The Securities and Commodities Authority has issued to the Union National Bank a license to pursue clearing activities.

The second license provided in three months for a national bank, the move is aimed to diversify services provided across the country's financial markets as part of the consistent efforts made to promote their global rating.

The first license was issued in June to Emirates NBD to pursue the clearing activity and act as a "General Clearing Member" in the local financial markets. Emirates NBD was the first entity to receive this approval in the financial markets in the United Arab Emirates after meeting the conditions and requirements set by the SCA.

The approval enables the clearing member to perform clearing and settlement for the brokerage firms (clearing member) and their clients, after concluding a bilateral agreement to settle the accounts of the brokerage firm's clients or the accounts of the firm. This agreement would regulate the business relation between both parties and the rights and liabilities of each party, as well as how to distribute the commission on them.

The Authority's Board Of Directors' Decision No. (2/R) Of 2001 Concerning The Regulations As To Trading, Clearing, Settlement, Transfer Of Ownership And Custody Of Securities stipulates that the clearing member should be a local bank or a branch of a foreign bank licensed to operate in the UAE and approved by the SCA to perform the clearing business. Except for the local banks or the branches of foreign banks licensed to pursue the custody of the securities, the clearing activity may not be practiced unless after obtaining the SCA's approval which shall be renewable annually upon meeting the necessary requirements and payment of the prescribed fee.

UAE-based developer Arada which developed Aljada, a major real estate project in Sharjah, has sold some 300 residential units, including villas and apartments, at Cityscape Global Dubai 2017.

Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada, told Emirates News Agency, WAM, that the sale was achieved within the first few hours of its launch at the Cityscape Global Dubai exhibition.

Sheikh Sultan bin Ahmed praised the stature of Cityscape Global Dubai, an exhibition that gives information about the various real estate projects in the region. He revealed that Arada’s participation in the exhibition had helped it introduce the largest project in the emirate of Sharjah, which has been developed using the most sophisticated standards and qualities.

Aljada, owned by Arada, was developed in partnership between the Basma Group and KBW Investment Group. It was launched a few days ago and is considered the largest of its kind in Sharjah, covering some 24 million square feet, at a cost of AED24 billion. It houses several health, education and developmental facilities, and its architectural engineering has been carried out keeping in mind the noble spirit and fragrance of Sharjah.

Aljada includes two parks spread over some 2.2 square kilometers, so that they can contribute towards promoting a healthy and active lifestyle, while giving each resident a chance to enjoy greenery just a few minutes away from their homes.

The project also includes wide passageways surrounded by trees, extending over 4.4 kilometres to connect different areas of Aljada.