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

Gulf economies have a head start

The region has some inherent advantages that are likely to hold it in good stead in this recovery phase

UAE gov reviews efforts to deal with impact of pandemic on economy

Nearly 10,000 SMEs benefit from the AED 50 billion Targeted Economic Support Scheme provided by the Central Bank

UAE oil trader GP Global files complaints over employee fraud

A detailed investigation is continuing on the methods of the fraud, “the individuals and entities involved, and the impact of the fraud” on GP’s business, the company’s letter said.

IMF bailout may be half what Lebanon sought when the talks began

The government and local lenders are still hashing out a compromise over calculating losses in the financial sector after their differences set back progress with the IMF.

Aamal reports gross H1 profit of QR154.8m

To support our valued retail tenants during these hugely challenging times, Aamal approved the waiver of rents for our retail units during the second quarter of 2020.

Turkey to Increase Censorship on Social Media Content

Companies could face fines, the blocking of advertisements or have bandwidth slashed by up to 90 percent, essentially blocking access, under the new regulations.

Bahrain to allow private employers to hire foreigners after four-month suspension

Beginning Aug. 9, employers in the private sector can resume hiring workers from abroad.

Employment disputes in Dubai and the DIFC courts

Regardless of the court system and procedure that will apply to the claim, the company will face certain obligations and financial costs.

Turkey under pressure as inflation forecasts rise

Economists expect higher inflation by year’s end, after it edged up to 12.6 percent in June.

Walkers Advises The Commercial Bank (P.S.Q.C) of Qatar

The Walkers team was led by Hong Kong partner Nicholas Davies and Bermuda partner Adam Bathgate with assistance from Hong Kong associate Sonya Saxena.

New EBRD loan of €40 million to Turkey’s Aklease

The EBRD financing will also strengthen the resilience of the financial sector and support Aklease as a successful firm in a challenging environment.

Turkey exempts foreign development banks from curbs on TL access

They will also be allowed to conduct repo and reverse repo transactions at the bourse, and lira depo transactions with domestic banks.

Dubai Economy and Emirates NBD go live with UAE KYC Blockchain Platform

The project is fully supported by Smart Dubai and the Central Bank of UAE

Kuwaiti social media influencers named in online money laundering probe

Fouz Al Fahad, Farah Al Hady and other high-profile personalities are part of an investigation into e-commerce site Boutiqaat.com

Uncertain Future For GCC SMEs

Outdated lending practices and a structural focus on government-related enterprises are keeping banks from backing the region’s beleaguered smaller companies.

Kuwait’s draft law on expat quotas to exempt domestic workers, those on government contracts

Under the new proposal, Indians must not exceed 15 per cent of the population of Kuwaitis

HSBC arranges first green export credit agency loan for Saudi ministry

The proceeds of the loan are being used to purchase buses from Germany for the kingdom’s public transport network

DFSA alerts institutions to increased risk of cyberattacks

The DFSA has observed an increase in attacks leveraging known and new malware and a soaring number of newly registered malicious domains referencing COVID-19 since March.

UAE residents warned against divulging bank details, personal information to random callers

Fraudsters continue to be on the prowl to steal data, money

Kuwait Investment Authority goes legal against former officials

Files claims against London office employees for indulging in salary hikes, bonuses

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