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

Indonesia's sovereign wealth fund, DP World agree on $7.5 bln partnership

Indonesia's government launched its sovereign wealth fund in February, with an initial investment of $5 billion.

Dubai FSA fines and bans financial services firm director pending tribunal outcome

The DFSA said it took action against Rollet due to its view that there were "multiple breaches of DFSA legislation arising from his knowing involvement in La Tresorerie unlawfully providing physical cash to its clients in breach of DFSA Rules (Unlawf

Saudi deposits $3 bln in Egypt's central bank

The Saudi statement appeared to suggest the total size of its Egypt deposits had changed little since then.

Bahrain Court Orders Five Years In Jail, Hefty Fines For Financial Fraud

Court files say the two people - one of the suspects an Arab national - took funds from people to invest through two companies owned by one of them.

DIFC enacts changes to its employment laws

Ruth Stephen tells HRNews about the DIFC’s changes to its employment laws to simplify and clarify working arrangements

Citigroup plans more investment in Saudi Arabia, eyes banking license

Citigroup's client business model is built around serving multinational companies globally, as well as bringing global investors opportunities in a local market.

UAE to introduce new Federal Data Law

Ruth Stephen tells HRNews about new data protection laws to be introduced as part of the UAE’s ‘Projects of the 50’

Dubai royal divorce begins

A ten-day hearing at the High Court before Mr Justice Moor will decide the payout for the princess and their two young children.

Crypto too close to criminals, says SAMA governor

“Winners in the banking industry will be those who take steps today toward digitization rather than later.”

DFSA introduces regulatory framework for Investment Tokens

Forms the first of two phases of the DFSA's Digital Assets regime

Abu Dhabi launches 'Virtual Licence' for non-resident foreign investors

This initiative goes in line with the directions of the UAE government to enable cross-border digital trade: ADDED chairman

Lebanon central bank audit demanded by creditors to resume

“will have 12 weeks to collect information and draft a report,”

DIFC and Start-Up Nation Central to Promote Innovation-Based Business Ties Between the UAE and Israel

Pledge to advance market access for high-tech companies with an emphasis on FinTech innovation

CBB directs BENEFIT to operate national eCheque system

These apps offer several services to users, such as online cheque book issuance request from retail banks

Clifford Chance advises on historic UAE first bond issue

The Formosa-tranche will additionally also be listed on Taipei Stock Exchange.

Bahrain’s MPs urged to fast-track pensions debate

Bahrain’s MPs to fast-track a government bill granting a three percent increment to them, starting this year

UAE and Economic Substance; Don’t be tempted to avoid its relevance!

Different jurisdictions have been introducing their own rules around this topic and the OECD has kept a watchful eye on its progress.

United Arab Emirates: Upcoming deadlines for economic substance filing requirements

All legal entities are encouraged to determine their upcoming ESR filing obligations as soon as possible for any completed FYs and take necessary steps to ensure filings are made within the applicable deadlines and all necessary supporting documentation i

How does updated SCA rulebook impact UAE advice firms?

Is the regulatory landscape set to become more or less complicated?

UAE drafts new law on charity fundraising to combat money laundering

The OECD had warned in a report that charities are being used for money laundering and tax evasion.

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