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

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.

Arcapita in bankruptcy filing over $1.1bn debt

The move came as the credit rating agency Moody's Investors Service warned of a funding crisis brewing in the Gulf.

Incoming SJ Berwin senior partner eyes international expansion

SJ Berwin’s senior partner-elect is putting international expansion at the centre of his strategy, with a US merger a “work in progress” and a Singapore launch and expansion in Dubai firmly on the agenda.

Bank of Israel fines Hapoalim for overcharging

Supervisor of Banks David Zaken fined Bank Hapoalim for overcharging customers who closed their accounts.

New FATCA regulations are out, institutions must act fast

The FATCA Seminar was tailored to address the unique needs of Middle Eastern institutions, including Islamic banking and takaful insurance structures as well as sovereign wealth funds, and family offices.

Allianz Turkey demands banking-like regulation

Fierce competition, lack of regulation, low profitability and underwriting losses also cause decline in customer service, which later might trigger mistrust in the insurance sector among the public.

Curtis opens office in Kuwait

The Curtis Kuwait office will be headed by David Pfeiffer, who joins Curtis as a partner with 16 years of experience in Kuwait.

Qatar makes a play for top financial centre

Dubai is due to bring in regulations that could make it more difficult for Dubai International Finance Centre (DIFC) registered funds to market their products outside the financial free zone to investors in other parts of the UAE.

US targets Dubai bank over Iran curbs

The US Treasury Department has disrupted a Dubai-based banking operation that the United States believes was Iran's main conduit for evading international sanctions and processing oil sales, the Wall Street Journal reported.

DIFC Courts draft Code of Conduct

The consultation period during which the Courts welcome constructive feedback from Court users will be open until 4:00 pm March 13, 2012. Interested persons can view the Code on the Courts’ website, by searching ‘Code of Conduct’ and are

Taylor Wessing celebrates 15 years of legal practice in the UAE

Originally founded in 1997 as Key & Dixon and rebranded to Taylor Wessing in 2002 following a merger with the European practice, Taylor Wessing (Middle East) LLP is one of the longest established international law firms in the UAE. With its founding p

DIFC aims to double in five years

Although no financial details were released along with the operating review, Mr Al Awar sought to reassure bondholders that a US$1.25 billion (Dh4.59bn) sukuk repayable in June would be met.

Swiss Re applies for DIFC licence

This will be a first for the global reinsurer, which has never had an office in the Mena region before.

No plan to restrict DIFC Business

The tax-free DIFC business park is home to the regional offices of banks including Citigroup Inc, Goldman Sachs Group Inc and Morgan Stanley.

DIFC Courts honours GCC justice

The application for an order in this first international enforcement case was made to the DIFC Courts by the beneficiary of a judgment made by the Ministry of Justice and Islamic Affairs in the Kingdom of Bahrain and it concerned access to accounts at two

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