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

Digital currencies cannot be wished away

Traditional finance will have to find ways to co-opt such new fangled means

Saudi Arabia's sovereign wealth fund denies link to Capco deal talks

Candy Ventures, which has not to date named which parties it is working with, did not comment today.

How Unofficial Capital Controls Stopped a Run on the Banks in Lebanon

There was minimal “awareness” or “responsibility” by the banks’ clients.

UK Supreme Court upholds first successful claim for breach of the "Quincecare" duty financial institutions owe their customers

As the Supreme Court noted, "very extensive powers were delegated to Mr Al Sanea to take decisions on behalf of the company, including signing powers over the company's bank accounts."

Kuwait current account surplus $10b – CBK issues data

The services account posted a drop in the deficit value in Q2 by KD 326.8 million ($1 billion), compared to the KD 2 billion ($6.6 billion) deficit in Q1.

Saudi threatens expat employers with jail terms

The department listed a string of potential offences include recruiting, sheltering or providing any services to illegal workers.

Saudi Arabian Monetary Authority’s first MoU in Riyadh signed with the DFSA

Under the MoU, both parties will be able to cooperate closely and strengthen their collaboration.

"kfh" signs cooperation agreement with "Al-Yousifi & sons company"

Offers exclusive benefits for customers

Sharjah Islamic Bank Launches ‘Commodity Murabaha’ Service in Cooperation With DMCC

Murabaha is a particular kind of sale where the seller expressly mentions the cost of the sold commodity, and sells it to the buyer by adding some profit thereon.

Egypt- Issuance of executive regulation for e-payments law within weeks: CBE

Helal stressed that the CBE is cooperating with the Ministry of Finance in the automation of government payments and has deployed 16,000 points of sale and 16,000 QR code generators so far.

Saudi central bank launches national campaign to combat financial crime

Lyndsey Merrill, financial attache to Saudi Arabia and Bahrain for the US Department of the Treasury, described the Saudi achievement as a “proud moment” for the country and its leadership

$2m fraud in Dubai: How two men conned bank customers

The convinced them about a bogus investment project.

Afghan Pols’ Secret Dubai Mansions

Holding property overseas is not illegal and does not in itself imply any wrongdoing, but concerns are mounting about alleged corruption among some senior Afghan officials.

Final details of game-changing UAE legislation

Zurich Middle East CEO called it the ‘single biggest piece’ of regulation market has seen

Gov’t to Establish Committee to Review Foreign Investments

In Israel, it is expected that the committee will discuss major projects such as a major investment China intends to make in Haifa Port, the construction of a railway to Eilat by Chinese investors, and others.

Dubai Chamber, First Abu Dhabi Bank sign MoU on digital trade

FAB, in partnership with Etisalat and seven other national banks, has developed UTC as a nationwide platform driving digital transformation of trade in the UAE.

Property lending beyond 20% at banks’ own risk: UAE Central Bank Governor

Relaxed policy would allow more flexibility for banks and the property sector

Bahrain to Provide Fast-Track Setup Program for Fintech Startups

The new initiative will provide an expedited entry process covering visa requirements, residency and business registration processes. I

UAE Central Bank to launch FinTech coordination authority in a few months

'FinTech Office' aims for a UAE-approved regulatory framework, says central bank governor

Saudi to levy new airport tax from 2020 – reports

The new charge will be imposed on passengers travelling on domestic routes

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