Business & Money | Thursday 28 July, 2022 10:51 am

CBUAE imposes financial sanctions on 6 banks operating in country

The Central Bank of the UAE (CBUAE) has imposed financial sanctions on six banks operating in the UAE, pursuant to Cabinet Resolution No. 9 of 2021, implementing certain provisions of the Organisation for Economic Cooperation and Development (OECD)’s Multilateral Administrative Agreement for...

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Business & Money | Thursday 28 July, 2022 10:45 am

Aldar Properties to acquire four commercial towers in ADGM From Mubadala Investment Company

Aldar Properties has signed an agreement with Mubadala Investment Company to acquire four prime Grade A commercial towers in Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, located on Al Maryah Island. The assets, which will be held by Aldar Investment...

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Business & Money | Wednesday 27 July, 2022 12:12 pm

CBUAE imposes financial sanction on exchange house operating in country

The Central Bank of the UAE (CBUAE) has imposed a financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and Article 137...

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Business & Money | Wednesday 27 July, 2022 11:59 am

Saudi stock exchange to overshadow global peers as Crown Prince expects NEOM’s IPO to add $266bn

Saudi Crown Prince Mohammed bin Salman said the Kingdom plans for the Saudi stock exchange to be larger than many global peers as he expects NEOM to sell shares to the public in 2024, adding nearly SR1 trillion ($266 billion) to the market. Speaking to reporters after unveiling the designs of...

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Business & Money | Wednesday 27 July, 2022 10:25 am

Saudi navy launches new combat ship in Spain

The Royal Saudi Naval Forces has launched the newest addition to its fleet at a ceremony in San Fernando, Spain, with several top officials from both countries in attendance, the Kingdom’s Ministry of Defense announced on Tuesday. The HMS Al-Diriyah Avanti 2200 Corvette is the second ship,...

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Business & Money | Tuesday 26 July, 2022 9:40 am

Saudi Central Bank launches Joint Operations Center to combat financial fraud

Saudi Central Bank has launched the Joint Operations Center for banks to follow up and monitor cases of financial fraud, the Saudi Press Agency reported.  Inaugurated by the central bank's governor, Fahd bin Abdullah Al-Mubarak, the center seeks to improve the customer experience and...

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Business & Money | Monday 25 July, 2022 12:47 pm

Bestune Saudi Unveils Summer Offers with Bank Albilad

Taajeer Group, the exclusive dealer for Bestune cars in Saudi Arabia recently announced the launch of its exclusive financing package for summer 2022, which comes as part of the marketing activities. The financing solutions from Bank Albilad provide the opportunity to get a Bestune car with...

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Business & Money | Monday 25 July, 2022 12:13 pm

People in Middle East are wary of rising inflation, but over two-thirds still behind equity markets: The Continental Group survey

 The Continental Group, a leading insurance intermediary and financial services provider in the GCC region, recently hosted a webinar titled ‘Can inflation be tamed? Learn from the experts', where finance specialists demystified inflation and its current and potential impact on businesses,...

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Business & Money | Monday 25 July, 2022 11:51 am

Citi and Etihad sign on First Sustainable Deposit Solution

 Etihad Airways has become the first client to sign on to Citi ADGM’s Sustainable Deposit Solution. Citi’s newly launched deposit solutions will further assist the airline in investing excess cash as part of its sustainability agenda.  Etihad will have access to Citi’s two new...

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Business & Money | Monday 25 July, 2022 11:09 am

Saudi construction firm Red Sea International to reduce capital by half to $80m

Red Sea International Co. has received its shareholders’ approval for a 50 percent capital reduction in a bid to support the company’s future plans. The construction firm will bring down its capital to SR302 million ($80 million) from SR600 million by canceling nearly 30 million shares...

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