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

Lebanon’s central bank seeks extra powers

Measures imposed by Lebanese commercial banks needed to be regulated and unified, a central bank letter said

Chase Bank ex-chair's illicit plan to open Somalia bank

The Iman Group was the platform Mr Khan and Mr Cheema planned to use to open a new bank in Mogadishu, Somalia.

Indonesia Secures $22.8 Billion From U.A.E. for Wealth Fund

Abu Dhabi National Oil Co. and Mubadala Investment were among U.A.E. companies which signed agreements with Indonesian firms last year to explore investment opportunities from sectors raging from oil and gas, ports and tourism.

Boubyan & Al-Hisba Ink Strategic Real Estate Market Analysis Agreement

This strategic partnership between the bank and Al-Hisba Real Estate Company will open new horizons for Boubyan Bank’s customers.”

Regulation of Crypto Assets

Crypto-investors and users, as well as crypto-asset service providers, are exposed to high risks.

DIFC introduces new leasing law

The law follows the introduction of several legislative changes at the financial hub such as the insolvency law and the new employment law that replaced the one that had been in place since 2005.

Bahrain liquidity fund deadline for large firms, SMEs

Deadline for applying for support under liquidity fund is January 16 for large companies and March 19 for small and medium enterprises (SMEs).

New regulations amend income tax law and introduce transfer pricing requirements

The regulations focus on reforming the local tax administration system

Bank of China Approved for Saudi Branch Launch

Capitalizing on Saudi Arabian opportunities aside, the branch launch marks another step towards for China towards further internationalization through its financial entities.

Saudi court approves $14 billion in claims against AHAB and Saad Group

The approved creditors’ demands will now be included in restructuring proposals which the debtors and representatives of their respective lenders will submit to the court.

Euronet Worldwide will work with Visa in bolstering the Visa Fintech Fast Track program in CEMEA

Both companies will work together to deliver geographically tailored payment experiences and quick go-to-market solutions for fintechs

ADNOC and Abu Dhabi Pension Fund sign agreement to increase pensionable salary of ADNOC's UAE national employees

ADNOC to cover the cost of previous pension contributions totaling AED 14 billion

Dubai regulator fines defunct wealth firm nearly $250,000

MGL agreed to settle the DFSA's action at an early stage of the DFSA investigation and, therefore, qualified for a discount under the DFSA's policy for early settlement.

World Bank Slashes MENA Growth Forecast Due to Geopolitical Tensions

Growth projections for Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain were also lowered by the World Bank.

Bank scam gang arrested in UAE, stole thousands from residents

The four men lured victims into sharing their personal information and bank details

Bahrain's sovereign wealth fund Mumtalakat hires banks for dollar sukuk

The deal could be the first international debt sale by a Gulf borrower this year.

Saudi Arabia 2020 budget

Saudi Arabia, the Arab world's largest economy, is expected to witness growth in the future on the back of the government’s continued efforts to increase spending efficiency and enhancing public-private partnerships.

AAOIFI grants compatibility of compliance certificate to iMAL Islamic financial software of Path Solutions

This certification will boost regulator, investor, and public confidence in the operations and product set of any financial institution seeking Shari’ah compliance upon deployment of the software.

Clifford chance and AS&H advise on a $1.9bln refinancing package for Arabian Centres Company

International law firm Clifford Chance, together with Abuhimed Alsheikh Alhagbani Law Firm ("AS&H"), have advised the joint lead managers and lenders

Mashreq signs agreement with DIFC to provide Escrow account services to owners' associations

Mashreq becomes one of the few banks to sign an agreement to open Escrow accounts for owners' associations under DIFC's jurisdiction

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