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

UAE regulator overhauls regimes for foreign and domestic funds

The SCA has so far approved around 2,000 foreign funds to promote and offer their funds through licensed promoters in the UAE.

Most GCC central banks raise interest rates tracking US Fed move; Qatar holds

UAE Central Bank raised overnight deposit rate to 4.65%

UAE central Bank raises base rate by 25 basis points

The central banks of Saudi Arabia and Bahrain also increased their interest rates after the US Federal Reserve raised its target interest rate

UAE changes commercial agency law to encourage more foreign investment

The new law is a positive development in encouraging foreign investment and international businesses to continue to move to and operate in the UAE.

GCC banks to refrain from redeeming hybrid capital as volatility rises: S&P Report

Interest rates in the Gulf have been rising quickly as central banks matched course with the US in support of their currency pegs with the US dollar.

UAE corporate tax: Ministry of Finance explains timelines, fines

The Ministry of Finance explained UAE corporate tax rules via a virtual session

UAE employment contract changes: deadline, what is fixed term and all you need to know

All private sector employees must sign a new contract by February 1

MoIAT reduces government service fees to further ease doing business in UAE

Ministry slashed fees for 14 main and sub services and waived the fee for one service as of January 1, 2023

Saudi central bank licenses 2 debt-based crowdfunding fintechs

The licenses were granted after successful testing of their solutions in SAMA’s regulatory sandbox

SAMA reduces minimum paid-up capital for finance firms supporting SMEs

Under the Vision 2030 goals, the SME sector m in the Kingdom aims to make a 35 percent contribution to the national gross domestic product by 2030, with Aramco keen on being part of that.

Investment and Trade Court signs agreement with CrimsonLogic

The system will also include the use of artificial intelligence in data analysis, in addition to implementing technically advanced automated processes that ensure high accuracy and quality

UAE calls for domestic workers to be paid online

UAE defines 19 categories of domestic worker, including maid, nanny, personal trainer and personal driver

Investment manager fined and banned in Qatar

After he ‘provided misleading information’ to the regulator

Middle East economies set to grow despite global geopolitical and economic challenges

Regional policymakers cognisant of challenges as uncertainty rises amid weakening economic outlook, panellists at Davos say

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.

Legal, Tax, Regulation & Compliance