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UAE: Five banks, two insurers fined Dh2.62 million for violating rules

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The Central Bank of the UAE (CBUAE) has imposed financial penalties amounting to Dh2.62 million on five banks and two insurance companies for failing to comply with international financial reporting standards.

The fines were issued due to violations of the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) guidelines, which require financial institutions to ensure accurate reporting and due diligence. Despite being given sufficient time to correct their processes, these institutions failed to meet the necessary compliance standards.

The CBUAE stated that these measures aim to strengthen the UAE’s financial sector by enhancing transparency and aligning with global efforts to prevent tax evasion. This step also reinforces the country’s reputation as a trusted international financial hub committed to best practices.

(Source: Wam)

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

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Looking for a long-term rental in Dubai? Here’s where to start

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Dubai offers a wide range of residential communities, whether you’re looking for a family-friendly neighbourhood, a vibrant city lifestyle or an affordable apartment with good transport links.

From waterfront towers to suburban communities with parks and schools, here’s a guide to some of the most preferred places to rent an apartment in Dubai for the long term.

Dubai Hills Estate: Family-friendly environment

Dubai Hills Estate has become one of the city’s most sought-after residential communities thanks to its green spaces, modern infrastructure and family-friendly environment.

Why renters choose Dubai Hills Estate

  • Spacious apartments and villas.
  • Parks, walking trails and playgrounds.
  • Reputable international schools nearby.
  • Dubai Hills Mall and healthcare facilities.
  • Peaceful surroundings with easy access to major roads.

It’s particularly popular with expat families looking for long-term stability and a high quality of life.

Business Bay: Best for professionals

Business Bay remains one of Dubai’s top rental hotspots for professionals working in the city’s commercial districts.

Why live in Business Bay?

  • Minutes from Downtown Dubai.
  • Excellent access to Sheikh Zayed Road and Dubai Metro.
  • Modern high-rise apartments.
  • Restaurants, cafés and nightlife.
  • Popular with young professionals, entrepreneurs and digital nomads.

Its central location makes commuting convenient while offering an energetic urban lifestyle.

Downtown Dubai: If you want city living

If you want to live in the heart of Dubai, Downtown Dubai offers premium apartments surrounded by iconic attractions.

Highlights include:

  • Walking distance to Dubai Mall and Burj Khalifa.
  • Luxury residential towers.
  • Excellent dining and entertainment.
  • Strong public transport connectivity.
  • Vibrant lifestyle throughout the year.

Downtown is ideal for residents who enjoy living close to business, shopping and leisure destinations.

Dubai Marina: Home with a view

Dubai Marina remains one of the emirate’s most popular neighbourhoods for long-term renters.

Why choose Dubai Marina?

  • Waterfront lifestyle.
  • Dubai Metro and Tram connectivity.
  • Wide selection of cafés and restaurants.
  • Marina Walk and beach access.
  • Modern apartments with premium amenities.

The area appeals to professionals and couples seeking convenience and an active social scene.

Jumeirah Village Circle (JVC): Value for money

JVC has grown into one of Dubai’s fastest-expanding residential communities.

Residents enjoy:

  • More affordable rents than many central areas.
  • Parks and landscaped streets.
  • Family-friendly atmosphere.
  • Schools, supermarkets and fitness centres.
  • New apartment developments with modern facilities.

It offers a balance between affordability and quality of life.

Dubai Silicon Oasis: Affordable living

Dubai Silicon Oasis is a popular choice for professionals, students and families looking for value.

Key advantages include:

  • Competitive rental prices.
  • Technology and business hub.
  • Schools, clinics and shopping centres.
  • Easy access to Sheikh Mohammed Bin Zayed Road.
  • Many buildings offer chiller-free apartments, helping reduce monthly utility costs.

The community combines residential, commercial and leisure facilities in one location.

International City: For budget renters

International City remains one of Dubai’s most affordable apartment markets.

Why it’s popular

  • Low rental prices.
  • Wide choice of studio and one-bedroom apartments.
  • Restaurants and supermarkets nearby.
  • Schools and healthcare facilities.
  • Convenient access to major roads.

It’s well suited to first-time renters, singles and those looking to keep housing costs low.

Al Barsha: Convenience for all

Al Barsha offers a central location without the premium prices found in Downtown Dubai.

Benefits include:

  • Close to Mall of the Emirates.
  • Good Metro connectivity.
  • Schools and healthcare facilities.
  • Wide range of apartment options.
  • Established residential community.

It remains a practical choice for families and working professionals alike.

What to consider before renting

Before signing a tenancy contract, consider:

  • Your monthly rental budget.
  • Distance to work or school.
  • Public transport and road access.
  • Nearby supermarkets, healthcare and schools.
  • Building amenities such as gyms, swimming pools and parking.
  • Utility costs, including whether the apartment is chiller-free.
  • Payment terms, as many landlords require rent in one to four cheques.

Which area is right for you?

Your ideal location depends on your lifestyle and priorities.

  • Best for families: Dubai Hills Estate, JVC
  • Best for professionals: Business Bay, Downtown Dubai, Dubai Marina
  • Best for affordable living: Dubai Silicon Oasis, International City, Al Barsha

With communities to suit every budget and lifestyle, Dubai continues to offer long-term renters a wide variety of options across the city.

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Dubai Chambers launches one-stop digital platform to help businesses start, grow and expand

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Starting and growing a business in Dubai is set to become easier with the launch of Business in Dubai, a new digital platform by Dubai Chambers that brings together essential corporate services in one place.

Designed as a single gateway for companies, the platform connects businesses with trusted service providers, helping them access everything from financial solutions to technology, marketing and certification services without having to navigate multiple channels.

The initiative aims to simplify business operations while strengthening Dubai’s position as one of the world’s most competitive destinations for investment and entrepreneurship.

What does the platform offer?

The Business in Dubai platform currently provides 65 corporate services through seven accredited partners, offering companies a wide range of support as they establish or expand their operations in the emirate.

The services are grouped into four key categories:

  • Financial services
  • Marketing and business growth services
  • Technology services
  • Testing, inspection and certification services

The current network of partners includes ZENDATA Cybersecurity, FAST Ventures, Mamo, OCTA, SGS Gulf Limited, Vault, and Pemo.

Helping businesses grow

Dubai Chambers said the platform has been designed to save companies time and resources by bringing multiple business services under one digital roof.

Khalid AlJarwan, Executive Vice President of Commercial and Corporate Services at Dubai Chambers, said the initiative reflects the organisation’s commitment to creating an environment that supports business growth both locally and internationally.

He said the platform will strengthen Dubai’s investment ecosystem by making it easier for companies to access the services they need to scale their operations and contribute to the emirate’s long-term economic development.

Boost for the digital economy

Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, said the platform will particularly benefit businesses operating in the digital economy by simplifying access to trusted service providers.

He added that the initiative creates a more flexible and efficient business environment, enabling entrepreneurs and companies across different sectors to focus on growth rather than administrative processes.

A single digital gateway

By consolidating key business services onto one platform, Dubai Chambers aims to reduce the time and effort companies spend searching for service providers, allowing them to concentrate on innovation, expansion and day-to-day operations.

The launch forms part of Dubai’s wider efforts to strengthen its business ecosystem and reinforce its position as a leading global hub for trade, investment and entrepreneurship.

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What the new DIFC investment fund proposals mean for investors

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Dubai’s financial regulator is planning the biggest update to the Dubai International Financial Centre (DIFC) investment fund rules in more than a decade.

The Dubai Financial Services Authority (DFSA) has launched a public consultation on a wide-ranging package of reforms designed to modernise the DIFC’s investment fund framework, simplify regulations for fund managers and strengthen investor protection.

Here’s what you need to know.

Why is the DFSA changing the rules?

The DFSA says the investment fund industry has evolved significantly since the current framework was introduced in 2006.

The proposed reforms aim to:

  • Modernise regulations to reflect today’s investment market.
  • Reduce unnecessary compliance requirements.
  • Make it easier for fund managers to operate.
  • Maintain strong investor protection.
  • Align DIFC regulations with international best practices.

What are the proposed changes?

The consultation includes several key proposals:

More flexible rules for private investment funds

The DFSA plans to replace rigid classifications for specialist private funds with a more flexible framework that can better accommodate modern investment strategies.

Simpler licensing for fund managers

Investment managers may no longer need separate licences for certain activities, such as arranging investments or dealing on behalf of clients, as these would be covered under an existing asset management licence.

Updated rules for master-feeder funds

The regulator also wants to modernise regulations governing “master-feeder” fund structures to reflect current market practices better.

Removal of the external fund manager regime

The DFSA proposes removing the external fund manager framework as more firms are now seeking direct authorisation from the regulator.

More investment opportunities for employees

Employees could be given greater flexibility to invest in private funds managed by their own employers, either directly or through dedicated investment vehicles.

Technical improvements

The consultation also proposes several technical amendments to improve clarity and consistency within the Collective Investment Law.

Could tokenised investment funds become a reality?

The consultation also seeks industry feedback on regulating tokenised investment funds.

Tokenisation uses blockchain technology to represent ownership units digitally, potentially making investment funds more efficient and accessible.

At this stage, the DFSA is only gathering feedback and has not proposed formal regulations.

Will retail investors get access to more investment opportunities?

Another topic under discussion is the possible introduction of a long-term investment fund regime.

If developed in the future, it could allow retail investors to access certain long-term assets—such as infrastructure projects or private market investments- that are currently limited to professional investors.

No regulatory changes have been proposed yet; the regulator is first seeking industry views.

Who can provide feedback?

The consultation is open until September 7, 2026.

The DFSA is inviting comments from:

  • Fund managers
  • Asset managers
  • Fund administrators
  • Legal advisers
  • Auditors
  • Compliance professionals
  • Other participants in the DIFC investment funds industry

The proposals form part of Dubai’s wider efforts to strengthen its position as a leading regional hub for wealth and asset management while ensuring regulations remain modern, proportionate and investor-focused.

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