IoM advisory group opens office in the DIFC
Boston Multi Family Office (BMFO), an Isle of Man-based advisory firm with offices in Malta, has opened of an office in the Dubai International Financial Centre (DIFC).
Middle East
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Emirates NBD Asset Management making an international push
The asset management arm of Emirates NBD Bank is making a push into the international market now that its Ucits umbrella has hit the all-important three-year mark, senior executive officer Salman Bajwa tells International Adviser.
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Nearly 2,000 caught up in ‘biggest ever’ Abu Dhabi scam
Almost two thousand people have been caught up in a AED800m (£172m, $218m, €195m) Ponzi-style investment scheme that turned out to be the biggest scam in Abu Dhabi history.
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Saudi closes in on emerging market status as royals reshuffle
Saudi Arabia has taken a big step towards being classified as an emerging market after the MSCI added the Gulf state to its watchlist for potential upgrade on Tuesday, with the Saudi royal family making an unprecedented succession change a day later.
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Gulf nations push up interest rates after Fed move
Saudi Arabia and the UAE, along with Qatar, Bahrain and Jordan have raised interest rates in line with this week’s decision by the US central bank to hike its Federal funds rate by 25 basis points to 1.25%.
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Saudi asset manager combines Shariah and ethical strategies
Sedco Capital, one of the largest asset managers in Saudi Arabia, has launched an investment strategy that integrates the firm’s Shariah-compliant investment approach with ethical investing.
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Bahrain to lure fintech startups with regulatory sandbox
The Central Bank of Bahrain (CBB) is to create a regulatory sandbox so that startups and fintech firms can test their ideas and solutions and strengthen the Gulf state’s position as a regional fintech and financial services hub.
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Qatar blockade to hit UAE expat businesses
The move by the UAE to join other Gulf nations in cutting ties with Qatar affects travel by expatriate residents between both states and even extends to comments made by individuals on social media.
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Saudi expat tax to start in July
Saudi Arabia will levy a new tax on expatriates and their dependents from 1 July 2017 in a bid to boost the Gulf state’s local employment and revenues following persistently weak oil prices.
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UAE securities regulator re-opens door for fund registrations
Asset managers can now complete the process of registering and promoting funds in the UAE following the release of fresh guidance from the Securities and Commodities Authority (SCA).
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Guardian’s new client division to tackle industry shortfalls
Guardian Wealth Management has launched a new division to focus on client relationship culture after research found that most expats feel the ongoing service they receive from their IFA firms has declined or stopped altogether.
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Dubai regulator sees complaints drop but scams still dominate
There has been a sharp drop in the number of complaints received by the Dubai Financial Services Authority, which regulates of the DIFC, but most of those it receives still relate to scams.