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

Corporate Crime update - Herbert Smith Freehills

Our update now covers a number of jurisdictions.

Saudi Arabia creates new tourism, sports, investment ministries

King Salman upgrades the government bodies overseeing the three portfolios of sport, tourism and investment to individual ministries

UAE's largest bank approves $2.1bn cash dividends for 2019

First Abu Dhabi Bank general assembly also elects new board members, increasing the size of board from nine to 11 members

Saudi regulator issues licensing guidelines for digital-only banks

Physical presence in Saudi needs to be maintained for digital-only banks

Dubai's KYC blockchain platform is credit positive for UAE banks, Moody’s says

The new move will support banks' asset quality and improve profitability

Oil Is Now More Volatile Than Bitcoin

Bitcoin and most cryptocurrencies are synonymous with extreme bouts of volatility.

Qatar First Bank 'successfully exits' Shariah-compliant aviation deal

The investment product has achieved for its holders a cash dividend of 9% annually, whereby the profits are distributed every three months, while the internal return on investment of the product is about 12%

Lebanon’s economic crisis requires an urgent decision on IMF aid

The country is trapped in a full-scale emergency that could unravel social bonds

DIFC Courts cases surge 45%; more than $844mln commercial claims

Disputes filed include breach of contract, outstanding payments

Lebanon to appoint Cleary Gottlieb to advise on Eurobonds

Heavily indebted state under pressure to decide how it will tackle maturing sovereign debt

First KPMG Insights Center inaugurated in Riyadh

The centre is seen as the next step in public and private collaboration

Saudi, Egypt, Bahrain to resume Qatar post services despite dispute

There are no direct flights between Qatar and the four Arab states.

Saudi regulator seeks to raise capital levels for insurers

Of Saudi Arabia’s 33 insurance companies, 10 made a loss last year, with the bulk of profits being earned by two companies — Bupa Arabia and Tawuniya

DFSA Fines Company USD 105,000 for Unauthorised Activity

Enness Limited acted outside the limits of its DIFC Representative Office Licence

Dubai fines financial advisor $105k for unauthorised mortgage operations

Dubai Financial Services Authority has fined Enness Limited (Enness DIFC) $105,000 for engaging in unauthorised activity outside the scope of its licence

Tax data sharing sparks arrests among Israelis with unreported foreign bank accounts

The arrest warrant indicates that Gecht did not report the accounts and the profits accumulated in them.

Kuwait lawmakers okay amendments to bank regulation law

Kuwait's central bank will be tasked with forming the inspection body and dictating the nature of its operations, a role previously occupied by the Ministry of Awqaf and Islamic Affairs, it added.

AUB attracts national talents at PAM’s career fair

This enriches the work environment and helps provide the opportunity to Kuwaiti skilled employees to assume the responsibility of development, progress and prosperity.”

UAE c.bank says monitoring job cuts in financial industry

The UAE central bank also said Saturday it is encouraging “Emiratisation” in the banking sector - hiring of UAE citizens - obliging banks to have 40% Emirati citizens in the workforce within 3 years.

African Development Bank loans Morocco 204 mln USD for social protection

Morocco is one of the main beneficiaries of AfDB's funding, with a cumulative commitment of more than 10 billion dollars.

Legal, Tax, Regulation & Compliance