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

GCC countries will buck the global recession, say PwC economists

Some Middle Eastern countries are facing these headwinds full on, but the GCC seems increasingly like as it looks set to buck the trends of the forecasted global recession.

QCPA organises international credit rating agencies conference on January 23

Being held for the first time in the State of Qatar, the conference will attract elite experts and specialists in the economic and financial sector to highlight the latest trends in investment and credit ratings.

Saudi Arabia’s demographic transition calls for policy response

Over the last century, a global trend has seen life expectancies rise – with improvements in healthcare and education gradually benefitting a larger portion of the world’s population.

Banque Misr to cancel 25% saving certificate within days - Official

The move comes after achieving the required target

CBI negotiations with Qatar, UAE expected to bear positive results: expert

Iran’s Deputy Foreign Minister for Economic Diplomacy Mehdi Safari also accompanied the CBI governor on the trip.

EY launches its legal practice (EY Law) in Saudi Arabia

Globally, EY has over 3,400 legal professionals across more than 90 jurisdictions serving clients.

UAE introduces federal level virtual asset regulation

The Cabinet has issued a decision which brings into force a new regulation for virtual assets and virtual asset service providers

Egypt highly supports FRA’s efforts in NBFS development: Madbouly

Madbouly also stated that Egypt is working on the completion of the program to expand the ownership base of state-owned companies through the securities market

UAE Central Bank issues new guidelines to combat money laundering

New directives require licenced financial institutions to use digital identification systems for customer due diligence

EY launches law practice in Saudi Arabia

The appointment - which follows a number of senior hires into EY’s Mena legal practice in 2022 – reflects the firm’s commitment to building a comprehensive one-stop-shop of multidisciplinary professional services in Saudi Arabia and the

Gross bank assets rose to Dhs3.58tn by end of Oct 2022, reveals Central Bank of UAE

The central bank attributed the increase in domestic credit to the increase in credit granted to the public and private sectors

Kuwait selects Google Cloud for nationwide digital transformation

The strategic alliance will support digitising government services, migrate national data securely to the cloud and set up a national digital skills

Egyptian pound sees largest single-day fall since IMF deal

In an attempt to rein in inflation, the National Bank of Egypt and Banque Misr announced they were offering yield saving certificates with 25% interest rates.

Bank ABC completes legal merger of key Egyptian subsidiaries

The legal merger triples Bank ABC Egypt’s market share and takes its total assets to EGP67 billion ($2.7 billion) on a combined basis.

Egypt: Credit facilities for 100 largest bank clients increase to $24.32bln

In its recent financial stability report, the Central Bank stated that these facilities are concentrated in 17 sectors, with 6 sectors accounting for 74.6%

UAE unemployment insurance scheme: Over 60,000 subscribers sign up in two days

According to MoHRE, 90 per cent of those who signed up chose to subscribe to the scheme annually

Dubai regulator upholds $135mln fine against Abraaj founder

DFSA said Arif Navqi’s conduct was the cause of unprecedented harm to the community of Dubai International Financial Centre (DIFC)

UAE unveils tax residency criteria

Legislation is a ‘logical step’ towards a global compliance framework

CBE issues new rules for bank statements: Egypt

The new rules stipulate that banks should put in place policies and procedures to maintain the confidentiality of customer bank statements

AMF & AGFUND sign MoU to promote economic development in Arab region

The MOU will focus on supporting micro, small and medium-sized agricultural projects, and digital financial transformation, which contributes to accelerating the economic growth

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