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

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.

Turkey’s Central Boosts Short-Term FX Borrowing to a Record

The central bank’s gross reserves have dropped by $20 billion in the period.

Directors' duties and UAE corporate bankruptcy

Directors and managers should ensure they are clear on their responsibilities under the applicable insolvency regimes in order to avoid claims of mismanagement and liability.

Lebanon removes banking secrecy rules to fight corruption

The move opens the way for investigations into bank accounts of current and former officials such as Cabinet ministers

Beirut’s bank chief comes under fire over crisis

Protesters blame central bank governor for taking Lebanon close to bankruptcy

Banks in Saudi, emerging markets will see spike in bad loans- S&P

Lenders with exposure to SMEs, retail, real estate to see biggest impact

Legal fraternity in Qatar advocate increased Pro Bono hours to keep businesses afloat

Recently, Qatar International Court and Dispute Resolution Center offered Pro Bono services to spearhead the delivery of swift, fair, and efficient judgments as part of an innovative legal model for commercial and civil dispute resolution.

Egyptian government prepares new economic stimulus package

The government is already providing aid to several of the commercial sectors most affected by the pandemic

Legal, Tax, Regulation & Compliance