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

Mobile payment service PayBy ties up with uPay to extend its reach

Users can top up their digital wallets on uPay’s self-service kiosks in the UAE

Fitch Affirms Gulf International Bank- Saudi Arabia at 'BBB+'; Stable Outlook

GIB's IDRs are driven by its 'BBB+' SRF, which reflects Fitch's view of a high probability of support for the bank, if needed, from the Saudi authorities

UAE merges financial services regulators in government shake-up

This may mean that firms currently authorised and regulated by the IA and SCA will need to reapply for licences under the new regulatory framework, although it is unclear at this stage what the licensing framework will look like.

Saudi Payments and Discover sign network alliance agreement

This strategic alliance enhances Saudi Payments’ strategy to grow the number of options available in the Kingdom’s digital payment environment providing more choices to consumers.

UAE provided financial facilities worth Dhs5.8bn to non-profit organisations in Q1 2020

The Central Bank of the UAE has said that the support provided to non-profit organisations is expected to increase in 2020

$8bn blow to Erdogan as investors flee Turkey

Externally, investors fled riskier assets like emerging markets during the height of the coronavirus pandemic.

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

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