The European Union announced on Tuesday that it has removed the United Arab Emirates from its money-laundering “high-risk” list. This decision reflects the EU’s assessment of the UAE’s efforts to strengthen its financial controls against illicit activities. In addition to the UAE’s removal, the European Commission indicated that it has added Monaco to the list...
Agility Global, a company listed in Abu Dhabi and a subsidiary of Agility Public Warehousing Company, has secured a $500 million credit facility. This financial agreement is aimed at supporting the company’s ongoing operations and facilitating future growth. The credit facility has a maturity period of three years from the signing date, which is set...
Arqaam Capital, a financial services firm headquartered in Dubai’s DIFC, is intensifying its investment banking efforts as deal activity surges in Saudi Arabia and the UAE. Originally established as a sales and trading brokerage, the company is now focusing on equity capital markets (ECM), debt capital markets (DCM), and loan syndication. The firm has recently...
The International Free Zone Authority (IFZA) has officially announced a strategic partnership with RAKBANK, aimed at empowering businesses with tailored banking solutions. This collaboration is designed to support the ongoing mission of IFZA to provide seamless business services for companies operating within its free zone. Under this partnership, both organizations will work together to create...
Dubai’s Emirates Islamic Bank (EIB) will no longer be traded on the Dubai Financial Market (DFM) starting June 10, 2025. This decision follows Emirates NBD’s move to purchase all shares in EIB that it does not already own. A statement from EIB confirmed that it will instruct the DFM to suspend trading of its shares...
The Central Bank of the United Arab Emirates (CBUAE) has released comprehensive guidelines for residents seeking compensation for damaged, torn, or incomplete banknotes. As the regulatory authority overseeing the banking and insurance sectors, the CBUAE aims to promote financial stability and consumer protection. The guidelines ensure that compensation is distributed fairly, adhering to strict verification...
Transamerica Life Bermuda, a global high-net-worth life insurer, has officially launched its business in the Dubai International Financial Centre (DIFC) following the approval of its operating license by the Dubai Financial Services Authority (DFSA). This move is part of the company’s strategy to expand its global reach. Adnan Ladki has been appointed as the Head...
Bank of Sharjah has announced its role as the Mandated Lead Arranger and Bookrunner for a significant US$155 million Club Loan aimed at supporting Daewoo Engineering. This financial arrangement highlights the bank’s commitment to facilitating major projects within the region. Credit: WAM The loan agreement was finalized recently, with participation from various financial institutions, showcasing...
CODE81, a prominent regional technology innovator, has signed a strategic Memorandum of Understanding (MoU) with the Commercial Bank of Dubai (CBD). This partnership aims to enhance CBD’s data and analytics capabilities, enabling smarter decision-making and propelling the bank’s digital transformation journey. The collaboration addresses a significant challenge faced by large financial institutions: effectively managing and...
The United Arab Emirates (UAE) aims to transition into a nearly cashless economy; however, the reliance on traditional rent payment methods is hindering this effort. Rent, which is one of the largest personal expenses in the country, remains predominantly tied to paper transactions and cheques. Recent research from Visa indicates that the percentage of rent...