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

Law firm praises Saudi Arabia tax amnesty extension

If it is settled between April and May, there will be 75 percent exemption of fines

Saudi Arabia selected to chair key IMF committee

The fund’s executive board is made up of 24 directors representing the 190 member countries

JRE, Kilinc Law & Consulting, Al Sulaiti Law Firm sign MoU

The major thrust of the MoU is to promote mutually beneficial cooperation between Just Real Estate, Kılınç Law and Consulting and Al Sulaiti Law Firm

Two Abu Dhabi execs fined Dhs8bn, jailed for 15 years in money laundering case

The two men, who have not been named, reportedly took advantage of their position in the company and misused public funds

DFSA suspends licence of Red Spear Capital Limited

The DFSA regularly reminds firms of their requirement to maintain adequate financial resources at all times, and of the importance of dealing with the DFSA in an open and cooperative manner.

‘Overbanked’ Qatari market could benefit from more consolidation: Fitch

The deal will create one of the largest Shariah-compliant banks in the Middle East

How will foreign ownership rules impact the UAE advice market?

It is ‘illogical to expect an economy committed to change to ignore our space’

Saudi cabinet says kingdom witnessing ‘unprecedented’ investment opportunities

It also discussed international and regional developments, including the Palestinian situation, during which it reaffirmed Saudi Arabia’s commitment to peace as a strategic choice.

Dubai investment firm has licence suspended

Regulator had ‘serious concerns about the adequacy of its financial resources’ EmailFacebookTwitterLinkedInPrint

Central Bank of UAE imposes Dh45.7 million fines on 11 banks in the UAE

Fines take into account the banks’ failures to achieve appropriate levels of compliance

11 UAE banks fined Dh45 million for breaking anti-money laundering rules

Further sanctions will be imposed in cases of non-compliance.

Lebanese central bank governor charged with breach of trust

Salameh has headed Lebanon’s central bank since 1993

Oman issues a list of activities prohibited from foreign ownership under the FCIL

The New MD does not apply to a company which is not subject to the new FCIL, such as wholly Omani, GCC and US-owned companies.

UAE financial regulators need to foster innovations, says BCG

Mobile banking usage has increased by over 65 per cent in the UAE during the pandemic

COVID-19 and tax treaties: the updated OECD guidance

This guidance was updated on 21 January. It appears that the goal of the updated guidance is to suggest ways that governments can best address these tax treaty issues through legislation, regulations, guidance, and best practices.

Druces advises on Sharia’a compliant commercial property financing

Working with BLME and Hatstone on this transaction has been a pleasure.

UAE Central Bank makes further headway on compliance and reducing risks

Hosts first forum of chief compliance officers at banks

EBRD shareholders approve membership of UAE

The government of the UAE applied for EBRD membership in September 2020, expressing its wish to contribute to the Bank’s operations.

Egypt inflation hits 15-year low

Government controls on food prices helped reduce the inflation rate to 5 percent, defying forecasts by some major global institutions

Clyde & Co brings its forensics advisory arm to the Middle East

This new service will provide a one-stop-shop that will save both time and money, and also help ensure that any legal or regulatory concerns are identified early,” explained Matthew Shanahan

Legal, Tax, Regulation & Compliance