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

Combating coronavirus: Dubai warns of $10mln loan scheme fraud

DFSA had earlier warned consumers about an increase in scams and other fraudulent activity since the onset of Covid-19.

Lebanese banks set rate of pounds per dollar for withdrawals from dollar accounts-sources

According to a central bank circular last week, depositors with dollar accounts in Lebanon will be paid cash in the local currency

HSBC completes first funding under UAE Central Bank's targeted economic support scheme

HSBC has also taken significant steps beyond TESS, putting a focus on actions that ensure flows of essential goods and services into, and through, the UAE continue smoothly despite the disruption to international trade caused by COVID-19

Economic Substance in the UAE - 2020 Update

The OECD then turned its attention to combatting Base Erosion and Profit Shifting (BEPS)

DAC6 – The EU’S Mandatory Disclosure Regime (MDR) and its Impact on the UAE

It provides for the mandatory disclosure by intermediaries, or individual or corporate taxpayers, to the tax authorities of certain cross-border arrangements and structures that could be used to avoid or evade tax and the mandatory automatic exchange of

Gold prices near steady as global stock markets gain

Some regions in some countries, including the U.S., are reopening at least some businesses that have been shuttered from the Covid-19-induced lockdown.

Why gold is the dollar’s only real challenger among global currencies

While the greenback is set to remain strong in the short term, its purchasing power may diminish if excessive stimulus measures continue

UAE is partially lifting its coronavirus lockdown measures

From 24 April, residents will be allowed to leave their homes between the hours of 6am and 10pm without a permi

Egypt lender buys Mayfair Bank stake for Sh3.7bn

The approval by the CBK will pave the way for commencement of operations as Mayfair CIB Bank Limited.

StanChart Bad Loan Momentum Continues

Loan loss provisions will continue dominating headlines for bank earnings in the first quarter and Standard Chartered is not alone in facing balance sheet headwinds.

DMCC hosts virtual briefing with UAE Ambassador to China

DMCC's Executive Chairman and Chief Executive Officer connects with UAE Ambassador in China via virtual conference

UN, European Union warn Israel against West Bank annexation

UN's Middle East envoy says move would be 'devastating', while EU says it 'does not recognise Israeli sovereignty over occupied West Bank'

Coronavirus: Saudi Arabia forced to boost borrowing as oil glut slams virus-hit economy

Finance minister says kingdom will also draw down up to $32bn from its reserves to finance deficit caused by twin crises

Contact Finance obtains first consumer credit licence from Egypt's FRA

Contact Finance is now also subject to the decisions made by the FRA’s Board of Directors.

DFSA fines La Tresorerie Dh2.25m for illegal cash services, regulatory failings

Firm’s activities increased risks of money laundering and endangered client

Saudi Arabia gives three-month loan repayment delay for citizens - central bank

The measure is part of a government economic package to help businesses and workers cope with the fallout of the COVID-19 outbreak.

Saudi Response to Fiscal Shock Centers on Record Debt Plan

The government is looking at additional spending cuts and may issue as much as an extra 100 billion riyals of debt on top of 120 billion riyals already announced.

IMF urges Lebanon to enact crisis plan that rebuilds confidence

A draft government rescue plan floated this month said that Lebanon would need $10 billion to $15 billion in foreign aid and that IMF funding could play a role.

Egypt raises bank withdrawal cap during Ramadan

In late March, the Central Bank of Egypt imposed caps on individuals’ daily ATM cash withdrawals.

Omani banks to freeze personal loans repayment for three months - state news agency

The decision will take effect in May

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