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

UAE fines foreign bank Dhs5m for money laundering breaches

The central bank directed the foreign bank to present the regulator’s action to its board of directors

Arab Monetary Fund official lauds performance of Qatar’s banking sector

"Qatar represents 11.9% of the assets of the Arab banking sector achieving third rank among the Arab countries"

Oman’s credit grows to $81.6bn in July, up 3.8% yearly

The Central Bank of Oman’s latest bulletin reported a 2.3 percent rise in credit

Qatar Financial Centre PMI: Non-energy sector business conditions strengthen in August

PMI rises above long-run average as growth of jobs and new orders strengthen

Egypt’s Central Bank Increases Lending to Government

The central bank reported a 31.1% increase in the “M1” money supply

Qatar Financial Centre issues QFC digital assets

The framework also provides for the legal recognition of smart contracts.

UAE Federal Tax Authority issues Tax Guide for Investment Funds and Investment Managers

The IFIM Guide provides useful clarifications and examples on some of these conditions.

Former executive sues SHUAA Capital for $6mln in ‘unpaid labour dues’

The executive was not named in the statement, but is understood to be former MD, board member and largest individual shareholder Jassim AlSeddiqi

Dubai Financial Services Authority approves 61 new firms in H1

DFSA’s efforts have also bolstered the growth of the capital markets within the DIFC, which remains the world’s largest market for ESG sukuk

Saudi Arabia, Poland set up business council to strengthen economic ties

This move is part of Saudi Arabia’s broader strategy to deepen economic ties with Europe

Dubai Chamber of Commerce records 20.5% growth in document attestation transactions during H1 2024

11,740 documents digitally certified during first six months of 2024

UAE Central Bank revokes licence of Muthoot Exchange for violating standards

The firm failed to maintain its paid up capital and equity

Updated Saudi investment law to enhance foreign investor rights

The specifics of the investment law’s implementation will be clarified once the implementing rules are issued and actual practices under the new law are observed.

How Qatar is establishing itself as diplomatic leader in the Middle East

Part of a larger plan of economic and social development

Kuwait Finance House to sell its stake in Sharjah Islamic Bank for $351m

This move is part of KFH Group’s broader financial strategy and follows its recent financial achievements and strategic mergers.

Citi inks referral agreement with Dubai's Network International

Citi has struck a referral agreement with Dubai-based Network International to offer the bank's corporate clients omnichannel payments services in the Middle East and Africa.

Relm expands global presence

Relm’s Dubai-based affiliate has a licence authorised by the Dubai Financial Services Authority.

Saudi central bank reports strong growth in reserve assets, reaching $467.4 billion in Q2 2024

The quarter saw a 2.7 percent quarterly increase, adding around SAR46.724 billion to the reserve

Egypt extends term of central bank governor for a third year

Egyptian President Abdel Fattah El-Sisi has extended the term of acting central bank governor Hasan Abdalla for a third year, the official gazette said on Monday. Abdalla, who was head of Cairo-based Arab African International Bank for 16 years, was appoi

Central Bank of Oman issues treasury bills worth $70mln

The value of the allotted treasury bills amounted to OMR21 million, for a maturity period of 91 days

Legal, Tax, Regulation & Compliance