The Federal Tax Authority paid out $692m in tax refunds to UAE nationals over real estate construction costs
Banking & Finance
CBUAE
UAE Central Bank sanctions insurance company for regulatory violations, cites data policy breach
The insurance company was found to have had deficiencies in its regulatory policies procedures
Etihad
Etihad and Wio Bank team up for new-look loyalty rewards based on saving over spending
Etihad Guest and Wio Bank offer 1 guest mile for every Dirham saved
inflation
Fed officials confident inflation is cooling enough for interest rate cuts
Experts believe inflation is headed to the Fed’s 2% goal in light of recent “encouraging” data
Central Bank Digital Currency (CBDC)
ICAEW partners with UAE Banks Federation to help firms navigate booming digital assets landscape
The partnership aligns with the UAE’s advanced Central Bank Digital Currencies (CBDCs) pilot, as the digital assets market nears $80 billion by 2024
inflation
India’s RBI holds key interest rate steady at 6.5%
Industry players in several sectors, including real estate, described the RBI move as positive
Abu Dhabi
Abu Dhabi’s IHC forms Rorix Holdings to facilitate global trade
Will engage in strategic partnerships and alliances in areas like trading, financial services, commodities, logistics and distribution
CBUAE
UAE cheque clearances hit AED544.4bn in first five months of 2024
The CBUAE statistics showed cash deposits at the Central Bank totalled AED75.1 billion during the same period
CBUAE
UAE Central Bank gold reserves reach $5.6bn in May 2024
This marks a 19.7% year-on-year increase from AED17.219 billion in May 2023, the central bank reported
Corporate tax
UAE corporate tax: FTA sets August deadline for June-licensed businesses
This deadline aligns with the UAE Federal Tax Authority Decision No. 3 of 2024, which came into effect on March, 1 2024
anti money laundering
UAE Central Bank imposes AED5.8mn fine on bank for AML violations
The action comes after an examination revealed deficiencies in the bank’s anti-money laundering (AML) and countering the financing of terrorism (CFT) policies and procedures
Abu Dhabi
Alpha Dhabi revenue for H1 increases 32% to $7.98 billion
Strong performances across all business verticals, including PureHealth, NMDC and Aldar; Industrial contributes 41% of total revenue
Al Ansari Exchange
Al Ansari Financial Services to acquire BFC Group for $200mn
The transaction will result in 410 branches across the UAE, Bahrain, Kuwait and India; Consolidated revenues in 2023 would have been over $385 million
interest rates
US Fed holds interest rates steady, nods to possible September cut
The decision was broadly in line with Wall Street estimates and market analysts
CBUAE
UAE Central Bank holds benchmark interest rate steady at 5.40%
CBUAE’s move follows the US Federal Reserve’s announcement to maintain the Interest Rate on Reserve Balances (IORB)
Bank of Japan
Bank of Japan raises policy rate to 0.25%, second hike in 17 years
The BoJ decision comes ahead of a policy announcement from the Federal Reserve due later in the day
Central Bank
UAE Central Bank revokes Galaxy Insurance Broker’s licence
The decision was made under Article 22 (2) of the Board of Directors Resolution No. 15 of 2013 Concerning Insurance Brokerage Regulations in UAE