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

Pamphlet promoting Bermuda in Middle East costs $60,000

The cost for the publication is allocated for under the Economic Development Department’s budget.

UAE Corporate Tax: Guidelines issued on forming 'tax groups' - what should business do?

Family businesses with subsidiaries, extensive cross-holding should give serious thought

Abu Dhabi International Arbitration Centre launched in ‘timely’ reform

ADCACC has been administering arbitrations pursuant to procedural rules issued in 2013, under which the default seat is Abu Dhabi and default language of the proceedings is Arabic.

E-payment, collection services exceed $263bln in Egypt: Finance Minister

The government has adopted a national strategy to create a digital state, shifting from paper-based to electronic work processes.

NBK calls for protecting seniors from fraud with the help of younger generations

Pursuing its advocacy of the “Let’s Be Aware” campaign

New media law brings UAE ‘into digital age’

The legislation also sets out “the importance of maintaining individual privacy”, as well as incorporating measures to reduce the promotion of “destructive ideas” and the abuse of young people online, Hayward added.

Sharjah Ruler approves emirate's 'largest budget' with $11.1bn expenditure

Nearly 26% of the 2024 budget has been allocated for wages

SAMA’s total assets in November reach $485.64tn

The bank's net foreign assets went up 2.89 percent in November to reach SR1.568 trillion.

Tax rules clarified for UAE entrepreneurs earning over Dhs1 million

Any individuals earning over Dhs1 million per year through their business activities will need to register for corporate tax and appropriately declare their income

Saudi Cabinet approves contracting rules for foreign firms without regional HQs

The Saudi Investment Ministry earlier this month announced various benefits, including tax incentives for foreign companies establishing their regional headquarters in the Kingdom.

Sheikh Mohammed issues new law to level up Dubai’s global competitiveness

New law tasks The Executive Council to work towards advancing Dubai’s ranking in various indices

Bank Nizwa signs $90 million sustainable finance deal with Oman’s RDAC

The integrated workforce accommodation facility provides premium living standards to workers of all segments

CBO issues treasury bills worth OMR29.45 million

The average discount rate and the average yield reached 5.37473 per cent and 5.44772 per cent, respectively.

GSB expands offering in the UAE

GSB continues the expansion of its global wealth and advisory business with the appointment of Craig Ritchie

Saudi Central Bank Announces New Regulatory Framework for BNPL Services

This development, as stated in a recent SAMA press release, is part of the bank’s ongoing efforts to enhance the overall financial sector, with a specific focus on empowering the Fintech industry.

QFCRA proposes updates to Islamic banking framework; to be effective from July 1, 2024

The proposed CCR framework for bilateral transactions relates to exposures arising from over-the-counter derivatives, exchange-traded derivatives, long settlement transactions and securities financing transactions.

CBB holds fourth board meeting for 2023

The Board reviewed the topics on the agenda including the performance report and developments in the financial sector for the fourth quarter of 2023

In landmark move, UAE sets up Bankruptcy Court to rule on disputes

New law to take effect next May and is in line with best global practices

Saudi Arabia offers tax incentives for companies moving regional HQs to Riyadh

Some of the noted companies that opened their regional headquarters in Saudi Arabia in recent months are PwC Middle East and GE Healthcare.

UAE adopts broad-ranging new e-commerce law

Its scope includes trading on websites, platforms, smart phone applications, social media, virtual stores and blockchain based platforms, and it places digital consumers’ rights and obligations at the centre of the new law.

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