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

Claims worth Dhs3.1bn filed in Dubai’s DIFC Courts in 2019

The number of enforcement cases also rose 35 per cent to 251 with a total claim amount of Dhs2.6bn

DIFC signs MoU with Singapore blockchain accelerator

The agreement follows DIFC Authority and DIFC FinTech Hive's recent participation during the Singapore FinTech Festival

New Limits on Turkish Bank Fees and Commissions

The Central Bank of the Republic of Turkey is authorized to set the rates of the 51 fees listed in Annex I of the Communiqué.

Amendments to Turkish Banking Laws

The Amendments re-determined bank’s risk groups to include the spouses and children of individuals previously listed in a relevant bank’s risk group.

Innovations in the Turkish Capital Markets Law: Security Agent, Bondholders Meetings, Project Bonds

The Amendments limit the persons that can bid their shares in a tendker offer to existing shareholders by the tender offer’s public disclosure date, and prevent shareholders who acquired any shares between this date and the date of the tender offer

Corporate Crime update - Herbert Smith Freehills

Our update now covers a number of jurisdictions.

Saudi Arabia creates new tourism, sports, investment ministries

King Salman upgrades the government bodies overseeing the three portfolios of sport, tourism and investment to individual ministries

UAE's largest bank approves $2.1bn cash dividends for 2019

First Abu Dhabi Bank general assembly also elects new board members, increasing the size of board from nine to 11 members

Saudi regulator issues licensing guidelines for digital-only banks

Physical presence in Saudi needs to be maintained for digital-only banks

Dubai's KYC blockchain platform is credit positive for UAE banks, Moody’s says

The new move will support banks' asset quality and improve profitability

Oil Is Now More Volatile Than Bitcoin

Bitcoin and most cryptocurrencies are synonymous with extreme bouts of volatility.

Qatar First Bank 'successfully exits' Shariah-compliant aviation deal

The investment product has achieved for its holders a cash dividend of 9% annually, whereby the profits are distributed every three months, while the internal return on investment of the product is about 12%

Lebanon’s economic crisis requires an urgent decision on IMF aid

The country is trapped in a full-scale emergency that could unravel social bonds

DIFC Courts cases surge 45%; more than $844mln commercial claims

Disputes filed include breach of contract, outstanding payments

Lebanon to appoint Cleary Gottlieb to advise on Eurobonds

Heavily indebted state under pressure to decide how it will tackle maturing sovereign debt

First KPMG Insights Center inaugurated in Riyadh

The centre is seen as the next step in public and private collaboration

Saudi, Egypt, Bahrain to resume Qatar post services despite dispute

There are no direct flights between Qatar and the four Arab states.

Saudi regulator seeks to raise capital levels for insurers

Of Saudi Arabia’s 33 insurance companies, 10 made a loss last year, with the bulk of profits being earned by two companies — Bupa Arabia and Tawuniya

DFSA Fines Company USD 105,000 for Unauthorised Activity

Enness Limited acted outside the limits of its DIFC Representative Office Licence

Dubai fines financial advisor $105k for unauthorised mortgage operations

Dubai Financial Services Authority has fined Enness Limited (Enness DIFC) $105,000 for engaging in unauthorised activity outside the scope of its licence

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