The article discusses the financial challenges faced by businesses and individuals in the UAE due to the COVID-19 pandemic, and the various relief measures offered by banks. Payal Mirchandani, CEO of Pinca Trading, and Omar Youssef, an employee at Orora, share their experiences with obtaining payment holidays from their respective banks. The UAE Central Bank's Targeted Economic Support Scheme (Tess) is highlighted, which is part of a larger stimulus package. The article also mentions the experiences of Natasha Hatherall-Shawe, owner of TishTash, and mortgage broker Arran Summerhill with mortgage payment deferments. Additionally, the article covers credit card relief options and the limitations faced by non-residents and those who had defaulted on loans prior to the crisis. The role of financial comparison website Souqalmal.com and the proactive approach of banks like Commercial Bank of Dubai and Mashreq in offering relief are also discussed.

The UAE Central Bank has introduced new capital rules for banks, which will require local banks to have a minimum of 2.00 billion dirhams in paid-up capital by the end of 2023. Specialized lenders with assets capped at 25 billion dirhams will need 300 million dirhams. These rules are expected to put pressure on smaller banks and may lead to further consolidation in the UAE's banking sector, which is considered overbanked. Larger banks are expected to meet the new requirements easily, while smaller banks, especially those with declining profitability, may struggle. The rules do not apply to banks incorporated in financial free zones like ADGM. Analysts predict that the new rules may lead to mergers and acquisitions, driven by the need to build scale and respond to competition from fintechs. The UAE banking industry has shown resilience and solid capitalization despite profitability challenges during the COVID-19 crisis. The article also discusses the potential impact on foreign banks and the emergence of new digital banking entities in the UAE.

The article discusses the potential of blockchain and cryptocurrencies to revolutionize the remittance industry in the UAE and Saudi Arabia, which are among the top countries for outward remittances. Hasan Heider from 500 Startups and Navin Gupta from Ripple highlight the benefits of using these technologies for remittances, such as lower costs, increased efficiency, and reduced error rates. Ripple's cryptocurrency, XRP, is presented as a faster and cheaper alternative for international transfers. The article also mentions the challenges of adopting cryptocurrencies, including regulatory hurdles and the need for widespread acceptance within the financial ecosystem. It notes that some companies, like MoneyGram and Denarii Cash, are already exploring or using cryptocurrencies for remittances. The UAE is moving towards licensing cryptocurrency exchanges through the Abu Dhabi Global Market, and the central banks of the UAE and Saudi Arabia are considering a shared digital currency for cross-border transactions.

The article discusses sukuk, which are Sharia-compliant financial certificates similar to bonds but with key differences due to the prohibition of interest under Sharia law. Sukuk must involve an underlying transaction and investors share in both profits and losses. The article compares the performance of sukuk funds to conventional bond funds, noting that sukuk funds had strong returns in 2019 but mixed results in previous years. It highlights the low volatility and potential diversification benefits of sukuk for conventional investors' portfolios. However, the article also points out the limited number of sukuk issuers and the concentration of sukuk in emerging markets, which may deter conventional investors. It mentions several financial institutions and funds, including Franklin Templeton, Emirates NBD Asset Management, and Wahed Invest, and discusses the broader context of fixed-income market performance.

The article discusses the impact of a Central Bank of the UAE policy change that occurred a year ago, which increased the early settlement fee for home loans to 3 percent. This fee is charged when homeowners switch their mortgage to another bank, and it can amount to a significant sum, potentially negating the benefits of moving to a lender with a lower interest rate. Mortgage brokers, including Haresh Lalwani of Right Move and Chris Schutrups of MortgageFinder, have expressed concerns about the fee hike. The article also shares the experience of Pedro Silva, a Dubai pilot, who faced a substantial fee when trying to switch his mortgage from Emirates NBD to another bank. Some banks, such as First Abu Dhabi Bank and Commercial Bank of Dubai, have not yet implemented the new fee structure. The article suggests that customers should carefully read mortgage contracts and consider professional advice when dealing with high buy-out fees.

The article discusses the significant advancements in space exploration in 2020, highlighting the launch of the UAE's Hope probe and the increased deployment of satellites. It notes the growing investor interest in space, driven by tech moguls like Elon Musk and Jeff Bezos, and the UAE's Mubadala Investment Company's investments in the sector. Morgan Stanley predicts the space economy could reach $1 trillion by 2040. The article mentions the role of CubeSats and off-the-shelf electronics in reducing barriers to space entry and the potential of space technologies in everyday life, such as GPS. It also covers the increasing demand for geospatial intelligence and high-speed internet via satellites. The UAE's development as a space hub, its Space Law, and investment opportunities in space-focused ETFs and private markets are also discussed. The article emphasizes the potential risks and rewards of investing in space exploration companies.

The article discusses the economic challenges faced by small and medium-sized enterprises (SMEs) in the United Arab Emirates due to the coronavirus pandemic, particularly in terms of accessing credit. It highlights a new credit guarantee scheme in Abu Dhabi aimed at boosting bank lending to SMEs. The article also covers the UAE Central Bank's relief package and other measures to support businesses. It mentions the difficulties SMEs face with banks, such as high-interest rates and stringent lending criteria. The article includes insights from industry experts and bank representatives on the current state of SME lending and the potential role of digital banking in improving access to financial services for SMEs.

The article discusses the growth of the banking sector in Saudi Arabia, highlighting the steady increase in private sector lending in 2020, despite the COVID-19 pandemic. It contrasts this with the contraction of private sector lending in the UAE. The residential mortgage sector in Saudi Arabia is particularly strong, driven by government subsidies and initiatives like Saudi Vision 2030. The article includes insights from industry experts such as Ehsan Khoman from Mitsubishi UFJ Financial Group and John Sfakianakis from the Gulf Research Center. It also touches on the structural differences in the real estate markets of Saudi Arabia and the UAE, and the role of the Public Investment Fund in driving corporate lending. S&P Global Ratings provides forecasts for loan growth and economic recovery, while also noting the impact of oil prices on the Saudi economy.

The article discusses the rise of robo-advisers in the UAE, focusing on companies like Sarwa and Wahed Invest, which offer tailored investment portfolios based on algorithms. These platforms are gaining popularity due to their low fees and convenience compared to traditional investment options. Sarwa, a hybrid robo-advisory, provides wealth advisers for customer support and aims to democratize wealth management. Wahed Invest offers sharia-compliant investments. The article also touches on the challenges faced by traditional banks and brokerages in innovating and competing with these new entrants. It highlights the potential for digital investment platforms to transform the wealth management landscape in the Middle East, as seen in other regions like Singapore. Personal experiences of investors like Francois de Klerk and Roula Haddad are shared to illustrate the benefits and discipline required for successful long-term investing.

The article discusses the construction of Istanbul’s New Airport and its environmental and economic impacts on the local area, particularly the Northern Forests of Istanbul. Ahmet, a local shop owner, has been forced to close his business due to the destruction of wildlife habitats. The airport, which will cover 7,650 hectares of land, is expected to handle up to 90 million passengers annually in its first phase. Environmental activists and local residents express concerns over the loss of forests, disruption of bird habitats, and increased traffic and pollution. Despite these concerns, the government and some analysts view the airport as a necessary development for Istanbul's growth. The article also touches on the financial risks associated with the project, especially in light of the Turkish lira's depreciation. While some locals oppose the project on ideological grounds, the lack of alternative employment options forces them to seek work with the construction companies involved.

The article discusses the increasing trend of green bond issuances in the Gulf Cooperation Council (GCC) region, highlighting Qatar National Bank (QPSC)'s recent $600 million green bond issuance. It emphasizes the growing investor demand for such instruments and the potential for more activity in the GCC. The article notes that sustainable development is becoming a priority in the Gulf as governments focus on diversifying their economies and investing in renewable energy. It also mentions other significant green bond issuances in the region, including those by Saudi Electricity Co. and Egypt. Experts from Clifford Chance, Standard Chartered, and Amundi provide insights into the market's growth and investor interest. The article further explores the role of sovereign wealth funds and the alignment of corporate strategies with national visions for sustainable development. Additionally, it touches on green loans and sustainability-linked financing, citing examples from Al Baraka Banking Group BSC and Etihad Airways PJSC.

The article discusses the significant price fluctuations of Bitcoin, highlighting its rise from a low in March 2020 to record highs in early 2021. It presents differing perspectives on Bitcoin, with supporters viewing it as sound money and a potential global reserve currency, while critics see it as a speculative bubble. The article notes Bitcoin's increased adoption by asset managers and banks, and the ease of access for retail investors through platforms like Paypal. It also touches on Bitcoin's scarcity and potential as a hedge against inflation. Various individuals, including Daniel Mauro of Army Capital, Imad Atwi of Strategy& Middle East, and Talal Tabbaa of Jbriel Network, provide insights on Bitcoin's nature and investment strategies. The article also warns of the risks associated with Bitcoin, such as price volatility, custody risk, and regulatory uncertainty, and advises on cautious investment approaches.

The article discusses the significant growth of US tech stocks, particularly during the pandemic in 2020, with companies like Apple, Amazon, Facebook, Microsoft, and Alphabet (Google) seeing substantial gains. These companies now represent a larger portion of major indices like the S&P 500 and the MSCI All Country World Index. Equity research analysts, including Ben Barringer from Quilter Cheviot and Andy Brown from Aberdeen Standard Investments, provide insights into the performance of these tech stocks and the potential risks of a market pullback. The article also explores the regulatory challenges these companies face, with a focus on antitrust investigations. Despite these challenges, analysts like Patrik Lang from Julius Baer and Alex Gemici from Greenstone Equity Partners see potential buying opportunities and continued growth in the tech sector. The article also provides a detailed analysis of each of the five major tech companies, discussing their current market position, potential growth, and challenges ahead.

During a Gulf News webinar, industry experts discussed the shift in banking towards digital channels, accelerated by the Covid-19 pandemic. Emirates NBD's Miguel Rio Tinto highlighted the rapid customer migration to digital services. Infosys Finacle's Sanat Rao and Zand Bank's Olivier Crespin discussed the challenges and opportunities presented by digitization, including customer acquisition and competition from fintechs and new banks. Zand Bank, which is launching soon, aims to differentiate itself by integrating with the digital economy and leveraging data analytics. The future of banking is expected to be shaped by technologies like blockchain and artificial intelligence, with a focus on business model innovation and strategic partnerships.

The article discusses the growing paranoia among activists in Berlin about being under surveillance by the NSA and other spy networks. It describes the activists' lifestyle and their discussions about email encryption and the manipulation of emotions through platforms like Facebook. The article mentions Edward Snowden's revelations and how they have instilled panic and unease among people, making them aware of their lack of privacy. It also touches on the irony of financial market insiders warning about state spying as early as 2011. The piece delves into the activists' fears of not being considered a threat and their consequent extremist plans, including boycotting internet infrastructure and hacking state organizations. The article concludes with the activists' return to old methods of communication to evade surveillance, such as writing notes on paper and devising codes.

Masaha Company for Rental of All Kinds of Equipment has been a key player in the Al Mutlaa Residential City project in Kuwait, providing a large fleet of machinery and equipment for the construction of the largest housing project in the country's history. Alaa Ghazaleh, the Equipment Rental Manager, highlights the company's role in supplying contractors with necessary equipment, including the Sany SY335C excavator, Weichai generators, Foton trucks and buses, and Heli forklifts. Masaha, part of the Foud Alghanim & Sons Group, boasts a fleet of over 2,100 units and emphasizes their reliability, technology, and safety features. The company also provides operator training and has a robust service system with on-site workshops and spare parts to ensure minimal downtime for their machinery.

The article discusses the benefits and applications of wheeled excavators in construction, particularly comparing their use in Europe and the Middle East. Adrian Hall from JCB highlights the advantages of wheeled excavators for jobs requiring mobility, such as truck loading, road work, and urban construction, without damaging paved surfaces. JCB offers a range of wheeled excavators with features like high-quality components, robust design, and efficient engines. Hitachi Construction Machinery and Sany are also mentioned as manufacturers offering wheeled excavators in the Middle East, with Hitachi known for high swing speed and Sany for its off-road capability and fast mobility. The article details various models and their specifications, emphasizing the efficiency, durability, and productivity of these machines.

The article discusses the productivity and efficiency of articulated dump trucks (ADTs) and rigid frame haulers in the mining and quarrying industries, focusing on Bell Equipment and Volvo Construction Equipment. Bell Equipment, headquartered in South Africa, offers a range of ADTs and emphasizes the importance of operator training and service contracts for maximizing uptime. Nick Kyriacos, ADT Product Marketing Manager at Bell, highlights the features of their trucks, including the B30E, B40E, B45E, and the B60E, and discusses the cost of tyre wear, service contracts, and the potential for autonomous vehicles. Volvo Construction Equipment, known for its ADTs, launched a range of rigid haulers in 2018. John Bennett, Product Manager for Rigid Haulers at Volvo CE, reports successful sales in Africa and emphasizes the reliability, low operating costs, and operator comfort of their machines, particularly the R100E. Both companies are focused on providing durable equipment and comprehensive service to ensure high productivity and low operational costs for their customers.

The article discusses the offerings and strategies of Quarry Mining, a UAE-based company specializing in the design, building, and installation of various mining and quarrying equipment, including crushing and screening plants, conveyors, and environmental solutions. Managing Director Moritz Kerler highlights the company's focus on high-quality manufacturing, competitive pricing, and after-market support. Quarry Mining has executed projects for clients like Stevin Rock and Ma’aden and has worked with European companies in Africa. The article also covers CDE Group, a specialist in wet processing equipment based in Northern Ireland. Regional Manager Ruchin Garg discusses CDE's involvement in the MEA region, focusing on sand washing and recycling construction waste. CDE's technology, such as the EvoWash and AquaCycle, is noted for its efficiency and environmental benefits. The company sees potential in markets like Qatar, Kuwait, and UAE due to their environmental commitments.

The article discusses the role of tipper trailers and transportation solutions in the construction industry, focusing on two companies: GORICA Group and Schmitz Cargobull. GORICA, with over 30 years in the UAE, is a leading body builder in the region and is expanding its manufacturing capabilities, including a new factory in Saudi Arabia. The company is diversifying its product range towards high-tech solutions and sustainability, in line with the UAE government's goals. Schmitz Cargobull, known for its semi-trailers, offers a range tailored for the Middle East market, emphasizing durability, payload optimization, and advanced safety features like EBS with RSP. Both companies highlight their strong after-sales support and the use of digital services to enhance customer experience.

Ritchie Bros. Auctioneers is experiencing strong demand for used machinery due to supply chain disruptions slowing down new equipment flow. The company's Vice President of Sales for EMEA, Nicola Nicelli, notes that the used equipment market is a good indicator of the construction sector's health. With the current global situation, including raw material shortages and logistics issues, customers are turning to used machines. Ritchie Bros. has seen a significant increase in online auction activity and has fully transitioned to online auctions since the pandemic began. The company has also agreed to acquire Euro Auctions, which is expected to benefit customers in the MEA region by providing a wider selection of equipment. The acquisition is set to close by the end of the year, pending regulatory approvals.

The article discusses the increasing popularity of used machinery among contractors, highlighting the cost benefits and the importance of purchasing equipment with a warranty. Anas Ashour, the Used Equipment Manager at Mohamed Abdulrahman Al-Bahar, a Caterpillar dealer in the GCC, emphasizes the value of their certified used machines, which come with a warranty and a preventive maintenance kit. Al-Bahar ensures that their machines are thoroughly inspected and serviced by trained technicians using genuine Cat parts. The article also provides advice on what buyers should consider when purchasing used construction equipment, such as depreciation, machine condition, service records, and the importance of a thorough evaluation.

The article discusses the efficiency and maintenance of truck-mounted concrete pumps, focusing on the products and market presence of CIFA and KiCE Construction Equipment. CIFA, with Wajih Eit overseeing their operations in Africa, the Middle East, and South Asia, offers a range of concrete equipment including the Steeltech series of truck-mounted pumps. The company recently secured a contract in Burkina Faso. CIFA's equipment is designed to be robust and easy to maintain, with features suitable for the MEA region. KiCE Construction Equipment, led by General Manager Wael Shehata, is a key player in the Saudi Arabian market, selling Junjin truck-mounted pumps and other concrete machinery. KiCE also offers service-level agreements and refurbishment services to ensure the longevity of their equipment. The article highlights the importance of maintenance and the adaptability of equipment to regional conditions.

The article discusses the impact of the COVID-19 pandemic on the tower crane rental market in the Middle East and how companies like NFT Specialized in Tower Cranes LLC and Modern Emirates Heavy Cranes LLC (MEHC) are adapting. NFT, which is the largest crane rental company in the Middle East with a global presence, has been able to maintain stable demand in Europe despite the pandemic by stocking equipment in Belgium for quick delivery. NFT is also the exclusive GCC distributor for Manitowoc's Potain cranes, which have released new models. MEHC, founded by the Chamamit family, has upgraded its fleet with technology like Liebherr's Litronic crane management system for efficient operation. The company emphasizes early involvement in projects for cost-effective planning and prioritizes safety in operations. ENG Cranes, an Italian manufacturer, specializes in custom tower cranes and has a global client base. The article highlights the importance of intelligent planning and utilization of tower cranes in completing construction projects on time or ahead of schedule.

The article discusses the competitive landscape of the machinery attachments market, highlighting the offerings from various companies in breakers, demolition equipment, and augers. South Korean companies, such as Bullstern and DOWIN, are praised for their durable and cost-effective tools. Bullstern focuses on the durability of vibro attachments, while DOWIN emphasizes its reliable hydraulic demolition equipment. European firms like Tabe Hammers and Indeco are noted for their high-quality products and adherence to stringent European regulations. Tabe Hammers offers a unique hydraulic hammer, and Indeco provides a range of breakers with advanced features. Auger Torque Group, part of the Kinshofer Group, has expanded its presence in the Middle East and North Africa, offering a variety of attachments for different industries. The article covers the importance of selecting the right tool based on work conditions and the innovations these companies are bringing to the market to enhance productivity and meet environmental and regulatory requirements.

The article discusses the power generator offerings from Caterpillar, highlighting their wide range of gensets and their market share, especially in specialized projects. Mohamed B. El-Kaddour, Vice President at Mohamed Abdulrahman Al-Bahar, details the sectors that use these generators and the company's focus on service and aftermarket support. The article also covers Doosan Bobcat's assembly of smaller gensets in the UAE for tax advantages and market competitiveness, with insights from Gaby Rhayem, Regional Director for Middle East and Africa at Doosan Bobcat EMEA. Additionally, FPT Industrial's role as both an engine supplier and genset maker is discussed, with comments from Mohammad Nategh, Middle East Sales Area Manager at FPT Industrial, on market growth and the company's focus on engineering and technology.

MAN Truck and Bus has launched a new generation of TG trucks in the Middle East, Africa, and Latin America, marking a significant update since the first TG truck 20 years ago. The TG range, including the TGX, TGS, TGM, and TGL, offers flexible configurations and engines compliant with various emission standards. The trucks feature improved fuel efficiency, durability, and a redesigned driver cab with digital displays. Jörg Mommertz, Senior Vice President of MAN, highlighted the focus on customer and driver satisfaction, digital connectivity, and adherence to new EU crash norms. MAN's partnership with SAMCO in Saudi Arabia has already resulted in an order for 150 vehicles. The article also discusses the impact of the pandemic on the trucking industry and the future trends such as digitization and autonomous driving. Additionally, Marco Torta from IVECO discusses the economic recovery in the MENA region, the demand for IVECO's Daily range due to e-commerce growth, and the importance of driver training and automated gearboxes.

The article discusses the benefits of machine rebuilds offered by OEMs like Caterpillar and Volvo Construction Equipment, highlighting cost-effectiveness, sustainability, and contribution to the circular economy. Machine rebuilds can restore equipment to original condition at a lower cost than purchasing new, extending the machine's life and improving residual values. Abdallah I. Mustafa from Mohamed Abdulrahman Al-Bahar, a Caterpillar dealer, details the process and popularity of rebuilds in their territories. Jacob Kihlberg from Volvo CE emphasizes the economic and environmental advantages of rebuilding over buying new or second-hand machines. Both companies see repeat business for their rebuild services, indicating customer satisfaction and a growing interest in sustainable practices.

The article discusses the importance of bulldozers in Saudi Arabia's construction sector, particularly in light of the Vision 2030 initiative. Ahmed A Fathullah from Zahid Tractor, a Caterpillar dealer, highlights the demand for bulldozers for housing developments and infrastructure projects. The article also covers the popularity of specific Caterpillar models and their features, such as the Cat D9R. Komatsu's bulldozers, known for their quality and durability, are also discussed, with insights from Jehad N. Jayyousi and Motoyasu Kakita of Komatsu Middle East. The article mentions Komatsu's design philosophy, operator training, and the Komtrax telematics system. Lastly, Erçin Güleryüz from Liugong Dressta Machinery talks about their TD-25 and TD-40 models, emphasizing their productivity features and suitability for Middle Eastern conditions. The article underscores the importance of selecting the right bulldozer for the job and the benefits of operator training and machine control technology.

The article discusses the accelerated adoption of digital banking in the UAE due to the Covid-19 pandemic. UAE bank executives, including Ahmed Abdelaal from Mashreq Bank and Philip King from Abu Dhabi Islamic Bank, highlight the importance of digitization in banking and how their institutions were prepared for the shift. The article mentions the launch of the Emirates Digital Wallet and Mashreq Bank's partnership with DIFC to create a blockchain data sharing platform. It also covers the benefits of digitization for SMEs, citing Mashreq's digital bank NEOBiz and the National Bank of Fujairah's SME Connect. The article references a Kearney report on the growth of e-commerce in the GCC and concludes with insights from Jorge Camarate of Strategy&, who notes that while progress has been made, the UAE banking sector still has a way to go in its digital transformation.

The article discusses the burgeoning trade and investment opportunities between the UAE and Israel following the Abraham Accord. Senior executives from Dun & Bradstreet and CRIF Gulf (Dun & Bradstreet) highlight the excitement and potential for collaboration in various sectors such as health, technology, agriculture, and finance. The UAE's status as a business hub and Israel's reputation as a startup nation are seen as complementary strengths. The article also touches on the expected boost in tourism and the importance of data analysis and due diligence for companies considering expansion. The impact of Covid-19 on business operations and the need for thorough evaluation of partners and suppliers are also emphasized.

The article discusses the challenges to traditional investment wisdom in 2020, particularly the 60/40 investment portfolio and the belief that cash is king. Experts like Christian Gattiker from Julius Baer and Vipul Kapur from Mashreq highlight the importance of maintaining cash during crises, the resilience of long-term investment strategies, and the need for portfolio diversification. They note the obsolescence of the 60/40 portfolio in today's market, advocating for a more varied asset allocation including gold and alternative investments. The article also touches on the growth of technology and healthcare investments due to the pandemic, the shift to online retail, and the rise of ESG investing, as reported by Naushid Mithani from Standard Chartered Bank. The focus remains on wealth preservation and cautious investment until the economic outlook stabilizes.

The article discusses how private banks and wealth managers have adapted to the challenges posed by the coronavirus pandemic, particularly the shift to digital communication due to lockdowns and social distancing measures. BNP Paribas Wealth Management, HSBC UAE, Lombard Odier, Mashreq, ADS Investment Solutions, and Standard Chartered Bank are among the institutions that have implemented digital tools such as video calling and webinars to maintain client relationships and manage investments amidst market volatility. The banks have seen an increase in digital engagement from clients, including those who were previously less comfortable with online tools. The article also touches on the potential long-term changes in client-bank interactions and the importance of digitalization in the banking industry moving forward.

The article discusses the state of equity and futures markets in the United Arab Emirates, particularly focusing on the low trading volumes and the potential for growth in the futures market. It highlights the efforts by Nasdaq Dubai to develop the market by offering shorting of individual UAE equities and indices, and the introduction of futures based on the MSCI UAE index. The article also touches on the introduction of stock lending and borrowing by Al Ramz Capital to increase market liquidity. In Saudi Arabia, the Tadawul is planning to launch index futures, and there is interest from global hedge fund managers in the Saudi market due to its size and liquidity. The article concludes with the importance of developing a full suite of products for foreign investors in Saudi Arabia, including derivatives and short selling, to enhance market efficiency.

The article discusses the increasing adoption of advanced technologies in the construction industry in the UAE, particularly in light of Dubai's 3D printing strategy. It highlights the benefits of these technologies, such as improved productivity, cost reduction, and sustainability. The article mentions several key technologies, including BIM software, drones, VR/AR apps, smart sensors, and 3D printing. It also covers the growing demand for construction due to population growth and sustainability concerns. The Big 5 event is featured as a platform for industry professionals to discover and discuss these technologies. The article notes the slow adoption of new technology in the construction sector but points to a changing mindset among stakeholders. It also emphasizes the role of startups in digitizing the construction industry and the interest of investors in these startups.

The Abu Dhabi Global Markets (ADGM) is poised to become a leading hub for cryptoassets, drawing companies with its comprehensive regulatory framework established in June of the previous year. The ADGM's Financial Services Regulatory Authority (FSRA) has created regulations that address a range of risks, including AML and CFT, custody, technology, and exchange operations. Companies like Securrency and Hayvn have chosen ADGM for its stringent regulations, which are seen as a benchmark globally. The ADGM's approach has attracted global interest, but the FSRA admits to turning away most applicants due to the rigorous compliance required. The ADGM's focus on blockchain and cryptoassets is expected to have a wider economic impact on sectors like remittances and real estate in the UAE. The article also touches on the potential for ADGM to facilitate ICOs and attract institutional investors to the region.

The article discusses the upcoming Financial Action Task Force (FATF) mutual evaluation of the UAE's financial system, focusing on anti-money laundering (AML) and combating the financing of terrorism (CFT) laws. It highlights the historical challenges faced by UAE financial institutions, including relations with embargoed Iran and past money laundering allegations. The article mentions recent legal reforms and investments in AML and CFT compliance by UAE banks and exchange houses. Experts from Clyde & Co, KPMG, Herbert Smith Freehills, Baker McKenzie, Fenergo, and Al Fardan Exchange provide insights into the preparedness of the UAE's financial sector and the potential impact of the FATF's findings on the country's reputation. The effectiveness of the UAE Central Bank and other financial regulators will also be scrutinized. The FATF's report is expected to be released in April 2020.

The article discusses Dubai's ambition to become the world's largest diamond trading hub, highlighting the growth of the Dubai Diamond Exchange (DDE) from negligible trade in 1997 to $28 billion by 2017. Despite a setback due to the introduction of VAT, the exemption of diamonds and precious metals from VAT has seen trade volumes recover. The DDE is planning a renovation to become the world's largest tender floor, aiming to attract direct sales from mining companies. The article also covers the role of financing in the diamond trade, with UAE banks like the National Bank of Fujairah and Emirates NBD stepping in as international banks retreat due to fraud cases and bankruptcies in the industry. The article touches on the challenges faced by the diamond industry, including the Nirav Modi fraud scandal and structural issues like margin erosion, but concludes with a positive outlook from Vince Cook, CEO of the National Bank of Fujairah.

The article discusses a major police operation in Kreuzberg, Berlin, where over 200 asylum seekers had been squatting in the Gerhart Hauptmann Schule, protesting Germany's asylum rules. The police, numbering 900, were ordered to clear the school, leading to a standoff with 40 refugees who refused to leave. The police cordon around the school sparked public opposition and protests. The situation escalated when a Kreuzberg councillor issued an eviction notice, but the police opted for negotiation over force. Eventually, the asylum seekers signed an agreement to stay with improved facilities, but without the key demand of residency. The police cordon was lifted, but the future of the asylum seekers and the protest movement remains uncertain. The article criticizes the heavy-handed police response and the political handling of the situation, questioning the democratic process and the arguments against granting asylum.