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

ADIB provides $80mln Sharia'a-compliant financing to Oman Shipping Company

The facility will allow OSC to enhance its debt position by reducing overall financing costs

Kuwait’s Burgan Bank to sell its majority stake in Bank of Baghdad

The transaction will reduce group-wide non-performing loans and will improve the bank's asset quality

Turkey’s Regulatory Board CMB Moves Against Bitcoin

The CMB will likely emphasize surveillance, regulation, and audit of Bitcoin, as well as for cryptocurrencies in general, according to BeInCrypto Turkey.

UAE Reviews Plans To Combat Terrorism, Money Laundering In February

In July, the UAE delegation to the United Nations presented to the Security Council a clear picture of the country's efforts to create the legal structure to combat terrorism and organised crime

Kuwait finance house-Bahrain signs an agreement with Kooheji real estate to provide special financing for 'One Bahrain bay' project's clients

The start of a prosperous strategic alliance

Saudi Arabia bans combined insurance and reinsurance businesses

The restrictions follow on from reports in 2017, when SAMA warned that it was preparing tougher rules for re/insurers

Qatar, Australia trade reaches new heights

Australian Ambassador Jonathan Muir said: “These numbers are a sign the economic relationship is in good shape and that Australian companies remain strongly engaged in Qatar.”

Green finance grows in Middle East as Etihad signs loan

The loan follows the creation of Etihad’s Sustainable Development Financing Framework, which stipulates the potential projects that ESG, green or sustainability-linked funds can be used for.

Qatar blocks crypto asset services

Cryptocurrency firms have been shutting down all over because of stricter anti-money laundering regulations.

Saudi Arabia Bans Insurance and Re-Insurance Activities within the Same Firm

The agency said it had taken the decision to increase the stability of the insurance sector, boost its contribution to national economic growth and reduce "wrong practices" in the industry.

CII and Lloyd’s join forces with DIFC to boost insurance sector

As part of the collaboration, DIFC will join forces with Lloyd’s and the CII to develop a number of courses alongside the roll-out of a series of events and programmes developed in partnership with DIFC Academy.

Financial group: ‘Hundreds of millions of dollars missing’ from Cayman fund

These “concerns” relate to an alleged discrepancy between sale proceeds from the fund’s investment in an airport infrastructure project in the Philippines, Clark Global City, and the amounts distributed to the limited partners of The Por

38 Tax Disputes Filed in Dubai in 2019: Lessons Learned

All objections registered in 2018 and early 2019 before the Dubai tax dispute resolution committee commenced operation were docketed in March 2019.

Treasury yields slide as Middle East tensions spike

Market focus is now consumed by tensions in the Middle East as investors wait to see how Tehran will respond to the killing of Qasem Soleimani, the leader of the Quds Force within the Islamic Revolutionary Guard Corps.

Lebanon bank staff body threatens strike over assaults, insults

Banks have cracked down on the amount of dollars that can be taken out or transferred abroad

Recent Amendments To The Investment Funds Legislation In Turkey

I. General Overview of the Legislation In Turkey, the general rules and principles regarding investment funds are mainly regulated under Articles 52-57 of the Capital Markets Law No. 6362. Additionally, the Capital Markets Board ("CMB") has regu

The New Key Laws Introduced in the UAE to Support Businesses

A number of efforts have been made to diversify away from dependence on oil, creating a very strong services sector

Emirates NBD completes third phase of international core banking systems upgrade

By end-2020, all Emirates NBD entities and markets will be consolidated onto one single, updated core banking platform, enabling the bank to offer new financial services more rapidly across all markets while reducing global IT costs.

Oman Shipping Co. negotiates $80mn financing facility

Completing this transaction with OSC is a testament to the hard work our team and we are well-positioned to build on our track record in this specialised business to assist our clients in 2020 and beyond.”

Saudi mortgage loans soar in 2019, with $18bn offered in year up until November

Figures released by the Saudi Arabian Monetary Authority show number of housing loans was up 254 percent

Legal, Tax, Regulation & Compliance