UAE finance Archives - International Finance

UAE attracts foreign investment worth $20 bn in 2020

International Finance Business Desk — Tue, 22 Jun 2021 11:38:16 +0000

The foreign direct investment (FDI) in the United Arab Emirates rose to $19.88 billion in 2020, which is a 44.2 percent increase compared to the previous year, which stood at $18 billion in 2019, thereby becoming the 15th largest recipient of FDI in the world, according to media reports.

The high figure was primarily because of the large deals carried out by the state-run Abu Dhabi National Oil Company (ADNOC) and its sale of a stake in its natural gas pipeline, which contributed to the growth in the country. Last year, UAE’s biggest energy producer signed a deal worth more than $10 billion with a group of investors where they sold 49 percent of the stakes in its gas pipelines.

Economy minister Abdullah al-Marri said the UAE would strive to move forward with its initiative to increase its efficiency of the business environment, strengthen investor confidence, and improve competitiveness at local and federal levels. The United Nations Conference on Trade and Development (UNCTAD) World Investment Report also mentioned that UAE stood fifth in terms of FDI in Asia, after China, Hong Kong, Singapore, and India.

The report added, “FDI to the United Arab Emirates expanded by 11 percent to $20 billion. Natural resources transactions drove investments in the country, primarily ADNOC’s $10 billion sales of a 49 percent stake in its natural-gas pipelines to a group of six investors including Global Infrastructure Partners (United States), Brookfield Asset Management (Canada), and Singapore’s sovereign wealth fund.”

In 2020, the US was the biggest recipient of FDI 2020 where it received $156 billion from $261 billion in 2019.

The post UAE attracts foreign investment worth $20 bn in 2020 appeared first on International Finance.

CBUAE issues new Consumer Protection Regulation

Pritam Bordoloi — Mon, 01 Feb 2021 08:53:41 +0000

The Central Bank of the UAE (CBUAE) has issued new Consumer Protection Regulation with the aim to ensure the fair treatment and protection of consumers, media reports said. The new regulations will ensure protection of consumers’ interest in their use of any financial product, service and relationship with Licenced Financial Institutions (LFIs). It covers areas such as transparency, institutional oversight, market conduct and protection of consumer data and privacy.

Abdulhamid M Saeed Alahmadi, Governor of CBUAE told the media, “The financial sector in the UAE is growing and expanding in terms of diverse products and services and technology, all of which are adding to the complexity of making the right decision by consumers. As a result, CBUAE has issued UAE’s first comprehensive financial consumer protection regulatory framework that defines the relationship between the financial and banking service providers and the consumers in order to ensure the protection of financial consumers and continued confidence in the sector.”

“The issuance of the Consumer Protection Regulation comes within the Central Bank’s keenness to promote transparency and fairness when Licensed Financial Institutions deal with their consumers. It will enhance competitiveness, integrity and stability of the banking and financial sector,” he added.

It is also reported that the CBUAE has imposed financial sanctions of over Dh45.75 million on 11 banks for violating anti-money laundering (AML) regulations. The sanctions were imposed under 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 (AML/CFT Law).

The post CBUAE issues new Consumer Protection Regulation appeared first on International Finance.