Economy

Sharjah Islamic Bank agreed to distribute 8 percent in cash dividends to shareholders, after the bank achieved net profits of AED405.8 million for the year 2020. This came as the bank held its 45th General Assembly virtually today, chaired by Abdul Rahman Al Owais, Chairman of the Board of Directors …

A total of 1,277 real estate and property transactions valued at AED4.9 billion were registered during the week ending 18th February, 2021. Eighty plots were sold for AED417.81 million, while 776 apartments and villas were sold for AED1.23 billion. The top three transactions were land deals in Jebel Ali Industrial …

The value of real estate transactions in Abu Dhabi in 2020 totalled AED74 billion, with 19,000 transactions being executed, including sales and mortgages of land, buildings and real estate units for all types of land use, a rise of 28 percent compared to 2019, which recorded a value of AED58 …

UAE national banks have returned around AED14.47 billion from the stimulus they had received since March 2020 from the Central Bank of the United Arab Emirates (CBUAE) to deal with the COVID-19 impact, statistics by the CBUAE have shown. The move is reflective of the robust solvency profile of the …

ADNOC Distribution on Monday today reported that its net profit for the fourth quarter of 2020 grew to AED851 million, with underlying EBITDA (EBITDA excluding one-offs and inventory gains/losses) of AED1.1 billion. For the year 2020, net profit was AED 2.4 billion, while underlying EBITDA stood at AED3.6 billion. ADNOC …

Abu Dhabi banks invested AED26.1 bn in debt securities during 2020, bringing to AED208.6 bn their cumulative investments in this key investment vehicle by December’s end, 2020, statistics by the Central Bank of the United Arab Emirates have shown. Debt securities are financial assets that entitle their owners to a …

The number of inspection campaigns organised by the Federal Tax Authority (FTA) witnessed notable growth during 2020 across UAE markets, some were conducted in collaboration with Departments of Economic Development and other relevant entities throughout the Emirates, to protect consumer rights and increase the level of tax compliance. In a …

he total assets of the Central Bank of the United Arab Emirates grew 6.6 percent to AED470.5 bn by the end of December 2020, CBUAE latest statistics have showed. The significant growth is driven by a rally in cash and bank balances to AED332.25 bn by the end of December …

The Central Bank of the UAE (CBUAE) has imposed a financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The exchange house …

The Federal Tax Authority (FTA) clarified that a natural person owning a number of sole establishments may only obtain one tax registration for all its sole establishments, and not a registration for each establishment separately. The FTA indicated that a sole establishment (also referred to as sole proprietorship) is a …