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Finance & Investment

Banking, fintech, funds, capital markets and cross-border investment

Policy & Legal Updates
Source: Emirates News Agency (WAM)

UAE Tax Authority Showcases Smart Systems at Belt and Road Cooperation Forum

UAE Federal Tax Authority Director General Abdulaziz Mohammed Al Mulla addressed the Belt and Road Initiative Tax Administration Cooperation Forum in Jakarta. The UAE delegation presented its adoption of artificial intelligence and smart tax systems to facilitate cross-border trade and investment. Topics covered also included digital economy taxation and cryptoassets under Islamic Shariah frameworks.

Industry News
Source: Rigzone

Aramco Nears Agreement on $10 Billion Loan Backed by Chinese and Global Banks

Saudi Arabian state oil company Aramco is nearing a deal for a $10 billion revolving credit facility with an international banking syndicate. The lending group includes Bank of China and Industrial & Commercial Bank of China alongside global financial institutions. The facility is set to carry a margin of 60 basis points over the Secured Overnight Financing Rate.

China–UAE News
Source: Conventus Law

Bank of China Dubai Lists Landmark RMB 2 Billion Yulan Notes on Nasdaq Dubai

Linklaters advised Bank of China on the issuance of RMB 2 billion fixed-rate Yulan notes by its Dubai branch, due in 2028. The senior unsecured notes are dual-listed on Nasdaq Dubai and the Hong Kong Stock Exchange, marking the first Yulan notes listed on Nasdaq Dubai. The transaction connects offshore Renminbi liquidity with Gulf debt capital markets.

Industry News
Source: EnterpriseAM

OpenAI Seeks Up to USD 30 Billion in Funding from UAE Investors and Coatue

OpenAI is in talks to raise up to USD 30 billion in fresh funding led by UAE investors alongside US investment firm Coatue, according to CNBC as reported by EnterpriseAM. The ChatGPT developer is targeting a pre-money valuation of USD 1.25 trillion, down from an earlier pitch of USD 1.4 trillion. The transaction discussions also include securing additional computing capacity within the UAE.

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