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

Libya’s banking woes escalate with conflict

The Libyan public debt exceeded 100 billion dinars ($71.4 billion), which is more than annual GDP.

Abu Dhabi in talks with banks for new debt issues – sources

After a reshuffling at its finance department last year, the government has been in talks with banks on several fundraising options, taking a more proactive approach to debt financing, said the sources.

Turkey plans to stiffen penalties for manipulation in banking overhaul

The minimum jail sentence for anyone manipulating the price of financial securities will be raised to three years from two

UAE banks head for Indian courts to recover $7bn loan defaults

The move follows India notifying last month UAE as a reciprocating territory for the purpose of enforcing foreign civil decrees in India

OAB Signs Agreement with Majan Lounge

The agreement will see platinum and Elite customers gain access to the newly launched lounge at the airport, which has been prepared to receive customers from January 2020

United Arab Emirates Courts Convict Fraudsters; Warn Banks and Telecoms Providers

In order to gain access to the accounts of unsuspecting victims, the fraudsters impersonated banks and required customers to confirm personal details over the phone in order for accounts to be left active and open.

Jersey’s Royal Court fines Abu Dhabi Commercial Bank £475,000

It argued that, while there is no allegation that either customer engaged in criminal activity, the transactions presented a clear risk of money laundering or terrorism financing.

Dubai Crown Prince approves decision to waive Dubai government services fees

The waived fees include those for medical training activities, schools awareness campaigns and entry fees to public libraries, among others

Global women's forum aims to promote inclusion

More than 100 speakers will address 3,000 attendees later this month

ADCB to exit its operations in Jersey to focus on home market

The decision will have negligible impact on the bank’s profitability, ADCB said in a statement

Walkers Dubai Named Best Offshore Law Firm 2020

The winners were announced at an evening ceremony on Wednesday 29 January at the Ritz-Carlton DIFC in Dubai.

Former Lebanon economy chief in plea for $25bn bailout plan

Rescue package needed ‘to restore confidence’ and kick-start major banking reforms

PwC dragged into bitter Middle East legal battle between an entrepreneur and a sovereign wealth fund

It also claimed Azima, who runs a cargo airline with customers including the US Navy, orchestrated a 'campaign of denigration' against Saud bin Saqr Al Qasimi, the ruler of Ras Al Khaimah.

Lebanon PM signs 2020 state budget with $700m spending cuts

The plan, approved by Berri today, provides between three and 100-day deadlines to carry out the policy proposals, forecasting a six per cent deficit, plans a $700 million reduction in spending, and intends to maintain public services.

Lebanon Banks Tighten Withdrawal Caps, Sparking Outcry

Withdrawal limits differ from bank to bank, but have so far generally been capped at around $1,000 a month, while most transfers abroad have been halted.

DAE signs deal for $300m financing facility with ENBD

Five-year unsecured financing can be raised to $600m

Capital markets in UAE set for listings boost

A draft law in the United Arab Emirates will see more family-run corporates listing, while pension reforms will create a huge pool of investable assets.

Citigroup Suspends Trader for Stealing Cafeteria Food

Junk-bond trader Paras Shah allegedly took food repeatedly from office cafeteria without paying

Qatar Commercial Bank completes trial on the Marco Polo Platform

Commercial Bank operates in retail and wholesale banking, and makes strategic investments through its associates and subsidiaries.

Is BLOM bank leaving Egypt?

The due diligence of BLOM Egypt requires the approval of the Central Bank of Egypt, which has not been discussed until now.

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