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

CVC, QIA and Brookfield drop $8.5bn Sainsbury's bid

Sky said the trio had dropped a planned takeover, hatched in the autumn, after Sainsbury's made a 1.4 billion pound ($2 billion) bid for Home Retail Group, the owner of Argos.

UAE fund says Malaysia's 1MDB in default on $1 billion deal

The Abu Dhabi fund said it was terminating last June's agreement, under which it agreed to provide $1 billion in cash as well as assume payments on $3.5 billion of 1MDB debt.

International law firm advises Ahli Bank on its debut US$500 million issuance in the international capital markets

The Notes were issued under Ahli Bank's US$1.5 billion Guaranteed Euro Medium Term Note Programme which was established on 24 March 2016.

Malaysia 1MDB: Saudi minister says Najib funds were donation

The 1MDB fund was set up by Mr Najib in 2009 to pay for major new economic and social developments in Malaysia.

UAE central bank plans reforms to EIBOR quotes: sources

A panel of 11 banks submits daily quotes from which Emirates interbank offered rates are calculated.

Qatar sets new rules for bank forex holdings

In its brief circular, the central bank said it was “keen to limit the risks of foreign currency open positions.”

World’s Worst Finance Job? Turkey’s Central Bank Has a New Chief

The newspapers, by contrast, are increasingly amenable to the President’s view of the world.

Leading ASEAN law firm & Al Aidarous Form Strategic Alliance in Middle East

Chambers Global and The Legal 500: Europe, Middle East & Africa have recognised WongPartnership in the areas of Corporate/Commercial, and Real Estate and Construction since 2011 and 2014 respectively.

CBE has not received new deposits from Saudi Arabia’s MOU with Egypt as of Saturday: CBE deputy governor

Quality of performance is a requirement for extending working period, says Negm

Qatar's QNB says receives regulators' nod to buy Turkey's Finansbank

The share transfer to QNB will take place once remaining regulatory approvals were received, it said in Sunday's statement.

UAE Banks Federation holds Ordinary Annual General Meeting, elects new board for the next three years

The UAE Banks Federation , a professional body representing 49 member banks operating in the UAE, held its Ordinary Annual General Assembly Meeting to review the UBF main activities and key achievements of last year.

Former Kuwaiti financial attaché arrested in US on charges of money laundering and illegal revenue

The woman is also suspected of involvement in financial and administrative violations which include fake medical bills for Kuwaiti citizens.

Dentons shortlisted for six awards in the Corporate Counsel Middle East Awards 2016

Dentons' presence in the Middle East is one of the largest of any international law firm and spans Egypt, Jordan, Lebanon, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

UAE freezes assets of two former Ipic group officials -sources

Central bank, in a circular, directed some big UAE banks to freeze accounts of Khadem al-Qubaisi and Mohamed al-Husseiny, without stating reasons

Deutsche Bank suspends five wealth management executives

No clients suffered damage due to their actions, the source said.

Bank of England fines Qatar Islamic Bank's UK unit nearly $2 mln

"In failing to assess, maintain and report on its financial resources for over a year, QIB failed to meet some of the most basic regulatory standards," said Andrew Bailey, chief executive of the PRA.

Japan enters Shariah-compliant corporate financing in Mideast

The bank said it is issuing a $200mn loan to a unit of Saudi Arabian national mining company Ma’aden, a Riyadh-based diversified mining firm active in gold-base metals mining and the infrastructure industry.

Central Bank of Bahrain is urged to proceed with technology project

Al A’ali said the project has the potential to help meet the needs of banks and financial institutions.

Oman raises limit for banks’ government bond holdings: Sources

Oman’s central bank has increased the maximum amount of government securities which banks can hold to 45 percent of their net worth from 30 percent, central bank and commercial banking sources said.

UAE conglomerate misses payment on $4.5 bln restructured debt

The sources noted the importance of the upcoming negotiations as the last chance to save the company from collapse.

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