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

E-Trader licence records 6% growth during 2021

The growth reflects the ongoing efforts to consolidate the emirate's position as a global platform for e-commerce

Kuwait's parliament approves Credit Bank capital hike

The capital of Kuwait Credit Bank is increased by $993.31mln

Kuwait approves Credit Bank capital hike: Finance minister

The parliamentary proposal had aimed to increase the capital of the Credit Bank by 750 million dinars in order to finance housing units for Kuwaiti citizens.

UAE tax authority extends penalty revision scheme until December 2022

The earlier deadline for re-determination was December 31, 2021

Latham Advises Chimera Capital

Transaction represents Chimera’s second venture capital fund as it looks to find multi-million dollar opportunities in "growth-stage" companies.

Saudi residential real estate prices up 1.7% in Q4

The Real Estate Price Index aims at creating significant real estate statistical indicators that measure the performance of the real estate market in the kingdom and close the data gap in this sector

Rising confidence in Qatar banking sector stability seen in QCB's Risk Perception Survey 2021

The percentage of respondents having this perception, however, fell to 30%-35% in 2021 and 2022, the QCB noted.

Dubai tribunal upholds ban and fine of ex-DIFC based banker

Rollet was formerly the senior executive officer and a Licensed Director of La Tresorerie Limited (LT), a former DFSA Authorised Firm, which is now in liquidation.

Abu Dhabi ADX says could see first SPAC listing this year

UAE's Securities and Commodities Authority has approved a SPAC regulatory framework

'Malicious': War of Words Breaks Out Between Big Law and Offshore Firms In $100M Kuwait-Cayman Case

The saga involves a handful of law firms, a Cayman Islands-based fund, the Kuwaiti government, questions of political intrigue, and many millions of dollars.

Qatar settles $100 million currency manipulation lawsuit against the UAE

According to a Law360 report published on Monday, the case was resolved on 6 January, 2022, after Judge David Foxton signed the deal at the High Court in London.

Lebanese judge freezes assets of central bank governor

Lebanon is going through its worst economic meltdown

Ex-Citi Banker Says He Lost Job Over ‘Toxic’ Dubai Claims

He is suing Citi for unfair dismissal, saying the bank retaliated against him because of his claims.

Turkey, UAE Sign FX Swap Deal Worth $5 Billion

The three-year deal reflects a warming of ties that began last year after a decade of frosty relations that rippled across the Middle East.

Central Bank Guidance to UAE Financial Institutions Banking Cash-Intensive Businesses

Cash-intensive businesses are enterprises that experience large flows of cash (and/or cash alternatives, such as negotiable instruments, prepaid cards, and so on).

Central Bank Of Bahrain Succeeds In JPM Cryptocurrency Payment Trial

The trial enables Bank ABC to facilitate live payments to Aluminum Bahrain via the JPM cryptocurrency.

KPMG records strong growth in FY21 in the Middle East & South Asia region

KPMG International announced annual aggregated revenues for KPMG firms globally of $32.13 billion for the fiscal year ending 30 September 2021

PwC to establish headquarters in Riyadh to serve Vision 2030 agenda

“In these centres we combine our capabilities with the best of our technology from around the world to provide opportunities to our clients to collaborate, dream and co-create with us,”

Being on top of Ultimate Beneficial Ownership Compliance

While for lawmakers it is still a field for further discussion, companies in different jurisdictions are required to be compliant with the UBO laws already set out.

BR Shetty: Barclays wins right to claw back $131m from NMC founder

UAE Exchange Centre reneged on a currency swap deal with the UK bank as crisis peaked in 2020

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