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

Saudi 'corruption' purge grounds country's private jet fleet: Report

Dozens of jets worth hundreds of millions of dollars are stranded at airports across Saudi Arabia, Reuters reports

Annual Meeting Of Arab Finance Deputies Starts In Abu Dhabi

Today’s agenda included a presentation of three working papers.

Over 3,000 expats' contracts to be terminated in Kuwait

Like its oil producing peers, Kuwait is trying to build a more diversified economy but is also willing to favour its national workforce.

Andersen Tax Expands in Turkey

Andersen Tax in Turkey is the only firm which has five offices in Turkey

Central Bank issues coins on Asian Cup

The face is the same as the one dirham coin in general circulation while the back depicts the Cup’s logo.

Bahrain takes the lead on 'open banking' in the Middle East

Banks must notify the CBB where delays in implementation are anticipated, along with their plans to remedy such delays.

Turkish Journalist Sentenced To Prison Over Paradise Papers’ Investigation

An Istanbul court has sentenced ICIJ member Pelin Ünker to imprisonment for 13 months after being found to have defamed her nation’s former prime minister and two of his sons.

Data Protection Predictions 2019

The GDPR appears to have resulted in a big shift away from consent as the processing condition relied upon for the majority of commercial processing activities.

Standard Chartered STILL on the hook over Iran deals as it faces £1.2bn fine in US

StanChart will be saddled with an independent monitor until the end of March

The Fry Group receives rubber stamp for Dubai business

The firm plans to use Dubai as a platform to offer its services in the local market and across the wider Gulf region.

UAE bank bailout points to restructuring, mergers

After two of the UAE's biggest lenders, First Gulf Bank and National Bank of Abu Dhabi, merged in 2017 to become First Abu Dhabi Bank

Qatar establishes General Tax Authority

GTA has been established as a separate entity, under the supervision of the Ministry of Finance, and is in line with Qatar’s plans to reduce the country’s dependence on hydrocarbon resources.

DFSA regulatory accepts seven new firms to apply for an Innovation Testing Licence

The Innovation Testing Licence forms part of the DFSA’s commitment to support innovation and the development of financial technology.

Mohammed Bin Rashid Approves DIFC’s New Expansion Plan

His Highness said that developing the financial sector is a priority that supports the economic future of Dubai

No more chauffeur service for these Emirates passengers

Decision has been taken after careful review of customer feedback and operational considerations.

Dubai waives bank guarantee requirement for tourism firms, to issue Dh250 million in refunds

Dubai scraps requirement for companies to set up bank guarantees

Turkey’s bank regulator to take over debts of football clubs

The BDDK gave the football clubs one month time to prepare their balance sheets in order to plan the debt restructuring.

Investors aghast after jailed CEO denies taking money from them

Nowhera Shaik rejects accusations she collected funds from outside India

More changes to UAE residency laws expected, says Al Mulla

Investors will also demand further activities to be subject to foreign ownership exemptions, said the chairman of Baker McKenzie Habib Al Mulla

Tough draw for Banks and Financial Institutions League

The draw was also attended by representatives of the participating teams from the banking and financial sector and a number of media outlets.

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