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

Bahrain’s economy to slow further in 2016-17, IMF says

Fund welcomes Gulf nation’s fiscal reforms but says more needed; calls for steps to address impediments to private investment

Gcc banks remain resilient, long-term outlook still positive

Banks are experiencing new challenges as a result of the current economic environment, greater regulatory oversight, supervision and stiffer competition.

Qatar National Bank allegedly hacked, data of 1,200 entities leaked

The data breach includes the personal bank accounts and passwords for Al Jazeera employees and members of the ruling al-Thani family

UAE regulator SCA extends scope to cover financial planning

The change to the ‘Financial Consultation and Financial Analysis’ licence follows a consultation with the industry last year, and is one of a series of amendments, which also include a code of conduct for employees, made to the regulations ear

GIB raises 2 billion Saudi Riyals

The demand from a large number of highly respected entities reflects the market’s confidence in GIB’s experience and strong financial position.

Foreign court judgments could now be enforceable in onshore UAE via the DIFC Courts

DIFC law and practice on the enforcement of foreign court judgments is now in line with the DIFC law and practice on the enforcement of arbitral awards.

National Bank of Kuwait gets regulatory nod for capital raise

The rights issue will be worth 137.58 million dinars ($455.64 million), according to Thomson Reuters calculations.

Dla Piper confirms commitment to Abu Dhabi with new premises

Dla Piper has relocated its Abu Dhabi office, taking up premises in the Emirates Institute of Banking & Financial Services Building.

Turkey fully compliant with Basel III

This is the outcome of the extensive rulemaking efforts of the Banking Regulation and Supervision Authority, which has introduced sweeping changes since 2013 to ensure Turkish banking laws' compliance with Basel III.

Turkey is scrambling to stop hedge funds from driving the lira higher

Turkey had already cut that rate by a quarter of a percentage point earlier in 2016

New Business Opportunities in Iran! But Who Will Be Your Banker?

The U.S. government has recently been on a road show to encourage European and Asian banks to take advantage of the lawful business in Iran.

Mourant Ozannes advises on $490 million Travelex financing

The Mourant Ozannes team was led by Partner James Hill and Senior Associate Andrew Salisbury, who worked closely with Linklaters as English legal adviser.

New CISI qualification launched to combat financial crime

Working with CCL Academy to create a well-equipped workforce in the regional industry is a firm step towards effectively preventing financial crime

Turkey to integrate its financial market infrastructure with the European Union

This is an opportunity that will contribute to much-needed depth in Turkish capital markets.

Tight liquidity, rising fund costs seen boosting GCC bond market

Issuers warned against expecting cheaper pricing from sukuk markets as banks are expected to remain the largest buyers of these securities

UAE Expands Tax Treaty Network

The United Arab Emirates signed an agreement with the United Kingdom on the avoidance of double taxation on April 12, 2016.

Qatar and 12 countries urge IMF to study EMDC capital outflow dynamics

The Fund should stand ready to upscale technical support on policy priorities once domestic stability is restored and to support reconstruction efforts , where needed, as soon as possible.

CVC, QIA and Brookfield drop $8.5bn Sainsbury's bid

Sky said the trio had dropped a planned takeover, hatched in the autumn, after Sainsbury's made a 1.4 billion pound ($2 billion) bid for Home Retail Group, the owner of Argos.

UAE fund says Malaysia's 1MDB in default on $1 billion deal

The Abu Dhabi fund said it was terminating last June's agreement, under which it agreed to provide $1 billion in cash as well as assume payments on $3.5 billion of 1MDB debt.

International law firm advises Ahli Bank on its debut US$500 million issuance in the international capital markets

The Notes were issued under Ahli Bank's US$1.5 billion Guaranteed Euro Medium Term Note Programme which was established on 24 March 2016.

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