2.4 You must not use the name or logo of the Central Bank of the UAE in any advertisement or public announcement or any form of documents or records or communication (whether verbal or written or electronic or otherwise) without the Central Bank’s prior written consent. Data for the third quarter showed profitability of top UAE banks declined in the third quarter due to the low interest rate environment and flat loan growth. Mansour bin Mohammed opens Hermes Carre Club exhibition in Dubai, Final preparations completed for 15th UAE Warriors MMA Fighting Championship. The Fund has consistently increased its portfolio of such projects, having funded 90 of them over a decade at a total value of about AED4.7 billion (US$ 1.3 billion). BoAML analysts believe the vaccine provides a realistic chance that the travel & tourism sector (including attendance at the EXPO) and trade could rebound more strongly than currently anticipated. The new regulation has not yet been posted on the UAE Central Bank website, UNLOCK will update once it has. The UAE aims to establish the first inhabitable human settlement on Mars by 2117. These cookies are used to improve your experience and provide more personalized service to you. 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The committee held a virtual meeting to approve the list of winners following the completion of a smart evaluation processes conducted by more than 120 highly qualified and experienced assessors. Profitability and asset quality to remain under stress. We’ll send you latest news updates through the day. Their analysis showed lower interest rate environment continued to pressure banks’ asset yield. VIENNA, 25th January, 2021 (WAM) -- The price of OPEC basket of thirteen crudes stood at US$54.69 a barrel on Friday, compared with US$55.14 the previous day, according to OPEC Secretariat calculations. The... ADFD finances 90 renewable energy projects worth AED 4.7bn over a decade, Sharjah Ruler issues Decree to amend several EPAA bodies, Worldwide coronavirus cases cross 98.77 million, Russia reports 19,290 new coronavirus cases, 456 deaths. DUBAI, 13th January 2021 (WAM) - The UAE Football Association (UAEFA) and the Latvian Football Federation (LFF) on Wednesday signed an agreement for cooperation. The UAE banks have suffered the effects of three pronged storm in 2020 including a weak economic backdrop, the impact of the global pandemic and geo political tensions, according to a recent analysis by Bank of America Merrill Lynch (BoAML). The central bank of the United Arab Emirates (UAE) announced a 100bn dirhams ($27bn) economic stimulus plan on Saturday aimed at containing the impact of … BERLIN, 25th January, 2021 (WAM/Reuters) -- The number of confirmed coronavirus cases in Germany increased by 6,729 to 2,141,665, data from the Robert Koch Institute for infectious diseases showed on Monday. NEW YORK, 25th January, 2021 (WAM) -- The United States has strongly condemned the latest attack on Riyadh, Saudi Arabia. Virginia administered the fewest doses, with 42 percent of the vaccines received. Sheikh Hamdan bin... ENOC Group wins ‘Sword of Honour’ award by British Safety Council. The announcement of diplomatic relations with Israel is widely expected to reduce geopolitical risks in the region and spur economic activity. Organised under the patronage of Dubai Crown Prince and Chairman of The Executive Council of Dubai, H.H. The announcements were made in a series of tweets by UAE Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum on Monday. SAMA and CBUAE Issue Report on Results of Joint Digital Currency Project "Aber" 29/11/2020 12:00 PM In a joint statement, the Saudi Central Bank (SAMA) and the Central Bank of the United Arab Emirates (CBUAE) announce the results of "Aber" Project. The Central Bank of the UAE (CBUAE) advises caution against responding to fraudulent e-mails and internet postings purporting to be legitimate CBUAE communications and postings. Central Bank of United Arab Emirates 01/24/2021 | Press release | Distributed by Public on 01/24/2021 05:04 CBUAE conducts cyberattack simulation on … “Loan growth is expected to reach mid to low single digits and provisioning to remain elevated at about 130bps on average. "Such attacks contravene international law and undermine all efforts to promote peace and stability. The CBUAE is not a retail bank and we do not carry out transactions or hold funds for members of the public. These measures will come into force with immediate effect, according to a statement issued on Saturday. DUBAI, 24th January, 2021 (WAM) -- Mohammed bin Rashid Aerospace Hub (MBRAH), at Dubai South, has announced that private jets movements continued its growth in 2020 by 21 percent compared to 2019 driven by the high number of movements in Q4. States including North Dakota and West Virginia have injected more than 83 percent of their allocated doses into residents' arms, according to data from the Centres for Disease Control and Prevention released on Sunday. The Central Bank of the UAE (CBUAE) advises caution against responding to fraudulent e-mails and internet postings purporting to be legitimate CBUAE communications and postings. The Central Bank of the UAE has announced a comprehensive Dh100 billion stimulus package to help retail customers and corporates overcome financial constraints due to coronavirus. The Maldives Heritage Week activities last five days (Sunday to Thursday), and aims to transport heritage lovers, researchers, and specialists on a journey through the history,... Burj Khalifa: The tallest building in the world, UAE Football Association signs agreement with Latvian Football Federation, National Geographic Abu Dhabi, Almarai’s 2020 ‘Moments’ competition announces shortlist, US COVID-19 infections surpass 25 million, OPEC daily basket price stood at $54.69 a barrel Friday. The Central Bank of the UAE has, in turn, announced the dates of the upcoming UAE bank holidays for Commemoration Day and the UAE's 49th National Day, as "confirmed to be from Tuesday 1 December 2020, to Thursday 3 December 2020". This section is about Living in UAE and essential information you cannot live without. Update on UAE Central Bank regulation of merchant fees. The UAE banks have strong capital buffers and liquidity with an underlying state support in the event of any structural risks. Russia reported 19,290 new daily cases, including 2,382 in Moscow, taking the national tally to 3,738,690. Under the patronage of His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Youth 4 Sustainability (Y4S), a Masdar outreach initiative, invests and actively... SHARJAH, 25th January, 2021 (WAM) -- The Maldives Heritage Week was officially launched on Sunday, 24th January at the Cultural Heritage Centre Al Bait Al Gharbi, in the heart of Sharjah. On the banking side, while margin compression is expected to abate, there is little scope for expansion as Fed rates are set to remain near zero per cent. The Central Bank of the UAE will begin issuing dirham-denominated securities named Monetary Bills (M-Bills) starting in January. MOSCOW, 25th January, 2021 (WAM/Reuters) -- Russia registered fewer than 20,000 new COVID-19 cases for the first time since Nov. 11, the country's coronavirus crisis response centre said on Monday. ... the UAE’s central bank urged banks in … US strongly condemns latest attack on Saudi Arabia. The central bank in the UAE has issued new regulations on Stored Value Facilities (SVF). Infections have been reported in more than 210 countries and territories since the first cases were identified in China in December 2019. The Central Bank of the UAE (CBUAE) has launched an AED100 billion comprehensive targeted economic support scheme for retail and corporate customers affected by COVID-19. The measures announced by the banks seek to support the UAE Government and the UAE Central Bank six-month economic stimulus package and the Dubai Government three-month economic stimulus package to support the business sector in the UAE and Dubai. Private sector employees in the United Arab Emirates will have three days of paid leave for the Eid al-Fitr holiday, which is expected to start on May 22, ABU DHABI, 21st January, 2021 (WAM) -- Credit facilities provided by UAE national banks to non-resident clients rose by AED19.7 bn from January to November 2020, statistics by the Central Bank of the United Arab Emirates have shown. The CBUAE is not a retail bank and we do not carry out transactions or hold funds for members of the public. Analyst believe the recent economic and social reforms s will pave the way for significant FDI, 10 year visas and Retirement visas are now being issued, which we see combatting the persistent population decline which the UAE has suffered over the past few years. The Top 10 banks’ total interest income declined for a third consecutive quarter - by 7.7 per cent quarter-on-quarter - according to the consultancy Alvarez & Marsal. These initiatives have had powerful impact on the economies and the environment of beneficiary countries. The Central Bank of the UAE on Sunday doubled the size of its stimulus package to … The Emiri Decree stipulates that the Al Dhaid Wildlife Centre, Al Hamriyah Mangroves Reserve, and Ghalil Al Sabt Reserve are to be added to the specialised bodies of the EPAA. DUBAI: Regional and international investors will be “relieved” after the Saudi budget 2021 announcement, Sachin Kerur, Head of Middle East at international law firm Reed Smith told Arab News. As we work to de-escalate tensions in the region through principled diplomacy, including by bringing an end to the war in Yemen, we will... Masdar’s Youth 4 Sustainability Virtual Forum prepares next generation of sustainability leaders. The agreement was signed at the UAEFA' headquarters by Sheikh Rashid bin Humaid Al Nuaimi, president of UAEFA and his Latvian counterpart Vadims Ļašenko. A host of factors such as the continuing margin compression from low interest rates, the likelihood of elevated levels of non-performing loans are expected to keep the bank profits flat in 2021. ABU DHABI, 25th January, 2021 (WAM) -- Masdar’s Youth 4 Sustainability (Y4S) Virtual Forum concluded following a three-day dialogue at Abu Dhabi Sustainability Week 2021, which included inspirational discussion and keynote speeches by government leaders, industry experts, young innovators and social entrepreneurs. In 2017 the UAE Central Bank came out with regulation for stored values and electronic payments, with today's regulation it would be an update to the original announced in 2017. ABU DHABI, 25th January, 2021 (WAM) -- Abu Dhabi Fund for Development (ADFD) has been supporting the country’s effort towards driving energy transition at home and around the world by financing innovative renewable-energy projects. The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). 2.4 You must not use the name or logo of the Central Bank of the UAE in any advertisement or public announcement or any form of documents or records or communication (whether verbal or written or electronic or otherwise) without the Central Bank’s prior written consent. However, banks continue to face challenges from asset quality pressures, shrinking coverage ratio for bad loans and concentration of exposure to real estate sector. (Bloomberg) -- Dubai’s main equities index led losses in the Gulf after the city imposed fresh restrictions to contain the spread of the coronavirus. The ENOC Group received the accolade for excellence in managing health and safety risks at work, making it one in 66 organisations worldwide to have achieved this prestigious recognition. Banks in Kuwait advanced on potential resumption of dividend.The DFM General Index fell as much as 1.6% on Sunday before trimming the losses to 0.7% at close. “Almost every day I hear complaints from someone who has one … ABU DHABI, 25th January, 2021 (WAM) -- National Geographic Abu Dhabi (NGAD) and Almarai announced on Monday the shortlisted entries for the 2020 edition and 10th annual ‘Moments’ competition, one of the largest photography competitions across the Middle East and North Africa. As such, we (and consensus) expect aggregate banking revenues and net income to remain broadly flat year on year in 2021,” said the BoAML analysis. The UAE central bank said in its latest report that economic activity in the country “partially recovered” in the third quarter of 2020, although the rebound “remained fragile”. All rights reserved. Cumulatively generating 9,755MW of electricity, these projects... SHARJAH, 25th January, 2021 (WAM) -- H.H. Strengths and weaknesses of UAE banks in 2021. H. H. Sheikh Mohammed bin Rashid said that the project is a seed that the UAE plants today and expects future generations to reap the benefits, driven by its passion to learn to unveil a new knowledge. The Decree also... LONDON, 25th January, 2021 (WAM/Reuters) -- More than 98.77 million people have been reported to be infected by the novel coronavirus globally and 2,123,871 have died, according to a Reuters tally on Monday. The aforementioned announcement of the dates of the upcoming UAE bank holidays for Commemoration Day and the UAE's 49th National Day, are similar to those … Privacy Policy. The Central Bank had earlier announced a Dh100 billion stimulus package. DUBAI, 24th January 2021 (WAM) - The judging committee of the fourth edition of the Taqdeer Award today announced that 91 workers and companies have been selected as winners across five categories of the Award. The Group has been recognised for its efforts towards ensuring health and safety at ENOC Head offices, particularly amidst the COVID-19 outbreak. Network International Holdings Plc. 7 September 2020 Network International Holdings Plc (LSE: NETW), the leading enabler of digital commerce across the Middle East and Africa, provides an update on the regulation of fees incurred by merchants who accept digital and card transactions in the United Arab Emirates (UAE). In a statement on Sunday, State Department spokesperson Ned Price said, "We are gathering more information, but it appears to have been an attempt to target civilians. Given the persistence of risk factors from 2020, market expectations remain tepid with the IMF forecasting 2021 GDP growth of just 1.3 per cent in the UAE following a contraction in excess of 6 per cent in 2021. The reported death toll rose by 217 to 52,087, the tally showed. The news that multiple, highly effective vaccines have been developed to protect against COVID-19 is particularly pertinent to the UAE. Register to read and get full access to gulfnews.com, By clicking below to sign up, you're agreeing to our The aerospace hub also recorded a steep 78 percent growth of private jets movements in Q4 2020 compared to the same period in 2019 due to the government’s measures in combating the spread of COVID-19. About the news that the UAE Central Bank is now planning to join the Insurance Authority in cracking down on insurance product mis-selling, Robertson said the industry “only has itself to blame”. You can manage them any time by clicking on the notification icon. The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates’ (UAE) Central Bank will jointly issue a digital currency for use in … Private jets movements at Dubai South increased 21% in 2020 compared to 2019. DUBAI, 24th January, 2021 (WAM) -- The ENOC Group has won the prestigious "Sword of Honour" award from the British Safety Council. UAE strongly condemns Houthi missile targeting Saudi Arabia, Infrastructure works on AED400 million housing project for Emiratis completed in Sharjah, Spain looks at UAE’s offshore expertise for green hydrogen production: Spanish Deputy PM, UAE Rulers congratulate President of Central African Republic on being re-elected for new presidential term, UAE opens kidney dialysis centre in Hargeisa, Somaliland, UAE announces 3,566 new COVID-19 cases, 4,051 recoveries, 7 deaths in last 24 hours, AED100m Al Faya – Saih Shuaib E75 road rehabilitation project completed, UAE announces 3,591 new COVID-19 cases, 3,820 recoveries, 6 deaths in last 24 hours, Dubai Future Accelerators, KHDA host first-ever Investor Day. As stated in an advisory released by the UAE Central Bank, all banks will be closed for the Eid holidays on Monday, August 20, until Thursday, August 23. © Al Nisr Publishing LLC 2021. The Central Bank of the UAE (CBUAE) announced today that a new securities issuance program to licensed financial institutions and eligible investors, named … (1) for the year 2021 regarding the addition and amendment of some specialised bodies affiliated to the Environment and Protected Areas Authority in Sharjah (EPAA). While the backdrop remains cautious, BoAML analysts see a number of factors that provide upside to earnings via a more optimistic economic outlook, with stronger loan growth and lower provisioning costs and the recent announcement that 100 per cent foreign ownership of businesses. The final report of the project results is available on the official websites of SAMA and the CBUAE. The central bank projected the UAE’s real total GDP growth to decline by 6 percent for 2020 before growing by 2.5 percent this year. Present were Mohammed Abdullah Hazzam Al Dhaheri, UAEFA's Secretary-General, and the members of delegation accompanying the President of the LFF. and The Central Bank of the UAE announced the schedule of operations of national banks and major branches in the country in accordance to the Eid Al Adha celebration. This website stores cookies on your computer. The regulator said the bills will be issued to help manage liquidity within the UAE's banking sector and to develop a secondary market for the securities, which will contribute to the long-term goal of a risk-free pricing benchmark for dirham-denominated debt. The event was opened by Dr Abdul Aziz Al Musallam, Chairman of the Sharjah Institute for Heritage, and Amina Shabeena, the Ambassador of the Republic of the Maldives. Both on your website and other media. At the end of the third quarter of the year, the largest banks in the country provided borrowers access to 5.1 billion dirhams through the UAE Central Bank’s Targeted Economic Support Scheme (TESS). A total of 10 images were shortlisted from over 27,000 entries received this year, from countries across the Middle East and North Africa. Banks are expected to report in excess of an average 20 per cent year on year decline in profits for the whole of 2020 with earnings outlook remaining modest in 2021. The forum wrapped up with the Ecothon PitchDay competition for Y4S participants, which focused on innovation in sustainability. Dubai: The UAE banks are expected to face a much lesser volatile operating environment in 2021 compared to last year, however, the lingering impact from 2020 will continue to pressure profits and asset quality, according to analysts. Lenders have been on the frontline of the coronavirus pandemic, extending financial relief to businesses and individuals impacted by the crisis. The announcement of diplomatic relations with Israel is widely expected to reduce geopolitical risks in the region and spur economic activity. 2.4 You must not use the name or logo of the Central Bank of the UAE in any advertisement or public announcement or any form of documents or records or communication (whether verbal or written or electronic or otherwise) without the Central Bank’s prior written consent. The updated regulatory guidelines apply to local Fintech companies and … Terms of Use “We expect the economic conditions in the UAE and the region generally to remain challenging in the near term, which would likely limit credit and earnings growth and also result in higher non-performing loans (NPLs),” said Asad Ahmed, A&M Managing Director and Head of Middle East Financial Services. 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