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

Broad money supply in Oman grows to $61.5bln

During the same period, cash held by the public decreased by 3.6 percent, while demand deposits increased by 10.4 percent

KPMG merger forms 5,000-strong business in the Middle East

The business will be led by Abdullah Al Fozan, appointed as Senior Partner and CEO, and Emilio Pera

Federal Tax Authority collaborates with Mohammed bin Rashid Housing Establishment to further promote tax culture

The two entities are set to organise joint activities to raise awareness about processes for Tax Refund for UAE Nationals Building New Residences

Saudi Arabia announces updated investment law in latest reforms to business environment

The updated law brings together several existing freedoms and rights and expressly applies them to investors under one unified framework

UAE temporarily suspends 32 gold refineries for AML/CTF lapses

The ministry of finance said its inspections of the refineries uncovered 256 violations, eight for each refinery

QCB foreign reserves surge 3.89 percent in July 2024

The reserves consist of key categories: bonds and foreign treasury bills, balances with foreign banks, gold, and Special Drawing Rights, and the State of Qatar’s share at the International Monetary Fund.

Dubai to reduce work hours, suspend Friday operations for few government entities in summer

The initiative underscores DHGR’s unwavering commitment to fulfilling the requirements of various government entities

KPMG Saudi Levant and KPMG Lower Gulf vote to integrate

Merger will see a collective KPMG business comprising over 5,000 employees

Dubai introduces new law on the taxation of foreign banks

Dubai's new tax law for foreign bank branches eases concerns over higher taxes after UAE Corporate Tax intro.

Ministry of Finance achieves advanced ranking in institutional resilience

Younis Haji Al Khoori: "This achievement further solidifies the UAE's position as a leading financial hub both regionally and globally.”

Egypt Seeking to Boost Africa’s Financial Resources from International Institutions

The meeting, hosted by the International Monetary Fund and World Bank Group governors, aimed to identify ways to accelerate intra-African trade as a catalyst for sustainable economic growth.

The CBUAE and Dubai Courts sign MoU

Aimed at linking electronic services with the CBUAE’s court cases management system

Qatar Central Bank maintains current interest rates

QCB has maintained the deposit interest rate (QCBDR) at 5.75%, the lending rate from the bank (QCBLR) at 6.25%, and the repurchase rate (QCB Repo Rate) at 6.00%.

HDI Global strengthens business in the Middle East with local presence in Dubai International Financial Centre

The new Dubai office Managing Director, Willem van Wyk, brings over three decades of global insurance industry experience including senior leadership roles in the Middle East market and beyond

ROP: Beware of new fraudulent scheme impersonating Central Bank of Oman

The ROP emphasizes the importance of staying vigilant and safeguarding personal and financial information.

Walkers advised Saudi's drilling firm ADES Holding Company

ADES has upsized its existing syndicate facility through a standby term tranche of US$2.7 billion and a revolving credit facility tranche of US$300 million.

Alvarez & Marsal Tax boosts investment in technology, compliance & indirect tax expertise across EMEA with two senior hires

Managing Directors Simon Baxter and Pierre Arman bring more than five decades’ experience of indirect tax between them

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