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

Gulf countries pledge over $120bn stimulus to combat corona fallout

Analysts have praised the speed and depth of commitment by central banks and governments across the world in responding to the virus.

COVID-19: UAE Central Bank directs banks to replenish ATMs with new banknotes, disposable gloves

The move is in line with the efforts to prevent the spread of coronavirus

Lebanon facing tough debt restructuring, but bonds cheap:Morgan Stanley

Lebanon suspended payments on all $31.3b of its international ‘eurobonds’ this month

Ebdaa Bank launches remote work system

The bank also announced that women employees will be granted additional benefits

Detained in Dubai calls upon Gulf States to release expat detainees at risk of Coronavirus

Both countries risk potential exposure from significant Iranian populations and trade.

Lebanon to stop paying all dollar Eurobonds -finance ministry

The heavily indebted state had suspended this month a $1.2bln Eurobond repayment and declared it could not meet debt maturities

Saudi banks to postpone repayment of loans for healthcare employees

The initiative is in recognition of their enormous efforts to safeguard health of citizen, residents

Annual General Meeting of Al Baraka Banking Group Approves Cash Dividend Payouts of US$ 24.9 million to Shareholders

Al Baraka Banking Group B.S.C held its Ordinary General Meeting on 23 March 2020 at Al Baraka headquarters in Bahrain Bay, Manama, in the Shaikh Saleh Kamel Hall, by a quorum of 82.78% .

FAB provides laptops worth AED 5m to students to support distance learning

The bank is a strategic partner of the UAE in various sectors and we value its commitment to playing an active role in society and in supporting future generations."

No freezing of assets, rental evictions in Abu Dhabi amid coronavirus crisis

The move was done to ease the burden of Abu Dhabi residents amid the pandemic

Lebanon set to present debt plan this week

The country’s been hit by anti-government protests since October and its debt ratio of more than 150% of gross domestic product is one of the highest in the world.

BMCE Bank of Africa / BMCE BANK International Plc gets DIFC category4 license

With the prospects of $200mn transactions from year one

Turkish banks delay loan payments to ease the impact of COVID-19

Last week, President Recep Tayyip Erdogan unveiled a TRL 100 billion ($15.2 billion) package of tax cuts, payment deferrals for businesses and pension increases

Saudi Arabia implements urgent measures to mitigate impact of coronavirus on economy

UAE shuts public & private beaches, swimming pools, public parks, fitness centres and cinemas

Closure for 15 days starts from Sunday, March 22

Saudi banks should embrace fintech strategies and collaborate

The swift evolution of fintech has forced traditional banks to face a new reality wherein products, services and business models that have worked in the past are no longer relevant or considered as a viable option in the digital world.

Dubai regulator fines director of failed wealth firm

The DFSA took action against MGL on 6 January 2020 for the above-mentioned contraventions. The detailed reasons for the DFSA’s action against Mr Arora are set out in the DFSA’s Decision Notice dated 10 March 2020 which can be found in the Reg

UAE eases restrictions on internet calls to contain virus

The UAE will permit companies to use Microsoft Teams and Zoom applications that allow virtual conferencing

Corruption And The Coronavirus

How to prevent the abuse of power during a global health pandemic

Metro Bank hit with fresh lawsuit by Iranian customers

Metro Bank has not alleged that any of the claimants were involved in any illegal or illegitimate activities and it has released the restrictions on some accounts during this process

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