March 11, 2020

DP World has announced across-the-board reductions in licence registration and administration costs for companies operating in its flagship Jebel Ali Free Zone (Jafza) as well as for new investors.

The far-reaching Jafza Customer Support Initiative is designed to slash business-related fees by between 50-70 percent for registration, licensing and related administrative functions.

DP World said the initiative will immediately assist more than the 7,500 businesses that operate out of Jafza and hundreds of new businesses attracted by the free zone’s plug and play"...

March 11, 2020

ABU DHABI, 10th March, 2020 (WAM) -- The total value of fund transfers among the UAE's banks grew 6.9 percent YoY to around AED1.8 trillion in the first two months of 2020, according to figures released recently by CBUAE.

The apex bank said the banking fund transfers hit AED 1.2 trillion in the reference period, while transfers between individual customers reached AED596.3 bn.

The transactions are made through the UAE Fund Transfer System, UAEFTS, that enables the lenders to conduct all interbank local fund transfers.

On"...

March 11, 2020

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, on Tuesday visited Emirates NBD's Head Office along with Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre.

Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah; Sheikh Sorour bin Mohamed Al Nahyan; and Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD, also visited the head office.

Sheikh Hamdan said: 'Emirates NBD is a pioneer in the"...

March 10, 2020

UAE-based payment solutions provider Network International on Monday said its Middle East business expanded by more than nine percent during 2019 on the back of more transactions and cross-selling.

The company said revenues in the Middle East rose 9.2 percent compared to 2018 while its business in Africa grew by more than 20 percent, boosted by new customers.

Profit from continuing operations increased by 26.3 percent, reflecting growth across the business and no impairment charge recorded in the current year, a statement said.

Whilst"...

March 8, 2020

Emirates NBD has reduced its bank charges in a bid to support business in the UAE.

In line with recent government and UAE Central Bank initiative, the bank’s 'Transaction Banking' unit has announced reduced tariff offers over the next three months.

In particular, it applies to customers using its revamped 'Smarttrade' platform, which replaces the need for physical branch visits.

The bank will also offer clients new smartTrade activation at no cost for the next three"...

March 8, 2020

NMC, the embattled UAE health provider, said it has been notified by advisers to former chairman BR Shetty regarding his 2.5 million shares which were in custody of First Abu Dhabi Bank.

Almost 4.8 million shares of Mr Shetty's were held in a nominee account in Falcon Private Bank which were then transferred to First Abu Dhabi Bank on February 5. Out of these, 2.5 million shares were sold by First Abu Dhabi Bank, Mr Shetty's advisers said.

'Dr BR Shetty and his advisers are investigating the details and legal basis of these transactions and the status of"...

March 7, 2020

India laid out a rescue plan for Yes Bank on Friday under which State Bank of India (SBI) will take a 49 per cent stake in the troubled lender, which is struggling with bad loans.

Indian Finance Minister Nirmala Sitharaman said the restructuring plan would be implemented within 30 days, adding the depth of the problems at the bank were still being assessed.

The Reserve Bank of India (RBI) said it had increased Yes Bank's authorised share capital, paving the way for a cash injection after it failed in its months-long attempt to raise enough money to meet regulatory"...

March 7, 2020

The recent guidelines issued by the Central Bank of the UAE to lenders will soften coronavirus' economic effects but would diminish transparency, Moody's said.

On March 1, the apex bank advised UAE-based lenders and finance companies to implement measures to mitigate the economic effects of the global coronavirus outbreak. The measures include re-scheduling loan contracts, temporary deferrals on monthly loan payments, and reducing fees and commissions for affected customers.

'The guidance will support the economy amid the coronavirus outbreak and contain"...

March 5, 2020

The Central Bank of the UAE, CBUAE, said on Tuesday that it was cutting interest rates on certificates of deposit in line with US dollar rates, after the US Federal Reserve Board's emergency decision to cut rates by 50 basis points.

The UAE central bank said its repo rate for borrowing short-term liquidity had also been cut by 50 bps.

Certificates of Deposit, which CBUAE issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system.

The"...

March 3, 2020

ABU DHABI, 2nd March, 2020 (WAM) -- The net income of Abu Dhabi-based commercial and Islamic banks amounted to circa AED40.3 bn in 2019, reflecting continuing momentum at one of the domestic economy's main enablers.

According to official data obtained by the Emirates News Agency, WAM, the combined financial returns of these banks hit about AED21.72 bn, which accounts for 53.9 pct of their total income last year.

The investment returns alone reached about AED7.93 bn, comprising 19.6 pct of the total income.

Q1"...