Abu-Dhabi

UAE to establish new court to combat money laundering and tax crimes

The Abu Dhabi Judicial Department will organise training courses for judges and prosecutors specialising in money laundering and tax evasion

DIFC set to grow its fintech base with new ‘Innovation Hub’

Startups benefit from access to industry experts, mentors and partner organisations

No plans to hike VAT in the UAE, officials reiterate

The UAE government levied a 5 per cent VAT on goods and services in January 2018

Customers can now co-own an Ellington Properties’ home in Dubai through SmartCrowd

Customers can co-own residential properties and earn healthy returns on their investments, for as low as Dhs5,000

Abu Dhabi wealth fund culls Japan team, seeking new growth focus

It will continue to invest in Japanese equities but only through its external managers

SAUDI-ARAMCO-ENERGY-STOCKS Tadawul

All Tadawul-listed issuers must offer disclosures in English and Arabic – Saudi regulator

The decision, taken by the Capital Market Authority, takes effect from January 1, 2021

FinTech firm Ripple chooses Dubai’s DIFC for regional headquarters

Financial institutions across more than 45 countries already use RippleNet

How Covid-19 propelled the UAE’s digital payments space

Increased online activity in the wake of the Covid-19 outbreak has led to a rise in digital payments

Fintech thrives as digital transformation jolts finance sector

UAE expected to attract $2.5bn in investment into fintech by 2022

Saudi VAT increase: What are the long-term implications?

The kingdom hiked its value added tax (VAT) from 5 per cent to 15 per cent in July

How diversification can ensure sustainable growth in the GCC

Credit downgrades and double-digit deficits poses challenges for regional countries that are not diversifying their economies

Commercial Bank of Dubai

Commercial Bank of Dubai lists $600m bond on Nasdaq Dubai

The six-year bond with a 6 per cent interest rate was 2.1 times subscribed

Kuwait’s $124bn pension fund had record first-half profit

A new management team was brought into the fund in 2017 to transform the state-owned institution

Mubadala

Abu Dhabi’s wealth fund invests in SoftBank-backed tech startup

It invested in Reef Technology, a startup that manages hubs in parking lots used for food delivery and other services

gavel

Financial tribunal delivers verdict against Al Masah; issues statement regarding Shailesh Dash

The tribunal noted that Shailesh Dash exhibited “a formidable mastery of the arguments”

Why financial institutions must leverage technology to align with the ‘new normal’

Organisations that accelerate their digital strategies are likely to be the businesses that will see an effective economic ‘bounceback’

Sharjah

Sharjah announces new Dhs512m economic stimulus package

The package was approved by the Crown Prince of Sharjah, Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, on Tuesday

USA flag and contemporary glass skyscrapers in New York

How the outcome of the US elections could affect the global stock market

The 2020 elections will show what matters the most to American voters: the stock market performance, or the real economy

Banking Tech

Here’s how regional banks can create a loyal customer base

Lenders should leverage the use of technology to understand customers’ needs and create a personalised journey for them, says IT firm Comarch

Peter Maerevoet

Why SMEs should consider export factoring when seeking funding

Export factoring provides a full suite of trade finance benefits including cash advances, credit protection, and collections and reconciliation services

Nasdaq Dubai

Private sector arm of Islamic Development Bank, ICD, lists $600m sukuk on Nasdaq Dubai

The five-year sukuk was oversubscribed nearly three times

Key mandates financial services firms must deliver on

These three requirements are a must for the ‘new tomorrow’ in financial services

Saeed Hamad Obaid Al Dhaheri

Abu Dhabi Securities Exchange appoints new CEO

He was formerly appointed as CEO of Abu Dhabi National Energy (TAQA)

Patrik Lang Bank Julius Baer

Why the head of Equity Research at Bank Julius Baer remains bullish on the markets

Swiss wealth manager Bank Julius Baer’s head of Equity Research, Patrik Lang, provides an overview of the current investment landscape

Abu Dhabi Commercial Bank ADCB

UAE’s ADCB posts Q3 2020 net profit of Dhs1.3bn; down 3% y-on-y

It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year

Etihad

UAE’s Etihad issues $600m sustainability-linked sukuk

The airline has committed to net zero carbon emissions by 2050 and a 50 per cent reduction in net emissions by 2035

Dubai’s NBF posts 87% dip in net profit for first nine months of 2020

Its operating profit of Dhs707.3m for Q1-Q3 2020 plummeted from Dhs862.3m during the same period last year

Saudi exchange triples daily trading limits for new listings

Starting November 8, newly listed stocks will be allowed to rise or fall 30 per cent on their first three days of trading

LLB_Headquarters_Vaduz

Here’s how European private bank LLB is looking to grow in the GCC

Gulf Business speaks to Ludovic Pernot, head of Private Banking Middle East at LLB, on the Covid crisis and plans ahead