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

Lebanese banks face off with judiciary as depositors demand accountability

Lebanon's banks have retaliated against judicial orders through strikes, account closures and denial of service to depositors.

New rules to protect data in Bahrain

The orders also specify the rules and procedures governing submission of complaints relating to violations of the law

Vaults unsealed at Lebanon's Fransabank after appeal accepted, Lebanese media

Last week's ruling obliged Fransabank to seal its vaults

Denmark signs extradition treaty with UAE amid Dubai-based Brit tax fraud case

The government has been working for some time to get a general extradition agreement between Denmark and the United Arab Emirates.

Egyptian FRA seeking to issue $400m of green bonds: CEO

On the other hand, Omran expected that the volume of securitization would double in the short term and that financing through future financial rights would increase compared to current financial rights, after some recent amendments.

Germany warns Qatar about inflows of Russian wealth

German economy minister tells Qatari officials he heard the amount of Russian wealth going into Qatar was increasing.

DFSA imposes $1.5m fines on two companies and two individuals for unauthorised activities

The companies, belonging to Adenium group, have been penalised for 'illegally marketed unregulated collective investment funds' and breaching other regulations

Egypt’s Monetary Policy Committee increases key policy rates by 1% in extraordinary meeting

Objective of raising policy rates is to anchor inflation expectations, contain effects of supply shocks: MPC

Deloitte event informs financial services leaders on financial crime

The key objective of Deloitte’s event (which was held in person) was to share the most recent developments with leaders and from there inform them how to navigate the landscape.

Addition of the UAE to the FATF grey list

Countries and territories listed under sources 1 and 2 of Appendix D2 should be treated as non-compliant with FATF recommendations for the purposes of Article 17A of the Money Laundering Order.

Lebanon charges central bank chief with corruption

A Lebanese judge says she has brought the first charge against Riad Salameh, whose wealth is also being probed by authorities in at least five European countries.

QCB raises repo rate by 25 basis points to 1.25%

The QCB also decided to maintain the QCB deposit rate (QCBDR) at its current level of 1.00% and maintain the QCB lending rate (QCBLR) at its current level by 2.50%.

Investors pay high price as judges target Lebanese banks

Ibrahim is taking legal action against the bank to recover the $35,000 he claims is owing.

Central Bank raises interest rate on monetary policy instruments by 25 basis points

The CBJ’s open market operations committee decision was taken in line with the regional and international monetary markets' interest rates changes, to address the anticipated inflation pressures amid the rising global inflation rates

Turkey to Hold Rates as Ukraine, Fed Test Lira: Decision Guide

All 21 economists surveyed by Bloomberg expect Turkey’s central bank, led by Governor Sahap Kavcioglu, to hold the benchmark one-week repo rate at 14% Thursday.

Kuwait proposes gradually raising retirement age by three years starting from 2024 - minister

The government will also present a law in parliament about paying retirees a one-time grant

UAE’s ADNOC awards agreements worth Dhs2.4bn to support upstream growth

Over 65 percent of the award value could flow back into the UAE economy under ADNOC’s In-Country Value programme

Qatar's central bank raises repo rate by 25 basis points

The central bank maintained deposit and lending rates at 1% and 2.5%, respectively.

UAE and Mauritius sign agreement to enhance Central Bank co-operation

Agreement to enhance banking supervision and co-operation

SAMA seeks opinion of public on its new rules to protect bank customers

Banks have to compensate customers for losses incurred due to hacking, security breach

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