Latest news with #AED200
ARN News Center
20-05-2025
- Business
- ARN News Center
Exchange house fined AED 200 million for compliance failures
The Central Bank of the UAE has imposed a financial penalty of AED 200 million on an exchange house for serious violations of anti-money laundering and counter-terrorism financing regulations. The sanction follows extensive examinations by the Central Bank, which uncovered major compliance failures within the exchange house's operations. In addition, a branch manager has been fined AED 500,000 and banned from holding any role in UAE-licensed financial institutions. The Central Bank says these actions are part of its ongoing efforts to uphold transparency, enforce financial regulations and protect the integrity of the UAE's financial system. The #CentralBankUAE imposed a financial sanction of amount AED200 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.… — Central Bank of the UAE (@centralbankuae) May 20, 2025
Dubai Eye
20-05-2025
- Business
- Dubai Eye
Exchange house fined AED 200 million for compliance failures
The Central Bank of the UAE has imposed a financial penalty of AED 200 million on an exchange house for serious violations of anti-money laundering and counter-terrorism financing regulations. The sanction follows extensive examinations by the Central Bank, which uncovered major compliance failures within the exchange house's operations. In addition, a branch manager has been fined AED 500,000 and banned from holding any role in UAE-licensed financial institutions. The Central Bank says these actions are part of its ongoing efforts to uphold transparency, enforce financial regulations and protect the integrity of the UAE's financial system. The #CentralBankUAE imposed a financial sanction of amount AED200 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.… — Central Bank of the UAE (@centralbankuae) May 20, 2025
TAG 91.1
20-05-2025
- Business
- TAG 91.1
Exchange house fined AED 200 million for compliance failures
The Central Bank of the UAE has imposed a financial penalty of AED 200 million on an exchange house for serious violations of anti-money laundering and counter-terrorism financing regulations. The sanction follows extensive examinations by the Central Bank, which uncovered major compliance failures within the exchange house's operations. In addition, a branch manager has been fined AED 500,000 and banned from holding any role in UAE-licensed financial institutions. The Central Bank says these actions are part of its ongoing efforts to uphold transparency, enforce financial regulations and protect the integrity of the UAE's financial system. The #CentralBankUAE imposed a financial sanction of amount AED200 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.… — Central Bank of the UAE (@centralbankuae) May 20, 2025
Arabian Business
24-04-2025
- Business
- Arabian Business
AKI unveils 1 million sq ft fulfilment centre in Dubai Industrial City
Al Khayyat Investments (AKI) has launched a new Fulfilment & Innovation Centre in Dubai Industrial City, significantly expanding its operational capabilities in the region. The 1 million sq ft facility quadruples AKI's fulfilment capacity and currently processes over 500,000 units daily, with infrastructure in place to handle up to 1.5 million units. Zaid S. Al Khayyat, Managing Director of AKI, said: 'AKI was founded on a spirit of smart agility and entrepreneurial energy. This new Fulfilment & Innovation Centre carries forward these values as we aspire to seize new opportunities over the coming decades. Yet this facility is not just about enhancing our own operations. It is a strategic investment that creates long-term value for our partners and customers, while contributing to the UAE's future-focused economy. Above all, it represents the power of our people driving our business forward every day.' AKI expands logistics hub The centre includes provisions for an additional 200,000 sq ft expansion in the future. The facility will service more than 30,000 business customers and support home delivery for consumers across the UAE who use AKI's retail and e-commerce services. This development aligns with the Dubai Economic Agenda (D33), which aims to leverage Dubai's strategic location and infrastructure to attract international companies and investments. The UAE recently announced plans to strengthen its position as a global trade hub and increase its logistics sector value to more than AED200 billion annually within seven years, according to the UAE Cabinet. AKI, a privately held Emirati holding company, has been developing its supply chain infrastructure for over four decades. The company manages end-to-end operations across multiple sectors, including pharmaceuticals, medical equipment, retail, consumer goods, fitness, automotive, environmental services, and contracting. Saud Abu Alshawareb, Executive Vice President – Industrial at TECOM Group PJSC, welcomed the development: 'Dubai Industrial City is proud to be the home of AKI's new fulfilment centre. Our district's proximity to Jebel Ali Port, Al Maktoum International Airport, and an Etihad Rail freight terminal enables connectivity for Al Khayyat Investments ' new fulfilment centre and sets it up for long-term success. Home to more than 1,100 manufacturing champions and 350 operational factories, Dubai Industrial City is committed to supporting such strategically significant projects, in line with Operation 300bn Make it in the Emirates, and Dubai Economic Agenda 'D33'.' According to Samer Sabri, Group Chief Supply Chain Officer at AKI, 'This facility is a testament to the extraordinary teams within AKI who embrace diverse thinking to push boundaries, do more, and set the benchmark in supply chain excellence. The facility will truly redefine AKI's position within the UAE market, ensuring swifter and more efficient distribution capabilities for our growing business ecosystem.' The centre incorporates digital transformation and sustainability features in its design, with cutting-edge technologies to increase supply chain and fulfilment productivity. Its location provides connectivity to major transport networks, including ports, the Etihad Rail cargo terminal, and future expansions at Maktoum International Airport.
Trade Arabia
15-04-2025
- Business
- Trade Arabia
Condor delivers third premium residential project in JVC
Dubai-based Condor Developers has announced that it has handed over the third premium residential development - Condor Concept 7 - at Jumeirah Village Circle (JVC) within the committed timeframe. The 10-floor Condor Concept 7, situated in the heart of JVC near Circle Mall and well-connected to key landmarks within a 10-20 km radius, was developed at a project cost of AED200 million ($54.4 million). It features a total of 158 residential units along with a variety of amenities, including a swimming pool, open cabanas, a study area, a gym, and a rooftop pet park, among others. "The handover of Condor Concept 7 is yet another milestone in our journey of delivering projects within the stipulated timeframe while ensuring excellence in construction, architecture, aesthetics, and material quality," remarked its Chairman and CEO Vidhyadharan Sivaprasad. "Over the last four decades of our presence in Dubai's real estate market, Condor Developers has built a reputation as a responsible and sustainable developer, committed to quality and timely delivery. This has resulted in an overwhelming response to our projects," he stated. Sivaprasad said Condor had a strong track record of timely project deliveries, the major ones being Condor Castle in JVC and Marina Star in Dubai Marina. "Currently, we are developing two new projects - Condor Sonate Residences in Jumeirah Village Triangle (JVT) and Condor Golf Links 18 at Dubai Sports City—both of which are progressing on schedule," he added. In addition to these two, Condor has two more upcoming projects in Dubai's prime residential districts - Dubai Islands and Al Majan. Sivaprasad said the group is boosting its investments in Dubai's real estate sector and will be spending over AED2.5 billion by 2027.
