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

UAE to allow 100% foreign ownership of businesses

The government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor.

AB Bank siphons Tk 236cr more

ACC finds 25 people involved

Qatar starts legal proceedings against FAB in New York in market manipulation row

Qatar in 2018 alleged that First Abu Dhabi Bank, the United Arab Emirates’ largest lender, made “bogus” foreign exchange deals to harm Qatar’s economy after the UAE and other Arab states began a boycott of Qatar in 2017.

Saudi Arabia to review VAT hike once economic crisis ends

The VAT hike to 15 per cent, was implemented in July this year

Israel’s Bank Hapoalim signs agreement with DIFC, AGDM

The agreement enables Bank Hapoalim to access banking and innovation opportunities in the Middle East, Africa and South Asia through the DIFC platform

Goldman says Saudi peg ‘here to stay,’ though at cost to economy

In a low oil price environment, however, this means that fiscal policy will have to tighten, keeping the budget deficit in check in order to ensure that external balances remain consistent with peg stability.

UAE Central Bank's total assets up 2 pct to AED3,252.5 bn by end of Q3-2020

At the end of the third quarter of 2020, total deposits of resident and non-resident customers with banks operating in the UAE rose by 2.2 pct (q-o-q), reaching AED1,907.2 billion.

Turkey's new central banker aggressively raises key rate

The Turkish lira rose 2% in value against the dollar moments after the announcement before paring back some of its gains.

The Arab Coordination Group Approves US$ 8.6 Billion to Help Countries Tackle the Economic Impact of COVID-19 Pandemic

The US$ 8.6 billion approved/committed by the ACG represents 86% of the US$ 10 billion pledged by the ACG institutions.

Saudi MoJ expands e-conveyance of property to cover additional banks

It is noteworthy that the ministry has raised the upper property value limit for e-conveyance to SAR 3 million, in order to streamline transactions and save clients time and effort.

Online portal for UAE economic substance regulation notification

The MOF said licensees that had already submitted notifications will now need to re-submit the notification via the portal.

Oman Arab Bank launches debt exemption initiative for defaulting borrowers

Debt exemption initiative includes a wide range of stringent criteria to ensure that it benefits and supports those most in need

Turkey hikes rates to rescue lira

Turkey had long resisted investor calls to raise interest rates to support the tumbling lira.

Abu Dhabi’s Etihad and El Al Israel sign MoU to cooperate on codeshare and loyalty programme

The teams at Etihad Guest and El Al Matmid loyalty programmes will explore reciprocal “earn and burn” opportunities for its members

BCG discusses how to lead in the new reality during the middle east CEO & leaders forum

The Invitation-Only Events Brought Together Middle Eastern Senior Leaders To Discuss Pressing Topics Across Sectors

Egypt- ABE signs agreement to finance 1.5 million-feddan reclamation project

According to the protocol, the ABE will finance small and medium enterprises

Criminal charges brought against Falcon Private Bank

Falcon has announced its plans to wind down.

Extension of UAE Central Bank’s support scheme a confidence booster: Bankers

The initiative would shield the economy from the impact of the pandemic and place the UAE in an ideal position to recover, once the pandemic is over

Turkish banks may hit profit milestone in 2021 on market-friendly policies

The central bank will hold its first meeting under the new team on Thursday, when it is expected to hike the main policy rate by 475 basis points to 15%.

How Dh50 billion Central Bank stimulus extension will boost UAE economy

Central Bank of UAE’s decision will support fund-strapped individuals and businesses

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