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

Bahraini court rules on Iran-linked money laundering

3 bank officials get jail sentences, fines

Need to focus on cybersecurity, adopt AI to protect vital sectors: DFF

Cybercriminals are exploiting digital infrastructure healthcare professionals use to treat COVID-19 patients, confident that organisations will have no choice but to pay to re-enter their systems.

Coronavirus impact: Legal disputes rise in UAE as firms struggle to meet contractual obligations

Covid-19 has also a considerable impact on both volume and nature of disputes.

Sharjah hires banks for $1bn sukuk sale

A sale could happen as soon as this week and proceeds will be used for general budgetary needs, sources said

Turkish companies for first time use central bank’s yuan swap facility to cover import bills

A tripling of the swap line with Qatar to $15bn-equivalent in local currencies last month led to an $8bn rise in the reserves, but analysts were concerned that it was a long way from meeting the country’s needs.

Defining the paramater of ‘economic substance’ in UAE's new law

Foreign-owned businesses will need to offer more transparency to pass UAE’s ESR benchmark

Extradition hearing of former Abraaj CEO to start in London

US authorities want Arif Naqvi to stand trial in America on charges of fraud and money laundering

Emirates NBD Capital successfully closes Islamic Development Bank (IsDB)'s landmark USD 1.5 billion sustainability Sukuk

The bank acted as Joint Lead Manager and Bookrunner for the landmark transaction by IsDB, rated Aaa/AAA/AAA by Moody's/S&P/Fitch (each with stable outlook)

IMA Releases New Reports on the Role of CFO in Sustainability

Reports analyze integration of finance professionals in sustainable business activities

Iranian finance firm’s CEO pleads guilty to multimillion-dollar fraud conspiracy

Payment24 had about 40 employees and offices in Tehran, Shiraz and Isfahan, Iran.

SFAI expands into Bahrain, Jordan, Kuwait and Yemen

The firm’s core services include bookkeeping, preparing policies and procedures, feasibility studies, valuation reports, business planning, financial forecasting, operations management, and internal controls.

Emirates Adds Flights to New York, London and Singapore

It will take the total number of Emirates destinations on offer to 40.

UAE issuers are hitting a rich vein with bonds

Sharjah and Dubai Islamic Bank ride this wave, while FAB heads to the Far East

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

The fiscal breakeven metric assumes that countries will adjust both their spending and—depending on their ability to influence the global price of crude oil—their production decisions to avoid deficits and smooth public spending.

Dubai allows new set of economic activities; no restrictions on mall visits

Announcement is part of the gradual reopening of economic activities and return to normalcy in the emirate

Saudi Aramco completes $69bln SABIC stake deal, extends schedule

Aramco will pay instalments starting in August until April 2028

Lebanon central bank aims to bring dollar price down progressively: Salameh

Lebanon is grappling with an acute financial crisis seen as the biggest threat to its stability since the 1975-90 civil war.

Saudi's SABIC board proposes H1 dividend to shareholders

Dividends will be distributed on September 20, according to a filing on Tadawul

Dh50 billion: Leading UAE banks fully utilise liquidity relief funds to support customers

133,000 customers benefitted from the liquidity support of CBUAE extended through banks

Syria devalues currency as new US sanctions hit

Central bank raised official exchange rate from 704 to 1,256 Syrian pounds to the dollar

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