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

Bahrain central bank's net foreign assets fall in May

The assets dropped to BHD671.1million ($1.78billion) from 779.4 million dinars in April.

Kuwait’s cabinet resists pressure to tax expats’ remittances

The government had officially notified the parliament that it rejects demands to cancel decisions of increasing the fuel, electricity and water prices, according to local media.

Landmark tax agreement to strengthen tax treaties enters into force with additional countries joining

The new signatures and the imminent entry into force of this landmark agreement underlines governments’ commitment to update the international tax rules and ensure they are fit for purpose in the 21st Century

Gulf neighbours Kuwait, Saudi Arabia and the UAE will offer new aid to strengthen the country's "fiscal stability"

Meanwhile, a statement carried by the Saudi Press Agency said the countries are committed “to consider all options to support the Kingdom of Bahrain and to finalise an integrated programme".

Hong Kong Seeks to Widen DLT Use in Trade Finance

The HKMA said under the cooperation agreement, it will collaborate with the FSRA to develop innovative financial technology projects, with a specific interest focusing on DLT utilization in international trade finance.

DED Signs up With Adcb and Mashreq to Support E-Traders

The e-Trader licence allows Emiratis and GCC citizens aged 18 or above and residing in Dubai to conduct business across social networking sites.

CI Capital signs Brokerage Services Agreement with Maybank Kim Eng

The collaboration aims to offer global institutional investors access to Emerging and Frontier markets spanning from MENA to Asia.

Kuwait's Contribution to Asian Investment Bank’s Capital Approved

The bill was approved by Finance Minister Nayef al-Hajraf, who, during the discussion of the bill, said that the move would preserve Kuwait's right as founder of the bank, which he described as "the third largest development bank in the world.&a

Abu Dhabi tax increase set to hit 2.3m expats

households will receive a municipality fees bill each month, in addition to water and electricity bills.

Jury Hears Closing Arguments in Transition Fraud Trial

Ross McLellan, a former State Street executive in its transition management unit, now awaits the jury’s decision on charges of securities and wire fraud.

HKMA signs fintech pact with Abu Dhabi - Hong Kong

The co-operation between the HKMA and the FSRA would strengthen the two authorities in their respective roles and initiatives in fintech.

ADGM Launches Crypto Asset Regulatory Framework

The new ADGM crypto framework instils proper governance, oversight and transparency over crypto asset activities

Here’s what you need to know about the new UAE banking fee regulations

It’s good news for homeowners and anyone with a credit card

UAE regulator asks listed companies to declare exposure to Abraaj

Al Zaabi said some companies in the UAE had exposure to Abraaj, without naming them

Middle East Legal Awards 2018 – Banking, Finance and Restructuring Team of the Year: Stephenson Harwood

What Iraq needed was twofold: support with several financings and refinancings, and an economic restructuring that would help plug its budget deficit.

DIFC welcomes three global firms

Berkshire Hathaway, State Street Global Advisors, and Maybank Islamic join DIFC community

UAE Central Bank caps retail banking fees in boost to expat-friendly economy

Central Bank sets maximum limit on retail consumer-related banking services such as home loans, credit cards

T Rowe's Bell: untapped Saudi Arabia potential is huge

The widely-expected IPO of the country’s oil giant Aramco would likely see a doubling of the initial Saudi weighting

UAE cbank sets new caps on banking fees

The caps have been introduced as part of an amendment to 'Annexure 2' of the 'Regulations Regarding Bank Loans and Services Offered to Individual Customers (2011)', the report added.

Global financial firms join DIFC community

Berkshire Hathaway, State Street Global Advisors, and Maybank Islamic Set up operations

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