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

Saudi regulator seeks to raise capital levels for insurers

Of Saudi Arabia’s 33 insurance companies, 10 made a loss last year, with the bulk of profits being earned by two companies — Bupa Arabia and Tawuniya

DFSA Fines Company USD 105,000 for Unauthorised Activity

Enness Limited acted outside the limits of its DIFC Representative Office Licence

Dubai fines financial advisor $105k for unauthorised mortgage operations

Dubai Financial Services Authority has fined Enness Limited (Enness DIFC) $105,000 for engaging in unauthorised activity outside the scope of its licence

Tax data sharing sparks arrests among Israelis with unreported foreign bank accounts

The arrest warrant indicates that Gecht did not report the accounts and the profits accumulated in them.

Kuwait lawmakers okay amendments to bank regulation law

Kuwait's central bank will be tasked with forming the inspection body and dictating the nature of its operations, a role previously occupied by the Ministry of Awqaf and Islamic Affairs, it added.

AUB attracts national talents at PAM’s career fair

This enriches the work environment and helps provide the opportunity to Kuwaiti skilled employees to assume the responsibility of development, progress and prosperity.”

UAE c.bank says monitoring job cuts in financial industry

The UAE central bank also said Saturday it is encouraging “Emiratisation” in the banking sector - hiring of UAE citizens - obliging banks to have 40% Emirati citizens in the workforce within 3 years.

African Development Bank loans Morocco 204 mln USD for social protection

Morocco is one of the main beneficiaries of AfDB's funding, with a cumulative commitment of more than 10 billion dollars.

Saudi economy set to grow this year, driven by non-oil sector - central bank

The International Monetary Fund said in January it expects the Saudi economy to expand 1.9% this year, up from an estimated 0.4% in 2019.

All you need to know about investing in residency and second passport

More than 100 citizenship and residency by investment programmes are currently on offer

Dubai Economy and six banks launch KYC consortium

Dubai Economy and Emirates NBD are founding members of the consortium

Egypt plans to resume IPOs of parastatals

The government expects to raise around EGP 100 billion ($6.4 billion) from the sale of stakes in more than 20 companies

UAE regulator to investigate Pakistan bank for money laundering

The Central Bank of UAE said in a statement on Wednesday that it was in “close contact” with Pakistan’s banking regulator to verify reported irregularities of a Pakistani bank in UAE.

More expat jobs to be replaced by Omanis

Oman's government has recently confirmed an extension of its visa ban for expats working in certain sectors, with the ministry of manpower (labour) confirming that visas will no longer be renewed once their licence has expired.

KPMG in Bahrain to host a business seminar

The event aims to bring together the leaders of the banking and financial services sector to discuss the implementation of the new regulation.

UAE cracks down on misuse of home loans

The move is aimed to limit risks from property slump

Hanan Morsy named one of Egypt’s 50 most influential women

Dr Morsy has brought a wealth of international experience to the African Development Bank.

Dubai's health insurance industry booming after mandatory medical insurance

Healthcare entities such as Avivo Group, which even otherwise faces heavy operating expenditures, are putting additional money on the new department that handles insurance-related activities.

SA expat confusion over tax status as amendments loom

Taxpayers who will be most affected by the legislation are those in the Middle East or in countries where there is no double taxation agreement.

FAB issues over AED 3 billion bonds within three days

The bank issued the region’s first dollar-denominated Sukuk for 2020 in January, the order book topped $1 billion with 80 per cent allocated to Islamic investors

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