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

Saudi Arabia 2020 inflation rises to 3.4% after VAT tripled

The main drivers were prices of food and beverages, which increased by 9%, and transport, up by 3.8%

Saudi insurance firm’s board members, audit executives convicted, fined by market regulator

The decision of the Appeal Committee for Resolution of Securities Disputes was announced Jan. 13, 2021

EBRD reports record 2020 investment in response to Covid-19

The EBRD stepped up its investment to address immediate needs and to create the foundations for recovery, with a focus on building back better economies in the future.

Central Bank halts cash dividends at banks in anticipation of continued pandemic

Banks will not make cash dividends from profits or retained earnings to shareholders in anticipation of potential risks associated with pandemic

Economic Substance Regulations

The Regulations apply to financial years commencing on or from 1 January 2019.

Saudi Central Bank issues new rules for debt crowdfunding

A $1.3mln minimum paid up capital limit has been set for the activities in the kingdom

International Court of Arbitration opens case management office in Abu Dhabi

The collaboration between the ICC and ADGM will see the two organisations collaborate on promotional activities. Planned initiatives include hosting meetings and conferences in the ADGM.

US imposes $8.6m penalty on French-Arab bank for violating sanctions

Despite being aware of the measures imposed on Syria and its state entities, the bank reportedly was not aware that it was violating the sanctions by providing indirect means of money transfer.

Saudi regulator studies direct listing on main market

Other companies that do not have a clear business model should attract more partners gradually and adopt clearer frameworks, ElKuwaiz concluded.

Alexbank inks MoU for Upper Egypt farmers

The MoU comes as part of a development strategy that aims to help 500 remote villages in Upper Egypt

Ashurst advises on SAR 2 billion (USD 540 million) acquisition finance for the privatisation of Saudi Arabia's First Milling Company

AlRaha AlSafi Food Company is owned by Almutlaq Group, AlSafi Holding Co., Abunayyan Trading Co. and Essa Al-Ghurair Investment LLC

Central Bank of Bahrain Sukuk Al-Ijara oversubscribed

The Sukuk Al-Ijara are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.

Turkish banking watchdog working on revision of market manipulation regulations, sources say

“Work is being conducted on last year’s BDDK regulations identifying manipulation, misleading transactions and practices in financial markets,” one economy official told Reuters.

AxiomSL partners with Carlyle Square Consultancy in Saudi Arabia

The collaboration will see Carlyle Square Consultancy support AxiomSL with consulting services in the region.

NBE Opens New Branch at Suez Canal Authority in Ismailia

Authority, and Nermine Shehab El Din is NBE’s Head of Marketing and Strategic Sustainability.

Kuwait's IFA confirms $2.6mln 'rain accident' payout by subsidiary

First Takaful Insurance Company confirmed the payout in a statement to Dubai Financial Market (DFM)

The Job Of Tomorrow

Some jobs will disappear and others will emerge as the world faces a dual disruption

World Bank urges ‘greener, smarter, more equitable’ recovery path

The World Bank said on Tuesday that COVID-19 disruptions are giving countries the opportunity to pursue ‘greener, smarter, more equitable’ development policies, but that onerous debt burdens for poorer nations present a ‘major obstacles

IFS Qatar loses court fight

Victor says ‘our sector should have no place for the individuals who are currently running IFSQ’

The Year Ahead: Developments in Global Litigation and Arbitration in 2021

Our report features economic analysis from The Economist Intelligence Unit, and legal analysis from our team of more than 1,000 disputes specialists across 77 offices.

Legal, Tax, Regulation & Compliance