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

Christie's cancels Dubai sale of Middle Eastern art

March auction will return to the Emirate in spring 2021, but is cancelled this year due to new strategy and constrained supply of works

Bahraini investments in Egypt amount to $3.2bln

These investments are focused on finance, constructions, manufacturing, agriculture, tourism, services, telecom, and information technology

Australia's CIMIC expects to take $1.8bn hit on Middle East exit

Company bought a 45% stake what was formerly known as Habtoor Leighton Group, for A$870m in 2007

Bahrain's Investcorp raises $130m for Indian affordable housing initiative

Initiative will focus on projects in the affordable and mid-market housing segment in the top seven cities in India

Dubai property achieves supply-demand balance, prices hit lowest mark: developers

Data by real estate consultancies shows that sales have jumped as properties become more affordable

Gulf governments will rely less on bond markets this year

Cumulative gross financing needs of the GCC will narrow in 2020 on the back of prudent spending and higher oil prices, MUFG says

CBO issues treasury bills worth OMR65 million

The treasury bills are short-term highly secured financial instruments issued by the CBO on behalf of the government, which help the licensed commercial banks to gainfully invest their surplus funds.

Saudi Arabia issues US$5b of bonds as Gulf tensions ease

The kingdom issued US$5 billion of debt, taking advantage of low borrowing costs globally.

Saudi investors in talks to buy London’s Ritz hotel, says report

Barclay brothers said to want £750m for landmark property

Qatar National Bank Set to Compete with Korean Banks in South-east Asia

Currently, there are no deals in review, but the CEO clarified that any prospect in near future will be seriously considered.

Emirates NBD marks sustainability milestone with three LEED Gold certified branches in UAE

Bank is the first in MENA region to secure LEED Gold certification for branches

Shangri-La Dubai hotel tower sold at auction for $190m

Tower owned by Abu Dhabi-based Al Jaber Group is sold as part of multi-billion dirham debt restructure

Saudi Arabia sees biggest rise in FDI in 10 years

FDI to kingdom rose to $3.50bn in first nine months of 2019

Shuaa unit inks deal to manage portfolio worth $400 million

The deal will increase assets under management of Shuaa and its units to $13.4b

In Dubai, developers turn mortgage providers

Banks’ reluctance is creating an opportunity for developers to sell and lend

Fundraising on Mena equity markets hit all-time high in 2019

Saudi Aramco IPO pushed equity capital market issuance up five-fold to $27.4bn

Ahlibank posts QR675.2mn net profit in 2019

Ahlibank’s Board of Directors proposed cash dividend of 15% and bonus share of 5% as dividend distribution for 2019

Majority of GCC professionals see no uplift in salaries

The latest Hays 2020 GCC Salary & Employment Report found 54% of working professionals salaries remained the same year-on-year in 2019, 41% increased and 5% decreased.

Mohamed Jameel Al Ramahi, CEO, Masdar: "UAE is ideally positioned to reassert its credentials as a global sustainability leader"

Predictions For 2020: The financial community is now responding to the growing public demand for climate action.

Dubai-based PE firm Fajr Capital exits Brunei bank

Its shareholders include the investment agencies of the governments of Abu Dhabi, Brunei and Malaysia.

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