Dubai unveils a new $1,361 permit allowing free zone firms to operate onshore, boosting cross-jurisdiction business by up to 20 per cent
Banking & Finance
World Bank
World Bank lifts 2025 Middle East growth forecast to 2.8% on Gulf recovery
World Bank lifts 2025 growth forecast for the Middle East and North Africa to 2.8%, citing stronger Gulf economies but weaker outlook for 2026
astra tech
Astra Tech rebrands PayBy as ‘botim money’ to expand fintech services
The company said the rebrand reflects the platform’s evolution into a broader fintech ecosystem
EDB
UAE startups: Emirates Development Bank unveils $136m boost for entrepreneurs
Emirates Development Bank launches a $136m funding drive to empower UAE startups and entrepreneurs under the “Startup Capital” campaign
Bitcoin
Gold rush and Bitcoin boom – what’s pushing these assets to record levels?
Central banks and ETFs support pushes gold to almost $4,000 an ounce on Tuesday, while Bitcoin stayed above $125,000 as demand surges
Goldman Sachs
Goldman Sachs opens Kuwait office to grow Middle East investment footprint
Goldman Sachs opens new Kuwait office to strengthen its Middle East presence and expand investment, banking, and talent partnerships
saudi tax
Saudi Arabia issues tax reminder ahead of October 12 deadline
Saudi Arabia’s ZATCA calls on businesses subject to withholding tax to submit September filings by October 12 to avoid late penalties
Ajman Bank
Mustafa Al Khalfawi outlines Ajman Bank’s bold new digital vision
Ajman Bank CEO Mustafa Al Khalfawi talks about a bold digital vision powered by AI, Sharia-compliant innovation, and customer-centric design
banking industry
Wio Bank deposits exceed $13.6bn in under three years
Wio Bank offers savings tools, salary-linked benefits, multi-currency accounts, and a range of features through its platform
Excise tax
UAE to introduce new sugar drink tax from January 2026
Drinks will be taxed by sugar content under updated GCC-aligned rules
digital payments
DP World to collaborate with PayPal on cross-border digital payments
Transactions would be executed in minutes rather than taking up to a week, and complete cross-border payments with greater transparency and lower costs
Deloitte
Qiddiya to adopt Deloitte’s OneTrust and Informatica GRC solutions
OneTrust platform will help manage privacy, security, and third-party risk; Informatica solutions to facilitate seamless data integration, quality, and governance
Corporate tax
UAE corporate tax registrations surpass 640,000 as FTA reports record compliance levels
FTA says over 640,000 UAE companies have registered for corporate tax, marking record compliance and growing awareness ahead of deadline
digital banking
Saudi Central Bank: QNB Group wins SAMA approval for $666m digital-first ezbank
QNB Group secures SAMA licence for $666m ezbank, a digital-first bank in Saudi Arabia focused on youth, entrepreneurs and inclusion
IHC
UAE’s IHC to invest $1bn in India’s Sammaan Capital, boosting mortgage lending and financial inclusion
UAE’s IHC will invest $1bn in India’s Sammaan Capital, a leading NBFC, to expand mortgage lending and AI-driven credit solutions
saudi tax
Saudi Arabia extends tax fine cancellation and penalty exemption scheme until December 2025
Saudi Arabia’s ZATCA extended its “Cancellation of Fines and Exemption from Financial Penalties” initiative until December 31
GCC banking
GCC banks post strong H1 2025 results with 13.2% ROE despite margin pressure
GCC banks delivered solid H1 2025 results with 13.2 per cent ROE, stronger asset quality and capital, but face tighter liquidity