• UAE launches first legally established financial ombudsman unit 

    Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial institutions and licensed insurance companies, started its operations Thursday. Sanadak's focus is on safeguarding consumers rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies....

  • UAE real estate sector transforms with cross-border payments revolution

    Dubai, UAE - Leading financial institutions are spearheading a transformative wave in the UAE real estate sector through the introduction of seamless cross-border payments. The initiative is poised to enhance accessibility and efficiency for global investors seeking to engage in property investment within the UAE.  Traditionally, the process of investing...

  • Bitcoin surpasses $57,000 as crypto rally remains strong

    Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market rally. The rise follows Bitcoin's climb above $54,000 on Monday, a milestone not reached since December 3, 2021. The cryptocurrency has been experiencing a bullish trend since January 11, when...

  • SAMA seeks public feedback on financial governance amendments

    Riyadh, Saudi Arabia -- The Saudi Central Bank (SAMA) has invited interested parties and specialists concerned with “Key Principles of Governance in Financial Institutions” to send their feedback via the Public Consultation Platform at the National Competitiveness Center. The amended key principles aim to keep alignment with the latest regulatory...

  • 14 financial giants confirm expansion into Abu Dhabi: ADGM

    Abu Dhabi, UAE -- Abu Dhabi Global Market (ADGM), a leading international financial center of the UAE’s capital, Thursday announced that 14 major financial institutions representing a total Assets Under Management AUM of $452 billion have committed to establishing new operations in ADGM. A year into Abu Dhabi’s “Falcon Economy”,...

  • Debt Settlement Fund waives default loans worth over US$107m in UAE

    DUBAI, UAE - The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total value of US$107 million (AED394,586,000), in cooperation with 18 banks and financial institutions in the country. The initiative follows the directives of President Sheikh Mohamed bin Zayed Al Nahyan and...

  • A glimpse into GCC’s financial evolution

    As the winds of change blow, three major forces—regulation, consolidation, and digitization—are shaping the trajectory. These elements intertwine, creating a complex tapestry that defines success.

  • Natural capital, conservation should be priority for private sector in region

    DUBAI, UAE -  The private sector and financial institutions in the Middle East should enhance reporting by including information about how they both impact and depend upon nature and natural capital, says a report.    The report titled 'Nurturing Natural Capital: The Middle East Imperative' was released by the World Government...

  • Resilience helps UAE banks face global challenges

    Growing assets, increased financing, and enhanced capital adequacy ratios reflect the sector’s resilience and ability to adapt to changes in the world, say key bankers.

  • UAE president waives over $146 million debt for 1,214 Emiratis

    The Non-performing Debt Relief Fund will settle the money owed by Emiratis to 17 banks and institutions.

  • UAE central bank issues new guidance for politically exposed persons

    The Central Bank of the UAE (CBUAE) has issued new guidance on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for its Licensed Financial Institutions (LFIs) on the risks related to Politically Exposed Persons (PEPs) or those who hold a prominent public position or function.. The guidance will help...

  • Financial institutions exposed to high risk by global water crisis: Report

    Financial institutions are exposed to significant risks posed by depleted and contaminated water supplies, a report released by non-profit Carbon Disclosure Project (CDP) and Planet Tracker said. The analysis, the first-of-its-kind, shows how global companies in key industries are already losing billions as a result of the global water crisis....

  • CBUAE fines exchange house $160,000 for using civilian vehicle to transport money

    The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent.

  • UAE banks waive $313 million in debts of 4,511 Emirati citizens

    Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions, the Non-performing Debt Relief Fund announced on Wednesday. The banks that waived the debts are First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard...

  • GISEC 2021: Strategies for ‘guarding the digital vault’ discussed

    GISEC 2021 is the Middle East’s most influential and connected cybersecurity event International chief information security officers (CISOs) map out strategies to protect financial institutions from cyberattacks International chief information security officers (CISOs) met to discuss and map out strategies to protect financial institutions from cyberattacks on the final day...