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

Coronavirus: Remote working for financial services

It’s an unprecedented situation with a large proportion of the global workforce now working from home in an attempt to delay and contain the virus.

India tightens rules stating tax residency in a crack down on wealthy evaders

Government aims to catch up with people who arrange their affairs in such a fashion that they are not liable to tax in any country or jurisdiction during a year

Increase in stamp duty tax could impact Gulf investment in UK

UK Chancellor Rishi Sunak is set to give his first budget speech on Wednesday amid economic uncertainty caused by falling oil prices and the deadly coronavirus spread

Erdogan faces challenge as former ally launches rival party

Ali Babacan criticises Turkey president’s ‘misguided’ economic management

Kuwait central bank ready to provide cash to banks over coronavirus outbreak

Other measures included suspending fees on point of sales devices and ATM withdrawals

Oman Insurance said to mull bid for Axa's Middle East ops

Sources say company is working with Barclays as it weighs potential offer for Axa business

Bahrain c.bank cuts overnight lending rate to 2.45%

It cut the rate to "to ensure the smooth functioning of the money markets in Bahrain"

Ex-Barclays CEO Varley Faces Quizzing in $2 Billion Suit

Former banker Jenkins also to face questions during June trial

Commercial Bank of Dubai okays up to 40% ownership for non-UAE nationals

CBD's shareholders also approved the distribution of 20.7% cash dividends

Iran asks IMF for $5 billion emergency funding to fight coronavirus

A slowdown in economic activity caused by the virus outbreak and a sustained closure of its borders are expected to lead to a contraction this year.

Director of FX broker Numex gets 8-year ban

Ehsan Tayefi, director of Numex Foreign Exchange Corporation (UK) Ltd, is now banned from acting as a director or directly or indirectly becoming involved in the promotion, formation or management of a company.

Muddy Waters founder calls new NMC Health debt 'a massive fraud'

How a $2.7bn hidden debt tips the troubled UAE-based hospital operator into a full-blown accounting scandal

UAE Central Bank to support banks in Covid-19 impact

Central bank assures all support to maintain stability of the UAE banking system

Banque Havilland Investigated by FCA Over Qatar FX Manipulation

The lender has had communications with both regulators, a lawyer for the bank said March 5 outside of court.

Lebanon banks agree to ease some curbs on cash-starved depositors

Banks would not be allowed to withhold any part of money freshly transferred into a Lebanese account.

Emirates NBD Digitizes Trade Finance With LiquidX

The trade involved a major crude oil producer from the Middle East selling to a large Singaporean global commodity trader.

Tunisia cuts 2020 growth forecast, seeks new IMF deal

Tunis struck a deal with the fund in December 2016 for $2.8 billion package

Saudi's Petrochem signs $800mln financing deal with Samba, Riyad Bank

The credit facility's duration is four years, to be repaid in 8 semi-annual scheduled installments

Central Bank of Bahrain bans freezing of accounts after job loss

The central bank said that the move is aimed at ensuring sound and fair banking practices, taking into consideration the interests of customers

Saudi bank loans granted to public, private sectors increase 8 percent

In the meantime, the worth of loans provided to the public sector grew by 5 percent yearly to SAR 57.9 billion by the end of January.

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