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

Flutterwave Expands into North Africa After Bagging PSP Licence in Egypt

“This, for us, is the beginning of other strategic wins in the North Africa and Middle East regions.”

Dubai’s Virtual Asset Regulatory Authority issues regulations for 2023

As the authority providing VA oversight across Dubai with the exception of DIFC, VARA facilitates VA-associated economic stability, investor protection, and jurisdictional resilience

Lebanon's banks close indefinitely after court ruling criticised

Decision by Association of Banks of Lebanon will not affect ATMs

Saudi Arabia, Oman sign executive programme to enhance ICT infrastructure

The programme will boost cooperation to enhance telecommunication and information technology infrastructure, and high-speed digital interconnection for data exchange

Saudi Arabia issues license for first foreign insurance company branch

The licensing of new foreign branch aims to fulfill the objectives of the “Rules for Licensing and Supervision of Branches of Foreign Insurance and/ or Reinsurance Companies in Saudi Arabia”

Saudi Arabia, Oman sign 13 investment agreements, value exceeds SAR1bn

The agreements were signed at the Saudi-Omani Investment Forum being held in Riyadh

Egypt keeps key policy rates unchanged

“The discount rate was also kept unchanged at 16.75 percent,” MPC said

Crypto exchange Kraken shuts Abu Dhabi office

Kraken had said last year it would reduce its workforce by 30%, or about 1,100 employees, as rising rates and worries of an economic downturn soured the sentiment on crypto

UAE regulator overhauls regimes for foreign and domestic funds

The SCA has so far approved around 2,000 foreign funds to promote and offer their funds through licensed promoters in the UAE.

Most GCC central banks raise interest rates tracking US Fed move; Qatar holds

UAE Central Bank raised overnight deposit rate to 4.65%

UAE central Bank raises base rate by 25 basis points

The central banks of Saudi Arabia and Bahrain also increased their interest rates after the US Federal Reserve raised its target interest rate

UAE changes commercial agency law to encourage more foreign investment

The new law is a positive development in encouraging foreign investment and international businesses to continue to move to and operate in the UAE.

GCC banks to refrain from redeeming hybrid capital as volatility rises: S&P Report

Interest rates in the Gulf have been rising quickly as central banks matched course with the US in support of their currency pegs with the US dollar.

UAE corporate tax: Ministry of Finance explains timelines, fines

The Ministry of Finance explained UAE corporate tax rules via a virtual session

UAE employment contract changes: deadline, what is fixed term and all you need to know

All private sector employees must sign a new contract by February 1

MoIAT reduces government service fees to further ease doing business in UAE

Ministry slashed fees for 14 main and sub services and waived the fee for one service as of January 1, 2023

Saudi central bank licenses 2 debt-based crowdfunding fintechs

The licenses were granted after successful testing of their solutions in SAMA’s regulatory sandbox

SAMA reduces minimum paid-up capital for finance firms supporting SMEs

Under the Vision 2030 goals, the SME sector m in the Kingdom aims to make a 35 percent contribution to the national gross domestic product by 2030, with Aramco keen on being part of that.

Investment and Trade Court signs agreement with CrimsonLogic

The system will also include the use of artificial intelligence in data analysis, in addition to implementing technically advanced automated processes that ensure high accuracy and quality

UAE calls for domestic workers to be paid online

UAE defines 19 categories of domestic worker, including maid, nanny, personal trainer and personal driver

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