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

Latham and Watkins partner named to prestigious board position at World Bank

A strong Riyadh office is important to the strategic growth of our global practice.

DFSA sanctions Credit Europe Bank

The EUs result from a DFSA investigation into trading conducted by the former Head of Treasury, on behalf of CEBD.

NBQ wins appeal against Global Investment House

The Court of Cassation overturned the appealed judgment and referred the lawsuit to the Court of Appeal which will have a new panel. The Appellee was ordered to pay court expenses and Dh1,000 attorneys’ fees.

DIFC regulator accuses Arqaam, Ernst & Young of accounting violations

The regulator of Dubai’s international financial centre is accusing Ernst & Young and the Dubai-based investment bank Arqaam Capital of accounting irregularities and breaches of its rules in relation to the way Arqaam allegedly overstated its 20

Deloitte announces revenue results of US$31.3 billion

Deloitte Touche Tohmatsu today announced aggregate member firm revenues of US$31.3 billion for the fiscal year ending 31 May 2012, marking the network’s highest revenue ever.

Islamic banking regulation expected at any time: CBO

The much-awaited regulation for Islamic banks and window operations of conventional banks will be announced through a Royal Decree at any time.

Hamas financing case can proceed against Arab Bank: judge

Arab Bank denied the claims, saying that Gill was caught in the crossfire between two military forces and that Gill had failed to show Arab Bank's liability for the shooting.

Global law firm adds Dubai finance partner

She advises on a variety of structured credit and debt capital markets products, as well as bank lending, regulatory, derivatives, and Islamic finance matters.

RBS, others sue Dubai Group over $10 billion debt

Royal Bank of Scotland and two other banks have begun legal proceedings against an investment vehicle owned by Dubai's ruler, seeking immediate repayment after abandoning talks to restructure $10 billion in debts.

BLP opens new office in Dubai

BLP's Dubai office became operational this month and will work closely with the Abu Dhabi office

Ashurst acts for Fajr Capital on acquisition of stake in MENA Infrastructure Fund

The MENA Infrastructure Fund is a $300m Dubai-based specialist asset manager established in 2007 to invest in infrastructure and energy projects in the Middle East and North Africa.

Qatar banks to comply with Basel III by year-end: QCB

Later in June 2011, a revised rule text had been issued taking into consideration the feedback on the original text.

Did Citigroup defraud billions from Abu Dhabi?

Three years later, Abu Dhabi has likely figured out that in the U.S., gangsters have guns but banksters are far more dangerous – they have ivy league educated lawyers.

Hundreds swindled in Dubai property scam

“I’m going to lose my apartment and AED100,000 (US$27,200),” said a British expat who renewed her contract for a property in the Fairways in June but has since been unable to contact the company.

UK fails to freeze Mubarak-era assets

Much of that money was invested overseas in countries friendly to the regime. Countries like Britain.

Foreign banks in Iran face risk of US penalties

The drama played out last month between Standard Chartered and the New York state supervisor who threatened to strip the august British institution of its vital Wall Street banking licence was not entirely typical.

HSBC Investigated for Money Laundering

Furthermore, the investigators were also probing whether HSBC circumvented US law by transferring money through its American subsidiary for sanctioned nations, including Iran, Sudan and North Korea.

US regulations probed at forum

The event was organised by the Bahrain Association of Banks and accountancy practice KPMG Fakhro to update the delegates on the best approach for Bahrain.

Barclays Said to Face Possible U.K. SFO Probe Over Qatar Fees

The Serious Fraud Office, which prosecutes bribery and white collar crime, may inform the London-based bank about its decision on a probe this week, according to the people, who declined to be identified because the discussions are private.

Janata Bank recalls UAE chief

The bank's Dubai branch faces charges of fraud worth $1.3 million; a BB team visits Dubai to further probe the scam

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