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

NBK- Egypt launches smart membership card for Heliopolis sporting club

In line with the Directions of the Government and the Central Bank of Egypt for Transformation to Digital Economy

UAE's robo-advisory Sarwa to offer zero-commission trading service

The new service is regulated by the ADGM Financial Services Regulatory Authority

Dubai Economy issued 4,796 new licenses in February 2021

Among the new licenses issued in February 2021, 57% were professional (2,730), followed by 41.5% commercial (1,992), and the rest were distributed among tourism and industrial activities

UAE businesses that must register in anti-money laundering systems

The deadline for non-financial businesses is March 31; failure to register could result in closure.

DIFC records highest number of annual registrations since inception in 2020

The wide range of new clients further contributes to the breadth and depth of DIFC

Oman to cut income tax on SMEs, offer investors long-term residency

To boost economic growth

Bad loan provisions surged across UAE’s four biggest banks last year: Moody’s

Banks have strong buffers despite pandemic

Bank Muscat continues anti-fraud campaign to raise public awareness

The bank’s special educational campaign is being carried out using various methods including Oman TV, radio, print and online media, and various social media channels.

Secret guilty plea revealed in US Panama Papers criminal probe

Joachim Alexander von der Goltz repaid the U.S. government more than $230,000 after admitting to financial crimes revealed by the ICIJ investigation.

Ashurst advises on $516 million ADES International takeover

Subject to the offer becoming unconditional, PIF has agreed to subscribe for shares in Innovative Energy in order to provide Innovative Energy with the financing required to acquire the ADES Shares from ADES Shareholders who accept the offer.

QCB in process of issuing security controls applicable to fintechs

As a result, the QCB developed practices and response mechanisms to tackle cyber-attacks on the financial sector to enhance financial institutions’ cyber security capabilities.

United Arab Emirates attracts corporate billions to climb tax haven ranking

A Dutch finance ministry spokeswoman said it had introduced a withholding tax to target flows of money to low-tax countries, including the United Arab Emirates and Bermuda, and to prevent the Netherlands being used as a conduit. It, however, estimates tha

Saudi central bank extends deferred payment, guaranteed financing programmes

A statement published on the central bank website also said a guaranteed financing programme had been extended for an additional year until March 14, 2022 to support small and medium enterprises.

Saudi central bank extends deferred payment, guaranteed financing programs

A statement published on the central bank website also said a guaranteed financing program had been extended for an additional year until March 14, 2022 to support small and medium enterprises.

Dubai Govt departments can approve their own financial and accounting systems

Hamdan bin Mohammed issues Resolution on the Executive Regulation of the Financial Regulations of the Government of Dubai

Importance of seeking arbitration

Herein, due to the nature of Islamic finance, it would be most prudent and appropriate to seek arbitration as the most suitable appropriate vehicle for settlement of all disputes.

UAE Takes a Stand Against Illicit Finance

Through the landmark partnership between ADGMA and ACAMS, the UAE is ensuring that professionals equipped with essential knowledge remain at the forefront of their field.

The General Tax Authority and the Qatar Financial Information Unit sign the Memorandum of Understanding

The two parties agree to collaborate and combat money laundering and tax evasion

Saudi Arabia plans to move real estate transactions onto digital platform

Modernizing the real estate sector is a key part of the Kingdom’s efforts to diversify its economy.

UAE Ministry of Economy extends anti-money laundering compliance date for four business categories

Property brokers, gem wholesalers have until March 31 to be in full compliance

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