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

Bahrain's IIFM and TKBB sign MoU on participation banking sector

To collaborate on areas of common interests

Saudi PIF ranks 5th among world’s sovereign funds with $620bn assets

Third in the ranking is Kuwait Investment Authority, with assets of $737 billion, then the Abu Dhabi Investment Authority with assets of $697 billion.

Kamco Invest successfully leads stc’s acquisition of e-Portal Holding Company

Through its role, Kamco Invest assisted stc in identifying, shortlisting, assessing, and evaluating potential targets that fit the requirements set out under its strategic objective

RAKBANK's shareholders nod to 22.5% dividends for 2021

It is noteworthy to mention that in 2021, RAKBANK recorded a 50% year-on-year (YoY) rise in net profits to AED 758.3 million, compared to AED 505.4 million.

Beema named “Best Company” by Money 2.0

Beema’s Chief Executive Officer and Chief Business Officer receive Outstanding Leadership Award as well

Dubai’s Most Expensive Villa Is This Massive Megamansion, Which Sold for AED 280 Million

The 33,300-square-foot waterfront property boasts 10 bedrooms, indoor and outdoor pools and a “seven-star spa”

Al Masraf stages strong comeback with Dh132 million profit in 2021

The Abu Dhabi-based lender said net profit rose 115 per cent in 2021 and it’s financial position remained sound with the customers’ deposits increasing by one per cent to reach Dh16.4 billion

In Abu Dhabi, some landlords continue to offer rent-free even as rents rise

Khalifa City A and Al Reem Island remain most popular with rent-conscious tenants

UAE’s National Bonds’ investments rise by 36% to Dhs11.89bn in 2021

National Bonds reported an increase of 17 per cent and 9 per cent, respectively, in its women and junior saver segments’ investments in 2021

Dubai launches Sukuk Al Waqf in a push to encourage humanitarian contributions

The Waqf is now open to all contributors - companies and individuals

Saudi Re eyes $356mln capital boost through IPO

Saudi Re, which is listed on the Saudi Exchange (Tadawul), said the move to boost the capital from SR891 million ($237.5 million) to SR1.37 billion ($356 million) is aimed at strengthening its capital base and support its future expansion activities

Abu Dhabi’s Aldar targets Emirati buyers with its new $544mln villa development

New project features 554 villas with prices starting from 2.7 million dirhams

Dubai's private sector businesses see strong improvement despite inflation

The lifting of COVID-19 restrictions has created more economic activity in the market as well as tourism demand, S&P Global said in its PMI report

National Bonds investments up 36% to AED 11.89bln marking significant shift in savings behavior across UAE

The company’s pioneering products offer savers the opportunity to earn up to 3.33% in expected returns per annum

SNB Capital sees profit leaps for SABIC, Al Rajhi Bank in Q1 2022

SNB Capital also forecasted profit leaps for some of Saudi Arabia’s main banks, led by Al Rajhi Bank

Lebanon’s central bank counts its gold for first time in at least 30 years

The check comes amid intense scrutiny over Banque du Liban’s losses

Equiom opens new office in Riyadh

Equiom has since expanded its geographic reach in the Middle East, with offices in the Dubai International Financial Centre, Dubai, Abu Dhabi and Qatar.

Egypt issues its first samurai bonds: Cabinet

The samurai bonds are, thus, less expensive than the dollar-dominated bonds, the IDSC noted.

High reliance on foreign funding poses risks for Qatari banks: Moody’s

Dependence on foreign funds can potentially transmit and amplify shocks among banks and economy

Kingdom’s Agricultural Development Fund approves $115m loans

The board also reviewed the progress of an initiative to finance the import of agricultural products to ensure food security in the Kingdom.

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