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

Federal Tax Authority applies VAT refund of AED 2.9bln for 35,000 UAE Nationals for building new residences by the end of 2024

17.9K retail outlets across the UAE now providing tax refunds for tourists with an 18 per cent increase in self-service tax refund systems recorded over the last year

UAE's near-term growth strong, expected to remain healthy at around 4% in 2025: IMF

The IMF hailed the UAE reform efforts as supportive of medium-term growth and a smooth energy transition, with prioritisation and sequencing key to ensure effective outcomes

African Development Bank approves USD 170 million loan to support Egypt’s private sector and economic diversification

The first phase of the programme was widely regarded as successful.

Ecobank faces $68m lawsuit over alleged defamation, coercion

In 2022, ETISRC escalated the matter by filing a report with the Nigeria Police Force, accusing Wilben Trade of conspiracy and fraudulent conversion.

Pakistan says it has agreed $1bln loan with two Middle East banks

The loans were short-term, or up to one year, Aurangzeb said

Qatar Central Bank grants sandbox entry approval to Madad Financial Technologies

This step highlights QCB's commitment to fostering the financial sector and advancing the objectives of the Third Financial Sector Strategy.

Kenya banks on trade pact with UAE to grow exports, attract FDIs

The two countries signed a Comprehensive Economic Partnership Agreement yesterday.

Deloitte Middle East upgrades Tax and Legal Gen AI solution

Enhances offerings to accelerate AI adoption

ADGM reduces commercial licence fees from January 2025

This initiative aims to enhance ADGM's business ecosystem

The Arab Monetary Fund Enhances Capacity Building in December 2024

This initiative plays a key role in promoting sustainable economic growth and strengthening the resilience of Arab economies.

Qatar’s banking sector remains healthy on diligent supervision, robust buffers and strong economy

The QCB has broadly maintained the monetary policy in line with the US Federal Reserve, consistent with the currency peg to the dollar.

Oman’s central bank approves regulations for Banking Deposits Protection Law

This will empower consumers with greater control over their financial data

Turkey to end FX-protected lira deposits next year

The floating exchange rate regime will continue in 2025, with exchange rates determined under free market conditions based on supply and demand balance.

Egypt central bank keeps overnight interest rates steady

The bank's monetary policy committee kept the lending rate at 28.25% and the deposit rate at 27.25%

Egyptian banking alliance grants EGP 4.235bn to Al-Zahi Group for development projects

The signing ceremony was attended by prominent banking and business leaders

HKMA and CBUAE deepen financial market co-operation between Hong Kong and UAE

Under the MOU, the two authorities have agreed to establish connectivity of the debt capital markets and the related financial market infrastructures between Hong Kong and the UAE,

Saudi banks warn against falling in the trap of scammers impersonating charity firms or public figures

It stressed that official bodies do not announce or search for beneficiaries for donations through these sites and programs.

UAE Central Bank lowers interest rates following US Federal Reserve move

Regulator cuts base rate for overnight deposit facility by 25 basis points

Bahrain's central bank cuts overnight deposit rate by 25 bps, statement says

The move followed the Federal Reserve's decision to cut interest rates by 25 bps.

Simplified tax system for small projects in place: Egyptian Tax Authority

This initiative aims to streamline procedures, resolve tax disputes, and simplify compliance

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