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History of banking in the UAE


For anyone considering banking in the UAE, here’s all you need to know about them. Here you can find out how the industry came into existence decades earlier and it has been constantly evolving to cater to every financial need of UAE-based residents.
UAE’s banking industry before the Union
The UAE was born with a natural advantage of having an established banking sector. The history of banking in the GCC and Iran are closely linked to Imperial Bank, which is now part of HSBC.
In 1946, Frank Johnson opened Dubai’s first bank, the Imperial Bank, now part of HSBC. For the past 75 years, HSBC has played a significant role in the development of the UAE; from installing the first ATM in the UAE to supporting the construction of the Sarouj Falaji and to the dredging of Dubai Creek. ....

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From the Editors: Dubai's global stature affirmed with fight against COVID-19


Vaccines vs mutations, Lebabon protests, Wall Street woes and more.
Published: 
January 30, 2021 11:00
Gulf News
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Dubai’s global stature affirmed yet again with fight against COVID-19: It is indeed heartening to see how the residents of Dubai have expressed positive feelings about the way this city has charted its course in the fight against COVID-19. Both Emiratis and residents living in Dubai feel that this is the best place they could have been during the pandemic. This is a huge statement of faith and confidence in not just Dubai’s world-class health-care infrastructure, but in the city’s overall atmosphere and the quality of life it offers that have always allowed it to be accorded a special position in the global community. It goes to show that Dubai and the UAE have always had the wherewithal to rise up to the challenge, year on year, and deliver the services that are expected – come rain o ....

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From the Editors: New coronavirus mutation, this time from Brazil


Our editors comment on global and local events and their repercussions
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Another mutation of the virus: The UK has been hammered by the coronavirus and is one of the worst hit countries in Europe. And with news of yet another mutation being found, this time from Brazil, fears understandably were growing. Thankfully, scientists have now said that the new strain is ‘not a variant of concern’ and this comes as a huge sigh of relief. It feels like the only bit of good news we have had here lately what with the number of new COVID-19 infections rising every single day and the number of deaths soaring too. But, it has still led to travellers from South America and Portugal being temporarily banned from entering the country. This has not gone down well with Portugal s government who have described the decision as absurd and illogical . It is not. The UK recorded almost 50,000 new cases yesterday along with 1,248 deaths. As difficult as it is, banning ....

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