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

Iraqi PM forms high-level committee to align banks with international financial standards

Al-Sudani announced that “the Central Bank of Iraq has contracted with Oliver Wyman to help develop the banking and financial sector”

GCC leaders positive on economic outlook and investment climate

The survey questioned leaders in businesses across the six GCC countries in both the private and public sectors.

Arab Financial Services sponsors the Sixth Edition of the Youth Entrepreneurship Forum “MicroShabab”

The MicroShabab Forum will take place from 1st to 3rd October in the Sheikh Abdulaziz bin Mohammed Al Khalifa Hall at the University of Bahrain in the Sakhir area

Growth of Saudi banking sector accelerated by diversification initiatives: Moody’s

We expect this trend to persist over the coming 12 to 18 months, further boosting the non-hydrocarbon economy where banks largely operate.

UAE banking sector’s liquid assets rise to $218bln by end of Q2-24

The value of liquid assets in the UAE banking sector increased quarter-on-quarter (QoQ) by 2 percent

Moody's affirms Qatari banks mitigated risks of unexpected shocks

The report added that Qatari banks were primarily financed during the recent period through customer deposits, which accounted for approximately 52% of total assets by the end of June 2024

Shane Horgan leads new Digital practice of Global Think Group

Global Think Group is positioned to deliver impactful, measurable results that support our clients’ business and policy goals

Saudi Arabia’s banks see continued growth in loans & advances, deposits, and profitability in second quarter

Growth in operating income (+1.9 percent) mainly on the back of higher net interest income

EY moving financial services partners to KSA to tap market opportunities

EY’s growth in the financial services landscape is driven by an expansive market, on the back of developments such as a growing banking sector

Moody’s upgrades outlook on six Omani banks to ‘positive’

The rating agency further mentioned that the positive outlook on the long-term deposit ratings suggests that a downgrade in the near term is unlikely.

Public sector loans drive Qatar banks’ credit growth in July: QNBFS

The real estate sector was the main driver for the rise in private sector loans in July.

Algeria joins BRICS New Development Bank

The Algerian Ministry of Finance considers this a momentous move after a year has passed since the application for membership was submitted

Residential transaction volume surges by 35% in Q2 2024

Experts note that this surge may be partly attributed to the recent developments witnessed in mortgage regulations, which projects 15 percent annual growth.

GCC banks set record with $21.5bn in Q2 lending profits

The quarter saw one of the highest total interest incomes at $52.2 billion, with a credit yield averaging 4.3 percent.

Explosive Growth of Crypto Millionaires in 2024

Volek concludes that as the lines between traditional and digital finance continue to blur, the synergy between investment migration and cryptocurrencies grows stronger.

How digital banking is driving the UAE's sustainability agenda

The growing demand for digital financial services and the rapid adoption of fintech solutions are driving economic growth while enhancing the banking industry’s competitiveness.

From Geneva to Dubai: Lombard Odier shares its private banking ambitions in the Middle East

Malik is based in the gate building of the Dubai International Financial Centre.

Top ten UAE banks exhibited improved asset quality, higher profits in Q2 2024

Six out of the top ten banks reported a deterioration in the cost efficiencies.

Kuwaiti banking sector benefits from M&A increase

In June, Burgan Bank decided to acquire a 100% stake in Bahrain’s United Gulf Bank

505 new firms join QFC platform in the rest first half of 2024

This strategy was part of QFC’s efforts to increase the inflow of foreign investments, diversify the economy, and position the country as a leading tech hub in the region.

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