News
New (105)
Capital adequacy of applicants to be assessed on a case-by-case basis
Saudi Arabia's central bank is reviewing licence requests for two digital banks to operate in the kingdom, the Saudi Arabian Monetary Authority (SAMA) confirmed to Zawya on the phone.
“Work is underway to evaluate these two licence requests,” Yazeed Alsheikh, director for general of banking control at SAMA, was earlier quoted as saying in local daily Aleqtisadiyah.
He added that the policy for granting licenses for digital banks is done through a comprehensive evaluation process that takes into account what added value a provider can bring to the Saudi banking sector.
Earlier this week, SAMA issued licensing guidelines for digital-only banks in Saudi Arabia.
It stipulated that online banks must set up as a locally incorporated joint-stock company and maintain a physical presence in the kingdom.
The Saudi regulator will assess the adequacy of capital of applicants “on a case-by-case basis considering the scale, nature and complexity of the operations,” SAMA said.
source: zawya
Children categories
Start-up (0)
Advisers and investors said that the Foreign Capital Investment Law will contribute to establishing new investment entities and open up investment and employment opportunities in the Sultanate, directly or indirectly.
The new law will help combat illicit trade and regulate the labour market, said observers, noting that the Sultanate’s business infrastructure is now ready to attract investments, with penalties stated in the new law serving as a deterent against fraud.
Ahmed bin Abdulkareem al-Hooti, Oman Chamber of Commerce and Industry (OCCI) Board Member, said that the Foreign Capital Investment Law is an element among a set of laws that regulate commercial and economic activities, as well as investment in general.
Al-Hooti pointed out that the Foreign Capital Investment Law also functions alongside the Law on Partnership Between Public and Private Sectors, Privatization Law, Investment Law and Bankruptcy Law. This is in addition to the establishment of the Commercial Arbitration Centre, which will help investors in decision making.
Meanwhile, Dr. Yousef bin Hamad al-Balushi, CEO of Investment Smart Portal, said that investment, in general, and foreign investment, in particular, assume great significance in any development process, and this prompts all countries to grab investment opportunities.
He added that there is currently an urgent need to speed up steps towards encouraging and attracting investments, locally and internationally, for a variety of realities dictated by the growing stage, which has almost attained its prime in infrastructure and legislations.
This, in turn, dictates transformation into a new model that is capable of yielding fruits, in terms of major investments, and maximizing benefits from the Sultanate’s preparedness and high status among world countries.
The Foreign Capital Investment Law enables the investor to exclusively own the land of a project or share it with another foreign investor or Omani investor, said Dr.
Adil al-Maqdadi, a former Associate Professor, Faculty of Law, Sultan Qaboos University (SQU), an advocate and legal adviser at the Office of Dr.
Ahmed Said al-Jahwari Legal Consultants. This law has not imposed any bottom-line capital for his company, unlike the previous law, which imposes a minimum of RO15,000 for approaching an investment venture.
source: omannews
View items...
Middle East Business
UAE undergoing major energy changes to face the future
The retrofitting of existing buildings to greener standards is widely recognized as a key step in the sustainable development of a nation’s economy.
Photo Caption: (left to right) Abdul Razzak Mikati, Managing Director, DTP and Tayfun Topkoc, Managing Director, SAP UAE partner on aviation technology innovations.
Global Aviation Analytics Market to Double to USD 4 Billion by 2021;
DTP (Dubai Technology Partners) and SAP Co-Innovate on Crowd and Flight Performance Management and Forecasting Solutions at GITEX
12th October, 2016, Dubai, UAE: Consumers in the UAE appear to agree with the current real estate market sentiment that now is good time to buy property, according to statistics from compareit4me web site, the Middle East’s leading finance comparison site.
Using data from its mortgage comparison platform, compareit4me can reveal that there was an 119.5% increase in the number of people searching for mortgages in the third quarter of 2016, compared to the same period in 2015. This indicates a great willingness among UAE consumers to take on finance in order to take advantage of a buyer-friendly property market.
According to a recent study from Core Savills, over half of Dubai’s tenants are looking to buy their own residence in the future. Of these, the report said, 62% were leaning towards buying to own, rather than buying to let. What’s more, more than half said they were looking to purchase property over the next 12 months.
That same report added that buyers are being deterred by difficulties when it comes to securing finance on homes. That could explain the enormous growthin mortgage searches at compareit4me.
“If people are struggling to find good finance options for property, they’ll of course look to compare offerings. This is where we come in – our mortgage portal allows users to compare almost 80 different mortgages,” said Jon Richards, CEO at compareit4me.
“It seems people are looking to take advantage of the low prices in the property market, and they’re eager to take on finance to make sure they don’t miss out on the great deals to be had.”
Indeed, even when it comes to securing home loans, it appears that UAE consumers are looking for the least expensive options. compareit4me’s numbers reveal that, in the third quarter of 2016, there was a 28% reduction in the number of people looking for mortgages that don’t require a salary transfer account with the same bank. This indicates that users are wising up to the fact that
they can secure better home loan rates if they borrow from banks with which they hold a salary transfer account.
“This makes perfect sense in a property market being defined by low prices – the benefits of easy-to-buy property are negated if buyers have to pay out more on interest payments. Our users know this, and so they’re opting for the mortgages that give them the best rates – in this case, the mortgages that require salary transfer accounts,” said Richards.
According to compareit4me’s numbers for the third quarter of 2016, the most searched for mortgage product is RAKBANK’s Home In One. Union National Bank’s Mortgage for Expatriates came in a close second, while ACDB Mortgages rounded off the top three.
HE Saeed Mohammed Al Tayer receives prestigious Lord of Matterhorn Award from Swiss Business Council
10 Oct 2016 Written by Admin SAEDubai, UAE, 9 October 2016: HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), received the prestigious Lord of Matterhorn Award from Peter Harradine, President of the Swiss Business Council, Dubai & Northern Emirates. The ceremony at Fairmont Palm Hotel and Resort, Dubai witnessed the attendance of HE Maya Tissafi, Swiss Ambassador to the UAE, HE Christian Watts, Consul General of the Consulate General of Switzerland, in addition to a number of Swiss companies and business representatives.
The Lord of Matterhorn award is awarded annually to a select few UAE citizens who have contributed towards enhancing business relations with the Swiss Business Council and in turn towards Switzerland and its presence in the UAE.
“It is my pleasure to receive the prestigious Lord of the Matterhorn Award, by the Swiss Business Council. I understand that this prestigious award was named after Switzerland's most famous mountain, which is hard to conquer, but then again, here in the UAE, we do not believe in the word ‘Impossible’. We are guided by the vision and initiatives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in all our endeavours,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
“In line with DEWA’s vision to become a sustainable innovative world–class utility, innovation is the cornerstone and integrated approach we follow to achieve the UAE Vision 2021, which aims to make the UAE among the best countries in the world by 2021. This in turn, strengthens the UAE’s global competitiveness, especially in renewable energy, and green economy technologies and products. Dubai has a comprehensive vision for a sustainable future, which is pivotal to the success of building a green economy. Receiving the Lord of the Matterhorn award is a proud moment and honour for me, while reflecting DEWA’s success in strengthening its ties with its partners to ensure Dubai’s global competitiveness,” added Al Tayer.
“Finally, I would like to thank HE Maya Tissafi, Ambassador of Switzerland to the UAE, and Mr. Peter Harradine, President of the Swiss Business Council and the organisers for the success of this evening and all their efforts,” concluded Al Tayer.
Emirates: addition of a second daily service between Geneva and Dubai
26 Mar 2016 Written by Admin SAE
Emirates announced early in January the expansion of its operation in Switzerland with the addition of a second daily service to Geneva effective 1st June 2016. The second daily flight will double capacity on the route and represents an overall increase of 26% for Emirates in Switzerland.
The new flight will be operated by a state-of-the-art Boeing 777-300ER aircraft in a three-class configuration, with eight Private Suites in First Class, 42 lie flat seats in Business Class, and 310 spacious seats in Economy Class.
“With natural landmarks like Lake Geneva, the Alps and Jura mountains, Geneva is an attractive destination. It also hosts the highest number of international organisations, like Europe’s United Nations and the Red Cross, making it a global hub for diplomacy and banking. Demand is strong year-round, with high traffic from Thailand, Australia, Hong Kong and the Indian Ocean, with travellers visiting the city for business and pleasure," commented Thierry Aucoc, Emirates’ Senior Vice President, Commercial Operations, Europe and Russia.
"Aside from more convenience for the growing number of Swiss travellers visiting Dubai, the additional frequency from Geneva will allow us to meet high demand and offer better connectivity for those travelling to countries like Africa, Indian Ocean islands, Bali and Thailand via our ultra-modern hub,” added Aucoc.
Robert Deillon, CEO, Genève Aéroport said: “We are very happy that Emirates will start a second daily frequency to Geneva meeting the growing demand in flight connectivity between our catchment area and long-haul markets in the Gulf region, Asia and Africa. This additional flight confirms Geneva’s position as very strong pole of attraction for business travellers, conference delegates and tourists from all over the world”.
Emirates flight EK83 will depart Dubai International Airport at 14:55hrs and arrive in Geneva at 19:50hrs. The outbound flight EK84 will depart Geneva at 21:45hrs and arrive in Dubai at 06:10hrs the following day.
With an additional cargo capacity of almost 20 tonnes per day in each direction, Emirates SkyCargo will offer better access for Swiss companies to economies around the world. Exports from Geneva include pharmaceutical products, automobile spare parts, chemicals and semi-conductors. The presence of international organisations like the Red Cross also generates high humanitarian cargo traffic on the route.
Customers on Emirates’ flights enjoy the famed hospitality of its multi-national Cabin Crew, including Swiss, as well as gourmet cuisine and Emirates’ award-winning ice entertainment system. With more than 2000 channels of on-demand entertainment, from movies, television programmes, games, audio books, and music from around the world, ice has been named the world’s best inflight entertainment system by Skytrax for 11 consecutive years.
As with all Emirates flights, passengers will benefit from a generous baggage allowance of 30kg in Economy Class, 40kg in Business Class and 50 kg in First Class. Passengers travelling in premium cabins will also enjoy lounge access as well as Chauffeur-drive service.
Source: Genève Aireport
Masdar announced that it has teamed up with BP and the Masdar Institute to launch The Catalyst, an “accelerator” initiative aimed at developing businesses focused on sustainability and clean-tech.
UAE moving towards allowing 100% foreign ownership of businesses outside free zones
07 Apr 2015 Written by Admin SAEPlans for a law to allow full foreign ownership of companies outside free zones in strategic sectors are at an advanced stage, the Minister of Economy said.
