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

EY launches its legal practice (EY Law) in Saudi Arabia

Globally, EY has over 3,400 legal professionals across more than 90 jurisdictions serving clients.

UAE introduces federal level virtual asset regulation

The Cabinet has issued a decision which brings into force a new regulation for virtual assets and virtual asset service providers

Egypt highly supports FRA’s efforts in NBFS development: Madbouly

Madbouly also stated that Egypt is working on the completion of the program to expand the ownership base of state-owned companies through the securities market

UAE Central Bank issues new guidelines to combat money laundering

New directives require licenced financial institutions to use digital identification systems for customer due diligence

EY launches law practice in Saudi Arabia

The appointment - which follows a number of senior hires into EY’s Mena legal practice in 2022 – reflects the firm’s commitment to building a comprehensive one-stop-shop of multidisciplinary professional services in Saudi Arabia and the

Gross bank assets rose to Dhs3.58tn by end of Oct 2022, reveals Central Bank of UAE

The central bank attributed the increase in domestic credit to the increase in credit granted to the public and private sectors

Kuwait selects Google Cloud for nationwide digital transformation

The strategic alliance will support digitising government services, migrate national data securely to the cloud and set up a national digital skills

Egyptian pound sees largest single-day fall since IMF deal

In an attempt to rein in inflation, the National Bank of Egypt and Banque Misr announced they were offering yield saving certificates with 25% interest rates.

Bank ABC completes legal merger of key Egyptian subsidiaries

The legal merger triples Bank ABC Egypt’s market share and takes its total assets to EGP67 billion ($2.7 billion) on a combined basis.

Egypt: Credit facilities for 100 largest bank clients increase to $24.32bln

In its recent financial stability report, the Central Bank stated that these facilities are concentrated in 17 sectors, with 6 sectors accounting for 74.6%

UAE unemployment insurance scheme: Over 60,000 subscribers sign up in two days

According to MoHRE, 90 per cent of those who signed up chose to subscribe to the scheme annually

Dubai regulator upholds $135mln fine against Abraaj founder

DFSA said Arif Navqi’s conduct was the cause of unprecedented harm to the community of Dubai International Financial Centre (DIFC)

UAE unveils tax residency criteria

Legislation is a ‘logical step’ towards a global compliance framework

CBE issues new rules for bank statements: Egypt

The new rules stipulate that banks should put in place policies and procedures to maintain the confidentiality of customer bank statements

AMF & AGFUND sign MoU to promote economic development in Arab region

The MOU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation, which contributes to accelerating the economic growth

Dubai’s Court of Appeal orders extradition of Sanjay Shah to Denmark

Dubai Police arrested the suspect earlier this year following an extradition request from Danish authorities

SAMA to launch Basel III reforms implementation in January 2023

SAMA also updated the prudential framework for Saudi banks’ capital risks to align with these reforms as part of the Kingdom's commitment as a member of the G20.

UAE Central Bank issues coins to celebrate Abu Dhabi's Zayed and Khalifa ports

Each piece weighs 60g and features the Abu Dhabi Ports Group logo

The Arab Monetary Fund and the Arab Gulf Programme for Development sign MoU

To coordinate efforts to promote economic development and achieve sustainable development goals in the Arab region via expanding financial inclusion

Doha’s central bank issues billions in Treasury Bills, Sukuk

Authorities also announced that a record number of bids were placed in the auction, amounting to a total of QR11.46 billion.

Legal, Tax, Regulation & Compliance