Dubai FSA sets new rules on property and money market funds
The Dubai Financial Services Authority (DFSA) has made changes to the rules for Collective Investment Funds affecting property and money market funds.
Middle East
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Bahrain’s Two Seas Trust rebrands as Elian Middle East
Bahrain trust services provider Two Seas Trust, the first company to be licensed by the Central Bank of Bahrain to provide trust services in the kingdom, has rebranded as Elian Middle East.
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DIFC mis-selling case set to drag on after deadline missed
One of the two defendants involved in a long-running financial mis-selling case in Dubai has failed to comply with a Dubai International Financial Centre (DIFC) court demand to deposit its share of a damages award pending an appeal.
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UAE Insurance Authority issues licence to Guardian Wealth Mgt
The UAE’s insurance regulator has granted its first brokerage licence in around eight years, to international IFA firm Guardian Wealth Management.
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Key financial mis-selling case in Dubai nears conclusion
One of the biggest financial mis-selling cases in the Gulf region between a wealthy Kuwaiti family and Switzerland’s Bank J. Safra Sarasin and its authorised subsidiary, Bank Sarasin-Alpen (ME) Ltd which has now ceased operations, is nearing a conclusion following a new DIFC court ruling.
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Hansard posts hefty recovery in new business sales
Specialist long-term savings provider Hansard Global has unveiled an impressive 136% growth rate in new business premiums for the three months to December 2015 over the same quarter in 2014, helped by a large investment from its founder Leonard Polonsky.
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Is Saudi Arabia finally winning the global oil war?
Sometimes in global financial markets, change can be brutal as the market adjusts to a completely new reality. The second half of 2014 was one of these periods and witnessed the beginning of what would become one of the largest declines in global oil prices on record.
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Griffon Capital launches Iran flagship fund
Iran-focused asset management and private equity group Griffon Capital has launched Cayman Island-domiciled Griffon Iran Flagship Fund to tap into Iran’s public equity market.
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Northstar plans Middle East and Africa expansion
Bermuda-based Northstar Financial Services has announced plans to begin operating in the Middle East and Africa from a new office in Dubai.
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Invesco’s Tolchard heads EMEA Fixed Income after reshuffle
Invesco’s well respected Middle East chief, Nick Tolchard, has moved to a new role as head of EMEA for Invesco Fixed Income (IFI), where he will lead the team charged with developing the distribution of the investment manager’s fixed-income products across Europe, the Middle East and Africa.
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FPI launches adviser academy in the UAE
Friends Provident International (FPI) has launched a financial adviser academy as part of a strategic plan to help support brokers and advisers that distribute its products.
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Saudi Arabia aims to introduce VAT, privatise key sectors
Saudi Arabia’s deputy crown prince has said the kingdom rules out introducing income and wealth taxes but aims to go live with VAT by the end of 2016.