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ArabianBusiness  ArabianBusiness.com covers breaking news, business stories and lifestyle features in Dubai, the UAE and the GCC.

The UAE Central Bank (CBUAE) has announced an amendment to regulate the maximum limits or "fee caps" charged on banking services such as home loans and late fees for credit cards.

The amendment comes as the CBUAE undertakes more active supervision of the banking sector with the adoption of consumer protection principles, a statement said.

It said fee caps are being used as a tool to protect consumers from anti-competitive and unfair practices. This includes ensuring that entities do not automatically default to using the maximum caps when the actual costs are lower and banks will have to justify their increased costs in order to increase fees.

Full details on the website - link in bio

#uae #bank #bankaccount #creditcard #spending #bankfees #dubai #abudhabi

This week we published a list of 100 Dubai-based people who are helping to shape the emirate. The full list is published on our website - follow the link in our bio

#dxb100

“We lost 80 percent of our revenue in one night,” says Ronaldo Mouchawar, CEO and founder of e-commerce platform @souquae.

Mouchawar is referring to the moment in 2011 when his company changed its initial auction model to a straight online shopping site.
Thankfully, the move has long since proved to be the right one.

Less than a decade later, Souq.com is the Middle East’s largest e-commerce website, attracting over 45 million visitors per month with 9.4 million products available for sale.

Read the full story on Arabian Business. Interview: @lubasha_9
#startup #ecommerce #middleeast #amazon #souq_uae #souq #ronaldomouchawar

Ramadan Kareem .... Wishing you all a blessed Ramadan.
Image: Sheikh Zayed Grand Mosque in Abu Dhabi. (Photo KARIM SAHIB/AFP/Getty Images)

The addition of new stock, tough macroeconomic conditions and moderate population growth are set to place further pressure on property sales prices and rental rates in Dubai, according to a new report.
Chestertons MENA said overall sales prices for apartments and villas softened by 5 percent quarter-on-quarter in Q1, denoting the highest quarterly drop in sales prices for apartments since 2014.
Its Q1 report added that rental rates for apartments and villas fell by 2 percent, with the Greens, a standout performer in recent years, falling by 4 percent. The villa market, notably Palm Jumeirah also fell by 4 percent. “As a result of falling sales prices, many end users took advantage of the increased affordability of completed units, as evidenced by the 10 percent increase in recorded transactions from the previous quarter. This was to the detriment of off-plan transactions, which although they still dominate the market, volume declined by 19 percent,” said Ivana Gazivoda Vucinic, head of consulting and valuations and advisory operations, Chestertons MENA. #arabianbusiness #dubai #property #realestate

Saudi Arabia saw the opening of its second cinema earlier this week, a four screen Vox Cinemas multiplex.

The new cinema – located at the company’s new entertainment complex in Riyadh Park – comes two weeks after the kingdom’s first public cinema screening in Saudi Arabia.

The opening of the new cinema is part of a broader effort by Vox cinemas to expand in Saudi Arabia, where the company has said it will invest an additional $533.2 million to open 600 screens over the course of the next five years.

Images: Fayez Nureldune/AFP/Getty Images

Some contractors in Saudi Arabia are still struggling to get paid on time by the government despite assurances from officials that the long-running problem has been resolved, threatening a nascent economic recovery in the kingdom.
While the Finance Ministry is honouring a pledge to pay the dues on time, many government departments are taking months to process the paperwork and send it to the ministry, according to four people with knowledge of the matter who asked not to be named because the issue is sensitive.
In other cases, the delay is caused by a long backlog of payments that the government is gradually working through, two people said.
The delays are less severe than in the aftermath of the 2014 oil slump. Still, they’re affecting a swath of the economy from construction to education, and they’re particularly acute for companies dealing with the Health Ministry, three people said. #arabianbusiness #ksa #construction #payment #delay

A new initiative from the Dubai government will merge the emirate’s three courts and slash the time court cases take from 305 days to 30 days, Dubai Courts announced on Monday.
The ‘C3’ court initiative will mean that judges from all three courts – first instance, appeal and supreme court – can hear cases concurrently rather than consecutively. In the past, the courts each head whole trials and issued their own judgements on lengthy court, often taking almost a year from the time of filing or charge and a judgement.
“The courts project will merge the three levels of litigation into a single court consisting of three judges each representing a level of litigation,” said Tarash Eid Al Mansoori, director general of Dubai Courts. “ Full story on our website! #arabianbusiness #dubaicourts #initiative #dubaigovernment

An Asian gang which stole AED7m ($1.9m) in an armed robbery related to a Bitcoin scam has been arrested by Dubai Police.
The gang, led by a Gulf national, assaulted and robbed two Asian brothers at gun point on April 25 after luring them into a trading office, which they had seized from the owner, with the aim of selling them Bitcoin for the agreed amount.
Authorities said they had identified the Gulf gang leader just four hours after the incident, which helped them arrest the 10 members in as fast as 48 hours, despite initial lack of evidence.
The money was then returned to the brothers. Full story on our website. #arabianbusiness #bitcoin #theft #dubaipolice #ai

Affordable housing options remain at the forefront of Dubai buyers’ interest, with many banks and developers stipulating a minimum monthly salary of AED15,000 ($4,083) in order to purchase property in the emirate, according to a new report.
Asteco’s Dubai Real Estate Report Q1 2018 recorded an annual decline in villa and apartment sales of 6 percent and 9 percent respectively, with large villas at high price points generating limited interest, mainly due to the lower investment yields associated with this type of product.
John Stevens, managing director of Asteco, said: “We have seen a moderate increase in enquiries and transactions for high-end residential units, suggesting that albeit at a conservative level, there is still appetite for such accommodation.” Full story on our website. #arabianbusiness #realestate #dubai #financing #finance

Emirates said on Wednesday it has introduced Home Check-in, a new service which allows customers to check in for their flights from anywhere in Dubai.
The service is available for customers across all classes travelling on Emirates flights, the airline said in a statement.
The new service enables Emirates passengers to complete the security check and check-in from the comfort of their home, hotel or office and have their luggage transported to the airport prior to their flight.
An Emirates check-in agent will arrive at the preferred location to weigh and tag the bags as well as check-in the customers and issue boarding passes. Customers can then make their own way to the airport and head directly to immigration, bypassing the check-in desks at the airport.
The service is available for AED350 per trip for up to 7 pieces of luggage. AED35 will be charged for each additional piece of luggage. Customers can book the service on emirates.com up to 12 hours before flight departure time. #emirates #home #checkin #innovation #comfort #dubai

School fees are most expensive in Nad Al Sheba, Jumeirah Village Circle and Al Sufouh, according to new data from Edarabia and Bayut.com.
In a report on Dubai school fees versus rent in Dubai, Edarabia found that the average fees in Dubai’s most expensive area totalled AED 65,152 for all year groups.
The lowest school fees were found to be in Deira, Al Qusais, Muhaisnah and Al Karama, with the fees in these areas averaging AED 12,761 per year.
The report found that while most school fees have been updated over the course of the last year, some areas of Dubai experienced reductions of as much as 10 to 15 percent.
Additionally, the report – which covered 24 areas of the emirate – also found that the most expensive neighbourhoods in which to live are located in Dubai Marina, Palm Jumeirah and Al Sufouh.
The most affordable areas were found to be Al Qusais, Al Quoz and Downtown Jebel Ali. Full story on our website. #arabianbusiness #dubai #schoolfees #education

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