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

Troubled Bahraini bank Arcapita files reorganisation plan

Arcapita's case is being closely watched in the Gulf, where companies have little recourse to orderly ways of dealing with insolvency.

DFSA Signs Agreement With European Securities and Markets Authority

The signing took place during a meeting between Mr Ian Johnston, Chief Executive of the DFSA, and Dr Steven Maijoor, Chairman of ESMA. ESMA's Executive Director, Ms Verena Ross, was also present.

Enforceability of judgments between the DIFC Courts and English Commercial Court

Significantly, the Memorandum creates a potential mechanism for English Commercial Court judgments to be enforceable in onshore Dubai (i.e. outside of the DIFC).

Swiss tax haven is over

International tax services, apart from the American, will be able to collect data relevant from January 1, 2013.

Cobbetts' Saudi alliance firm in the dark over deal's future

Cobbetts formed a strategic alliance with Jeddah-based Dr Nidal Atta Law Firm in September 2012

UANI Calls on London Bullion Market Association and Istanbul Gold Exchange to Take Action to Stop Iran’s Trade for Turkish Gold

The trade of Turkish gold for Iranian crude oil is enabling the Iranian regime to evade sanctions

FSA and SFO probe Barclays over Qatar loan - FT

The FSA and SFO have been looking into Barclays' emergency fundraising since July

UK-UAE trade ties strengthened through memorandum between commercial courts

Dubai is now widely recognised as the investment and business hub of the Middle East

Dubai shifts Amlak's DIFC cases to special committee

The move clarifies a decree in 2009 that established a special judicial committee to hear claims against Amlak

Oman figures favourably in KPMG's tax rate survey

"We expect the global indirect tax rate average to continue to rise in 2013 as more governments continue their path to economic recovery."

Dubai Group settles lawsuit over debt deal

Dubai Group was hit hard by the global financial crisis in 2008

Hadef and Partners announce three new partners

Each has a solid client following within their specialism.

FATCA: A new era of financial transparency

The IRS's powerful new tool chips away at bank secrecy.

Soaking the rich won't work

Governments that are raising tax rates on the wealthy to plug budget holes are doomed to disappointment.

DIFC Courts Receive International Praise

The findings of a second, national survey, undertaken by ARA Marketing Research and Consultancy, Dubai, in three assessments throughout the year, also reported positive feedback from court users, and a remarkably high quality of service.

Comprehensive Changes Made To DIFC Laws

The four laws will come into force on December 23, 2012 and have been made available online.

DIFC Authority introduces new Non Profit Incorporated Organisations Law

The Non Profit Incorporated Organisations Law introduces a new regime for non-profit organisations whose purpose is to support the growth and development of the financial services sector in the DIFC.

BNP Paribas Securities Services unveils FATCA service for asset managers

Under FATCA, non-US financial institutions will be required to report information about financial accounts held by US taxpayers, or held by foreign entities in which US taxpayers hold a substantial ownership interest.

Linklaters inks cooperation deal with Allen & Overy

A&O had been working with Abdulaziz AlGasim since 2007

KPMG 2012 Revenues Reach US$23 Billion

The growth in Advisory and Tax underlines the strength of client demand for professional services

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