Banking, fintech, funds, capital markets and cross-border investment
The China Securities Regulatory Commission and Omani authorities have signed an MOU to enhance bilateral regulatory cooperation in securities and futures. The pact creates mechanisms for cross-border regulatory information exchange and enforcement cooperation. Signed in Beijing, the agreement brings the CSRC's bilateral regulatory MOUs to 68 jurisdictions.
Ras Al Khaimah Economic Zone (RAKEZ) has consolidated more than 45 value-added services for its community of over 50,000 registered companies. The offerings cover business bank account opening assistance, tax compliance, bookkeeping, human resources, and industrial workforce management. RAKEZ reported a 98 percent success rate for its bank account opening assistance.
UAE banks may only freeze or deduct end-of-service gratuity to clear personal loans if permitted by loan agreements and Central Bank regulations. Central Bank rules prohibit lenders from withholding funds exceeding the borrower's debt or applying gratuity toward home loans. Employers also have no obligation to remit severance directly to banks without a prior written undertaking.
The Abu Dhabi Global Market Court has found NMC Health founder Dr Bavaguthu Raghuram Shetty and former executive Prasanth Manghat liable for fraudulent and wrongful trading in the group's 2020 collapse. Presiding Justice Sir Andrew Smith established $5.397 billion as the baseline figure to assess contributions they must repay to the insolvent company's assets. The court determined that both individuals knowingly operated the business fraudulently and concealed borrowings between 2012 and 2020.
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