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

Lebanon's banking, economic and political systems were already under threat before the explosion. Here's why

And the pandemic has only further laid bare the strain the whole system is under.

BNP Halts New Commodity Trade Finance Deals as It Reviews Unit

BNP’s commodity trade finance team suffered heavy losses from the bank’s exposure to companies including crop trader Phoenix Group, energy firm GP Global Group as well as coffee dealer Coex Coffee International Inc., the people said.

Dubai launches economic program for post-COVID recovery

The government of the emirate plans on using local and international experts in economy and society to create growth strategies.

Total collapse: Lebanon’s currency crisis explained

If your salary was 750,000LP or $500 this time last year, it’s worth 750,000LP or $75 now

Kuwaiti lessor halves Boeing 737 MAX order after ending legal claim

Alafco sued Boeing for $336m over accusations it refused to return advance payments

'Brexit will bring us closer to the Gulf', says UK Middle East Trade Commissioner

Official says bi-lateral trade meetings have gone up despite the pandemic

Egypt's local bank deposits increase to EGP 3.268trn in June: CBE

In the same context, the CBE revealed that customer deposits in foreign currencies increased by EGP 14.195bn to about EGP 666.642bn during June, compared to about EGP 652.447bn in May.

VAM Funds Announces Registration of Funds in UAE

VAM is committed to establishing and building a permanent distribution capability in the UAE, where demand for high quality, sophisticated investment funds and products is increasing.

Albanian businessman’s assets seized, drug links suspected

Prosecutors said that the assets belonging to Ndroqi and his family stemmed from “his involvement in criminal activity” and were “unjustified.”

Qatar ADR: scope to resolve construction claims

Often claims on construction projects arise because of the changes to the original scope of work, known as variations.

Turkish State-Owned Banks On Lending Spree To Stave-Off COVID-19 Crash

But a surge in lending – particularly from state-owned banks – and government decreed reductions in local interest rates mean that many companies will be able to refinance their debts.

Khaleeji Commercial Bank issues $159mln sukuk

The transaction will significantly strengthen the lender’s financial position

Bucheeri: A quantum leap in Bahrain digital banking services

Experts discuss performance changes in the Bahraini business sector due to COVID-19

Bahrain's GFH Financial subsidiary finalizes $159mln sukuk issuance

GFH is listed on Bahrain Bourse, Kuwait Stock Exchange and DFM

Kuwait: NBK’s AGM was held with a 77.86% quorum and approved all BOD’s proposals

Total assets grew by 6.7% y-o-y, reaching KWD 29.3 billion and equity attributable to shareholders stood at KWD 3.21 billion.

JPMorgan Sees Virus Fallout Stoking Middle East Deals Into 2021

Governments have been tapping debt markets to shore up finances battered by a slump in oil prices and as lockdowns to curb Covid-19 weigh on their economies.

Gulf economies have a head start

The region has some inherent advantages that are likely to hold it in good stead in this recovery phase

UAE gov reviews efforts to deal with impact of pandemic on economy

Nearly 10,000 SMEs benefit from the AED 50 billion Targeted Economic Support Scheme provided by the Central Bank

UAE oil trader GP Global files complaints over employee fraud

A detailed investigation is continuing on the methods of the fraud, “the individuals and entities involved, and the impact of the fraud” on GP’s business, the company’s letter said.

IMF bailout may be half what Lebanon sought when the talks began

The government and local lenders are still hashing out a compromise over calculating losses in the financial sector after their differences set back progress with the IMF.

Legal, Tax, Regulation & Compliance