The concept of handbags as investments has been around for a long time, but it has gained significant traction in recent years
Banking & Finance
Al Salam Bank-Bahrain
Bahrain’s Al Salam Bank income up 37.5% to $249.9mn
KFH acquisition helps increase total assets by 34.1% to $18.3 billion; Financing assets and customer deposits up 37.9% and 39.3% respectively
Corporate tax
UAE clarifies tax payment rules
Federal Tax Authority issues clarification on Corporate Tax payment rules in the UAE
Abu Dhabi
Waha Capital secures $400mn revolving credit facility from leading banks
The new facility positions Waha Capital to invest in emerging growth opportunities over the coming years
anti-money laundering
Explainer: UAE tightens anti-money laundering laws, forms new committees to fight financial crime
Here’s everything you need to know about the changes to the UAE’s AML laws and new committees
diamond
DMCC: Dubai free zone accounts for 15% of FDI, 7% of GDP and targets real estate and AI growth
DMCC has seen significant growth to underline its importance to the Dubai economy
Federal Tax Authority (FTA)
UAE approves $692m real estate tax refunds
The Federal Tax Authority paid out $692m in tax refunds to UAE nationals over real estate construction costs
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