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

FAB Surrenders its License to Market Non-Omani Securities in the Sultanate

FAB continues to operate and service its customers in the sultanate and reaffirms its long-term commitment to supporting Oman’s economy.

Abraaj audit finds funds mingled corporate and investor cash

Private equity group lacked governance but did not embezzle funds, Deloitte finds

Atlas Jewellery owner let off after 3 years in Dubai jail

He will not be allowed to travel outside the UAE.

Israelis among nearly 500 arrested over alleged online fraud in Phillipines

Suspects allegedly lured victims to invest in foreign stocks, stole money through online app after obtaining bank account and credit card details

New UAE sukuk regulations will help issuance of Islamic bonds, Fitch says

The market regulator Securities and Commodities Authority this week issued new rules governing sukuk offerings

Emirates NBD Asset Management and ENBD REIT Re-Appoint Instinctif Partners Middle East

Instinctif Partners is re-appointed by both clients for the second consecutive year

Kuwaiti creditor refuses Abraaj deal, may prompt provisional liquidation: sources

The Middle East and Africa’s largest private equity firm has denied any wrongdoing.

Mashreq applies for Saudi banking licence

Mashreq Bank has applied for a banking licence in Saudi Arabia as it seeks to benefit from opportunities surrounding the kingdom's economic reform plans.

Law on commercial registry to be amended

The Ministry of Economy and Commerce had prepared the draft law within the context of facilitating requirements for investors and the business community.

Banking sector maintains strong liquidity despite a drop in deposits

Credit growth turns sluggish as private sector credit contracts

Russian bank VEB opens office in Abu Dhabi

The VEB representative office in Abu Dhabi will promote cooperation between the UAE and Russia in exports and investment, said the top official.

Iran: Gulf States Take Measures Against Illicit Financial Transactions

The GCC, composed of the United Arab Emirates (UAE), Saudi Arabia, Bahrain, Kuwait, Oman and Qatar, is also cracking down on Hezbollah – Iran’s number one proxy group.

Turkey, Iran help wealthy Qatar thrive, 1 year into blockade

Qatar has rejected the accusations and the demands, calling the blockade a politically motivated attempt to undermine its sovereignty

Citizenship for sale: how the rich shop for new passports

Citizenship-by-investment programmes offer the super-rich an opportunity to acquire a new nationality

Saudi conglomerate aided fraud against 100 banks, judge rules

The judge found that the alleged scheme was so complex that it couldn’t be unwound.

Emirates NBD signs Pioneers Waseet for clearing services

Emirates NBD has added several clients to its growing portfolio making it the market leader in providing clearing and settlement services

Court rules Saudi firm complicit in ponzi scheme ‘worse than Madoff’

Cayman Islands chief justice Anthony Smellie described the AHAB dispute as “one of the largest Ponzi schemes in history”

US firm said to walk away from Abraaj fund unit deal

Sources say Colony NorthStar Inc has ended talks to buy a majority stake in the fund-management unit of embattled Abraaj Group

Bahrain should consider corporate income tax: IMF

Bahrain was one of the hardest-hit Gulf economies after oil prices began falling in 2014, with authorities seen slower to react than countries such as Saudi Arabia.

Cayman’s longest court case: A ‘cauldron of fraud’

Cayman courts unravel Saudi family feud

Legal, Tax, Regulation & Compliance