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    Featured in Banking and Investments
    Hong Kong Trade Fairs from September to November

    Strengthening bilateral trade between Hong Kong and the UAE   Dubai, UAE, August 15, 2018:  The bilateral trade relations among Hong Kong and the UAE have long been robust. Adding to the Hong Kong’s business advantages, Hong Kong Trade Development Council (HKTDC) organises more than 30 exhibitions each year to bring together buyers and suppliers from both economies to develop their business.    Mr. Abdul Aziz Nasser, Deputy Director, Middle East, HKTDC announced that nine international fairs, which cover watches and clocks, fashion, electronic products, lighting products, green products and spectacles, will be held in Hong Kong from September to November. These fairs will serve as ideal platforms for traders and suppliers from the UAE to expand their businesses into new markets. The fairs are as ......read more

    WIBC announces landmark 25th edition in strategic partnership with the Central Bank of Bahrain

    Under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain, World Islamic Banking Conference (WIBC) announces landmark 25th edition in strategic partnership with the Central Bank of Bahrain  Over 1200 global industry powerhouses, policy makers, innovators and stakeholders will converge for the three-day long forum. Dubai, UAE, August 13, 2018:  Held under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain and the strategic partnership of the Central Bank of Bahrain, the World Islamic Banking Conference (WIBC) will take place on November 26th, 27th & 28th in the Kingdom of Bahrain. Middle East Global Advisors (MEGA), a leading financial intelligence platform facilitating the development of knowledge-based ......read more

    UAE Ranks Above Global Average in Well-being, Reports Growing Appetite for Workplace Wellness: 2018 Cigna 360° Well-Being Survey

    Opportunity for employers to leverage UAE Happiness Agenda to help staff manage work environment and improve health Dubai, UAE, August 13, 2018:  Cigna Corporation’s (NYSE:CI) business in the Middle East today launched the results of its 2018 Cigna 360o Well-Being Survey – Future Assured. Factoring in the responses of the resident UAE population for the second consecutive year, the findings indicate that overall well-being remains stable with residents more confident of their ability to manage current and future costs, and the majority confirming a good work-life balance. Now in its fourth year, the survey adopted a more forward-looking approach to exploring people’s perceptions and concerns for their health and their sense of well-being across five key areas - physical, family, social, finance and work. ......read more

    Submissions now open for RAKEZ Business Excellence Awards 2018

    Ras Al Khaimah, 12 August 2018:   Ras Al Khaimah Economic Zone (RAKEZ) Business Excellence Awards is back on its 5th edition and now seeking entries from outstanding free zone and non-free zone companies in Ras Al Khaimah. RAKEZ collaborates with Ras Al Khaimah Department of Economic Development (RAK DED) for the second year to hail excellent businesses that greatly contributed to the emirate’s economy with AED 200,000 worth of cash prizes. Ramy Jallad, Group CEO of RAKEZ, said: “Our team up with RAK DED last year has definitely added more spice to the programme. So here we are, delighted to collaborate with RAK DED for the second year. With RAKEZ and RAK DED jointly presenting RAKEZ Business Excellence Awards, we have created a platform for recognition with no divisions because businesses here, regardless of ......read more

    WCU: Commodities struggle to navigate sanctions and tariffs

    By Ole Hansen , Head of Commodity Strategy / Saxo Bank Dubai, UAE, August 12, 2018:  August is normally a quiet month for markets, but this year it has so far been anything but. The markets have been rattled by a continued escalation of the trade war rhetoric between the US and China, with investors concerned this increases the future risk to global growth and demand.  We see raised geopolitical tensions after the US slapped additional sanctions against Russia and Turkey while resuming sanctions against Iran. The latter could potentially result in a looming supply crunch for crude oil, which could divert the current focus away from the price-negative impact of the trade war.  The latest trouble to hit the markets has been a simmering financial crisis in Turkey which blew up this past week when the Turkish lira at ......read more

    MEFMA reaffirms commitment to promote entrepreneurship & innovation across local thriving FM industry

    Association successfully organizes workshop on ‘Entrepreneurship in Facilities Management’  Dubai, UAE, August 07, 2018:  The Middle East Facility Management Association (MEFMA), a non-profit association that provides a dedicated platform for facilities management (FM) professionals, wider construction industry stakeholders, and owner associations, reaffirmed its commitment to nurture and guide entrepreneurs as well as promote innovation in the regional FM industry through proper skills development and effective knowledge sharing.  MEFMA made the statement during the conclusion of a workshop it recently organized entitled, ‘Entrepreneurship in Facilities Management,’ which was held recently at the Al Mugairen Hall, Riyadh Chamber in the Kingdom of Saudi Arabia (KSA). The event was attended by ......read more

    Promoth Manghat wins first ever NRI Professional of the Year Award instituted by Dhanam

    Dubai, UAE, August 01, 2018:  Promoth Manghat, Chief Executive Officer of UAE Exchange Group, has won the first ever Dhanam NRI Professional of the Year Award. The award was presented by the Minister for Industries- Kerala, A C Moideen at a function held at the Le Meridien Convention Centre in Kochi on the 26 of July in the presence of many business and political luminaries. Promoth is an Executive Director of Finablr, a holding company in the UK, which brings together category-leading global financial services brands under one network. He also serves as the Chief Executive Officer of UAE Exchange Group, a Finablr network brand that is a leading global provider of diversified and innovative financial solutions in money transfer, foreign exchange and payments. According to the eminent jury which selected the winners, Promoth ......read more

    UBS CIO sees rising foreign investment in Middle East, boosts coverage of GCC markets

    UBS Global Wealth Management's Chief Investment Office (UBS CIO) expects international investors to increase their exposure to the Middle East due to growing inclusion of the region's assets in financial indices, ongoing reforms and a favorable economic outlook for Gulf Cooperation Council (GCC) countries A potential inclusion of the UAE, Saudi Arabia, Qatar, Bahrain and Kuwait in emerging market sovereign bond benchmarks could attract further inflows, following Saudi stocks' recent inclusion in MSCI and FTSE indices UBS CIO has steadily increased its analytical coverage of the region, including in Arabic, to better serve local and international clients Dubai, UAE, 31 July 2018:   UBS Global Wealth Management's Chief Investment Office (UBS CIO) today published a new report on the Middle ......read more

    Barclays: Global Economy likely to continue rewarding Stock Tilted Investment Portfolios

    Dubai, UAE, July 29, 2018:  Barclays announced today the findings of its Q3 2018 Compass Report, which outlines the Private Bank’s tactical recommendations on portfolio asset allocations for investors around the world. The report’s key takeaways note that the global economy is likely to continue to reward investment portfolios titled toward stocks. Barclays’ investment experts see stocks more likely to outperform the bond market, which is expected to face both greater inflation as well as increasingly resolute central bankers.  Commenting on the Q3 tactical investment recommendations, Bjorn Holderbeke, Head of Investment Advisory, Middle East and North Africa, said: “Our team of experts believe that the acceleration phase of global economic expansion seems to be passing, according to the latest ......read more

    Arab Bank Group reports profits of $436 million for first half of 2018

    Dubai, UAE, July 28, 2018:  Arab Bank Group reported net income after tax for the six months period ended 30 June 2018 of $ 436 million compared to $415 million in prior period, recording a growth of 5%. The Group’s net income before tax grew by 6.4% to reach $582 million with net operating income reaching $ 668.5 million and recording a solid double digit growth of 13%. Mr. Sabih Masri, Chairman of the Board of Directors stated that the solid performance of Arab Bank Group confirms the success of the Group in dealing with the challenging operating environment. Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the strong underlying performance of Arab Bank Group is reflected in the growth in net operating income achieved during the first half of the year and which was driven by core banking income generated from ......read more

    On the right side of the tracks

    Xi Jinping’s “express train of development” has the potential to create whole new communities in Dubai and the UAE DIFC Wills outreach to enable future planning for the new wave of investors and multigenerational Chinese families Dubai, UAE, July 28, 2018:   Xi Jinping rode what he calls China’s “express train of development” through the Middle East and Africa region – including a three-day stopover in the UAE – as trade with China is set to surge to $80bn annually over the next two years.  In Dubai, individual deals tell the same story as the headline figures. Chinese investors have an increasing appetite for real estate, with Dubai Land Department statistics showing that property investment by Chinese buyers is up from eighth to sixth highest in Dubai, ......read more

    Thomson Reuters Financial & Risk Business Announces New Company Name: Refinitiv

    Dubai, United Arab Emirates, 28 July 2018 –   Thomson Reuters Financial & Risk business today announced that following the closing of the strategic partnership transaction between Thomson Reuters and private equity funds managed by Blackstone, the Financial & Risk business will be known as Refinitiv.  Closing of the transaction is expected to occur in the second half of 2018 and until then the business will continue to be known as Thomson Reuters Financial & Risk. The new name Refinitiv was created based on feedback from customers and industry influencers on the intrinsic value of the Financial & Risk business to the industry. It is a name that aims to blend definitive action in financial markets and a bold focus on the future with a 160-year legacy of excellence as a pioneer in financial ......read more

    Minhaj Advisory welcomes the resolution of obligating the Islamic financial institutions to apply Shari'ah Standards in the UAE

    Dubai, UAE, July 26, 2018:  Minhaj Advisory, a Dubai-based Co, the best training institute for the year 2017, praised the newly-pioneering step taken by the Higher Sharia Authority (HSA) at Central Bank of the UAE to enforce the Internal Sharia Control Committees (ISCC) of the Financial Institutions in the United Arab Emirates to apply the Shari’ah Standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) as of the first of next September onwards. These standards are related to the Islamic financial industry. In the company’s press release given on this occasion, Dr. Amin Fateh. General Manager of the company mentioned that this resolution comes in line with the Federal Law No. (6) of 1985 on Islamic banks, financial institutions and investment companies, issued by the ......read more

    Taking Root and Empowering the UAE Community to Change Their Landscape

    Dubai, UAE, July 26, 2018:  Capable of growing roots down to 30 meters to access water, the Ghaf – the UAE’s national tree – could once be seen on sand dunes and gravel plains throughout the Emirates. Today, this is not the case. Continuing urban development has placed the Ghaf tree under threat and it is now on the endangered species list. That said, we can revive the Ghaf to its former glory; all it takes is team work, coordination and the cultivation of thousands of Ghaf seeds. The Father of the Nation was once quoted to have said, “Cut a path, but don’t cut a tree.” Sheikh Zayed Bin Sultan Al Nahyan (peace be upon him) understood the link between the environment and human well-being. In the Year of Zayed, sustainability is one of the core values held by those that uphold Sheikh ......read more

    GCC Hospitality industry set for steady growth, says Alpen Capital

    Dubai, 26th July 2018:   Alpen Capital, an investment banking advisory firm, announced the publication of its report on the GCC Hospitality Industry. The report presents a synopsis of the demand-supply dynamics and key performance indicators of the hospitality industry across the GCC countries. The report also covers recent trends, growth drivers, and challenges in the industry. It profiles some of the renowned hospitality companies in the GCC and evaluates their financial and market valuation metrics.   “The GCC hospitality industry, which has been under pressure in recent years is expected to gain positive momentum on account of recovery in oil prices, upcoming mega events, increased tourist inflow, positive regulatory initiatives and increased government spending/investments towards the hospitality and ......read more

    Emirates Glass organises glass testing training for Dubai Municipality's Dubai Central Laboratory

    Dubai, July 25, 2018:   Emirates Glass, a subsidiary of Dubai Investments PJSC [DFM: DIC] and a leading architectural glass provider in the Middle East, has announced that it recently organized a two-day training program for Dubai Central Laboratory, the testing and certification wing of Dubai Municipality. The training program focused on glass performance and testing for the construction and building industry, underlining the company's commitment to uphold the highest quality and testing standards in the glass industry. It included presentations about glass manufacturing and processing and applications in the sector; factory tour of Emirates Glass in Al Quoz and the coating plant in Dubai Investments Park; as also practical testing sessions at its state-of-the-art laboratory. Rizwanulla Khan, Executive President ......read more

    Preliminary results for second quarter exceed expectations – outlook raised for full year 2018

    Sales up by 7 percent to €3.9 billion Adjusted EBITDA rises 16 percent to €742 million Outlook raised for FY 2018: adjusted EBITDA between €2.60 and €2.65 billion expected Dubai, UAE, July 25, 2018:  Germany. Evonik has increased adjusted EBITDA to €742 million in the second quarter of 2018 (prior-year: €640 million). All three chemical segments contributed with excellent operational business development: All three segments were able to increase their adjusted EBITDA as well as EBITDA margin compared to the same quarter of the previous year.   Sales increased to €3.9 billion in the second quarter (prior-year: €3.6 billion), largely due to higher sales volumes and higher selling prices. Adjusted net income was €354 million, which corresponds to adjusted earnings per ......read more

    Jebel Ali Port and Emirates Global Aluminium: A partnership that supports Dubai's industrial growth By Mohammed Al Muallem

    Chief Executive Officer & Managing Director, DP World – UAE Region Dubai, UAE, July 25, 2018:  The 1970s were amongst the most momentous years in the history of the UAE. They witnessed the birth of the United Arab Emirates and the beginning of a new age of economic prosperity. The leadership of Dubai embarked on a journey of non-oil development launching a series of visionary projects that are its crown jewels today. Prominent among them are DP World’s flagship Jebel Ali Port and Dubai Aluminium Company (DUBAL) now known as Emirates Global Aluminium (EGA). Both opened to business in 1979 and began a mutually beneficial relationship that has transcended time. Both have grown to become global leaders in their respective business streams. Both are economic flagships of Dubai. It’s no coincidence that just ......read more

    Leading UAE businesswoman awarded doctorate by Queen's University Belfast

    Dubai, UAE, July 23, 2018:  Dr Raja Easa Saleh Al Gurg, Managing Director of the multifaceted conglomerate, Easa Saleh Al Gurg Group, was awarded with an Honorary Doctorate by Queen’s University Belfast, for services to business and commerce. She was among twelve individuals who received honorary degrees this summer at the university. Other individuals awarded included Professor Martin Meehan, the 27th President of the University of Massachusetts, internationally renowned researchers as well as leaders in business and commerce.  Queen's awards honorary degrees to individuals who have achieved high distinction or provided significant service in one or more fields of public or professional life, and those who serve as ambassadors for the University and Northern Ireland around the world. Dr Raja Easa Saleh Al Gurg ......read more

    Central Bank of the UAE Holds its 6th Board of Directors Meeting for 2018

    Dubai, UAE, July 23, 2018:   The Board of Directors of the Central Bank of the UAE held its 6th meeting for 2018 at 9:00am on Sunday, 22nd July 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalid Juma Al Majid, Deputy Chairman of the Board. The meeting was attended by H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer,  as well as by Their Excellencies Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.    The Board reviewed a memo regarding CBUAE Governance and some Committees’ Terms of Reference & Secretariats, Delegation of Authority Matrix for Business Units and ......read more

    Islamic Insurers' Net Income Continues To Fall But The Sector Will Stay Profitable In 2018

    Dubai, UAE, July 23, 2018:  In the Gulf Corporation Council (GCC), net income of listed companies in the Islamic (takafuland Islamic cooperative tawuni) insurance sector nearly halved in 2017 to US $375 million, from US $674 million in 2016.The decline in 2017 netincomewasmainlydrivenbyweakerresultsinthe Saudi Arabian insurance sector and follows an increase in earnings by about 151% in 2016, indicating some considerable earnings volatility in the sector. In ourview, the Islamic insurance sector continues to face secular challenges around relatively  concentrated and undifferentiated business models and high expense ratios that leave them susceptible to adverse event risk related to solvency, governance, and accountancy. That said,we believe that medium-term growth prospects in the sector remain satisfactory given relatively ......read more

    United Arab Bank Announces Financial Results for H1 2018

    H1 2018 Highlights  AED81m Net Profit, up 46% vs. H1 2017 Operating Expenses decreased 4% vs. H1 2017 Provision for Credit Losses decreased 20% vs. H1 2017 Robust liquidity profile with UAB comfortably above regulatory requirements  Loan : Deposit Ratio managed to 92% Common Equity Tier-1 (CET1) ratio comfortably in excess of regulatory requirements at 14.4% Sharjah, UAE, 22 July 2018:   United Arab Bank P.J.S.C ("UAB" or “the Bank”) reported Net Profit for the six months to 30th June 2018 of AED81m, representing an uplift of 46% compared with the same period last year, primarily driven by growth in ‘Core’ Income and reduction in provision charges following a transition to a lower risk business model.    Total Income for the six months ......read more

    Dubai Islamic Bank and Emirates Skywards soar to new heights launching co-branded credit cards

    Partnership aligns with DIB’s strategy to offer customers innovative, value added solutions Card available in three variants offering up to 2 Skywards Miles on every equivalent US dollar spent  Earn up to 75,000 bonus Skywards Miles* and receive unlimited access to airport lounges worldwide via LoungeKey Dubai, UAE; July 22, 2018:   Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has partnered with Emirates Skywards to launch the new Emirates Skywards DIB Credit Cards tailored specifically to offer exceptional value to the country's growing community of frequent flyers.   The partnership brings together two of the UAE’s leading brands and offers a range of credit cards to earn Skywards Miles and receive other added benefits.   The Emirates Skywards DIB Credit ......read more

    Record Breaking Visitor Growth and Continued Partnerships Solidify Dubai's Commitment to China

    Dubai sees 119% growth in overnight visitors from China since 2014 YOY increase of 41.4% overnight Chinese visitors to Dubai from 2016 to 2017 Key milestones contributing to the rapid growth include visa-on-arrival for Chinese citizens and recent partnership agreements with Huawei, Fliggy and Tencent Dubai, UAE, 18 July 2018:   Ahead of President Xi Jinping of China’s arrival in the UAE later this week, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) reports continued growth in visitors from China. With a robust growth of 119% in overnight Chinese visitors since 2014 and a YOY increase of 41.4% overnight Chinese visitors to Dubai from 2016 to 2017 combined with a number of key agreements signed with major players in China, Dubai Tourism has reconfirmed its continued focus on its ......read more

    Bank Al Bilad invests in leaders through Ashridge flagship program

    July 18, 2018:   More than 20 senior leaders from Bank Al Bilad recently participated in an Ashridge Executive Education Leadership Development Program in Riyadh. With a focus on building 21st Century Leadership capabilities, this highly experiential and practical learning approach helped leaders communicate their strategic vision, set direction and develop high performing teams to succeed within the dynamic and fast moving Saudi banking sector. With over 20 years of experience in developing regional business leaders, Ashridge delivered a highly customized program, designed not only to address the specific challenges facing the Bank’s leaders today, but also to unlock the emerging opportunities in the future. Mr. Haitham Al-Medainy, General Manager of Bank Al Bilad, said: “Banking executives must constantly ......read more

    Other Top Stories from Banking and Investments
     
    Emircom reaps new awards during Cisco Regional Partner Summit

    Abu Dhabi, August 11, 2018: Emircom, one of the UAE’s leading systems integrators, bagged new awards during the Cisco Regional Partner Summit held recently at The Ritz Carlton in Dubai. Being recognized as the ‘Service Provider Partner of the Year,’ ‘Commercial Partner of the Year,’ ‘Highest Adoption at a Customer for Collaboration EA,’ in UAE and ‘Enterprise Partner of the Year’ in Saudi Arabia, reflect the company’s efforts as one of the leading channel partners to Cisco, a leading multinational technology conglomerate that ......read more

    Department of Economic Development – Ajman reveals positive impact and benefits to be gained from decision to exempt businesses with expired licences from stiff fines and penalties

    UAE, 24 July 2018- The Department of Economic Development – Ajman (DED-Ajman) has revealed that the recent Emiri resolution No. (16) of 2018 issued in May 2018 by His Highness (H.H.) Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Ajman Executive Council, to exempt local businesses with expired business licences from stiff penalties and fines until the end of this year has left a positive impact on local businesses. According to the Emiri resolution, the period of implementing the decision will be in effect until December 31, 2018, wherein the economic ......read more

    Trade Bank of Iraq reveals its latest international expansion plans as it celebrates an incredible 15 years in business

    TBI to open its branch office in Riyadh at the end of the year String of expansion plans in the region, including Turkey The bank recently celebrated 15 years of operation Abu Dhabi, July 24, 2018: Trade Bank of Iraq (TBI) has revealed plans to open its first branch in the Kingdom of Saudi Arabia after receiving approvals from the Saudi Arabian Council of Ministers. Continuing its international foray across the Middle East since opening a representative office in Abu Dhabi, UAE last November, TBI now plans to open its next branch in Riyadh, KSA and be fully operational by the ......read more

    DED-Ajman signs strategic agreement with Department of Land & Real Estate Regulation in Ajman

    UAE, July 21, 2018 - The Department of Economic Development - Ajman (DED-Ajman) and the emirate's Department of Land and Real Estate Regulation announced the signing of a new partnership agreement aimed at adopting and implementing new e-link services that can help improve and enhance a customer's journey while also increasing customer satisfactory levels. The new e-link services, which is part of the ongoing 'Single Window Project,' will provide customers with a faster and more efficient way to apply and renew economic permits and licences. The new agreement was signed by His ......read more

    3rd China-UAE Conference on Islamic Banking & Finance to explore potential for participative economy

    UAE, July 21, 2018 - In line with the nationwide celebrations of UAE-China Week, and in honor of the Chinese President Xi Jinping's visit to the UAE, Hamdan Bin Mohammed Smart University (HBMSU) has reaffirmed its commitment to building bridges of knowledge, cultural, and economic exchange with China by organizing the China-UAE Conference on Islamic Banking and Finance (CUCIBF III) for the third consecutive year, on November 7-8, 2018 in China.  The two-day event, which is being organized under the theme, ‘The potential for participative economy and financial system: growth, ......read more

    Dubai FDI's ‘Aftercare' program for investors to bolster FDI reinvestments

    Dubai, 17 July 2018​: In response to the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to create stronger and improved engagement with investors, while also creating a better understanding of their current and future needs and helping ease the investment process, Dubai FDI, the investment development agency of Dubai Economy Department (DED), has revealed the continuing expansion of enhanced services for its ‘Aftercare’ initiative, a quality-focused program aimed at attracting more foreign ......read more

    CNN Exclusive: Finnish President Niinistö analyses the Helsinki Summit

     “I do not believe that Russia is going to attack Finland or the Baltic countries”   Dubai, UAE, July 17, 2018:  As part of CNN’s coverage of the Helsinki Summit between Presidents Trump and Putin, Christiane Amanpour sat down with the host Finnish President Sauli Niinistö to discuss what had been achieved.   Key Quotes:   On what he feels President Putin achieved from the Summit: “I think for him it was important for him to be in equal foot with the American President… he left also with a kind of burden. Those ......read more

    Ajman Media City Free Zone , the brand new investment hub of UAE, announces a strong portfolio of cost effective business services

    Customer friendly and  cost effective package to set up a new business in the free zone  An easy and convenient process to own a business in the United Arab Emirates World class infrastructure hub focuses on SME and entreprenuers  Dubai, UAE, July 16, 2018:  Ajman Media City Free Zone, a world class free zone hub for the creative, media and entertainment industry  announces a range of customer friendly cost effective packages for the potential business owners.   H E Sheikh Abdul Aziz bin Humaid Al Nuaimi, Chairman of Ajman Media City Free Zone ......read more

    ICAEW: GCC businesses must comply with GDPR or risk hefty fines

    Dubai, UAE, July 16, 2018:  Many businesses in the GCC still do not comply with the EU’s General Data Protection Regulation (GDPR) and must act immediately or risk falling behind and potentially facing fines of 20 million euros or four percent of global annual turnover, according to ICAEW. The global accountancy and finance body has put together a GDPR checklist to facilitate compliance. GDPR is a complex process that requires all large and small businesses, in all regions and in all industries, to strengthen protection of personal data of all EU citizens. If an organization ......read more

    Turkish Airlines continues its growth trend without slowing down

    The flag carrier airline, who announced the traffic results for June 2018, has now reached the highest first-half Load Factor (LF) rate of its history with 80.4%.   Dubai, United Arab Emirates – 15 July 2018 :   Turkish Airlines, that announced the results of June 2018 passenger and cargo traffic, achieved the highest rate of Load Factor (LF) in the first six months of its history with a brilliant performance of 80.4%. The double-digit growth that the flag carrier recorded in the number of international non-transit passengers, marks an increasing interest in ......read more

    Alvarez & Marsal's UAE Banking Pulse Report for Q1 2018 Analyzes Performance of Banking Sector

    Overall increase in profitability due to higher return on equity (RoE) and return on assets (RoA) Deposits and loans & advances showed similar growth levels to Q4 2017 Stable liquidity and loan to deposit (LDR) ratio Dubai, UAE, July 15, 2018:  Leading global professional services firm Alvarez & Marsal (A&M) today released its latest UAE Banking Pulse for Q1 2018, showing that UAE banks continue to perform well, with higher levels of profitability, and liquidity is expected to remain healthy for the remainder of 2018.  Comparing the data of the 10 largest ......read more

    Gulf region's automation industry on track for double digit growth

    GCC market estimated to reach US$10.7 billion in 2023 as global players prepare for inaugural SPS Automation Middle East Dubai, UAE, July 12, 2018:  The Gulf region’s automation industry is on track for double digit growth over the next five years, as recovering oil prices and government economic diversification plans boost demand for industrial and building automation technologies, according to new research. A July 2018 knowledge report by consulting firm TechSci Research said the GCC market for industrial and building automation will be worth US$10.3 billion in 2023, ......read more

    Al-Futtaim and PVR signs a Memorandum of Understanding to establish a Joint Venture cinema business in MENA

    Dubai, United Arab Emirates, July 10, 2018:   Al-Futtaim, one of the most diversified and progressive privately held regional businesses headquartered in Dubai, and PVR Limited, the largest and most premium film exhibition company in India have signed a Memorandum of Understanding to explore opportunities for jointly developing a cinema business in the MENA region. The joint venture will introduce a collection of unique experiential cinema formats to the region including, PVR’s Director’s Cut, a format that blends the best in high-end hospitality and ......read more

    Dubai South witnesses 400% growth in the number of companies operating in the Business Park

    Annual growth of 35% in number of new companies at the Business Park  Dubai, UAE, July 09, 2018:  The Business Park at Dubai South has revealed it has witnessed a 400% growth in the number of companies operating in the park since its inception in early 2015. The number of companies that have set up operations in Business Park has increased from 900 in 2015 to 4500 in 2018.   The Business Park has also revealed that an average of 1500 new companies have joined the park every year. Furthermore, the park also has a high customer retention rate of 98%, which is an ......read more

    Inaugural class of 50 distinguished Qimam Fellows graduates in Riyadh

    Riyadh, 5th July 2018:   More than 100 senior industry leaders from the private and public sectors as well as noted KSA academia attended the graduation ceremony of the inaugural class of 50 Qimam Fellows yesterday. They commended the quality of Saudi talent represented by Qimam’s inaugural fellowship and the rigorous program that helped develop their leadership skills and build their network.    Launched in February 2018, the Qimam Fellowship Program attracted more than 13,000 applications. Of these, 150 applicants were invited to Riyadh for two in-person ......read more

    MEFMA records key milestones in efforts to boost sector's growth during H1 2018

    July 04, 2018: The Middle East Facilities Management Association (MEFMA) recorded major milestones and key achievements during the first half of 2018 in its continuing efforts to provide a dedicated platform for facilities management (FM) professionals and stakeholders as well as support the regional industry’s sustainable growth and acceleration in the 21st century. The association’s accomplishments for the first six months of the year were highlighted by successful events that it hosted—including well-attended and highly interactive workshops and conferences. Jamal ......read more

    Khalifa Fund and startAD invite Emirati entrepreneurs to apply for Ibtikari

    btikari is a six-month incubator aimed at helping technology startups advance their businesses The new partnership will offer chosen teams an updated version of Ibtikari, which will mark its fourth edition this year Abu Dhabi, July 4, 2018:   startAD, the innovation and entrepreneurship platform anchored at NYU Abu Dhabi, has partnered with Khalifa Fund for Enterprise Development for the first time to present an updated version of Ibtikari (My Innovation). The fourth edition of Ibtikari will be an intensive six-month incubator aimed at helping UAE nationals advance ......read more

    UAE economic growth to accelerate in 2018 and 2019

    According to ICAEW’s latest report (Economic Insight: Middle East Q2 2018), the UAE economy is set to recover from a difficult year in 2017, when growth slowed to a seven-year low last year at only 1.5%. Overall, UAE’s GDP is expected to accelerate to 2.6% growth in 2018 and to around 3.8% in 2019. But the accountancy and finance body warns that general prices are expected to increase as inflation will rise to 4.0% this year. Dubai, UAE, July 03, 2018:  Economic Insight: Middle East Q2 2018, produced by Oxford Economics, ICAEW’s partner and economic forecaster, says ......read more

    DED Ajman's business confidence index score reaches 116 points during Q1 2018

    UAE, July 2, 2018- The Department of Economic Development in Ajman (DED Ajman) has achieved a remarkable business confidence index score of 116 in the first half of 2018, up from 109 points in the first half of 2016. The high score, which reflects the positive prospects within the local business and investment environment, is due in part to the department’s efforts to attract more regional and global investments to Ajman and raise its international competitiveness.’ Additionally, the 7-percentage-point increase is attributed to increased demand, vibrant construction ......read more

    Abu Dhabi records 4.9% growth in hotel guests during the first five months of 2018

    Expected further growth with the implementation of reduced tourist and municipal fees this month Abu Dhabi, United Arab Emirates, July 2, 2018: The number of hotel guests staying in Abu Dhabi increased by 4.9% during the first five months of 2018 compared to the same period last year.  According to statistics from the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi), 162 hotels, resorts and hotel apartments offering 31,236 rooms across the emirate welcomed 2,073,586 guests during January to May.. Occupancy rate has averaged 75% during the same period (January to ......read more

    Buy to live or Buy to let?

    Dubai, UAE, July 02, 2018:  As you grow in life, you write a list of accomplishments for yourself, of which the one that probably tops the list for many is – buying a house!    As you dive into this decision, you may consider whether you want to buy to live or buy to let?   Do you want a home or do you want to buy a property, not to live in immediately, but as an investment? Would you rather swap your monthly rent to pay towards a mortgage or would you rather rent out for potential additional revenue? Here are a few tips that will help you decide whether ......read more

    The Higher Sharia Authority at the Central Bank Held Its Forth Meeting

    Dubai, UAE, July 02, 2018:   The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its forth meeting on 24th -25th June 2018. The meeting was chaired by His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman Higher Sharia Authority, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Issam Muhammad Ishaq,Sheikh Dr. Oznan Hasan, and Sheikh Dr. Usaid Muhammad Adeeb Al Kilani.  The HSA discussed a number of matters related to prudential standards and guidance for the banking system in ......read more

    Al Ansari Exchange named “UAE Superbrand” for the 13th year in a row

    UAE, 29 June 2018 -  Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, have won the ‘UAE Superbrands’ award for the 13th consecutive year. The award is granted by the UAE Superbrands Council, the internationally-acclaimed independent authority for branding excellence. Ali Al Najjar, Assistant General Manager and Head of Operations Department at Al Ansari Exchange received the award at the Superbrands awarding ceremony held recently at the InterContinental Dubai Festival City in Dubai. Commenting on the award, Ali Al Najjar said: ......read more

    Central Bank of the UAE Holds its 5th Board of Directors Meeting for 2018

    Dubai, UAE, June 26, 2018:   The Board of Directors of the Central Bank of the UAE held its 5th meeting for 2018 at 10:00am on Sunday, 24th June 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Their Excellencies Mohamad Ali Bin ......read more

    The ongoing visit of Sheikh Abdullah bin Zayed Al Nahyan to India will lend an impetus to Investments between both countries

    Dubai, UAE, June 26, 2018:  Mr. Kamal Vachani, Group Director of Al Maya Group and Regional Director of Electronics and Computer Software Export Promotion Council(ESC)for the Middle East says: The week-long visit of Sheikh Abdullah bin Zayed Al Nahyan, Hon. Minister of Foreign Affairs and International Co-operation, to India indicates growing strength and depth of bilateral relations between the UAE and India. Both the countries already enjoy a very close historical bond and continue to share mutually beneficial strategic partnerships in various fields. This visit will build on the ......read more

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