NeoFin AE

The UAE is cracking down on companies that keep workers on record without offering real jobs. Over 1,300 businesses were found inactive, leading to more than AED 34 million in fines and major restrictions.

Authorities are urging business owners to cancel licenses and update worker statuses if operations stop.

May this Diwali bring universal compassion, inner joy of peace and love!

UAE banks have extended AED 81.2 billion ($22.1 billion) in financial facilities to small and medium-sized enterprises (SMEs) by the end of the first half of 2024, according to the Central Bank of the UAE (CBUAE).

This represents 9.5% of the total cumulative balance of financial facilities provided to the commercial and industrial sectors.

SMEs are a crucial part of the UAE's economy, comprising over 95% of the total number of companies and employing 86% of the private sector workforce.

Eid Al-Adha Mubarak to you and your family! May this special day be filled with happiness, delicious food, and unique traditions.