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

Dubai watchdog fines two firms and three directors

But they will contest the prohibition orders and penalties at a tribunal

Forensic auditor to review every transaction at Lebanon’s central bank

Under the plan, the government is also seeking a $10 billion bailout from the International Monetary Fund (IMF) and to unlock a further $11 billion in conditional aid pledges from 2018.

Central Bank of Kuwait reports BoP surplus of KD 821.2 mln. in '19

The overall BoP showed a surplus of KD 3.7 billion (USD 12.3 billion) last year

Jersey Royal Court imposes substantial fine for inadequate AML policies and procedures

As the Court noted, the Jersey branch "was not, therefore, in terms of its size, a substantial operation".

Dubai businesses ask for more state help to survive coronavirus

Proposals include reduction of utility costs, customs duties and expats’ residency fees

Pandemic shock leads to ‘overhaul’ of Saudi finances

Bold measures set to save $26 billion with proceeds to help businesses get back on their feet

Saudi move could be followed by more tax hikes across Arab world

The GCC countries have been facing a challenge that did not exist back in 2008, which is the drop in oil prices

IMF approves $2.77 bn in emergency pandemic aid for Egypt

Egypt’s Health Ministry reported 346 new cases of the novel coronavirus on Monday, bringing the total number of confirmed cases to 9,746, including 533 deaths.

DFSA takes regulatory action against two firms and three individuals

Al Masah Capital and Al Masah Capital Management face fines

Bin Aweidha confirms to Banking Day that World Investments plans to go ahead with Xinja funding

On March 24, Xinja released a statement saying that World Investments had pledged to invest A$433 million in the bank.

UAE not to hike VAT rates and follow Saudi move

UAE to maintain 5% VAT, says finance minister

UAE Central Bank, ADGM to host fintech event in November

Fourth event in series will focus attention on more breakthroughs in financial services

Turkey Lifts UBS Lira-Ban

Turkey has opted to pursue of number of financial market players based in London on suspicion of currency manipulation.

More Arab Countries Could Start Hiking Taxes to Boost Economies

UAE finance ministry said it denied there were any plans currently to raise VAT.

Dubai real estate fund says irregular trading dented share price

The company has been “increasingly concerned that our share price is trading at unusually low levels, compared with the rest of the REIT market, and that it has experienced unusual price movements.

Qatar Central Bank Is “Actively Working” on Fintech Initiatives, and Exploring Blockchain Use Cases

The QDB aims to improve credit access and will help SMEs in taking part in the country’s evolving economy, Sheikh Abdulla stated.

UAE criticised for ‘ineffective’ sanctions and money laundering efforts

The country’s effectiveness in investigating and prosecuting money laundering, penalising firms for facilitating financial crime and co-operating with authorities in other countries were all deemed “low” – the FATF’s lowest s

The IFSB and AMF renew Mou to support the development of the Islamic finance among member countries

The continuation of collaboration signifies the commitment of both institutions in increasing awareness and promotion of the sound practices of Islamic finance based on its tremendous potential for the advancement of financial services industry.

GCC arbitration centre gets $5.5m claims in Q1

Secretary General In charge Nasser Al Mogahwi said the arbitration centre has been strictly following its 'not more than only one claim each month' policy

Syria’s money man falls foul of Basher al-Assad’s ruling family

The billionaire Rami Makhlouf bankrolled his cousin the president’s war, but now the regime is turning on him

Legal, Tax, Regulation & Compliance