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

UAE Central Bank raises interest rate by 5bp after US Fed move

Rate hike guidance to weigh on emerging market currencies, including Indian rupee, stocks

CBUAE Financial Stability Report highlights resiliency of UAE's financial system amid COVID-19 pandemic

The report gives a comprehensive overview of the development of the UAE economy and financial system in 2020. CBUAE projects that the UAE economy is expected to gradually recover during 2021 and 2022 from the repercussions of the COVID-19 pandemic

United Arab Emirates: Guidance issued on mutual agreement procedure

The UAE has entered into approximately 136 double tax treaties, all of which contain a MAP article based on the provisions of article 25 of the United Nations Model Double Taxation Convention and the OECD Model Tax Convention.

QCB denies QLM from paying interim dividend

The company’s Ordinary General Assembly agreed to distribute an interim dividend to shareholders from under the profit account for the year 2021

UAE and Saudi central banks awarded 2021 Global Impact Award

Recognition is for digital cross-border payment initiative Project Aber

UAE's new capital rule could trigger further bank M&A in 'overbanked' market

The rules do not affect existing risk-weighted capital requirements.

Changes to the UAE Foreign Ownership Laws

The Amendment proposed that all business activities in the UAE are open for 100% foreign ownership except for a negative list of activities which would be determined by the relevant UAE authority.

Bain & Company creates a more sustainable, equitable and inclusive world

Bain & Company's 2021 Impact Report outlines the transformative impact the company is working to create--as a partner to its clients, as a champion for global communities and as a firm

Lebanon's banks stuck in reverse: jobs go, lending dives

About 3,000 bankers, or more than 10% of the banking industry workforce, have resigned or lost their jobs so far since a financial crisis flared up in late 2019

Saudi Arabia to Form Entity With $29 Billion in Equity Holdings

PPA, GOSI also own other assets including bonds, real estate

PwC's $12bln global strategy will create 6,000 Middle East jobs

Firm says its new investment will create 100,000 jobs globally in five years

Kuwait Hasn’t Renewed Wealth Fund’s Board Since Term Expired

It’s unclear whether any major decisions have been put on hold since April 20, when the nine-member board’s term expired.

Central Bank of UAE seeks private sector participation in anti-money laundering efforts

Unifying efforts has contributed to raising the UAE’s compliance AML/CFT

Whistleblowing protections in the UAE

The UAE Penal Code imposes positive obligations on all persons to report crime.

Foreign investment opportunities expand in the United Arab Emirates

This law also repeals Federal Law No. 19 of 2018 regarding foreign direct investment, which had allowed foreign investors to own up to 100 per cent.

KPMG launches competition for tech start-ups in UAE

Per a KPMG statement, the UAE iteration was inspired by a similar contest

Should GCC states be afraid of the G7 corporate tax plan?

Saudi Arabia was regarded as especially exposed to the fallout from a global tax.

Tax or no tax, UAE aims to remain magnet for investors

The United Arab Emirates entered the world’s top 10 tax havens for the first time in March, according to the Tax Justice Network.

Egypt’s Banque Misr applies on licenses to operate in Somalia, Djibouti, Kenya

As such, Banque Misr will be having operations in four African states given that it already has a branch in Cote D’Ivoire.

Clyde & Co named International Law Firm of the Year in the Middle East

Global law firm Clyde & Co was named 'International Law Firm of the Year' for the second year in a row at the prestigious Legal Week Middle East Legal Awards 2021.

Legal, Tax, Regulation & Compliance