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

Lebanon banking association affirms its unity after criticism by member banks

The ABL also called on the Lebanese state to shoulder a portion of financial sector losses estimated at some $70bln

Higher energy prices to see Qatar budget surplus widen to 12.8% of GDP: NBK

Qatar’s economy returned to growth in 2021, with GDP up 1.5%, on stronger consumer demand and lessening Covid-19 disruptions.

IMF suggests measures for 'independent monetary policy' for Qatar

A more flexible exchange rate regime would have limited effect on external competitiveness since 87% of Qatar’s exports are hydrocarbon and could generate significant uncertainty and negative balance-sheet effects (as forex accounts for 17% and 32%

CBB holds second Board meeting for 2022

Chaired by Hassan Khalifa Al-Jalahma on Sunday, 26 June 2022

Managing settlement of construction project claims in Qatar

Achieving amicable settlement of these claims is a top priority for both developers and contractors and will be pivotal to the successful conclusion of projects

Lebanese banks disavow banking group's objection to IMF plan

Their objection to the letter's contents reveals growing fissures in the association, which counts more than 50 banks as members.

IIFM plans to develop new standards relating to Islamic syndication and liquidity management

Held its 46th meeting virtually to discuss the Islamic finance standard-setting body’s new standardization and industry development initiatives

BHM Capital acquires a new SCA license in fund management

The development is aligned with the company's strategy to provide a range of financial instruments to suit investors’ needs, whilst having the confidence of working with one of the top-ranked firms in the country

ABCK-AmCham Kuwait, EY Kuwait and Dalal Al Mulla hosts a tax seminar

To provide an overview of the Corporate Income Tax landscape in Kuwait including recent developments

Cairo Amman Bank and Network International Jordan sign exclusive Cooperation Agreement to provide e-payment services for card issuing and management

This development is in line with the accelerating shift away from cash and Network International’s commitment to the advancement of payment systems and cashless societies.

UAE Central Bank bans insurance firm from issuing new policies for violating laws

Second company in a week to be penalised for not adhering to local regulations

Stephenson Harwood advises lenders on US$160 million leveraged buyout financing for Allianz Marine

The deal relates to the announced acquisition by SHUAA, the leading asset management and investment banking platform in the region, of Allianz by its managed funds.

Al Fardan Exchange L.L.C signs anti-money laundering compliance solutions agreement with Kiya.ai

The agreement entails Anti-Money Laundering compliance solutions for transactions monitoring, sanctions screening and AML risk assessment

CBB raises key interest rate by 75 basis points

CBB’s key policy interest rate on the one-week deposit facility is raised from 1.75% to 2.50%

FAB Egypt rebrands to FABMISR after legal merger with Bank Audi

FAB Egypt’s assets will operate under FAB’s newly introduced brand identity FABMISR

Finance Ministry in Kuwait currently working to activate economic, financial reform initiatives

By reviewing public services, improving state revenue collection, strengthening tax administration capabilities, improving customs flows, improving oil revenues, and developing public financial management

Entities operating in microfinancing activity in Egypt increased to 1,026 by the end of March 2022: FRA

The authority clarified in a recent report that these entities are divided into 32 bodies and civil institutions along with four companies

Central banks step up tightening to rein in soaring inflation globally

Weaker growth, stronger inflation and damage to supply chains - a threefold crisis

CBUAE signs a MOU with Jordan and Egypt to promote financial and banking relations

Central Bank governors from the UAE, Egypt and Jordan discuss prospects for developing co-operation and supporting industrial partnerships

Egypt’s Sovereign Fund to establish sub-fund with $4bln state assets

The fund could eventually rise to more than $5-6bln

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