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

No VAT on financial services, says Bahrain cbank

This exemption shall not apply in respect of specifically specified fees, commissions or commercial discounts, a statement said.

12 Saudi banks to pay 17.9bn riyals to settle Zakat payments

The listed lenders said the settlement covers previous years and 2018 fiscal year

Clifford Chance in key Bahrain utility project refinancing role

The new 10-year $1.31 billion refinancing contains all existing commercial lenders active in the Middle Eastern project finance market, and was required due to the original financing taking place in mid-2009, during the global financial crisis.

Turkish Banks Take Over Largest Phone Operator After Default

Government’s deputy transport minister takes over as chairman

ICO regulations to hit the United Arab Emirates in early 2019

A “regulatory sandbox,” as explained by The National, is a “framework that facilitates the development of the financial technology industry.”

Kuwait's plan to reduce expats 'to impact economic growth'

New research says it will take a generation to replace large number of foreign workers with Kuwaiti ones

Dubai resident returns to find $1m missing from bank account

He discovered that his registered SIM card number was replaced with another one.

Lebanon finance, foreign ministers to stay

Conflicting demands for seats in new cabinet

Asians in the dock for embezzling Dhs20m from bank

When the bank discovered the incident, they checked the employee’s work and the second suspect’s account and later forwarded them to the competent authorities and then to the court.

Dubai regulator plans rules for fund platforms

DIFC proposes to add a different type of investment company for managing multiple funds

Egypt Considers Re-Opening Door for Licensing International Banks' Branches

The source added that a number of international banks filed requests to join the Egyptian market.

Don't open WhatsApp message sent by 'UAE Central Bank', residents told

The message directs receivers to a malicious website.

Qatar will not introduce VAT in 2019

Qatar will not introduce VAT in 2019, the Qatar Ministry of Finance (MoF) has announced. However, it has established a tax authority which will be in charge of the implementation of all tax laws, not just VAT.

MiFID II prompts Bloomberg to partner with ETF providers to launch volume feed

Increasing transparency

DFSA Enhances its Funds Regime

The DIFC now has almost 70 Funds, most of which have been registered over the last two years.

KPMG Bahrain managing partner Jamal Fakhro honoured by industry peers

“I am thankful to the ICAEW for this recognition."

UAE Central Bank's foreign currency assets hit $94.28bn

The UAE's monetary base has also expanded 6 percent to an 11-month high

China's plans to invest $20 billion in Egypt collapse

Egypt's economy is still dwindling after the 2011 uprising ushered in political and economic instability.

Turkish lender, African bank sign $1B agreement

Turkish exporters to be provided $1B financing as per agreement, says Turkish lender Aktif Bank

Project for digitising customer data verification to be implemented soon

The project will first be implemented in the financial industry and will later be implemented in other industries as well.

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