The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dhs600,000 ($163,000) on a branch of a foreign bank operating in the country. The action was taken in accordance with Article (137) of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and Organisation of Financial Institutions and Activities, along with its subsequent amendments.

The sanction follows examinations carried out by the CBUAE, which found that the branch had failed to meet the requirements set out in the Market Conduct and Consumer Protection Regulations and Standards.

Read: UAE Central Bank boosts gold reserves by over 19% in Q1

In a statement, the CBUAE reaffirmed its commitment to ensuring all banks and their employees comply with UAE laws and the regulatory framework established by the Central Bank. These efforts are aimed at safeguarding transparency and upholding the integrity of the banking sector and the broader financial system.

The UAE Ministry of Finance has launched the federal general budget cycle for the 2027–2029 period, reflecting an upgraded approach to financial governance.

The new cycle is designed to enhance fiscal sustainability, support innovation, and strengthen alignment with national development goals.

It coincides with the unveiling of the federal government’s strategic planning cycle, ‘Towards Achieving We the UAE 2031′, and forms part of the UAE’s broader strategy to boost flexibility and integration across federal entities.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, said the budget will now serve as a strategic tool for achieving mega national objectives, such as strengthening global competitiveness, accelerating digital transformation and reinforcing the UAE’s position as a global financial hub

He added that achieving the UAE Centennial 2071 goals requires a financial system that is agile, data-driven, and capable of reallocating resources toward high-impact opportunities.

The ministry is investing in smart tools and advanced analytical models to ensure financial efficiency, optimise the impact of public spending, enable data-driven decision-making and these tools aim to improve planning accuracy, execution speed, and the quality of government services.

Focus on key sectors impacting lives of citizens

The 2027–2029 budget will prioritise spending in areas that directly affect citizens and residents, including education, healthcare, social welfare and core government services.

This focus aligns with the UAE Centennial 2071 vision and the evolving needs of society, while promoting sustainable development and institutional excellence.

The ministry highlighted that this cycle builds on four earlier strategic cycles, during which:

• The federal budget reached approximately Dhs900bn
• Public debt was maintained at Dhs62.1bn as of June 2025
• Federal government assets grew to Dhs464.4bn by end-2024

These figures underscore the UAE’s stable fiscal position.

Institutional reforms streamline budgeting process

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, noted that the new cycle represents a full redesign of the budget experience.

Reforms include reducing budget preparation steps from 50 to 10 and cutting procurement cycles from 60 days to under six minutes

He said the ministry now functions as an enabler, supporting federal entities through a digitised and customer-focused approach to budgeting.

The 2027–2029 cycle adopts a performance-based and results-driven model, key features include the integration of artificial intelligence to create predictive financial scenarios, unified access to high-accuracy data across entities and faster, more effective financial decision-making.

This transformation positions the federal budget as a forward-looking tool for operational efficiency and financial resilience.

Read: Dubai Government approves Dhs246.6bn budget for 2024-2026

Dubai Chamber of Digital Economy, operating under the umbrella of Dubai Chambers, has signed a Memorandum of Understanding (MoU) with Dubai Finance (DOF) to enhance collaboration and drive forward the Dubai Cashless Strategy. The agreement focuses on the strategy’s three pillars: governance, innovation, and the shift towards a cashless society.

The signing took place in the presence of H.E. Abdulrahman Saleh Al Saleh, Director General of Dubai Finance, and H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. The MoU was signed by Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, and Ahmad Ali Meftah, Executive Director of the Central Accounts Sector at Dubai Finance.

H.E. Abdulrahman Saleh Al Saleh said: “This MoU with the Dubai Chamber of Digital Economy represents an important step towards unifying efforts and strengthening partnerships among government entities to achieve the objectives of the Dubai Cashless Strategy. At Dubai Finance, we are committed to accelerating the transition towards a fully digital society by providing a flexible and secure financial environment that leverages innovative payment solutions in line with the emirate’s ambitions and leadership vision. Our collaboration with the Dubai Chamber of Digital Economy reflects our shared commitment to supporting innovation, enhancing governance, and building a sustainable financial ecosystem that reinforces Dubai’s position as one of the world’s leading cities in adopting digital payments.”

H.E. Mohammad Ali Rashed Lootah stated: “We are committed to actively supporting the implementation of the Dubai Cashless Strategy by advancing the digital economy ecosystem and strengthening the competitiveness of Dubai’s fintech sector. This aligns with our ongoing efforts to accelerate digital transformation across all business sectors, particularly financial services. Our partnership with Dubai Finance reflects our shared commitment to positioning Dubai as a global leader in shaping the future of digital payments.”

Read: From Dirhams to digital: Dubai lets you pay government fees in crypto

The agreement

The MoU defines key areas of cooperation, including sharing knowledge and experience on cashless transformation in the financial sector, exchanging relevant data and analysis, and monitoring the outcomes of ongoing initiatives. Both parties will coordinate on leveraging emerging fintech solutions to support the transition to a cashless economy, aligning with the goals of the Dubai Cashless Strategy.

Further, the agreement outlines joint efforts in raising awareness through campaigns and capacity-building programmes aimed at fostering trust in digital solutions and nurturing local talent across business sectors. The two organisations will form specialised working groups to promote innovation and the adoption of cashless practices in finance, with a focus on launching forward-looking initiatives.

The scope of collaboration also includes joint efforts to educate stakeholders on the benefits of digital payments, promote government-backed applications and systems, and offer training initiatives to enhance private sector understanding and usage of digital tools. The two entities will work together on projects that encourage awareness, efficient programme execution, and sustainable development.

Dubai Chamber of Digital Economy continues to play a critical role in positioning Dubai as a global digital economy hub. The chamber is dedicated to unlocking opportunities across digital sectors and supporting Dubai’s transformation into a global leader in technology and innovation, in line with the goals of the Dubai Economic Agenda (D33).

Diriyah Company has awarded a contract worth SAR5.75bn ($1.53bn) to the branch of China Harbour Engineering Company Ltd. for the construction of the Arena Block in Diriyah, Saudi. The development includes the Diriyah Arena, three mixed-use office buildings, and a multi-level parking facility.

According to a press release issued by the company, the Diriyah Arena will feature a gross floor area of approximately 74,000 square metres. Designed as a flexible and scalable venue, it is intended to host a wide range of events including concerts, sporting tournaments, esports competitions, exhibitions, and live shows. With a seating capacity of 20,000, the venue is expected to attract both residents and international visitors.

Designed by global architecture firm HKS Inc., the arena’s design is inspired by Diriyah’s natural geology and traditional Najdi architecture, offering a fusion of cultural heritage and modern aesthetics.

In addition to enhancing Diriyah’s cultural and entertainment offerings, the arena is envisioned to serve as a community hub, contributing to social engagement and improving quality of life for residents.

Arena Block

The Arena Block will also include three mixed-use office buildings spanning approximately 114,000 square metres, designed by John McAslan + Partners. These will be supported by state-of-the-art infrastructure and over 4,000 parking spaces to cater to both arena visitors and office occupants.

Jerry Inzerillo, group CEO, Diriyah Company, said: “The Diriyah Arena will be a landmark entertainment complex in Diriyah that reinforces the City of Earth’s growing global role in shaping Saudi Arabia’s artistic and cultural future, in alignment with Vision 2030. By attracting both residents and global visitors to experience world-class sports and performances, the Diriyah Arena firmly demonstrates our commitment to creating a world-leading gathering place.”

Yang Zhiyuan, general manager, China Harbour Engineering Company Ltd. (Middle East), added: “This award marks a significant milestone for CHEC in the Kingdom. CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record of delivering successful projects. We will mobilise the best resources and talents from across our international network and strive for excellence to ensure the successful and timely delivery of this world-class Arena. We will continue to deliver excellence in support of Vision 2030. We are deeply proud to be part of this initiative.”

The contract award is part of a series of major announcements in 2025 as Diriyah Company continues to advance its development masterplan.

Read: Diriyah Company awards $600m Diriyah Square retail contract to Salini Saudi Arabia

The Diriyah Arena will join other key assets within the Diriyah project, including the Royal Diriyah Opera House, nine museums, and multiple cultural academies—all designed with inspiration from the At-Turaif UNESCO World Heritage Site.