Central Bank of UAE revokes licence of ‘Dollar Exchange’ house
The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange, an exchange house operating in the UAE and struck off its name from the Register, pursuant to Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities. The sanction is […]
Fawry, BOTIM cooperate to enable international money transfers for Egyptian expats in UAE
The leading Egypt-based e-payment company Fawry has signed a memorandum of understanding (MoU) with the Emirati calling app BOTIM to offer residents in the UAE and Gulf Cooperation Council (GCC) countries money transfer and invoice payment services via BOTIM app, according to an emailed press release on February 27th. As per the MoU, users in […]
Dubai Duty Free rehired 5,000 employees, sees full rebound by 2024 – Colm McLoughlin
Dubai Duty Free (DDF) is expected to make a full rebound in sales next year, as airport passenger traffic continues to climb on the back of recovery in travel demand, the company’s CEO and executive vice chairman Colm McLoughlin told Zawya. The Middle East’s largest travel retailer saw its sales rise by 78% to AED […]
Swiss bank Edmond de Rothschild sets up MENA hub in Dubai’s DIFC
Swiss-based private banking giant Edmond de Rothschild Group is opening its MENA hub in Dubai’s DIFC today as part of efforts to significantly grow its presence and client base in the region. Dubai joins Switzerland, Monaco and Luxembourg in Edmond de Rothschild’s network of international private wealth hubs. The bank, founded in 1953, has been […]
Abu Dhabi’s Yahsat proposes 2% increase in dividend as revenues hit $433mln
The board of Al Yah Satellite Communications Company (Yahsat), partly owned by Abu Dhabi state investor Mubadala, has proposed a 2% increase in dividend, as revenues rose to more than $430 million. Total revenue for the full year of 2022 stood at 1.6 billion UAE dirhams ($433 million), up by 6% from the previous year and […]
Dubai property market may break more records in 2023
Many people were of the view that the rising interest rate is a threat to Dubai real estate. There were no major effects noticed in this regard in 2022. There comes a stagnant period after a continuous streak of highs, where the growth stops, and things start to go downwards. This is something the Dubai […]