UAE Central Bank imposes fine of AED600,000 on finance company
In a statement, the authority said the action was taken after CBUAE inspections revealed that the finance company had failed to comply with the "Market Conduct and Consumer Protection Regulations and Standards".
The authority did not reveal the name of the company.
Earlier this week, the Central Bank had imposed a AED10.7 million fine on an exchange house for violations of anti-money laundering and counter-terrorism financing regulations.
It also shut down three exchange houses for similar violations in July, as the country cracks down on non-compliance with regulations.
The #CentralBankUAE imposed a financial sanction of amount AED 600,000 on a Finance Company, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
For more…
— Central Bank of the UAE (@centralbankuae) August 6, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
22 minutes ago
- Zawya
Central Bank of Egypt issues $1.64bln T-bills on Thursday
Cairo – The Central Bank of Egypt (CBE) offered treasury bills (T-bills) at a total value of EGP 80 billion through two auctions on Thursday, 7 August. The first tranche stood at EGP 35 billion and will mature in 182 days on 10 February 2025, according to official data. Meanwhile, the second issue was valued at EGP 45 billion, carrying a tenor of 364 days until 11 August next year. Earlier this week, on 3 August, the CBE issued T-bills at an aggregated value of EGP 55 billion. All Rights Reserved - Mubasher Info © 2005 - 2025 Provided by SyndiGate Media Inc. (
Arabian Post
an hour ago
- Arabian Post
Emaar Properties Records 33% Profit Growth in H1 2025
Arabian Post Staff -Dubai Emaar Properties has reported a 33% year-on-year increase in net profit for the first half of 2025, reaching a total of AED 7.08 billion. The surge in profits is primarily attributed to the company's strong performance in property sales, marking a significant rebound for the Dubai-based developer. The company's revenue for the period rose by 38% year-on-year, amounting to AED 19.8 billion. This growth was driven by notable gains across its diverse business segments, including development, retail, hospitality, and its expanding international operations. The company's diversified portfolio helped strengthen its position amid global uncertainties, enabling it to capitalise on rising demand for both residential and commercial properties in Dubai. ADVERTISEMENT Emaar's property sales remained the cornerstone of its performance, with the developer reporting substantial activity across its developments. As a result, the company's revenue backlog from property sales surged by 62% compared to the same period last year, reaching AED 146.3 billion by the end of June. This backlog indicates strong future earnings potential for the company, suggesting that the momentum in its core real estate business will continue into the second half of the year. One of the key drivers behind this growth has been the high demand for residential properties, particularly in premium and luxury segments. The company's flagship developments, such as the Burj Khalifa and Dubai Hills Estate, continue to attract significant interest from both domestic and international buyers. Additionally, the retail and hospitality arms of the business have been buoyed by the easing of pandemic-related restrictions and a return to normalcy in tourism, contributing further to the strong overall performance. Internationally, Emaar has also been expanding its reach, with projects in markets such as Egypt, Saudi Arabia, and India. The company's international ventures, which contribute a growing share of its revenues, have provided a hedge against the fluctuating dynamics of the UAE market, particularly in a post-pandemic environment where global markets remain unpredictable. The hospitality division has also experienced a marked recovery, with hotel bookings returning to pre-pandemic levels. Dubai's status as a leading tourist destination has supported Emaar's hospitality segment, as international visitors continue to flock to the emirate. The company's hotels, such as those in the Dubai Marina and Downtown Dubai areas, have benefitted from both business and leisure tourism, bolstering revenue streams. Looking forward, Emaar's robust financial performance for H1 2025 positions the company well to continue its growth trajectory. The record revenue backlog provides a strong pipeline for future sales, with developments expected to deliver significant returns as they near completion. As a key player in Dubai's real estate market, Emaar's performance is closely watched by investors, analysts, and stakeholders in the industry.
Web Release
14 hours ago
- Web Release
ServeU, a subsidiary of Union Properties, acquires House Keeping (LLC) at AED 100 million deal to expand market reach
Union Properties PJSC ('Union Properties' or 'the Company') (DFM: UPP), through its subsidiary ServeU, a leading facilities management (FM) solutions provider in the UAE, has announced the strategic acquisition of House Keeping (LLC) and House Keeping Domestic Workers (LLC), including their subsidiary, in a deal valued at AED 100 million. This move reinforces ServeU's robust market position as one of the UAE's most trusted FM service providers in the country. With a workforce of more than 8900 employees, the company manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. The Company remains committed to advancing operational capabilities, with continued investments in innovation, sustainability, and service excellence to address the dynamic needs of the market. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, said: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' House Keeping (LLC), the UAE's second-largest provider in its segment, brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialized workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping (LLC) has consistently delivered strong performance, recording revenues of AED 221.1 million and an EBITDA of AED 21.4 million for the fiscal year 2024. These financial results align closely with ServeU's strategic priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. Under the terms of the acquisition, House Keeping (LLC) and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. The alliance is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23% to revenue and boosting EBITDA by 33% of ServeU. This model will further ensure seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships. –
