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

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.

Macquarie targeted over rogue trader

They are suing for "more than $10 million" as a result of the alleged manipulation of shares in Bill Express, the electronic pre-paid bill payment company that went under in 2008 with debts of more than $200m.

DFSA announces the delisting of DIB Sukuk Company Limited from the Official List of Securities

The DFSA announces the delisting of DIB Sukuk Company Limited (DIB) from the Official List of Securities following the announcement by DIB that it has repaid in full a USD 750 million five-year Sukuk, which matured on 22 March 2012.

Allen & Overy welcomes 23 to its partnership

Allen & Overy today announces 23 promotions to partner across 14 offices in 12 countries. Nearly 40% of new partners are female and, for the fifth year running, the majority (73%) are based outside London, underlining Allen & Overy's commitme

Oman to amend banking regulations

H.E. Hamood Sangour al Zadjali, Executive President of the Central Bank of Oman, revealed to the Oman-based newspaper Muscat Daily that the first draft of Islamic banking rules is almost ready and it is being updated with comments from local banks.

Nasdaq Dubai chief urges market revamp

Despite rising prices and volumes this year, the three markets in Dubai and Abu Dhabi have underperformed most global indicators since 2008.

Dubai says new licensing rules in place by end-2012

Dubai officials said on Saturday it will implement a new company licence initiative by the end of 2012 aimed at improving the process of doing business in the emirate.

UAE bank execs to undergo 'fit and proper' tests

All banking executives sitting on the boards of directors of the UAE’s top banks are to face more scrutiny and will undergo a 'fitness test' to assess their expertise, the UAE central bank governor announced on Tuesday.

Risks are increasing in quantity and severity - PwC

While concerns about further economic uncertainty continue to be top of mind for business leaders, issues such as fraud and ethics, mergers and acquisitions, large programs, new product introductions, and business continuity were identified among the top

Former Hapoalim CEO takes responsibility for overpriced Turkish bank deal in 2005

Claims are pending against Hapoalim and its board over the Pozitif transaction, based in part on Dankner's failure to disclose his personal interest in the deal, which, in a court statement, Ziv said he knew nothing about.

SNR Denton Abu Dhabi partner takes charge of Kuwait office

Energy specialist Cavet joined legacy firm Denton Wilde Sapte from Simmons & Simmons in the summer of 2010 and will relocate to Kuwait to take on the leadership role.

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