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

Bahrain Seen Needing More Gulf Aid as It’s Downgraded by Fitch

Lower oil prices and the global coronavirus pandemic have combined to stretch its finances.

Bahrain to set up committee to counter money laundering and terrorism

The new body will report to the country’s cabinet

UAE lenders banking on gradual recovery

Financial institutions' performance to largely depend on economic rebound

Dubai ruler issues decrees to restructure boards of Investment Corporation of Dubai and Meydan City Corporation

Under the decree, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is now chairman of the corporation's board

Turkey’s Central Bank Is in a Bind Forward of Charges Day: Eco Week

All this in all probability interprets into the central bank holding charges when it meets on Thursday.

Global Anti-Money-Laundering Fine Amounts Released

For years the U.S. has led the way in imposing major anti-money laundering (AML) fines, but regulators in Europe have recently started taking a much tougher line.

UAE, Israel agree on historic deal to establish diplomatic ties

US President Donald Trump said the deal will facilitate peace in the Mideast

Oman secures $2bln bridge loan - sources

The loan, which will be repaid with money raised from an international bond issuance, will bolster state coffers hit by low oil prices and the economic downturn caused by the coronavirus crisis

IMF Grants Egypt $5.2 Billion Loan

Egypt’s central bank recently announced that net international reserves reached $38.31 billion at the end of July.

Samba Financial Group Chooses Dubai International Financial Centre for International Operations

The DIFC’s robust legal and regulatory framework, alongside its highly developed and comprehensive financial ecosystem, continues to be a catalyst for growth in regional banking.

Private firms told to cut Saudi staff enjoying compensation

Government had earlier announced financial compensation under SANED in the wake of the measures taken to mitigate the economic impact of pandemic

Lira rebounds after Turkey ditches cheap bank funding

The central bank halved the amount in an earlier move.

Kuwait: Parliament to Discuss 7 Bills Aiming at Reducing Expat Population

The committee rapporteur, MP Osama Al-Shaheen, said that the Ministry of Social Affairs presented short and long term solutions, revealing the ministry laid down a plan to terminate the services of 360,000 expatriate workers.

Turkey turns to BCG to help boost US economic trade

TAIK has already been working with BCG to find ways to achieve a bilateral trade volume of $100 billion between the two countries.

Lebanon’s Offshore Governor

Much of his money went to the U.K., a favorite destination for overseas investors looking for a discreet place to make their money grow.

EBRD fosters private businesses in Egypt

The EBRD expects to dedicate the entirety of its activities to combating the economic impact of the crisis and stands ready to provide support worth €21 billion over the 2020-21 period, in order to help the 38 emerging economies where it invests.

Kuwait May Deport 360,000 As Gulf’s Expat Exodus Continues

At the same time, the government is trying to reassure the country’s own citizens they will not suffer from the economic downturn.

Samba Financial gains approval for DIFC branch

The lender gained approval to offer 'selected financial services to professional clients and market counterparties' from the financial free zone

Kuwait's parliament reviews proposals to cut expat numbers

Kuwaiti MP Khalil Al-Saleh, who head the committee panel, said the committee plans to meet with the minister of social affairs, Mariam al-Aqeel.

Union Properties inks debt deal with Emirates NBD

The developer recently unveiled a three-year plan to turn around its fortunes after several years of underperformance and mounting losses

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