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

Saudi Aramco completes $69bln SABIC stake deal, extends schedule

Aramco will pay instalments starting in August until April 2028

Lebanon central bank aims to bring dollar price down progressively: Salameh

Lebanon is grappling with an acute financial crisis seen as the biggest threat to its stability since the 1975-90 civil war.

Saudi's SABIC board proposes H1 dividend to shareholders

Dividends will be distributed on September 20, according to a filing on Tadawul

Dh50 billion: Leading UAE banks fully utilise liquidity relief funds to support customers

133,000 customers benefitted from the liquidity support of CBUAE extended through banks

Syria devalues currency as new US sanctions hit

Central bank raised official exchange rate from 704 to 1,256 Syrian pounds to the dollar

UAE Central Bank’s TESS liquidity scheme availed by 26 banks

More than 140,000 eligible customers have already benefited from the TESS liquidity facility

Updated transfer pricing guidelines in Saudi Arabia

The bylaws emphasize that taxpayers should apply and enforce the arm’s length principle on transactions between related persons or persons under common control as if they were conducted between independent persons.

Kuwaiti accomplice of Malaysia fugitive in 1MBD scandal is founder of New York firm

Was able to obtain millions of dollars between 2016 and 2019

IMF gloom deepens over global outlook

The IMF is due to update its World Economic Outlook on June 24.

Lebanon struggles to take first steps out of deep financial crisis

As the crisis has worsened, nearly a quarter of 1mn people have lost their jobs, the labour federation says, the Lebanese currency has lost more than 60% of its value and savers have been locked out of their deposits.

Turkey's Erdogan says Islamic economy can pull world 'out of crisis'

President Erdogan says Islamic tools offer a "key" to get out of global economic woes triggered by coronavirus pandemic, while vowing to make Istanbul centre of Islamic economy.

Jordan expands powers of anti-corruption agency

Kingdom also announces wider effort to collect taxes and catch tax evaders

UAE Public Prosecution warns against misusing national currency

The punishment includes fines and/or jail sentences of up to 25 years

DIFC back to business with offices, retail outlets and restaurants open

Strict public health procedures will continue to be implemented, says DIFC

DFSA and Deloitte Middle East publish discussion paper on Digital Assets Custody

The DFSA recognises that engagement with market participants is essential to ensure that this evolution occurs in a way that maintains the protection of client assets and market integrity.

Saudi Arabia triples taxes, cuts $26B in costs amid pandemic

The kingdom has also lost revenue from the suspension of Muslim pilgrimages to the holy cities of Mecca and Medina, which were closed to visitors due to the virus.

Abu Dhabi Global Market enhances its dispute resolution framework

The amendments to the ADGM founding law, issued alongside accompanying guidance were announced on 27 May 2020

EBRD loan to Turkey’s Akbank boosts lending to businesses

The new loan is part of the EBRD’s efforts to support Turkey and other countries where it invests to combat the economic impact of the virus and support recovery.

No acquisition by US-based bank: Emirates NBD Bank clarifies

Emirates NBD issued the statement in response to a recent news report speculating that BofA had bought 100 million shares

Turkish banks' short-term funding fix poses risks in COVID-19 aftermath

The Turkish central bank’s net foreign currency reserves dropped to $31.55 billion as of June 5 from $41 billion early this year, according to latest official data.

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