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

Rules for Sharia-compliant transactions announced

The Accounting Board of the Accounting and Auditing Organisation for Islamic Financial Institutions announced the official issuance of financial accounting standard

Saudi Central bank increases weekly bill offering to $2.7bln

Increase was to "to enhance banks' efficiency in managing liquidity"

King Abdullah Economic City signs a financing agreement with SABB

The agreement was signed on November 7, in the Economic City, between Mr. Ahmed Ibrahim Linjawi, CEO of King Abdullah Economic City, and Mr. David Dew, the Managing Director of the Saudi British Bank (SABB)

Latest bid to resolve Arab-Qatari relationship crisis ends in failure: Egypt

Saudi Arabia recently indicated that a solution to the dispute was within reach as did Egyptian Minister of Foreign Affairs Sameh Shoukry.

PwC opens office at Dubai's Emaar Square, fourth in UAE

The Middle East marks one of its fastest growing practices in the world, spurred on by a business environment hungry for improvement and government-backed efforts to transform the region into an economy of the future.

UAE: new regulations for stored value facilities and cryptoassets

The new SVF Regulations substantially tighten up the existing regime and aim to ensure that all SVFs which are issued and operated in the UAE do so in a secure, sound and efficient manner.

Campaign to boycott UAE bank over ties to Israel

The agreement between the two banks came one day after the UAE and Bahrain signed agreements to normalise relations with Israel under US auspices.

Abraham Accords tie Israel and UAE banks and wealth together

Show more sharing options The pacts will normalise relations between Israel and the UAE, but it aims to do much more.

Bahrain chosen to launch global OECD Pensions Report for MENA region

The global organization which celebrates its 60th anniversary this week is considered to be the world's largest think-tank and research centre on pension

Turkish central bank ready to keep tight policy until inflation falls

On Nov 19, the bank announced that it decided to start providing funding via quantity repo auctions with one-week maturity, in order to simplify the operational framework of monetary policy.

Cabinet approves draft law on commercial companies

After that, the Council considered the topics on the agenda as follows: First, the cabinet approved a draft law to amend some Commercial Companies Law provisions, Law No. (11) of 2015, and to refer it to the Shura Council.

Lebanese banking staff 'held captive by fear' as jobs hang in the balance

More than 300 banking branches are expected to close in Lebanon by early next year, says one bank manager

Saudi banks remain resilient amid pandemic, backed by new regulations

As per the latest available statistics, house ownership levels climbed well over 50 per cent which was previously identified as a milestone point by the end of FY 2020 as part of the Vision 2030.

‘Qatar has enhanced economic laws’

“The new rules embrace virtual hearings as an option to the parties due to Covid-19 pandemic,” Sheikh Thani added.

Abu Dhabi jails six, slaps fines of Dhs160m on money laundering charges

The accused, also involved in drug trafficking, were found guilty of using exchange houses to transfer illegal funds to Pakistan

Are Banks Enablers or Victims of Financial Crime?

The charge against the banking industry is that time after time

SimCorp signs a firm and binding strategic agreement with State Street Bank International

With a joint track record in delivering service excellence to clients in Germany, since 2005, the expanded partnership, as determined by today’s signed agreement, now sees EMEA insurance clients benefit from the joint expertise

UAE jails 6 expats, issues fines up to Dh160 million for money laundering

A statement issued by the Abu Dhabi Judicial Department (ADJD) on Saturday said that the UAE has an integrated and flexible financial legislative system and a specialised judicial structure to combat financial crimes which has contributed to reduce money

New regulation ensures financial sustainability for insurance companies

The decision issued by Abdullah bin Salim Al Salmi, executive director of the Capital Market Authority, directed all the companies to work on conciliating its conditions according to the regulation’s requirements during one year.

Sovereign Contingent Liabilities in the GCC

Aggregate debt of GCC government-related banks (wholesale or interbank funding, excluding customer deposits) rose to 17% of GDP in 2019 and ranged from 14% of GDP in Bahrain to 46% of GDP in Qatar in 2019.

Legal, Tax, Regulation & Compliance