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

QFC posts 63.7% jump in number of new firms in 2020

The QFC also continued to leverage its support to other firms across its strategic clusters, namely sports, media and financial services, registering 62 newcomers from these sectors.

Ithmaar says advisors start work on sale of Bahrain banking ops to BBK

Bank of Bahrain and Kuwait is seeking to buy Bahrain business of Ithmaar Bank

Kuwait's IFA Holdings to sell 17.4mln treasury shares

Company has been subject to $29mln bank seizure

Walkers Jersey Team Advises on £31m Sharia-compliant Refinancing

ADIB were advised on matters of English law by the CMS team of Shakeel Adli, David Stanbridge, Sean Gough, Lily Martin and Adrienne Fisher.

DIFC-LCIA arbitration rules modernised

Among the changes is wording that firmly integrates the use of electronic communications into arbitration processes.

Amendment Guide for Memorandum of Association for UAE Single Shareholder Company

Any amendment made to a memorandum of association’s clauses is referred to as an Amendment of a Company’s Memorandum of Association.

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.

Legal, Tax, Regulation & Compliance