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

Egypt’s economic growth to decline to 4.5% in FY 2022-23: World Bank

Fiscal consolidation is also expected to decelerate in 2022-23 due to higher inflation rates alongside the government social mitigation package.

UAE Central Bank issues new anti-money laundering guidelines for insurance sector

The new rules apply to insurance companies, agents and brokers

UAE fines six companies $871,000 for breaking anti-money laundering law

The companies were fined following inspections by the Ministry of Economy

KPMG: Consistent Growth to Continue for Saudi Arabia Banks

The report found an increase in net profit by 26.21 per cent year-on-year for the banking sector.

6 UAE firms fined $871,000 for anti-money laundering law violations

Businesses operate in designated non-financial business or professions sector

Oman: No VAT increase, no income tax in 2023

The details were unveiled during a media presentation of the state's general budget for the year 2023

UAE Corporate Tax: Multinationals' being pegged at 9% for now will be a win-win

UAE's decision to hold back on 'Pillar Two' and 15% tax to be a major incentive

Emiratisation fines, job loss insurance, corporate tax: 5 new UAE laws that will come into effect in 2023

These include a plastic ban will be imposed across more emirates; sales outlets must charge 25 fils extra per plastic bag shoppers use as of next year

Egypt’s new IMF deal aims to reduce government debt: Cabinet

Egypt negotiated its latest IMF loan as the economic fallout from the war in Ukraine exacerbated a foreign currency shortage resulting from Egypt's large trade deficit.

Diriyah Gate in strategic financing solutions deal with SABB

As per the agreement, both parties will also work together on refining DGDA’s investment opportunities

Bahrain announces distribution of over 6,000 residential units

The move comes following the directives of His Majesty King Hamad bin Isa Al Khalifa and the order of His Royal Highness Prince Salman bin Hamad Al Khalifa

Central Bank of Bahrain increases key interest rates

The CBB continues to monitor global and local market developments closely in order to take any further necessary actions to maintain monetary and financial stability in the kingdom, it added.

Saudi Central Bank raises interest rates by 50 bps

SAMA also increased the rate of Reverse Repo by 50 basis points to 4.50 percent.

Jordan: central bank to regulate Open Finance

The account information service and the payment initiation service (PIS) are two examples of Open Finance services that allow third-party providers to offer customers reportedly innovative and competitively priced financial services and products.

RTA signs MoU with Dubai Development Authority to streamline land permits

No licence shall be issued for lands located in the planned Rail Protection Zone unless the owner obtains a No-Objection Certificate from RTA.

UAE: Will residents have to pay 9% corporate tax on their salary from next year?

The government released the law last week, revealing some important details for companies to be prepared for the new tax regime

UAE and Kyrgyzstan sign initial co-operation pacts in various sectors

The two countries will start work on first phase of a 200 megawatt-capacity solar power plant in Central Asian nation

CBUAE imposes financial sanction on an exchange house operating in the UAE

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE

Saudi monetary conditions are reassuring, says central bank governor

Saudi Central Bank would continue to manage foreign exchange reserves based on "balanced investment policies"

UAE: MoHRE launches automated system for employment contracts

In the first two days of the launch, more than 35,000 contracts have been completed

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