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

Saudi asset management industry resilient in 2021: KPMG

“The industry is well prepared to play a pivotal role in providing the necessary impetus to the overall economic recovery.”

Yemen government appoints Ernst & Young to audit central bank - statement

Yemen’s government statement said Abdulmalik ordered a thorough and urgent investigation on how the Saudi deposit was spent.

Banks in Lebanon may seek more time to raise capital, repatriate funds from abroad

This is the general impression some bankers and financial analysts gave as BDL’s February 28 deadline approaches

The Arab Monetary Fund holds a virtual workshop on the US Dollar inclusion in Buna

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

Job loss protection schemes being dropped by some UAE insurers, credit card issuers

Sharp rise in such claims after COVID-19-elated job losses hurt insurers

Swiss Lebanon Probe Grinds On

Beirut represents the next hot spot that may backfire for Switzerland: as much as $2 billion reportedly made its way to Swiss offshore accounts, amid a financial and economic crisis.

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

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