DFSA hits FFA Private Bank with $370,000 fine over system failures
Dubai financial regulator has fined FFA Private Bank (FFA) $373,842 (Dhs1.4m) for having inadequate systems and controls to identify, assess and report trading, which exhibited suspicions of market abuse between February 2018 and March 2021. The Dubai Financial Services Authority (DFSA) said the weaknesses in FFA’s systems and controls meant that the company failed to identify […]
Abu Dhabi’s non-oil economy grew 12.3% in Q2 2023
Abu Dhabi’s non-oil economy grew by a record 12.3 per cent in the second quarter of 2023, according to the Statistics Centre – Abu Dhabi (SCAD), as the city’s efforts to become a hub for hedge funds and other financial firms start to pay off. The preliminary datafrom SCAD shows that the emirate’s gross domestic product (GDP) reached […]
UAE chases 7% growth to double economy to over $800bn
The United Arab Emirates is looking to accelerate economic growth as it seeks to double its gross domestic product to over $800b by the end of the decade. “The focus is to grow by 7 per cent,” Abdulla bin Touq Al Marri, the country’s economy minister, said in an interview with Bloomberg Television. “We need […]
UAE GDP grows by 7.9% in 2022
Abdullah bin Touq Al Marri, Minister of Economy, said that the preliminary estimates of the UAE’s gross domestic product (GDP) for 2022, issued by the Federal Competitiveness and Statistics Centre, reaffirm the robustness of the country’s economic performance and its achievement of positive growth rates that exceeded estimates. The UAE’s GDP in 2022 at constant […]