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

Dubai regulator fines firm $600,000 for illegal activities

The DFSA has taken this action to penalise La Tresorerie, deter others and protect clients.

Saudi Arabia and Qatar’s proxy war spills into Premier League

BeIN Media Group is seeking to block Saudi takeover of Newcastle over piracy issues

German companies optimistic about investment in Saudi Arabia

The German-Saudi Arabian Liaison Office for Economic Affairs has digitized many of its offerings and is conducting digital meetings between the Saudi-German business community and institutions.

Turkish government targets private banks during pandemic

The government is forcing private banks to follow its policies by labelling them traitors, opportunists and racketeers while declaring the public banks at its command to be patriots and saviours.

Fed policy lays the foundation for gold

With COVID-19 infections and their associated lockdowns ravaging demand across sectors of the US economy

UAE announces $5,500 fine for coronavirus fake news

UAE will fine people if they share medical information about the coronavirus that contradicts official statements.

Expired Emirates IDs will be valid for banking transactions in the UAE

The country’s central bank also instructed all banks to consider entry permits issued to expats in the UAE from March 1 – December 31, 2020 to be valid

Bahrain follows Saudi Arabia, Oman with budget cuts amid crisis

The kingdom has so far reported 1,895 virus cases and seven deaths

Deadline for submitting VAT returns extended in UAE

This enables taxable persons to meet their tax obligations without facing any difficulties.

DFSA welcomes Regulatory Sandbox applications for its 2020 Summer Cohort

Firms must provide a clear explanation of their planned business model and the proposed innovative product or service.

Oman Arab Bank gets regulatory nod for Alizz bank merger

The Central Bank of Oman has approved the creation of an entity with assets of 3.18bn rials

Aldar teams up with banks to offer low interest rate home finance

The developer is offering mortgages at fixed rate of 1.99% and payment deferrals for up to six months

Newcastle owner Mike Ashley to bank £17m even if Saudi-funded takeover collapses

The Magpies chief is far from a popular figure with supporters but he appears set to profit from the proposed takeover whatever happens

UAE employers reminded of insurance obligations during Covid-19

Patients require medical insurance to receive care across government and private hospitals and health centres.

CBK tells lenders to postpone customer dues

“Banks are urged to process more applications from individuals, corporates and SMEs (small and medium-sized enterprises) whose business operations are affected by the implications of the pandemic,” the central bank said

UAE borrows $7bn to counter slumping oil prices

OPEC kingpin Saudi Arabia last week raised $7 billion in a bond sale, while gas-rich Qatar sold bonds worth $10 billion two weeks ago.

Nasser Social Bank launches 15.5% savings certificate for medical staff

A one-year certificate with a 15.5% yield will be launched to pay tribute to the medical staff nationwide

Dubai’s largest bank sees decline in revenue over Coronavirus

The Emirate NBD put aside $697 million for risks in recognition of a potential deterioration in credit quality in subsequent quarters related to the coronavirus pandemic.

Middle Easterners Apply for Citizenship by Investment From Dominica

Last year, the Financial Times' Professional Wealth Management magazine ranked Dominica as having the best CBI programme in the world.

Abu Dhabi 'Executive Regulation of Human Resources Law' released

The regulation lists 14 key provisions including the appointment of graduate interns, part-time work for UAE nationals, overtime compensation, appointment of civil and military retirees, empowering people of determination (persons with disabilities) and s

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