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

Bahrain sends request for proposals for U.S. dollar bond, sukuk issues

Bahrain needs to raise external financing to plug a budget deficit caused by low oil prices.

UAE orders banks to freeze accounts, assets of those on terrorist list

The Kingdom of Bahrain and the Arab Republic of Egypt in the fight against terrorism.

Bank interest rates in Oman increase amid tight liquidity situation

Local currency deposits have attracted higher interest rates than foreign currency deposits in recent years.

Mena Growth Will Fall Considerably

After recovering to over $55 a barrel following a production reduction agreement by producers, oil prices receded on strong inventory levels and a pickup in supply.

Epic Saudi fraud trial coming to a close in Cayman court

The Cayman trial revolves around the claim from the Al-Gosaibi family that it was the victim of a $9.1bn fraud conducted by Al-Sanea

Saudi Arabian Monetary Agency says foreign assets close to SAR 2 trillion

The third category of SAMA’s foreign assets are in the form of bullion and cash which were SR245 billion representing about 13.2 percent.

Dubai DIFC a hit with Chinese, Indian financial firms

Recent changes to domestic regulations in India, and the India-Mauritius tax treaty, mean that Indian asset managers are seeking alternative fund juristictions.

Nawaz Sharif rejects JIT charge of hiding UAE employment

The JIT has recommended that the report's Volume-X should be treated as confidential as it contains details of correspondence with other countries.

UAE Central Bank posts sharp rise in foreign currency supply

The bank said growth in bank balances and deposits overseas were the driving forces behind the rise

Abu Dhabi’s Qannas Investments to buy back $8m worth of shares

The company says it plans to exit all of its current investments over the next two years and return the excess cash to shareholders

Shuaa Capital finalises deal to buy two financial outfits

Integrated Capital and Integrated Securities in deal

Nawaz Sharif is an employee of an offshore company in Dubai: Khaleej Times

The company, Capital FZE, was unearthed by the JIT probing money laundering allegations against the Sharif family.

Assets of 13 listed UAE banks surge to $383billion in H1 2017

The growth witnessed by the UAE banking sector translates the bullish trend in the UAE markets and reflects a positive outlook for the coming period of the year.

Supreme Court registrar received letters from Qatari prince, BVI after JIT dissolved

The request doesn’t show how the companies mentioned are involved in the crime of corruption.

Addressing money laundering and terrorist financing risks

This is essential, given the trans-national nature of the threats.

Barclays Trial on Qatar Payments Set for Jan 2019

Authorities carried out five-year investigations whether Barcalys payments to Qatar were integral and abiding by the disclosure procedures.

DFSA Fines and Bans former Senior Executive Officer

This action also demonstrates that the DFSA works closely with our colleagues at other financial regulators to address misconduct that affects our respective jurisdictions.

Property Portfolios of Turkish Banks

The amendment was published in Official Gazette No. 30121 on July 11, 2017 and entered into force on the same date.

Barclays trial shows risk of taking money from Qatar

A crown court in London this week began to hear allegations of fraud conspiracy against Barclays and four executives, including the bank’s former chief executive John Varley.

AgustaWestland chopper case: ED arrests woman director of Dubai firm

She has been remanded to four day custody.

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