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

Forum discusses tax cooperation among BRI’s member countries

The Forum met on Wednesday via videoconferencing technology bringing together 178 participants from 38 countries and organisations from around the world.

Pepperstone Secures Lucrative DFSA License in Dubai

A team headed by Tarik Chebib has been organizing the effort on behalf of the Melbourne-based firm.

Authorities “may be sowing seeds of Turkish economy’s downfall” by pumping money at fastest rate for more than decade

Prior to the impact of the coronavirus (COVID-19) pandemic, Turkey’s policy makers, urged on by the Erdogan administration, were already cranking up flows of credit into the economy

Dubai's DIFC firms to benefit from group healthcare scheme

Dubai-based EC3 Brokers will facilitate the purchase of cost-effective health insurance for DIFC registered companies.

Bank ABC in founding partnership deal with Bahrain Fintech Bay

This partnership builds on Bank ABC’s commitment to lead the fintech revolution in the Mena region and support local efforts to attract fintechs and entrepreneurs to establish a footing in Bahrain and tap into the vast potential for innovative finan

Qatar capital market seen needing short-term, good quality Shariah products

Qatari bonds are of interest to a wide variety of investors, including global money market funds, and international banks seeking US dollar-backed exposure.

Saudi wealth fund suspends plans to change $10 bln loan terms - sources

Banks continue to court the PIF, but a proposal made earlier this year to delay the repayment of a $10 billion bridge loan raised in October was questioned by some of the lenders.

Saudi central bank injects SR50bn to support liquidity of banking system

Dr. Ahmed Alkholifey, governor of SAMA, told Al-Arabiya that the funds will come in the form of one-year no-interest deposits in all Saudi banks.

Emirate of Sharjah hires banks for sukuk that could go up to $1 billion

Benchmark bonds are generally meant to be over $500 million, but a source close to the deal said the transaction could range between $750 million and $1 billion.

Banque Syz expands into Turkey

Banque Syz has four offices in Switzerland and two other representative offices abroad, in South Africa and the United States of America.

UAE Central Bank issues financial reporting guidance to calculate Covid-19 credit losses

The regulator proposed ‘practical solutions’ to manage economic uncertainty while complying with IFRS 9

Saudi Arabia's central bank injects 50bn riyals to boost liquidity of financial sector

The move is part of the central bank's efforts to support the kingdom's financial institutions

Investor confidence rebounds as trade licences rise in May

The total number of licences issued in the UAE in May reached 648,684.

Saudi Arabia PIF’s $40bn boost aimed at post-pandemic profit

Since the COVID-19 crisis began, the PIF has spent $7.7 billion amassing a portfolio

Sharjah hires banks for $1bn sukuk sale

A sale could happen as soon as this week and proceeds will be used for general budgetary needs, sources said

Curbing money laundering

SCB agreed to settle OFAC’s claim for $132m regarding 911 transactions worth around $133m to or through the United States in violation of Iranian Transactions and Sanctions Regulations (ITSR).

Dubai back to business: DIFC Gate Avenue to reopen from June 1

Working hours is aligned to federal directives on sterilisation programme

Qatar grants USD10 billion to Turkey to ease Lira's collapse

As the country ran down its hard currency buffers in the currnet year, it collected a group of 20 countries to be included in swap deals such as the ones the US has given to other emerging economies.

Shariah-compliant instruments can put the S in ESG

Social instruments could also be used directly to support households by compensating them for lost income, and by providing access to affordable basic services, such as education and health care.

Lebanese MPs await IMF remarks on capital control law - MP

The draft capital law aims to protect what is left of Lebanon's hard currency reserves, member of parliament Alain Aoun told Reuters.

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