Balanced portfolio, strong innovations, financial strength, and dedicated team as key enablers for robust business performance in a global crisis
2020 results at upper end of full-year guidance:
- Group sales reach 19.3 billion euros, organic: -0.7 percent
- EBIT margin* at 13.4 percent, -260 basis points, corresponding to an operating profit* of 2.6 billion euros
- Earnings per preferred share (EPS)*: 4.26 euros, -17.9 percent at constant exchange rates
Very strong free cash flow of 2.3 billion euros, net financial position significantly improved
Proposed dividend on prior-year level: 1.85 euros per preferred share
Implementation of agenda for purposeful growth on track, clear roadmap for further execution in 2021 and beyond
Outlook for ......read more
Sharjah - March 7, 2021: The Sharjah Chamber of Commerce and Industry (SCCI) welcomed a high-profile delegation from the Consulate General of the Republic of Indonesia in Dubai and the northern regions, led by HE Kandra Negra, the Indonesian Consul General in Dubai, accompanied by Budi Priantoro, Assistant Consul for Economic Affairs and a number of representatives of the economic sectors at the Indonesian Consulate.
The delegation was received by HE Abdullah Sultan Al Owais, Chairman, SCCI, in the presence of HE Raghda Tarim, member of the Chamber’s Board of Directors, HE Mohammed Ahmed Amin Al Awadi, Director General of the SCCI, and Sarah Al Yahya, International Cooperation Executive, SCCI.
The meeting discussed topics of common interest and ways to enhance economic ties and promote trade and investment exchange in ......read more
• China’s market outperformance in 2020 was driven by an astounding V-shaped economic recovery in the second half of the year
• Middle East sovereigns and institutional investors look to China’s domestic market to generate alpha
• Growing breadth of opportunities contribute to an increase in China-dedicated allocations
• ESG considerations are expected to gain traction, presenting investment opportunities
Dubai, United Arab Emirates, 7 March 2021: While global markets faced a challenging year in 2020, China was the best performing market globally in 2020. The MSCI China A shares and the MSCI China indices returned nearly +43% and +27% respectively . The country’s swift handling of COVID-19 and government actions to contain the virus provided a market ......read more
United Arab Emirates - March 07, 2021: Ajman Bank’s Head of Information Technology Ms. Hajar Al Maazmi has been announced as one of the winners of the prestigious CXO 50 Awards 2021. Hosted by CXO Insight Middle East this year’s award was organised to recognise top 50 IT leaders and industry professionals who have taken the reins during the COVID-19 crisis to shape the new normal.
Congratulating Ms Al Maazmi, Mr. Mohamed Amiri, CEO of Ajman Bank, stated, “The CXO Award is designed to honor innovative and forward-thinking IT leaders whose actions have had an impact on their own organisations and the industry they work in. We are extremely proud and honored to have Ms. Al Maazmi as part of the Ajman Bank team and would like to congratulate her on the great achievement. The global ......read more
• The ‘Idea of the Year’ Category Winner is Dubai Municipality
• The Virtual Appreciation Ceremony honored 15 Ideas Arabia winners and
8 UAE Ideas winners
• Organization leaders and experts shared their best practices towards excellence
Dubai, 04 March 2021, UAE: Under the patronage of H.H. Sheikh Ahmed Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline & Group, Dubai Quality Group concludes the “15th Ideas Arabia and 9th UAE Ideas Arabia 2020”.
The Annual Appreciation Ceremony for both Awards were merged and held virtually for the first time last 24th February 2021. It ......read more
Dubai, UAE - 04, March 2021: Emirates Central Cooling Systems Corporation “Empower” has announced that the total number of buildings provided with its district cooling services has increased to 1,252 by the end of 2020, marking 6% growth comparing to 2019. This reinforces the company’s position as the world’s largest district cooling services provider.
Empower has indicated that its diversified portfolio covers all the major sectors in Dubai, with the residential sector maintaining the top position in the list of company's clients by 64%, followed by the commercial sector with 15%. The hospitality sector has increased its share from 13% to 14% in 2020 and the healthcare sector has a share of 3%. The other major sectors such as educational, industrial, and retail sectors together held the ......read more
United Arab Emirates - March 03, 2021: A new international survey commissioned by Philip Morris International Inc. (PMI) (NYSE: PM) and conducted by independent research firm Povaddo reveals a public appetite for a better approach to reducing the societal harm caused by cigarettes. Seven in ten respondents (71 percent) believe that encouraging those adults who would otherwise continue to smoke to switch to smoke-free alternatives instead can complement other efforts to reduce harm.
Conducted in December 2020 among 22,500+ adults in 20 countries and territories, the survey explores attitudes regarding the role of smoke-free alternatives in improving public health. The results reveal broad support for novel approaches to accelerating the decline of cigarette smoking. Specifically, the survey found ......read more
AMAALA and Saudi Federation for Cyber Security, Programming and Drones to work on joint initiatives related to drones, programming, and artificial intelligence
Chief Executive Officer at AMAALA, John Pagano
Chief Executive Officer of The Saudi Federation for Cybersecurity, Programming and Drones, Muteb Alqany
March 01, 2021: AMAALA, the ultra-luxury development located along Saudi Arabia’s north western coast, has signed a Memorandum of Understanding (MoU) with the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP). The signing will pave the way for the adoption of innovative and emerging technologies within the fields of drones, programming, and artificial Intelligence at AMAALA and marks a ......read more
• Developed by Dubai Startup Hub in cooperation with Dtec, report is a go-to guide for doing business in Dubai, answering commonly asked questions and offering practical tips.
• Report provides valuable insights to investors and entrepreneurs on how they could play a greater role in a post-Covid-19 recovery and digital transformation of the key sectors of Dubai’s economy.
United Arab Emirates - February 28, 2021: Dubai Startup Hub, an initiative of Dubai Chamber of Commerce and Industry, in cooperation with Dubai Technology Entrepreneur Campus (Dtec), the largest tech co-working space in the Middle East wholly owned by Dubai Silicon Oasis Authority (DSOA), have released the Dubai Startup Report 2021, an informative guide on Dubai’s startup ecosystem for ......read more
• BofA Global Research Podcasts are an ongoing series of discussions covering growth industries and topical market themes.
• T.J. Thornton is joined by Philip Middleton & Alastair Ryan for a discussion of Central Bank Digital Currencies (CBDCs).
• We discuss differences between CBDC & Crypto, the rise of private sector stablecoins, & impact of CBDC on comm banks.
Central Bank Digital Currencies are not Crypto, but would be a better payment mechanism
While electronic payments today necessitate commercial banks, if Central Bank Digital Currencies (CBDCs) were adopted, electronic payments could happen without them. Deposits could be held at Central Banks too. Our European banks team ......read more
Dubai, UAE - 28 February 2021: Global Finance, the New York-based international publication, has recently granted Arab Bank the “Best Trade Finance Provider 2021 in the Middle East” award. The recognition comes as an acknowledgment of the bank’s leading position in the region and its exceptional capabilities in providing the latest banking solutions and trade finance products that meet its clients’ evolving needs across the different sectors.
Arab Bank was selected for this award based on an evaluation process conducted by a panel of the magazine’s editors with input from international financial analysts, corporate executives and technology experts. Criteria for choosing the winners included transaction volume, scope of global coverage, customer service, competitive pricing and innovative ......read more
Following Saudi Arabia’s G20 Presidency last year, and ahead of COP26, the UN’s Climate Change Conference in Glasgow in November, the British Embassy in Riyadh is asking all of society to make a change #TogetherForOurPlanet
Saudi Arabia, Riyadh - 27 February 2021: As we recover from COVID-19, it is critical that we build back greener and more resilient, protecting the environment for future generations. Our world continues to get hotter, and climate change is a challenge for all. It is crucial that all countries and people take action to safeguard our planet.
Today, the British Embassy in Riyadh launched the #TogetherForOurPlanet ãÚÇð_áÃÌá_ßæßÈäÇ# campaign, calling on all of society to pledge one climate action to stop climate change. The campaign drives awareness about the impact of human actions ......read more
United Arab Emirates - February 24, 2021: The Saxo Bank Group welcomed a record high number of 238,000 new active clients and saw a continued inflow of clients' assets in 2020. This brings the Group’s total to a record of more than 660,000 active clients. The total client base has grown more than 230% since 2018 with a strong acceleration of organic growth in 2020. Total clients' assets ended at DKK 478 billion in 2020 and today exceeds DKK 500 billion.
The Saxo Bank Group reported a net profit of DKK 750 million for 2020 compared to DKK 40 million for 2019. The net profit for the Group when eliminating one-offs, equivalent to the Group’s normalised net profit, was above DKK 1 billion for 2020.
Operating income for the Group amounted to DKK 4,316 million in 2020 compared to DKK ......read more
United Arab Emirates - February 24, 2021: On behalf of Regional representation of Electronics and Computer Software Export Promotion Council (ESC) Mr Kamal Vachani, Hon. Regional Director of ESC met Mr B. S. Yediyurappa, Hon’ble Chief Minister of Karnataka.
During the interaction, Mr Kamal Vachani, briefed the Minister on the activities of regional representation of Electronics and Computer Software Export Council (ESC), sponsored by the Government of India. There are more than 2500 companies in ESC from Karnataka and ESC has more than 250 members from Karnataka. Hon. Chief Minister appreciated the efforts taken by Mr Kamal Vachani in promoting India’s IT exports to the Middle East particularly to the UAE.
Mr Kamal Vachani is also Chairman – Dubai & Northern ......read more
Mohammad Al Gergawi: The next phase requires an integrated system that unifies the efforts of public, semi-government and private sectors
Mohammad Al Gergawi: The new strategic government trends centers at developing an advanced work plan that boosts the UAE’s status
United Arab Emirates - February 24, 2021: At the opening session of the 2021 ministerial retreat that started on Tuesday, His Excellency Mohammad Al Gergawi, Minister of Cabinet Affairs, announced that a new dynamic governance will lead federal ministries, departments and institutions as part of the national priorities for the country’s next phase.
Al Gergawi stressed that the country’s next 50 years call for a full collaboration among the country’s public, semi-private and private sectors, under an integrated ......read more
OPEC+'s 9mn b/d of spare capacity stands ready to ramp…
In the wake of the 2Q20 oil demand collapse, OPEC+ struck an unprecedented deal to remove nearly 10mn b/d of supply from the market. Now, with Brent trading into the $60-65 range, we expect OPEC+ to counter, adding more than 1.3mn b/d of supply in 2Qe and ramping further into year-end to keep prices and balances in check. Over the medium term, we think OPEC+ coordination will likely continue as the group wields its spare capacity in an effort to manage prices. GCC countries will likely have to carry meaningful spare capacity as demand growth slows and modest non-OPEC+ increases fill the gap.
…while US shale takes a back seat over the medium term
During 2021-26, non-OPEC is set to add more than 1.5mn b/d of gross capacity (ex-shale), a rate ......read more
United Arab Emirates - February 22, 2021: One of the region’s most beloved and influential marketing figures, Edmond Moutran ¬— the founder and chairman of Memac Ogilvy — has passed away aged 77. Known affectionately to his friends and colleagues as “Eddie”, he is survived by his wife Liliane, his four children Ramzi, Nabil, Sami and Natasha, and two stepdaughters, Rafa and Hiba.
Moutran enjoyed a life and career of many firsts. Revered as a pioneer of the MENA communications industry, he quickly – and prodigiously – distinguished himself as the first Lebanese advertising professional to work and open shop in the Arabian Gulf. Despite his relative youth, Moutran all but assured his legacy as a proponent of the region’s advertising space by establishing his very own ......read more
P&G’s declaration came as part of the annual event with high-profile global equality advocates Indra Nooyi and Bonang Matheba
Dubai, UAE, 18 February 2021: Procter & Gamble (P&G) reiterated its commitment around a number of initiatives that will promote gender equality during the annual #WeSeeEqual Summit – part of the company’s citizenship focus on being a Force for Good and Force for Growth. Hosted virtually for the first time, the event saw distinguished advocates and personalities from private and public sectors come together to address the challenges of gender and women’s equality, which have been severely impacted by the pandemic.
Omar Channawi, CEO, P&G Middle East, East and West Africa and General Export Markets said: “P&G places great ......read more
The sustainable clothing activation is happening on 19th and 20th February 2021
United Arab Emirates - February 18, 2021: Ariel Middle East - one of the world’s most recognisable laundry brands – is bringing back their POD Swap Shop to Ripe Market this weekend on 19th and 20th February 2021. The pop-up shops from Ariel aim to raise awareness about the importance of using quality detergents to keep clothes looking fresh and bright for longer. The intention is to discourage the throwaway nature of fast fashion, and to raise awareness about purchasing habits when it comes to buying and wearing clothes.
The Ariel POD Swap Shop invites people to exchange preowned items of clothing for preloved items available at the shop or bring an empty bottle of liquid detergent to swap for a pack ......read more
- Both winners matched 5 out of 6 numbers winning AED 500,000 each
- The Turkish and Bangladeshi expats are both family men and long time UAE residents
18 February 2021, Dubai, UAE: Two lucky winners split the AED 1,000,000 second prize in the 12th live weekly Mahzooz draw. The Dubai-based expats matched five out of six numbers and took home AED 500,000 each.
49-year old Eyup, from Turkey, and 43-year old Biplop, from Bangladesh, are both family men and longtime UAE residents.
“I was watching the show live on YouTube and I got shocked,” said Eyup, who works as a manager in Dubai. “Then the email came, I checked online and I still couldn’t believe it. I checked at least 5 times that night and even woke up my wife and asked her to check.”
A married ......read more
Dubai, 18 February 2021:
Abdul Wahid Al Rostamani Group, the main sponsor of Shabab Al-Ahli Club for the 2020-2021 season, celebrated the club’s victory in the Arabian Gulf Super Cup.
Abdul Wahid Al Rostamani Group is proud of its sponsorship of the Shabab Al-Ahli Club for the 2020-2021 season, which recently managed to achieve its first title this season by winning the Super Cup.
Abdul Wahid Al Rostamani Group celebrated the team's first victory in the first championships of the season after winning the title of the Arabian Gulf Super Cup. HE Mohammed Ahmed Al Marri, chairman of the Shabab Al-Ahli sports game sector and the Shabab Al-Ahli board of directors, shared the win with Dr. Khalid al Zahed and Khalid Abdul Wahid Al Rostamani, chairman and CEO of AW Rostamani Group.
United Arab Emirates - February 18, 2021: Ajman Bank has announced its financial results for the full year ending 31 December 2020. The Bank reported revenue of AED 614.6 million in 2020 compared to AED 636.0 million in the previous year. The net operating profit in 2020 was reported as AED 53.4 million.
Demonstrating its resilience, Ajman Bank made excellent progress in its business objectives despite the unprecedented economic challenges and market conditions due to the impact of the global pandemic on all sectors of the economy. The Bank’s robust performance is reflection of its strong liquidity and capital ratios as well as high level of dedication and commitment to superior service to ensure the continuity of all operations during the crisis. Staff costs and, general and administrative expenses ......read more
● January 2021 had the highest number of secondary/ready properties transacted in a single month since March 2014.
● Of the sales transactions, 70% were apartments and 30% were villas/townhouses.
● Of the sales transactions, 72% were secondary/ready, and 28% were off-plan.
● In January 2021, the Dubai overall Index reached 1.069, the Dubai apartment Index reached 1.127 and the Dubai villa/townhouse Index reached 0.922.
Dubai, UAE, 17 February 2021: According to the 11th edition of Mo’asher, Dubai’s official sales price index that was launched by Dubai Land Department (DLD) in cooperation with Property Finder, Dubai’s real estate market recorded 3,300 sales transactions worth AED 6.74 billion in January 2021, a growth of 15.5% in terms of transaction number and 37% in ......read more
Defending Against Critical Threats Report identifies migration to remote working and evolution of ransomware as key contributors towards diverse criminal activity
Dubai, United Arab Emirates, 17 February 2021 – Cisco has revealed the findings of its Defending Against Critical Threats Report, noting changes in criminal activity during 2020 and new methods of exploitation, arising as a result of the pandemic.
During a year in which transitioning to digital infrastructures became essential for all, Cisco explores the ongoing complexity and evolution of cyber threats, to inform organizations and empower stronger decision-making.
Increased Vulnerabilities with Remote Working
Cisco Umbrella – a cloud-driven Secure Internet Gateway – examined traffic running through its DNS servers, identifying mid-March 2020 ......read more
Invest in Sharjah’s business webinar explores potential in diverse verticals including agri-tech, aqua-tech, IoT and advanced manufacturing
Sharjah, February 16, 2021: Sharjah FDI Office (Invest in Sharjah), operating under the Sharjah Investment and Development Authority (Shurooq), sought to bolster trade ties and investment cooperation and explore potential economic partnerships with entrepreneurs and investors from Poland at the virtual webinar titled ‘Investment opportunities for Polish companies in Sharjah’, held on Monday, February 15.
Showcasing compelling opportunities for Polish businesses in Sharjah’s expanding investment ecosystem, Sharjah FDI office introduced the fast-growing business opportunities in the emirate’s knowledge-based, innovation-driven, and key emerging sectors ......read more
In the presence of H.H. Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of Ajman Free Zone
In line with its efforts to integrate innovation into its digital transformation strategy, to promote the growth of technology sector, and support innovative companies, Ajman Free Zone has organized a series of initiatives and events to celebrate ‘UAE Innovates 2021’. The annual national event seeks to promote the culture of innovation and increase community engagement towards designing and developing plans for the UAE as it enters a new era of excellence and prepares for the next 50 ......read more
Gulfood ended 2021 with massively positive results for nearly 50 Brazilian participating companies.
Dubai – March 2, 2021: The Brazilian Trade and Investment Promotion Agency (Apex-Brasil) has announced that participants from the country closed business deals estimated at a total of USD 33.2 million at the recently concluded Gulfood 2021 in Dubai.
Various pavilions of Brazil showcased at the exhibition eye prospects of reaching USD 236.7 million in the following months, according to Apex-Brasil.
Nearly 50 Brazilian companies participated in Gulffood 2021, the ......read more
Dubai, February 28, 2021: Hitachi ABB Power Grids today announced the launch of its Smart Digital Substation offering which brings together the latest in digital substation technology with the unique predictive, prescriptive and prognostic capabilities of Hitachi’s industry-leading Lumada Asset Performance Management (APM) solution.
The Smart Digital Substation forms part of a new wave of innovation that began with the recently announced integration of Hitachi ABB Power Grids’ Digital Enterprise software into Hitachi’s Lumada ecosystem.
By replacing copper wires with ......read more
February 18, 2021: A delegation from the Ajman Free Zone led by H.E. Eng. Ali Abdulla Bin Towaih AlSuwaidi, Director General of AFZ visited Terra – The Sustainability Pavilion at the Expo 2020 Dubai site, in line with AFZ’s commitment and vision of achieving sustainability. The pavilion has been built to operate net zero for energy and water consumption as part of its sustainable building design.
The delegation explored the pavilion’s features to learn more about how to create a more sustainable future and the many ways people can practice sustainable living, ......read more
- Ceremony, attended by over 100 participants, highlighted the work done by Network member companies in 2020 to promote responsible practices and address Covid-related business challenges.
United Arab Emirates - February 16, 2021: Dubai Chamber recently hosted the Sustainability Network Achievements Ceremony to acknowledge the commendable work done by its members in implementing sustainable and responsible practices and solutions in response to new challenges created by Covid-19.
Last year, 18 new companies joined the Network, bringing ......read more
Balance sheet up by 25% YoY to AED 289.6 billion
Financing & Sukuk investments up by 26% YoY to AED 232.0 billion
Operating revenue up by 2% YoY to AED 9.5 billion
Deposits up by 25% to AED 205.9 billion
Liquidity remains healthy with financing to deposit ratio of 96%
Net Profit of AED 3.2 billion
Noor Bank integration completed well ahead of schedule
Dividend of 20% subject to shareholder approval
Dubai, February 16, 2021: Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE and the second largest Islamic bank in ......read more
Dubai, United Arab Emirates, 15th February 2021: Dr. Rehab Al Ameri, Secretary General of International Halal Accreditation Forum (IHAF) — an independent, non-government network of accreditation bodies that aims to harmonise accreditation practises in halal — will be speaking on the second day of the Global Trade Review (GTR) Middle East and North Africa (MENA) 2021 Virtual, the region’s biggest trade finance conference, on February 16.
As one of the event’s keynote speakers, Dr. Al Ameri will underscore how the halal trade’s integrity has strengthened ......read more
The Abu Dhabi Convention and Exhibition Bureau praised for connecting with clients across China via innovative destination promotional initiatives
Abu Dhabi, United Arab Emirates, 15 February 2021: The Abu Dhabi Convention and Exhibition Bureau (ADCEB) has made a successful start to 2021 by winning the ‘Best Marketing Destination’ award at the MICE China Forum and Awards.
Part of the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), ADCEB is the lead body overseeing and supporting the development and promotion of business events in the capital of the ......read more
Dubai, UAE, 15 February 2021: The Mohammed bin Rashid Al Maktoum Global Water Award continues its mission of inspiring companies, research centres and institutes, innovators and young people from around the world to present their most innovative solutions that can sustainably provide potable water to the deprived, needy and afflicted people in any parts of the world.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Award, which is organised by the UAE Water Aid Corporation (Suqia), under the umbrella of the Mohammed bin ......read more
Dubai SME: H.E. Abdul Baset Al Janahi – CEO, Mr. Saeed Matar Al Marri – DCEO. Aafaq Islamic Finance: Mr. Rashid Mahboob Al Qubaisi – CEO, Mr. Mohammed Al Dosari – Business Director.
Dubai, United Arab Emirates, 15 February - UAE: Aafaq Islamic Finance, the leading Islamic Finance Company for individuals and companies in the UAE, in partnership with Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector , has announced a unique program called ‘Osool’ for Emirati SMEs to contribute towards the ......read more
M2 RO will provide up to 150 million imperial gallons per day and improve the security of water supply in the Emirate of Abu Dhabi
Developers or developer consortiums are invited to submit Expressions of Interest by the specified deadline
Abu Dhabi, UAE – 15 February 2021: EWEC (Emirates Water and Electricity Company), a leading company in the integrated coordination of planning, purchasing and supplying of water and electricity across the UAE, today opened invitations to submit Expression of Interest for the development of the Mirfa 2 (M2) Reverse Osmosis (RO) Independent ......read more
Webinar to host panel discussions on technology and strategies to boost the economic sector of both regions
February 11, 2021- Arab Brazilian Chamber of Commerce (ABCC) is set to host a webinar today (Thursday, February 11, 2021) to explore the economic situation of Brazil and the Arab world in terms of the COVID-19 pandemic and vaccine implementation.
The virtual event will present ABCC’s 2021 calendar of activities and feature Ronaldo Lemos, a Brazilian expert in technology and innovation, and Bahrain Economic Development Board’s (EDB) chief economist Jarmo Kotilaine. ......read more
Dubai, UAE, 10 February 2021: The UAE Water Aid Foundation (Suqia) held a virtual briefing for members of the press from the Association of Southeast Asian Nations (ASEAN), to promote the third cycle of the Mohammed bin Rashid Al Maktoum Global Water Award. The upcoming cycle will feature the most innovative technologies that can sustainably provide safe drinking water to needy urban and rural communities. It grants prizes worth USD 1 million to research institutions, organisations, individuals, and innovators from around the world with the most creative, sustainable and cost-effective ......read more
United Arab Emirates - February 11, 2021: Mashreq, one of the leading financial institutions in the UAE, has reported its financial results for the year ending 31st December 2020.
• YoY decline in revenue by 14.1% to AED 5.1bn
o The decline is mainly driven by the low interest rate regime, the impact of the pandemic and slower economic activities as a result of the lower oil prices.
o Non-interest income to operating income ratio remained strong at 48%, an industry leading position in the UAE.
o Newly introduced digital channels ......read more
"The visionary leaders of UAE have once again proved to the world that this wonderful country is in the forefront of scientific development.
This success would help the team to get a deeper understanding of Mars.
The journey has been long but the right support and guidance have helped the team to overcome the numerous challenges.
This is yet another testimony to the farsighted vision of our leaders and of UAE’s capability to go beyond expectations and create new paths.
The success is all the more sweeter considering the challenges that were ......read more
More than 4 million kWh of electricity sent to DEWA grid as surplus
February 9, 2021 - Mai Dubai, the bottled water company fully owned by the Dubai Electricity and Water Authority (DEWA), has become a net-zero energy consumer following the strong performance of its rooftop solar panel installations which produced more than 30 million kWh of power in 2020, while it consumed only 26 million kWh, according to its latest report. This achievement makes Mai Dubai’s operations which include its entire bottled water production and office to be fully powered by the sun’s energy.
The ......read more
• Recent Dubai Chamber webinar identified food trade and agribusiness as key avenues where UAE and Zimbabwe can expand economic cooperation.
• Virtual event attended by 535 attendees from 44 countries, including the UAE, Zimbabwe, South Africa and other African markets.
United Arab Emirates - February 08, 2021: Dubai is seeing growing interest from Zimbabwean agribusiness companies that are keen to leverage the emirate as a strategic hub for boost trade, industry experts said during a recent webinar.
The virtual forum, ......read more
• Industry-first: On March 16 LIXIL EMENA will launch a digital platform to experience GROHE brand insights and product news first-hand.
• Customer-centric program: Informative and inspirational content tailored to the needs of GROHE’s customers, such as installers, wholesalers, architects and designers, as well as consumers.
• New ways of interacting: Visitors can engage online with GROHE brand experts to receive dedicated support.
United Arab Emirates - February 07, 2021: With GROHE X, LIXIL EMENA launches an industry-first digital ......read more
• Part of "ADX One" strategy 2021 to further enhance market liquidity
• Transaction fees reduced on the exchange to 0.175% from 0.225%
• Incentive plan for brokers who generate AED 20 million in trading commission for the exchange
Abu Dhabi, February 6, 2021: The Abu Dhabi Securities Exchange (ADX) announced today that it is reducing overall trading activity fees on all exchange transactions starting Sunday, February 14 as part of its "ADX One" strategy to double the market capitalization of companies listed on the exchange ......read more
• Second consecutive record-breaking quarter, with revenue, pre-tax income, and net income all reporting record highs
• Group revenue up by 22% year-on-year to US$17.2 billion
• Quarterly pre-tax income (PTI) of US$591 million up 52% year-on-year
• Net income up 53% year-on-year to US$395 million
• All core businesses delivered both topline and bottom-line year-on-year growth
• Announces Group organizational changes to drive services-led growth strategy and transformation
Dubai, UAE, February 4, 2021: Lenovo Group ......read more
United Arab Emirates - February 04, 2021: Celebrating women in the United Arab Emirates who make this world a better place to live, Fujairah Social and Cultural Association and KASHKHA, a leading modest fashion brand, have together launched a special awards programme for Emirati women. Ms Ebtesam Ali Salem Alshaaer Alkindi, Ms Maryam Ali Al-Shehhi - Umm Seif and Ms Shaikhah Jumah Rabei Farouz AlMesmari were named as the first three winners of the award.
Mr. Khaled Aldhanhani, Chairman of Fujairah Social and Cultural Association, stated, “Fujairah Social and ......read more
Estimated reduction of nearly 1,000 tons of CO2 per year for Bayara, which is equivalent of planting over 25,000 trees
United Arab Emirates - February 04, 2021: Gyma Food Industries - Bayara, a leading manufacturer of nuts, dried fruits and spices across the Middle East and Africa region (MENA), and a renowned brand of pure and natural flavours, is celebrating one year of its solar energy transition. This project has been powered by Total, through its affiliate Total Solar Distributed Generation (DG) Middle East, a regional leader in the development of solar solutions for ......read more
• Silver has organically rebalanced and is in deficit. ETFs critical, owning equivalent of 84% metal held in LBMA vaults.
• Markets have been volatile, as P/NAV ratios and EFPs show. Yet, valuations have by and large remained within familiar ranges.
• Not unusually, rally driven by retail/ institutional. We are bullish on fundamentals, but are concerned over speed of rally.
Silver has organically rebalanced
Silver had been ......read more
Highest Fourth-Quarter Sales and Operating Profit in LG’s History,
2020 Profit Also Sets New Company Record
United Arab Emirates - February 01, 2021: LG Electronics Inc. (LG) announced a strong year with 2020 revenues of KRW 63.26 trillion (USD 56.45 billion) and record-setting operating profit of KRW 3.20 trillion (USD 2.85 billion), an increase of 31.1 percent over 2019, driven primarily by higher sales of premium home appliances and OLED TVs as well as strong growth in vehicle component solutions.
Sales in the fourth quarter of KRW 18.78 ......read more