By Abdul Basit Mashreq has reported a 25% increase in net profit to Dh2 billion for the first quarter of 2024 despite the new corporate income tax of 9% in the UAE. Abdul Aziz Al Ghurair, Chairman of Mashreq, commented: “Mashreq, has demonstrated remarkable strength and adaptability amid global challenges, maintaining solid asset growth, financing, and capital adequacy ratios. These indicators reflect the sector’s flexibility and resilience to adapt to the changes the world is witnessing. Mashreq’s strategic positioning within the banking ecosystem aligns with the broader banking outlook acros ..read more

The UAE News Report: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced the successful conclusion of its debut USD 500 million syndicated Financing Facility. The landmark three-year term financing facility is the first of its kind raised by a Shariah-compliant financial institution. Structured as a Commodity Murabaha term financing facility in compliance with Shariah principles set out by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the proceeds will be used for Shariah-compliant general corporate funding purpo ..read more

The UAE News Report: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has introduced the ‘Priority Banking Visa Infinite Credit Card’, an offering tailored to meet the exclusive lifestyle needs of its affluent Priority Banking clientele. The proposition, launched in collaboration with Visa, a world leader in digital payments, offers a superior banking experience and enhanced value that matches the specific lifestyle needs of high-net-worth customers maintaining an average balance of AED 500,000 and above across deposits and investments. The new ..read more

The UAE News Report: PwC Middle East in Saudi Arabia and Microsoft have announced the launch of an artificial intelligence (AI) Centre of Excellence in Riyadh aimed at upskilling and scaling the AI capabilities of Saudi engineers and researchers. The launch of the centre, announced during LEAP 2024, supports the Kingdom’s community development and nationalisation agenda by nurturing next-generation talent in alignment with Vision 2030. Running every two months, each cohort of the programme will recruit top talent through partnerships with leading universities in the Kingdom. These young Saudi ..read more

The UAE News Report: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, enacts the world’s first Digital Assets Law, a new Law of Security and related amendments to select existing legislation to cater for the consequences of the new digital assets regime and revised security regime. The legislative enactments aim to ensure DIFC Laws keep pace with the rapid developments in international trade and financial markets arising from technological developments, and to provide legal certainty for investors in, and ..read more

The UAE News Report: The Group Chief Executive Officer of National Bonds Mohammed Qasim Al Ali, the specialist savings and investment company in the UAE, unveiled a three-pronged strategy on today, to drive a nationwide savings surge in 2024. The plan focuses on simplifying the savings process, fostering financial literacy, and leveraging innovation and digital tools. Mohammed Qasim Al Ali, Group Chief Executive Officer at National Bonds, expressed confidence in the strategy, stating, “We aim to make saving a lifestyle, away from consumer culture and empower individuals to achieve their financ ..read more

The UAE News Report: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that its 60-second online fund transfer service ‘QuickRemit’ is now available for remittances to the United Kingdom.   Emirates Islamic customers will be able to conduct QuickRemit transfers to any Lloyds Bank account in the UK in less than 60 seconds, and transfers to other UK banks within one hour. Lloyds Bank is one of the UK’s leading banks with over 500 branches across England and Wales. Emirates Islamic customers can avail QuickRemit service via EI + the bank’s mobile ..read more

Abdul Basit It was a great achievement in Dubai when the United Nations Climate Change Conference (COP28) closed on December 13 with an agreement that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance. In a demonstration of global solidarity, negotiators from nearly 200 Parties came together in Dubai with a decision on the world’s first ‘global stocktake’ to ratchet up climate action before the end of the decade – with the overarching aim to keep the global temperat ..read more

The UAE News report: The UAE has introduced a new insurance scheme, which will protect employees against job loss. Taking to Twitter after chairing a UAE Cabinet meeting on Monday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the unemployment insurance scheme will offer a cash amount for a limited period of time to the insured person who suddenly loses his/her job. The system will be implemented through insurance packages. An insured employee will be compensated for a certain period of time till he or she finds anothe ..read more

The UAE News report: Value-added Tax (VAT) will continue being the primary revenue-generating tax for the UAE for the next few years, according to a report published by WTS Dhruva Consultants on the occasion of the fifth anniversary of VAT. Nimish Goel The total revenue distributed at the state level in the UAE for VAT has amounted to over AED95.4 billion (US$26 billion), since its implementation in 2018 till October 2021, according to media reports. The likely implementation of e-invoicing and the increase in the VAT rate will further reinforce the need for businesses to ensure that their VAT ..read more