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

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

Lebanese judge imposes travel ban on central bank governor amid probe

Riad Salameh is being investigated by authorities in Lebanon and Europe over alleged money laundering

Saudi Arabia's AlAhli Takaful, Arabian Shield merger now 'effective'

Creditors did not raise objections to merger deal within set deadline

Israel's One Zero Digital Bank gains full licence

Having gained a restricted licence in December 2019, One Zero operated on a trial basis initially but has now met all criteria, including raising the necessary capital.

Emergency liquidity available for Egyptian banks

The rate of emergency liquidity will be determined at the central bank's overnight lending rate, and the Bank will set a margin set at a minimum of 5 percent.

Six decrees issued to regulate Dubai Chambers, their Boards of Directors

The legislations also enable Dubai Chambers to map out a clear vision for the future by adding more roles and powers

Financial soundness of UAE banks robust, says central bank

Economic recovery expected to support healthy balance sheet growth of banks

UAE Central Bank M1 increased by 2.1% at end of November 2021

The Money Supply aggregate M2 increased by 1.3%

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