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

New regulations amend income tax law and introduce transfer pricing requirements

The regulations focus on reforming the local tax administration system

Bank of China Approved for Saudi Branch Launch

Capitalizing on Saudi Arabian opportunities aside, the branch launch marks another step towards for China towards further internationalization through its financial entities.

Saudi court approves $14 billion in claims against AHAB and Saad Group

The approved creditors’ demands will now be included in restructuring proposals which the debtors and representatives of their respective lenders will submit to the court.

Euronet Worldwide will work with Visa in bolstering the Visa Fintech Fast Track program in CEMEA

Both companies will work together to deliver geographically tailored payment experiences and quick go-to-market solutions for fintechs

ADNOC and Abu Dhabi Pension Fund sign agreement to increase pensionable salary of ADNOC's UAE national employees

ADNOC to cover the cost of previous pension contributions totaling AED 14 billion

Dubai regulator fines defunct wealth firm nearly $250,000

MGL agreed to settle the DFSA's action at an early stage of the DFSA investigation and, therefore, qualified for a discount under the DFSA's policy for early settlement.

World Bank Slashes MENA Growth Forecast Due to Geopolitical Tensions

Growth projections for Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain were also lowered by the World Bank.

Bank scam gang arrested in UAE, stole thousands from residents

The four men lured victims into sharing their personal information and bank details

Bahrain's sovereign wealth fund Mumtalakat hires banks for dollar sukuk

The deal could be the first international debt sale by a Gulf borrower this year.

Saudi Arabia 2020 budget

Saudi Arabia, the Arab world's largest economy, is expected to witness growth in the future on the back of the government’s continued efforts to increase spending efficiency and enhancing public-private partnerships.

AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions

This certification will boost regulator, investor, and public confidence in the operations and product set of any financial institution seeking Shari’ah compliance upon deployment of the software.

Clifford chance and AS&H advise on a $1.9bln refinancing package for Arabian Centres Company

International law firm Clifford Chance, together with Abuhimed Alsheikh Alhagbani Law Firm ("AS&H"), have advised the joint lead managers and lenders

Mashreq signs agreement with DIFC to provide Escrow account services to owners' associations

Mashreq becomes one of the few banks to sign an agreement to open Escrow accounts for owners' associations under DIFC's jurisdiction

DFSA takes action against Morgan Gatsby Limited for multiple serious breaches

MGL agreed to settle the DFSA's action at an early stage of the DFSA investigation and, therefore, qualified for a discount under the DFSA's policy for early settlement.

UAE business community lauds government for new five-year tourist visa

Move to boost leisure, business tourism and give job seekers more time to explore local employment opportunities

Winston & Strawn to close Dubai office in Q1 2020

Law firm restructuring its Middle East ops to meet ‘clients’ evolving legal needs and increased demand for cross-border services’

Dubai sets the pace for disruptive governance

The setting up of the Dubai Council will ensure cutting-edge governance, with a focused approach to different areas, including the economy, to make it resilient, stronger, and more sustainable.

Herbert Smith Freehills Advises Uber on US $3.1BN Acquisition of Middle East Operator Careem

The deal, which saw Careem become a wholly-owned subsidiary of Uber, operating under the Careem brand, is another example of Herbert Smith Freehills' ability to work seamlessly across borders.

Bahraini women move to forefront of banking

The percentage of Bahraini women in the total Bahraini workforce in the financial sector has now reached 39%

Better operating conditions

The regional banking sector has been severely tested but thanks to their respective governments’ support, the banks successfully withered the storm.

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