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

Beware of fraudsters while banking, warns ROP

The Royal Oman Police warns citizens and residents not to fall into this type of fraud in order to avoid legal accountability

Submit your tax returns by this date: Tax Authority Oman

Tax Authority urges all those subject to the provisions of value-added tax to submit their returns before the end of the mentioned period

Some UAE banks ask for further temporary relaxations on key IFRS 9 compliances

Banks are concerned about higher provisioning burden from a full IFRS 9 compliance

Risks for Saudi's banking sector to remain contained: S&P

The trend for economic risk is stable

HAYVN receives approval from the Swiss Financial Market Supervisory Authority, FINMA

HAYVN will now be offering clients Asset Management, Trading and Custody services from its Swiss entity

Hoxton Capital Management gains US Securities & Exchange Commission licence

It has further set up a branch as a state registered investment advisor in New Jersey.

UAE’s DMCC records 665 new company registrations in Q1 2022

It the best first quarter since the inception of the freezone in Dubai 20 years ago

Saudi competition authority approves 88% more mergers & acquisitions requests in Q1

General Authority for Competition received 101 application in 1Q 2021, +42 percent year-on-year

Saudi EXIM Bank Approves Credit Worth $1.4 Bn to Boost Alternative Economy

The value of insurance applications amounted to SR3 billion during the same period, allocated to local companies, financial institutions, and banks.

Dubai Ruler issues decree to subject public-interest entities to financial regulatory oversight

Public-interest entities will be required to maintain up-to-date financial and administrative records so that Dubai’s Community Development Authority can review them when needed

Banks close “unused” bank accounts for 6 months

Emirates Today” published an investigation into customer complaints that thousands of dirhams had accumulated due to forgetting old bank accounts earlier

Severe shortage of workers; 7,000 over 60s expat ‘craftsmen’ leave for good

The recent government decisions regarding a complete return to the manifestations of normal life to what it was before the emergence of the Covid- 19 pandemic revealed the severe shortage of expatriate workers, which the Kuwaiti labor market suffers from

UAE’s Emirates ID replaces visa sticker in passport as proof of residency from today

Residents can also get a soft copy of Emirates ID, residence visa stickers for reference

QIB completes legal procedures to raise foreign ownership limit up to 100%

The decision (to allow up to 100% FOL) is expected to enhance the country’s economic activity and attract overseas funds in efforts to diversify the economy

IMF, Lebanon reach draft funding deal, subject to reforms

Legislative elections are scheduled for May 15, after which a new government will need to be formed

UAE’s DFSA introduces ‘whistleblowing’ regulatory regime

DFSA’s regime aims to improve the whistleblowing culture among its regulated entities by increasing transparency around how they handle regulatory concerns

QNB, QDB sign partnership agreement on 'Al-Dhameen' updated programme

It also includes a higher profit rate for all companies and does not require a percentage from entrepreneurs or investors.

Egypt, World Bank hold talks over COP27

Fouad said that the conference will translate the decisions made at COP26 into operational steps

Egypt to launch new phase of digital tax collection system by 1 July: Finance ministry

The system covers all tax types, including income taxes, freelance taxes, deductions and collection returns, value added taxes, and stamp taxes

UAE’s economic growth on track for 4.2% GDP growth despite inflation rise: Central Bank

Inflationary pressures checkmated by rising dirham strength, says central bank’s update

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