Central Bank sets new requirements for UAE exchange houses



The Central Bank has set higher paid-up capital requirements for currency exchange houses in the UAE, as part of long-awaited new regulations for the sector

Under the terms of the new regulations, announced yesterday, the minimum paid-up capital requirement increases to Dh2 million for an exchange house with unlimited liability, dealing exclusively in cash and travellers cheques.

The requirement rises to Dh5m for exchanges wishing to offer remittance services inside and outside the country, and to Dh10m for those offering “payment of wages through connecting to the Central Bank’s system”.

Under previous regulations, in place since 1992, exchange houses with an unlimited liability were required to have a minimum capital of Dh1m to operate as a money exchange business and Dh2m as a money exchange and remittance business.

The minimum paid-up capital requirement for exchange houses operating as limited liability companies is unchanged at Dh50m.

The new regulations stipulate that the minimum levels will rise 10 per cent for every additional branch opened by a licensed exchange house. All exchange facilities must be at least 60 per cent owned by Emirati investors.

The exchange industry handles billions of dollars in transactions every year on behalf of people paying wages, bills or sending money.

jeverington@thenational.ae

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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1. Black holes are objects whose gravity is so strong not even light can escape their pull

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3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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Name: Almnssa
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Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

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Director: Laila Abbas

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The years Ramadan fell in May

1987

1954

1921

1888

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Company: Bidzi

● Started: 2024

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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

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Engine: 0.8-litre four cylinder

Power: 70bhp

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Transmission: four-speed manual

Price: $1,075 new in 1967, now valued at $40,000

On sale: Models from 1966 to 1970

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Three ways to get a gratitude glow

By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
  • In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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