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

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

General Tax Authority, RACA sign MoU on combating money laundering, tax evasion

The MoU was signed by President of the General Tax Authority Ahmed bin Issa al-Mohannadi and General Manager of RACA Ibrahim Abdulla al-Dehaimi.

Lebanon judge freezes assets of five banks and members of their boards

Bank of Beirut and SGBL did not immediately respond to requests for comment.

Linklaters advises Qatar Investment Authority

The transaction was led by Singapore-based private equity partner Robert Elliot.

Sheikh Hamdan approves Services 360 policy to improve Dubai Government services

The initiative is expected to achieve annual financial savings exceeding Dhs1bn over the next five years and the elimination of nine million physical customer visits to service centers annually

Lebanon judge freezes assets of 5 banks during probe

Lebanese banks have imposed informal capital controls since the economic crisis began in October 2019 after decades of corruption and mismanagement by the country’s political class.

UAE, OECD discuss global tax standards, tax challenges arising from digitalising the economy

The UAE Ministry of Finance and OECD officials also discussed the need to address base erosion, profit shifting, economic substance regulations, and common reporting standards

CBB Sukuk Al-Salam securities oversubscribed

The Central Bank of Bahrain announces that the monthly issue of the Sukuk Al-Salam Islamic securities, has been oversubscribed by 180%

Central bankers face balancing act amid rising inflation, war and slower growth

Countries face a challenge in replacing supply of commodities from Russia and Ukraine

Saudi Central Bank extends guaranteed financing program for small businesses

The program encourages Saudi banks to loan to small businesses by guaranteeing a portion of the funds, and was launched in response to the coronavirus-related economic downturn in Saudi Arabia.

DFSA publishes regulatory framework to oversee cryptocurrencies

Open for public consultation until May 6, the proposed regulations are aimed at protecting investors and ensuring market integrity

DFSA censures Paymentology Ltd for disseminating misleading and deceptive information

The DFSA found that, in making these statements, Paymentology disseminated misleading or deceptive information in breach of DFSA administered legislation.

DFSA decisions to penalise Dalma Capital Management Limited and Zachary Cefaratti referred to Financial Markets Tribunal

Both Dalma and Mr Cefaratti dispute the DFSA’s findings and have referred the Decision Notices to the Financial Markets Tribunal

APBEF-UBA: A new agreement on settlement of disputes between banks

The second agreement concerns the Mediation and Arbitration Centre of the Union of Arab Banks, with a partnership agreement aimed at resolving disputes between the various Tunisian banks.

Al Rajhi Bank gets CMA nod for 60% capital raise to $11bn

Founded in 1957, Al Rajhi Bank is considered one of the world's largest Islamic banks by capital value.

Dubai adopts first law regulating virtual assets

A regulatory authority will be established under the new law to oversee the sector

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