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

An overview of the protection of Trade Secrets in the UAE

It also states that employee’s “Actions in relation to the disclosure of trade secrets” are not subject to limitation periods.

Liquidity of UAE banking system back to pre-COVID-19 levels: central bank governor

More than 320,000 customers, including individuals, SMEs and other private corporations have benefitted from the TESS scheme so far

GTA announces partnership with Commercial Bank and QIIB

The two MoUs were signed at the headquarters of the General Tax Authority, Doha.

28-year sentence for Saudis and expats in a $182 million corruption case

The duo allowed the expats to invest in their commercial unit, use their bank accounts, deposit money they obtained illegally, and transfer it abroad.

The 25 most noteworthy innovations in UAE's government sector

Noor Abu Dhabi is the world’s largest single-site solar project.

Qatar, China sign protocol amending pact for avoidance of double taxation

The signing ceremony was attended Qatar Airways Group Chief Executive, H E Akbar Al Baker.

Oman to levy 5% VAT from next month

It is estimated that VAT will contribute raise around 400 million Omani riyals per year.

GCC banks brace for new wave of mergers after ‘triple shock’ to profitability

The second M&A wave could begin when the full impact of the weaker operating environment on banks becomes visible, Mohamed Damak, senior director at S&P Global Ratings saidThe GCC banking sector is bracing for a second wave of mergers and acquisit

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

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