Uber, Careem said to face $100m tax bill in Saudi

The claims are reportedly related to a dispute over how to calculate value-added tax

Family offices raise bets on startups in $418bn market

Family offices made up 4.2 per cent of the roughly 23,000 venture capital deals worldwide this year through August 31

Etihad

Etihad raises $1.2bn in aviation’s first sustainability-linked ESG loan

Loan terms tied to targets to reduce CO2 emissions, increase corporate governance and promote female participation

The US replaces China as world’s biggest Bitcoin miner

At the end of August, America accounted for 35.4 per cent of the global hash rate

Saqr - Fintech surge and United Arab Bank

The disruption of financial industry with challenger banks

In an interview with Gulf Business, Saqr Ereiqat, co-founder and managing partner of Riddermark and Ahmad Abu Eideh, CEO of United Arab Bank, share their insights from the industry

Abu-Dhabi

New Dhs5bn Abu Dhabi IPO fund launched to support SMEs

The fund will invest in five to 10 private companies per year

Mashreq NEO to become UAE’s first digital bank to use facial recognition for account opening

Mashreq NEO has collaborated with the UAE’s Ministry of Interior to introduce a face biometric-based digital account opening process

Saudi Crown Prince launches National Investment Strategy

The strategy will contribute to the growth and diversification of the kingdom’s economy

Gold steadies as traders weigh elevated inflation, growth risks

Spot gold steadied at $1,755.18 an ounce at 9.40am in Singapore, after retreating 0.2 per cent on Monday

Biggest Saudi IPO since Aramco jumps 30% on trading debut

ACWA Power is now valued at $14.2bn, making it one of the biggest listed companies in Riyadh

UAE’s market regulator appoints first female CEO

Dr. Maryam Buti Al Suwaidi was previously the authority’s acting CEO

Masdar and Germany’s Uniper to build green hydrogen plant in UAE

Biggest Saudi IPO since Aramco set for Riyadh trading debut

Initial demand amounted to several billion dollars

Saudi exchange Tadawul is said close to IPO at $4bn value

An IPO of Tadawul has been on the cards since at least 2016

Dubai’s Emirates NBD signs $750m financing facility with Emirates Airline

Emirates NBD acted as bookrunner, mandated lead arranger and global agent for the transaction

Dubai Financial Services Authority provides regulatory framework for future of finance

The DIFC is now home to more than 3,200 companies and nearly 28,000 staff, while the DFSA regulates 521 financial services firms

Abu Dhabi UAE government

UAE markets its first federal bond to global investors

The UAE passed a law in October 2018 allowing the federal government to issue sovereign debt for the first time

Dubai’s Emirates NBD to expand presence in India with approval for two new branches

The new branches will be in Gurugram and Chennai

Oman’s first S&P upgrade in over a decade may be on the cards

Oman’s fiscal deficit may narrow to 4.2 per cent of gross domestic product in 2021

ADQ is said to take 50% stake in IHC’s Eltizam Asset Management

IHC shares have nearly quadrupled over the past year

All you need to know about Central Bank digital currencies

Central Bank digital currencies built around Bitcoin-like technologies that promote transparency offer potential for positive outcomes

Sheikh Khaled bin Mohamed inaugurates new trading floor at Abu Dhabi Securities Exchange

The new trading floor serves all stakeholders under one roof

Gold near 7-week low as yields climb, inflation worries persist

Gold is heading for its biggest monthly loss since June as more central banks start signaling a pullback in stimulus measures

Saudi Arabia may issue a green bond by 2022, ‘if not before’

The global market for debt that complies with environmental, social or governance goals (ESG) looks set to top $1 trillion this year

Saudi sovereign wealth fund acquires 25% stake in Emaar the Economic City

The transaction is in line with Public Investment Fund’s Strategy 2021-2025, which focuses on building strategic economic partnerships

Chinese regulators are serious about banning crypto this time

Authorities said crypto transactions in China are banned and they will root out mining of digital assets

Bahrain plans to double VAT in bid to curb deficit

Bahrain’s budget shortfall is projected to drop to 9.1 per cent of gross domestic product this year compared with 18.3 per cent of GDP in 2020

YAP

Dubai-based fintech YAP launches region’s ‘first’ virtual card

YAP, which launched earlier this year, claims it is now “onboarding hundreds per day”

The Priceless Cube Visual Mastercard Expo 2020

Mastercard unveils range of initiatives lined up for Expo 2020 Dubai

The official payment technology partner of Expo will showcase its Cube multi-sensory installation at the event

Abu Dhabi’s wealth funds weigh Turkey investments worth billions

Among funds eyeing Turkish investments are Abu Dhabi Investment Authority (ADIA) and ADQ

UAE Central Bank

UAE Central Bank gives in-principle approval for Wizz Financial to acquire UAE Exchange

Once finalised, UAE Exchange is expected to relaunch its branch network in the UAE