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

Agreement with IMF Revives Foreign Investment in Egypt

They told the Middle East News Agency that it also obtained nearly $3 billion from the IMF’s Rapid Financing Facility (RFI).

EBRD and NBE boost private businesses in Egypt

In addition, the Bank is increasing an existing uncommitted trade finance limit for NBE by US$ 100 million under the EBRD’s Trade Facilitation Programme to reach US$ 300 million, to help meet the increased demand for import and export transactions.

EBRD supports Egypt’s real economy through loan to CIB

This credit line will help CIB provide short-term loans to private small and medium-sized enterprises and corporations facing liquidity strains due to a decrease in their activities and turnover caused by the crisis.

Abolishment of the NOC system in Oman - a practical guide for employers

The only remaining administrative requirement is that that the employee has to provide evidence to the relevant authorities that the previous employment relationship has ended.

Saudi Arabia's crown prince is trying to buy Newcastle United for $381 million. Here are all the major soccer teams owned by royalty.

Saudi Crown Prince Mohammed bin Salman, has been bidding to buy Newcastle United for $381 million through the kingdom's sovereign wealth fund.

Bahraini court rules on Iran-linked money laundering

3 bank officials get jail sentences, fines

Need to focus on cybersecurity, adopt AI to protect vital sectors: DFF

Cybercriminals are exploiting digital infrastructure healthcare professionals use to treat COVID-19 patients, confident that organisations will have no choice but to pay to re-enter their systems.

Coronavirus impact: Legal disputes rise in UAE as firms struggle to meet contractual obligations

Covid-19 has also a considerable impact on both volume and nature of disputes.

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

Turkish companies for first time use central bank’s yuan swap facility to cover import bills

A tripling of the swap line with Qatar to $15bn-equivalent in local currencies last month led to an $8bn rise in the reserves, but analysts were concerned that it was a long way from meeting the country’s needs.

Defining the paramater of ‘economic substance’ in UAE's new law

Foreign-owned businesses will need to offer more transparency to pass UAE’s ESR benchmark

Extradition hearing of former Abraaj CEO to start in London

US authorities want Arif Naqvi to stand trial in America on charges of fraud and money laundering

Emirates NBD Capital successfully closes Islamic Development Bank (IsDB)'s landmark USD 1.5 billion sustainability Sukuk

The bank acted as Joint Lead Manager and Bookrunner for the landmark transaction by IsDB, rated Aaa/AAA/AAA by Moody's/S&P/Fitch (each with stable outlook)

IMA Releases New Reports on the Role of CFO in Sustainability

Reports analyze integration of finance professionals in sustainable business activities

Iranian finance firm’s CEO pleads guilty to multimillion-dollar fraud conspiracy

Payment24 had about 40 employees and offices in Tehran, Shiraz and Isfahan, Iran.

SFAI expands into Bahrain, Jordan, Kuwait and Yemen

The firm’s core services include bookkeeping, preparing policies and procedures, feasibility studies, valuation reports, business planning, financial forecasting, operations management, and internal controls.

Emirates Adds Flights to New York, London and Singapore

It will take the total number of Emirates destinations on offer to 40.

UAE issuers are hitting a rich vein with bonds

Sharjah and Dubai Islamic Bank ride this wave, while FAB heads to the Far East

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

The fiscal breakeven metric assumes that countries will adjust both their spending and—depending on their ability to influence the global price of crude oil—their production decisions to avoid deficits and smooth public spending.

Dubai allows new set of economic activities; no restrictions on mall visits

Announcement is part of the gradual reopening of economic activities and return to normalcy in the emirate

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