Hotpack Global has launched 100 per cent post-consumer recycled (PCR) shopping bags for Spinneys retail outlets across the UAE, making it the first retailer to embrace this initiative
DUBAI – June 06, 2023: Hotpack Global, the UAE-based global leader in sustainable packaging products, has announced the launch of post-consumer recycled (PCR) shopping bags for Spinneys, marking a significant milestone in the retail industry's sustainable initiatives. Hotpack's latest offering is a part of the company’s Environment Day initiative and exemplifies its commitment to producing environmentally friendly packaging solutions without compromising on quality.
Spinneys, a leading supermarket chain in the UAE known for its high-quality produce, has become the first to embrace the initiative to provide PCR shopping bags to its ......read more
Riyadh: Bupa Arabia for Cooperative Insurance— the leading healthcare insurance provider in the Kingdom — marked a new milestone in its commitment to delivering exceptional services with the opening of its new location in King Abdullah Financial District (KAFD) in Riyadh.
As part of its expansion plan in the central region and nonstop efforts to support the Kingdom's endeavors in developing the insurance sector, Bupa Arabia continues to consolidate its local and regional position as a leader. Its outstanding healthcare services being provided to millions of customers aligns with the Kingdom’s Vision 2030, which focuses on improving the quality and efficiency of healthcare services, and is also in line with the company's strategic vision.
Strategically located in the heart of the financial ......read more
Doha, Qatar, May 2023 – Following the Intention To Float (ITF) announcement, MEEZA, the leading managed IT service provider in the State of Qatar, is announcing the opening of the subscription period for its shares today, Tuesday June 6 2023, for Qatari individual and corporate investors.
The period will be open until June 19, 2023, allowing interested investors to subscribe to the IPO and benefit from the company’s strong and stable growth.
The total offering comprises of 324,490,000 ordinary fully paid-up shares at an offering price of QAR 2.17 per share, which includes QAR 1.00 of nominal value, a premium of QAR 1.16 and Offering and Listing Fees of QAR 0.01 per Share. The offering is open to Qatari citizens and legal entities incorporated in Qatar in accordance with the Qatar Stock Exchange (QSE) Rulebook, the ......read more
Supported by the Abu Dhabi Department of Education (ADEK), the event convened 42 academics and scholars from 24 international institutions to drive transformation in immersive teaching and research.
Fontainebleau (France), Singapore, Abu Dhabi, San Francisco, 5 June 2023 —
INSEAD, the business school for the world, hosted the 1st Annual Meeting of the Global XR Management Community with the support of the Abu Dhabi Department of Education and Knowledge (ADEK).
The meeting, held from 4-6 June 2023 at the INSEAD Middle East Campus in Abu Dhabi (United Arab Emirates), provided a forum for academics using Extended Reality (XR) technologies in teaching and research from around the world.
The event was led by the INSEAD VR Immersive Learning Initiative, a global centre of ......read more
Burgan Bank remains a steadfast supporter of Al Ahmadi Governorate's initiatives
Kuwait, 5 June 2023: Burgan Bank recently announced the renewal of its long-standing partnership with the Al Ahmadi Governorate, continuing its year-long sponsorship of local community initiatives under the governorate’s social campaign for the fourth year in a row. Extending the cooperation aligns with the Bank’s commitment to supporting community partners and its comprehensive social responsibility program.
As a national initiative designed to promote social and cultural development in Al Ahmadi, Kuwait’s second-largest governorate, the social campaign aims to realize a wide range of goals that will positively impact everyday social life through multi-faceted programs targeting all segments of ......read more
• Family businesses in Saudi Arabia account for 63% of businesses in the private sector.
5, June 2023: The Pearl Initiative, a business-led non-profit organisation focused on promoting corporate accountability in the Gulf region’s private sector, recently collaborated with Al Tamimi & Company to hold a virtual session to unpack the New Companies Law in Saudi Arabia and its impact on family firms. The session convened family business leaders from across the kingdom to learn more about how the new Companies Law supports family-owned businesses' long-term sustainability and stability.
The webinar, led by Omar AlHumaid, Senior Counsel at Al Tamimi & Company, outlined the changes introduced by the new law that have implications for family firms. The new Companies Law allows for the ......read more
- In collaboration with Dubai Customs, DAFZ-WAY offers a seamless, fully automated experience for goods entering and exiting the freezone’s gates
- Highlights the free zone’s proactivity in providing a seamless digital experience to its customers and consolidates the free zone’s leading position in the digital world
Dubai, UAE – 04 June 2023: Dubai Airport Freezone (DAFZ), part of Dubai Integrated Economic Zones Authority (DIEZ), announced that its digital and fully automated logistic movement management system “DAFZ-WAY” witnessed a 197% increase in transactions and a 44% increase in companies using the solution in 2022. DAFZ collaborated with Dubai Customs to launch the DAFZ-WAY gate pass system.
The launch of DAFZ-WAY is a testament to DAFZ’s ongoing ......read more
Jeddah, Saudi Arabia, 04 June 2023: On June 1, Nafisa Shams Company celebrated the production of one million products, marking a significant milestone since its establishment in 2008. The event was held at the Company’s headquarters in Jeddah, highlighting the accomplishments of Saudi women who have been part of the organisation for over a decade. Nafisa Shams Company is a specialised arts and crafts production facility under the Community Jameel Saudi Foundation, a philanthropic organisation that contributes to the Kingdom of Saudi Arabia’s social, economic, environmental and technical prosperity.
The event brought together several senior executives, female employees, and individuals who benefited from the company’s services. The accomplishment celebrates the objectives of Nafisa Shams Company, which include ......read more
Kuwait, 4 June 2023: Kuwait International Bank (KIB) announced that it will continue to service customers around the clock during the National Assembly’s election day via its various digital banking channels and platforms. The Bank aims to meet the needs of its customers, whether inside Kuwait or abroad, during the holiday.
The Bank will be officially closed on Tuesday, June 6, 2023, and will resume its official working hours on Wednesday, June 7,2023.
KIB highlighted its commitment to serving and supporting its customers and enabling them to follow up on their financial affairs and complete their banking transactions without disruption and with the utmost efficiency. The Bank indicated that it will continue to provide its banking services through all its digital platforms 24/7 during the holiday, which ......read more
Lucky numbers were 14, 33, 34, 44 and 47
Draws saw 1,017 winners take home AED 1,448,250 in prize money
4 June 2023, Dubai, UAE: In its 131st edition, Mahzooz, the UAE's favourite weekly draw with the biggest and most frequent pay-outs, crowned its 46th millionaire and saw 1,017 participants take home AED 1,448,250 in prize money.
While the top prize of AED 20,000,000 went unclaimed this week, 23 participants matched four out of the following five numbers 14, 33, 34, 44, 47 and shared the second prize of AED 200,000, earning AED 8,696 each. 993 other winners matched three out of five numbers and received AED 250 each.
As part of Mahzooz's revamped prize structure, where one lucky participant becomes a guaranteed millionaire every week, the 131st draw awarded Mireille, holding the raffle ID number ......read more
Elevating the dining experience to new heights is an art itself. Imagine being transported to a world of enchantment, where meal becomes a magical journey. With the mesmerizing Decor of InteriorDecor.ae you can turn your dining space into a captivating oasis that showcases Dubai’s Dazzling Charm.
1) Setting the Stage for a Remarkable Dining Experience
When it comes to creating a remarkable dining experience, the ambiance plays a crucial role. The Decor sets the stage, creating a welcoming and immersive environment that entices your senses. InteriorDecor.ae understands this essence and specializes in crafting spaces that leave a lasting impression.
2) Enhancing the Dining Experience with Thoughtful Design
InteriorDecor.ae believes that every detail matters when it comes to designing a dining space. From the layout to the ......read more
Kuwait, 3 June 2023: Burgan Bank announced today the names of the Kanz account monthly draw winners, who will each take home a KD 2,000 cash-prize. All Kanz customers who maintain a minimum balance of KD 200 for at least one week before the draw date, are included in the draw, and their chances of winning increase with higher deposits.
The 20 lucky winners are:
• RADHIY MUTLAQ ALOWAYED
• SHAHRAM ABDULHUSSAIN FORGHANI
• HUSSAIN ALI ALASAAD
• MESHAL SULAIMAN ALKOUH
• NASER AJEEL ALENEZI
• FATEN SAAD ALHAMDAN
• FAISAL MOHAMED ALSHALAAN
• SHEIKH FAHAD JABER ALAHMAD ALSABAH
• FATEMAH AHMAD HASAN
• KHALED BASHEER ALSHAMMARI
• MOHAMMAD YOUSEF ZADEH
• HUMOUD ABDULHADI ALMOUSAWI
• SADIQ IBRAHIM HAJI ......read more
Kuwait, 3 June 2023: Kuwait International Bank (KIB) announced that it will attend and participate as a bronze sponsor at this year’s edition of the Bonds, Loans and Sukuk Middle East 2023 conference. The sponsorship of the Middle East’s largest corporate and investment banking event comes as part of the Bank’s commitment to actively develop the financial sector in the local and regional markets by supporting relevant events and forums in this field.
On behalf of KIB, Hesham Al-Mubaraki, General Manager of Wholesale Banking, Acting General Manager of the International Banking and Large Corporate Department; Khaled Ismaeil, Assistant General Manager of International Banking and Large Corporate Department; Haisam Mustafa, Head of Finance Institutions; and George Dardarian, Unit Head of Fund Management, will be ......read more
• Universal Rubber Belt Manufacturing and Stars Plastics Industries confirm investments
• Investments align with Operation 300bn and Dubai Economic Agenda ‘D33’, echoing global investor confidence in the UAE’s industrial sector
Abu Dhabi, UAE, 1 June 2023: During its participation at the Ministry of Industry and Advanced Technology’s (MoIAT) Make it in the Emirates Forum in the UAE, Dubai Industrial City, a member of TECOM Group PJSC and one of the region’s largest industrial and logistics hubs, announced that it has attracted almost AED 1 billion in investments from local and global manufacturing companies.
Investments by local rubber products producer Universal Rubber Belt Manufacturing and local polymer solutions provider Stars Plastics Industries, were among the ......read more
Agreement supported by Ministry of Industry and Advanced Technology brings the production of electrolysers to the UAE for the first time, strengthening decarbonization and domestic manufacturing
Abu Dhabi, United Arab Emirates - June 1, 2023 – The Ministry of Industry and Advanced Technology (MoIAT) announced today at the “Make it in the Emirates” Forum in Abu Dhabi that is has supported a strategic collaboration agreement between ADNOC, John Cockerill Hydrogen and Strata Manufacturing, aiming to manufacture electrolysers in the UAE for local use and for export.
Electrolysers produce green hydrogen, an energy source made from renewables that does not emit carbon dioxide at the point of use. The arrangements intended to be put in place as contemplated by the agreement enhances the development of the ......read more
Riyadh, 1 June 2023: Saudi astronaut Rayyanah Barnawi has concluded the implementation of King Faisal Specialist Hospital and Research Center (KFSH&RC) cell science experiments aboard the International Space Station (ISS). The experiments aim to study the response of immune cells and the effect of some treatments in inflammatory conditions, increase knowledge about biological changes that can occur in the space environment, monitor the activity of thousands of genes in immune cells exposed to inflammation over time, and examine the course of pathological processes for potential preventive and early treatments.
The scientific experiments took place over four days. KFSH&RC's Riyadh-based research team supervised and monitored the experiments via live broadcast from the International Space Station to the BioServe ......read more
The company recently completed refurbishment of its VVIP lounges
Dubai, UAE, June 01, 2023: DC Aviation Al-Futtaim (DCAF), a joint venture between Dubai-based Al-Futtaim and Stuttgart-based DC Aviation Group, is celebrating its 10th anniversary of operations in Dubai. Also, this year, DC Aviation is celebrating its 25th anniversary while the Malta business its 15th year of operation.
Over the past decade, the company has achieved significant milestones, including the completion of its purpose-built integrated hangar facility with lounge and office areas in September 2013. This made it the first fully integrated business aviation operation at the then-newly opened Al Maktoum International Airport, located at Dubai South.
Today, DCAF’s facility includes two dedicated hangars, together measuring over 13,500 sqm, ......read more
Dubai – May 31, 2023: SEDCO, a global leader in providing customer experience and digital branch transformation solutions, launched FASTSERV® Mobile and FASTSERV® Meet at Seamless Middle East 2023. The new modules offer seamless management of physical and digital journeys, enabling customers to access services from different organizations across various sectors, and getting served smart and fast.
FASTSERV® Mobile empowers customers to plan their physical visits ahead, book appointments, issue e-tickets, view the nearest branch with the least waiting time, and navigate its locations smoothly. On the other hand, FASTSERV® Meet facilitates advisory services through virtual appointments via video calls, eliminating the need for physical visits and streamlining service delivery.
Majdi Shawish, CEO of ......read more
Riyadh, Saudi Arabia, 31 May 2023 – The leading global banking group, Standard Chartered, and the region’s leading full-fledged investment firm, Falak Investment Hub, announced the successful completion of the ‘Standard Chartered Women in Tech' program by selecting eight female-led startups through an independent panel of judges. The entrepreneurs, who underwent an 8-week incubator programme, showcased innovative ideas in various sectors, including fintech, health tech, property tech, and edutainment.
The top three startups were awarded $50,000 in equity-free cash rewards, with the first-place winner Sahm receiving $25,000, second-place Nqoodlet receiving $15,000, and third-place Chefaa receiving $10,000.
Awards were distributed during a special event last evening, under the patronage of ......read more
Doha, Qatar – 30 May 2023: First Finance (FFC) has won the Best (NEW) Digital Transformation Initiative in Finance Industry Award from The Global Economics for its “FFC Mobile App” launched in 2022.
The Global Economics Awards acknowledge corporate institutions for their commitment to providing the best work culture towards their regional and global economies. The Global Economics Awards program also serves as the symbol of testament to its recipients’ perseverance and credibility.
The program recognises the best market players in their business sectors with the aims to motivate and bolster their confidence. It also advocates professionals across the globe in diverse business realms, such as finance, insurance, real estate, technology and healthcare, among others.
First Finance’s mobile app ......read more
Designed for the Bank’s Black Banking segment customers
Kuwait, 30 May 2023: Kuwait International Bank (KIB) is pleased to announce the launch of its Biometric Visa Card, which uses the customer’s fingerprint to authorize POS transactions. The new offering will allow Visa Infinite cardholders to enroll their fingerprints on their biometric cards easily instead of requiring a PIN. The next-generation biometric card is based on Zwipe’s platform and dedicated to KIB’s Black Banking segment of customers, in line with the Bank’s digital transformational journey and ongoing efforts to provide its customers with digitally enhanced services and solutions.
Discussing KIB’s new fingerprint authentication method, Ms. Deema Al Mulaifi, Assistant General Manager of Operations at KIB, said: ......read more
Collaboration to accelerate the development of NEOM in Saudi Arabia with up to 9 gigawatts of power transmission capacity
Dubai, May 30, 2023 - Hitachi Energy, a global technology leader advancing a sustainable energy future for all, has signed agreements under the supervision and management of the Ministry of Energy with the Saudi Electricity Company (SEC) and with ENOWA. The agreements include the supply of three high-voltage direct current (HVDC) transmission systems to end customer ENOWA, the utility company for NEOM in Northwest Saudi Arabia. Built with sustainability in mind, NEOM is among Saudi Arabia’s Giga-Projects1 reshaping the future of development. The three HVDC links will have a total power capacity of up to 9 gigawatts (GW).
The agreements include an order from ENOWA’s engineering, procurement and ......read more
Jeddah, Saudi Arabia – 30 May 2023 – Following the announcement on 18 May 2023 by First Milling Company (the “Company”, or “First Mills”), a market-leading Saudi milling company, of the Offer price range, the Company along with financial advisor SNB Capital, announced today the successful completion of the Participating Parties book-building period in compliance with the guidelines of the Capital Market Authority (“CMA”) and the determination of the final offer price (the “Final Offer Price”) for the Initial Public Offering (the “IPO” or the “Offering”) at SAR 60 per share, implying a market capitalization of SAR 3,330 million (USD 888 million) .
The book-building process generated an order book of SAR 68,818 million (USD 18,351 million)1 and ......read more
The proposed offering of securities to which this announcement relates is open in Qatar only to individual Qatari nationals and legal entities incorporated in Qatar.
• MEEZA is a leading end-to-end IT services provider within Qatar, including data center and colocation services
• The share capital of MEEZA is QAR 648,980,000, divided into 648,980,000 Shares of QAR 1 each
• 50% of the Shares, equivalent to 324,490,000 Shares, are being offered at an Offer Price of QAR 2.17 per Offer Share, making the total size of the Offering QAR 700,898,400 (excluding the offering costs of QAR 0.01 per Share)
• The Offer Price of the Shares comprising the share capital was determined by Qualified Investors in Qatar through the first Book Building process ever pursued to price an Initial Public Offering on the ......read more
• Leading Wellness Group Recognized with Commitment to Sustainability Award and Best Supplier-End-User Award
Dubai, UAE 29 May, 2023: Fine Hygienic Holding (FHH), one of the world’s leading wellness groups and manufacturers of hygienic paper products and long-lasting germ protection solutions, has been honoured with two prestigious awards at the prestigious Middle East Cleaning, Hygiene and Facilities (MECHF) Awards 2023, which was held recently in Dubai.
FHH was recognized for its commitment to sustainability and environmental protection with the Commitment to Sustainability Award and was also awarded The Best Supplier-End-user Award for having been the Official Hygiene Supporter of FIFA World Cup Qatar 2022. FHH's role at the World Cup ensured heightened safety and community protection ......read more
KIB shareholders can subscribe to capital increase online
Kuwait, 29 May 2023: Kuwait International Bank (KIB) announced the start of the subscription process to increase its capital by offering 428,571,429 shares, at a value of KD 60 million, after obtaining the necessary approvals from the relevant regulatory authorities.
The capital increase comes in line with the Bank’s strategy to achieve further development and growth, as the Bank will use the proceeds of the capital increase to support the Bank’s regulatory capital ratios. In addition, the proceeds will be additional investments in developing its digital infrastructure to provide digital banking services of high quality.
The rights issue period will open on Tuesday May 30th and will last 15 days until June 13th (inclusive), with a price set at 140 fils, ......read more
DUBAI, May 29, 2023 – QNET, a global direct selling company, has officially opened its doors in Sandton, Johannesburg, marking a significant milestone for the company as it continues to expand its reach across the African continent. QNET, known for its high-quality products and grassroots business model, has been empowering communities worldwide since its inception in 1998.
"We've been involved in the sub-Saharan Africa region for nearly 15 years, witnessing the growth of the direct selling industry in East and West Africa over time. Establishing a presence in South Africa was a natural step for QNET as we mark the 25th anniversary of the company this year. Joining a thriving industry here opens up exciting opportunities for us. We hope to build a community of fans around our life-enhancing products and services here ......read more
The continent’s largest bank becomes the first African bank to partner with DP World Trade Finance
Dubai, UAE, 29 May 2023: Standard Bank, the largest bank in Africa by assets, has partnered with DP World, a global leader in supply chain solutions, to offer trade finance solutions jointly with DP World Trade Finance. This partnership will help in closing the gap in unmet demand for working capital on the continent.
African companies looking for trade finance will now be able to seamlessly access working capital from Standard Bank via the DP World Trade Finance platform.
DP World Trade Finance connects business with financial institutions as a fintech platform while also directly offering trade finance facilities on its own. It offers businesses a single window to access trade finance solutions – ......read more
• GCC countries must restructure their economies to boost food and water security.
• COP28 will be a platform for Middle Eastern countries to work with the global community to create a scalable model for water secure nations.
Dubai, UAE. 29 May 2023: Countries in the Middle East have a vital role to play in ensuring a more water secure world and must be at the centre of conversations on water scarcity at COP28 later this year. That’s according to a group of leading academics speaking during a water security workshop hosted by the University of Birmingham Dubai.
During the ‘Water Workshop’ held as part of the University’s activities in the lead up to COP28, academics from the University of Birmingham and Swansea University, as well as representatives from the ......read more
Doha, 28th May 2023 - Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region was honored at the graduation ceremony of the eighth cohort of the “kawader Malia” program, for its outstanding contribution towards supporting the development of young Qataris and its commitment to shaping the country’s future workforce.
Held at the four seasons hotel in Doha Last Wednesday on May 24th, the ceremony saw the program award certificates to 72 distinguished students. The graduates completed extensive training programs in leading Qatari institutions that equipped them with knowledge and skills to lead and thrive in fields critical to national development.
In November 2022, QIC signed a MoU with Qatar Finance and Business Academy (QFBA), committing to support its ‘Kawader Malia’ ......read more
Lucky numbers were 12, 18, 35, 44 and 49
Draws saw 888 winners take home AED 1,417,000 in prize money
28 May 2023, Dubai, UAE: In its 130th edition, Mahzooz, the UAE's favourite weekly draw with the biggest and most frequent pay-outs, crowned its 45th millionaire and saw 888 participants take home AED 1,417,000 in prize money.
While the top prize of AED 20,000,000 went unclaimed this week, 19 participants matched four out of the following five numbers 12, 18, 35, 44, 49 and shared the second prize of AED 200,000, earning AED 10,526.31 each. 868 other winners matched three out of five numbers and received AED 250 each.
As part of Mahzooz's revamped prize structure, where one lucky participant becomes a guaranteed millionaire every week, the 130th draw awarded Sahar from United ......read more
Kuwait, 27 May 2023: Kuwait International Bank (KIB) announced that June 1st is the last date to open or deposit in Al Dirwaza account to enter the July monthly draw for a chance to win prizes of KD 20,000 for 11 winners. Accordingly, the Bank is reminding its current and potential customers to open or deposit more in Al Dirwaza account to increase their chances in July’s Draw that will take place in the presence of representatives from the Ministry of Commerce and Industry, as well as representatives from KIB.
Ali AlSane, Manager - Product Development, Digital Transformation & Innovation at KIB, said: “We encourage everyone to take advantage of this opportunity to open or deposit more in Al Dirwaza account to increase their chances in July’s Draw. Each KD 1 that has completed a full month’s cycle in the ......read more
Google Cloud executives met with HH Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the Crown Prince of Kuwait, and official representatives from government entities
Google Cloud announces launch of new National Skilling Program in partnership with the Government of Kuwaitat the Build & Transform with Google Cloud event
Kuwait City, Kuwait, May 24, 2023 - Google Cloud previously announced its intent to open a new cloud region and a country office in Kuwait as part of its strategic alliance with the government that was activated at the beginning of this year. The new cloud region will meet broad demand for cloud services in the country, and will support public sector organizations, businesses, and startups in their digital transformation journeys, which will contribute to realizing Kuwait’s ......read more
Khaled Alateeq becomes Head for Middle East, reinforcing Company’s commitment to the Kingdom as it faces new threats amid accelerated digital transformation
Riyadh: Trellix, the cybersecurity company delivering the future of extended detection and response (XDR), today announced the appointment of Saudi Arabian national Khaled Alateeq as Head of the Middle East region. Alateeq’s knowledge, skills and his relationships with its public and private sector entities in the Kingdom — a strategic market for Trellix — were key deciding factors in his appointment.
“Trellix’s long-term commitment to Saudi Arabia, its government, its people, and its economic vision, led us to appoint Khaled Alateeq as head of the region,” said Fabien Rech, SVP EMEA at Trellix. “He has first-hand ......read more
With unique features for an outstanding banking experience
Kuwait, 25 May 2023: Kuwait International Bank (KIB) recently showcased the exclusive benefits of its Visa Infinite credit card, marking the beginning of an exciting season of travel and shopping. These benefits come as part of the Bank’s strategy for rewarding its loyal customers. In adherence to KIB’s slogan, “Bank for Life”, the campaign adds to the Bank’s continuous efforts to provide customers with all the banking products and services that satisfy their daily needs, suit their modern lifestyles, and ultimately elevate their overall banking experience.
On this occasion, Khalid Al Hulaibi, Segments Manager at KIB, said: “Our special benefits, specially designed for Visa Infinite cardholders, are a true reflection of ......read more
Zoho Books adds corporate tax capabilities in its powerful tax engine to support UAE businesses with end-to-end compliance.
Dubai - May 25, 2023: Zoho, a leading global technology company, announced the launch of new corporate tax features in Zoho Books, FTA-accredited cloud accounting software to enable businesses, solopreneurs, and freelancers to automate Corporate Tax compliance and gain better visibility into their tax filings.
In addition to helping businesses comply with VAT regulations, the new features launched in Zoho Books will provide businesses with automated tax calculations to ensure timely and accurate tax filing. With Zoho Books, businesses will be able to generate reports in the format that the Federal Tax Authority (FTA) will mandate with provisions for exemptions and deductions, through which ......read more
Arabian Gulf Business Insight reveals the top-rated sovereign wealth funds
• Fitch, S&P, Moody’s rate Abu Dhabi top in the GCC
• Saudi Arabia’s diversification helps score, but may be overinvested
• Bahrain and Oman are rated comparatively poor
Dubai, United Arab Emirates – 25 May, 2023: Arabian Gulf Business Insight (AGBI), a next-generation business news platform, today published findings by the three leading global rating agencies on the sovereign wealth funds (SWF) of the GCC.
UAE capital Abu Dhabi is the highest-rated sovereign in the GCC, while Bahrain and Oman are the only sub-investment grade credit ratings, according to the three major US agencies – Fitch, Moody’s and S&P Global.
All three ratings agencies use similar ......read more
Planned capital increase of up to KD 60 million through the issuance of approximately 428.6 million shares at a price of 140 fils per share
KIB shareholders can subscribe to capital increase online
Kuwait, 24 May 2023: Kuwait International Bank (KIB) announced its preparation to start the subscription process to increase its capital by offering 428,571,429 shares, at a value of KD 60 million, after obtaining the necessary approvals from the relevant regulatory authorities.
The capital increase comes in line with the Bank’s strategy to achieve further development and growth, as the Bank will use the proceeds of the capital increase to support the Bank’s regulatory capital ratios. In addition, the proceeds will be additional investments in developing its digital infrastructure to provide digital banking services of ......read more
May 24, 2023 – [Doha, Qatar] Palo Alto Networks, the global cybersecurity leader, today announced the expansion of Prisma Access to a new Google Cloud region in Qatar to bring Zero Trust security to the hybrid workforce.
“As organisations adopt hybrid working practices and make the shift to cloud computing, they need to give employees direct and secure access to their data and applications across any device, location, and network,” said Tarek Abbas, Senior Director, Systems Engineering, Emerging Markets, Palo Alto Networks. “Our collaboration with Google Cloud combines the scale offered by its global network with the best-of-breed cybersecurity platforms from Palo Alto Networks, and this new Prisma Access location will bring Zero Trust security to the hybrid workforce throughout Qatar with the ......read more
HIGHLIGHT: This is Opensignal’s third consecutive report, which examined the mobile network experience of Mobily, stc, and Zain.
Jeddah: In Opensignal’s latest Mobile Network Experience report, Saudi Telecom Company (stc) dominated as the clear winner for overall experience, 5G experience, and consistency —winning all 12 awards across various categories — as well as jointly securing all three coverage awards.
The Opensignal report on Saudi Arabia found Mobily’s awards haul reduced to three joint wins – all for coverage, having previously won both consistency awards and another six joint awards across other categories. Zain is reduced to one joint win for 5G availability, losing out on a joint win for 5G reach that it had bagged previously.
The report stated that Saudi ......read more
Acquisition will enhance EDGE’s autonomous capabilities and enable access to technology and highly skilled engineers for a wider range of unmanned aerial systems (UAS)
Abu Dhabi, UAE: 23 May, 2023 – EDGE, one of the world's fastest growing and leading advanced technology and defence groups, today announced the acquisition of a majority stake in MARS Robotics, a leader in autonomous robotic solutions based in Jordan. The deal will see EDGE owning 80% of MARS Robotics, enabling the highly skilled and experienced engineering team to work closely with EDGE on a ......read more
Emirati trailblazer joins a list of prominent recipients that includes Albert Einstein, Alexander Graham Bell, and Winston Churchill, as well as, Marie Curie, and JK Rowling
Dubai, UAE; May 23 , 2023 – The Chairperson and Managing Director of an over six-decade-old Dubai conglomerate has been awarded France’s highest civilian honour during a special ceremony held at the residence of the French Consul General on Tuesday, May 16.
Dr Raja Easa Al Gurg, of the Easa Saleh Al Gurg Group, was awarded the Ordre National de la Légion d'Honneur – Chevalier (Knight) ......read more
Hotpack Global has implemented HPE GreenLake Solution in its IT infrastructure to keep up with its rapid growth with the help of Emtech
DUBAI – May 22, 2023: Hotpack, the UAE-based global leader in disposable packaging products, has signed an agreement with Emtech, a Dubai-based leading IT solutions provider, to adopt flexible and scalable IT infrastructure for its global expansion. Emtech will implement HPE GreenLake, a central management platform from Hewlett Packard Enterprises, to deliver cloud services and infrastructure-as-a-service.
The new solution will help ......read more
PIAP highlights the company’s continuous efforts to pilot initiatives that advance customer communication
Dubai, United Arab Emirates: Panasonic Marketing Middle East & Africa (PMMAF) has revealed the successful conclusion of the inaugural edition of the Panasonic Influencer Affiliate Program (PIAP), the company’s latest initiative in which Panasonic partners with social media influencers to promote increased engagement with its customers, while empowering more consumers to Create Today. Enrich Tomorrow.
PIAP is an affiliate program open to social media ......read more
The company is pursuing it growth strategies, further setting new goals to expand across Middle Eastern countries
The company will participate in Seamless Middle East 2023 to share insights on best practises
21, May 2023: Savoye, a leading global warehouse automation integrator and software publisher in the Middle East, achieved a remarkable milestone globally by attaining a global turnover of over AED 800 million in 2022, which is a six per cent increase compared to the previous year.
Savoye's remarkable growth in 2022 can be attributed to its unwavering focus on innovation, ......read more
UAE ranks second globally in customer trust at 84%
Abu Dhabi, United Arab Emirates – 19 May 2023: UAE Banks Federation, the representative and unified voice of UAE banks, revealed that the rate of digital banking services use through a number of banking channels has risen over 100%, reflecting the impressive advancements made by the UAE in deploying the latest technologies, as well as conforms the customer confidence in the levels of security of these services.
Delivering the Opening address at the MEA Finance Banking Technology Summit, held in Dubai on ......read more
Dubai, 17 May, 2023: Dr Raja Easa Al Gurg, Chairperson and Managing Director of the Easa Saleh Al Gurg Group has been awarded the highest French civilian award - the Legion of Honor Chevalier (Knight). The award was conferred by the French Ambassador to the UAE, HE Nicolas Niemtchinow, on behalf of the President of the French Republic, Emmanuel Macron, at a special ceremony hosted by H.E. Nathalie Kennedy, the Consul General, at the French residence, and attended by highly distinguished guests.
The honour comes in recognition of Dr Al Gurg’s outstanding achievements and ......read more
Karda Construction, headquartered in Dubai, has been awarded a US$500 million contract to construct low housing complexes in Nigeria.
KBC International, a Dubai-based real estate developer, has come to an agreement with the Federal Housing Authority (FHA) to construct affordable housing complexes in Abuja, Nigeria for US$500 million. This alliance will confront Nigeria's growing housing gap, which is predicted to elevate by over 60% by 2050 because of population growth and urbanization.
Senator Venga Ashafa, the Managing Director of the Federal Housing Authority, asserted that the ......read more
New report unveiled during G20 event in Mumbai
Abu Dhabi, United Arab Emirates, 15 May 2023 – The International Renewable Energy Agency (IRENA), in partnership with the Indian G20 Presidency, launched a comprehensive report today on how low-cost finance can accelerate the energy transition. Titled “Low-Cost Energy Transition Finance”, and developed in close collaboration with India’s Ministry of New and Renewable Energy (MNRE), the report provides a toolbox to increase the availability of low-cost capital in G20 countries and beyond.
The report was ......read more
Dubai, UAE, 15 May 2023: LPS, a leading UAE-based marketing communication agency, has been selected by Dubai Chambers following a bid to manage its social media presence and content production services across its four brand accounts: Dubai Chambers, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy.
LPS was assigned as Dubai Chambers’ communications partner considering the agency’s expertise in managing corporate strategic communications in the Middle East and its communities-first approach. LPS will work with Dubai Chambers to ......read more
• Solid revenue increase of 50% in Q1 2023 compared to Q1 2022, driven by positive performance in key segments including real estate, financial services, and marine and dredging.
• IHC completed AED 1.8 billion direct acquisitions in Q1 2023.
Abu Dhabi, 11 May, 2023: International Holding Company (ADX:IHC), the global diversified Abu Dhabi-based conglomerate, today announced its financial results for the first quarter of 2023. IHC recorded a group net profit of AED 4.3 billion, representing a 20.5% increase compared to Q1 2022, with a net profit margin of ......read more
IJEX will enable India’s MSME manufacturers to take advantage of India-UAE CEPA to expand in the Middle East region
Dubai, 9th May, 2023: India and the United Arab Emirates celebrated the first anniversary of the Comprehensive Economic Partnership Agreement (CEPA). Commemorating the 1st year of India-UAE CEPA, apex trade body Gem & Jewellery Export Promotion Council (GJEPC) launched the first-of-its-kind India Jewellery Exposition Centre (IJEX), the 365-day exhibition platform in Dubai.
IJEX is a 365-day exhibition and showcasing venue in Dubai located at the new ......read more
With added layers of privacy, the new bowser offers a highly private browsing experience to protect organisations, individuals and children's online activity from website surveillance and ad tracking.
Designed with the privacy-conscious users in mind, Ulaa provides five modes that uniquely adjust to different users.
Dubai: 10 May, 2023: Today, Zoho Corp., a leading global technology company, launched Ulaa, a privacy-centred browser built specifically to help users secure their personal data and activity by providing a browser solution that universally blocks tracking ......read more
The packaging products manufacturer contracted Maxbyte to digitize three factories with the eventual goal of digitizing all 15 manufacturing facilities on its Industry 4.0 transformation journey.
DUBAI - May 10, 2023: Hotpack, the UAE-based global leader in disposable packaging products manufacturing, has signed an agreement with Maxbyte, an industrial digital, robotics, and training solutions provider to digitize all 15 of its factories in the UAE and other countries. With the contract, Maxbyte will work as a strategic partner to help Hotpack achieve Industry 4.0 transformation across its ......read more
Union Coop will support the directions of Emirates Nature-WWF and offer moral support
Dubai, UAE: Dubai-based retailer ‘Union Coop’ signed a memorandum of understanding with ‘Emirates Nature-WWF' in cooperation with World Wildlife Fund (WWF). The signing comes as a part of the cooperative’s social responsibility goals to support Government, Private and social welfare institutions and community welfare projects.
The MoU was signed at Union Coop headquarters – Al Warqa City Mall, Dubai, by Eng. Abdulla Mohammad Rafie Al Dallal, Managing ......read more
Dubai, UAE 9 May 2023: Deyaar Development PJSC ("Deyaar"), one of the leading real estate developers and service providers in Dubai, has reported increase in its profits in Q1 2023 compared to the profits of the same period in 2022. This was announced in a filing to the Dubai Financial Market, where Deyaar shares are traded.
Deyaar's financial performance in Q1 2023 reflected impressive results, in a clear demonstration of the company's continued growth and financial stability. With profits of AED 56.4 million in Q1 2023, Deyaar achieved a remarkable 125% increase from ......read more
Reported Group net revenue +12% YoY to AED 1.18 billion after absorbing EGP devaluation impact of AED 112m
Like-for-like (LFL) revenue growth including Abu Auf in the prior year of 4.5%
EBITDA +19% YoY to AED 188 million; strong growth in Snacking and Water profitability and good cost discipline
Net profit +6.5% YoY to AED 97 million, reflecting higher interest rates and a currency headwind in Egypt
Excluding the currency headwind in Egypt, net revenue +23%, LFL revenue +20%, EBITDA +32%, net profit +19%
Abu ......read more
Dubai, UAE, 9th May 2023: Commercial Bank International (CBI or “the Bank”) has announced its first quarter 2023 financial results.
Key financial result highlights:
- Net profit increased by 65% year-on year from AED 20.6 million in Q1 2022 to AED 34 million in Q1 2023.
- Net operating income increased by 33% year-on-year from AED 111 million in Q1 2022 to AED 148 million in Q1 2023.
- Loans and advances increased by 3% year-on-year from AED 11.8 billion in Q1 2022 to AED 12.2 billion in Q1 2023.
Commenting on the ......read more
Net income and EBITDA both grew by 35% and 4% respectively year-on-year
Abu Dhabi, United Arab Emirates, 8 May 2023: Al Yah Satellite Communications Company PJSC (“Yahsat” or the “Group”), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange (”ADX”, under symbol: YAHSAT, ISIN: AEA007501017) announced today its consolidated financial results for the three months ended 31 March 2023.
Yahsat continued to deliver year-on-year growth in revenue, EBITDA and Net Income, which increased ......read more
- The integration of Generative AI Technology within Zoho's Homegrown AI, Zia, elevates Customer Experience, Privacy, and Value.
- Zoho revealed a customer-centric AI strategy to draw the line between delivering richer customer experience, all the while maintaining its unwavering commitment towards user data privacy.
Dubai – 08 May 2023: Zoho Corp., a leading global technology company, announced that it has incorporated 13 generative artificial intelligence (AI application extensions and integrations, powered by ChatGPT, into various Zoho ......read more
The one-stop-shop introduces a new solutions-centric experience for businesses and consumers by providing end-to-end services all under one roof, supporting all aspects related to moving to, moving within, and operating in Dubai
(Dubai, United Arab Emirates - 4, May 2023) NOVVI Properties is proud to officially launch its 360° home and business solutions agency that aims to simplify the entire experience of managing your day-to-day business and personal needs, no matter where you are on your journey in Dubai.
The processes involved with selecting, managing, relocating to and ......read more
Are you a trader in Dubai or interested in trading in the Dubai stock market? Ideas about trading strategies will always be there. However, there are trading strategies that we recommend to you if you are trading in Dubai. Learn about our far-fetched trading strategies to help you understand more about trading in UAE.
Dubai stock market is on an uptrend and is one of the best performers in the middle east. Suppose you want to become a reader or investor in the Dubai stock market. In that case, we will take you through our essential trading strategies to help you have a ......read more
Abu Dhabi, UAE. 3 May 2023 – The UAE has climbed five places in the annual United Nations' Technology and Innovation Report, which ranks countries according to their readiness to use, adopt and adapt a range of frontier advanced technologies with a focus on green innovation. The UAE was ranked 37th in the 2023 edition, titled ‘Opening green windows: Technological opportunities for a low-carbon world’.
The report examines a range of indicators including R&D and industry activities, ICT deployment, skills, and access to finance. The UAE was the highest-ranking ......read more
P&G has invested $175 million as part of a $300 million commitment to work with women-owned and women-led businesses
Dubai, May 03, 2023 - At its fifth annual #WeSeeEqual summit for Asia Pacific, the Middle East, and Africa (AMA), Procter & Gamble (P&G) announced bold new commitments aimed at advancing Equality & Inclusion (E&I) across the region. World-renowned advocates and personalities from the private and public sectors attended the event. Built on the theme of ‘Unique and United’, the summit provided a platform for participants to share ......read more
3, May 2023: e& today announced its consolidated financial results for Q1 2023.
e&’s consolidated revenues reached AED 13.0 billion. At constant exchange rates, revenue increased by 6.6 per cent. Consolidated net profit recorded AED 2.2 billion while consolidated EBITDA reached AED 6.2 billion, resulting in an EBITDA margin of 48 per cent.
In the UAE etisalat by e& recorded 13.9 million subscribers an increase of 6 per cent compared to the same period of last year, The Group’s aggregate subscribers reached 164 million, a YoY increase of 3 per ......read more
Dubai, United Arab Emirates, 2 May 2023: Big data is having a transformative effect on hospitality across the Middle East and beyond. However, leading hoteliers speaking on the opening day of Arabian Travel Market (ATM) 2023, which will run at Dubai World Trade Centre (DWTC) until Thursday 4 May, emphasised that human intervention remains essential if owners and operators wish to derive genuine value from the information being gathered.
‘Hospitality Debate: What More Can Big Data Unlock?’ featured a range of expert insights into the power of data to improve guest experiences ......read more
Second Highest First Quarter Revenue, Strong Profitability
Reflect Actions to Upgrade Business Portfolio and Advance Operational Efficiencies
DUBAI, May 1, 2023 — LG Electronics Inc. (LG) announced first-quarter 2023 revenues of KRW 20.4 trillion (USD 16 billion), the second highest first-quarter revenue, with operating profit of KRW 1.5 trillion (USD 1.18 billion), the third highest first-quarter profitability in company history. The record sales reflect the company’s actions to fundamentally improve its business structure and operational efficiency, while ......read more
Dubai, UAE, 30th April 2023: Arab Bank Group reported solid results for the first quarter 2023, with 30% increase in net income after tax reaching $216 million as compared to $166 million for the same period last year.
The Group maintained its strong capital base with a total equity of $10.4 billion. Loans grew to $35.4 billion and deposits reached $47.7 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 3% & 4%, respectively.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that Arab Bank’s first ......read more
The new incentives aim to improve the experience for licensed companies and offer them added comfort.
Sharjah, UAE - 28 April 2023 – Sharjah Media City (Shams) launched an exclusive ‘Discounts Programme’ for its licensed companies, offering them a range of rewarding discounts and incentives, with the aim of improving their experience and offer them added comfort.
Shams offers a wide range of commercial activities for entrepreneurs wishing to embark on their journey from the United Arab Emirates. The free zone constantly seeks to support and ......read more
Ras Al Khaimah, United Arab Emirates, 26 April 2023 – The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for the first quarter of 2023 (“Q1’23”)
Highlights Q1 2023
Return on Equity
Return on Assets
RAKBANK ......read more
NBF’s solid financial performance is underpinned by quality core business growth, proactive asset and liability management, improvement in asset quality and strong capital adequacy
26 April 2023: NBF is pleased to announce its results today for the three month period ended 31 March 2023.
NBF recorded year-on-year growth of 151.8% to close the three month period at a net profit of AED 152.0 million compared to AED 60.4 million in the corresponding period of 2022. This demonstrates the bank’s enhanced focus on quality ......read more
• Lucky numbers were 5, 30, 35, 43 and 49
• Draws saw 838 winners take home AED 1,404,500 in prize money
23 April 2023, Dubai, UAE: In its 125th weekly draws, Mahzooz, the UAE's favourite weekly draw with the biggest and most frequent pay-outs, not only crowned the seventh GUARANTEED winner of AED 1,000,000, as part of its newly launched prizes but also gave away 1KG of gold as an Eid gift to a lucky winner. The same draws saw 838 participants collectively take home AED 1,404,500 in prize money.
While the top prize of AED 20,000,000 went ......read more
Dubai, 18th April 2023: Dubai National Insurance & Reinsurance PSC (DNI), one of the leading multi-line insurance providers in the country, held its Annual General Meeting on Tuesday, 18 April 2023, where shareholders approved the distribution of a cash dividend of 10 per cent (10 fils per share) amounting to AED 11.55 million, for the financial year ended 31 December 2022.
Shareholders approved other agenda items, including the Board of Directors’ Report and Financial Statements for the year ended 31 December 2022.
Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors ......read more
Abu Dhabi, UAE, 17 April 2023 - Agthia Group PJSC, one of the region's leading food and beverage companies, hosted its Annual General Meeting today, which was attended both, in-person and electronically, by shareholders at the Abu Dhabi Chamber of Commerce and Industry.
During the meeting, shareholders accepted the Group's financial results for the year ending 31 December 2022 as well as all other recommendations by the Board of Directors, including:
• Distribution of Cash Dividends: Accepted the board's recommendation for an interim cash dividend payment of 8.25 fils ......read more
The guide is backed by UAE-based experts and inspires sustainable practices in areas such as slow fashion, food waste and plant-based diets.
The United Arab Emirates, April 17, 2023: The UAE’s Year of Sustainability has released a sustainability guide that will encourage the public to adopt more sustainable habits in their lives by offering practical advice, expert insights and helpful information to inspire collective action. It is available for the public to access on the UAE Year of Sustainability’s website.
This guide includes input from a selection of members from the ......read more