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

COVID-19 relief: Saudi Arabia allows businesses to delay loan payments for a year

Relief package extended to businesses that have signed up for relief programme

Turkey moving forward to broaden its Islamic finance base

The statement comes as Islamic finance in Turkey, which is there called “participation banking,” is getting more and more traction in the country after its growth has been made a priority in economic planning by the government.

Strategic pension reforms rethink by Bahraini lawmakers

Fate of 95,000 Bahraini pensioners and 140,000 Bahraini workers lies on these reforms

Wealth planning in the UAE: trust or foundation?

Under common law, a trust is not a legal entity in its own right.

Dubai announces new economic stimulus package worth Dhs1.5 billion

The government has launched many initiatives to support business sectors across the economy.

1MBD scandal: Kuwait royal family member arrested for money laundering

Sheikh Sabah, business partner were arrested in connection with Malaysian corruption case

Turkey Revokes Experience Requirement for Central Bank Deputy Governor

The provision, which envisages 20% of the bank's annual profit to be reserved as a reserve fund, has been repealed, the same decree said.

Jordan presses sweeping tax evasion crackdown to aid ailing economy

The government said it had frozen the assets of dozens of companies and businessmen on suspected tax evasion charges.

Offshore jurisdictions can soothe investor concerns

But increases in cost in such offshore investment hubs will need a close watch

Emirates NBD’s capital issuance creates more buffer against impairments

Issuance of $750m AT1 capital increases ENBD’s Tier 1 capital ratio to 17.5 per cent

Think tank skewers Dubai as hub for ‘dirty money’

UAE officials and regulators reportedly aware it is used as ‘conduit for illicit financial transactions’

Qatar Participates in Global Summit to Discuss Impact of COVID-19 on Global Economy

The Assistant Undersecretary of Labor Affairs affirmed that the State of Qatar will continue its cooperation and joint work to achieve recovery and provide all assistance to tackle the economic repercussions of the crisis in order to secure and stabilize

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.

Legal, Tax, Regulation & Compliance