One-year anniversary celebration spotlighted 49% subscription growth, 35% fleet growth, and offering hybrid and EV vehicles by subscription for the first time in the UAE
Subscription service saw high demand from female drivers, as well as those aged 25-34
Dubai, UAE, 28 November 2022 – Promising mobility with a whole new level of flexibility, MOOV by Al-Futtaim has set a major precedent in the car subscription market and going by its first year of business performance results, the company has clearly struck a chord with the UAE’s modern-day digital-savvy customers. The country’s first subscription-based car hire company revealed an extraordinary 49% month-on-month average growth and a 35% increase in fleet at its recent anniversary celebrations.
A car subscription service of the new era, the success of ......read more
• 5G accounts for more than 60% of the total wireless access
• A key milestone that reinforces Omantel’s regional 5G leadership
Dubai, November 28, 2022: After three years of relentless efforts across the nation, Omantel’s 5G now accounts for more than 60% of the total wireless access traffic on its network - making it the first operator in the Sultanate of Oman to reach such figures in 5G deployment and have positioned the company as a leader among the best 5G network operators in the region.
Commenting on the achievement, Eng. Aladdin Bait Fadhil, Chief Commercial Officer at Omantel, said, “Our sustained efforts are bearing fruits and I am glad that more people throughout the Sultanate of Oman are now connected through our state-of-the-art 5G network. We are keen ......read more
Dubai, United Arab Emirates: 28 November 2022— A new survey conducted in the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE), and Kuwait has spotlighted the influence a company’s sustainability efforts can have on consumers’ behaviour and choice of brands.
The survey, conducted independently by leading Dubai-based market research company 4SiGHT, was commissioned by Phillip Morris Management Services (Middle East) Limited (PMMS) to better understand how an organization’s efforts towards sustainable practices play a role in consumer decisions and which efforts are most important.
Drawing on the findings of more than 2,000 respondents across the three GCC states, the survey revealed that the majority (76%) agree that sustainability efforts of a company ......read more
Doha, Sunday 27 November 2022 - Qatar Insurance Group (QIC), the leading insurer in Qatar and MENA region signed on Thursday, 17th November 2022 a Memorandum of Understanding (MoU) with Qatar Finance and Business Academy (QFBA).
The agreement outlines QIC’s contribution towards supporting QFBA’s ‘Kawader Malia’ Program for three years; an initiative designed to prepare future business leaders, and decision makers of Qatar’s financial and banking services sector by bridging the performance gap between “the academic and the professional” for fresh graduates of both genders within the spectrum of the financial industry.
The MoU, which was signed by QIC Group Acting Chief Administrative Officer, Mr. Rashid Al-Buainain and Director of Professional Training at QFBA, Mr. Majed ......read more
A testament to its commitment to its social responsibility strategy and women empowerment
Kuwait, November 28th, 2022: Burgan Bank announced its participation in the annual United Nations (UN) campaign, Orange the World, which spans two weeks in support of the United Nation’s (UN) comprehensive initiative for ending violence against women and girls. Similar to other state-owned buildings in Kuwait, the Bank will light its headquarters up in orange, in adherence and commitment to its social responsibility strategy. The Bank aims, among other goals, to empower women, end all forms of violence against them, and create an overarching positive change within Kuwait’s society. This also comes in support of the government’s efforts to achieve the fifth goal of the UN’s Sustainable Development Goals (SDGs), as ......read more
Sub Heading:- Dubai based renowned e-commerce platform Hozpitality.com, supported by Danube Hospitality, Delta Food Industries and JM Foods, awarded the top hospitality achievers in Dubai
Hozpitality.com, the innovative e-commerce platform that has the largest community of hospitality professionals in the world, hosted its 8th edition of the Hospitality Excellence Awards at the Arabian Ranches Golf Club on the 16th of November.
The grand event was attended by over 500 top hospitality leaders of the region. The achievers were selected by popular choice of the voters and were felicitated by the region’s most reputed brands & distributors.
“I’d like to take this opportunity to thank our sponsors for their unconditional support from the beginning and throughout these years because of ......read more
• Report based on Cigna’s annual 360 Well-being Survey highlights importance of fitness initiatives in the UAE aimed at promoting an active lifestyle
• Physical Well-being index in the UAE is 65.4 compared to global average of 60, covering key markets across the world, says Cigna’s report
Dubai, UAE, November 25, 2022: In line with its commitment to the overall fitness and well-being, Cigna Insurance Middle East [CIME] – the leading global health services company, has issued a whitepaper that underpins the United Arab Emirates as one of the fittest countries in the world.
The Whitepaper corroborates the research findings on ‘physical well-being’ in Cigna’s 360 Well-being Survey, which revealed that the UAE is among the fittest countries in the world, with a ......read more
Jeddah, Saudi Arabia: 25 November 2022 – Cruise Saudi, Jeddah Islamic Port and Yanbu Commercial Port welcomed MSC Splendida for its inaugural visit to Saudi ports, as part of Cruise Saudi’s third cruise season which runs from November 2022 until May 2023.
Following global cruise traditions to celebrate a ship’s inauguration visit to a port, plaque and key exchange ceremonies were held. The first was at Jeddah Islamic Port on Wednesday, November 23, in the presence of MSC Splendida’s captain, Chief Legal and Governmental Affairs Officer at Cruise Saudi, Dr. Hani Gharbawi, and officials from The Saudi Ports Authority (Mawani); and the second was held at Yanbu Commercial Port on Thursday, November 24. Throughout this season, the ship will make weekly calls at both Jeddah and Yanbu Ports, on 3, 4 and 7-day ......read more
Abu Dhabi, UAE, 24 November 2022: The Abu Dhabi Businesswomen Council received a delegation from the Women’s League of Central Asia (Kyrgyz Republic) to promote the development and diversification of economic and bilateral partnerships between women entrepreneurs in Kyrgyzstan and the United Arab Emirates.
The meeting was attended by Her Excellency Asma Al Fahim, Chairwoman of the Abu Dhabi Businesswomen Council; H.E. Noor Al Tamimi, member of the Abu Dhabi Business Women Council, among other representatives of Abu Dhabi’s private sector.
The delegation from Kyrgyzstan included Mr. Marat Sharshekeev, President of Chamber of Commerce and Industry of the Kyrgyz Republic; Mrs. Elmira Bataeva, Vice President of Chamber of Commerce and Industry of the Kyrgyz Republic; Mrs. Asel Atabekova, Chairman of the ......read more
ENGIE and the Higher Institute for Water and Power Technologies (HIWPT) signed an agreement to launch the one-of-its-kind program for women in Saudi Arabia
ENGIE, the two-year program will provide theoretical, technical, and vocational training in water desalination, power generation, maintenance, and operations
On successful completion of the program, 15 of the female trainees will be hired as full-time Plant Operations Technicians at Yanbu 4 or Jubail 3B - ENGIE’s Saudi-based reverse osmosis desalination plants
ENGIE, the global low-carbon energy company, and long-term energy partner to the Kingdom of Saudi Arabia, today signed an agreement with the Higher Institute for Water and Power Technologies (HIWPT) to launch a unique training program in the ......read more
November 23, 2022 — With 115 statues in total, including 3 Grand, Ogilvy earned the highly sought-after title of LIA Global Network of the Year. Three of the network’s regions were also awarded as Regional Network of the Year: Asia, South America and Europe.
Across EMEA, Ogilvy won 51 statues across six markets, with DAVID Madrid taking home the Regional Agency of the Year accolade. Impactful work from the region was championed with Golds being presented to campaigns for Dove’s ‘Toxic Influence’ and Relate’s ‘The Hornicultural Society’ by Ogilvy UK, Activision’s ‘Scratchboards’ and Burger King’s ‘Even more confusing times’ by DAVID Madrid. Further statues were won by Ogilvy Italy, Greece, Africa and South Africa.
Celebrating the success ......read more
Dubai, November 22, 2022: Dubai Islamic Bank PJSC (“DIB”), rated A3 by Moody's and A by Fitch successfully priced its inaugural Sustainable Sukuk – a landmark USD 750 million 5-year senior issue with a profit rate of 5.493% per annum representing a spread of 155bps over 5-Year US Treasuries. The Sukuk was issued in line with DIB’s Sustainable Finance Framework which was created to facilitate financing of green and social initiatives and projects. This deal achieved several landmarks as the first-ever Sustainable Sukuk from a UAE Financial Institution and the largest issue size (USD 750 million) in the international capital markets from a GCC bank since February 2022.
This deal once again demonstrated DIB’s leadership in Islamic and Sustainable finance, with an established and strong investor following ......read more
• Webinar reviews SME growth opportunities and innovation of banking solutions
• Expanding the scope of banking services for SMEs contributes to sustainable development
Abu Dhabi, United Arab Emirates- 22 November 2022: The UAE Banks Federation, the unified representative and voice of UAE banks, organised a webinar on growth opportunities and innovation of banking solutions for small and medium enterprises (SMEs) under the theme "Changing Landscape of SME Banking in the UAE" on the 3rd of November, as part of its efforts to support this important sector and enhance its role in the economic and social development in the UAE.
The webinar was to discuss ways to support the small and medium enterprise sectors by facilitating their access to banking services and providing them with the necessary funding ......read more
QIB concludes the 5th edition of its Misk Account draw and announces the launch of a new edition with more prizes and opportunities to win
Doha, Qatar – 21 November 2022: Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has announced that it is continuing its Misk Account draw for the 6th consecutive year, with the largest value of prizes in Qatar, offering Misk Account holders additional cash prizes and opportunities to win.
QIB’s Misk Account is a unique savings account that offers customers exceptional features and benefits and gives them the opportunity to win weekly and monthly prizes, as well as grand prizes quarterly. Like the regular savings account, customers have the freedom to deposit and withdraw money from the account at their convenience. To be eligible for the prizes, customers should ......read more
Collaboration to focus on mapping the full potential for solarisation across KEZAD Group’s built assets
Abu Dhabi, UAE – 21 November 2022: Khalifa Economic Zones Abu Dhabi - KEZAD Group, the integrated trade, logistics, and industrial hub of Abu Dhabi and a subsidiary of AD Ports Group, announces an agreement with TotalEnergies Renewables Distributed Generation Middle East & Africa, an affiliate of TotalEnergies, to explore opportunities to solarise assets across KEZAD’s industrial ecosystem.
TotalEnergies’ Renewables Distributed Generations develops, finances, builds and operates solar installations for industrial and commercial customers (I&C). This year, TotalEnergies’ reached 500 MW of onsite business-to-business solar distributed generation projects in operation ......read more
QIB has broken a Guinness World Records™ title for the largest soccer ball mosaic (flag) at Doha Festival City’s newly opened Arena
Doha, Qatar – 19 November 2022: Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has set a new world record in building the largest soccer ball mosaic (flag), hosted at Doha Festival City’s newly opened Arena.
QIB celebrated the legacy of Qatar through setting a new Guinness World Records™ title on 19 November 2022. To celebrate Qatar’s greatest sporting event and the festivities at Doha Festival City, members, friends, and partners of QIB gathered to assemble the largest soccer ball mosaic (flag) in the world. The flag measures 11 meters in length and is 28 meters wide, made with more than 6,000 maroon and white soccer balls to reflect the colors ......read more
Participants can win daily cash and in-kind prizes by simply guessing the results of football games
Prizes include daily iPhone 14 pro devices, QAR 1,000 daily cash prizes, fuel vouchers and much more
one lucky participant will win a trip to the Maldives for two people inclusive of hotel bookings and flight tickets
Doha, Qatar – 20 November 2022: Qatar Insurance Company (QIC), the largest insurance company in the MENA region, has announced the launch of its latest “Who’ll Win?” prizes campaign, in celebration of the ongoing international football season in Qatar.
Running from 20 November until 18 December 2022, the campaign offers all citizens and residents of Qatar the opportunity to win a set of amazing prizes every day, including daily cash prizes and daily iPhone 14 pro devices, in addition ......read more
Dubai, U.A.E. - 21 November 2022 – Dubai Aerospace Enterprise (DAE) Ltd announced that it had completed the previously announced acquisition of SKY Fund I Irish, Ltd and its subsidiaries (“SKY Fund I”) on Friday, 18 November 2022.
Sky Fund I owns and is committed to own 36 aircraft on lease to 14 airline customers in 11 countries. Next generation technology aircraft represent more than 90% of the acquired portfolio.
Following the acquisition of SKY Fund I, DAE Capital’s fleet of owned, managed, committed, and mandated-to-manage aircraft will grow to nearly 500 aircraft. The owned portfolio will comprise of nearly 50% of fuel-efficient, next generation aircraft.
DAE’s Chief Executive Officer, Firoz Tarapore, commented, “This acquisition of mainly next generation, ......read more
In line with its holistic digital transformation strategy and efforts in advancing Kuwait’s banking sector
Mr. Manaf Al-Menaifi
Chief Strategic Planning and Monitoring Officer
Kuwait, November 20th,2022: Burgan Bank recently took part in the third edition of the International Virtual Conference on Innovation, Artificial Intelligence, Technology, and Entrepreneurship Ecosystem (ICITAIEE), which took place between November 15-17 2022, under the patronage of the Ministry of Finance in Kuwait, the Ministry of Finance in the UAE and in collaboration with Ecosystem Consultants, the Global Entrepreneurship Network (GEN), and NEST. This comes as part of the Bank’s active role in the national efforts towards digital transformation, especially with regards to the digitization of the Kuwaiti banking ......read more
Maintaining its commitment to promoting the health and well-being of its employees
Employees taking part in the awareness initative
Kuwait, 19 November 2022: Burgan Bank has organized a diabetes awareness and prevention campaign for its employees, marking World Diabetes Day, acknowledged annually worldwide on November 14th. This initiative falls under the Bank’s social responsibility program and aims at educating employees about the health problems and complications related to diabetes, the key means of preventing this disease, and the best ways to live better with it. Burgan bank has also collaborated with Al-Mutawa Pharmacies to provide diabetes testing for the staff at the head office, and to deliver an awareness lecture.
Commenting on the campaign’s activities, Mrs. Reema Al-Asbahi, Senior Manager ......read more
H.E Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, officially opens Hotpack’s new 500,000 sqft. plant at National Industries Park.
DUBAI - November 18, 2022: H.E Sarah Al Amiri, UAE Minister of State for Public Education and Advanced Technology, officially opened Hotpack Global’s new AED 250 million manufacturing plant at the National Industries Park (NIP) today.
The new facility, spread over 500,000 sqft, is Hotpack Global’s largest plant and is a strategic expansion for the company, which is working on fulfilling its vision to be a global premier food packaging manufacturer by 2030.
Her Excellency said: “Hotpack, which was established as a local company in 1995 and grew to be a major multinational, is one of the UAE’s key industrial success stories. This new ......read more
NBF recognised for regional excellence, service, and leadership in corporate banking sector
18 November 2022: National Bank of Fujairah (NBF) has won three awards at the prestigious MEA Finance Industry Awards 2022, including “Best Commercial Bank – UAE”, “Best SME Bank” and “Best Trade Finance Provider”, further cementing its reputation as a regional banking leader.
With relentless efforts to build meaningful relationships with clients, NBF has created a reputation for itself as the partner of choice for businesses in the UAE. With its multi-disciplinary approach and unmatched sectorial expertise, NBF’s Corporate Banking business is uniquely positioned to recommend and customise financial solutions based on the individual needs of each customer, in addition to helping clients ......read more
Easa Husain Al-Yousifi & Sons Co. recognized as MEA’s top distributor of ventilation fans for 2021 by Panasonic
Panasonic Electric Works Middle East & Africa (PEWMEA), a division of Panasonic Marketing Middle East and Africa FZE (PMMAF), is pleased to announce that it is extending its partnership with local distributor Easa Husain Al-Yousifi & Sons Co. (EHY). This development will see the Japanese manufacturer expanding its Indoor Air Quality (IAQ) business in the country with new product launches designed to make Kuwaiti homes, public premises, and businesses a healthy and convenient ecosystem.
Formalized during a Business Partner Appreciation gathering hosted by Panasonic, the extended alliance builds upon a strong and long-term strategic relationship between the two companies spanning more than 60 ......read more
Cost management plays a critical role in the success of any project. However, even a minor convenience could affect your budget. In fact, 47% of agile projects are late, have budget overruns, or result in unhappy customers.
So, how do you increase the success rate while staying profitable? The answer is by creating a robust project costing and budgeting plan.
The two primary ways to determine project costs are manually and with tools. Manual calculations are tedious and prone to errors. On the other hand, project costing management tools https://firstbit.ae/products/erp-dubai/project-costing/ like FirstBit ERP help you automate most tasks, including cost control. Based in Dubai, FirstBit project costing and accounting software allows businesses across the UAE better manage their costs.
In this ......read more
As part of its Prostate Cancer Awareness Month campaign, and in line with its social responsibility program
Dr. Mohamed Abdel Mohsen Al-Ghanim during the workshop
Kuwait, 16th November 2022: Burgan Bank organized a health awareness workshop on prostate cancer for its staff, in collaboration with Wara Hospital, as part of its activities for the month of November on prostate cancer awareness. Held at the Bank’s head office, the workshop aimed at spreading awareness among employees about the disease, and shedding light on ways to prevent it. This comes as part of Burgan's comprehensive social responsibility strategy, and its continuous efforts to ensure the welfare of its employees, as one of its main strategic pillars.
The workshop hosted Dr. Mohamed Abdel Mohsen Al-Ghanim, a Consultant Urologist and German ......read more
Agreement covers the development and operation of a steel pipe production facility in KEZAD, covering close to 96,000 square metres
Abu Dhabi, UAE – 16 November 2022: Leading UAE steel pipe manufacturer and exporter, AJ Steel, has signed an agreement with the integrated trade, logistics, and industrial hub of Abu Dhabi, Khalifa Economic Zones Abu Dhabi - KEZAD Group, for the development and operation of a large-scale steel pipe production facility in Abu Dhabi, to meet growing consumer demand.
Under the agreement, AJ Steel will expand its current operations in KEZAD through the development of a plot covering close to 96,000 square metres, which will bring its total to 200,000 square metres of leased land under industrial use.
The signing, which took place at ADIPEC 2022, follows the recent launch of a ......read more
Ms. Shamayel Khaled Al-Harbi, Senior Officer – Social Media at Burgan Bank, with the winners.
Kuwait, November 15th, 2022: Burgan Bank has sponsored the second competition of the Kuwait Equestrian Federation (KEF) Tour for the 2022-2023 showjumping season, which was held at the Kuwait Riding Center (KRC) venue. The sponsorship falls under the umbrella of the Bank’s comprehensive social responsibility program which focuses on promoting and reinforcing the sports culture in Kuwait.
On the first day of the league’s second competition, equestrian Abdulrahman Alfuzae was able to take first place, followed by the equestrians Ali AlKhorafi and Latifa Alhajeri in second and third places, respectively. On the second day, equestrian Ali AlKhorafi won first place, followed by Antonio Murruzzu in second and Abdulrahman ......read more
A special signing ceremony was held to announce the exclusive partnership agreement, commemorating the soon to open Arena at Doha Festival City
Doha, Qatar – 15 November 2022: Doha Festival City, Qatar's one and only choice for shopping, dining, and entertainment announced today that it has signed a memorandum of understanding (MOU) with Qatar Islamic Bank (QIB), Qatar’s leading digital bank, and Visa as sponsors of the new Doha Festival City Arena. Available to mall visitors from the 20th of November until the 20th of December, Doha Festival City Arena marks the start of festivities to celebrate the much-awaited football event in Qatar.
A special ceremony was held at Doha Festival City on 14th of November with the presence of representatives from Bawabat Al Shamal Real Estate Company (BASREC), the developer and ......read more
Dubai, November 15th 2022: Alpen Capital’s latest retail sector report for the GCC projects the industry to surpass pre-pandemic levels in 2022, registering a 15.7% year-on-year growth and reaching a revenue of US$ 296.8 billion. It adds the industry is expected to further grow with a Compounded Annual Growth Rate (CAGR) of 5.7% by 2026.
UAE-based investment banking advisory firm, Alpen Capital, launched its latest GCC Retail Industry report on Tuesday, November 15th featuring forecasts on the sector, analyzing recent trends, growth drivers and challenges facing this dynamic segment. It also profiles some of the renowned retail companies in the region.
“The GCC retail industry is poised to grow at a healthy pace due to favorable demographics, improving macroeconomic factors and revival of the tourism industry. ......read more
- Zoho Books witnessed a regional growth of 80% with UAE recording 71%
- Zoho Books now offers 14 editions
Dubai, 15 November 2022: Zoho Corporation, a leading global technology company, announced today that the Zoho Finance Platform has achieved 70% year-over-year (YOY) revenue growth in the MEA region, supporting more than half a million businesses across more than 160 countries. The suite's flagship accounting application, Zoho Books, has recorded 80% growth in MEA and 71% in UAE in 2021.
Driving the Platform's growth is the global expansion of its cloud-based accounting application, Zoho Books, which now supports 180 currencies, 17 languages, and is backed by a comprehensive global tax engine that solves country-specific tax compliance challenges. The accounting application now supports 14 ......read more
Doha, Tuesday 15th November 2022 – In a press held on Sunday, November 13th in Katara Cultural Village the details of the fifth edition of the major national sporting event and QIC Group’s - the leading insurer in Qatar dominant insurer, the GCC and MENA region - sponsorship of the Samla race was officially announced.
Hosted by members of Samla’s organizing committee and headed by H.E. Prof. Dr. Khalid bin Ibrahim Al-Sulaiti, the press conference was attended by Sheikh Saud Bin Khalid Bin Hamad Al Thani, Board Member of Qatar Insurance Group (QIC Group) (QIC).
Speaking at the press conference, on behalf of the Group, Sheikh Saud Bin Khalid Bin Hamad Al Thani thanked Katara Cultural Village and the organizing committee and underscored the tangible positive impact of the Samla race on Qatari ......read more
• Q3 Revenue grew by 53% YoY to AED 1,466 million driven by the Maritime and EC&FZ clusters
• Q3 EBITDA surged 52% YoY to AED 594 million, implying an EBITDA margin of 40.5%
• Q3 Net Profit jumped 77% YoY to AED 334 million
• Organic CapEx remained high, with AED 1.6 billion spent in Q3 and AED 4.2 billion for 9M 2022 as per plan
• Ports Cluster container volumes grew 31% YoY for Q3 (+28% YoY for 9M 2022), on the back of increased capacity and higher utilization rate of 54% for Q3
• Net additions of new land leases of 0.4 sq km in Q3 (4.2 sq km for 9M 2022)
• SAFEEN Feeders container volumes increased 34% YoY in Q3 (+27% for 9M 2022)
• Maritime Cluster Q3 2022 revenue was up +408% YoY to AED 676 million, driven by new business segments and ......read more
Cisco will highlight how organizations can be more productive, efficient, and profitable as they invest in enhanced security solutions
Riyadh, Saudi Arabia - November 15, 2022 – At Black Hat MEA 2022, Cisco will demonstrate its latest portfolio of security innovations, highlighting how organizations in Saudi Arabia can secure their workplaces with hybrid work continuing to gain traction.
Black Hat MEA will take place in Riyadh from 15th-17th of November 2022, co-organized by the Saudi Federation of Cybersecurity, Programming and Drones (SAFCSP).
Attendees will hear Cisco’s vision on how workforces can be more productive and protected, wherever they are working. The move to long-term hybrid work and rising sophisticated attacks have increased the risk of potential cyber threats against critical ......read more
Connected Capacity and profits increase, while Tabreed expands its international presence
Third quarter saw changes to Foreign Ownership Limits and major new deal signing in Egypt
Abu Dhabi, United Arab Emirates – 15 November 2022: Tabreed, the UAE’s leading district cooling provider, yesterday released its consolidated financial results for the first nine months of 2022, reporting an EBITDA of AED 912 million – an 18% increase over the same period last year – and a net profit of AED 400 million, representing a 3% increase.
During the past three months, Tabreed made two significant announcements. On 13 September, it was confirmed that shareholders voted to harmonise with recent UAE changes to commercial law by increasing its Foreign Ownership Limit (FOL) to 100% – a ......read more
• Amlak Q3 2022 net group profit stands at AED 390 million
• Net assets up by 20% in nine months and stand at AED 1.4 billion
• Debt settlement arrangements yielded AED 388 million gain and contributed in total debt reduction of AED 970 million (including Mudaraba instrument of AED 207 million).
Dubai, UAE: 15 November 2022: Amlak Finance PJSC today announced its Q3 2022 financial results. Amlak reported a net profit of AED 390 million in the first 9 months of 2022 as compared to net profit of AED 1,084 million for the same period 2021. The company focused on prudently managing its operations and balance sheet.
Amlak’s total income for Q3 2022 decreased by 16% to AED 504 million as compared to AED 604 million, excluding a one-off arbitration settlement, during Q3 2021. Revenues ......read more
• Top five MENA target countries by deal value were UAE, Egypt, Saudi Arabia, Morocco and Oman
• Domestic deals driving M&A activity in region, making up more than half of deal volume in first nine months of the year
• Deal activity fueled by business-friendly reforms, rising oil prices and the easing of government travel restrictions
14 November 2022: The MENA region witnessed 524 deals worth US$55.2 billion during the first nine months of the year, according to the latest EY MENA M&A Insights report.
Rising inflationary pressures, dampening economic demand and global market disruptions resulted in moderate growth in deal activity of 6% year-on-year (YoY) while deal value slipped by 23% over the same period last year.
According to the report, domestic deals were the ......read more
As part of its social responsibility efforts to foster the cultural scene and support Kuwaiti entrepreneurs
Kuwait, 14th November 2022: Burgan Bank concluded its sponsorship of Dar Al-Athar Al-Islamiya’s cultural Fall Festival which took place at Yarmouk Cultural Center. The sponsorship comes as part of the Bank’s comprehensive social responsibility program, and in support of enhancing and enriching the arts and cultural scene in Kuwait.
Dar Al-Athar’s annual event consists of numerous live music acts, theatre performances, and children’s activities, in addition to hosting a diverse group of entrepreneurs to display their products and services.
Commenting on the occasion, Senior Manager - Corporate and CSR Communications at Burgan Bank, Ms. Hessa Hussain Al-Najadah said: “We ......read more
Hotpack Global invests AED 250 million into the 500,000 sqft facility at one of the most sought-after industrial manufacturing hotspots in the region.
Dubai - November 14, 2022: Hotpack Global, the UAE-based global leader in food packaging products, has launched its largest manufacturing plant in National Industries Park (NIP), Dubai. The company announced that it has invested an estimated AED 250 million into the facility. The new plant marks a significant step in Hotpack’s vision to emerge as the premier global food packaging manufacturer by 2030.
The purpose-built manufacturing plant will produce Hotpack’s high-performance and sustainable PET (Polyethylene terephthalate) packaging products. The facility is also going to function as a centre for various Hotpack arms with manufacturing, e-commerce, ......read more
• Revenue reported for the nine-month period over AED 4.4 billion in 2022 compared to AED 1.96 billion for the similar period in 2021
• On a comparable basis, net profit jumped AED 388 million in 2022 from AED 202 million in 2021
Abu Dhabi, UAE, 13 November 2022 – Invictus Investment Company Plc (ADX: INVICTUS) published its financial results for nine-months ended 30 September 2022. Revenues increased by 125% to AED 4.4 billion and a total net profit of AED 388 million through a continual focus on geographical location expansion, and a sustained rise in trade volume and revenues across all product lines.
Key highlights include:
• Substantial increase in revenue from food grains: the revenue from traded wheat shot up by 158% compared to the same time as 2021, a third ......read more
Providing customers with the most prestigious banking experience
Kuwait - 12, November 2022: Burgan Bank announced its partnership with Peacock Concierge to extend the range of benefits provided to Burgan Bank’s Premier, Private Banking, Corporate, and Haiba customers. The partnership marks a major leap in the premium quality of services offered by the bank to its elite customers.
Burgan Bank’s eligible customers can enjoy a wide range of convenient concierge services that include the renewal of governmental documents, renewal of civil ID and passport, roadside assistance, car maintenance and much more which are offered 24 hours a day, 365 days a year. In addition to an exclusive valet service at locations such as Salhiya Mall, The Assima Mall, 360 Mall, Bloomingdales – 360 Mall, The Avenues ......read more
New subscription service combines machine automation and human expertise to identify high priority threats and risks, and provide recommended remediation
Dubai, United Arab Emirates, 10 November 2022 – Forescout Technologies, Inc., the global leader in automated cybersecurity, today launched Forescout Assist for Healthcare and Forescout Assist for OT/ICS, new subscription services that provide organizations’ IT security and engineering teams access to Forescout security experts and new threat detection, investigation, response and hunting ......read more
Hotpack Global launches its15th production facility worldwide for all its paper products
DUBAI - November 09, 2022: Hotpack Global, the UAE-based global leader in disposable food packaging products, has launched its own manufacturing plant in Qatar. The plant is the 15th Hotpack owned and operated factory worldwide and reflects the company’s global vision – to become a global food packaging brand leader by 2030.
The state-of-the-art manufacturing plant, located in Doha’s new industrial area, is specialized factory that will produce a wide variety of ......read more
The Friends of Cancer Patients welcome new Director General to their ranks
Sharjah, November 09, 2022: The Friends of Cancer Patients (FOCP) – a UAE-based civil society organisation, has announced Aisha Abdulla Al Mulla as the new Director. In her new role, she will continue FOCP’s journey and goals to provide support for cancer patients and their families, additionally they will raise community awareness of the importance of early cancer detection and leading a healthy lifestyle.
Al Mulla obtained a bachelor’s degree in Finance from the Higher Colleges ......read more
Panasonic joins hands with El Sewedy Electrical Equipment & Cables for the capacity-building workshop for engineers and dealers aimed at introducing the latest innovations in electrical construction materials for the Egyptian market.
Panasonic Electric Works Middle East & Africa (PEWMEA), a division of Panasonic Marketing Middle East and Africa FZE (PMMAF), recently concluded its first-ever electrical business partner seminar in Cairo. Held in partnership with its local distributor in Egypt, El Sewedy Electrical Equipment & Cables, the event was conducted with the ......read more
Dubai, UAE – November 8, 2022: Direct selling company, QNET, showcased its sustainability initiatives, including its innovative HomePure water filtration system, at the 5th annual Cairo Water Week. The company used the event, which serves as a preparatory platform for COP27 and is one of the biggest national forums in Egypt focused on mitigating water scarcity issues, to engage with key decision-makers and advocate for measures related to climate-water challenges and water security in the Middle East.
QNET's Deputy Regional General Manager for the Middle East and North ......read more
The growth of Conares remained on a buoyant trajectory for more than three decades of its operations, helping it cross significant growth milestones in the steel industry.
DUBAI - November 08, 2022: Conares, the second largest steel manufacturer in the UAE, welcomed a high-level delegation from the UAE Ministry of Industry and Advanced Technology at its headquarters in Jebal Ali Free Zone (JAFZA) recently.
This delegation led by HE Abdulla Al Shamsi, Assistant Undersecretary for Industrial Growth Sector, and HE Osama Amir Fadhel, Assistant Undersecretary for Industrial ......read more
A mining hotel is a place that is rented to house equipment and mine cryptocurrency. Most often, farms are located here on ASIC miners and video cards, which emit a large amount of heat, consume a lot of electricity, and emit significant noise. Miners rent a place in such "hotels," and landlords receive a regular income in crypto mining UAE.
Mining hosting hotels UAE are the most reliable way to host cryptocurrency mining equipment. The demand for data center services is high, but the supply matches it. How do you choose a good hosting for mining among ......read more
Organizations can now easily query, investigate and leverage historical data continuously collected about connected assets across their digital terrain.
Dubai, United Arab Emirates, 03 November 2022 – Forescout Technologies, the global leader in automated cybersecurity, today released its latest Continuum platform update which includes Forescout Continuum Timeline, a new cloud-native solution that provides comprehensive long-term retention, search, and analytics of asset data. Timeline enables enterprises to meet compliance and audit requirements, better support incident ......read more
Dubai - October 29, 2022: QNET, the prominent e-commerce based direct selling company, participated in a community bicycle ride with over 500 cyclists participating to raise awareness for breast cancer. The ride began at Dubai Silicon Oasis headquarters and ended at Dubai Digital Park.
The 10-kilometre community bicycle ride was held under the theme "Pedal to Fight’ and took place before the ‘We Conquer’ Breast Cancer Awareness event. Organised as a part of the 30x30 Dubai Fitness Challenge, the ride was open to everyone.
Commenting on the achievement, Ms. ......read more
• MoU to focus on developing long-term strategic relationship between entities
Riyadh, Saudi Arabia, 2 November, 2022: The GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that guides board directors of organisations in acquiring the know-how and tools to reach and sustain effective corporate governance, today announced the signing of a Memorandum of Understanding [MoU] with the National Center for Family Business [NCFB], an organisation committed to strengthening the role of family business in the Kingdom of Saudi Arabia and ensuring their ......read more
• Group strengthens financial position post-merger and continues successful expansion strategy
• 3Q22 revenues rose 29% year-on-year to AED 2.51bn compared to 3Q21 pro-forma AED 1.94bn
• 3Q22 EBITDA advanced to AED 269m versus pro-forma AED 83m during 3Q21
• 3Q22 net profit increased to AED 103m against pro-forma loss of AED 79m in 3Q21
Abu Dhabi, United Arab Emirates, 1 November 2022: Emirates Steel Arkan (ADX: EMSTEEL) (the “Group”), the largest publicly traded steel and building materials company in the UAE, today ......read more
UNEP’s International Methane Emissions Observatory reports progress in its mandate for reporting on the powerful greenhouse gas – believed responsible for 1/4 of Earth’s atmospheric warming
Over 80 oil and gas companies have committed to measuring and reducing their methane emissions
Of these, 60 members are on the path to reach the highest level of reporting
Abu Dhabi, 31 October 2022 – A new report launched today at a major gathering of the oil and gas industry finds that many companies are increasing their efforts to tackle methane, one of the biggest and ......read more
Facilitating the Process of Applying for Bank Accounts
Abu Dhabi, October 31, 2022: Finance House, one of the UAE’s leading financial institutions, has partnered with the Abu Dhabi Department of Economic Development (ADDED) to facilitate the process of applying for business bank accounts through ‘Investor Journey’ portal.
The agreement signed by His Excellency Sameh Al Qubaisi, Director General of Economic Affairs at ADDED and Finance House Chairman Mohammed Abdulla Alqubaisi at the recently concluded GITEX Technology Week promises an enhanced digital ......read more
Dubai, UAE, 31st October 2022: Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $405.8 million as compared to $271.7 million for the same period last year with an increase of 49%.
The Group’s core banking activities kept up the momentum in most areas of operations delivering solid underlying growth in loans and deposits. At the end of September 2022, loans were up by 4% from September 2021 level to reach $35.6 billion, while deposits reached $47.8 billion, up by 3% from the 2021 level.
Mr. Sabih ......read more
Lucky numbers are 4, 7, 15, 40, 46,
38 winners shared 2nd prize of AED 1,000,000
Mahzooz’s 100th draw changed the fortunes of many participants like its previous draws. Although the top prize of AED 20 million that was recently added in celebration of the 100th draw milestone, was not claimed this week, the centennial draw witnessed 1,649 participants take home AED 1,862,800 in total prize money. Operated by EWINGS, Mahzooz, the leading weekly draw in the UAE has created 29 multi-millionaires and over 205,000 winners in a span of two years.
The draw saw as many as ......read more
Abu Dhabi, UAE, 28 October 2022: Marks an important day for UAE maritime as the region’s first class-built Uncrewed Surface Vessel (USV) entered the water. The 12 m Blue Essence USV was launched at Mugharraq port and sailed to its new home in Al Mirfa, Abu Dhabi, by Fugro’s control and command centre in the UAE. The Al Mirfa port will be the home to the Fugro Pegasus during the coming months and will be the central hub to Fugro’s remote and autonomous operations in the UAE.
This vessel forms part of Fugro’s global fleet of uncrewed surface vessels (USVs) and ......read more
Strong Demand for Premium LG Home Appliances and Auto Parts
Drives Highest Quarterly Revenue in Company History
October 28, 2022 – LG Electronics Inc. (LG) announced third-quarter 2022 consolidated revenues of KRW 21.2 trillion, an increase of 14.1 percent from the same quarter last year and the highest quarterly revenue in the history of LG Electronics. Operating profit for the third quarter was KRW 746.6 billion, 25.1 percent higher than the same quarter last year.
For the third quarter, the company recorded growth of revenues driven by increased sales of premium home ......read more
The alliance aims to provide halal certification for Brazilian companies as well as promote higher value-added exports
According to the agreement, an investment of USD 2.84 million will be made over the course of 30 months to promote trade
October 27, 2022- The Arab Brazilian Chamber of Commerce (ABCC) has signed an agreement with the Brazilian Trade and Investment Promotion Agency or ApexBrasil, to promote and boost the exports of Brazilian halal products to Arab countries. Through the agreement, they aim to encourage more Brazilian products in the halal market, particularly higher ......read more
Haier Middle East and Africa: Adhere to the three-level brand strategy to create value for consumers
27 October 2022 - As a leading brand in the global home appliance industry, Haier Smart Home, with its three-in-one localization strategy, has achieved multi-regional growth despite many uncertainties such as global inflation and industry downturn this year. Among them, the Middle East and Africa the region has an overall increase of 20%, 3 times more than the industry. In order to further maintain the good development trend, on October 26, Haier Smart Home held the 2022 Middle East and ......read more
In line with Daikin’s Fusion 25 strategic growth plan, the company is firmly committed to driving sustainable growth and localization across Middle East and Africa (MEA)
Dubai, UAE - 27 October, 2022: Daikin Industries, Ltd., the leading global manufacturer of Heating, Ventilation, Air Conditioning & Refrigeration (HVAC-R) solutions, is working on expanding its footprint across the Middle East and Africa (MEA) in line with its Fusion25 five-year growth plan. With a focus on sustainability and localization, Daikin seeks to grow its footprint across residential, commercial, and ......read more
26, October 2022: Tetra Pak, the global leader in food processing and packaging solutions, held a signing ceremony with Nuitree Food to establish a specialized plant-based manufacturing facility in the UAE to provide a comprehensive End-to-End processing and packaging solutions delivery.
The collaboration is set to be one of the region’s premier solutions by Tetra Pak, a regional pioneer and Nuitree Food, a UAE based company which is part of Sheikh Mohammed Bin Abdulla AlQasimi Group of Companies. The solution comes in line with both entities’ visions on sustainability. ......read more
Dubai, UAE - 25th October 2022: Mashreq, one of the leading financial institutions in MENA, today has reported its financial results for the nine months ending 30th September 2022.
1. Strong Growth in Operating Income & Net Profit
a) Operating Income has increased by 24.3% over the previous year to AED 5.3 billion mainly due to increased Net Interest Income driven by organic growth across all business activities
b) Mashreq’s non-interest income to operating income ratio continues to remain one of the industry’s best at ......read more
Resilient performance supported by strong capital adequacy, sound improvement in asset quality and robust balance sheet management
26 October 2022: NBF is pleased to announce its results today for the nine month period ended 30 September 2022.
NBF recorded year-on-year growth of 155.1% to close the nine month period at a net profit of AED 230.7 million compared to AED 90.4 million in the corresponding period of 2021, up 463.4% for the three month period ended 30 September 2022 over the corresponding period of 2021. This ......read more
Dubai, UAE: Union Coop signed a Memorandum of Understanding with Smile Train Dubai intending to strengthen the partnership between the two parties through exchanging experiences and harnessing the capabilities available to them to make the best use of these capabilities by both corporates, and to mutually promote projects and initiatives and to work towards providing the services with high quality and effectiveness.
The MoU was signed by Dr Suhail Al Bastaki, Director of the Happiness and Marketing Department at Union Coop, and Mrs. Afaf Meky, Executive Manager, Smile Train Dubai at ......read more
Dubai - October 27, 2022 — Zoho Corporation, a leading global technology company, announced today that Zoho One, the operating system for businesses, now supports 50,000 organizations across more than 160 countries. Over the past two years alone, the platform has grown 150 per cent, with 37.5 per cent of new Zoho One customers coming from mid-market and enterprise businesses. License upgrades by customers who adopted Zoho One five years ago have increased by 92 per cent, contributing to this milestone growth. In UAE, Zoho One has witnessed 77 per cent growth since 2021.
These ......read more
Dubai-based Erith Group starts production and will start exporting industrial seals and gaskets to international markets from its factory in Ras Al Khaimah that is in line with the UAE’s vision to diversify the economy and ‘Make it in the Emirates’ programme which will make the country self-sufficient
Dubai, UAE; October 26, 2022: Erith Middle East, a leading supplier of high-quality and high-end sealing products and solution to the key players in the energy, power, chemicals, nuclear, metal, mining and other vital sectors, today inaugurated its ......read more
Abu Dhabi, October 26, 2022: ‘Masaood Village Facilities Management’, a division of Al Masaood Group that provides cost effective accommodation and catering solutions, has been recertified for ISO 22000:2018 and rewarded ISO 9001:2015 certification, highlighting its commitment to maintaining the highest performance standards in its operations, including food safety and service excellence. These certificates were rewarded by TUV apex, a globally recognised company which facilitates testing, inspection, and certification in various sectors.
‘Masood Village Facilities ......read more
• Webinar on digital banking and financial technology discusses latest global trends
• FinTech innovation to consolidate the leadership of the banking sector in the UAE to provide best services to customers in a safe and seamless environment
Abu Dhabi, United Arab Emirates, 24 October 2022: UAE Banks Federation, the unified representative and voice of UAE banks, organised a webinar on digital banking and financial technology on the 19th of October 2022 in collaboration with RFI Global, which specializes in financial intelligence research and ......read more
Dubai, United Arab Emirates – 21 October 2022: Amazon Alexa announces the launch of its newest feature, which helps Muslims living in the UAE stay reminded of their prayer timings anytime and anywhere with just a voice command.
UAE customers with Amazon devices such as the Echo, Echo Dot, Echo Show10 and 8 can now appreciate an easier and integrated spiritual experience with Alexa’s capabilities to remind customers on prayer timings with just a voice command and personalize this feature to best meet their needs and requirements.
Smart home devices are increasingly ......read more
Deyaar’s Board of Directors recommended approving the AED 500 million cash settlement offer provided by Limitless and hold a General Assembly Meeting to present the settlement to the company's shareholders
Dubai-UAE: 20 October 2022 – Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, today announced its reviewed interim unaudited financial results for the first nine months of 2022, ending 30 September 2022.
The company reported net profit of AED 36.3 million for the third quarter ......read more