• PM issues law forming Dubai Investment Fund to oversee government investments

    DUBAI, UAE – Vice President, Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has issued Law No. (25) of 2023 establishing the Dubai Investment Fund as an independent public entity operating on a commercial basis. The law also endows the Fund with the financial and administrative...
  • From Changpeng Zhao to Do Kwon: The fallen kings of crypto

    Seoul, South Korea - Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period chaotic even by the standards of the notoriously volatile industry. Zhao stepped down as CEO of Binance -- the largest crypto exchange in the world -- after he and the...
  • Gulf central banks mimic US Fed, maintain interest rates

    The UAE's central bank has kept its Base Rate for the Overnight Deposit Facility (ODF) unchanged at 5.40 percent. It is closely tied to the US Federal Reserve's Interest on Reserve Balances (IORB), reflecting the general stance of the CBUAE's monetary policy. Qatar Central Bank too has maintained its current...
  • Saudi clubs spent $875.4m on new players from June 1- Sept 1, says FIFA

    Spending by Saudi Arabian football clubs in the transfer window just closed was second only to that by teams in the English Premier League, said separate reports by FIFA and Deloitte. The sport's world governing body said Saudi Pro League teams had spent $875.4 million on new players from June...
  • There are no frozen assets abroad, says Iranian President

    TEHRAN, IRAN   – Iran President Ebrahim Raisi on Tuesday said that the country’s money is only blocked in South Korea and that all other foreign assets are at the Central Bank of Iran’s disposal. “We have already made it clear that the only blocked money was in South Korea. In...
  • France charges Lebanon central bank chief’s ex-assistant in graft probe

    A former assistant of Riad Salameh, the governor of Lebanon's central bank, has been charged with money laundering by France. Last year, France, Germany and Luxembourg seized assets worth $130mn in a move linked to a probe into Salameh's wealth. He is accused of having amassed a fortune during his...
  • Price monetary policy tools strong in managing public funds: Iraq official

    Baghdad, Iraq-- An advisor to Iraq's Prime Minister said the country has effective price monetary policy tools to manage public funds. Mudher Muhammed Salih, the advisor to the Prime Minister for Financial Affairs, emphasized the effectiveness of quantitative and price monetary policy tools in managing public funds and discussed factors...
  • Kuwait’s central bank says broad money supply rises marginally

    KUWAIT- Central Bank of Kuwait (CBK) announced that the broad money supply (M2) went up by 0.3 percent last May to settle at US$130.6 billion (KD 39.6 billion). Local banks' private sector deposits increased by 0.6 percent to settle at US$119.4 billion (KD 36.2 billion), revealed the CBK's economic research...
  • Lebanon postpones municipal elections due to lack of funds

    With the cash-strapped country mired in an unprecedented economic meltdown, Lebanon's parliament on Tuesday put off municipal elections scheduled for next month, according to official media. The country has for the second time postponed polls, after they were initially scheduled to take place last year. No new date has been...
  • Credit Suisse chiefs apologize to shocked shareholders

    ZURICH, SWITZERLAND - Credit Suisse chairman Axel Lehmann said Tuesday he was "truly sorry" that the beleaguered bank could not be saved as he faced angry and tearful shareholders whose money has gone up in smoke. Credit Suisse's chiefs fronted up at the bank's annual general meeting, 16 days after its...
  • Qatar Central Bank issues $274 million treasury bills for a week

    Doha, Qatar-- Qatar Central Bank (QCB) issued treasury bills worth QR 1 billion ($274 million) for a one-week term in February, due on March 2, at an interest rate of 5.0050 percent. QCB had issued treasury bills worth QR 3 billion for a one-week term in February. The auction is...
  • Dubai’s VARA brings out ‘specialized regulations’ for virtual assets

    Dubia, UAE--Dubai’s Virtual Asset Regulatory Authority (VARA), has issued what it calls as Virtual Assets and Related Activities Regulations 2023. The regulations set out a comprehensive virtual asset framework built on principles of economic sustainability and cross-border financial security. The UAE has remained committed to enabling these drivers safely, updating...
  • UniCredit 2022 net profit at $7bn

    Bank said it would pay out US$5.6 billion to shareholders.
  • Money from Middle East forcing Liverpool, Man Utd to seek new investment

    The American Glazer family, United's owners, began looking for new investment with British billionaire Jim Ratcliffe's company INEOS entering the bidding process.
  • Iraq PM says ‘part’ of stolen US$2.5bn recovered

    Appealing to guilty parties to hand themselves in and return all the money, the prime minister of Iraq has revealed that the country has recovered part of $2.5 billion in public funds fraudulently withdrawn from a government account. A wealthy businessman implicated in the theft had given back $125 million.
  • Uncertainty rules even as MENA crypto market grows

    Crypto investors fear a possible global recession, especially amidst weak economic activity data, Wael Makarem, Senior Market Strategist - MENA at Exness, tell TRENDS.
  • ‘Jordan committed to combating terror financing’

    Governor of the Central Bank of Jordan (CBJ) Adel Sharkas said that terror financing is a threat to national economies, adding the Kingdom is committed to combating the menace.
  • Qatar Broad Money Supply hits $185 billion by June 2022

    Qatar’s Total Broad Money Supply (M2) recorded about QR 675.1 billion ($185.4bn) during June 2022, marking an increase of 9.3 percent compared to June 2021. The Planning and Statistics Authority (PSA) revealed this in its monthly statistics bulletin "Qatar; Monthly Statistics,” issued Tuesday. Cash equivalents; including Commercial Bank Deposits, attained...
  • ‘Crypto winter’ fails to dampen confidence of investors

    Even as the interest in crypto remains more or less steady, and investors are still keen to buy in, it’s crucial that anyone looking to invest their hard-earned capital into crypto - particularly retail and first timers - exercise caution and look for a handful things before plunging into the...
  • Are casinos a haven for money laundering?

    Casinos often prefer to close their eyes to how clients finance their bets, allowing their tables to become conduits for illegal activity, according to Maira Martini of anti-corruption watchdog Transparency International.
  • GCC countries lead the world in remittances

    Over the past four years, GCC members have seen billions of dollars being remitted to other countries.
  • Do structural reforms attract FDI?

    As regional bourses aim to compete with developed markets, questions are also being raised over the state of reforms, the future of regulation in the region.
  • World’s 10 richest men doubled wealth during pandemic, says Oxfam

    Oxfam said the men's wealth jumped from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per day, in a briefing published before a virtual mini-summit of world leaders being held under the auspices of the World Economic Forum.
  • UAE’s Central Bank says M1 rose by 2.1 percent at the end of Nov 2021

    The Central Bank said on Friday that the Money Supply aggregate M1 increased by 2.1 percent, from AED 671.6 billion ($182 billion) at the end of October 2021 to AED 686.0 billion at the end of November 2021. The Money Supply aggregate M2 increased by 1.3 percent, from AED 1,498.3...
  • BuzzFeed to go public after raising less money than expected

    American digital company BuzzFeed, known for its viral content and journalism, will go public on Monday after it initially raised less money than expected.
  • DONIA: UAE Central Bank’s new transactions index to start from 7 Dec

    The Central Bank of the UAE (CBUAE) will publish a new index for actual overnight funding transactions denominated in UAE Dirham from 7 Dec. 2021, as part of the new Dirham Monetary Framework implementation plan. Named DONIA (Dirham Overnight Index Average), the index is the effective overnight reference rate for...
  • Iraq: Water-logged cash in Mosul central bank coffers

    The banknotes were badly damaged after the coffers were engulfed in groundwater during offensive to take Mosul from the jihadists.
  • Morocco party alleges violations at polls

    Moderate Islamist Justice and Development Party said it would swtich to the 'natural' position as opposition.
  • Money laundering rose during Covid-19 pandemic, says UAE Central Bank

    The Central Bank of the United Arab Emirates has disclosed that there has been an increase in the laundering of money through unlicensed money service providers during the Covid pandemic.
  • Saudi gang gets 20 years in prison for laundering $4.5bn

    A Saudi court sentenced twenty four Saudis and foreigners to up to 20 years in prison for laundering nearly $4.50 billion. The criminal gang channeled illicit funds through factories, companies, institutions and medical clinics.
  • Twitter lets star users make money from subscriptions

    The move came as Twitter strives to be a preferred online venue for clickable stars and to boost its own income in ways that don't clutter the platform up with ads or promotions
  • Abu Dhabi Police warns against fraud, scam calls requesting bank data

      The police have warned people not to fall for small text messages that simulate government institutions Fraudsters obtain information about an individual's bank account and then steal their money The Abu Dhabi Police have warned people against a slew of cybercrimes that target people in the name of government...