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

Dubai's small businesses prep for tough Q2-20, with many expecting steep sales decline

Those in travel, real estate, hospitality to feel maximum impact, Dubai Chamber poll finds

Saudi Arabia: VAT rate to increase to 15% as of 1 July 2020

The recent VAT relief measure that allows taxpayers to voluntarily disclose historic omissions and errors without incurring penalties should be considered and any relief sought prior to the disclosure deadline of 30 June 2020.

EBRD and EU support small business Blessing in Lebanon

The company’s name was inspired the birth of Rana’s son

Fiscal Nightmare Ties Up Kuwait’s Stimulus With 40% Deficit

Kuwait’s extreme dependence on oil is to blame, with hydrocarbon sales accounting for an estimated 90% of total government income.

Kuwait among emerging markets but some negativity seen

This classification was based on the aggregation of a number of data, including growth forecasts for the current year, as the country is likely to witness a contraction of 1.1%

Don’t allow mismanagement to disrupt rebuilding

This will have obvious implications on how the economies can manage the crisis on the one hand

This Challenged World by Gary Dugan

The huge rise in government spending sets a major challenge for governments when they turn into each new year.

Confronting climate risk

These physical risks from climate change will translate into increased socioeconomic risk

Coronavirus has not changed the Middle East

This includes Iranian subversion and acceleration of its nuclear project, as well as Turkey's expansionism in Syria.

UAE to review government structure, size in post-coronavirus strategy - statement

"We may merge ministries and alter bodies. We need a more agile, flexible and speedy government," says Sheikh Mohammed bin Rashid.

Saudi Arabia ‘Vision 2030’ plan cut by $8bn – report

Brent crude is currently trading at around $30 a barrel, about half the level it was when Saudi Arabia announced its budget in December

Gulf banks could see second wave of mergers after pandemic dust settles

It comes as no surprise that the COVID-19 pandemic will halt the growth of GCC Islamic and conventional banks this year as they focus on preserving asset quality rather than business expansion.

JPMorgan sees more Gulf companies linking up but no liquidity crunch

But Tannir said the region had entered 2020 with strong finances and, after an initial phase of assessing liquidity needs, companies and governments are now looking more strategically at potential opportunities.

How much will oil price drop hit the Middle East wealth market

Competition ‘is likely to increase’ for firms as number of expats in region could decline

UAE banks report exposure to commodities broker in liquidation

Emirates NBD and Mashreq both report Dh130m exposure to the business that began as a rice trader

Egypt’s growth to slow sharply in 2020 because of coronavirus pandemic

The report says the deceleration led by the Covid-19 pandemic reflects a slowdown in the tourism sector, disruptions in global value chains and a slowdown in demand from trading partners and in foreign direct investment.

EBRD expects Turkey’s economy to bounce back by 6 per cent in 2021

Likewise, the lower oil price, alongside the sharp slowdown in domestic activity, will help offset the inflationary impact of the weakening lira.

Abu Dhabi per capita income substantially higher than its peers: Moody's

Moody's estimated Abu Dhabi ran a modest budget deficit of 0.3 per cent of GDP in 2019.

The United Arab Emirates: A Key Piece in the Gobal Money Laundering Puzzle

The UAE’s booming construction and real estate sector emerges as another major weakness.

Oman expected to meet its funding needs, keep support for dollar peg

But other Gulf countries could extend support in the event of extreme liquidity crunch

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