Back to all finance news

Standard Chartered explores sale of Bahrain retail banking business

The bank said the review applies only to its wealth and retail banking operations in Bahrain and will not affect its Corporate and Investment Banking (CIB) business in the kingdom

Rajiv Pillai
Rajiv Pillai

23 June, 2026

Standard Chartered explores sale of Bahrain retail banking business
Image: Getty Images

TT

16

Standard Chartered has announced plans to explore the sale of its Wealth & Retail Banking (WRB) business in Bahrain as part of a broader strategy to focus on businesses and client segments where it has greater scale and a more differentiated offering.

The move aligns with the bank’s strategic emphasis on cross-border and affluent clients, a priority reaffirmed during its full-year 2025 results presentation.

The bank said the review applies only to its wealth and retail banking operations in Bahrain and will not affect its Corporate and Investment Banking (CIB) business in the kingdom.

Standard Chartered’s CIB franchise will continue operating in Bahrain, where the bank said it plays a key role in connecting clients through its international network, cross-border capabilities and sector expertise.

Any potential transaction remains subject to regulatory approvals.

Bongiwe Gangeni, Head of Wealth & Retail Banking, Europe, Middle East and Africa, Standard Chartered, said: “As we sharpen focus on where we have scale and the most distinctive client proposition, we will invest further in response to strong client demand and long-term opportunity across the Middle East, with deep connections across the region and its global corridors.”

She added: “The transition is expected to be phased over 18 to 24 months, subject to regulatory approvals. During this period, our business will continue to operate on a business-as-usual basis, and we will work closely with colleagues, clients, regulators and other stakeholders to ensure an orderly transition and minimal disruption.”

The announcement comes as Standard Chartered continues to prioritise growth opportunities across the Middle East, where it sees long-term demand for international banking, wealth management and cross-border financial services.

The bank said it remains committed to the region and will continue serving clients through its Corporate and Investment Banking franchise, affluent wealth management capabilities and Islamic banking offering.

The proposed move reflects a broader effort by the group to optimise its portfolio and concentrate resources on business areas where it believes it can deliver the greatest value and sustain long-term growth.

Sharjah issues new drone law: Here’s what residents and operators need to know

The legislation establishes a comprehensive framework governing the operation, use and management of drones across the emirate

Nida Sohail
Nida Sohail

23 June, 2026

Sharjah issues new drone law: Here’s what residents and operators need to know

TT

16

His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has issued a new law regulating the drone sector in the Emirate of Sharjah, marking a significant step towards enhancing airspace safety while supporting innovation and technological development.

The legislation establishes a comprehensive framework governing the operation, use and management of drones across the emirate. Officials said the law is designed to ensure the safe and efficient use of airspace while creating opportunities for government entities, private-sector organisations and entrepreneurs to benefit from advancing drone technologies, a WAM report said.

Read more-Keeta Drone’s Junwei Yang on the future of UAE drone logistics

The provisions of the law apply to all types of drones, regardless of the control systems used or their intended purpose. It covers all areas within the Emirate of Sharjah, including free zones and special development zones, and applies to both public and private sector entities, as well as individuals operating drones within the emirate.

Exemptions for military and security operations

Under the new legislation, drones used for military or security purposes are exempt from the law’s provisions.

The law also allows for exemptions to be granted by the Chairman of the Sharjah Department of Civil Aviation when deemed necessary in the public interest or based on the nature of a drone’s use.

The move reflects the emirate’s efforts to create a clear and structured regulatory environment while maintaining flexibility for specialised operations that may require separate oversight.

Focus on safety and airspace protection

A key objective of the law is to preserve the safety and security of air navigation within Sharjah and ensure the efficient use of the emirate’s airspace.

The legislation seeks to regulate drone operations and monitor related activities in accordance with internationally recognised standards and best practices. It also aims to reduce risks associated with drone usage by clearly defining the responsibilities and powers of relevant authorities.

Officials noted that the framework is intended to strengthen oversight of a rapidly evolving sector while ensuring that technological advancement does not compromise public safety or aviation security.

Supporting innovation and economic growth

Beyond regulation, the law is also designed to encourage wider adoption of drone technologies across both government and private-sector activities.

The legislation aims to enable organisations to use drones in service delivery, helping improve efficiency, enhance service quality and increase public awareness of emerging technologies.

In addition, the law seeks to support research, development and innovation in areas such as drones, smart mobility and technology localisation. It places a strong emphasis on nurturing national talent and empowering start-ups operating in the sector.

Authorities said these measures align with Sharjah’s broader ambitions to position itself as a regional hub for the drone industry and emerging technologies.

Civil aviation department granted wide-ranging powers

The law outlines an extensive role for the Sharjah Department of Civil Aviation in overseeing the sector.

Without prejudice to Federal Decree-Law No. (26) of 2022, the department will work in coordination with the General Civil Aviation Authority (GCAA) and other relevant government entities to issue permits, approvals and certificates required for drone operations and related activities within the emirate.

The department will also be responsible for licensing independent safety assessors in accordance with approved standards and requirements, as well as supervising and inspecting authorised operators to ensure compliance with the law and its implementing regulations.

Among its additional responsibilities, the department will define and approve the airspace and flight corridors in which drones may operate, helping safeguard the security and safety of Sharjah’s airspace.

Regulating infrastructure and flight operations

The legislation also grants the department authority over drone-related infrastructure and operational procedures.

This includes issuing approvals for drone landing sites and reviewing their designs, engineering plans, facilities and associated infrastructure. Any future modifications to approved sites will also require authorisation.

The department will be tasked with taking all necessary measures to protect the emirate’s airspace and ensure the safety of drone operations and testing activities.

It will also establish licensing conditions for drone pilots, controllers and crew members, while defining their responsibilities and obligations.

In addition, authorities will set operational regulations governing drone-related activities, supervise operations within designated airspace and conduct regular oversight to ensure compliance with approved standards.

Defining flight zones and operational requirements

The law further requires the development and approval of regulatory procedures governing permits for drone operations and associated activities, including operational testing.

Authorities will define and approve authorised, restricted and prohibited zones for drone use throughout the emirate.

A dedicated drone information map will also be prepared, outlining operational areas and restrictions. The legislation further provides for mechanisms to publish and disseminate this information to stakeholders.

The department will additionally establish aviation safety, security and environmental systems and services related to drone operations, while overseeing risk assessment and management procedures.

Research, innovation and industry development

The law highlights the importance of research and technological advancement in shaping the future of the drone sector.

In coordination with relevant government entities, the Sharjah Department of Civil Aviation will establish categories, conditions and procedures for issuing qualification certificates to operators, drone pilots, controllers and crew members based on drone types and approved control systems.

The department will also contribute to research initiatives focused on drone traffic management and the integration of drone operations with conventional air navigation systems.

Guidance manuals and operational documents will be developed and issued to help ensure drones are used safely across the emirate and in accordance with international standards and best practices.

The legislation further empowers the department to undertake any additional duties related to regulating the drone sector as assigned by the Ruler of Sharjah or the Executive Council.

Sharjah Police to oversee enforcement

The law assigns Sharjah Police a central role in enforcing the new regulatory framework.

Working in coordination with the Sharjah Department of Civil Aviation, the force will be responsible for addressing offences arising from the use of drones and related activities.

Sharjah Police will also implement security and preventive measures aimed at protecting individuals and property from risks associated with drone operations.

Prior approval required for drone activities

Under the legislation, prior approval from the Sharjah Department of Civil Aviation will be mandatory before drones can be used within the emirate for a range of activities.

These include government operations, commercial activities, scientific and research projects, as well as recreational activities, hobbies and aerial sports.

The law further states that additional activities may also require prior authorisation through a separate decision issued by the Chairman of the Sharjah Department of Civil Aviation. That decision will set out the relevant regulations, conditions and operational requirements.

Registration mandatory before operations begin

Drone owners will be required to register their aircraft with either the Sharjah Department of Civil Aviation or the General Civil Aviation Authority before commencing operations.

Registration must be completed in accordance with approved regulations and procedures.

The law also prohibits any person from operating a drone or conducting operational tests unless the aircraft is clearly marked with registration numbers, identification codes or any other approved identification method specified by the relevant authorities.

Comprehensive framework for emerging technology

The legislation includes a broad range of provisions covering the classification and categorisation of drones, design and manufacturing requirements, importation procedures, sales and ownership regulations, and control systems.

It also addresses the use of helicopter landing pads and the designation of authorised operating zones and airspace.

With the introduction of the new law, Sharjah has established a comprehensive framework designed to support the safe expansion of drone technologies while encouraging innovation, investment and industry development across the emirate.

UAE businesses move from planning to implementation as e-invoicing deadline approaches, shows ClearTax study

The UAE E-Invoicing Readiness Index 2026 found that businesses are entering a “developing” stage of readiness ahead of voluntary adoption beginning on July 1, 2026. Mandatory implementation is scheduled to take effect on January 1, 2027

Neesha Salian
Neesha Salian

23 June, 2026

UAE businesses move from planning to implementation as e-invoicing deadline approaches, shows ClearTax study
Image: Getty images/ For illustrative purposes

TT

16

Businesses in the UAE are shifting from awareness to implementation as they prepare for the country’s mandatory e-invoicing regime, with overall readiness reaching 57.5 per cent, according to a new study by tax compliance technology firm ClearTax.

The UAE E-Invoicing Readiness Index 2026, based on a survey of more than 500 chief financial officers, tax directors and financial controllers, found that businesses are entering a “developing” stage of readiness ahead of voluntary adoption beginning on July 1, 2026. Mandatory implementation is scheduled to take effect on January 1, 2027.

The report said awareness of the forthcoming mandate is high, but many organisations have yet to establish the operational processes, governance structures and technology needed to support e-invoicing over the long term.

Among respondents, 73.3 per cent have not formalised post-implementation operating models, including processes for reconciliation, exception handling and audit readiness, while 64.8 per cent expect existing finance teams to absorb additional responsibilities once the system goes live.

The study described the challenge as one of execution rather than awareness. Although 62 per cent of finance leaders said e-invoicing differs fundamentally from VAT and other compliance programmes, 66.2 per cent have yet to map compliance requirements for the countries they invoice into, an important step in implementation planning.

Technology readiness emerged as one of the biggest gaps. The report gave technical infrastructure the lowest score among its five readiness pillars, at 54.3 per cent.

It found that 38 per cent of organisations said their enterprise resource planning (ERP) systems cannot currently generate compliant electronic invoices in the required PINT AE XML format, while 60.5 per cent have not conducted an ERP gap analysis. Only 14.1 per cent described themselves as fully capable of producing compliant e-invoices today.

Read: UAE rolls out e-invoicing guide: What businesses should know

The report also highlighted operational challenges under the UAE’s planned real-time clearance framework. Around 70.4 per cent of businesses said they cannot automatically process responses received from the tax authority, underscoring the need for systems capable of handling invoice approvals, rejections, corrections and reconciliations.

ClearTax said the six-month voluntary adoption period provides companies with an opportunity to test these processes before compliance becomes mandatory.

The survey also found differences across industries. Technology and telecommunications, professional services, and logistics and supply chain ranked as the most prepared sectors, while retail and consumer goods, hospitality and tourism, and manufacturing recorded lower readiness levels, reflecting the need for greater investment in ERP systems, workflow automation and operational planning.

Mid-sized companies with annual revenues between Dhs200m ($54.5m) and Dhs1bn were identified as the least prepared segment, as they balance increasingly complex compliance requirements with expanding finance and technology functions.

“The UAE has created a valuable six-month voluntary adoption window that gives businesses the opportunity to gain real-world experience before mandatory implementation begins,” ClearTAx founder and CEO Archit Gupta said in a statement.

“The organisations that use the coming months to assess ERP readiness, automate workflows and build post-go-live processes will be best positioned to realise the full benefits of e-invoicing.”

The report recommends that finance leaders map compliance requirements across jurisdictions, conduct ERP gap analyses, develop workflows for invoice validation and exception management, and use the voluntary period to test systems and train staff before the January 1, 2027 deadline.

Dubai SME’s Ahmad Al Room Almheiri on how “Map Your Dubai” aims to boost visibility for the local F&B sector

The initiative builds on earlier city-wide engagement efforts such as #MyDubai, which have encouraged residents and visitors to contribute to the city’s broader narrative through digital storytelling

Neesha Salian
Neesha Salian

23 June, 2026

Dubai SME’s Ahmad Al Room Almheiri on how “Map Your Dubai” aims to boost visibility for the local F&B sector
Image: Supplied

TT

16

The Dubai Department of Economy and Tourism (DET) and Google recently unveiled “Map Your Dubai: Insider Edition”, a community-led initiative designed to increase visibility for Dubai’s homegrown food and beverage businesses and drive greater discovery through digital platforms.

The initiative was unveiled at an exclusive Breakfast Club event held at the Etihad Museum, attended by senior officials and ecosystem stakeholders, including Ahmad AlRoom Almheiri, CEO of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), alongside culinary entrepreneurs, content creators and members of the regional food community.

The programme forms part of DET’s wider “From Dubai, For Dubai” movement, which aims to highlight local businesses and encourage residents, visitors and creators to actively engage with and support homegrown brands.

“Map Your Dubai: Insider Edition” is built around Google’s Local Guides network, a global community of volunteers who contribute reviews, photos and updates on Google Maps. In Dubai, Local Guides have curated 11 thematic lists featuring around 100 homegrown restaurants, cafés and neighbourhood dining concepts across the city.

The lists are available through a dedicated campaign portal, allowing users to explore venues directly via Google Maps and visit them in person. Public voting began on June 22 and run until July 6, with participating Local Guides set to be recognised across official campaign channels.

The initiative is intended to support greater visibility for small and medium enterprises in the F&B sector by leveraging community-driven recommendations and digital discovery tools to increase awareness of local dining concepts.

It also builds on earlier city-wide engagement efforts such as #MyDubai, which have encouraged residents and visitors to contribute to the city’s broader narrative through digital storytelling.

Speaking on the sidelines of the launch, Almheiri said the initiative reflects Dubai’s approach to strengthening its SME ecosystem through partnerships that combine government support, digital platforms and community participation.

Here are excerpts from the discussion.

What does “Map Your Dubai” represent for Dubai SME and the wider ecosystem?

It signals a more connected approach to SME support, where visibility and discovery are treated as key parts of the same ecosystem. For many SMEs, particularly in the F&B sector, the main challenge is not product quality but discoverability.

This initiative brings together government, technology platforms and the community to make discovery more structured and accessible.

Why does visibility remain such a challenge for SMEs?

Because competition is strong and consumer attention is fragmented. Many SMEs rely on word of mouth and immediate networks, which limits their reach.

Digital tools like Google Maps, combined with trusted input from Local Guides, help bridge that gap by making discovery more scalable and consistent.

How does the ‘Local Guides’ model strengthen discovery?

Local Guides contribute real, experience-based input through reviews, photos and updates. When this is organised into curated lists, it becomes a practical way for users to discover new places.

In this case, more than 100 homegrown restaurants and cafés have been grouped into themed lists that make Dubai’s F&B scene easier to explore.

How does this align with Dubai’s broader economic strategy under D33?

It aligns with the Dubai Economic Agenda, D33, which aims to strengthen Dubai’s position as a global business and tourism hub.

SMEs are central to that strategy, and initiatives like this ensure they are not only supported through policy and funding, but also through visibility and digital discovery.What message would you send to entrepreneurs looking at Dubai as a base?

Dubai remains one of the most straightforward places to start and grow a business. The ecosystem is designed to reduce friction and support entrepreneurs at different stages of growth.

The wider message is that Dubai is open for business and continues to build the systems that help entrepreneurs establish and scale here.

Read: du CCO Karim Benkirane on redefining infrastructure for UAE’s next generation of entrepreneurs

Emirates launches exclusive 2026 summer travel perks: Complimentary hotel stays, discounts on offer

Whether visitors are planning an extended summer getaway or a short stopover, Emirates is encouraging passengers to experience more of Dubai through a mix of luxury, entertainment, culture and adventure

Nida Sohail
Nida Sohail

22 June, 2026

Emirates launches exclusive 2026 summer travel perks: Complimentary hotel stays, discounts on offer

TT

16

Emirates is launching its summer holiday campaign with a range of exclusive offers designed to help passengers get more from their journey to or through Dubai. From complimentary stays at the iconic JW Marriott Marquis to hundreds of savings through the popular My Emirates Pass, travellers can enjoy greater value while discovering one of the world’s most exciting destinations.

Whether visitors are planning an extended summer getaway or a short stopover, Emirates is encouraging passengers to experience more of Dubai through a mix of luxury, entertainment, culture and adventure, an Emirates news report said.

Dubai offers endless summer experiences

Known as a destination for all seasons, Dubai continues to attract visitors with its wide variety of experiences suited to every type of traveller. From world-famous landmarks and thrilling attractions to cultural discoveries and family-friendly entertainment, the city offers something for everyone.

Read more-Emirates’ new insurance plan: $25,000 conflict-related medical coverage offered

Travellers can explore iconic sites such as the Burj Khalifa, enjoy immersive experiences at world-class theme parks, or escape the summer heat with visits to museums, indoor attractions and interactive art galleries.

As one of the world’s most visited cities, Dubai continues to welcome guests with its renowned hospitality, safety and diverse range of activities, making it an ideal destination for summer travel.

Adnan Kazim, deputy president and chief commercial officer, Emirates, said: “Whether visitors are seeking relaxation, adventure, entertainment or a combination of all three, Dubai is the ideal start to any summer vacation. We’re inviting passengers to enjoy even more of the city with a complimentary hotel stay to take advantage of the exceptional range of shopping, entertainment, dining and family-friendly experiences that define the Dubai summer experience, when stopping over as part of your journey or visiting Dubai as your final destination.”

Enjoy a complimentary stay at JW Marriott Marquis

Emirates is offering passengers the chance to transform their stopover into a memorable city break or extend their Dubai holiday with a complimentary stay at the luxurious five-star JW Marriott Marquis, located in the heart of the city.

Guests staying at the hotel can enjoy a range of premium experiences, including dining at award-winning restaurants and bars featuring international cuisine, relaxing treatments at the Saray Spa, workouts at the fully equipped gym and BodyBase reformer-based studio, or a refreshing swim in the outdoor pool overlooking Dubai’s impressive skyline.

The limited-time offer runs from June 22 to July 12. Travellers purchasing an Emirates return ticket in First Class or Business Class can enjoy a complimentary two-night stay, while customers travelling in Premium Economy Class or Economy Class can receive a complimentary one-night stay.

The offer applies to eligible return tickets travelling to or stopping over in Dubai for more than 24 hours, for customers travelling between 25 June 25 and September 30.

Create the perfect stopover with Dubai experience

Alongside the JW Marriott Marquis offer, customers from select markets can use Emirates’ Dubai Experience platform to design personalised stopover itineraries.

The platform allows travellers to plan their Dubai visit according to their interests, with tailored options including 24-hour and 48-hour itineraries. Visitors can explore the city’s attractions, dining experiences and entertainment options while making the most of their time in Dubai.

Unlock exclusive savings with My Emirates Pass

Emirates’ popular My Emirates Pass is returning for summer 2026, offering more than 600 deals and benefits for passengers travelling with the airline.

By presenting a physical or digital** Emirates boarding pass along with a valid ID at participating venues, customers can access discounts across a wide range of locations, including spas, restaurants, major retailers and other lifestyle destinations.

The initiative gives travellers even more opportunities to explore Dubai while enjoying additional value throughout their stay.

Dubai Summer Surprises returns with bigger experiences

Dubai Summer Surprises will also return in 2026 with one of its biggest programmes yet, bringing a packed schedule of entertainment, events and offers for residents and visitors.

Running from July 2 to August 30, the festival will feature the Beat the Heat DXB concert series, cultural events, wellness and fitness activities, along with major savings and exclusive experiences across the city’s malls and lifestyle destinations.

Emirates adds flexibility for summer travellers

Emirates is currently operating flights to more than 138 global destinations and continues to provide customers with flexible travel options.

All bookings made after April 2, 2026 include one complimentary date change across all cabin classes. The airline’s Hold My Fare option also allows customers to secure ticket prices while finalising their travel plans.

In addition, Emirates has introduced a Comprehensive Travel Cover insurance option in select markets, offering passengers added confidence and protection during their summer journeys.

For more information or to book tickets, visit emirates.com. Tickets can also be booked through the Emirates App, Emirates Retail stores, Emirates contact centre, or via travel agents.

Botim launches IBAN-enabled wallets to expand financial inclusion in UAE

The company said the wallet can be opened with no minimum salary requirement, no minimum balance and no monthly fees

Rajiv Pillai
Rajiv Pillai

22 June, 2026

Botim launches IBAN-enabled wallets to expand financial inclusion in UAE
Image: Supplied

TT

16

Botim Money has launched IBAN-enabled wallets in the UAE, enabling eligible users to obtain a virtual IBAN in their own name and access a wider range of regulated financial services through the platform.

The launch, introduced under the Central Bank of the UAE’s (CBUAE) Universal Accounts Framework, is aimed at expanding financial inclusion and increasing participation in the formal financial system. Botim said the new service is available through its platform, which serves more than 8.5 million users across the UAE.

Through the new functionality, users can receive salary payments, direct deposits and domestic bank transfers directly into their wallets. The platform also offers local transfers through peer-to-peer payments and AANI, international remittances to more than 170 countries, a globally accepted Mastercard card, fractional gold and silver investments from AED10, and access to regulated credit solutions.

According to Botim, approximately 65 per cent of its user base comprises blue-collar workers, while a further 31 per cent falls within grey-collar segments, highlighting the importance of accessible financial services for communities that have traditionally faced barriers to conventional banking products.

The company said the wallet can be opened with no minimum salary requirement, no minimum balance and no monthly fees, while multilingual onboarding can be completed in less than three minutes.

The launch also strengthens Botim’s payroll capabilities. Through its Wage Protection System (WPS)-accredited infrastructure, businesses can process salaries directly into Botim Wallet, enabling employees to receive wages and access financial services through a single platform. The payroll infrastructure was introduced in partnership with the Ministry of Human Resources and Emiratisation (MOHRE) in 2024.

Dr. Tariq Bin Hendi, Board Member of Astra Tech and CEO of Botim, said: “Financial inclusion begins with access. For many people, having an account in their own name is the first step toward participating more fully in the financial system. By introducing Virtual IBANs through Botim, we are removing barriers to essential financial services and supporting the UAE’s vision for a more inclusive and digitally connected economy.”

The launch reinforces Botim’s broader strategy to expand access to regulated financial services across the UAE by combining payments, payroll, remittances, investments and credit services within a single digital platform.

More news in finance