BEIJING / WAM China’s central bank conducted 19.5 billion yuan (about $2.76 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Monday. Xinhua news agency quoted the People’s Bank of China as saying that the move aims to keep liquidity in the banking system reasonable and ample, the central bank said.A reverse repo is a process …

ABU DHABI / WAM The Ministry of Finance (MoF) has announced the cancellation of economic substance reporting requirements for companies for financial years ending after December 31 2022, following Cabinet Decision No (98) of 2024, which amends certain provisions of Cabinet Decision No (57) of 2020 on economic substance requirements. This amendment aligns with the implementation of the UAE’s federal …

RAS AL KHAIMAH / WAM RAK Properties on Monday announced a strategic deal with Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, to arrange an AED2 billion financing facility. The syndicated long term financing facility will support RAK Properties’ ambitious growth trajectory, as well as boost the development of green buildings in the region. The …