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

Oman announces Omani Rial sovereign Sukuk issuance for retail investors

The Sukuk was offered with a minimum value of OMR10,000 during the period from November 4–10, 2020.

Egypt’s central bank seeks to issue dollar-dominated T-bills during Nov.

Egypt's 2020/2021 draft budget aims to reduce public debt of GDP to 82.7 percent by end of June 2021

UAE’s VAT revenue tops $3bln during Jan-August

The UAE began applying VAT on January 1, 2018

UAE says has no plan for now to increase VAT

All six Gulf Arab states agreed to introduce 5% VAT in 2018

Will the UAE introduce income tax for ‘high earners’?

And could that actually be a good thing for the financial advice sector?

A partnership between Mashreq and Dubai Commodities to support growing companies

“It is not enough to stress the importance of SMEs in promoting the growth and diversification of Dubai’s economy,” said Subroto Som, Head of Personal Banking Group in the Mashreq.

Bahrain Amends Law to Help Startups Raise Capital

The amendment allows closed shareholding companies to introduce employee share schemes, enabling them to retain talent and incentivize their employees.

SALAMA successfully introduces new Individual Life product range in compliance with UAE Regulation 49

The revisions were made to ensure higher value for customers and promote more transparency on benefits, charges and growth rates

FinCEN Files reporting from North Africa and the Middle East

ICIJ partners investigated suspicious transactions linked to oil and gas companies, a doping and bribery scheme, Iran sanctions evasions and more.

United Arab Emirates: Economic substance notification and report templates issued

The MOF had removed the initial ES notification template from the MOF website due to errors contained within the template.

United Arab Emirates: Court allows late payment penalties on voluntary disclosures

This can lead to significant penalties in many cases.

Dubai watchdog stiffens oversight after private equity failures

Private equity industry in Dubai was rocked by the collapse of Abraaj in 2018

Qatar businessmen keen on Islamic finance in PH

“There is also a potential, and inward focus into the Philippines from Qatar, around the area of Islamic finance or Islamic banking,” he said.

Saudis targeted in new wave of financial scams

Fraudsters claim to be from trusted institutions such as central bank or Public Investment Fund

Supporting business: More than 320,000 customers benefit from UAE Central Bank's TESS

CBUAE report states role played by national banks in providing financial relief

Kuwait has no choice but to borrow to tackle deficit - audit body

The annual transfer will now be made only if Kuwait achieves a budget surplus

Lebanon gets more time to meet audit demand by creditors

But the central bank has handed over less than half of the documents needed to proceed with the audit.

Qatar Credit Bureau receives 2 ISO certifications for cybersecurity, business continuity

Sheikh Abdullah praised the centre's employees and its partners for their efforts in implementing the strategy and for their dedication to providing trusted solutions to their clients that helps develop the financial sector.

CBB warns banks’ customers on sharing information

In addition and as per prior alerts, customers are reminded that the CBB and banks would never request such sensitive information through telephone calls.

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

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