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

stc pay becomes STC Bank with Saudi Central Bank approval

STC Bank is committed to offering Sharia-compliant banking solutions, prioritizing security and customer protection by leveraging advanced financial technologies.

World Bank doubles Turkey’s exposure to $35 billion: minister

Turkey will become the third largest recipient of concessional World Bank loans in the world.

Baker McKenzie closes deal for ZCCM Investments Holdings on $1.1bln copper mine partnership for Mopani Copper Mines

ZCCM-IH took full control of Mopani from Glencore in 2021

New fraud allegations hit Lebanon's central bank over $8 billion scheme

Alleged scheme involves 'sham transactions' between Lebanon's central bank and its lesser-known broker, Optimum, leaked audit papers show

Oman’s central bank issues treasury bills worth $163.67 million this week

Value of T-bills with a maturity of 364 days reached OMR40.7 million

Qatar’s international reserves up 5.2% to reach $68bn, central bank reveals

This increase came against a backdrop of balances held in foreign banks see a year-on-year decline of 10.77 billion riyals.

Iraq signs 12 MoUs with Saudi Arabia in investment push

This partnership in the cement industry also marked the first collaboration between the private sectors of Iraq and Saudi Arabia.

Public launch of Sharia-compliant STC Bank slated by year-end

The beta version will be initially limited to preselected customers

Roland Berger launches 5th Middle East office in Abu Dhabi

Abu Dhabi is embarking on some of the most ambitious economic growth and diversification initiatives in the region.

Saudi Arabia will bear government fees of displaced expats from neighboring countries

The government fees exemption covers residency permit (iqama) fee, work permit fee, transfer of service fee, profession change fee, and fee for employees of companies

New global platform for central bank digital currencies to change how we bank?

Global bank messaging network to add new CBDC platform to the existing system in two years

Saudi Arabia’s retail e-payments responsible for 70% of all transactions: SAMA

The central bank also stated that it will continue collaborating with its partners to facilitate economic activities.

UAE banking system’s capital ratios remained well above capital requirements in Q4-23: CBUAE

The specific provision coverage ratio edged higher to 60.6% while the total provision coverage ratio reached 93.7%

CBUAE downgrades its growth projections for 2024, saying economy will grow 4.2%

The revision is down from the previously anticipated 5.7%

Swiss regulator finds subsidiary of Lebanese bank breached money laundering obligations

Lender one of several under investigation over ties to former central bank governor Riad Salameh

Allen & Overy opens office in Saudi Arabia

A&O’s Riyadh office will be an integral part of the firm’s global network, consolidating its position in the Middle East for top-end complex work.

Saudi Arabia, Bahrain sign MoUs to boost transportation cooperation

Saudi Arabia and Bahrain are continuously exploring partnership opportunities across various sectors.

Federal Tax Authority enables taxpayers subject to corporate tax to submit registration requests

At 23 government service centres across Emirates

Qatar Central Bank maintains current interest rates

The decision aims to keep interest rates at levels appropriate for supporting economic growth.

UAE’s Tungsten secures FSRA licence to transform custody for $23bln digital assets sector

Authorised specialist will safeguard digital assets with state-of-the-art security and regulatory compliance

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