Oslo, Norway - Norway's sovereign wealth fund, the world's biggest, said Tuesday it raked in a record profit of 2.2 trillion kroner ($213 billion) last year, driven by tech stocks and a weak national currency. The fund's total value reached close to 15.8 trillion kroner last year. The 16.1 percent return...

A report from the charity, published as the global elite hobnob at the World Economic Forum in Davos this week, said their wealth rose from $405 billion in 2020 to $869 billion last year. Yet since 2020, nearly five billion people worldwide have grown poorer, Oxfam said.

Sheikh Meshal al-Ahmed Al-Sabah, who was sworn in as emir last month, named Sheikh Mohammed Sabah al-Salem Al-Sabah, a popular ex-foreign minister, as the new premier. He replaces Sheikh Ahmed Nawaf al-Ahmed al-Sabah, son of the late emir whose death has raised hopes of a political shift in the country.

Cairo, Egypt – ADIB-Egypt has launched its exclusive portfolio of Private Banking Services, providing a Shariah-compliant banking proposition for its high-net-worth clients. This personalized proposition is designed to offer a premium range of wealth management services catering to clients with account balances starting from EGP 20 million ($64 million) upwards, or...

Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding (AIH), a strategic sovereign wealth fund located in Baku, have announced the formation of a joint venture with the aim of investing in sectors of mutual priority and interest, such as agriculture, technology, pharmaceuticals and energy...

The firms have jointly launched a climate investment platform.

Economic ties between China and the Gulf region's largest economies, Saudi Arabia and the UAE, have surged since President Xi Jinping's attendance at the first Chinese-Gulf summit in Riyadh seven months ago.

The Arab world is one of the most unequal regions in the world, with top 10 earners controlling more than 56% of national incom

Abu Dhabi, UAE--The Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the UAE Banks Federation (UBF) to foster mutual cooperation in developing the financial sector. The aim is to establish the UAE as a major attraction for asset and wealth management in line with the...

Abu Dhabi, UAE-- Prominent Abu Dhabi companies are taking part in Impower Fund Forum, the largest asset and wealth management conference in Europe that will see participation of more than 1,400 international players from nearly 60 countries. The companies from Abu Dhabi that will take part in the event include...

Despite a global economic slowdown in 2022, high-net-worth individual wealth in the region experienced growth on the back of strong earnings in the oil and gas sectors.

DUBAI, UAE -  Over 300 prominent wealth and asset management (WAM) firms have established themselves in Dubai International Financial Center (DIFC). This milestone reinforces DIFC's position as the leading financial center for WAM companies in the Middle East Africa South Asia (MEASA) region. With an industry size of US$450 billion,...

A Lebanese judge has asked central bank chief Riad Salameh to appear before visiting European investigators, a judicial official said Monday, part of a multinational probe into his personal wealth. The embattled central bank chief faces embezzlement accusations in separate investigations in Lebanon and abroad, looking into the fortune he...

The fund, which is set up to put the country's oil and gas revenues to work, held some $200 million worth of shares in the group at the end of 2022. It had a stake of 0.14 percent in Adani Green Energy and 0.17 percent in Adani Total Gas.

BAGHDAD, IRAQ -  First Deputy Speaker of Parliament Mohsen Al-Mandalawi said that the tourism sector in Iraq has all the ingredients for success. Al-Mandalawi made the statement while meeting with the Association of Travel and Tourism Companies in Iraq, a statement issues by the  media office of the First Deputy...

A team of investigators from Europe will visit Lebanon next month to probe into the wealth of central bank governor Riad Salameh blamed widely for the country's unprecedented crisis. The long-serving chief is among top officials held responsible for the crisis dubbed as one of the worst in modern global...

The swift recovery from the effects of Covid-19 is expected to contribute to a rise in demand for luxury real estate units in the UAE by more than 30 percent next year, says a report.

Consumers in the Gulf country plan to adjust their lifestyle by reducing their household and miscellaneous expenses over the next three months, a latest survey points out.

Qatar ranks first in the Arab world and the Gulf region with an annual per capita share of around $183,000, followed by Kuwait and the UAE.

If the apex banks focus too much on core inflation, it will be a big mistake. Food and energy will be at the center of the crisis years with climate change and green transformation being inflationary in the years to come. Investors should increasingly invest in the tangible world to...

The center will be a hub for high-net-worth individuals.

GCC countries will witness a rise in their wealth between 2021 and 2026 after two years of challenging time due to the Covid-19 pandemic, a BCG report points out.

Iraq's oil wealth is rekindling tensions between federal authorities and the autonomous Kurdish region, in a row that could compromise the lifeline industry and keep investors away, analysts say.

The deal worth $185m makes PIF a strategic investor in the group.

Careem, the vehicle-for-hire firm, has set its sights on raising some $500 million from investors, including regional sovereign wealth funds.

Oxfam said the men's wealth jumped from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per day, in a briefing published before a virtual mini-summit of world leaders being held under the auspices of the World Economic Forum.

UBP Senior Portfolio Manager Fares Benouari has predicted that 2022 would see greater exposure to ESG, automation, and fintech in investment strategies.

The share of global wealth of the world's richest people soared at a record pace during the Covid pandemic, a report on inequality showed Tuesday.

Elon Musk, the CEO of Tesla lost $50 billion in two days as shares of Tesla fell for the third consecutive day. According to Bloomberg Billionaires Index, this is the biggest two-day fall in its history, leaving the worth of Musk at $323 billion. The heavy loss occurred as Tesla’s...

The emirate is expected to see a growth of around 2.5 percent between 2021 and 2024.

Saudi Arabia is confident that its new mining law will lure private investment from the kingdom as well as abroad as it seeks to exploit an estimated $1.3 trillion of potential value in the sector.

Nearly half of Bahrain’s wealth, of $69 billion, is possessed by its super-rich citizens, according to Boston Consulting Group (BCG).

Across the region, the population and wealth of HNWIs witnessed a growth of 13.2% and 17.2% The number of millionaires in Saudi Arabia and the UAE has grown almost at par   The population of high net worth individuals (HNWIs) grew 6.8 percent to 0.8 million while their wealth grew...