Latest news with #Dhs10
Gulf Today
12 hours ago
- Business
- Gulf Today
UAE Central Bank fines two branches of foreign banks
The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to Dhs10,600,000 for the first bank and Dhs7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system. Earlier Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and exchange of expertise and information in areas of shared interest within the financial sector. Under the MoU, the two parties will exchange information on best supervisory, regulatory practices, licencing processes pertaining to banking and insurance businesses, and services related to payments and financial infrastructure systems. In addition, they will deepen technical cooperation through training and the exchange of knowledge, including joint studies and research, as well as working visits. WAM
Gulf Today
2 days ago
- Business
- Gulf Today
Life in jail, Dhs10 million fine for money laundering in UAE
Money laundering crime in the UAE is penalized by life imprisonment, a fine of up to Dhs10 million, and deportation for foreign offenders, according to lawyer and legal consultant Omar Al Awadi who emphasised that the UAE has tightened its measures against such crimes due to their severe impact on the financial and economic systems. Under Federal Law No. 26 of 2021 on Combating Money Laundering and Terrorist Financing, money laundering is treated as a major crime, with stringent penalties for individuals and entities involved. Al Awadi noted that strict administrative sanctions have been adopted for those who neglect or cooperate in such crimes, including the temporary or permanent closure of involved establishments and the cancellation of commercial licences in some cases. The money laundering crimes include depositing illicit funds in banks to disguise them as legitimate, purchasing real estate or vehicles using proceeds from criminal activities, transferring funds abroad to conceal their true source, and financing unauthorised or illegal organisations, according to the law.
Time Out Abu Dhabi
3 days ago
- Business
- Time Out Abu Dhabi
Your guide to the rising property prices in Abu Dhabi
House hunting in Abu Dhabi? You might want to start saving a little more aggressively. The capital's property market has just clocked its strongest capital gains in three years, even though sales activity has taken a tumble. That's according to ValuStrat's latest Q1 2025 report, which shows a market surging in value while grappling with a slowdown in transactions. Property values rose by 2.1 percent quarter-on-quarter and a healthy 7.2 percent year-on-year, with the ValuStrat Price Index now sitting at 125.6 points. Villas led the charge with a 9.7 percent annual increase, while apartment prices grew by 4.5 percent over the same period. Villas on Saadiyat Island saw the biggest jump, with prices up by a whopping 21.2 percent year-on-year. Al Raha and Mohammed Bin Zayed City also saw noticeable growth. As for apartments, Al Reef topped the list with a 7.5 percent annual boost, followed by Saadiyat Island and Al Muneera. The average home in Abu Dhabi is now valued at Dhs10,226 per square metre, with apartments averaging Dhs10,979 and villas at Dhs8,407. And it's not just prices that are climbing – rents are surging too. Apartment rental rates rose by 11.6 percent annually, while villa rents grew by 6.3 percent. A typical studio now goes for Dhs63,000 a year, with a one-bedroom hitting Dhs89,000 and a two-bedroom costing Dhs125,000. Larger homes are significantly pricier, with villa rents averaging Dhs245,000 annually. Despite the appetite for homes, the number of new units coming online remains slim. Only 90 apartments and 189 villas were completed in Q1, representing just two percent of the 2025 pipeline. Still, major developers aren't staying quiet. Aldar launched Mamsha Gardens on Saadiyat Island, IMKAN announced Naseem Al Jurf in Ghantoot Taraf teamed up with Marriott International to deliver W Residences on Al Maryah Island. Sales volumes told a different story. Overall transactions fell sharply – down almost 43 percent quarter-on-quarter – with off-plan sales plunging by 79 percent year-on-year. Yet the average home price is on the rise. Ready property prices jumped by nearly 6 percent, with the average ready home now fetching Dhs1,146 per square foot. The average transaction size increased to Dhs2.6 million. In the commercial sector, Abu Dhabi's office market is thriving. Asking rents climbed more than 30 percent over the year, driven by strong demand and high occupancy in central business districts. Retail is holding its own too, with Yas Mall reporting 97 percent occupancy, an 18 percent jump in footfall a 10 percent rise in tenant sales. The hospitality industry continues to shine, with average room rates hitting Dhs683 – a rise of 37 percent year-on-year – and occupancy reaching nearly 87 percent in early 2025. With 5.2 million guests in 2024, Abu Dhabi is firmly on the global tourism radar hotel supply is expected to exceed 50,000 keys by 2030. New entries to watch include the UAE's first Mondrian Hotel in Downtown Abu Dhabi and a new Waldorf Astoria at the former Anantara Eastern Mangroves site. So whether you're buying, renting, investing or just keeping an eye on trends, the message is loud and clear – Abu Dhabi's property market is booming it's not slowing down anytime soon. More going on in Abu Dhabi UAE residents can now save big time on flights thanks to a new Skyscanner feature No complaints here You can now get a robotaxi from Zayed International Airport Trips to the airport just got an upgrade Abu Dhabi's best restaurants: Everywhere you should eat at least once Your dinner inspo is sorted 20 incredibly fun ways to explore Abu Dhabi after dark The city is at its most fascinating once the sun goes down
Gulf Today
4 days ago
- Gulf Today
Man obligated to pay Dhs10,000 compensation for issuing bounced cheque with malicious intent
Abu Dhabi Family, Civil, and Administrative Cases Court ordered a man to pay Dhs10,000 in compensation to another after issuing a Dhs50,000 bounced cheque with malicious intent. The man filed a lawsuit against the other, demanding Dhs50,000 as compensation for material damages (the cheque value) and an additional Dhs50,000 for moral damages, along with legal interest. The plaintiff based his claim on the fact that the appellee had been convicted in a criminal case and fined Dhs5,000 for issuing a bounced cheque with malicious intent. He submitted the judicial rulings, a certificate of non-appeal, and a reconciliation decision as evidence. The court affirmed that the appellee's fault was established by a previous criminal judgment, which caused the plaintiff both material and moral harm. The judgment confirmed that the appellee had issued a Dhs50,000 cheque without sufficient funds, leading to a Dhs5,000 fine and that the ruling was final. The court clarified that the criminal judgment conclusively established the appellee's wrongdoing, preventing the court from re-examining the facts or disputing the ruling. The court found that the plaintiff had indeed suffered harm due to the appellee's action, including the issuance of a worthless cheque, which led to legal proceedings, expenses, and emotional distress. Accordingly, the court awarded the plaintiff Dhs10,000 as compensation for both material and moral damages.
Gulf Today
4 days ago
- Gulf Today
Man ordered to return Dhs60,000 to a woman in loan case
Abu Dhabi Family, Civil, and Administrative Cases Court ordered a man to pay Dhs60,000 to a woman after he failed to return the loan she had given to him. The woman filed a lawsuit against the man, claiming she had lent him Dhs70,000, which he did not fully repay despite her amicable requests. She demanded that he be compelled to pay the remaining amount, along with a 5% late interest from the date of the legal claim until full settlement. She also requested that he cover the legal fees and expenses. The woman noted that the man had contacted her before the lawsuit, informing her that he had transferred Dhs10,000 to her. The judge administered a supplementary oath to the plaintiff and then the court stated that the plaintiff provided WhatsApp messages with the appellee, which he did not deny. Consequently, the court ordered him to repay Dhs60,000 to the plaintiff.
