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Arabian Business
5 hours ago
- Arabian Business
UAE Golden Visa: VFS Global announces major India and Bangladesh update
UAE Golden Visas could be a step closer for people in India and Bangladesh after new application services were launched in each country. Residents of India and Bangladesh now have easier access to expert advisory services for the UAE Golden Visa, as VFS Global's Education, Trade and Migration (ETM) Services, in partnership with the Rayad Group, launches dedicated immigration support. The initiative allows eligible individuals—including business owners, professionals, scientists, creatives, entrepreneurs, and influencers—to apply for the 10-year UAE Golden Visa under a government nomination category, without the need to invest in real estate or set up a company. UAE Golden Visa boost Successful applicants can also sponsor their spouse, children (including adult dependents), parents, and household staff to live in the UAE. The service is accessible online via VFS Global's platform, or through dedicated helplines: India: +91-22-62018483 Bangladesh: +880 1739 861116 This marks the first rollout from the newly established Centres of Excellence in New Delhi, Mumbai, Ahmedabad, Chennai, Hyderabad, Pune, and Dhaka. These centres combine generative AI technology with legal and immigration expertise to streamline the Golden Visa application journey and ensure regulatory compliance. Yummi Talwar, Chief Operating Officer – South Asia, VFS Global, said: 'We believe there is strong demand for immigration advisory services, particularly for the UAE Golden Visa. In line with our customer-first policy we are delighted to roll out this solution that empowers applicants to get sound understanding of the immigration process and take informed decisions'. The UAE Golden Visa continues to gain popularity among global talent and high-net-worth individuals due to its tax advantages, long-term residency, political stability, world-class healthcare and education, and vibrant business environment. Rayad Kamal Ayub, Managing Director of Rayad Group, said: 'The United Arab Emirates' unique combination of economic stability, favourable tax policies, and luxurious living standards positions it as a premier destination for high-net-worth individuals seeking new opportunities and an elevated quality of life.' UAE Golden Visa benefits The Golden Visa is a key pillar of the UAE's strategy to attract global talent and long-term investment. Under the program: No minimum real estate investment is required for nominated applicants 10-year renewable residency is granted Full family sponsorship rights are included Holders can enjoy the United Arab Emirates' tax-free environment, including zero per cent capital gains tax and no personal income tax
Arabian Business
5 hours ago
- Arabian Business
Abu Dhabi Islamic Bank mobilises $4.63bn in sustainable finance, leads region in green sukuk
Abu Dhabi Islamic Bank (ADIB) announced it has mobilised AED17bn ($4.63bn) in sustainable finance by the end of 2024, marking major progress toward its AED60bn ($16.3bn) commitment by 2030. The milestone was detailed in the bank's newly released 2024 Sustainability Report, which outlines ADIB's environmental, social, and governance (ESG) progress in line with the UAE Net Zero 2050 and UAE 2031 national strategies. ADIB became the first Islamic bank in the region to publish sector-specific financed emissions targets, focusing on six high-emission sectors including real estate, utilities, and home finance. Abu Dhabi Islamic Bank These interim 2030 targets align with IEA Net Zero scenarios and the UAE's national decarbonisation goals. The report also showcases ADIB's: Double materiality assessment aligned with European Sustainability Reporting Standards (ESRS) First Green Sukuk allocation and impact report for its $500m green issuance Allocation of 90 per cent of Green Sukuk proceeds toward renewable energy, energy efficiency, and sustainable water infrastructure, resulting in 607,000 tonnes of avoided annual emissions Mohamed Abdelbary, Group Chief Executive Officer at Abu Dhabi Islamic Bank, said: 'Putting sustainability at the heart of what we do is one of the three key pillars of our 2035 vision. We're proud of the progress we're making, and how we're using our financing to contribute to the transition of our customers and the economy. 'Our latest sustainability disclosures reflect our steadfast commitment to ethical, inclusive, and climate-aligned banking. From leading the region in green sukuk to setting the benchmark on sectoral decarbonisation, we are taking decisive steps toward a low-carbon future'. Abu Dhabi Islamic Bank reported an 87 per cent reduction in Scope 1 emissions and a 3.51 per cent drop in Scope 2 emissions compared to 2022. These gains are attributed to continued investments in energy efficiency, electrification, and operational optimisation. The bank's double materiality approach ensures that it evaluates not only how sustainability affects business performance but also how ADIB's operations impact people, planet, and economy—in line with global best practice for corporate sustainability disclosures. Beyond environmental goals, ADIB strengthened its social impact commitments:
Arabian Business
5 hours ago
- Arabian Business
UAE Central Bank fines exchange houses $1.12m for anti-money laundering violations
The Central Bank of the UAE has imposed financial penalties totalling AED4.1m ($1.12m) on three exchange houses for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The sanctions, issued under Article (14) of Federal Decree Law No. (20) of 2018, follow detailed examinations by the Central Bank, which found significant compliance shortcomings. These included deficiencies in implementing adequate AML/CFT procedures and policies intended to detect and prevent illicit financial activity. CBUAE fines The action is part of the CBUAE's broader mandate to supervise and regulate financial institutions across the United Arab Emirates, ensuring they operate in accordance with local laws and the highest international standards. By holding exchange houses accountable, the Central Bank aims to maintain transparency, financial stability, and compliance with global AML/CFT frameworks.
