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

Middle East Banks Pair Up to Weather Oil’s Plunge and Virus

Masraf Al Rayan and Al Khalij Commercial Bank entered initial negotiations in June to create an Islamic entity.

Islamic Development Bank Group to respond to COVID-19 with USD 2.3 Billion package and to launch three supportive and robust initiatives in partnership with UAE Ministry of Economy and AIM

A prime goal behind the initiative is to promote and provide a robust platform for the investment and prosperous trade opportunities in Member Countries

UAE financial regulators to merge

Should address ‘current gaps and ambiguities’ to provide more certainty for investors

UAE Central Bank to launch new overnight deposit facility

'This new facility will support banks operating in the UAE in proactively managing their day-to-day liquidity'

UAE central bank to launch overnight deposit facility

Conventional banks launching the overnight liquidity of depositor.

Abu Dhabi Islamic Bank raises foreign ownership to 40%

The announcement came after obtaining the necessary regulatory approvals from the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, as well as the bank's shareholders during the Annual General Meeting (AGM) held last

Saudi Arabian Monetary Authority quashes rumors of bank account freezes

Rumors on social media is a punishable crime subject to anti-cyber crime law penalties

Wirecard Probe Expands with Arrest of Head of Dubai-Based Subsidiary

Wirecard filed for insolvency last month owing creditors 4 billion euros ($4.5 billion) after disclosing a 1.9 billion euro hole in its accounts that its auditor EY said was the result of a sophisticated global fraud.

DFSA’s 2020 Summer Innovation Testing Licence Programme accepts largest number of innovative firms to date

Many of these business models are focused on facilitating financial inclusion and literacy by serving low-income migrant workers.

New body speeds up processing of Saudi judicial liquidation

Infath assigns each case to suitable service providers based on the experience of the provider and the nature of the asset.

Dubai witnesses 83% growth in Trader licences issued in first half of 2020

In June, Trader licence issuances surged by 163%

Norton Rose Fulbright forced to quarantine Dubai staff after infection

But while NRF confirmed that one of its Dubai staff did fall ill, it said the individual "did not contract the disease in our offices".

UAE needs to bring in the ‘revenge’ spenders

Unlock pent up demand, and that’s where the recovery process will start from

UAE among most active countries in Middle East in providing economic incentives

The incentives include a monetary expansionary policy and a support plan by the Central Bank of the UAE, as well as incentives presented by the Federal Government to support economic activities, and incentives provided by the local governments of every em

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