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

ADGM's financial regulator fines Sarwa Digital Wealth (Capital) Limited $122,500

For making an Offer of Securities in ADGM without Approved Prospectus

IMF says UAE overall real GDP projected to grow 4% in 2024

The IMF had projected GDP growth for the Gulf oil exporter at 3.5% in 2024 in its most recent Regional Economic Outlook report, published in April.

IMF expects UAE economy to grow by 4% in 2024

Economic growth driven by tourism, construction, manufacturing, financial services

Fintech firm Hala gets SAMA approval to offer debt-based crowdfunding solutions

Essentially, it serves as a dual opportunity: borrowers receive the necessary funding, while investors earn returns by directly lending money.

Qatar to sign more long-term LNG contracts this year: Qatar Energy CEO

Qatar, one of the world’s largest LNG exporters, announced an additional expansion of its LNG production in February

GCC bank’s profitability to remain strong in 2024 due to delay in US Fed’s rate cut

A delay in interest rate cuts by the US Federal Reserve will see Gulf Cooperation Council banks’ profitability remain strong in 2024, according to S&P Global Ratings. This comes as most GCC central banks typically mirror Washington’s rate

Dentons advises Kuwait International Bank on its US$300 million Tier 1 capital sukuk issuance

The Tier 1 capital sukuk was issued by KIB Tier 1 Sukuk 2 Ltd, a special purpose vehicle (SPV) issuer incorporated in the Cayman Islands.

Oman’s public debt slightly declines to $39bn

This is thanks to continued government measures aimed at rationalizing spending, diversifying revenue sources, and directing additional revenues toward debt repayment.

Fake messages could run your bank accounts ‘dry’

The source warned that unscrupulous individuals are into these fraudulent operations to steal from people; indicating they illegally obtain vital information like the bank account number, password and name of the account holder.

UAE corporate tax: Deadline alert

New corporate tax deadlines for businesses to start in May. Here’s what you need to know

Saudi government assets to remain strong through 2030: S&P Global

S&P Global Ratings expects that growing debt issuance to finance Vision 2030 projects could pressure the sovereign’s fiscal metrics.

DIFC announces consultation for amendments to DIFC law on application of civil and commercial laws

The amendments seek to provide statutory certainty to the source of DIFC Law and how it may be interpreted.

CBUAE maintains the base rate at 5.40%

This decision was taken following the US Federal Reserve’s announcement today to keep the Interest Rate on Reserve Balances (IORB) unchanged

Saudi Central Bank and BIS co-host meeting on reserve management in Riyadh

The event served as a platform for participants to exchange insights

BlackRock signs agreement with Saudi wealth fund to anchor new Riyadh investment platform

The investment team will be a combination of existing BlackRock personnel and new, on-the-ground staff.

Two jailed for laundering cash in suitcases from UK to Dubai

The total amount of criminally acquired cash flown out of London to Dubai was around £104m

HEC Paris in Qatar partners with QCB to launch Central Banking Essentials Program

Developed in partnership with QCB, the program’s objective is to raise the organization-wide baseline understanding of QCB’s purpose and operations across functional and divisional lines.

UAE Labour Law: Six flexible salary payment options for UAE workers

Choose from monthly, weekly, commission-based pay, or more, as long as your employer agree

UAE-Kenya deals: ADQ to establish investment framework

In 2023, non-oil trade between the UAE and Kenya rose by 26.4 percent year-on-year to $3.1bn

Network International obtains Stored Value Facility licence from UAE Central Bank

The Central Bank of the UAE issued the Stored Value Facilities Regulation in 2020

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