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

Total reserves of Turkish central bank hit new record high

The bank's gold reserves surged slightly from $61.4 billion to $62.3 billion in the same period, according to the bank's weekly report on banking and money statistics.

National Bank of Egypt reports $2.59bln in pre-tax profits for 2023

According to the financial statements, the bank’s total assets reached $107bln in December 2023

NBK-Egypt signs cooperation protocol to provide equipment for Baheya Hospital new branch in Sheikh Zayed

As part of the Group’s dedication to fostering its leading role in social responsibility

Turkey’s central bank raises reserve ratios

Move follows sixth consecutive decision to hold rates

Turkey holds key interest rate again

Move comes as inflation, though falling, remains above 50%

Tough anti-money laundering frameworks require public-private alliances

Strictest regulatory framework in tandem with private sector partnerships are the cure.

Gulf central banks join Fed in cutting interest rates

The UAE regulator reduced its base rate for the overnight deposit facility by 50 basis points

UAE fines foreign bank Dhs5m for money laundering breaches

The central bank directed the foreign bank to present the regulator’s action to its board of directors

Arab Monetary Fund official lauds performance of Qatar’s banking sector

"Qatar represents 11.9% of the assets of the Arab banking sector achieving third rank among the Arab countries"

Oman’s credit grows to $81.6bn in July, up 3.8% yearly

The Central Bank of Oman’s latest bulletin reported a 2.3 percent rise in credit

Qatar Financial Centre PMI: Non-energy sector business conditions strengthen in August

PMI rises above long-run average as growth of jobs and new orders strengthen

Egypt’s Central Bank Increases Lending to Government

The central bank reported a 31.1% increase in the “M1” money supply

Qatar Financial Centre issues QFC digital assets

The framework also provides for the legal recognition of smart contracts.

UAE Federal Tax Authority issues Tax Guide for Investment Funds and Investment Managers

The IFIM Guide provides useful clarifications and examples on some of these conditions.

Former executive sues SHUAA Capital for $6mln in ‘unpaid labour dues’

The executive was not named in the statement, but is understood to be former MD, board member and largest individual shareholder Jassim AlSeddiqi

Dubai Financial Services Authority approves 61 new firms in H1

DFSA’s efforts have also bolstered the growth of the capital markets within the DIFC, which remains the world’s largest market for ESG sukuk

Saudi Arabia, Poland set up business council to strengthen economic ties

This move is part of Saudi Arabia’s broader strategy to deepen economic ties with Europe

Dubai Chamber of Commerce records 20.5% growth in document attestation transactions during H1 2024

11,740 documents digitally certified during first six months of 2024

UAE Central Bank revokes licence of Muthoot Exchange for violating standards

The firm failed to maintain its paid up capital and equity

Updated Saudi investment law to enhance foreign investor rights

The specifics of the investment law’s implementation will be clarified once the implementing rules are issued and actual practices under the new law are observed.

Legal, Tax, Regulation & Compliance