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

Economic, commercial activities in UAE continue positive run in first half of February

4,300 new licences for economic and commercial activities around the country were issued in the first 15 days of February

Leading restructuring consulting firms ramping up in Gulf

The oil-producing nations of the Gulf have been among those hardest hit by the global pandemic, dealing with the double blow of both depressed economic activity and plummeting oil prices due to limited demand.

Qatar regulator launches platform to monitor human understanding of financial crime

Qatari financial services regulator works with global body to provide digital platform to assess whether financial services workers understand how to prevent financial crime

Global firms without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024: finmin

Companies will, however, be free to work with the private sector.

As Lebanon's banks struggle to raise capital, a deadline looms

Given the wall of losses facing the financial sector, some investors and economists say it's too little too late anyway

CISI launches anti-money laundering partnership with Qatari regulator

Its launch will confirm Qatar as the first country in the Middle East to implement a country wide, digital, AML/CFT assessment, with a unique reporting function, as part of QFMA efforts to combat the causes of financial crime in the Qatar capital market.

Qatar Islamic Bank, HSBC sign $100mln deal

HSBC says it is optimistic about growth opportunities in Gulf state

HSBC completes first Islamic trade facility in Menat at $100m with QIB

The fact that this transaction was first completed in Qatar demonstrates that the country has a number of market leading internationally recognised Islamic financial institutions with diversified product sets and a high demand for Sharia compliant banking

Turkish private lender Akbank permanently shifts working model

The increase in home office practices worldwide let firms explore further into the new setup.

Instant transfer between banks 24/7 from Feb. 21

Once activated, it will allow beneficiaries to benefit from it in the implementation of financial transfers between accounts in local banks immediately, with fees less than the fee charged in current system of transfers between banks.

UAE trust law creates ‘hugely important tool’ for wealth sector

Investors ‘have a new structure in which to hold their assets efficiently and with full legal recognition’

Central Bank's total assets up 6.6 percent to AED470.5 bn in December

The deposits and current balances increased to around $52.31bln in December 2020

Exchange house in UAE fined Dhs504,000 by Central Bank

The exchange house reportedly has a weak anti-money laundering and combating financing of terrorism compliance framework

New Developments – Foreign Direct Investment In The UAE

The new developments introduced by the FDI Law have now been further developed by way of Federal Decree-Law No 26/2020 issued on 28 September 2020.

Qatar: Tax authorities clarify transfer pricing reporting requirements

Based on the recently issued guidance, the necessary online submission mechanisms are now in place and the obligation to submit the forms applies to taxable years beginning on or after 1 January 2020.

Banque Misr to acquire capital shares of CI Capital

In August 2020, Banque Misr purchased 9% of CI Capital, raising its stake to 24.70%

Egypt’s central bank issues LE 20B on T-bills Thursday

The Monetary Policy Committee of the Central Bank of Egypt (CBE) decided Thursday, Feb. 4, to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respective

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