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DIFC Academy joins forces with the Chartered Banker Institute to upskill finance industry professionals
UAE Sustainable Finance Working Group launches the 'Principles for the Effective Management of Climate-related Financial Risks'
Nasdaq Dubai celebrates listing of $1.5 billion Green Sukuk by DP World
Dubai Investments acquires additional stake in UK's Monument Bank
The DFSA's Crypto Regime: one year on
Dubai Chamber of Digital Economy signs four MoUs to enhance Dubai's digital ecosystem
ADGM publishes amendments to its Beneficial Ownership and Control Regulations
Sharjah Chamber, FTA sign MoU to foster tax culture within business community
Summary Report - Monetary Banking Developments - August 2023
‘Sustainability investments not a tradeoff, but a strategic advantage for businesses’, hears Global Future Councils meeting
Launch of Revised Online MKT1 Form
Dubai Chamber of Digital Economy launches global entrepreneur's guide
Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Ch
DIFC – the first Global Financial Centre in the region to publish its Sustainable Finance Framework, continues to drive climate action and sustainable development
CBUAE Hosts Roundtable With Banks And Insurance Companies To Advance Sustainability In The UAE Financial Sector
Members of the UAE Sustainable Finance Working Group launch consultation on ‘Principles for Sustainability-Related Disclosures for Reporting Entities’
Mashreq supports COP28, marking two consecutive rounds of support for the world's most crucial climate conference
UAE USD bond issue achieved strong results with oversubscription by 5 times
DFSA publishes report on cyber simulation exercise
In May 2023 the DFSA, conducted a cyber simulation exercise involving 17 Authorised Firms in the DIFC.
The Central Bank of the UAE (CBUAE) teams up with the Bank for International Settlements (BIS) and the COP28 Presidency to launch the COP28 UAE TechSprint
DIFC Completes First Metaverse Accelerator Programme Aligned with Dubai’s Future Economy and Digital Technology Mandate
The news follows the launch of DIFC's Metaverse Platform earlier this year, in line with the Dubai Metaverse Strategy.
SCA partners with the National CSR Fund to promote sustainability and corporate social responsibility standards in the UAE
Under the partnership, the two parties will enhance awareness of corporate social responsibility
International law firm White & Case confirms new premises at DIFC
The new workplace has incorporated advanced smart solutions that bring competitive advantages of connected technologies.
Dubai AI and Web 3.0 Campus introduces specialised licensing solutions for tech firms looking to scale their business in the region
The Dubai AI and Web 3.0 Campus is a dedicated campus for AI and Web3 innovation
CBUAE imposes a financial sanction on an exchange house operating in the UAE
The financial sanction, after it was decided in an appeal procedure, is the result of the findings of an examination conducted by the CBUAE
DFSA and UAE's Financial Intelligence Unit sign MoU to strengthen collaborative action against financial crime
The MoU was signed by Ian Johnston, Chief Executive of the DFSA and Ali Faisal Baalawi, Chief of the Financial Intelligence Unit on 3 August.
CBUAE Monetary & Banking Developments – May 2023
Gross banks' assets, including bankers'acceptances, rose by 1.7%, from AED 3,802.7 billion at the end of April 2023 to AED 3,868.9 billion at the end of May 2023.
MoF announces new cabinet decision setting additional conditions for investment funds' exemption from corporate tax
According to the Cabinet Decision, the additional conditions for investment funds, other than Real Estate Investment Trusts (REITs), to be exempt from Corporate Tax.
DIFC Innovation Hub Launches 9th Edition of FinTech Accelerator Programme
DIFC Innovation Hub, the region's leading innovation ecosystem with 686 innovation and tech firms, ranging from start-ups to unicorns. A total of 1,369 financial and innovation related entities are active and operating in DIFC today.
FAB's inaugural AED issuance achieves multiple milestones
The first-ever AED denominated Green issuance
The Securities and Commodities Authority (SCA) receives applications for licensing companies intending to provide Virtual Asset Services
The SCA has already received license requests and inquiries from companies wishing to provide Virtual Asset services
Reserve Bank of India and Central Bank of the UAE sign two MoUs
To (i) establish a Framework to Promote the Use of Local Currencies for Cross-border Transactions and (ii) cooperation for interlinking their payment and messaging systems
SCA and UBF sign MoU to enhance the attractiveness of the UAE as an asset management hub
Under the MoU, the two parties agreed to cooperate and share expertise and studies aimed at improving the local asset management sector.
Notice of Amendments to Legislation July 2023
Consultation Papers No. 147 and 150
FAB wins majority of Global Finance 2023 Sustainable Finance Awards in the Middle East
Global Finance selects its award winners based on objective factors such as transaction volume, market share, competitive pricing and global coverage, as detailed in public company documents and media reports.
CBUAE issues notice outlining measures taken to alleviate burden of rising interest rates on residential mortgage loans for UAE nationals
The measures came into effect as of 1st July 2023
RAKEZ fuels economic growth by welcoming over 1,500 new companies Q2, 2023
Ras Al Khaimah Economic Zone (RAKEZ) has announced the addition of over 1,500 new companies in the second quarter of 2023.
National banks provide AED40.6 billion in financing to commercial, industrial sectors over 12 months
New CBUAE Rulebook provides financial sector stakeholders further accessibility to its regulations
The Rulebook is a service provided by the Central Bank of the UAE to the public, offering access to the regulations, standards and guidelines it has issued.
Summary Report - Monetary Banking Developments - April 2023
The Money Supply aggregate M2 climbed by 2.0%
SCA organizes workshop to enhance the digitization of Islamic financial institutions in the UAE in collaboration with CIBAFI
This collaboration with the SCA reflects our relentless efforts to improve the different aspects of the Islamic financial services industry.
Summary Report：Monetary & Banking Developments – March 2023
Total Bank Deposits increased by 2.8%, rising from AED 2,242.3 billion at the end of February 2023 to AED 2,306.0 billion at the end of March 2023.
UAE's industrial investment model drives foreign direct investment
More than 100 MoUs and partnership agreements were signed
Dubai International Chamber inaugurates new Indonesia office
Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has inaugurat
DFSA Annual Supervision Outreach
Ian Johnston opened the Outreach.
CBUAE issues new guidance for licensed financial institutions on anti-money laundering and combatting the financing of terrorism
The new guidance will assist LFIs' understanding of risks and effective implementation of their statutory AML/CFT obligations.
Dubai Financial Market launches futures contract on General Index
DFMGI will provide strong diversification and hedging opportunities for both retail and institutional investors and drive more professional investors' participation in the marketplace.
Strengthening the UAE's Asset Management Industry
Securities and Commodities Authority consults with the UAE Banks Federation to fast track the growth and enhancement of the Industry
Summary Report – February 2023
Monetary & Banking Developments
SCA is honored for its compliance with the National Standard of Business Continuity Management System requirements
SCA obtained the certificate of compliance required by the NCEMA
Notice of Amendments to Legislation May 2023
CBUAE issues its 2022 Annual Report on monetary, financial stability
To enhance the attractiveness of the investment environment in the UAE SCA issues a decision regulating securitization
CBUAE Raises the Base Rate at 25 Basis Points
CBUAE commends 31 UAE national graduates of its Advanced Certificate for Risk-Based Supervision Professionals programme
FAB Reports a Strong Start to 2023: Growth Strategy Delivers Superior Returns, with a Group Net Profit of AED 3.9 Billion in the First Quarter
Utilising Local Expertise In Order to Optimise Dubai Business Start-Ups
Financial markets to close for Eid Al-Fitr holidays from Ramadan 29 Trading reopens on Shawwal 4
DFSA:Notice of Consultation Paper No. 149 Release
The Securities and Commodities Authority (SCA) announces the start of receiving applications for licensing companies wishing to provide virtual asset services
First Abu Dhabi Bank PJSC becomes the first registered Omnibus Account Operator with Dubai Central Securities Depository (Dubai CSD)
Summary Report - Monetary Banking Developments
Dubai Financial Services Authority and Brunei Darussalam Central Bank sign MoU to boost cooperation in financial supervision
SCA's official guidance on marketing of foreign funds in mainland UAE: five key takeaways
SCA Enhances Higher Colleges of Technology's Students' Awareness of Anti-Financial Fraud, Money Laundering and Terrorist Financing Procedures
Quarterly Economic Review - Q4 2022
CBUAE launches the Central Bank Digital Currency Strategy "The Digital Dirham"
The Securities and Commodities Authority participates in the meeting of the Committee of Heads of Capital Markets Authorities in the GCC States
The Securities and Commodities Authority announces the dates of trading sessions in the financial markets during the holy month of Ramadan
Payit launches digital card for hassle-free local and international payments
CBUAE, Reserve Bank of India sign MoU to promote innovation in financial products and services
CBUAE wins"Best New Banknote" Award for its AED 1000 banknote
Notice of Amendments to Legislation March 2023
SCA organizes training course for FMLEC members
CBUAE revokes the licence of Dollar exchange house
Notice of Consultation Paper Release
EMIRATES SECURITIES AND COMMODITIES AUTHORITY LIMITS FOREIGN FUND MARKETING IN UAE
CBUAE Issues A Report On The Takaful Insurance Sector In The UAE
DFSA Chief Executive Ian Johnston appointed Vice Chair of IOSCO Committee
FAB reports full year 2022 Group Net Profit of AED 13.4 Billion
Credit Sentiment Survey
The Securities and Commodities Authority undertakes the tasks of regulating, supervising and controlling the virtual assets sector
Summary Report - Monetary Banking Developments
FAB successfully places its second international debt capital markets offering in January 2023
Cooperation between the Ministry of Interior and the Securities & Commodities Authority
DFSA releases Business Plan to support Dubai’s growth as a well-regulated and forward-thinking financial services hub
CBUAE issues new guidance on anti-money laundering and combatting the financing of terrorism for licensed financial institutions on the use of digital ID for Customer Due Diligence
SCA is exploring opinions on the draft system of asset-backed securities “securitization”
Summary Report - Monetary & Banking Developments
First Abu Dhabi Bank backs away from Standard Chartered bid
CMA Surveys Views on the Draft Securities Law "Securitization" Backed by Assets
New Crypto Token Regime By The DFSA
FAB launches its first sustainability-linked current account with Landmark Retail
Summary Report 2022
UAE business center releases whistleblowing guidelines
The UAE is seeking to improve financial transparency among other major financial changes happening in the Gulf state.
Insights: How the UAE is setting the stage for an impactful COP28
With a target of $75bn in green financing for the period ranging from 2022-2030, FAB will be a strategic enabler of the UAE’s sustainable future.
Dubai Financial Services Authority Issues New Regime to Regulate Crypto Tokens
The regime introduces rules on various crypto tokens, including cryptocurrencies and stablecoins, in the Dubai International Financial Centre.
CBUAE participates in Tawdheef to promote the participation of Emiratis in the financial sector
The Central Bank of the UAE (CBUAE) participates in the annual Tawdheef Recruitment Show “Tawdheef” from 14 to 16 November 2022 at the Abu Dhabi National Exhibition Center ADNEC.
The Securities and Commodities Authority (SCA) participates in the 47th conference of the International Organization of Securities Commissions (IOSCO)
Financial stability, sustainable finance, encrypted assets, and cyber security and their effects on financial markets are the most prominent topics discussed in the conference.
DFSA Crypto Token regime comes into force
The Dubai Financial Services Authority's (DFSA) Crypto Token regime comes into force 11th November. This regime forms the second phase of the DFSA's work in this area following the introduction of a regime in the Dubai International Financial Centre (DIFC) for the Regulation of Investment Tokens in October 2021.
FAB reports Group Net Profit of AED 10.9 Billion for the first nine months of 2022
Third quarter net profit at AED 2.9 Billion, up 1% sequentially, up 12% on underlying1 basis.
Securities & Commodities Authority (SCA) participates in the twenty-fifth meeting of the Committee of Chairmen of Financial Markets Authorities in the GCC Countries
The committee approves activating the initiative to facilitate the requirements for opening investment accounts.
UAE: Central Bank's assets up 4.2% to Dh495.5 billion in July 2022
According to the bank’s recent statistics, its month-on-month balance sheet rose by 0.84% or Dh4.13 billion in July.
First Abu Dhabi close to complete merging with Bank Audi Egypt
CEO of First Abu Dhabi Bank, Egypt, Mohamed Al-Fayed, said Sunday that the bank expects to complete the full integration of operations and systems with Bank Audi's unit in Egypt in the third week of next October.
UAE Regulators host Cyber Risk Supervisory College
The Dubai Financial Services Authority (DFSA), the Central Bank of the United Arab Emirates (CBUAE) and the Abu Dhabi Global Markets (ADGM) Financial Services Regulatory Authority hosted the second edition of the GCC Regulators Cyber Risk Supervisory College.
UAE central bank raises base rate by 75 bps to 3.15% –statement
The Central Bank of the United Arab Emirates said on Wednesday it was hiking its base rate by three quarters of a percentage point to 3.15% effective from Thursday, moving in parallel with the U.S. Federal Reserve's third straight hike of that size as its currency is pegged to the dollar.
Cybersecurity infrastructure in DIFC strengthens
The Dubai Financial Services Authority (DFSA) has published the Cyber Thematic Review Report 2022 (Report). The purpose of the Report is to summarise key findings from the Cyber Thematic Review (Review) the DFSA launched in January 2022.
First Abu Dhabi Bank partners with Silver Birch Finance to deliver best-in-class Inventory Solutions
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, today announced its partnership with Silver Birch Finance Limited (“Silver Birch”) to offer inventory solutions to their local and international clients.
CBUAE imposes administrative sanctions on an exchange house operating in the UAE
The Central Bank of the UAE (CBUAE) has imposed administrative sanctions on the owner and general manager of an exchange house operating in the UAE, pursuant to Articles 87 and 137 of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and organisation of Financial Institutions and Activities.
Abu Dhabi to launch blockchain, virtual assets strategy
The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting, under the chairmanship of Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), to discuss strategy for blockchain and virtual assets, which is aligned with the Emirates economic strategy.
Capital Bank Of Jordan Signs USD 115 Million 1-Year Debut Senior Unsecured Syndicated Term Loan Facility
Inflation in UAE: Government disburses allowances to 47,300 low-income Emirati families
The UAE government has disbursed inflation allowances to 47,300 low-income Emirati families to help them cater for the increasing prices of food, fuel, electricity and water.
Gulf Investment Awareness Program “Mulim” continues to receive applications for the Smart Gulf Investor Award
The Gulf Investment Awareness Program, “Mulim”, continues receiving applications in the first round of the Smart Gulf Investor Award.
Emaar Properties says it is selling fashion e-commerce venture Namshi to Noon for $335.2m
Dubai's Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon.
Mashreq Moves Beyond Banking With The Launch Of Mashreq Business Banking Value Added Services
Mashreq is the first bank in the Middle East region to launch a specific platform for businesses to access non-banking services Mashreq Business Banking Value Added Services platform launches with ten non-banking service providers Platform users receive discounts for a suite of HR, office space, cloud providers and other non-banking services
Saudi Arabia's Dar Al Arkan plans Abu Dhabi project as property market recovers
Saudi property developer Dar Al Arkan is planning to start a new residential project in Abu Dhabi next year.
DFSA appoints new Chief Executive
The Board of Directors of the Dubai Financial Services Authority (DFSA) have accepted the resignation of F. Christopher Calabia, effective 31 August 2022.
Central Bank: UAE banks have strong buffers to weather severe shocks
The UAE banking system has adequate capital and liquidity buffers to withstand severe shocks.
The Arab Republic of Egypt's Debut US$ 2 Billion Conventional and Islamic Syndicated Term Facility