PwC Middle East has entered into an exclusive strategic collaboration with RegTech specialist Label to deliver an integrated tax transparency compliance solution for financial institutions across the Middle East, as regulatory reporting requirements become increasingly complex.

The partnership combines PwC Middle East’s tax and regulatory advisory expertise with Label’s AI-enabled automation platform to help banks and financial institutions streamline compliance with the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS) and the emerging Crypto-Asset Reporting Framework (CARF).

Under the agreement, PwC Middle East will act as Label’s exclusive regional partner for on-premise implementations, providing financial institutions with a technology platform that automates tax reporting processes while improving data quality, governance and regulatory readiness.

The collaboration comes as financial institutions across the region face growing pressure to strengthen tax transparency, improve reporting accuracy and reduce the operational burden associated with increasingly complex compliance obligations.

By combining specialist advisory services with AI-driven automation, the two companies aim to help organisations replace fragmented, manual compliance processes with more scalable and efficient operating models.

“As regulatory tax expectations continue to evolve, financial institutions are looking for solutions that combine deep technical expertise with practical innovation,” said Bilal Abba, Partner and Middle East Global Information Reporting Leader at PwC Middle East.

“Our collaboration with Label reflects PwC Middle East’s commitment to supporting clients navigate an increasingly complex compliance landscape through technology-enabled solutions that deliver greater accuracy, transparency and efficiency.”

The joint offering covers the full compliance lifecycle, from client onboarding and technology implementation to regulatory reporting and ongoing compliance management.

Rodrigo Ruiz, CEO and Co-Founder of Label, said: “This collaboration represents a significant milestone in our growth journey and reflects a shared vision for the future of tax transparency compliance.

“By combining PwC Middle East’s trusted tax advisory capabilities with Label’s automation platform, we are bringing a truly integrated solution to market—one that helps financial institutions simplify compliance, improve reporting quality and adapt to an increasingly demanding regulatory environment. We are excited to work alongside PwC Middle East across the region as they prepare for the next generation of tax transparency reporting.”

The partnership reflects a broader shift within the financial services industry towards technology-enabled compliance as regulators expand tax transparency frameworks and introduce new reporting requirements, including CARF, which extends reporting obligations to crypto-asset transactions.

As financial institutions prepare for the next phase of international tax transparency standards, the companies said scalable automation and AI-driven compliance capabilities will become increasingly important in helping organisations meet regulatory obligations while improving operational efficiency.

Commercial Bank of Dubai (CBD) has launched UP by CBD, a mobile-first banking platform designed for micro and small businesses, enabling entrepreneurs to open business accounts, access financing and manage their finances through a single digital application.

Developed in collaboration with ecosystem partners, including the Dubai Department of Economy and Tourism (DET), the platform integrates directly with the Dubai Unified Licence (DUL), allowing businesses to move seamlessly from company registration to banking activation.

The initiative supports Dubai’s ambition to strengthen its entrepreneurial ecosystem under the Dubai Economic Agenda (D33) by reducing the time required for new businesses to become operational.

With startup activity continuing to expand across the UAE, CBD said the platform addresses one of the key challenges facing entrepreneurs by providing faster access to financial infrastructure from the first day of business.

UP by CBD combines digital account opening with business banking services, including instant access to business credit cards, payroll solutions, transfers and savings products through a single mobile app.

Among its key features are mobile onboarding using digital verification and direct integration with trade licence authorities, zero-balance business accounts with flexible subscription plans, and instant business credit cards designed to help entrepreneurs manage early-stage cash flow requirements.

Dr. Bernd van Linder, chief executive officer of CBD, said: “UP by CBD signals our long-term commitment to supporting business owners at every stage of their journey, helping them move more quickly from business setup to operation while contributing to the continued growth of Dubai’s entrepreneurial ecosystem. Our partnership with the Dubai Department of Economy and Tourism reflects a shared commitment to strengthening the foundations of Dubai’s micro and small business economy, in line with the ambitions of the Dubai Economic Agenda, D33.”

Dhiraj Kunwar, general manager of Retail & Business Banking, said the platform was designed around the practical needs of entrepreneurs.

“We built UP by CBD around the realities of starting and running a small business. Business owners need to get their business up and running, access funding when they need it, and manage their finances with ease. By integrating directly with the Dubai Unified Licence (DUL) and combining fast onboarding with instant access to a business credit card, we are helping entrepreneurs move seamlessly from business setup to operation, allowing them to focus on what matters most, growing their business from day one.”

CBD said businesses using the platform will benefit from the agility of a mobile banking experience while operating within the bank’s established regulatory and governance framework, backed by more than 50 years of banking experience in the UAE.

Through its partnership with DET, entrepreneurs will also gain access to broader support initiatives, including Dubai Founders HQ and SME in a Box, providing connections to programmes, business networks and resources aimed at helping startups scale.

The launch reflects CBD’s broader strategy to strengthen financial services for micro and small businesses while supporting Dubai’s efforts to foster entrepreneurship, accelerate business formation and enhance the emirate’s competitiveness as a global destination for investment and innovation

Parkin Company (Parkin), the UAE’s leading provider of paid parking facilities and mobility services, has expanded its footprint into Sharjah through a strategic partnership with master developer Arada, launching its first smart paid parking system at Aljada.

The new system, which comes into effect on July 15, 2026, marks Parkin’s first deployment in the emirate and represents another milestone in the company’s strategy to expand its technology-enabled parking platform across developer-led communities in the UAE.

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Powered by Parkin’s advanced parking technology, the system will leverage Automatic Number Plate Recognition (ANPR) to provide a seamless, ticketless parking experience while improving the efficient management and availability of parking spaces for residents and visitors.

Smart parking to enhance convenience

The rollout will cover designated on-street and off-street parking spaces, as well as selected retail parking locations throughout Aljada. Parking tariffs and seasonal subscription options will be available in eligible areas, while residents will continue to benefit from their existing parking allocations as outlined in their Sale and Purchase Agreements or Title Deeds. Any additional parking requirements will be managed under the new paid parking system.

The partnership further strengthens Parkin’s expansion strategy by complementing its existing public parking operations with technology-driven solutions in large-scale residential and mixed-use developments.

Mohamed Abdulla Al Ali, CEO of Parkin, said: “Our partnership with Arada is another important step in extending Parkin’s smart parking solutions to one of the UAE’s fastest-growing communities. By combining advanced technology with efficient parking management, we will enable a more seamless experience for residents and visitors while ensuring parking resources are used more effectively as Aljada continues to grow.”

Supporting a growing community

Ahmed Alkhoshaibi, group CEO of Arada, said the collaboration aligns with the developer’s commitment to enhancing the everyday experience for residents and visitors.

“The launch of Parkin’s smart parking system at Aljada reflects our commitment to bringing best-in-class services to our communities and enhancing the everyday experience of our residents and visitors,” he said.

“Aljada has grown into one of the most dynamic urban destinations in the UAE — a place where tens of thousands of people live, work, study and spend their leisure time every day. A community operating at that scale deserves infrastructure of the same standard, and this partnership with Parkin delivers exactly that.”

Tariffs and payment options

Under the new system, on-street parking along Aljada’s East Boulevard will be charged at Dhs6.30 per hour, inclusive of VAT, with operations running 24 hours a day.

Designated off-street parking areas and parking lots will be available at Dhs4.20 per hour, inclusive of VAT, between 8:00am and 12:00am.

Visitors using retail parking facilities at The Boulevard, Tiraz and Misk will receive the first two hours of parking free of charge. After the complimentary period, a tariff of Dhs10 per hour will apply.

Residents will be able to manage parking subscriptions through Parkin’s digital platform, while visitors can make payments using the company’s existing digital payment channels.

According to Parkin, the new system is designed to simplify the parking experience, improve space availability and support the long-term growth of the Aljada community as it continues to attract more residents, businesses and visitors.

For more information about parking tariffs, subscriptions and payment options, customers can visit the Parkin portal or contact the Parkin Customer Experience Centre at 800 7275.

Iran threatened on Wednesday to shut off more regional energy exports, after the US reimposed a naval blockade of Iranian ports and both sides launched more strikes as they vie for control of the Strait of Hormuz.

The apparent threat to shipping through Bab el-Mandeb, a gateway to the Red Sea, follows an escalation between Iran and the US since last week that has severely frayed a tentative truce signed in June.

The war, which began with US and Israeli strikes against Iran on February 28, triggered Iranian attacks on Gulf states that host US bases and caused major disruption to global energy supplies, raising fears of a surge in inflation.

Iran’s Islamic Revolutionary Guard Corps said on Wednesday it had struck US military sites, including in Bahrain, Kuwait and Jordan, after “US’ treacherous military dispatched its naval pirates to the Indian Ocean, ostensibly to control the Strait of Hormuz”.

The US “must brace for the closure of all other export corridors that benefit the US and its allies,” the IRGC said. “Regional energy exports are either shared by all, or denied to all.”

The US military said late on Tuesday that it hit dozens of military targets near the Strait of Hormuz and Iranian coastal areas in a wave of strikes lasting seven hours.

The strikes, which the US military said had resumed on Wednesday, aimed “to continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz.”

The United States said Iran had attacked seven commercial ships over the last week, leading to nearly a dozen crew members being killed, missing or injured.

Risk of Bab el-Mandeb closure?

Analysts say that while the U.S. and Iran have gone back to sparring as they did before the interim ceasefire deal was signed nearly a month ago, they are unlikely to return to full-scale war, though a risk of further escalation remains.

They say Iran is signalling it may use its Houthi allies in Yemen to shut Bab el-Mandeb, opening a new front against Washington and putting two of the world’s most vital energy arteries at risk.

As a result of the war, Iran has been trying to assert permanent control over shipping in the Strait of Hormuz and to impose fees on vessels passing through it, in what would be a major shift of the balance of power in a region where the US has long acted as guarantor of security.

The IRGC said on Wednesday that the Strait of Hormuz would remain closed until what it described as “the end of America’s evils”. Before the war began in February, about a fifth of global oil and gas shipments passed through Hormuz each day.

Shipping data showed an uptick in Iran-linked ships passing through the strait before a new US blockade on Iranian ports took effect.

Bab el-Mandeb links the Red Sea to the Gulf of Aden, through which Saudi oil exports and a substantial share of global shipping pass.

A senior Houthi official warned on Monday that the group was prepared to close the waterway — a move he said could send oil prices soaring to $200 a barrel — if Saudi Arabia continued to attack Yemen, according to a report from Iran’s Press TV.

Houthi forces fired missiles at Saudi Arabia after accusing the kingdom of bombing an airport under their control on Monday.

Oil prices extended gains by about 1 per cent on Wednesday, after settling on Tuesday on a new one-month high.