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

The Banking Control Law in Saudi Arabia

The bank is not allowed also to purchase, without the approval of SAMA, stocks and shares of any bank conducting its business in the Kingdom.

UAE gross bank assets increase 0.8% to Dhs3,321.5bn at end of December 2021

Total bank deposits increased by 1.5 per cent, rising from Dhs1,966.8bn at the end of November 2021 to Dhs1,996.5bn at the end of December 2021

Islamic Development Bank hires banks for 5-year dollar sukuk

A five-year fixed-rate sukuk issuance will follow

KPMG wins GCC advisory awards at international competition

KPMG’s expert also helped banks with evaluated banks for credit and fraud risk exposure, leading outsourcing projects for IT and compliance functions

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

Employees, officers or agents of DFSA-regulated companies operating in or from the DIFC can now withhold their identities when reporting suspected misconduct

Beware of fraudsters while banking, warns ROP

The Royal Oman Police warns citizens and residents not to fall into this type of fraud in order to avoid legal accountability

Submit your tax returns by this date: Tax Authority Oman

Tax Authority urges all those subject to the provisions of value-added tax to submit their returns before the end of the mentioned period

Some UAE banks ask for further temporary relaxations on key IFRS 9 compliances

Banks are concerned about higher provisioning burden from a full IFRS 9 compliance

Risks for Saudi's banking sector to remain contained: S&P

The trend for economic risk is stable

HAYVN receives approval from the Swiss Financial Market Supervisory Authority, FINMA

HAYVN will now be offering clients Asset Management, Trading and Custody services from its Swiss entity

Hoxton Capital Management gains US Securities & Exchange Commission licence

It has further set up a branch as a state registered investment advisor in New Jersey.

UAE’s DMCC records 665 new company registrations in Q1 2022

It the best first quarter since the inception of the freezone in Dubai 20 years ago

Saudi competition authority approves 88% more mergers & acquisitions requests in Q1

General Authority for Competition received 101 application in 1Q 2021, +42 percent year-on-year

Saudi EXIM Bank Approves Credit Worth $1.4 Bn to Boost Alternative Economy

The value of insurance applications amounted to SR3 billion during the same period, allocated to local companies, financial institutions, and banks.

Dubai Ruler issues decree to subject public-interest entities to financial regulatory oversight

Public-interest entities will be required to maintain up-to-date financial and administrative records so that Dubai’s Community Development Authority can review them when needed

Banks close “unused” bank accounts for 6 months

Emirates Today” published an investigation into customer complaints that thousands of dirhams had accumulated due to forgetting old bank accounts earlier

Severe shortage of workers; 7,000 over 60s expat ‘craftsmen’ leave for good

The recent government decisions regarding a complete return to the manifestations of normal life to what it was before the emergence of the Covid- 19 pandemic revealed the severe shortage of expatriate workers, which the Kuwaiti labor market suffers from

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