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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.

Business

Your face or palm could soon pay for purchases in the UAE

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Paying for everyday services in the UAE could soon be as simple as showing your face or palm.

The Central Bank of the UAE (CBUAE) has introduced the region’s first biometric payment solution, allowing users to make payments using facial recognition or palm biometrics, without cards, cash, or mobile phones.

The new system is currently being tested in a pilot phase at the Dubai Land Department, where customers authenticate payments through biometric scans in a controlled environment.

How Biometric Payments Work

The pilot enables:

  • Payments using face or palm recognition
  • No need for physical cards or smartphones
  • Faster, more secure transactions

The initiative is part of the CBUAE Sandbox Programme and Innovation Hub at the Emirates Institute of Finance, developed in collaboration with Network International and powered by PopID.

Focus on Security and User Experience

The Central Bank said the pilot is designed to assess security, efficiency, and operational readiness before any wider rollout. No timeline has yet been announced for expanding the system beyond the testing phase.

CBUAE officials say biometric payments could significantly enhance transaction security while improving customer convenience. Industry leaders also expect biometric technology to play a growing role in digital commerce and cashless payments globally.

A Step Towards Cashless Payments

The pilot reflects the UAE’s broader push towards financial innovation, smart services, and cashless payment systems, positioning the country at the forefront of next-generation payment technology in the region.









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Dubai launches global challenge to build the world’s first fully robotic villa

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Dubai Municipality has launched a global challenge to construct the world’s first residential villa built entirely using robotic construction systems, reinforcing Dubai’s position as a global testbed for advanced building technologies.

The project will be delivered by a consortium of more than 25 local and international technology companies and academic institutions, led by Dubai Municipality. Officials say the initiative aims to develop scalable, next-generation construction models that boost productivity, sustainability, and quality.

The announcement was made during the launch of 04 ConTech Valley, Dubai’s new Construction Innovation and Research Centre, developed in partnership with Expo City Dubai.

Global ConTech Momentum

At the event, Dubai Municipality also unveiled the Global ConTech Report, which projects that global construction technology investment will exceed $30 billion by 2033, growing at 17.5% annually.

Key findings highlight:

  • Labour shortages are a major global challenge
  • Rising investment in robotics and additive manufacturing
  • Rapid adoption of AI, robotics, prefabrication, and infrastructure technologies

Building a Stronger Innovation Ecosystem

Dubai Municipality also launched the ConTech Working Group, in collaboration with Dubai Chambers, bringing together government, developers, contractors, investors, researchers, and tech firms to accelerate innovation across the sector.

70–70 Strategy for 2030

Dubai also launched the 70–70 Strategy, aiming to shift 70% of construction to off-site manufacturing and achieve 70% factory automation by 2030, driving higher efficiency and sustainability.

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Sheikh Mohammed launches Dh100bn DIFC Zabeel District to power Dubai’s future as a global financial hub

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has officially launched DIFC Zabeel District, a landmark expansion of the Dubai International Financial Centre (DIFC) set to significantly strengthen Dubai’s position as a global financial powerhouse.

Located next to the existing DIFC Gate District, the development is the largest demand-led financial centre expansion in the region, spanning 7.1 million sq. ft with a total gross floor area of 17.7 million sq. ft. The project’s estimated gross development value exceeds Dh100 billion.

A Bold Vision for Business and Lifestyle

Sheikh Mohammed said the launch reflects Dubai’s future-focused approach to development — one that integrates business excellence with quality of life, reinforcing the emirate’s appeal to global talent and investors.

“Dubai does not wait for change, we make it,” he said, adding that DIFC Zabeel District will play a central role in advancing Dubai’s financial sector both locally and globally.

Once completed, the expansion will enable DIFC to accommodate:

  • Over 42,000 companies
  • More than 125,000 professionals
  • Over 1 million sq. ft dedicated to future technologies and artificial intelligence

Building a Comprehensive Financial Ecosystem

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and President of DIFC, described the project as a major step toward building a fully integrated financial ecosystem aligned with the Dubai Economic Agenda (D33), which aims to double Dubai’s economy by 2033.

The expansion is designed to support the rapid growth of global financial services and technology firms, while maintaining an agile, world-class regulatory environment.

Innovation, AI, and Education at the Core

The DIFC Zabeel District will feature:

  • The world’s largest innovation hub
  • The world’s first purpose-built AI Campus
  • Facilities designed for 6,000 businesses and 30,000 tech professionals
  • A Gaming & Immersive Technologies Hub supporting next-generation digital industries

Education will also be a key pillar. In line with Education 33 (E33), DIFC aims to become a leading hub for higher education. The DIFC Academy will expand ten-fold, creating capacity for 50,000 learners annually.

Culture, Community, and Sustainable Design

The development will also include:

  • A first-of-its-kind art pavilion
  • Commercial and residential spaces
  • Hotels, retail outlets, and a conference centre
  • Green open spaces promoting wellbeing and biodiversity

Connected to the existing DIFC by a signature bridge, the new district will seamlessly extend DIFC’s urban landscape, prioritising walkability, wellness, and future-ready transport solutions.

Timeline

  • Development will be delivered in six phases
  • First phase construction is already underway
  • Public access expected by 2030
  • Full masterplan completion targeted for 2040

DIFC Zabeel District is set to redefine financial services across the Middle East, Africa, and South Asia, positioning Dubai at the forefront of the next era of global finance.

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