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

All that glitters: A look into illicit gold networks

A fresh investigation sparked at the start of this year may also reveal whether a smuggling syndicate possibly operating from Madagascar has been using the country as a conduit.

KPMG in Bahrain and the region continue its' growth despite the COVID pandemic

KPMG in Bahrain is a member firm of KPMG international

Naseej and Ithmaar Holding sign agreement to develop $105mn residential project in Bahrain

150,000sqm project will feature a total 400 units and is targeted at beneficiaries of Ministry of Housing’s Mazaya programme

Saudi Ministry of Finance inks $3b export financing pact with South Korean entities

Credit Agricole structured the landmark deal, which is Ministry's second since July 2020

Saudi-Qatari reconciliation could be a boon to Indonesia's SWF

The reconciliation will affect not only the relationship between the two countries

GTA, QFBA sign deal for specialised training

The collaboration agreement between GTA and QFBA was signed at GTA’s headquarters in West Bay by GTA president Ahmed bin Issa al-Mohannadi and QFBA CEO Dr Khalid Mohamed al-Horr.

Mortgage financing: Dubai Islamic Bank, EMAAR sign agreement

The agreement was signed between Junaid Ahmed, CEO Dubai Islamic Bank and Sohail Baig CEO, EMAAR Pakistan.

Saudi Arabia 2020 inflation rises to 3.4% after VAT tripled

The main drivers were prices of food and beverages, which increased by 9%, and transport, up by 3.8%

Saudi insurance firm’s board members, audit executives convicted, fined by market regulator

The decision of the Appeal Committee for Resolution of Securities Disputes was announced Jan. 13, 2021

EBRD reports record 2020 investment in response to Covid-19

The EBRD stepped up its investment to address immediate needs and to create the foundations for recovery, with a focus on building back better economies in the future.

Central Bank halts cash dividends at banks in anticipation of continued pandemic

Banks will not make cash dividends from profits or retained earnings to shareholders in anticipation of potential risks associated with pandemic

Economic Substance Regulations

The Regulations apply to financial years commencing on or from 1 January 2019.

Saudi Central Bank issues new rules for debt crowdfunding

A $1.3mln minimum paid up capital limit has been set for the activities in the kingdom

International Court of Arbitration opens case management office in Abu Dhabi

The collaboration between the ICC and ADGM will see the two organisations collaborate on promotional activities. Planned initiatives include hosting meetings and conferences in the ADGM.

US imposes $8.6m penalty on French-Arab bank for violating sanctions

Despite being aware of the measures imposed on Syria and its state entities, the bank reportedly was not aware that it was violating the sanctions by providing indirect means of money transfer.

Saudi regulator studies direct listing on main market

Other companies that do not have a clear business model should attract more partners gradually and adopt clearer frameworks, ElKuwaiz concluded.

Alexbank inks MoU for Upper Egypt farmers

The MoU comes as part of a development strategy that aims to help 500 remote villages in Upper Egypt

Ashurst advises on SAR 2 billion (USD 540 million) acquisition finance for the privatisation of Saudi Arabia's First Milling Company

AlRaha AlSafi Food Company is owned by Almutlaq Group, AlSafi Holding Co., Abunayyan Trading Co. and Essa Al-Ghurair Investment LLC

Central Bank of Bahrain Sukuk Al-Ijara oversubscribed

The Sukuk Al-Ijara are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.

Turkish banking watchdog working on revision of market manipulation regulations, sources say

“Work is being conducted on last year’s BDDK regulations identifying manipulation, misleading transactions and practices in financial markets,” one economy official told Reuters.

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