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

KPMG in Qatar hosts annual IFRS Update Workshop 2024

This flagship event attracted a record 230 participants

Egypt pound breaches 50 to the dollar, Central Bank says

Under the IMF agreement, Egypt pledged to let supply and demand determine the currency’s value.

Praxis expands UAE offering with Sandshore acquisition

The acquisition of Sandshore builds our expertise further through the addition of five highly qualified and experienced professionals who take the same meticulous approach to client service as our existing team.

Central Bank of Egypt joins the Pan-African Payment and Settlement System “PAPSS”

The New System Boosts Intra-African Trade and Eases the Pressure on Demands for Foreign Currency

Social Development Bank signs an MoU to renew partnership with UNCTAD’s empretec program in Saudi Arabia

The Empretec program focuses on developing the entrepreneurial capabilities of business owners through innovative training workshops in Saudi Arabia

Qatar Central Bank issues digital banks regulatory framework

These banks stand out by providing comprehensive services through online platforms and mobile applications at all times

New regulations reinforce Dubai’s progressive virtual assets landscape

These marketing regulations extend beyond domestic firms in the UAE to include foreign firms targeting individuals and entities within Dubai.

Saudi Arabia approves FY2025 budget, forecasts $27bn deficit amid expansionary spending

The figures align with projections from the ministry’s pre-budget statement in September

ADGM’s Registration Authority fines Avante Limited and Director a total of USD 32,300

Avante is also required to pay an additional USD 10,000 towards the RA’s investigation costs

Saudi Arabia looks to ‘6G’ age with new regulations

Approval of the regulations comes ahead of the International Forum on Connecting the World from the Skies

Bankruptcy law change lures private credit to UAE

Private credit is non-bank lending to businesses, by private investors.

Qatar's Central Bank Assets Grow by 4 Percent

In addition, deposits and special drawing rights decreased by 1.83% to 4.84 billion riyals

BlackRock Gets Abu Dhabi License Weeks After Nod for Saudi HQ

“Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”

Mbank signs an MoU with Meydan Management Services

Entrepreneurs will be given the possibility to open a fully digital business bank account

Qatar Central Bank organises capacity-building programme with IILM

He added that the program would help enhance the understanding of the role of Islamic financial markets and instruments, explore emerging opportunities, and share best practices that can help achieve strategic objectives.

FAB’s EOSB funds secure initial approval from MOHRE, SCA

FAB’s EOSB Funds also simplify the administrative process for employers, enabling them to register through the bank’s EOSB online portal

DFSA fines company for unauthorised, misleading financial promotions

DFSA said that it had imposed a financial penalty of US$100,000 (AED367,000) on Vedas Marketing for conducting unauthorised financial promotions

SAB receives prestigious ISO certification

The certification process involved thorough audits conducted by experts from the British Standards Institution over the past three months, assessing various processes and procedures within the bank.

CIB becomes first bank to undergo electronic inspection under Egypt’s new tax system

The event was attended by several banking and financial leaders, as well as officials from the Ministry of Finance, the Egyptian Tax Authority, and both the public and private sectors

QC calls for study on Carbon Tax Implications for GCC Economies

The Chairman of Qatar Chamber noted that the European Union plans to impose this tax in 2026

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