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

Saudi foreign assets drop by $6bn in July

More signs of trouble have appeared for the economy of Saudi Arabia in what appears to be a result of low oil prices.

UAE policies help weather challenges

Financial report cards in the first half indicate stress on banking sector revenues, financing growth, profitability and asset quality

Turkey Establishes Sovereign Wealth Fund

The Sovereign Fund and the Management Company is organized under the Prime Minister's Office, and not subject to rigorous rules applicable to governmental entities.

Ithmaar Bank to close Qatar rep office

The Doha office will close down on 30 September 2016

Egyptian Life Takaful-GIG to activate bancassurance deal with NBK soon

This agreement is part of the GIG's strategy to expand into bancassurance activities in the current financial year, he added.

Qatar National Bank gets go-ahead to open branch in India

The Qatari bank is currently present in more than 30 countries worldwide

Banks should complete documentation for loans

The Principal Loan shall be disbursed to the account of the borrower upon the completion of all the securities and documentation.

Deloitte & Touche sued over alleged negligence and deceit in their audits of LCB

They say that DTME failed to adhere to Deloitte’s high global standards of integrity, professionalism and objectivity.

'Weak deposits, credit to affect UAE banks' profitability'

Percentage of time deposits to total cash savings by individual customers plummets from 52% to 28%

Exiled Yemen government risks humanitarian catastrophe to cut off central bank

Government opens up new front on bank as conflict stalls

Lebanese Canadian Bank shareholders sue Deloitte for failing to flag up money laundering

Deloitte and Touche has been the bank’s main auditor from 1995 and remains its auditor in liquidation.

Knightsbridge branch of Al Rayan Bank sees brisk business despite Brexit

The Knightsbridge branch provides its private banking customers with a high quality, personalised and bespoke banking service and a comprehensive range of Shariah-compliant financial solutions including residential and commercial real estate finance as we

UAE to provide Egypt central bank with 6-year, $1 bln deposit

That ushered in a period of political turmoil that scared away tourists and foreign investors, key sources of foreign exchange.

Turkish Capital Markets Association Establishing Arbitration Panels for OTC Disputes

As the Turkish OTC market grows, especially with the demand for the leveraged transactions, the need for alternative dispute resolutions similar to the ones in place within the exchange became a necessity for the OTC markets.

Lebanese Canadian Bank shareholder sues Deloitte & Touche (ME)

Negligence and deceit in audit of Lebanese Canadian Bank

DFSA Strengthens Regulatory Co-operation in the UAE

This agreement also builds on the agreements already signed with other UAE regulators

CMA mandates transition to IFRS of listed companies

Where a plan had not been prepared, the listed entity should determine the target date for preparing the plan.

UAE bank deposits fall as Brexit vote spurs withdrawals among European customers

The UAE Central Bank said that Dh6.3bn of the decline in total deposits came from non-residents, while Dh700,000 came from residents.

Iran hints at ending rial’s dual exchange rate system

Policy makers, in a decision reported earlier this month, allowed commercial lenders to buy foreign currencies using rial rates set by the market rather than those dictated by the central bank.

Opportunities for insurance distribution innovation in Gulf increasing, says expert

Despite geo-political risks in the region and the economic pressures of falling oil and gas prices, the Gulf continues to offer significant opportunities on the back of government spending and, in particular, extensive energy and infrastructure developmen

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