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

Damac posts Dh1.9b in H1 revenue

Hussain Sajwani, chairman of Damac Properties, said that the first half witnessed events like the launch of the developer's latest project, Zada, in Business Bay and the first handover in Akoya.

Most major Gulf markets open higher after Eid break

In Qatar, the index advanced 0.5%, led by a 1.5% rise in the Gulf's largest lender Qatar National Bank and a 0.9% gain in Qatar Islamic Bank .

Insurance, banking and industrials counters witness selling pressure on QSE

Market capitalisation stood at QR532.15bn, mainly owing to selling in the large and midcap segments.

UAE's IBC eyes $5bn deal to acquire 10,000 Dubai holiday homes

IBC Group says purchase of thousands of Dubai holiday homes will be financed through Islamic bond

Waha Capital reports Dh124 million Q2 2019 net loss

Half-year results also showed total income from asset management reaching Dh395m

GCC sovereigns will continue to run fiscal deficits, says Moody's

Economic reforms have been 'uneven' across the region, according to a new report from Moody's

Data usage in Arafat up by 90%, says Saudi Telecom

For the first time at the holy sites, the Saudi telecom operator allowed pilgrims to use the 5G network in several locations

Sedco exits $338mln of global real estate investments

The seven properties span the residential, hotel, office, healthcare and logistics sectors in the US and the UK and all were acquired between 2012 and 2016.

Swiss Re to set up new Ivory Coast reinsurance underwriting office to expand in Middle East and Africa

The office is expected to be fully operational by 1 October 2019.

Damac’s Q2 profit drops 87% as revenue declines and expenses rise

The company’s revenue dips to Dh971m and expenses widen to Dh238m

Ajman Free Zone partners with Dubai Insurance

Salem commented: “This agreement forms part of our endeavours to protect the rights of all workers in Ajman Free Zone, as well as assisting investors by removing a financial commitment.

Network International first half revenues jumps

Network International posted revenues of $152 million in the first six months to June

Businessmen and Investors More Optimistic on UAE’s Economy

84% of high net worth individuals, business owners optimistic on state of economy

GCC set in the right direction to reach the center stage of global trade

In a recent report by World Bank, GCC's economic growth is projected to reach 3.2 percent in 2020 and stabilize to 2.7 percent in 2021 as compared to 2.1 percent in 2019

Clifford Chance has advised Oman on its return to the international debt capital markets

Since the Sultanate's return to the international capital markets in 2016, Clifford Chance has advised the Sultanate on all of its bond and sukuk offerings.

Saudi Aramco plans to buy 20% stake in Reliance’s refining unit

Coinciding with the release of first half results, Aramco signed a letter of intent to take a 20% stake in Reliance’s oil-to-chemicals business in one of the largest ever foreign investments in India, Reliance said on Monday.

DXB welcomes 41.3mln customers in H1

A total of 41,277,749 customers travelled through DXB during the first half of 2019 (-5.6%).

Egypt’s banks to pay back dues of Suez Canal certificates in September

Head of the Research Sector in the Pharos Holding for Investment Banks Radwa el-Swaify asserted that the dues will have limited impact on inflation rates because the depositors will continue to save the dues in the banks.

Kuwait’s current account surplus rises in Q1-19

The Kuwaiti current account was boosted by the growth of income balance due to high returns on overseas investments

African businesses eye UAE for growth, development

Africa is set to surpass China and India as a job market by 2040, and with the recent visa reforms in the UAE, Dubai has emerged as an attractive destination for Africans to pursue career advancement and professional fulfillment.

Alternative Investments