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

EFG Hermes to add new business lines for complete NBFIs platform

Brokerage volumes have perked up in the UAE, Saudi Arabia, and Egypt, and stable in frontier markets.

Gulf International Bank honored for innovation in trade

The second award was in the Islamic Finance category, where GIB is recognized for innovation in “Digitizing Umrah payments” for a large public sector entity in Saudi Arabia.

Egypt finances SME sector from its $6.2 billion support initiative

It has earlier advised tourism-related entities not to cut their workforce if they wanted to benefit from the initiative.

Middle East IPO market faces subdued outlook for rest of 2020

Examples of such revised timelines are emerging in Egypt

1.2 million expats forecast to leave Saudi Arabia this year

The government's SANED unemployment benefit scheme is paying out up to 60% of furloughed workers' salaries for three months, and this is likely to offset some of the expat exodus, the report said..

Decapitating stroke for UAE third party administrators

Role of TPAs in health insurance market to be eliminated after capitation schemes deemed unlawful

Saudi fund launches $1bn pandemic stimulus plan to help industry

The SIDF was established in 1974 to provide financial support to the private industrial sector.

UAE becomes largest FDI recipient in the Middle East

Inflows in UAE jump over 34% to $14bln in 2019

Saudi fund to offer SR3.7 billion to 500 plus small industrial firms

It will offer line-of-credit to meet operating expenses for up to three months

Abu Dhabi's ADQ in talks for bank debt - sources

ADQ has been active in the food sector since it announced in March that it acquired a 50% stake in Abu Dhabi-based agriculture firm Al Dahra Holding.

First Abu Dhabi Bank sells 1.4 bln Chinese yuan in 5-yr Formosa bonds - document

The bonds, which have a fixed rate payable annually in arrears, will be used for general corporate purposes.

UAE firms merge to create $1bn global expat advisory business

It will operate in six countries including the UK and Malaysia

Competitive Advantage: Exploring The Middle East's Potential To Become A Global Fintech Hub

Investment in Middle Eastern fintech companies is expected to grow to around US$2 billion in venture capital by 2022, which will fund 465 fintech companies, an increase from $80 million that was raised by 30 fintech companies in 2017.

Saudi property firm Amlak plans first post-coronavirus Riyadh IPO

“Being a publicly listed company will give us more visibility among our clients, will help us build our business and will also help reduce our cost of capital and boost profitability considerably,” Amlak Chief Executive Abdullah Al Sudairy tol

Oman on course for best-ever year for deals

Dealmaking is up 145% in the sultanate

Temporary committee to handle impacts of COVID-19 discusses initiatives, procedures to support affected economic sectors

The committee discussed several topics on its agenda, including the disbursement of the stimulus packages provided by the Central Bank of the UAE

Northern Trust Selected by Sancta Capital to Provide Institutional Brokerage and Global Custody Services

Appointment Supports Dubai-based Asset Manager’s Trading Programme, Driving Enhanced Efficiency, Transparency and Oversight

Abraaj ex-CEO’s alleged theft cost the firm $385m – liquidators

Naqvi is one of six former Abraaj executives who face charges stemming from the private equity’s firm’s 2018 collapse

Winning investments: UAE Mubadala's 2019 income surges to $14.43bln

Mubadala's assets under management grew 1.5% to $232bln in 2019, according to the company's annual review

Oman's Taageer Finance shareholders approve up to $25.97mln bond issuance

Issuance is with a green shoe option for an amount up to 5 million Omani riyals

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