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    Featured in Banking and Investments
    61 percent of employees believe sustainability is mandatory for modern businesses – global HP study

    Results establish sustainability as a new workplace standard for successful businesses, and identifies opportunities to advance sustainability in the office    • 46 percent of survey respondents globally would only work for companies with sustainable business practices, while 61 percent believe business sustainability is mandatory  • 58 percent said environmentally conscious practices are key to engaging future workforce • HP invests $2 million to sustainable supplies and promoting a circular economy   Dubai, United Arab Emirates - May 19, 2019:   HP unveiled a new study underscoring the importance of sustainable business practices in recruiting, hiring and retaining top talent. It finds employees are more productive, motivated and engaged when working for an employer who is ......read more

    Jafza to Waive Aed 35 Million in Fines

    The GCC’s Leading Free Zone Takes a Bold Step to Celebrate Year of Tolerance Dubai, United Arab Emirates, 19 May 2019:  Jebel Ali Free Zone (Jafza), the Middle East’s leading special economic zone and key growth engine of Dubai’s economy, has announced it will waive an estimated AED 35 million in fines owed by its customers, in commemoration of the UAE Government’s designation of 2019 as the Year of Tolerance. Jafza’s decision to waive fines is an initiative that aligns strongly not only with the UAE government’s goals for promoting tolerance but also with the company’s broader goals to support the communities it serves. Sultan Ahmed Bin Sulayem Chairman of the Ports, Customs and Free Zone Corporation and the Jebel Ali Free Zone Authority said: “His Highness Sheikh Khalifa bin ......read more

    Jafza to Infuse Aed 1.3 Billion Into Dubai's Economy

    The First Free Zone in the Country to Return Cash and Bank Guarantees  Dubai, United Arab Emirates, 18 May 2019:   To promote ease of doing business and to support its customers Jebel Ali Free Zone (Jafza), the GCC’s largest special economic zone, will become the first free zone in the country to return cash and bank guarantees to its clients through its new Workforce Protection Programme initiative that is set to roll out in September of this year. The move will provide added benefits to employees and infuse AED 1.3 billion back into Dubai’s economy that companies can invest in their operations and strengthen their businesses. The decision is geared towards supporting goals set by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to ......read more

    SHUAA Capital progressing with potential combination with ADFG; releases Q1 2019 earnings

    • Combination with major shareholder ADFG progressing through final stages, followed by regulatory and shareholder approvals • Q1 reported revenues increase 67% quarter-on-quarter to AED 55.4 million • Net loss in quarter of AED 24.9 million on the back of legacy provisions and one-off items   Dubai, United Arab Emirates - May 18, 2019:   SHUAA Capital confirms it is progressing with its potential transaction with ADFG through a strategic investment structure where-in the combined entity will continue to operate as a publicly listed company. The Company is going through final stages before regulatory and shareholder approvals will be sought.   SHUAA Capital today announces its Q1 2019 financial results, with revenues increasing to AED 55.4 million (Q1 2018: AED 33.2 million). The ......read more

    Two MEFMA members recognized at Global FM Awards of Excellence 2019

    Dubai, United Arab Emirates - May 16, 2019:   Two members of the Middle East Facility Management Association (MEFMA) bagged major awards at the prestigious Global FM Awards of Excellence 2019. UAE-based integrated facilities management (FM) providers Emrill Services and Adeeb Electrical & Electronics Services were honored in the recently concluded competition for their effective implementation of the best industry practices and their contributions to the FM community at large.  MEFMA’s Strategic Corporate Member Emrill won the ‘Gold Award of Excellence in FM 2019’ for its entry titled 'Driving Innovation, Knowledge, and Experience to Deliver Excellence in FM,’ while MEFMA’s Corporate Member  Adeeb was one of the three recipients of the ‘Highly Commended Global FM Award of ......read more

    Mohammed bin Rashid Space Centre opens registration for 22nd IAA Humans in Space Symposium

    It will showcase the first UAE experience in human space flights field Dubai, United Arab Emirates - May 16, 2019:   Mohammed bin Rashid Space Centre (MBRSC) announced opening early registration for the 22nd session of the International Academy of Astronautics (IAA) Humans in Space Symposium, hosted in Dubai for the first time in the Middle East and North Africa. The event will be held from 11 to 14 November 2019 at the Dubai World Trade Centre, and will bring together experts from around the world in the space industry, especially from the Arab world. Those wishing to attend can apply on www.his2019.com His Excellency, Yousuf Hamad AlShaibani, Director General of MBRSC, said, “MBRSC continues its consistent approach and sustainable efforts to make the UAE a leading hub for space science and research in the ......read more

    Swissport Increases Its Ebitda Result for 2018 to 273 Million Euros

    Dubai, United Arab Emirates - May 15, 2019:   Swissport achieved an operating EBITDA of 273.2 million euros in 2018, an increase of 24.1 percent over the previous year's result of 220.1 million euros. Total revenue from operating activities increased to 2.99 billion euros, up 6.7 percent from 2.81 billion euros in 2017.    With revenue of 2.99 billion euros for 2018 Swissport’s business volume was up 6.7 percent yearover year (10.4 percent on constant currency). The airport ground services business contributed 2.43 billion euros, up 6.8 percent. In air cargo handling, total revenue amounted to 0.56 billion euros, up 6.5 percent. Swissport’s EBITDA result improved to 273.2 million euros, an increase of 24.1 percent over 2017 (28.7 percent on constant currency). Operating cash flow climbed to 182.5 ......read more

    Dp World UAE Region Awarded for Creating Sustainable Supply Chain

    Dubai, United Arab Emirates, 14 May, 2019:  DP World, UAE Region has been recognised for its efforts to create a more efficient and sustainable supply chain when it was awarded the Supply Chain Sustainability Award at this year’s Gulf Petrochemicals and Chemicals Association (GPCA) Supply Chain Conference. Mohammed Sulaiman, Business Development Manager of DP World, UAE Region, received the award on behalf of the company at a ceremony held at the Intercontinental Hotel in Dubai’s Festival City. The Supply Chain Sustainability Award recognises organisations that initiate best practices in supply chain management through programmes or projects that have a noticeable impact on the economy, environment, or society.  DP World has introduced numerous initiatives towards building a sustainable supply chain in recent ......read more

    Emirates Islamic announces winner of AED 1 million cash prize for award-winning Kunooz Savings Account'

    Dubai, 14 May 2019:   Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Indian national Abdul Razak Kalathumkara. Commenting on his win, Mr. Abdul Razak Kalathumkara said: “I was overjoyed to receive the good news from the bank informing me that I had won AED 1 million, and I feel immensely grateful and blessed to win this cash prize. I have my business and personal accounts with Emirates Islamic and a Kunooz account since 2013. I would like to extend my heartfelt thanks to Emirates Islamic for their constant support, and I will be sure to recommend the bank’s services to others.” Voted Banker Middle East Product Award’s Best Savings Account in 2017, ......read more

    Emirates Islamic announces winner of AED 1 million cash prize for award-winning Kunooz Savings Account

    Dubai, 14 May 2019:     Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Indian national Abdul Razak Kalathumkara. Commenting on his win, Mr. Abdul Razak Kalathumkara said: “I was overjoyed to receive the good news from the bank informing me that I had won AED 1 million, and I feel immensely grateful and blessed to win this cash prize. I have my business and personal accounts with Emirates Islamic and a Kunooz account since 2013. I would like to extend my heartfelt thanks to Emirates Islamic for their constant support, and I will be sure to recommend the bank’s services to others.” Voted Banker Middle East Product Award’s Best Savings Account ......read more

    The French Business Council Dubai & Northern Emirates rallies its business community to support the French Pavilion at Expo 2020'

     Memorandum of Understanding signed about Expo 2020  Gala diner under the theme of the French Pavilion at Expo 2020: Lights, Enlightenment French Business Council Business Award ceremony Very high levels representatives from both sides among them 2 Ministers    United Arab Emirates – May 6, 2019:  In the presence of H.E. Omar Bin Sultan Al Olama,  Minister of State for Artificial Intelligence in the United Arab Emirates, the French Minister of Transport, Elisabeth Borne,  and H.E. Ludovic Pouille, French Ambassador to the UAE, the annual gala dinner of the French Business Council in Dubai & Northern Emirates, held on May 2nd at the iconic venue of Dubai Opera, celebrated United Arab Emirates and France common vision of building knowledge-based economy that harness innovation ......read more

    Regions' happiest workplaces revealed

    The second edition of Happiness @ Work Award winners include both public and private sector organizations   Dubai, April 24, 2019: The region’s top happy workplaces were revealed and honored at the second edition of the Happiness @ Work Award ceremony. The winners include government and private sector organisations that have taken steps to increase the happiness quotient of its workforce.   Dubai Police was declared the happiest workplace in the public sector category. The same honour in the private sector category went to Aafaq Islamic Finance.   Dubai Police, Department of Economic Development of Ras Al-Khaimah, Sharjah City Municipality and Aafaq Islamic Finance won the Happiness @ Work Award in the Best Employee Engagement category.   Fujairah Natural Resources Corporation, TIME ......read more

    Visa Acquires Control of Earthport

    Visa’s Ownership of Earthport to Bring More Speed, Simplicity, Transparency and Trust to Global Payments       Dubai, United Arab Emirates - May 13, 2019:   Visa Inc. (NYSE:V) today announced it has acquired control of Earthport (AIM:EPO), a company that provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network.  Currently, Visa enables payments to be sent to or from Visa cards. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilize Visa to send and/or receive money through bank accounts around the world. With the acquisition of Earthport, Visa expects to be able to reach the vast majority of the world’s banked population and allow ......read more

    ICS Financial Systems to Participate at AAOIFI's Shari'ah Conference, 17th Edition

    Dubai, United Arab Emirates - May 13, 2019:   Manama, Kingdom of Bahrain: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has participated in the 17th Annual Shari'ah Conference of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading  international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry.   The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the AAOIFI 17th annual Shari’ah conference on Sunday and Monday 02-03 Sha’ban 1440H, 07-08 April 2019 at the Gulf Hotel in the Kingdom of Bahrain.   This influential event discussed an array of key and ......read more

    Amanat Holdings records 43% growth in Net Profit in Q1 2019

    Net Profit in Q1 2019 stood at AED 20.7 million, a 43% increase compared to Q1 2018 as benefits of the AED1.2 Billion deployed in 4 portfolio companies show through. Excluding the Royal Hospital for Women & Children which was only recently opened and still ramping up, Amanat would have recorded an 56% growth in its Net Profit in Q1 2019 compared to Q1 2018. Income from investments in associates and subsidiaries rose by 127% YOY to reach AED 30.2 million in Q1 2019. Amanat is well placed for continued growth driven by its investments in healthcare and education companies.   Dubai, UAE 12 May 2019:  Amanat Holdings PJSC (“Amanat”), the GCC’s largest healthcare and education investment company, today announced its results for the first quarter ending 31 March 2019. Amanat realized a Net ......read more

    Puig Revenues Reach €1,933 Million with Net Income of €242 Million in 2018

    Dubai, United Arab Emirates - May 11, 2019:   In 2018, Puig reported €1,933 million in net revenues, a figure very similar to the previous year, and a reported 5% increase on a like-for-like and constant currency and accounting rules basis.     Profit before tax represented 17% of net revenues. Net income reached to €242 million, or 13% of net revenues.       Evolution of Net Revenues and Profit (2017-2018) In millions of euros       2017 2018 Y18/Y17 (1) Net Revenues 1,935 1,933 0%  5% Profit Before Tax  310  326   5%    Corporate ......read more

    Chinese bonds sail a sea of uncertainty

    Dubai, United Arab Emirates - May 09, 2019:   Volatility is up across asset classes as markets try and re-price what was long thought to be something approaching a done deal between Beijing and Washington. Just as the market was getting comfortable with better-than-expected economic data and supportive central banks, trade talks took a nasty turn as Trump threatened China with higher tariffs.  For investors, the main question is whether this uncertainty will put a meaningful dent in the multi-asset rally that has been in place since early January, as well as whether the selling represents a buy opportunity. Although it is impossible to speculate how the China-US trade talks will proceed, the sudden market chop validates Saxo Chief Economist Steen Jakobsen’s False Stabilisation thesis, which holds that ......read more

    Emirates NBD Dubai Economy Tracker™

    Dubai’s non-oil private sector growth accelerates in April but prices fall further    Dubai, May 9th 2019:    Overall business conditions in Dubai’s non-oil private sector economy improved at the fastest rate in over four years in April. This mainly reflected the trend in new business, as employment was broadly unchanged during the month. Notably, business conditions in the wholesale & retail sector improved at a series record pace, partly influenced by sharp price discounting and promotional activity. Across the non-oil private sector as a whole, prices charged fell for the twelfth month running.   The seasonally adjusted Emirates NBD Dubai Economy Tracker Index – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private ......read more

    The French Business Council Dubai & Northern Emirates rallies its business community to support the French Pavilion at Expo 2020

    Memorandum of Understanding signed about Expo 2020 Gala diner under the theme of the French Pavilion at Expo 2020: Lights, Enlightenment French Business Council Business Award ceremony Very high levels representatives from both sides among them 2 Ministers    United Arab Emirates – May 7, 2019 - In the presence of H.E. Omar Bin Sultan Al Olama,  Minister of State for Artificial Intelligence in the United Arab Emirates, the French Minister of Transport, Elisabeth Borne,  and H.E. Ludovic Pouille, French Ambassador to the UAE, the annual gala dinner of the French Business Council in Dubai & Northern Emirates, held on May 2nd at the iconic venue of Dubai Opera, celebrated United Arab Emirates and France common vision of building knowledge-based economy that harness innovation and improve the ......read more

    Joyalukkas Exchange is now in Sonapur

    Dubai - UAE, 07 May 2019: Joyalukkas Exchange, the money exchange arm of Joyalukkas Group, further enhanced its presence in the UAE region with a new branch in Sonapur.  Joyalukkas Exchange, Sonapur is now functional and is open to public.  With the new branch, Joyalukkas Exchange now has a strong presence with 12 branches spread across the UAE.The new branch is a part of Joyalukkas Exchange expansion plans with more branches set to be open in the near future across the Middle East. Joyalukkas Exchange provides its customers with a world-class experience in foreign exchange and cross-border remittances with fast credit at best rates.  Patrons can also earn reward points with every transaction, which gives them access to value-added services in the partnered premium brands and can also be redeemed for periodic gifts.

    ...read more

    Fortress energy joins metals to record a weekly loss

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, United Arab Emirates - May 05, 2019:  Commodities traded lower for a third consecutive week with metals both industrial and precious, as well as with soft commodities, on the receiving end of investor selling. Fortress energy also showed signs of weakness with crude oil, as highlighted last week, being hit by technical selling despite the news flow being predominantly price friendly.  Apart from the recent dollar strength, which reduced the appeal of metals during the latter part of April, it was the slowdown in manufacturing activity in both US and China that did most of the damage to growth-dependent commodities such as copper (a conductor of heat and electricity) and palladium (catalytic converters).  The drop in the US ISM manufacturing index for ......read more

    Tabreed's Q1 2019 Net Profit Increases 3% To AED 80 Million

    02 May, 2019 – Abu Dhabi, United Arab Emirates:  National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today released its 2019 first quarter consolidated financial results. The company continues to deliver strong and consistent performance from its 74 district cooling plants across the GCC, which provide over 1.1 million refrigeration tons (RT) of cooling capacity for customers in five countries.   Financial highlights – three months ended 31 March 2019: • Net profit attributable to the parent increased by 3 percent to AED 80.0 million (Q1 2018: AED 77.7 million) • Group revenue increased by 8 percent to AED 296.8 million (Q1 2018: AED 274.4 million) • Core chilled water revenue increased by 7 percent to AED 276.1 million ......read more

    UAB reports Net Profit of AED22m for Q1 2019

    Financial Results     Q1 2019 Highlights  Interest income increased by 6% compared to prior year Non interest income recorded an uplift of 3% compared to prior year Operating Expenses decreased by 3% vs. Q1 2018 Provisions for Credit Losses decreased by 9% vs. Q1 2018 Loans: Deposits ratio improved to 90% Capital Adequacy at 15.8%  CET1 ratio at 14.7%   Sharjah, UAE, 1st May 2019 - United Arab Bank P.J.S.C ("UAB" or “the Bank”) announces its Financial Results for the three months ended 31st March 2019.   UAB reported a Net Profit of AED22m in Q1 2019 supported by an increase in interest income of 6% and an uplift in non-interest income of 3% compared to Q1 2018.  The Bank has reported 3% lower operating expenses and a reduction in ......read more

    Arab Bank Group first quarter profits grow by 5.2% to $ 231.8 million

    Dubai, UAE, April 29, 2019:  Arab Bank Group announced its results for the first quarter of 2019 reporting 5.2% growth in net profit after tax of $231.8 million as compared to $220.3 million in 2018, with net income before tax increasing by 9.1% to reach $312.8 million. Group equity stood at $ 8.5 billion, while loans increased to reach $25.8 billion and deposits increased to $33.7 billion. Mr. Sabih Masri, Chairman of the Board of Directors stated that the performance of Arab Bank Group confirms the success of the Group in generating strong results despite the backdrop of the challenging operating environment. Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the underlying performance of the Group continues on its growth path with first quarter results recording a healthy increase in net operating income. He added that ......read more

    UPS announces First Quarter Earnings

    Transformation Improves Efficiency and Revenue Quality   • 1Q19 EPS of $1.28; 1Q19 Adjusted^ EPS of $1.39  • Weather Lowered U.S. Profit by about $80M or $0.07 EPS • U.S. Daily Air Volume Rose Nearly 8%; Growth Across All Products • U.S. Revenue Yields Up, Led by Ground Products • Supply Chain and Freight Operating Profit Up Nearly 18%; Adjusted Operating Profit Increased More Than 24% • International Operating Margin of 15.3%; Adjusted Operating Margin of 17.7%  • Cash from Operations of $2.3B; Free Cash Flow about $760M • UPS reaffirms adjusted diluted EPS in the range of $7.45 to $7.75   UAE, DUBAI, 28 April 2019 – UPS (NYSE:UPS) today announced first-quarter 2019 earnings strengthened by higher-quality revenue and benefits from ......read more

    Other Top Stories from Banking and Investments
     
    FM company Repair Plus posts over 18 per cent growth in Q1 2019

    New growth percentage higher than Q1 2018  ‘Green Initiatives’ focus on LED lighting, water savers, water-based paints, composting, and a/c energy saver   Dubai, UAE, May 02, 2019:  Repair Plus, one of the leading total facilities management (FM) companies in the UAE, has reported a robust first quarter this year, posting more than 18 per cent growth compared to the same period in 2018. The company’s steadily increasing portfolio of key clients across industries bolstered the company’s performance during the first three months of ......read more

    MEFMA highlights facilities management opportunities amid innovations and sustainability efforts

    April 29, 2019: The Middle East Facility Management Association (MEFMA) held recently a seminar in Kuwait as part of its continuous bid to enhance the regional facilities management (FM) market’s growth and competitiveness. MEFMA regularly holds a series of interactive seminars in different parts of the region to discuss the most pressing issues affecting the reality and future of the sector in light of the rapid technological progress and a growing sustainability trend. During the Kuwait seminar, MEFMA senior officials joined a group of industry experts and decision makers. The ......read more

    US$3.4 billion UAE-China deal to accelerate economic growth, Blue Ocean Global says Blue Ocean Global Group records more than 20 percent growth year-on-year for the last five year

    Distribution and Logistics sectors represent 5.4% of UAE GDP UAE’s Dh1.42 trillion economy is growing at 3.8% Logistics and Distribution sectors are worth Dh76.78 billion in 2017 UAE’s Logistics and Distribution sector to grow at 7.9%  Dubai, UAE, April 27, 2019:  The latest US$3.4 billion worth of deals signed between the UAE and China during the high-level visit by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is set to boost two-way trade to $70 billion next year.   During ......read more

    Ras Al Khaimah and USA to discuss the Investment Opportunities

    Ras Al Khaimah, UAE:27th April, 2019;  H. E. Mohamed Al Nuaimi, Chairman of Chamber of Commerce and Industry commended the historical ties between the United Arab Emirates and the United States of America, being one of the top commercial partners and the third largest export market with 9% of exports to Ras Al Khaimah. The trade between the Emirate of Ras Al Khaimah and the United States in 2018 totalled 510 million dirhams, with 253 business activities. 48% of this figure was in trade and maintenance services, 19% manufacturing, 8% properties and rent, 5% the transport and warehousing, ......read more

    BCG Presents Innovative Thinking for Competitive Digital Advantage

    A roadmap for digital innovation and the adoption of next-generation technologies in the coming decade headlined BCG’s Middle East CEO Forum, featuring esteemed speakers from the region.  Dubai, UAE April 27, 2019 —   As a leading advisor shaping the future, Boston Consulting Group (BCG) has driven the agenda forward for how Middle East companies can identify value, unlock potential and disrupt to win in the digital revolution. At the annual BCG Middle East CEO Forum, future opportunities for creating value from disruption were discussed with CEOs and senior ......read more

    Deloitte and DOC: OSS industry to exceed US$ 1.0 trillion, within the next 6 years

    UAE OSS spend estimated at US$ 4.8 billion in 2018, forecasted to rise to US$ 6.8 billion by 2023   Dubai, United Arab Emirates - 25 April, 2019:  Innovations and advancements have in recent years given rise to new exponential technologies, leading to the digital disruption and transformation of organizations, entire industries and nations. Of these, cloud computing (CC), robotic process automation (RPA), and artificial intelligence (AI) are taking hold in the Outsourcing and Shared Services (OSS) industry and are anticipated to have a significant impact going ......read more

    Emirates Islamic announces first 5 lucky Tesla winners of Kunooz savings account campaign

    Four UAE national winners so far; Five cars still to be won until 30 April Dubai, UAE - 25 April 2019:  Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced the first five lucky winners of Tesla cars in its Kunooz savings account promotion campaign. The campaign ends on 30th April, 2019. The lucky winners are UAE nationals Reem Al Hosani, Fatima Abdalla, Ala Mohamed Al Ali and Ahmad Rahimshahrawi, and Pakistani national Rizwana Sikander. Five more lucky winners of Tesla cars will be announced by the end of the campaign. Both existing ......read more

    HMRC and Dubai Customs seize 450 metric tons of illicit tobacco

    Dubai – 24 April 2019:  The UK and Dubai have today announced how their cooperation has resulted in the seizure of 198 million illicit cigarettes and 122 tons of other illicit tobacco products (approx 450 metric tons in total) in the UAE which was destined for the UK. These seized products had a potential cost in lost tax revenue of £175 million (AED 840 million). The UK and UAE are both global trading nations whose ports process millions of tons of freight each day. While an important part of each country’s economy, some do target this busy industry for ......read more

    Rwanda opens doors to UAE investors

     Chamber of Commerce and Industry organises Rwanda Investment Showcase” Forum   Sharjah, 23, April 2019:  In collaboration with Botho Emerging Markets Group, the Sharjah Chamber of Commerce and Industry (SCCI) organsied today (Tuesday) the “Rwanda Investment Showcase” Forum to explore avenues of economic cooperation between the UAE and Rwanda. The forum was attended by Abdallah Sultan Al Owais, Chairman of the SCCI, Dr. Sultan Al Mulla and Nasir Musabeh Ahmed Al Tunaiji, Board Members, Mohamed Ahmed Amin, Acting Director-General of SCCI, and Yasmin ......read more

    DFSA takes action to protect the integrity of Islamic Finance

    Dubai, UAE, 23 April 2019:   The Dubai Financial Services Authority (DFSA) has imposed restrictions on David Barnett and Christopher Steer following an investigation into their conduct while working on the Commodity Murabaha Broking Desk (the Desk) at a DFSA-authorised firm. The Desk facilitated the purchase and supply of title to metal commodities, sourced from a number of suppliers, for the use by the Desk’s clients in Murabaha transactions.  Based on the underlying metal commodities purchased and supplied by the Desk, the Desk’s clients were able to undertake ......read more

    Dubai Islamic Bank 1st Quarter 2019 Financial Results

     Total income reaches AED 3.4 billion, up by 26% YoY.  Net Profit increases to AED 1.3 billion, up by 12% YoY.   Dubai, April 23, 2019:  Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its first quarter results for the period ending March 31, 2019.   Q1 2019 Highlights:   Sustained growth in profitability (Q1’ 19 vs Q1’ 18) • Group Net Profit increased to AED 1,355 million, up 12% compared to AED 1,211 million. • Total Income increased to AED 3,407 million, up by 26% compared ......read more

    Taxation integral part of GCC countries future national transformation

    New Oliver Wyman report outlines how GCC countries could drive 80% of targeted non-oil revenue streams by adopting global taxation strategies and leveraging digitalisation to boost public administration    Dubai, United Arab Emirates, 22 April 2019 -   The latest report by the strategy consultancy firm, Oliver Wyman, “Taxation for the Future of the GCC,” outlines how structural changes to fiscal policy could be an opportunity for governments to fuel future national transformation and drive economic stability through non-oil dependent taxation ......read more

    ASMAK eyes efficiency gains with investment in SAP's digital expertise

    The MENA seafood leader has partnered with SEIDOR MENA to implement SAP’s S/4HANA and SuccessFactors Cloud HCM solutions as a first step in digital transformation Dubai, UAE, 21 April 2019:   In its continuous efforts to upgrade and modernise its ways of working, ASMAK, the leading provider of fresh and frozen seafood across MENA, has chosen the next generation business suite S/4HANA and Cloud Human Capital Management (HCM) SuccessFactors by software giant SAP as it moves towards digital transformation. An early step in business process transformation, the new tools will ......read more

    Ravi Shastri appointed as RAKEZ Corporate Ambassador to the Indian business community

    Dubai, UAE, April 18, 2019:   Ras Al Khaimah Economic Zone (RAKEZ) has welcomed Ravi Shastri, Head Coach of the India National Cricket Team, former India Cricketer and TV commentator, as its exclusive Corporate Ambassador to the Indian business community. As the face of RAKEZ, Mr Shastri will be representing RAKEZ in networking events, business forums and seminars, to build and sustain business relationships with key accounts and brands.  “This is the first time that we have appointed a Corporate Ambassador, and we’re very happy to have the right man ......read more

    Dubai Investments distributes 10% cash dividend

    Dubai, United Arab Emirates, 18 April 2019:  Dubai Investments PJSC [DFM: DIC], the leading diversified investments conglomerate listed on the Dubai Financial Market, has decided to distribute 10% cash dividend to its shareholders for the financial year ending 31 December 2018. A proposal to this effect was approved by shareholders at the Group’s 23rd Annual General Meeting (AGM) on April 17, 2019. The Company’s shareholders also approved all other resolutions presented by Dubai Investments Board of Directors.  The Company presented its 2018 financial results, ......read more

    Growth in steel demand remains positive but growth rates expected to moderate in tandem with slowing global economy in 2019 and 2020

    According to Mr. Al Remeithi, Chairman of the worldsteel Economics Committee Demand for steel in emerging economies, excluding China, expected to grow by 2.9% and 4.6% in 2019 and 2020 respectively Demand for steel globally is expected to grow by 1.3% and 0.9% in 2019 and 2020 respectively Demand for steel in the Middle East (MENA) region is expected to contract in 2019 before recovering in 2020 Dubai, UAE, April 18, 2019:   The World Steel Association’s (worldsteel) Economic Committee, led by Engineer Saeed Ghumran Al Remeithi, Chief Executive Officer of ......read more

    97% of Gemalto shares have been tendered to the Thales offer

     Following the Post-Closing Acceptance Period, which ended yesterday, approximately 97.02% of Gemalto shares have now been tendered to the Thales offer   Settlement of Shares tendered during the Post-Closing Acceptance Period will take place on 18 April 2019  Thales will initiate the statutory buy-out proceedings as soon as possible in order to obtain 100% of the Shares  Thales and Gemalto will ask Euronext to delist the Gemalto Shares shortly after Gemalto’s 2019 annual general meeting, to be held on 28 May 2019 Dubai United Arab Emirates - April ......read more

    Mashreq raises the bar on premium card payment experience with IDEMIA

    Mashreq Bank selects IDEMIA’s smart metal cards to  provide an elite experience to its premium customers, becoming the largest issuer of metal cards in the UAE Dubai, UAE, April 16, 2019:  Mashreq Bank, one of the leading financial institutions in the UAE, boasts a proud tradition of introducing cutting-edge banking products for its customers. It was the first bank to introduce “Portrait”, the UAE’s first “selfie” credit card, which allowed card holders to upload a photo of their choice from their cell phone and receive a customized credit ......read more

    The UAE's Minister of Economy Welcomes Italy's Deputy Prime Minister During Italy-UAE Business Forum

     The forum held earlier today focused on trade opportunities between the two countries for the Infrastructure, Energy and ITC sectors  UAE, Dubai, 15 April 2019:   Hundreds of VIPs and guests attended the Italy-UAE Business Forum this morning, including a 200 company-strong delegation from Italy led by H.E. Luigi Di Maio, Deputy Prime Minister and Minister of Economic Development, Labour and Social Policy of the Italian Republic. H.E. Luigi Di Maio was welcomed by H.E. Sultan Bin Saeed Al Mansouri, Minister of Economy of the UAE, ahead of three panel discussions on ......read more

    Cisco 2019 CISO Benchmark Study Reports Increased Vendor Consolidation

    Survey of 3200 security leaders shows increased investment in defense technologies, security training, risk analysis and risk mitigation, as the unknown in users, data, devices, and apps are a major concern for CISOs   Dubai, UAE, April 15, 2019:  Cisco recently published its annual CISO Benchmark Study. Now in its fifth year, the comprehensive global survey provides an annual health check on the state of the CISO for more than 3000 security leaders across 18 countries.   This year’s results show security professionals are placing higher priority on vendor ......read more

    Expo 2020 Dubai expected to contribute AED122.6b to UAE economy from 2013-2031: EY

    According to the EY report: The economic impact of Expo 2020 Dubai Expo to support up to 905,200 job-years in 2013-2031, EY economic impact study shows Six months of World Expo to contribute approximately 1.5 percent of UAE annual GDP Dubai, 15 April 2019:   Expo 2020 Dubai and its legacy are expected to contribute AED122.6 billion of gross value added (GVA) to the UAE’s economy from 2013–31, according to the EY report, ‘The economic impact of Expo 2020 Dubai’.   The report states that Expo 2020 is also expected to support up to ......read more

    Afghanistan Opens New Mining Areas to International Investment

    Ministry of Mines and Petroleum Announces 14 New Projects for Tender Dubai, UAE: 15 April 2019 –   In a keynote address at the Afghanistan Mining Investment Forum convened by INVEST, a global initiative of the U.S. Agency for International Development (USAID) to mobilize private investment in partner countries, H.E. Minister of Mines and Petroleum Nargis Nehan announced 43 new large and small-scale mining projects available for private sector investment and development. The projects span a number of commodities and are situated in 16 of the country’s 34 provinces. ......read more

    Network International Holdings plc

    Dubai, UAE, April 14, 2019:  Following Emirates NBD Bank PJSC's announcement on the subject matter dated 10 April, 2019 and the agreement of the Selling Shareholders on 12 April, 2019 for Citigroup Global Markets Limited to exercise the "Over-allotment Option" of 15pct of the offer size, Emirates NBD Bank PJSC confirms that the Greenshoe option has been exercised on behalf of the Selling Shareholders. As a result, Emirates NBD Bank PJSC has finalised the sale of 15.3 mn Over-allocated shares at 435 Pence per share. Gross proceeds from the sale are GBP 66.55mn.   ...read more

    Tally Solutions to host latest edition of SMB Pulse in Dubai to help boost SMEs' efficiency

    Aims to reach maximum SMBs to focus on need to shift to automated accounting solutions Dubai, United Arab Emirates, 11  April 2019:   Tally Solutions, a leading international accounting and compliance software provider, is bringing another edition of its successful SMB Pulse to Dubai. The event is a continuation of its business-focused event series designed to increase the productivity, efficiency, and profitability of small- and medium-sized businesses in the UAE and the rest of the MENA region.        The gathering will feature CA Manu Nair, CEO of ......read more

    Emirates NBD announcement

    Dubai, UAE, April 11, 2019:  Emirates NBD Bank PJSC confirms the sale of 127,474,500 Ordinary Shares from its shareholding in Network International through a secondary listing of Network International’s shares on the London Stock Exchange and to MasterCard as a part of the cornerstone investment at an offer price of 435 Pence per share. Gross Proceeds from the sale amount to GBP554.5 mn.   Emirates NBD Bank PJSC continues to have a relationship going forward with Network International as a 25.5 % shareholder and as a long-standing customer. ...read more

    Teads Reports Banner Year, Announces $430 Million in Revenue Driven by Adoption of Its Full-funnel Advertising Solutions, the Company Registered 35% Top Line Growth Yoy

    Dubai, UAE, April 02, 2019:   Teads, The Global Media Platform, today announced record results for 2018, reporting a revenue of $430 million and 35%organic growth year-over-year (YOY). The company was EBITDA-positive for the sixth year in a row and now reaches 1.4 billion users every month globally according to comScore, and 87 million users in the MENA region.  “There is a growing need in the industry for brand safe alternatives to user generated content giants like Facebook and YouTube. We’re excited that both advertisers and publishers have partnered with ......read more

    The World Free Zones Organization agrees common Code of Conduct with OECD Task Force on Countering Illicit Trade

    Dr Mohammed Alzarooni, Chairman of the World FZO, heads delegation of 20 Free Zones in Paris. Dubai, UAE, April 01, 2019:  The World Free Zones Organization (World FZO), lead by Chairman Dr Mohammed Alzarooni, along with 20 heads of major free trade zones (FTZs) from across the globe, met with the OECD Task Force on Countering Illicit Trade (TF-CIT) today in Paris, France, for a consultation on a Code of Conduct to make FTZs unattractive to criminal activities while preserving their competitiveness within the Global Value Chain. The World FZO presented their Safe Zone management ......read more

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