24 Fintech puts Saudi venture capital investments in spotlight
Banking & Finance
business credit
UAE sees increase in demand for credit as construction and real estate firms look to bank loans despite rising interest rates
UAE Central Bank says businesses are looking for bank loans despite rising interest rates
Absher app
Saudi Arabia launches digital identity services for financial sector
Saudi Arabia introduces digital identity verification for simpler financial transactions
anti-money laundering
UAE announces new anti-money laundering strategy for 2024-2027 as it fights cyber threats, virtual assets risks and financial crime
UAE announces 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing
Abu Dhabi
UAE banks boost local stock market investments by AED4.4bn over 12 months
National banks raised their equity investments to AED16.1 billion at the end of May, a 37.6% rise on an annual basis
astra tech
Astra Tech launches UAE’s fully digital payroll and wage protection solution
Botim’s new system will enable real-time payroll management, while complying with the country’s Wage Protection System
digital payments
Samsung Pay to launch in Saudi Arabia in 2024
Saudi Central Bank signs deal to bring Samsung Pay to the Kingdom in Q4 of this year
Sukoon Insurance
Sukoon introduces UAE’s first videoconferencing feature for life insurance applicants
Customers will be able to complete their applications without going through extensive in-person medical examinations
acquisition
Tabby to acquire Saudi digital wallet Tweeq in move to expand services beyond BNPL
The transaction, while subject to regulatory approvals and required legal proceedings, is poised to reshape the fintech landscape in Saudi Arabia and potentially the broader region
anti-money laundering
UAE’s new anti-money laundering and terrorism law: What it means for business and the economy
How the UAE’s new law is redefining global financial security
saudi tax
Saudi Arabia extends tax fines waiver
Saudi Arabia will waive fines and financial penalties on tax violators until the end of the year
Dubai
Saxo Bank reports 35% jump in net profit in H1, 2024
Its total income, however, registered only a marginal rise to $347 million in the first half this year, compared to $336 million in the same year-ago period
Emirates NBD
Emirates NBD launches Millionaire Account with $15.5m of prizes to be won
Emirates NBD Millionaire Account has MASSIVE prize fund for UAE savers
DFSA
Dubai’s DFSA reports 22% strong growth in first half of 2024
The total number of regulated entities in the Dubai International Financial Centre (DIFC) has reached 837
saudi tax
Saudi Arabia announces $267,000 rewards for tax evasion reports
Saudi tax authorities offer rewards for reports on tax violators in the country
Asset Management
UAE investment fund assets reach $9.5bn
UAE asset management sector booming after 83 per cent increase in number of licensed companies
CBUAE
CBUAE announces September M-Bills auction with four treasury bond issues
According to the CBUAE, the first issue, with a 28-day term, will have a maximum value of AED2,000 million