of some non-oil sectors, including tourism, […] December 20, 2022
Banking and Finance Zand CEO quits just months after UAE licence win Zand, the digital banking platform that secured its licence from the Central Bank of the UAE in July, is on the hunt for a new CEO. The bank, which has launched corporate services with personal banking to follow soon, announced a leadership change on Tuesday with Olivier Crespin, co-founder and CEO, moving on “to pursue […] October 11, 2022
Analysis Economy UAE staff told to wait until next year for salary increases The majority of UAE companies are resisting giving staff a boost in their salaries to help compensate for the rising cost of living, with most putting any increases off until next year. Reuters reported in August that Emirates NBD, Dubai’s largest bank, had given its staff a pay rise of up to eight percent to […] September 26, 2022
Banking and Finance More UAE banks must sign up for true benefits of instant payments The Central Bank of the UAE needs to mandate more banks and financial institutions to sign up be ready for the roll out of its new instant payments system. The Emirates will soon join its neighbours Bahrain, Saudi Arabia and Oman in offering the Instant Payments Platform (IPP), a new and more comprehensive real-time payments […] September 23, 2022
