Areas such as Abu Shagara, Al Qasimiya, King Faisal Road, Al Mahatta, and Majaz have been particularly affected
"As stated previously, the allegations by the QFCRA in the QFC Courts are entirely false, and First Abu Dhabi Bank unequivocally denies them. It is not coincidental that the actions of the QFCRA take place at the time that the UAE, along with several other countries, have ended their diplomatic relations with the State of Qatar," said a FAB spokesperson on Sunday.
QFCRA on Sunday imposed a $55 million fine on the UAE lender for obstructing a probe into suspected market manipulation.
The bank stressed that it conducts its business in accordance with the highest professional standards and in full compliance with the laws and regulations of all the jurisdictions in which it operates.
"Although the QFCRA's allegations are false, FAB made good faith efforts to engage with the QFCRA to resolve the matter, with FAB's QFC branch providing all relevant and responsive information that it was required to disclose pursuant to QFC law. Any allegations that FAB's QFC branch failed to provide appropriate disclosures are false," said the spokesperson.
On June 19, FAB had informed QFCRA that it would relinquish its QFC branch licence and permanently close the branch.
The UAE lender is in the process of effecting an orderly wind-down of the QFC branch's operations, following many months of baseless actions by the QFCRA that have made it impossible for FAB's operations to continue in Qatar, said the spokesperson.
FAB shares fell 1.33 per cent to Dh14.82 on Sunday, in line with the decline across the Gulf markets due to US-China trade war.
waheedabbas@khaleejtimes.com
Areas such as Abu Shagara, Al Qasimiya, King Faisal Road, Al Mahatta, and Majaz have been particularly affected
The Ministry of Foreign Affairs reiterated its call on the United Nations and the UN Security Council to fulfill their responsibilities
This step aims bring relief to thousands of residents in Emaar’s communities who have been badly affected by unprecedented rains
Dressed in all black, the man was seen directing traffic for nearly six hours
Four others to drive away a luxury vehicle each
Despite repeated warnings, the restaurant failed to take effective measures to rectify the serious violations
Nothing’s best audio products to date feature exciting upgrades
The centerpiece of the exhibition features two extraordinary co-created artworks by Sheikha Khawla bint Ahmed Khalifa Al Suwaidi and the highly acclaimed Japanese calligrapher, Juichi Yoshikawa