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

Most GCC central banks raise interest rates tracking US Fed move

Central banks in the GCC usually track the Fed’s policy rate moves as their currencies are pegged to the US dollar

Bank Nizwa partners with Buna to offer seamless cross-border payments

Will provide its customers with seamless payments in both Arab and international currencies, within a safe, risk-controlled and transparent environment

UAE's mandatory job loss insurance scheme: 2 new employee categories added

Failure to subscribe by June 30 will result in a penalty for employees

UAE Banks Federation approves 2023 strategy for banking sector development

The participants praised the role of the UBF General Secretariat in strengthening cooperation with banking associations and federations in friendly countries, enabling dialogue and knowledge sharing.

Bank Nizwa signs a MoU with the Specialised Institute for Professional Training of Teachers

Aiming to support the education sector in the Sultanate

DIFC data protection regulations set for AI update

Under the plans, businesses would be required to ensure that the AI systems they use are designed in accordance with principles of fairness, ethicality, transparency, security and accountability.

CBB government development bond issue No.32 fully subscribed

Subscriptions worth BD 200 million were received for the BD 200 million issue, which carries a maturity of 2 years

New corporate tax in the UAE will bring more market transparency – KPMG CEO

Emilio Pera said companies are starting to prepare for the new tax, with first assessments to take place in 2025

UAE job loss insurance: 3 fines for violations, failure to subscribe before June 30

Deadline applies to all employees of both private companies and government entities

World Bank financed Jordan gov’t projects with $142.5m year-to-date

This year, the bank has transferred $112 million for the cash transfer program, which is implemented by the National Aid Fund in cooperation with the bank, bringing the total disbursement to more than $558 million, or 55 percent of the total project value

Lebanon central bank chief’s brother skips fraud probe hearing

Governor Riad Salameh is being investigated alongside his brother Raja Salameh in Lebanon and in at least five European countries over allegedly taking more than $300 million from the central bank by collecting commissions

Lebanese, EU legal teams to cooperate in Central Bank probe

Lebanese and European judicial authorities have agreed to exchange information about their probes of Lebanon's Central Bank governor who has been accused of corruption

UAE Corporate Tax: 5 points UAE free zone businesses need to look into

Small Business Relief not for ‘qualifying free zone person’, even with revenues under Dh3m

UAE to offer corporate tax relief to ‘public benefit’ entities

Organisations that qualify for the exemption include entities that focus on activities such as philanthropy, community services and corporate social responsibility

French prosecutors accuse Lebanon central bank chief of hiding fraud

The accusation of using fake account statements, which had not previously been reported, is contained in documents sent to Salameh by French judicial authorities ahead of a planned hearing in France on May 16

Turkish Central Bank set to meet for interest rate

In his speech on April 21 in Istanbul, President Recep Tayyip Erdoğan said both interest rate and inflation would decline.

UAE free zones launch special rates as new businesses consider mainland options, corporate tax

Free zones line up new incentives as new overseas entities plan launches in UAE

Doing business in the UAE: an introduction

The UAE is a federation of seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al-Khaimah, Shajah and Umm Al Quwain.

Oman: CBO issues treasury bills worth $109.1mln

Treasury bills are short-term highly secured financial instruments issued by the Ministry of Finance

Dubai Court orders KPMG to pay investors $231m over Abraaj fund audit

KPMG Lower Gulf says it has appealed against the decision to a higher court

Legal, Tax, Regulation & Compliance