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

Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto

The Dubai World Trade Centre will be designing a comprehensive ecosystem for this progressive sector within Dubai.

ADGM's enhanced framework governing auditors comes into effect

The framework is administered by administered by the ADGM Registration Authority

UAE central bank to increase oversight of banks' real estate exposure

The regulator will give banks one year to enhance their practices to meet the new requirements, starting from Dec. 30.

A year the tide turned in the fight for tax justice

Our analysis of the G7 global tax deal was widely covered in media and press.

Qatar introduced further changes in UBO legislation

In relation to the obligation to prepare and keep the internal UBO register, it is still applicable for all entities, including exempted ones.

Cayman Grand Court opens the floodgates to derivative claims by limited partners

The Court has set a low bar for limited partners wishing to commence derivative claims on behalf of an ELP, whether against the ELP’s general partner or third parties.

Banks in UAE need to ensure full compliance with consumer protection rules: UAE Central Bank

Banks expected to ‘contribute significantly’ to UAE agenda, says Governor

Qatar Central Bank to start gradual reduction of pandemic stimulus

Qatari authorities made available a support package of 75 billion riyals ($20.60 billion), or about 14% of gross domestic product, in response to the downturn last year, of which 50 billion riyals was central bank liquidity support.

Ex-CEO of Swiss bank Falcon acquitted in money laundering trial

But it found that the bank had breached compliance regulations and did not have sufficient internal guidelines in place to prevent money laundering.

Bank of Sharjah is working on its Lebanon problem and a solution is in sight, says CEO

Lebanon exposure has been hurting Bank of Sharjah numbers in recent quarters

Latham Advises Chimera Capital

Transaction represents Chimera’s first venture capital fund close.

UAE Central Bank imposes penalty on bank under strict anti-money laundering rules

Sanctioned bank failed to meet regulatory framework for extended period

IIFM and ISDA publish the IBOR Fallback Bilateral Amendment Agreement and IBOR Fallback Definitions Booklet

IIFM and ISDA have also published an ISDA/IIFM Shari'ah-Compliant Bilateral Amendment Agreement template to enable institutions to agree with their counterparties to incorporate the fallbacks for existing Islamic hedges

UAE Federal Data Protection Law 2021

Businesses will then have a grace period of six months from the date of the Regulations to bring their organisations into compliance with the DP Law meaning enforcement is likely to commence from September 2022.

Legal Advisors and Baker McKenzie act for the underwriters on Saudi Tadawul Group's landmark IPO

Saudi Tadawul Group Holding's US$ 1.0bln initial public offering and $3.4bln listing on the Saudi Stock Exchange

FAB to complete acquisition of Bank Audi

Fayed added that the deal will contribute to strengthening the Egyptian investment opportunities

Dubai regulator fines fund manager for reporting breaches

The DFSA also identified concerns around Equitativa's fund valuation practices.

Final phase of pay protection plan set in Bahrain

The project was launched in May this year by the Labour Market Regulatory Authority

Walkers Advises on MENA Region's First Fintech Fund

The fund is backed by a range of prominent investors in the region, including sovereign wealth funds.

Dubai regulator fines fund manager for reporting breaches

DFSA accepts an Enforceable Undertaking from Equitativa to improve valuation practices

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