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

Risk management ‘vital for bank boards’

BIBF director Garry Muriwai welcomed delegates, stressing the importance of continuing learning and development in the finance industry.

EFG-Hermes linked to Egypt graft claims

Gamal and Alaa Mubarak, as well as the two chief executive officers and a former CEO of the Cairo-based investment bank EFG-Hermes, are being charged with corrupt stock exchange dealings worth more than $400m in connection with the 2007 sale of Al-Watany

Baker and McKenzie advises Banque Saudi Fransi on first Sukuk issue

The firm also advised the Bank on the establishment of its $2bn Euro Medium Term Note Programme and debut $650m issue under the Programme in 2010.

International legal practice advises Majid Al Futtaim Group on its MTN and Sukuk programmes

The GMTN Programme was arranged by Barclays Bank PLC, Emirates NBD Bank PJSC and Standard Chartered Bank.

Effective control of Basel III rules urged

Basel’s strength as a rule-making body has been its success in reaching agreement on implementation of these rules, especially capital framework and risk management, through joint voluntary measures, and also serving as a platform for cooperation an

HSBC Oman, OIB merger 'halted' in Oman

Oman's Ministry of Commerce and Industry has halted the merger of HSBC Oman and Oman International Bank (OIB) following an objection raised by an India-based businessman.

New financial watchdog announced as UAE prepares regulatory overhaul

The FSA, which will be based in Abu Dhabi, will regulate the investment banks, insurers and other financial institutions and will have oversight of conduct of business, consumer protection and “the daily business of running the financial system&

Middle East regulatory framework should attract fund management industry

According to him, Kuwait and Saudi Arabia have a larger, active retail market, and so it was not surprising that they have the most robust regulatory framework in that respect. UAE

Japan bank freezes Iran accounts after court order

The bank lodged an appeal against the US court order on Thursday, Japan time, he said.

UAE criminalizes bounced cheques

Economic downturn brought many cases and complaints about bounced cheques.

Scandal Be Damned: Murdoch Banks $310 Million Thursday After News Corp. Profits Jump

But Murdoch was smiling at the end of the day Thursday after the company announced a profit increase that dwarfed their scandal-related expenses.

Dubai Courts and DIFC Courts release their 2011 annual report

Dubai Courts' representation was led by Dr. Ahmed Saeed Bin Hazeem Al Suweidi, General Manager; while the DIFC Courts' delegation was headed by their Chief Justice, Michael Hwang.

Gibson Dunn adds disputes capability in Dubai

Previously at Dewey & LeBoeuf, Gray will continue to focus on English and international litigation and international arbitration.

Libyan wealth fund to appeal against asset seizure in Italy

Italian financial police had seized the assets saying they belonged to members of the Gaddafi family, but the Libyan Investment Authority (LIA) said that was not true.

BLP launches Tel Aviv representative base

In a statement, managing partner Neville Eisenberg said: “A representative office has been opened in Tel Aviv to support business development and enhance client relationship management.”

Stephenson Harwood set for Dubai launch

The new office will focus on finance, litigation and corporate work, in particular in the energy sector. London commercial litigation partner Rovine Chandrasekera is set to relocate to Dubai to head up the office when a licence is granted.

BLP promotes 11 partners across City, Abu Dhabi and Singapore

The City firm has announced nine new partners in London in addition to one in Abu Dhabi and one in Singapore.

New tax amnesty expected to boost foreign portfolio investments

A decision to annul the withholding tax on the trading of investment funds -- more than 75 percent of which comprise equities -- was announced by Deputy Prime Minister Ali Babacan, who oversees the Turkish government's economic policies as the head o

Israeli bank sues three U.S. financial giants for $720m

Among Israel's financial institutions, Hapoalim suffered the worst losses in the subprime crisis due to its investments in mortgage-backed securities.

Dubai International Capital strikes US$2.5bn debt deal

Of the total sum, creditors have agreed that around US$2.15bn of the debt will be extended for five years, while they will also receive a two percent cash interest coupon on the new facility.

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