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

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

Dubai’s Court of Appeal orders extradition of Sanjay Shah to Denmark

Dubai Police arrested the suspect earlier this year following an extradition request from Danish authorities

SAMA to launch Basel III reforms implementation in January 2023

SAMA also updated the prudential framework for Saudi banks’ capital risks to align with these reforms as part of the Kingdom's commitment as a member of the G20.

UAE Central Bank issues coins to celebrate Abu Dhabi's Zayed and Khalifa ports

Each piece weighs 60g and features the Abu Dhabi Ports Group logo

The Arab Monetary Fund and the Arab Gulf Programme for Development sign MoU

To coordinate efforts to promote economic development and achieve sustainable development goals in the Arab region via expanding financial inclusion

Doha’s central bank issues billions in Treasury Bills, Sukuk

Authorities also announced that a record number of bids were placed in the auction, amounting to a total of QR11.46 billion.

Qatar Central Bank issues QR6bn Treasury Bills, Sukuk

The auction attracted a record amount of bids totaling QR11.46bn.

Europe investigators to visit Lebanon in central bank chief probe

The visit aims to conduct investigations into financial affairs linked to Salameh, the official added, requesting anonymity as he was not authorised to speak to the media.

Israel awards license to new digital bank

The Esh Bank Israel is the second addition to the country's banking system in 43 years. In August, One Zero, a digital bank that received its license three years ago, was officially launched and became fully operational.

PwC Middle East identifies top trends driving the region’s banking ecosystem

The conversations focused on the transformation taking place in financial services, importance of customer integration, evolution of payments and digital wallets and challenges with growing digitalisation

Egypt’s economic growth to decline to 4.5% in FY 2022-23: World Bank

Fiscal consolidation is also expected to decelerate in 2022-23 due to higher inflation rates alongside the government social mitigation package.

UAE Central Bank issues new anti-money laundering guidelines for insurance sector

The new rules apply to insurance companies, agents and brokers

UAE fines six companies $871,000 for breaking anti-money laundering law

The companies were fined following inspections by the Ministry of Economy

KPMG: Consistent Growth to Continue for Saudi Arabia Banks

The report found an increase in net profit by 26.21 per cent year-on-year for the banking sector.

6 UAE firms fined $871,000 for anti-money laundering law violations

Businesses operate in designated non-financial business or professions sector

Oman: No VAT increase, no income tax in 2023

The details were unveiled during a media presentation of the state's general budget for the year 2023

UAE Corporate Tax: Multinationals' being pegged at 9% for now will be a win-win

UAE's decision to hold back on 'Pillar Two' and 15% tax to be a major incentive

Emiratisation fines, job loss insurance, corporate tax: 5 new UAE laws that will come into effect in 2023

These include a plastic ban will be imposed across more emirates; sales outlets must charge 25 fils extra per plastic bag shoppers use as of next year

Egypt’s new IMF deal aims to reduce government debt: Cabinet

Egypt negotiated its latest IMF loan as the economic fallout from the war in Ukraine exacerbated a foreign currency shortage resulting from Egypt's large trade deficit.

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