Managers of Wealth Middle East -Wealth, private banking and asset management news and opinion

Saudi Central Bank’s assets go up by 2% in November to hit $504bln

Deposits with banks abroad was the main driver of this change as it rose by 19.9%

Cost pressures and inflation to lift prices of consumer products

“Cost inflation is impacting every part of the value chain, but is especially pertinent in the categories of transport and freight, and raw materials,”

Doha Bank secures $762.5 million syndicated loan

Fitch placed Doha Bank and other Qatari lenders on "rating watch negative" in October, citing increasing reliance on external funding and recent rapid asset growth.

Qatar's banking sector demonstrates resilience, registers 'impressive' growth amid Covid-19 challenges

One area of particular focus was the support mechanism for small and medium enterprises (SMEs).

Saudi Arabia to finalise Riyadh 2030 strategy next year - state media

Saudi Arabia is investing $220bln to transform Riyadh into a global city by 2030, and expects to attract a similar amount of investment from the private sector

About 72% of CEOs worried about losing their jobs in 2022

Supply chain, labour market and digitalisation topped executives’ list of concerns, survey shows

90% of Mena employees feel optimistic about 2022, survey finds

More than half picked finding a new job as their top career-related resolution for next year, according to Bayt.com

$2.8bn boost for National Bank of Egypt’s retail portfolio expansion

NBE’s customers deposits portfolio is valued at 2.3 trillion Egyptian pounds.

World economy set to exceed $100 trillion for the first time next year: Economic wrap

The head of Norway’s wealth fund said that financial markets are set to experience weak returns in the next decade and that inflation is the main hurdle ahead.

The insanely luxurious life of Dubai’s ruler even puts billionaires to shame.

It was an accurate picture of extravagance and sheer luxury.

PIF’s $40bln investment plan to boost growth of startups in Saudi Arabia

According to Saudi Finance Minister, the MENA region’s largest economy is expected to post a surplus of $7.2bln in 2023 and $11.2bln in 2024

UAE is the Middle East's most globalized country - report

Overall, the DHL Global Connectedness Index just declined very modestly in 2020 and is on track to rise in 2021

Some investors turn cautious on Egypt's lucrative carry trade

This has made Egypt a favourite among emerging market investors since it undertook a wide-ranging reform programme under the auspices of the IMF in November 2016.

Commercial Bank of Dubai PSC's investors will be pleased with their 3.6% return over the last five years

There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance.

Fitch revises Oman's outlook to Stable; affirms at 'BB-'

The revision of the Outlook reflects actual improvements in, and the expected evolution of, key fiscal metrics including government debt/GDP and the budget deficit

Central Banks In Action Mode

The Bank of England raised interest rates last week in an abrupt U-turn. At the previous meeting, the BoE’s monetary policy committee had voted 7-2 in favour of no action.

Ultra-wealthy buyers enable Dubai property sector to escape six-year slump

Villas in Dubai have exceeded expectations during the COVID era, but other Gulf markets have shown varied performance this year

Turkish finance minister briefs banking sector on new economic model

"Our banks will continue to use their resources to meet the financial needs of households and the real economy, within the free-market mechanism that operates with its rules,"

Lebanon's central bank will start selling US dollars to commercial banks at Sayrafa rate- statement

The bank will also allow depositors to convert the Lebanese pounds they withdraw from their dollar deposits back into dollars also at the Sayrafa rate

Egypt's central bank keeps key interest rates unchanged

The bank has kept its lending rate at 9.25% and its deposit rate at 8.25% since November 2020

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