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

CBK raises discount rate to 2.00 %

The Central Bank of Kuwait (CBK) announced Wednesday raising the discount rate from 1.75 percent to 2.00 percent effective May 5

Rules on open banking are essential for KSA

Saudi Arabia is putting in place the necessary framework to accelerate the adoption of open banking.

Abu Dhabi’s ADDED introduces easy payment plan for business owners

The agreement signed between ADDED and FAB, ADCB, CBD and ADIB will help credit card holders pay the charges for ADDED’s services in installments

PwC Consulting partners with Sova to deepen talent offering

Launched in 2015, venture capital-backed (Series A of $9 million) Sova helps organisations with two main activities along the recruitment process.

UAE-India trade deal is new phase of globalisation

Two countries coming together for their mutual economic interests during a crisis and doing what is best for them opens a new world of possibilities

Bahrain issues crowdfunding regulations to open up new financing avenues

Move comes after comprehensive review of existing rules by the central bank

The new UAE Labour Law: what employers need to know

The law is designed to enhance employment rights

CBB issues new crowdfunding platform operators regulations

The new regulations contain rules regarding equity-based crowdfunding and financing-based crowdfunding and are covered under Crowdfunding Platform Operators Module (Module CFP). Module CFP can be found under CBB Rulebook - Volume 5: Type 7 – Ancilla

Abu Dhabi and Dubai launch cryptoasset regulatory initiatives

VARA will have the ability to restrict or suspend licences and activities, as well as issue fines for organisations or individuals violating its rules.

Cayman Islands litigation trends from the Middle East – Security for Costs

The Cayman Islands is a "loser pays" jurisdiction in the context of litigation.

Arab Monetary Fund grants $623mln loans in 2021

The fund also released $403.7mln of previously contracted loans in 2021

UAE banks’ financial soundness measures remain robust: Central Bank

Direct liquidity support to UAE banks under TESS programme will end in June

Overview of the New UAE Federal Penal Code

The changes also bring the UAE in line with most other developed nations, which has been a key driving force in the raft of new legislation introduced.

Oman’s sovereign wealth fund splits into two portfolios

Oman established the Oman Investment Authority in 2020 to own and manage most of its sovereign wealth fund and Finance Ministry assets.

Sheikh Maktoum approves DIFC Courts’ 2022-24 work plan

New Digital Economy Court to spearhead resolution of disputes linked to emerging tech

GFH to list its shares on the Abu Dhabi Securities Exchange in May

This will be the Group’s fourth regional listing, with GFH shares already actively traded on the Bahrain Bourse, Dubai Financial Market and Boursa Kuwait

Lebanon banking group rejects latest draft of financial recovery plan

The government estimates that the financial sector’s losses amount to $72 billion.

UAE’s new whistleblowing regime ‘significant and positive’ step for employees

“The new regime is significant and positive and takes the DIFC and the UAE further in the journey to create an environment of transparency and accountability.”

United Arab Emirates freeze assets and bank accounts of Kinahan cartel in Dubai

Just yesterday the agency he founded MTK Global, which had dozens of fighters on its books, was suddenly shutdown.

Saudi official entities warn against forex trading

Saudi Arabia is accelerating steps towards protecting the financial system.

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