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

Saudi VAT increase: What are the long-term implications?

The kingdom hiked its value added tax (VAT) from 5 per cent to 15 per cent in July

Abu Dhabi introduces PPP regulations to support private sector investment in infrastructure

Abu Dhabi announced on 28 October 2020 that it will issue foreign direct investment licences to investors

The Impact of SARs Disclosures on Financial Institutions

The surprising releases of information from Suspicious Activity Reports (SARs) that were filed with the Financial Crimes Enforcement Network have sent shockwaves through the financial industry

Bahraini Court Fines Central Bank of Iran in Money Laundering Case

To date, the court has imposed a total of BD 330 million in fines against those found guilty in cases related to the Future Bank, confiscated financial transfer amounts worth $323 million, and issued custodial penalties against them.

Central Bank emphasises impact of Mohamed bin Zayed’s constant support during COVID-19 crisis on UAE’s current economic recovery

CBUAE stated that His Highness’ directives to support the UAE’s national economy and financial system during the COVID-19 crisis had an incredible impact on the country’s current economic recovery.

‘We have great admiration for our Saudi partners’ says UK envoy to Riyadh

Ahead of the G20 Riyadh summit, the UK envoy hails what he describes as a ‘modern partnership’

CBUAE and ADGM announce winners of FinTech Abu Dhabi 2020 Innovation Challenge

Solutions to be showcased during the FinTech Abu Dhabi Innovation Challenge Demo Day on 25 November 2020

UAE's FTA to issue Tax Residency, Commercial Activities Certificates for investors via its e-Services portal

Authority will begin receiving applications for the issuance of Tax Residency and Commercial Activities Certificates via its e-services portal as of November 14

Government should be the one to submit its accounts to audit: Lebanon central bank

The central bank said in a statement that Banque du Liban could not submit such information as it would then be in violation of the country's bank secrecy laws

CBO warns against unlicensed money collection

The conduct of money transfer business by non-licensed entities/individuals is illegal and incriminated pursuant to Oman laws, and customers depending on such illegal channels are vulnerable to the fraud risk and they may lose their hard-earned money.

Qatar Chamber calls for reviving GCC free trade negotiations with EU

The meeting discussed topics related to enhancing co-operation in the industrial and commercial sectors between member countries.

UAE construction sector gets some maneuver room with revised Bankruptcy Law

This will be quite visible in how the Arabtec liquidation is played out

Egypt and Italy discuss third phase of debt swap program

86.6% Government debt in Egypt is running at 86.6 percent of GDP, according to the IMF

Supporting fintech: UAE Central Bank issues new regulation on stored value facilities

With the new regulation, CBUAE aims to facilitate for fintech firms and other non-bank payment service providers easier access to the UAE market

Qatar, Kazakhstan to boost trade ties

The Minister also discussed mechanisms to bolster bilateral trade and enhance cooperation in priority sectors that would serve the developmental aspirations of both countries.

CBO issues treasury bills worth OMR71 million

The average accepted price reached 99.950 for every OMR100, and the minimum accepted price arrived at 99.950 per OMR100.

DFSA enforcement action against Al Masah upheld

DFSA action follows unauthorised financial services and making misleading statements

UAE central bank issues new rules backing FinTech firms

CBUAE Governor Abdulhamid M. Saeed Alahmadi said: "We are confident that the new SVF regulation will strengthen the public's confidence in the use of digital products and services and foster further development and innovation across the payments

Oman to introduce income-tax on wealthy individuals

Oman expects to introduce an income tax on high earners in 2022, the finance ministry said in a 2020-2024 economic plan, as the Gulf state seeks to restore finances battered by low oil prices.

Net foreign assets of Egypt’s banking sector up $3.30bln in September

In a recent report, the CBE stated that the increase in net foreign assets came as a result of the increase in the volume of foreign assets in the banking sector

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