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

DIFC Data Protection Law – consent management

Consent management is the process of obtaining and managing consent from data subjects in order to collect and process their personal data.

Egypt’s new banking law comes into force after Al-Sisi’s ratification

Banks obliged to reconcile their conditions under its provisions within 1 year, transition period can be extended for 2 years

Turkey lowers banks’ asset ratio requirements in stimulus reversal

The measure, which will be applied from Oct. 1, followed a surprise rate hike by the central bank last week designed to defend the lira and ease investors’ concerns that a splurge in lending by banks would lead to economic instability.

UAE President issues decree for private sector to pay equal salaries to men and women

The procedures, controls and standards necessary for evaluating work of equal value will be set by the government

UAE central bank urges banks to step up anti-money laundering efforts

It said manufacturing production shrank “due to supply chain disruptions, limited export opportunities and subdued domestic demand.”

UAE announces details of economic substance regulations

Government entities are no longer exempt and are now subject to the updated ESR

Saudi Arabia campaign uncovers 770 VAT violations

Violations at retail stores include tax evasion and failure to keep records

QFC Regulatory Authority prohibits IFSQ from conducting business

The Regulatory Authority took this action because IFSQ has failed to satisfy the Regulatory Authority in respect of its fitness and propriety.

Abu Dhabi denies reports of changes to rules surrounding entry into the emirate

The authorities urged the public to rely only on official sources of information

Kuwait’s National Assembly panel passes law to reduce expat numbers

The draft law gives the government six months to determine the number of expats needed by the country

Egyptian expats' remittances rise to $2.9bln in July: CBE

Total remittances reached $17bln in seven months

UAE central bank failed to prevent Iran sanctions evasion: Report

Bank failed to act on warnings about a local firm which was helping Tehran to evade sanctions, leaked files show

Egypt's central bank attracts EGP 21 billion with T-bill auctions

The CBE offered T-bills in an auction on Sunday with the aim of attracting EGP 19 billion, with interest rates ranging between 12.9 percent and 13.6 percent

Saudi German signs R305 Islamic debt facility

Earlier this month, the company signed a R7m four-year lease contract for a hospital building in Jeddah with Bait Al Batterjee College for Medical Sciences and Technology.

DP World, Bank Leumi to Explore Israel Logistics Investments

The UAE and Bahrain last week signed agreements to move toward establishing normal ties with Israel, setting in motion a potentially historic shift in Middle East politics.

17,500 enrolled into Dubai's employee benefit scheme

The DEWS end of service scheme, details of which were released in January, is a low cost investment platform for receiving and managing mandatory employer end-of-service contributions on behalf of their employees and any added voluntary savings by employe

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