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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.

Announcements

CHAMPIONS UAE BULLS BECOME FIRST FOUNDING FRANCHISE FOR NEW ERA OF ABU DHABI T10

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Defending champions UAE Bulls have become the first founding franchise confirmed for the next era of the Abu Dhabi T10, reinforcing the team’s long-standing commitment to cricket’s fastest format.

The announcement is the first of several franchise confirmations to come as Abu Dhabi T10 prepares for its 2026 edition, which will run from November 7 – 20 at the iconic Zayed Cricket Stadium in the UAE capital.

The UAE Bulls, who have been part of the T10 journey since the competition’s inception in 2017, have been confirmed as a founding franchise following the Deloitte Invitation to Bid process and will compete under the tournament’s new 10-year licence model. And the defending champions are already building towards their title defence, guided by internationally renowned Head Coach Andy Flower, with T20 great Dwayne Bravo continuing his involvement as bowling coach and mentor.

The confirmation comes as Abu Dhabi T10 enters a significant new chapter under the ownership and management of Abu Dhabi Cricket & Sports Hub (ADCSH), supported by the Abu Dhabi Sports Council (ADSC) and under the patronage of His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance and Coexistence and Chairman of the Emirates Cricket Board.

The new structure is providing the tournament with stronger governance, long-term stability, and a platform for sustainable growth, while building on the pace, entertainment and global appeal that are now synonymous with T10 cricket.

For the UAE Bulls, the announcement also strengthens a relationship with the competition stretching back to its formative years when the team originally competed as the Delhi Bulls. Having rebranded, the UAE Bulls reached the final in 2024 before going one better in 2025, producing a dominant performance in the final to secure its first Abu Dhabi T10 title.

UAE Bulls Owner Neelesh Bhatnagar said the decision to commit to the competition’s next chapter reflected both its belief in the T10 product and confidence in the tournament’s future under its new stewardship.

“We have believed in T10 cricket and its potential from the beginning, so we are extremely proud that the UAE Bulls will be the first founding franchise confirmed for this exciting new chapter,” said Bhatnagar.

“The new institutional backing and long-term structure provide a solid foundation from which Abu Dhabi T10 can continue to grow in value, stature, and international appeal. Winning the title in 2025 was an incredibly special moment for everyone associated with the UAE Bulls, but we now see that achievement as the beginning of another journey. We are excited about what lies ahead and determined to play our part in the competition’s continued success.”

UAE Bulls Head Coach Andy Flower said his connection with Abu Dhabi T10 and the UAE Bulls had continued to strengthen over the years. “I’ve thoroughly enjoyed every visit to Abu Dhabi for the ADT10 over the years, and my connection with the Bulls has grown stronger throughout that time, particularly with the support and commitment Neelesh has shown towards the team,” said Flower.

“We have some very special memories from last season, and we’re excited to return as defending champions and be part of the relaunched Abu Dhabi T10.”

Matt Boucher, CEO of Abu Dhabi Cricket & Sports Hub and Abu Dhabi T10, welcomed confirmation of the UAE Bulls’ participation under the new structure, describing their long-standing association with the competition as an important asset as Abu Dhabi T10 moves forward.

“The UAE Bulls understand both the qualities that make T10 such a compelling format and the opportunity that exists to take the competition to another level,” said Boucher. “As we enter the tournament’s next innings, we value partners who share our ambition to build sustainably for the long term. The UAE Bulls have demonstrated that commitment over many years, and their confirmation as our first founding franchise is a fitting way to begin this next chapter.

“Our positioning of ‘Same Energy. New Ethos.’ captures exactly what we are seeking to achieve. We want to retain the excitement, intensity, and entertainment that audiences associate with Abu Dhabi T10 while introducing a structure and approach capable of supporting its ambitions for the decade ahead.”

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Mike Fordham appointed International League T20’s Interim Chief Operating Officer

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The International League T20 Management has appointed Mike Fordham as Interim Chief Operating Officer. Fordham has been the league’s Head of Operations since the inception of the tournament – 2022.

Fordham has taken over the role with immediate effect and will spearhead the execution of DP World ILT20 Season 5, which will be played in November-December this year. In a career spanning two decades, Fordham has accumulated rich experience – specialising in sporting, governance and commercial set-up of new leagues, competitions and franchises.

Interim Chief Operating Officer DP World ILT20 Mike Fordham: “It is a real honour to have been given the task to spearhead the DP World ILT20 Season 5 execution. The DP World ILT20 has grown into one of the top T20 tournaments. The league is known for top-class cricketing action at three world-class venues.

“This year’s edition will be bigger and better. We are all excited about the upcoming DP World ILT20 Development Tournament – an incredible platform for young UAE players to make a claim for the main event later in the year. Some of the biggest T20 stars have signed up for the DP World ILT20 Player Auction which further exemplifies the league’s stature and reputation as a competition that attracts the very best in the business.”

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Business

When the seller’s brokerage handles the buyer’s transfer, who should pay?

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Some leading Dubai brokerages are charging buyers for in-house conveyancing or sales-progression services while also holding the sales mandate for the property being purchased.

The practice raises a broader question about how transaction roles should be structured: when a brokerage represents the seller and also provides the service responsible for progressing the buyer’s purchase, should the buyer be required to pay for that service?

The arrangement is visible across brokerage websites, while LinkedIn and Instagram profiles show sales-progression and conveyancing teams operating within some agencies.

The issue is not necessarily the competence of an in-house conveyancer. The more fundamental question is one of independence. A buyer paying for a transfer service may reasonably expect that the person handling the transaction is able to act without commercial considerations connected to the other side.

Consider a seller who has multiple properties listed with the same brokerage, or one who is selling a current home while planning to purchase another property through the same agency. In such cases, the brokerage may have a broader commercial relationship with the seller than with a buyer completing a single transaction.

That distinction can become important when a seller-side issue delays or complicates a transfer. The person responsible for resolving the bottleneck should be able to communicate the problem to the buyer clearly and objectively, without having to balance that responsibility against a wider commercial relationship.

There are parallels in other parts of the financial and property sectors. Banks, for example, commonly appoint independent valuers rather than relying on a valuation conducted by a party whose commercial interests are directly tied to the transaction. The separation of roles is intended to reduce potential conflicts and strengthen confidence in the process.

“The real test of a transfer service comes when the interests on each side stop aligning,” said Jan Baluyut, Director, Property Affairs at Cendale, which operates Conveyance.ae. “An independent transfer provider has no sales mandate to protect, no listing relationship to preserve and no sales commission dependent on completion. That is the procedural oversight buyers pay for.”

Functional separation is also well established internationally. In the UK, buyers and sellers commonly instruct separate solicitors, while in the US, attorneys, title companies and escrow providers can perform distinct roles depending on the state. Dubai does not need to replicate either system, but both demonstrate that transaction roles can be separated to provide greater clarity around responsibilities.

The question is relevant across both ready properties and secondary off-plan transactions. While the mechanics of each transaction can differ, the buyer’s need for accurate information, clear communication and independent oversight remains the same.

Where a brokerage offers an in-house conveyancing or sales-progression service, buyers should be clearly informed about the arrangement, including whether the service is optional and whether they are free to appoint an independent provider.

As Dubai’s property market continues to expand and attract investors from around the world, greater transparency around who represents whom — and who is paying whom — could become an increasingly important part of a mature transaction process.

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