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

Talking point: Dubai Decree 34/2021 – implications for the DIFC-LCIA

The Decree comprises of 10 articles which set out the new vision for the consolidation of arbitration centres in Dubai.

GCC nations, UK in talks to bolster ties with free trade deal

Trade between the UK and the Gulf nations topped £30 billion ($41 billion) in 2020, according to the British government.

Real estate finance - Post COVID-19 trends across the globe

The asset classes which remain a favourite with lenders are beds, sheds, meds, and watts.

Saudi data protection reform to take effect in March 2022

The Saudi Data and Artificial Intelligence Authority (SDAIA) will supervise the implementation of the new legislation for the first two years.

Judge rules Bahrain’s GFH can seize Dubai fraudster David Haigh’s properties

Former Leeds United executive has been ordered to pay GFH $5m

World Bank official predicts 3.3% GDP growth for KSA in 2022

Along with tourism, Abousleiman pointed to green energy and climate change adaptation as key growth areas, as Saudi Arabia continues to diversify its economy away from oil.

The Central Bank of Oman and the Banking Sector...

It may be noted that the financial assistance being extended by CBO and the banking sector is part of their corporate social responsibility endeavor

Saudi data protection reform to take effect in March 2022

The Personal Data Protection Law (PDPL), published in the Official Gazette in KSA on 24 September 2021, sets out conditions around the processing of personal data as well as a series of rights that ‘personal data owners’ will enjoy.

Shareholders approve merger of Qatari lenders Masraf Al Rayan, Al Khalij

Deal expected to create one of region's largest Islamic banks

DIFC simplifies and clarifies employment law in amendments

The legislator has acted to remove any potential ambiguity and address unintended consequences that were arising under the law.

Dubai Financial Services Authority provides right regulatory framework for future of finance

Innovation is a key pillar of the UAE’s economic growth

Lebanon resumes IMF 'interactions', committed to fair solution for creditors

Beirut defaulted on its sovereign debt in March 2020, saying it needed the foreign currency reserves to meet basic needs.

UAE Central Bank issues additional guidelines to combat money laundering

Licensed financial institutions providing services to cash intensive businesses should focus on identifying suspicious activity linked to money laundering, the regulator says

Saudi court issues final order on AHAB ending 12-year debt dispute

The settlement assets include over 800 million riyals in cash, a portfolio of publicly traded shares worth about 3.7 billion riyals, and real estate assets in Saudi Arabia.

Saudi regulator CMA approves four stake sale applications in Nomu

Jahez International, Nayifat Finance among those looking to sell stakes

UAE's Central Bank issues 2020 silver coins to mark Expo opening

Second commemorative coin released by banking regulator for global event

EFG Hermes close to obtain licence to finance startups

EFG Hermes targets expansion in e-payment and business management companies

GCC Quarterly Review Q3 2021

The third quarter of 2021 saw a number of legal developments in the Gulf Cooperation Council (GCC) region (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates).

Bahrain cabinet asks parliament to approve VAT amendment: state news agency

Government is considering doubling VAT to 10% to boost state revenues and reduce its budget deficit

Bahrain to double VAT to 10% - report

Government looks to boost revenue and curb deficit

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