Latest news with #Dh3.5
Al Etihad
a day ago
- Business
- Al Etihad
Aldar generates Dh3.5+ billion in sales at Fahid Island during launch week
20 June 2025 17:45 ABU DHABI (ALETIHAD) Aldar announced on Friday it has generated over Dh3.5 billion in sales at Fahid Beach Residences and The Beach House, the island's first residential developments released during launch Fahid Island homes attracted a diverse pool of buyers, drawn by the island's position as Abu Dhabi's first coastal wellness destination, the waterfront lifestyle, and proximity to super-premium education at Kings College School Wimbledon which sits within the wider wellness-inspired residents and overseas buyers account for 67% of total sales, with buyers from the UAE, Russia, the UK, and China making up the top nationalities by sales volume. This strong local and international interest underscores Fahid Island's emerging global profile as a premier lifestyle destination where wellness meets culture, nature, and a press statement, Aldar stated that 42% of buyers are under the age of 45, signalling a growing demand for luxury wellness-focused living among younger demographics. Notably, 67% of buyers are first-time Aldar customers, demonstrating Aldar's expansive reach and the appeal of the Group's thoughtfully curated Emery, Chief Executive Officer at Aldar Development, said, 'The highly anticipated launch of Fahid Island has resulted in the first homes released generating more than Dh3.5 billion - and serves as a powerful validation of our vision to place wellness at the heart of community living."Emery added, "The success reflects Abu Dhabi's position as one of the world's most desirable investment and lifestyle destinations and we are expecting continued interest in Fahid Island as Abu Dhabi's first wellness island builds its profile on the global stage.'In response to the overwhelming demand for Fahid Beach Residences, Aldar accelerated the launch of Fahid Island's second residential offering, The Beach House during launch week and sales progress continues at pace. Comprised of 11 elegantly designed towers offering a collection of studios to 3-bedroom + maid apartments, the new development draws on its coastal surroundings and is thoughtfully crafted to evoke a sense of calm, lightness, and relaxed benefit from exquisite interiors and breathtaking views of the sea and Abu Dhabi skyline, as well as state-of-the-art amenities and facilities, direct shoreline access, and seamless connectivity to Coral Drive, the island's boutique retail boulevard. With further residential launches planned, Aldar will continue to deliver on its vision to transform Fahid Island into a vibrant, wellness-focused destination that redefines coastal living in the region.
Time of India
10-06-2025
- Business
- Time of India
Dh339 million in fines as UAE launches major money laundering crackdown
CBUAE recently fined six exchange houses Dh12.3 million for breaching AML regulations/ Image (X) The United Arab Emirates is ringing a stark new alarm for financial institutions, unleashing an intense crackdown on money laundering and terrorism financing. UAE regulators have recently imposed staggering penalties totaling over Dh339 million, targeting a spectrum of financial institutions including local exchange houses, international bank branches, and insurance companies. This robust enforcement sends an unmistakable signal across the Emirates: the fight against money laundering and terrorism financing is paramount, and there will be no leniency for those who fail to protect the financial system from exploitation. A String of Heavy Penalties and Enforcement Actions The Central Bank of the UAE (CBUAE) has been particularly active in its crackdown, issuing a series of substantial fines. Latest Actions: On Tuesday, the CBUAE imposed Dh12.3 million in fines on six exchange houses. These penalties followed inspections that uncovered multiple violations, specifically failures to comply with the country's anti-money laundering (AML) and counter-terrorism financing (CFT) framework. This move came just a week after the Central Bank had already issued a Dh3.5 million fine to another exchange house for similar shortcomings, with investigators citing significant lapses in the firm's adherence to AML/CFT policies and procedures. Earlier Major Fines: The intensity of the crackdown notably increased late last month. One exchange house was fined a staggering Dh100 million. Days before this, another exchange house received an even larger penalty of Dh200 million. In this specific Dh200 million case, the branch manager was personally fined Dh500,000 and permanently banned from working in any UAE-licensed financial institution, marking a strong stance against individual accountability. Broader Reach: Foreign banks have also been subject to scrutiny. The Central Bank recently penalized two UAE branches of international banks with a combined Dh18.1 million in fines; one received Dh10.6 million, and the other Dh7.5 million, both for failing to meet AML/CFT compliance standards. Earlier in February, an exchange house operating in the UAE was given a penalty of Dh3.5 million. Furthermore, in March, five banks and two insurance companies were fined a combined Dh2.62 million by the CBUAE. Across all these cases, regulators consistently identified a common issue: systemic weaknesses in how these institutions monitored and reported suspicious transactions, as well as in how they verified the identities of their clients and the true beneficiaries behind financial dealings. Expanding the Regulatory Net Beyond Traditional Banking The UAE's intensified crackdown is no longer limited solely to the traditional banking sector. Authorities are actively expanding their regulatory oversight to include other sectors that have historically been less regulated but carry a high risk for illicit activities. These include: Real estate Gold and jewellery trading Auditing firms Corporate service providers To boost the effectiveness of these expanded efforts, the UAE Ministry of Economy has teamed up with Dubai Police. Their collaboration focuses on tightening surveillance of suspicious transactions within these high-risk sectors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo A crucial part of this partnership involves creating direct and secure data-sharing channels, particularly for beneficial ownership details. This aims to clearly identify the true individuals who ultimately own or control corporate structures and financial dealings, making it harder to hide illicit funds. A Clear Message: Zero Tolerance and No Safe Haven With fines now reaching into the hundreds of millions of dirhams and strict bans being enforced at the individual level, the message from UAE regulators is unequivocal: there is absolute zero tolerance for institutions that fail to protect the financial system from abuse. As stated in a report by Justin Varghese, Your Money Editor, "The message from UAE regulators is clear: there is zero tolerance for institutions that fail to protect the financial system from abuse. " The UAE remains committed to enhancing its efforts to meet global compliance standards and avoid being placed on international watchlists. Consequently, businesses operating in any of these high-risk sectors are now under increased pressure to significantly upgrade their internal controls and procedures. Failure to do so could result in severe penalties, sending a strong deterrent message across the financial landscape.
Gulf Insider
10-06-2025
- Business
- Gulf Insider
UAE Hits Harder Against Money Laundering With Dh339m In Recent Fines
The UAE is ramping up efforts to combat money laundering and terrorism financing with a string of high-value penalties issued in recent months — totaling over Dh339 million — against both local exchange houses, foreign bank branches, and insurance companies operating in the country. In the latest action, the Central Bank of the UAE (CBUAE) on Tuesday imposed Dh12.3 million in fines on six exchange houses for breaching anti-money laundering (AML) regulations. The fines followed inspections that uncovered multiple violations, including failures to follow the country's AML and counter-terrorism financing (CFT) framework. This move comes just a week after the Central Bank slapped a Dh3.5 million fine on another exchange house for similar failures. Investigators cited significant lapses in the firm's adherence to AML/CFT policies and procedures. The crackdown intensified late last month with one exchange house fined Dh100 million, only days after another was hit with an even larger penalty of Dh200 million. In that case, the branch manager was personally fined Dh500,000 and permanently banned from working in any UAE-licensed financial institution. Foreign banks haven't been spared either. The Central Bank recently penalised two UAE branches of international banks with a combined Dh18.1 million in fines — one receiving Dh10.6 million, the other Dh7.5 million — for failing to meet AML/CFT compliance standards. In February, an exchange house operating in the UAE, was given a penalty of Dh3.5 million. Additionally, five banks and two insurance companies were fined a combined Dh2.62 million by the UAE Central Bank a month later. Across all these cases, regulators found a common thread: systemic weaknesses in how institutions monitored and reported suspicious transactions and verified the identities of clients and beneficiaries. The UAE's crackdown is no longer limited to the banking sector either. Authorities are expanding their regulatory net to include sectors that have traditionally been outside the formal financial system but are at high risk for abuse — such as real estate, gold and jewellery trading, auditing, and corporate service providers. To boost effectiveness, the UAE Ministry of Economy has teamed up with Dubai Police to tighten surveillance of suspicious transactions in these sectors. Their collaboration includes creating direct and secure data-sharing channels, especially for beneficial ownership details — essentially identifying the true individuals behind corporate structures and financial dealings. With fines now reaching into the hundreds of millions and bans being enforced at the individual level, the message from UAE regulators is clear: there is zero tolerance for institutions that fail to protect the financial system from abuse. As the UAE continues its efforts to meet global compliance standards and remain off international watchlists, businesses operating in high-risk sectors are now under increased pressure to upgrade their internal controls — or face steep penalties.
Arabian Post
04-06-2025
- Business
- Arabian Post
UAE Regulator Intensifies Scrutiny with Dh3.5 Million Penalty
The Central Bank of the UAE has levied a Dh3.5 million fine on an unnamed exchange house for breaches of anti-money laundering and counter-terrorism financing regulations. This action is part of a broader enforcement initiative targeting financial institutions failing to meet compliance standards. The penalty was imposed under Article 14 of Federal Decree Law No. of 2018, which governs AML/CFT measures in the UAE. An examination by the CBUAE revealed that the exchange house failed to implement adequate policies and procedures to detect and prevent illicit financial activities. This enforcement follows a series of similar actions by the CBUAE. On May 29, the regulator imposed a Dh100 million fine on another exchange house for significant failures in its AML/CFT framework. Earlier in May, a separate exchange house faced a Dh200 million penalty, and its branch manager was fined Dh500,000 and barred from holding any position in licensed financial institutions within the UAE. ADVERTISEMENT The CBUAE has taken action against foreign banks operating in the country. Two branches were fined a total of Dh18.1 million for AML/CFT violations, with individual penalties of Dh10.6 million and Dh7.5 million, respectively. These measures reflect the UAE's commitment to strengthening its financial regulatory framework and aligning with international standards. The country was previously placed on the Financial Action Task Force grey list in 2022 due to concerns over its AML regime but was removed in 2024 after implementing significant reforms.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
MIITE 2025: The powerhouse for global industrial excellence
EMSTEEL has emerged as a key enabler of the UAE's National In-Country Value (ICV) Programme and views its contribution not just as a compliance obligation, but as a strategic enabler for investing in the growth and resilience of the national industrial ecosystem. In 2024, EMSTEEL invested nearly Dh3.5 billion in local procurement, engaging over 1,365 UAE-based suppliers and directing 48.2 per cent of its procurement spending towards local businesses. Furthermore, 86 per cent of new suppliers in the Group's Steel Division and 34 per cent in the Cement Division were ICV-certified, reflecting the company's deliberate efforts to enhance local sourcing and amplify the multiplier effect across the national economy. The company currently commands a significant share of the UAE's industrial output, contributing 10 per cent to Abu Dhabi's non-oil manufacturing sector and holding a 60 per cent share of the national steel market. Through the integration of advanced manufacturing technologies, the company produces high-quality steel and building materials that serve the needs of the construction, engineering, and energy sectors both locally and globally. Aligned with the UAE's Operation 300bn strategy, EMSTEEL has launched comprehensive initiatives to support Emiratisation and nurture the next generation of industrial leaders. The company is proud to report an Emiratisation rate of 52 per cent across leadership, operational, and strategic planning roles. The strong representation of UAE nationals highlights EMSTEEL's dedication to creating sustainable and aspirational career pathways for Emiratis in the manufacturing sector. As a key player in the UAE's industrial transformation and the first steelmaker in the world to capture part of its CO2 emissions, EMSTEEL continues to set benchmarks for sustainable innovation and performance, building a stronger, more resilient future for the country's economy.
