Ras Al-Khaimah Police have successfully seized AED 27.5 million (approximately $7.5 million) in counterfeit currency following a tip-off regarding its intended distribution. The operation, which was carried out in collaboration with the General Directorate of Criminal Security, led to the arrest of three individuals of Arab nationality. They are charged with possessing counterfeit foreign currency...
Ajman Bank has achieved a significant milestone by reporting its highest annual profit before tax of AED 440 million, marking a remarkable growth of 213% compared to a net loss of AED 390 million in 2023. This impressive performance was shared during a board meeting presided over by H.H. Sheikh Ammar bin Humaid Al Nuaimi,...
The Federal Tax Authority (FTA) has clarified that cryptocurrency mining for personal accounts will not be subject to the UAE’s value-added tax (VAT). This announcement was made on Tuesday, addressing the growing interest in cryptocurrencies among residents. However, the FTA specified that if an individual mines cryptocurrency on behalf of someone else, this service will...
Gold prices in Dubai experienced a slight decrease at the opening of the markets on Monday, with 24-karat gold falling to Dh325.25 per gram. The 22-karat variant also showed a decline, dropping to Dh301.0 per gram. Additionally, 21-karat gold prices fell to Dh291.5 per gram, while 18-karat gold was priced at Dh249.75 per gram. Spot...
The UAE banking sector is set to experience solid lending growth in 2025, supported by relaxed monetary policies and a favorable economic environment, according to a report by S&P Global Ratings, as cited by Zawya. Puneet Tuli, an analyst at S&P Global Ratings, mentioned that UAE banks have seen a significant rise in deposits over...
UAE banks are set to remain strong in 2025, supported by a robust domestic economy and favorable business conditions, according to a report by S&P Global Ratings. While lending growth is expected to pick up due to lower interest rates and an improving economic environment, bank profits may see a slight dip compared to previous...
Mobile applications now account for 25% of small financial transfers in the UAE, a significant increase from 16% in 2023, according to Mohammed Al Ansari, Chairman of the Emirates Exchange and Remittance Group. Speaking to Emarat Al Youm, Al Ansari highlighted the growing popularity of app-based transfers, particularly for amounts of 1,000 dirhams or less,...
Sohar International, a leading bank in Oman, has successfully raised 130 million Omani rials ($336.7 million) through its latest rights issue. This marks the largest rights issue on the Muscat Stock Exchange (MSX) in 2024. Launched in November, the offering attracted strong interest from government entities, private institutions, family offices, and individual investors. The bank...
Dubai has introduced new regulations targeting foreign banks operating in the emirate. H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, approved Executive Council Resolution No. (101) of 2024. This move aims to ensure that foreign banks comply with administrative guidelines while conducting business in...
Citigroup has received approval from Saudi Arabia to establish its regional headquarters in Riyadh, a move that highlights the kingdom’s ongoing efforts to attract leading global financial institutions. The announcement was made after the Saudi Ministry of Investment granted the necessary approval. In a staff memo seen by The National, Fahad Aldeweesh, CEO of Citi...