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

Lebanese banks set 2,600 pounds to dollar rate for small accounts

A senior banking source said this rate would be fixed

Lebanon to audit central bank accounts

Lebanon’s coronavirus lockdown has compounded woes in a country with a weakening currency, dwindling reserves, and soaring inflation.

Dubai’s Emaar chairman takes 100% salary cut, assures employees ‘this too shall pass’

A new salary structure will be implemented April 1 onwards, until further notice

Jordan Central Bank Says Too Early to Predict Impact of Coronavirus on GDP

The International Monetary Fund, which last month approved a four-year $1.3 billion program with the kingdom, had expected Jordan’s economy to grow around 2.1% in 2020 but gradually rise in the next few years to 3.3%.

Saudi imposes 24-hour curfew in several cities including Riyadh, Dammam

Entry into and exit from the areas under curfew has been banned until further notice

DFSA Takes Measures to Support its Financial Community

These initiatives are designed to allow the DIFC community to focus on protecting the wellbeing of their staff and supporting their clients during this time of stress and uncertainty.

CBUAE, ADGM & DIFC issues a joint guidance for banks and finance companies on the application of IFRS9 during COVID-19 pandemic

The Authorities regulate and supervise banks and finance companies that may have clients experiencing financial stresses as a result of the Covid-19 outbreak.

Economic Policies for the COVID-19 War

In a war, massive spending on armaments stimulates economic activity and special provisions ensure essential services. In this crisis, things are more complicated, but a common feature is an increased role for the public sector.

ِAl-Mashat discusses with Egypt's development partners advancing mutual cooperation in face of COVID-19

The meeting which was under the theme Global Partnership for Effective Development Cooperation was an important call from the Ministry of International Cooperation to bring forward a platform for discussion around immediate COVID-19 crisis response and se

UAE central bank boosts anti-coronavirus stimulus to $70 billion

The UAE central bank has upped the ante against the financial impact of the coronavirus by introducing a new set of liquidity-boosting and capital preservation measures.

Asian investor cleared of laundering Dh278 million in UAE

The defendant was sentenced two years in jail followed by deportation.

UAE Central Bank Boosts Anti-Coronavirus Stimulus to $70 Bln

The UAE regulator said on Sunday it has halved banks' reserve requirements for demand deposits to 7% from 14%, which will inject about 61 billion dirhams of liquidity to support banks' lending and liquidity management.

Firms given extra 6 months to implement seismic UAE regulation

But views are mixed on whether the legislation should be delayed

Kuwait central bank announces stimulus to support vital sectors, SMEs

Liquidity and capital adequacy requirements for banks reduced, risk weighting for SMEs cut

Redundancy and restructuring in the UAE

Redundancy and restructuring processes are sensitive and challenging topics in any jurisdiction.

World Bank ramps up support for fragile MENA countries

Some of the countries already specified by the World Bank as recipients of the coronavirus aid are Yemen, Lebanon, Egypt, and Morocco

Bahraini court's ruling against Iranian Bank lacks legal value: FM Spokesman

In such conditions, a legal ruling issued by a judicial system is incomprehensible and could only indicate that the court lacks any legal credibility and is only implementing orders and decisions from the Bahraini government’s political and security

Qatar fines Horizon Crescent Wealth QR30mn for violations

HCW was licensed in the Qatar Financial Centre (QFC) on February 4, 2015, as a trust administrator.

UAE's IA set to issue six-month delay on BOD-49 implementation

The new rules, known as Circular 12, relate to life insurance and family takaful insurance will introduce a 4.5% commission cap on the sale of lump sum portfolio bonds or offshore bonds.

Central Bank of the UAE hosts its 3rd Board of Directors Meeting for 2020

The meeting took place under the chairmanship of H.E. Hareb Masood Al Darmaki, the Chairman of the Board.

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