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

Concerns over Abu Dhabi’s IPIC bonds, after rescue of 1MDB

The deal eases a crisis over 1MDB that had weighed on Malaysia’s currency and credit rating.

Clifford Chance advises Saudi Ground Services on its IPO and listing on the Saudi Stock Exchange

The IPO was undertaken through the sale of 30 per cent of the share capital of SGS to potential investors

Dubai watchdog to probe misconduct by Dutch bank employee

ABN Amro said it had suffered no losses and had notified financial supervisors in Dubai

Visa-free travel for Emiratis predicted to lead to property investment boom

This means Europe now has reciprocal visa arrangements with the UAE

IFSB issues exposure draft of IFSB-IAIS Joint Paper on Microtakaful

The Islamic Financial Services Board issues the Exposure Draft of its Joint Paper with the International Association of Insurance Supervisors

EY makes acquisition to boost governance, risk and compliance consulting services

The acquisition, expected to complete in August will help cement EY's position as an industry leader in SAP GRC services by further enhancing its end-to-end offering -- from strategy to technology implementation.

Kuwait’s Investment Dar loses appeal against lifting of legal protection

The company is seeking to agree a $2.69bn debt restructuring plan with investors

UAE federal government lifts Etisalat foreign ownership restriction

The government has lifted the restriction on foreign ownership of Etisalat shares, opening up the country’s biggest publicly traded company to overseas investors for the first time.

DIFC Courts inform UAE's lawyers about new Wills and Probate Registry rules

Third DIFC Courts Lecture of 2015 attended by over 100 UAE lawyers

CBE governor briefs Sisi on efforts to secure hard currency, fight black market

The procedures taken by the central bank regarding the exchange rate increased dollar supply at banks

Herbert Smith Freehills Latest Big Firm to Close Mideast Outpost

Herbert Smith Freehills is poised to become the latest Global 100 firm to consolidate its operations in the Middle East, announcing plans to shutter its Abu Dhabi office.

HFW advises Stanford Marine on AED1.2 billion refinancing

HFW's Middle East finance team, led by Partner Ian Chung, has advised Stanford Marine Group on a AED1.2 billion (US$326.7 million) sharia-compliant loan for the purposes of consolidating existing deb

Dentons advises Bank Sohar and QNB on Dalma's US$77.5 million syndicated loan

Dentons advised Bank Sohar as agent bank on a US$77.5 million syndicated facility to Dalma Energy International

Alleged Hezbollah-linked banker may relinquish post to son

This accusation prompted the bank’s management to sell all its assets to SGBL.

HSBC gets license to buy Saudi stocks directly

HSBC Holdings has received a qualified foreign investor license in Saudi Arabia and traded shares on the bourse on Monday, the first day that direct foreign investment was allowed, the bank told Reuters.

ATM fraud alert sounded out

The Saudi Arabian Monetary Agency, the Kingdom’s central bank, has warned commercial banks to improve their systems and customers to be wary, after a gang was found stealing money from ATMs in Riyadh using sophisticated card readers and cameras.

Bonds and sukuk issuances under the new UAE Commercial Companies Law

The long anticipated UAE Federal Commercial Companies Law no. 2 of 2015 (the “New Companies Law”) was issued on 25 March 2015 and will be in force by 1 July 2015

Abu Dhabi’s financial hub to accept tenants from today

This is the first phase in a series of activities as ADGM looks to ramp up its efforts in preparation for launch in the second half of this year.

Kafa’a seeking to enhance financial sector standards

The Qatar Finance and Business Academy has launched the Kafa’a initiative to elevate and advance Qatar’s financial services sector.

Saudi billionaire facing expensive UK divorce

A Saudi billionaire is facing what could be one of the UK’s most expensive divorce claims.

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