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

Egypt and Italy discuss third phase of debt swap program

86.6% Government debt in Egypt is running at 86.6 percent of GDP, according to the IMF

Supporting fintech: UAE Central Bank issues new regulation on stored value facilities

With the new regulation, CBUAE aims to facilitate for fintech firms and other non-bank payment service providers easier access to the UAE market

Qatar, Kazakhstan to boost trade ties

The Minister also discussed mechanisms to bolster bilateral trade and enhance cooperation in priority sectors that would serve the developmental aspirations of both countries.

CBO issues treasury bills worth OMR71 million

The average accepted price reached 99.950 for every OMR100, and the minimum accepted price arrived at 99.950 per OMR100.

DFSA enforcement action against Al Masah upheld

DFSA action follows unauthorised financial services and making misleading statements

UAE central bank issues new rules backing FinTech firms

CBUAE Governor Abdulhamid M. Saeed Alahmadi said: "We are confident that the new SVF regulation will strengthen the public's confidence in the use of digital products and services and foster further development and innovation across the payments

Oman to introduce income-tax on wealthy individuals

Oman expects to introduce an income tax on high earners in 2022, the finance ministry said in a 2020-2024 economic plan, as the Gulf state seeks to restore finances battered by low oil prices.

Net foreign assets of Egypt’s banking sector up $3.30bln in September

In a recent report, the CBE stated that the increase in net foreign assets came as a result of the increase in the volume of foreign assets in the banking sector

QFC announces new regulations for operating rep office in Qatar

More significantly, and given the implications of Covid-19 on the global economy, the new rules provide an ideal opportunity for enterprises to test and assess the growth potential of their businesses in the Qatari market, by establishing a representative

Gulf state eyes income tax in shock move

It would be the first country in the region to go down this road

Saudi mining investment law takes effect in January 2021

The Saudi Geological Survey is one of the largest surveys in the world, with the budget for all its stages amounting to SR2 billion

EBRD grants Banque du Caire $50m loan to support MSMEs

The loan will assist the Egyptian bank in developing its MSME lending activities, and expand access to finance for underserved MSMEs.

Oman: Amendments to income tax law announced

The amendments generally take effect as from 21 September 2020.

Egypt: Unified tax procedures law introduced

The amendments were introduced in response to the government’s efforts to merge the informal economy with the formal system and to improve the administrative practices of the Egyptian Tax Authority (ETA) so it will work more efficiently and the numb

Never share bank details over the phone, cops in UAE warn

The police said fraudsters send such messages, usually via SMS or WhatsApp, to dupe bank customers into sharing their personal data.

UAE Central Bank fines 2 exchange houses for violating rules

The Central Bank has taken a number of initiative in the last few months about money laundering and fighting terror financing.

Firm hired to audit Lebanon central bank has not received all requested info - sources

The central bank said this month that it had provided "all the documents and information which Lebanese laws allow."

Dentons advises Commercial Bank of Dubai on its issue of Additional Tier 1 capital securities

Dentons also regularly advises CBD on its annual EMTN programme updates and the issuance of notes under the programme

Kuwait cuts some rates to ease currency and virus pressures

Kuwait, which pegs the dinar to a basket of currencies dominated by the US dollar, cut to 1.5% and was the only Gulf country that matched the Fed’s unexpected decrease of a full percentage point.

Central bank digital currencies on track for financial systems

But the US central bank is an active participant in research - while conducting its own - into the prospect in partnership with other central banks and the Bank for International Settlements (BIS).

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