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

The CBUAE and Dubai Courts sign MoU

Aimed at linking electronic services with the CBUAE’s court cases management system

Qatar Central Bank maintains current interest rates

QCB has maintained the deposit interest rate (QCBDR) at 5.75%, the lending rate from the bank (QCBLR) at 6.25%, and the repurchase rate (QCB Repo Rate) at 6.00%.

HDI Global strengthens business in the Middle East with local presence in Dubai International Financial Centre

The new Dubai office Managing Director, Willem van Wyk, brings over three decades of global insurance industry experience including senior leadership roles in the Middle East market and beyond

ROP: Beware of new fraudulent scheme impersonating Central Bank of Oman

The ROP emphasizes the importance of staying vigilant and safeguarding personal and financial information.

Walkers advised Saudi's drilling firm ADES Holding Company

ADES has upsized its existing syndicate facility through a standby term tranche of US$2.7 billion and a revolving credit facility tranche of US$300 million.

Alvarez & Marsal Tax boosts investment in technology, compliance & indirect tax expertise across EMEA with two senior hires

Managing Directors Simon Baxter and Pierre Arman bring more than five decades’ experience of indirect tax between them

UAE and Indonesia strengthen ties during high-level meet in Abu Dhabi

President Widodo was awarded the Order of Zayed, the UAE’s highest civilian honour, during a ceremony at Qasr Al Watan in Abu Dhabi

Egypt central bank seen leaving interest rates unchanged

The CBE kept rates steady at its last meeting on May 23

UAE signs $817m currency swap agreement with Ethiopia

Banking regulators of both countries ink initial deals to boost cross-border transactions and link their payment and messaging systems

Kuwait enacts law to enhance tax transparency

This includes both automatic information exchange and responding to requests from the Ministry of Finance within 21 days.

DIFC Courts records strong uptake of services in first six months of 2024

Increase of 10% in the total number of cases filed with the Court of First Instance

Saudi CenBank launches government banking services platform

It aims to digitize the financial operations services of government agencies on their accounts

Turkey is on verge of disinflation, top two economic policymakers say

The central bank has lifted its main rate to 50%, from 8.5% in June when Simsek was appointed, and has pledged to be patient with its tight policy.

Saudi Central Bank clarifies amounts exempted from bank account seizures

The Saudi Central Bank emphasized that clients can benefit from the exempt amount if it is deposited after the seizure.

Dubai Chambers and VFS Global Sign MoU to Accelerate Trade and Investment Opportunities

Our cooperation with VFS Global will enhance the competitiveness of Dubai’s private sector by facilitating smoother entry into global markets.

SAMA regulations enhancing Saudi Islamic banks’ transparency: Fitch Ratings

S&P Global also noted that Islamic banking assets grew 56 percent in 2023 compared to 72 percent in 2022.

UAE Virtual Asset Ecosystem

With the objective of operating Virtual Assets, withagility, and yet, mitigating and managing risks, associated with Virtual Assets.

Qatar Central Bank's foreign reserves surge to $68 billion

The reserves are composed of various assets including bonds, treasury bills

Egypt’s remittances reach $2.7 billion in boost to foreign reserves

Egypt’s liquidity crisis has been alleviated by recent investment from the United Arab Emirates and help from the International Monetary Fund, though inflation and debt remain issues.

Commercial Bank of Dubai signs exclusive strategic partnership agreement with Visa

This agreement aims to further accelerate digital payments in the UAE, offering innovative and customer-centric solutions to CBD cardholders across all segments

Legal, Tax, Regulation & Compliance