Experts in the UAE foresee a significant rise in the use of cryptocurrency for everyday transactions, including buying coffee and paying for petrol. According to Khaleej Times, Mohammed Al Hakim, president of Crypto.com, stated that within the next two years, many business owners, restaurant operators, and high-net-worth individuals are likely to favor cryptocurrency as a...
Nasdaq Dubai has officially listed the Middle East’s first corporate Blue Bond, valued at $100 million, issued by DP World. This groundbreaking listing marks a significant step in the region’s sustainable finance progress. The bond, part of DP World’s $10 billion Global Medium-Term Note Programme, carries a coupon rate of 5.25 percent and will mature...
The Central Bank of the UAE (CBUAE) celebrated significant achievements in 2024 across the financial, banking, and insurance sectors, setting a positive trajectory for the future of the UAE’s financial landscape. The CBUAE emphasized its role in fostering monetary and financial stability, managing reserves, and developing secure financial infrastructure through innovative digital solutions. These efforts...
A historic shift in generational wealth is unfolding in the Middle East, with $1 trillion (AED 3.67 trillion) expected to transfer to heirs by 2030, according to a whitepaper launched by the DIFC Innovation Hub, Julius Baer, and Euroclear. The report, titled “Navigating the Future of Inheritance”, highlights how advanced digital technologies like Artificial Intelligence,...
The Abu Dhabi Global Market (ADGM), the UAE capital’s international financial centre, has officially launched its all-in-one mobile app. This app aims to redefine how businesses, employees, and residents interact within the financial district. By streamlining connectivity, it provides seamless access to exclusive tools and services, enhancing the overall experience for users in ADGM’s dynamic...
Abu Dhabi Commercial Bank (ADCB) has unveiled an ambitious growth strategy that aims to double its net profit to Dh20 billion within the next five years. The bank targets an annual growth rate of approximately 20 percent during this period. Additionally, ADCB plans to increase its year-on-year paid-out dividends to around Dh25 billion, reflecting a...
The Federal Tax Authority (FTA) announced on Sunday that VAT refunds for UAE nationals building new homes have reached a total of Dhs2.9 billion since the service began over six years ago. By the end of 2024, the cumulative number of approved applications stood at 35,000, compared to 27,000 at the end of 2023. This...
The Abu Dhabi stock market saw significant gains last week, adding AED 8.9 billion to its market value and closing at AED 2.996 trillion. This improvement was partly driven by better performance in US stock markets and optimism surrounding a potential decline in US interest rates. The Abu Dhabi Securities Exchange (ADX) index rose by...
The UAE’s corporate tax system is now in full effect, and some businesses have already filed their first tax returns, marking a significant milestone since the country introduced the tax in June 2023. Companies licensed in June 2023, whose financial year ended by February 29, 2024, had until December 31, 2024, to submit their returns...
DP World is collaborating with global financial institutions and technology providers to tackle the long-standing issues in cross-border payment systems. The company made this announcement during the World Economic Forum in Davos, highlighting the inefficiencies that have long plagued global commerce. Emerging markets, particularly in Asia and Africa, face challenges such as prolonged settlement times,...