RSSDubai enjoys its role as a major business and commercial hub of the Middle East. Goes without saying, Dubai is berth to major Banks and Insurance companies from around the world.
The UAE Central Bank is the primary regulatory authority. Federal law restricts foreign banks to no more than eight branches each and requires that every commercial bank must have a paid-up capital of at least Dh40 million. There are few investment or merchant banks at present. Under new rules issued in 1996 permission for establishment of representative offices of foreign banks will be granted by the UAE Central Bank provided that the capital of the parent bank is not less than Dh183.7 million (US$ 50 million) and such bank has been in operation in its home country for at least ten years.
The UAE Government has set up the Emirates Industrial Bank, with the main objective of helping to develop the private sector. Companies can approach this bank for medium or long term industrial finance. Import and export financing can be arranged through the commercial banks. Leasing and hire purchase is available from local finance companies specializing in this business.
Banks are open to the public from Saturday to Wednesday between 8 a.m. and 1 p.m. and from 8 a.m. to 12 noon on Thursday. Mashreq and Standard Chartered banks are also open from 4.30 p.m. to 6.30 p.m. Banks are closed on Fridays and public holidays.
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