The company has been licensed for fintech services by the CBUAE.
Foreign banks in Dubai to pay 20% annual tax under new law
The law issued by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum exempts the foreign banks licensed to operate in the Dubai International Financial Centre. Besides all foreign banks operating in Dubai, the law applies to special development zones and free zones.UAE achieves milestone in combating financial crimes
“It highlights the collaborative efforts of various committees, entities, and national bodies, including the Central Bank and the National Committee for Combating Money Laundering, Terrorism Financing, and Financing of Illegal Organizations,” adds Balama, who also chairs the National Anti-Money Laundering and Counter-Terrorism Financing Committee.
UAE banks’ investments hit record high in Aug to reach $159bn
Abu Dhabi, UAE -- UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to the Central Bank of the UAE. The investment grew by 19.5 percent year-over-year to reach AED 585.4 billion ($159 billion) by the end of August 2023, up AED 95.6 billion...
CBUAE unveils FIT program to promote digital transactions
Dubai, UAE---The Central Bank of UAE Sunday launched Financial Infrastructure Transformation Program (FIT program) to accelerate the digital transformation in the financial services sector. In a statement, the bank said the FIT is a step towards enabling the CBUAE to be among the top central banks globally. The program aims...Strong demand seen for first 2023 auction of UAE treasury bonds
Abu Dhabi, UAE-- The first auction of the UAE treasury bond program in 2023 has been oversubscribed by 6.2 times, receiving bids worth AED6.85 billion ($1.76 billion), WAM reported. In 2022, the Ministry of Finance, the issuer, had issued bonds totaling AED 9 billion across tenors of two years, three...
UAE GDP projected to grow by 2.4% in 2021, 3.8% in 2022
*Non-oil GDP to expand by about 4 percent in both years *Central Bank report finds TES Scheme helped distressed individuals, companies to overcome debt difficulties The UAE GDP is expected to grow by 2.4 percent in 2021 and 3.8 percent in 2022 while the non-oil GDP to expand by around...Foreign assets up to bn $106 bn: UAE Central Bank
Abu Dhabi’s quarterly average Financial Market Index rose by 17% in Q1 Dubai’s quarterly average Financial Market Index showed a growth of 9.2% The foreign assets held by the Central Bank of the United Arab Emirates (CBUAE) increased to AED392.4 billion ($106 bn) by the end of the first quarter...
