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

Central banks 'should change regimented ways' of regulating FinTech industry

Frameworks should be upgraded to allow expansion of industry and maintain oversight, Bahrain central bank governor says

Abdalrahman Bin Kharbash (PwC) wins 'Best Emirati Talent' award

Notably, Abdalrahman received the award in the presence of UAE’s two most influential leaders: President Mohamed bin Zayed Al Nahyan, and Vice President, Prime Minister, and Ruler of Dubai, Mohammed bin Rashid Al Maktoum.

Emirates NBD to collaborate with DIFC to advance shared goal of supporting the Dubai Economic Agenda D33

Letter of Intent signed at Dubai FinTech Summit 2023 by Arif Amiri CEO of DIFC Authority and Abdulla Qassem, Group Chief Operating Officer, Emirates NBD

Oman Central Bank raises interest rate by 25 basis points

Raising the interest rate includes a number of advantages for the Sultanate of Oman

DIFC enacts new Venture Studio regulations

This move will establish the first global legal framework for the regulation of venture building, which will aim to promote the growth of innovative start-ups and scale-ups in the region from within DIFC

Dubai's Drake & Scull registers lawsuit against PricewaterhouseCoopers

Lawsuit in Dubai Court of First Instance comes after independent consultant's report

Most GCC central banks raise interest rates tracking US Fed move

Central banks in the GCC usually track the Fed’s policy rate moves as their currencies are pegged to the US dollar

Bank Nizwa partners with Buna to offer seamless cross-border payments

Will provide its customers with seamless payments in both Arab and international currencies, within a safe, risk-controlled and transparent environment

UAE's mandatory job loss insurance scheme: 2 new employee categories added

Failure to subscribe by June 30 will result in a penalty for employees

UAE Banks Federation approves 2023 strategy for banking sector development

The participants praised the role of the UBF General Secretariat in strengthening cooperation with banking associations and federations in friendly countries, enabling dialogue and knowledge sharing.

Bank Nizwa signs a MoU with the Specialised Institute for Professional Training of Teachers

Aiming to support the education sector in the Sultanate

DIFC data protection regulations set for AI update

Under the plans, businesses would be required to ensure that the AI systems they use are designed in accordance with principles of fairness, ethicality, transparency, security and accountability.

CBB government development bond issue No.32 fully subscribed

Subscriptions worth BD 200 million were received for the BD 200 million issue, which carries a maturity of 2 years

New corporate tax in the UAE will bring more market transparency – KPMG CEO

Emilio Pera said companies are starting to prepare for the new tax, with first assessments to take place in 2025

UAE job loss insurance: 3 fines for violations, failure to subscribe before June 30

Deadline applies to all employees of both private companies and government entities

World Bank financed Jordan gov’t projects with $142.5m year-to-date

This year, the bank has transferred $112 million for the cash transfer program, which is implemented by the National Aid Fund in cooperation with the bank, bringing the total disbursement to more than $558 million, or 55 percent of the total project value

Legal, Tax, Regulation & Compliance