Friday 25 May 2018

UAE, Saudi Arabia sign pact to avoid double taxation

The UAE, represented by the Ministry of Finance (MoF), has signed an agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion with respect to taxes on income and capital, with Saudi Arabia. The signing took place at the headquarters of the Saudi Ministry of Fi


NFC enlists SRB to lead growth initiatives

National Finance Company (NFC), a leading investment solutions provider, has signed an outsourcing Sharia supervisory agreement with Shariyah Review Bureau (SRB) to help NFC maintain its growth initiatives in compliance to Sharia.   NFC’s growth has quadrupled in the la


ADGM, Astana ink cooperation agreement

Abu Dhabi Global Market (ADGM) and the Astana Financial Service Authority of Astana International Financial Centre (AFSA-AIFC) have signed an agreement to enhance cooperation on financial markets. The memorandum of understanding (MoU) was signed at the side of the Annual Conferen


May 28 deadline for tax returns, alerts UAE’s FTA

The UAE’s Federal Tax Authority (FTA) has cautioned that this coming Monday (May 28) is the final deadline for submitting tax returns and paying due taxes for the tax period that ended on April 30, a media report said. The FTA also announced the release of eight educational


Trade finance digitisation grows, but results slow

More than 60 per cent of banks have implemented or are in the process of implementing technology solutions to digitalise their trade finance operations, according to a new study.    However, only 9 per cent of banks reported that the solutions implemented h


ADFD funds 11 projects worth $381m in 2017

State-run Abu Dhabi Fund for Development (ADFD), the leading UAE entity for development aid, said that it financed 11 development projects worth Dh1.4 billion ($381 million) in 2017, benefiting nine developing countries. Totalling more than Dh646 million, four of the 11 projects


Mideast M&A activity seen gaining pace by year-end

While merger and acquisition (M&A) deal volumes in the Middle East have decreased over the past two years, there are some positive signs of activity picking up and this is expected to gain momentum towards the end of 2018 and early 2019, said a new report. Transformational re


Saudi growth to pick up as reforms take hold: IMF

Saudi Arabia’s growth is expected to pick up this year and over the medium-term as good progress is being made in implementing the ambitious reform programme, said a top official of the International Monetary Fund (IMF). The primary challenges for the government are to sust


Cibafi AGM focus on strategic plan 2019-2022

The General Council for Islamic Banks and Financial Institutions (Cibafi), the global umbrella of Islamic financial institutions, held its Annual General Meeting in Jeddah, Saudi Arabia and discussed the Strategic Plan 2019–2022. The General Council for Islamic Banks and Fi


UAE cbank money supply M1 tops $140bn in April

The UAE’s Central Bank has announced that the Money Supply aggregate M1 increased by 1.3 per cent, from Dh510.6 billion ($139 billion) at the end of March to Dh517.4 billion ($140.8 billion) at the end of April, a media report said. The Money Supply aggregate M2 increased b

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