Latest news with #Dh15
Gulf Insider
3 days ago
- Business
- Gulf Insider
UAE Central Bank Orders Halt To Minimum Balance Hike
In a major new development, the Central Bank of the UAE on Tuesday instructed all banks operating in the country to suspend planned increases to the minimum balance requirement for personal accounts, pending a formal review of the policy's impact on consumers. In a circular obtained by Emarat Al Youm, the Central Bank explicitly addressed recent reports indicating that several major banks were preparing to raise the minimum required balance from Dh3,000 to Dh5,000, starting June 1. The move, which would have subjected non-compliant customers to monthly fees of up to Dh105, had already been implemented by at least one leading institution. 'With reference to what has been circulated in the media and social platforms about some banks' intention to raise the minimum balance to Dh5,000, the Central Bank has decided to study the impact of this increase on customers,' the circular read. 'Accordingly, banks are instructed to suspend the increase and refrain from applying it until further notice.' The decision follows Emarat Al Youm's earlier report that several major banks had planned to implement the new Dh5,000 threshold starting June 1, in line with updates to Central Bank regulations. One leading bank had already enacted the change, with others expected to follow suit in the coming weeks. The announcement of the potential increase triggered widespread public criticism, with account holders voicing concern over the financial burden on lower-income residents and small businesses. Under the now-paused policy, customers who failed to maintain a Dh5,000 balance in their current accounts would have been charged a monthly fee of Dh25, unless they met certain exemption criteria. These included transferring a salary of at least Dh15,000 per month, maintaining an aggregate account balance of Dh20,000 or more, or having an active credit card, overdraft, or loan with the bank. Customers with monthly salaries below Dh5,000 and no qualifying banking products would have been automatically charged the fee, with some banks reportedly planning to increase the penalty to Dh 100 or more, depending on the account type.
Hi Dubai
21-05-2025
- Business
- Hi Dubai
UAE Banks Raise Minimum Balance Requirement as Fee Exemptions Tighten
Several UAE banks will raise their minimum balance requirement to Dh5,000 starting June 1, tightening fee exemptions for customers who do not hold a credit card or personal financing. The move, up from the longstanding Dh3,000 threshold, means many account holders may now face a monthly fee of Dh25. According to a report by Emarat Al Youm , one bank has already rolled out the updated policy. The change is aimed at encouraging customers to either maintain higher balances or sign up for banking products such as credit cards or loans. Customers who do not meet the new balance requirement and lack qualifying financial products will incur the Dh25 monthly fee. Banks justify the shift as necessary for liquidity and operational cost management. Vijay Valecha, chief investment officer at Century Financial, said higher minimums help banks increase deposits, enhance loan offerings, and offset rising service costs. However, finance expert Dr Ben Lebig raised concerns over the burden this places on low-income residents, particularly those in the service sector. 'For workers whose salaries barely cover expenses and remittances, this rule may be impossible to fulfill,' he said. He urged banks to introduce tiered requirements based on income levels. Fee waivers will apply to customers with a total balance of Dh20,000 or more, or those transferring a salary of Dh15,000 or higher. Partial exemptions are also available for those earning between Dh5,000 and Dh14,999, provided they hold additional financial products. To ease the impact, experts suggest alternatives such as payroll cards, corporate accounts for low-wage employees, and zero-balance digital accounts. These options, commonly used in the Wage Protection System, can help workers stay compliant without added financial strain. News Source: Khaleej Times
Khaleej Times
20-05-2025
- Automotive
- Khaleej Times
UAE's first electric bike to be launched in July; details revealed
The first electric bike designed, developed and manufactured in the UAE has been launched, which can go up to 200 kilometres with a fully-charged battery. Launched at the Make it in the Emirates exhibition in Abu Dhabi on Monday by electric mobility firm EDaddy, the X7 bike's name and design have been inspired by the seven emirates and UAE's national bird falcon. In an interview with Khaleej Times on the sidelines of the exhibition, Yasmeen Jawaharali, co-founder and COO of EDaddy, said the bike will cost Dh12,000 to Dh15,000 as it will come with different sub-versions and a top speed of 180km. She added that it will be fully rolled out in July for individuals and delivery companies across the country. ' We are in the process of approvals. Today is the first-ever soft launch of the product and it will be available in July. We have two manufacturing facilities already built in the National Industrial Park and Dubai Industrial City. It is in the testing phase and hope to get operational in two months,' she added. 'We are also expanding into Abu Dhabi and looking at Khalifa Economic Zones Abu Dhabi (Kezad),' she said. The start-up has raised $15 million in investment and is likely to raise further funds for the rollout across the UAE and expansion. On average, she revealed that a delivery rider travels around 200km per day. 'We will also roll out battery-swapping stations in the UAE for the efficiency of riders. For last-mile delivery and quick commerce delivery solutions, it is all about time as they compete to deliver as quickly as possible. To make it more efficient for the rider and end-customers for faster delivery, we'll introduce a swapping station to replace the depleted battery in two minutes with a new fully-charged battery. We are starting with four four-kilometre radius,' she said during the interview. The company also developed the Thunderbolt X Next Gen fleet infrastructure platform — an end-to-end platform covering real-time data and analytics from the battery cell. 'The platform monitors the driver behaviour while an inbuilt camera gives a good analysis of the blind spot — just like a car. This is the first of its kind for the two-wheeler. This has been introduced keeping in mind accidents and safety for riders,' she said. The company also plans to manufacture three-wheelers in UAE for Africa, local and other markets. 'We see three-wheelers as a very big market in Africa and across various parts of the world. Even in India, it is the second largest market. So we thought to manufacture for UAE and also for the world in the Emirates,' she added.
CairoScene
15-05-2025
- Business
- CairoScene
Dubai's Meydan Free Zone Now Issues Business Licences in 60 Minute
The new Fawri service offers fast-track licences with 100% foreign ownership and no capital requirements. May 15, 2025 Dubai's Meydan Free Zone has launched a new initiative called Fawri, a fully digital platform that enables entrepreneurs to receive a complete business licence in just 60 minutes. Aimed at solo founders and small enterprises, the service offers a simplified, all-in-one process that includes a business licence, certificate of formation, and lease agreement. Priced at Dh15,000 (approximately $4,100), Fawri covers up to three activity groups per licence and includes one free amendment within the first year. The platform supports over 1,800 business activities across sectors like e-commerce, education, consulting, trading, and fintech. In addition to speedy setup, the package allows for 100% foreign ownership, no paid-up capital requirements, and full repatriation of profits and capital. Entrepreneurs can also initiate visa applications and corporate bank account openings directly through the platform's integrated digital system.
Hi Dubai
12-05-2025
- Business
- Hi Dubai
Primark Expands to Dubai with Three New Stores by Early 2026
Primark is set to make its Dubai debut with three new stores opening in early 2026, marking a major expansion for the Irish fashion giant in the Middle East. The stores will be located in Dubai Mall, Mall of the Emirates, and Mirdif City Centre, bringing the brand's trademark affordable fashion to some of the city's busiest shopping hubs. Alshaya CEO John Hadden confirmed the openings during a recent interview, noting that prices in the UAE will mirror those in other markets — with t-shirts starting at Dh15 and jeans at Dh50. The move follows Primark's upcoming launch in Kuwait this October, bringing the brand's regional store count to four. Known for offering budget-friendly, trend-focused apparel, the retailer currently operates in 17 countries. According to Primark, its goal is to provide 'affordable choices for everyone' while promoting sustainable fashion. The brand's arrival has already sparked excitement among UAE shoppers, especially those familiar with its European stores. Dubai resident Lana Amini, who previously shopped at Primark in London, said she's eager to see how the local stores are styled. 'I hope the layout brings the same organised feel — it made shopping so easy,' she said, adding she plans to visit the Mirdif City Centre outlet. Yasmin H, another UAE-based expat, recalled her 2016 visit to Primark in Oxford Street. While she found the store crowded, she said the product quality and prices made up for it. 'If they can manage the crowd better here, I'm definitely interested,' she added. With the promise of value-driven fashion in prime Dubai locations, Primark's entry could reshape the affordable retail landscape in the UAE. News Source: Khaleej Times
