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

DIFC Presidential Directive in response to COVID-19 ends on July 31

DIFC won't be extending the Presidential Directive beyond the emergency period

Qatar Central Securities Depository registered QR600mn in treasury bills in June

The total number of shareholders registered by QCSD reached 387,769, while shareholders with bank accounts were 57,078.

FAB Partners With Mohre to Deliver a Unified Payment Solution for UAE Domestic Workers Fully Integrated With Payit

FAB’s collaboration with MoHRE is the latest in a series of partnerships within the bank’s objective to drive more digital solutions across the UAE and wider region.

UAE banks can withstand shocks of any size, says regulator

Important sectors of the UAE economy have reached a near standstill over the past few months because of virus containment measures while others, such as real estate, have been sluggish for years.

Oman Investment Authority reviews its financial position

It approved procedures for amendments in boards of directors of OIA’s affiliated companies, besides endorsing a set of decisions pertaining to OIA’s governance measures.

S&P Global expects sukuk issuance to touch $100bn in 2020

Despite this glimmer of optimism, total issuance volume for the full year2020 will be lower than in 2019 since corporates are holding on to cash, cutting capital expenditure, and using bank financing.

Islamic Development Bank Group to respond to COVID-19 with USD 2.3 Billion package

A prime objective of the webinar was to discuss the challenges facing the Private Sector and Global Economy during the COVID-19 outbreak

Saudi Ground Services signs $133.3mln murabaha with Saudi British Bank

The credit facility duration is 30 months

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".

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