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Dubai becomes world’s busiest airport Overtakes Amsterdam The Economic Development of Abu Dhabi permits for virtual license for foreign investors Welcome to the Regime of Proactive Laws in UAE On Work Permits Insurance licenses made mandatory for navigation vessels: Saudi Arabia

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What is the role of the DIFC Representative...

The Dubai International Financial Center (DIFC) Representative Office is crucial in promoting the DIFC as a premier financial hub and facilitating business development opportunities for companies seeking to operate within the area.  As a liaison between the DIFC and businesses, it provides important...

UAE Central Bank imposes AED 1.9...

The UAE Central Bank said it imposed AED 1.92 million as penalty on an exchange house for not carrying out proper due diligence and not adhering to rules to prevent money laundering. The regulator said financial sanctions were imposed on the company after an investigation revealed that the exchange...

Here are the differences between...

With global investors and businesses being lured into UAE, Dubai has become a major financial center in the Middle East. The major players in this financial sector are the Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority (DFSA). However, both of these are vital...

First Abu Dhabi Bank (FAB) implements...

From the 30th of October 2022, the e-Dirham system will be replaced with First Abu Dhabi Bank's (FAB) smart payment option – ‘Magnati’. Magnati provides advanced software solutions for online payments, using next-generation advanced technologies to provide payment service for FTA customers....

UAE Bankruptcy Law: Responsibilities...

The liquidity issues between businesses and corporations have significantly worsened after the COVID-19 outbreak. The UAE has taken initiatives to enhance its Bankruptcy Code, Law 9 of 2016, to ensure that it can continue to address the most recent difficulties. The landmark decision in the Marka Holdings...

UAE Ministry of Justice to enforce...

On 13 September 2022, the UAE Ministry of Justice called upon the Dubai Courts to enforce judgments of the English Courts in the UAE. Judge Abdul Rahman Murad Al-Blooshi, Director of the International Cooperation Department of the Ministry of Justice, issued an official communication to His Excellency...

Strong credit growth in UAE reflects...

The Gulf Cooperation Council shows signs of an economic rebound as credit growth in the UAE has remained strong during the third quarter of 2022 despite higher interest rates, underscoring strong economic activity and business confidence in the region. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and...

The Central Bank of UAE launches...

The Central Bank of the UAE (CBUAE) has launched a new corporate website https://www.centralbank.ae/ar/ that offers various interactive digital services. This newly launched website is part of CBUAE’s initiatives and strategy to communicate effectively with its consumers, partners, and service...

Dubai court to give verdict on...

The Dubai-based engineering firm Drake & Scull International expects to see a 90 per cent write-off on its debts as a part of a restructuring plan that needs to be approved by a local court. The money owed to the government and those related to labour rights will be paid in full to ‘reach...

The UAE and Saudi Arabia Central...

The Central Bank of the UAE has signed a preliminary agreement with the Saudi Central Bank known as Sama, to establish a general framework for the supervision of the insurance sector in both countries. As part of the Sama agreement, both countries will exchange supervisory and regulatory information...

Emirates Development Bank of UAE...

Emirates Development Bank (EDB) the major financial pillar of the UAE’s economic growth and industrial transformation, is introducing a new lending feature that allows small and medium enterprises (SMEs) as well as start-ups, to apply for loans of up to Dh5 million directly through its Digital...

Cryptocurrency is targeted to...

Under Law No. 4 of 2022, VAL (Virtual Assets), cryptocurrency is a “digital representation” and not recognized as a currency. They can be digitally traded or transferred or used as an exchange or payment tool or for investment purposes.   Many countries around the world have been...

UAE Government Agencies Will No...

The e-Dirham system is an effort initiated by the Ministry of Finance of the United Arab Emirates in 2001 to provide an official electronic payment platform for collecting revenues and service fees by government and semi-government organizations. The main aim of launching the E dirham was: Reduce currency...

 Tips to Manage Small Business...

Starting a business itself is challenging, and many small start-ups find it difficult to make it in the long run. It is essential to make every step calculatingly and carefully to make a business successful, whether small or big. One of the vital steps to creating a successful business is managing finances.No...

Buy Now Pay Later (BNPL) Legalities...

With the surge in e-commerce shopping platforms, buy now, pay later (BNPL) services are picking pace in the UAE. Offering flexible instalment plans and lower interest rates, these platforms are making shopping more accessible and affordable for consumers across the region. The platforms that let you...

Corporate Tax in the UAE

The UAE has introduced Corporate Tax from Financial Year 2023, in the UAE Corporate Tax is a form of direct tax imposed on net income or business profit. The UAE introduced this tax with the aim of strengthening the country’s position as a leading global centre for business and investment, in...