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    Featured in Banking and Investments
    Wethaq launches first ‘fintech' Sukuk on its market infrastructure using SWIFT gpi Link

    Dubai, 19 November 2019:   Today, Wethaq announced that it has issued the first pilot Sukuk on its securities market infrastructure for the Islamic capital markets under the supervision of the Dubai Financial Services Authority.   Al Ghurair Investments LLC (AGI) acted as the issuer, advised by Mashreqbank PSC acting as lead arranger, R3 as protocol provider, Clifford Chance as legal counsel and the Dubai Islamic Economy Development Centre as mentor.  There is substantial demand for Sukuk issuances globally with a significant number of them offered out of the Dubai International Financial Centre (DIFC). This pilot issuance demonstrated how Sukuk issuances can become more accessible with the application of financial technology to the issuance process which is, at present, manual, non-standardised ......read more

    Ahmad Bin Shafar receives global recognition for his efforts in district cooling

    Dubai, UAE, 18th November 2019:   Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, attended a Gala Dinner organized by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) at Westin Dubai Mina Seyahi Beach Resort & Marina, Dubai. A delegation from ASHRAE, led by Daryl K. Boyce, President of ASHRAE Society and included Dr. Ahmed Alaa, RAL Director of ASHRAE, Farooq Mahboob, Vice President of ASHRAE, Hassan Younes, member of ASHRAE and President of Falcon Chapter, and Tim Wentz, Presidential Member and Former President of ASHRAE Society as well as ASHRAE employees and partners were attended in the Gala dinner.  Prior to the Gala Dinner, Boyce presented an award to Bin Shafar, in ......read more

    Saudi Aramco's Debut IPO Could Support The Sovereign's Net Asset Position

    November 17, 2019:    S&P Global Ratings said today that Saudi Aramco's forthcoming IPO on the Saudi Stock Exchange (the Tadawul) could enable the sovereign to further strengthen its net asset position. And, if subsequently effectively deployed, the funds raised could be used to support longer-term economic growth in Saudi Arabia (unsolicited; A-/Stable/A-2). Saudi Arabia currently fully owns Saudi Aramco, which is the world's largest company by a significant margin. It plans to sell about 1%-3% of the company through an IPO.   We understand that the bulk of the funds raised will go to the government or the Public Investment Fund, potentially adding to the sovereign's already strong fiscal net asset position of 72.7% of GDP. Productively deployed, we believe the assets could also help maintain ......read more

    More than 700 insurance certificates issued for AFZ workers in cooperation with Dubai Insurance

    AFZ is the first free zone in the country to introduce the new system Ajman, United Arab Emirates (November 16, 2019):   Ajman Free Zone has confirmed the effectiveness of the new insurance umbrella launched several months ago in cooperation with Dubai Insurance to protect workers' rights and reduce the burden on investors of the free zone, as well as contribute to the government's efforts to protect the rights of this category. Ajman Free Zone pointed out that the number of beneficiaries of this initiative has reached more than 700 people since its launch last August, which confirms its success and acceptance largely by investors and workers, as it is an alternative to the bank guarantee for expatriate workers, where it covers workers' benefits such as end of service gratuity, annual leave allowance, ......read more

    Empower develops AI based technology for TES operation saving

    Annual Saving of 6,880 megawatt-hours electricity    Dubai, UAE, 14 November 2019:   Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, announced developing of a new system that uses Artificial Intelligence (AI) to operate Thermal Energy Storage (TES) tanks at its district cooling plants. As per the results of a test run conducted at Empower’s Business Bay plant, it has been estimated that approximately 6,880 MWh of electricity will be saved annually in the operation of the district cooling plant. Empower currently depends on past data and individual experience to guide operators to select the best time for charging and discharging of the TES tanks. The new AI based technology will be providing more accurate decisions of TES ......read more

    SmartCrowd, MENA's Only Regulated Real Estate Investments Platform Graduates from DFSA's ITL and obtains full license'

    Dubai, UAE, November 12, 2019:  SmartCrowd Limited, a Dubai-based company and MENA’s first financially regulated real estate investments platform (REIP) has announced today that the company has fulfilled all regulatory requirements and graduated to a full license from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services based in the Dubai International Financial Centre (DIFC).   Prior to its full license, SmartCrowd was operating under an “Innovation Testing License” as part of the DFSA’s regulatory sandbox program. The new license will permit SmartCrowd to open its platform to international investors and offer international real estate investments.   Founded in 2017, by Siddiq Farid, SmartCrowd uses a crowdfunding model to democratise real estate for ......read more

    Beyond Compare: Craft and Culture Combine in Luxurious New Pen Collection

     Bentley Motors and Graf von Faber-Castell launch an exclusive new collection of writing instruments  New Ebony series combines natural luxury materials with finest quality craftsmanship  Incomparable design appeals to automotive lovers and connoisseurs of fine writing culture   Three distinctive writing instruments unite opulence and purpose     Dubai United Arab Emirates - November 12, 2019:   A unique partnership is continuing its journey in a new range of luxury pens by Graf von Faber-Castell for Bentley Motors. The unrivalled craftsmanship and unmistakable design which unites the two combines Bentley’s legendary spirit with the elegance of Graf von Faber-Castell for a writing experience beyond compare: shape your journey for 2020.   A collaboration ......read more

    P&O Marinas and Fabulous Yachts Announce the 3rd Edition of the International Superyacht Summit

    Top Superyacht Marinas Developers, Superyacht Builders, Experts and Enthusiasts Will Gather in Dubai to Discuss the Impact of Superyacht Marina Developments in Lifestyle and Tourism, And The Emerging Trends in The GCC and Worldwide   Dubai, United Arab Emirates, 10 November 2019:  The third edition of The International Superyacht Summit has been confirmed to take place on March 11 and 12, 2020 in Dubai, UAE.  Under the patronage of DP World subsidiary P&O Marinas and initiated and co-organised by Fabulous Yachts, the next edition of The International Superyacht Summit will discuss local and international issues related to superyachting, including the development of the UAE and region as a superyacht friendly destination. The summit will highlight new themes such as how superyacht marina developments ......read more

    Metito's policy on water reuse identified as ‘progressive and disruptive' by global awarding body

    Metito received the ‘Progressive Disruptive Policy in Water Reuse’ award at this year’s International Desalination Award World Congress 2019     Dubai, United Arab Emirates - November 10, 2019:    The International Desalination Association (IDA) World Congress 2019, which recently took place during the celebration of Green Week, has recognised a number of outstanding global experts and companies in the desalination and water reuse industry.     Metito, the global provider of smart water management solutions, was honoured with ‘Progressive Disruptive Policy in Water Reuse’ for its relentless development and continuous contribution to water policies in the region. The award was given to the company that has been actively moving the needle in the public sector ......read more

    Evonik confirms full-year earnings outlook despite ongoing weakness in global economy

    • 2019: Adjusted EBITDA to remain at least stable • Free cash flow outlook for full year confirmed and specified: around €700 million • Q3: Sales and operating earnings below year-ago period • Stricter cost discipline supports earnings       Dubai, United Arab Emirates - November 10, 2019:   Essen, Germany. Evonik is sticking to its full-year earnings outlook despite an ongoing weakness in the global economy.   The company expects adjusted EBITDA to remain at least stable compared with last year. Sales are now expected to be slightly lower than the previous year because of lower demand. Evonik had expected sales to remain stable. In 2018 Evonik generated - excluding the divested Methacrylates business - sales of €13.3 billion and adjusted EBITDA of ......read more

    Jafza – First Free Zone to Roll Out Workforce Protection Programme

    Thousands of Workers to Benefit as DP World, UAE Region’s Parks and Zones Sign Up with Dubai Insurance Company to Provide Wide-Ranging Cover   Dubai, United Arab Emirates, 06 November 2019: DP World, UAE Region’s flagship Jebel Ali Free Zone (Jafza), signed an agreement with Dubai Insurance Company (DIC) to roll out the Workforce Protection Programme that will cover the companies based in Jafza, National Industries Park (NIP) and Dubai Auto Zone (DAZ). The programme 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 improve worker rights and protections, and achieve Dubai's vision as the world’s best city to live and work. The programme covers a wide range of workers who contribute to the ......read more

    Ajman Free Zone Sponsors Fifth Edition of the UAE-India Economic Forum

    The Forum, in Dubai, provided an opportunity to further the bi-lateral trade relationship existing between the UAE and India   Sheikha Al Nuaimi of Ajman Free Zone offered comment on the importance of business start-ups for the UAE economy     Ajman, United Arab Emirates (November 5, 2019):   Ajman Free Zone was a main sponsor of the Fifth Edition of the UAE-India Economic Forum held at the Waldorf Astoria, DIFC, this week. H.E. Abdullah Ahmed Al Saleh, Undersecretary for Foreign Trade & Industry, Minister of Economy was guest of honour at the event.    The well-attended event brought 500 delegates from India, the UAE and other key markets to explore the potential opportunities inherent in the UAE-India trade relationship.  The UAE-India relationship has entered a ......read more

    The ITC and SOFRECOM partnership to deploy fiber network in the Kingdom of Saudi Arabia: Main achievements and ambitions 2 years after.

    November 5th, 2019:   Almost two years after the announcement of their partnership to pilot the implementation and management of Outside Plant (OSP) across Saudi Arabia's regions by 2020, the Integrated Telecom Company (ITC), leader in information and communication technologies in Saudi Arabia and Sofrecom, a subsidiary of the Orange Group, specialized in Consulting and engineering in the telecommunications sector, are proud to announce that they have connected more than 400,000 households to the FTTH network.   The partnership which started in 2017 between ITC and Sofrecom, leads to sharing the experience and technological expertise of the Orange Group in the FTTH network. The detailed design and supervision of this network rollout is handled by Sofrecom. The Design methods and tool optimization proposed by ......read more

    Saxo Banks Marks a Decade in the Middle East

    Regional Assets Under Management Rise 25% on an annualized basis and client numbers grow five-fold over decade    Dubai, United Arab Emirates - November 04, 2019:    Saxo Bank, the leading fintech and regtech specialist focused on multi-asset trading and investment, is celebrating 10 years of operations in the Middle East, reporting a 25% annualized growth rate for assets under management and a five-fold increase in its regional client base. Growth has been spearheaded from Saxo Bank’s regional Dubai hub, which at the time of opening, was the first presence by a Danish bank in the region. As part of its growth, Saxo Bank recently relocated its offices to Boulevard Plaza, Downtown Dubai. The new office provides additional space for seminars, networking and to address the growing needs of Saxo ......read more

    Dubai Dialogue 2019 examines business benefits of embracing sustainable innovation

    • Dubai Chamber’s largest sustainability conference brought together public and private sector stakeholders to discuss how businesses can harness sustainable innovation to tackle global challenges • Buamim: Technological advancements and growing consumer demand for sustainable products are leading more companies to make sustainable innovation a top priority      Dubai, United Arab Emirates - November 04, 2019:    A growing number of UAE companies are integrating sustainable innovation into their business models and reaping the benefits as they enhance their competitiveness, industry experts explained during the Dubai Dialogue 2019 which took place in the emirate earlier today.   Dubai Dialogue 2019, the largest CSR-focused conference organised by Dubai Chamber of Commerce ......read more

    TBI Receives ‘safest Bank in Iraq 2019' by Global Finance

    Abu Dhabi, November 3, 2019:   Trade Bank of Iraq (TBI) has been named "Safest Bank in Iraq" by Global Finance magazine in an exclusive survey as part of the publication's annual ranking of the World's Safest Banks. The award, in its 28th edition, evaluates the long-term foreign currency ratings from global ratings agencies Moody’s, Standard & Poor’s and Fitch and the total assets of the 1000 largest banks worldwide Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, who received the award at the ceremony held in in Washington D.C., USA on the sidelines of the 2019 Annual Meetings of the International Monetary Fund said: “This award is a testament to the hard work, dedication and commitment towards our customers. “Our excellent asset quality, and pragmatic ......read more

    Tabreed Reports Net Profit of AED 329.1 Million in the Third Quarter of 2019

    Moody’s reaffirms Tabreed’s Credit Rating     03 November, 2019:  Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in UAE, released today its consolidated financial results for the first nine months of 2019, reporting an increase of 3.1% in the net profit to AED 329.1 million.    The company continues to meet the growing demand for district cooling solutions and has recently commenced supplying 12,000 RT of cooling services to the expansion of the Galleria Mall Al Maryah Island, covering an area of 1.4 million square feet. This new connection comes as part of Tabreed’s long-term concession, as the exclusive provider of district cooling services for landmark developments on Al Maryah ......read more

    Tilal Properties spurs investment growth in Sharjah with promising opportunities

    Dubai, United Arab Emirates - November 02, 2019:    The Emirate of Sharjah represents an investment-conducive, business-friendly destination for many investors from all over the world for its robust infrastructure, streamlined procedures in addition to consistent, reliable and performant services. The business landscape in Sharjah is characterised by security, diversity and prosperity, underpinned by large market opportunities and solid business models. The Emirate is witnessing an upward growth trajectory manifested in an increasing number of mega commercial, real estate, investment, tourism and industrial projects that will benefit the Emirate in particular and the UAE in general. His Excellency Khalifa Al Shaibani, Director-General of Tilal Properties, said: “The economic diversity in Sharjah has enabled the ......read more

    Virgin Hyperloop One and Saudi Arabia's KAUST Partner to Spur Country's Technology and Transport Development

    World’s leading hyperloop company and Saudi’s renowned King Abdullah University of Science and Technology (KAUST) sign agreement during Future Investment Initiative    NOVEMBER 02, 2019:  Virgin Hyperloop One (VHO), the world’s leading hyperloop company, today announced the signing of a Memorandum of Understanding with the Kingdom’s renowned King Abdullah University of Science and Technology (KAUST).   Signed at this year’s Future Investment Initiative, one of the most significant investment conferences globally, the California-based hyperloop company and the Kingdom’s leading private research institution have committed to working together on fostering the exchange of scientific and technological knowledge to further support the development of the country’s ......read more

    Peru trade relations to scale new heights with Expo Peru in Dubai

    Waiting for starring participation at Expo 2020 Dubai, the first Peru Expo in Dubai will feature a delegation led by Mr. Edgar Vásquez, the Minister of Foreign Trade and Tourism; Mr. Luis Torres, the Executive President of PROMPERÚ.    Dubai – October 31, 2019:   Peru, the highest ranking Latin American nation, presents a constellation of organizations at Expo Peru Dubai 2019 as part of continuing its strategies to generate business opportunities, increase commercial relations and contribute to the positioning of the exportable supply in the Arab countries and Southeast Asian markets, promote Peru as an attractive tourist destination and official launch the Pavilion project for Expo 2020 Dubai with the first stone upon.   A high-level delegation, led by Mr. Edgar Vásquez, the ......read more

    GCC's USD 80 Billion Investment in Water Sustainability Takes Centre Stage at Water Expo in Abu Dhabi

    UAE Water Security Strategy 2036 and Saudi Arabia’s Qatrah Initiative Illustrate Shift from Desalination to Water Demand and Reuse;  Water Expo & Forum at World Future Energy Summit to Showcase Water Tech, and Bring Together Regional and Global Customers and Investors;  Abu Dhabi Sewerage Services Company, as the Water Expo Strategic Partner, will Showcase UAE Government Innovations in Water Sustainability   Abu Dhabi, United Arab Emirates - October 31, 2019:   The Gulf Cooperation Council (GCC)’s USD 80 billion investment in world-leading water and wastewater sustainability initiatives, will take centre stage at the Water Expo & Forum, part of the World Future Energy Summit 2020 in Abu Dhabi. Taking UAE water innovations to a global audience, the Abu Dhabi Sewerage Services ......read more

    Gemini Chairman Sudhakar Rao feted for Lifetime Achievement at Indian Excellence Awards

    Sudhakar R. Rao, Chairman of Gemini Group has been honoured with an award of Best Entrepreneur for his excellence in the real estate sector Dubai, UAE, October 30, 2019:  Dubai-based Non-Resident Indian (NRI) entrepreneur Sudhakar Raghvendra Rao, Chairman of Gemini Property Developers, has been honoured with the prestigious lifetime achievement award as Best Entrepreneur at the Indian Excellence Awards 2019 for his excellent leadership in the Real Estate sector which was held at Marriott Hotel Al Jaddaf, Dubai, recently. Founded in 1986 by Sudhakar Rao, the group was originally started as Sievert Group, specialising in technical Testing and Inspection before recently divesting that business to a French multinational giant. A man with a golden heart, Sudhakar Rao, is the Founder Chairman of Gemini Global Hope ......read more

    Emirates Integrated Telecommunications Company PJSC (“du”) Announces 3.7% growth in its first 9 month Adjusted Net Profit to reach AED 1.29 billion

    Dubai, UAE, 30 October 2019:   Emirates Integrated Telecommunications Company PJSC (“du”) published today its financial results for the nine-month period ended 30 September 2019, reporting Revenues of AED 9.4 billion, an EBITDA of AED 4.22 billion and a Net Profit after royalty of AED 1.29 billion.   For Q3 2019, EITC reported Revenues of AED 3.07 billion, an EBITDA of AED 1.33 billion and a Net Profit after royalty of AED 381 million.   2019 Q3 and First 9 Months Major KPIs (AED million)   Third Quarter Year to Date Q3 2018 Q3 2019 % change YTD 2018 YTD 2019 % ......read more

    Liberty Steel plants to merge into one global group, setting sights on carbon-neutral operations by 2030

    • A single global company – Liberty Steel Group – to be created, consolidating GFG Alliance’s steel businesses into one legal entity • GREENSTEEL strategies to be at the heart of the combined group, including exploration of new environmentally friendly technology such as hydrogen based steel making • Liberty Steel Group aims to be the world’s first carbon neutral steel company by 2030      Dubai, United Arab Emirates - October 29, 2019:     A single global company with 18 million tonnes of rolled steel capacity annually is to be launched through a consolidation of GFG Alliance’s steel businesses, with an ambition to lead the industry towards a carbon-neutral future.   The family-owned alliance led by Sanjeev Gupta today announces ......read more

    Dubai external trade with Brazil makes AED 5.6b in 2018

    Dubai – 29 October 2019:   Dubai mutual trade with Brazil in 2018 made around AED 5.6 billion, with AED 5.2 billion in imports, AED 136 million in exports and AED 234 million in re-exports.  Statistics, released by Dubai Customs in conjunction with the visit of the Brazilian President, Jair Bolsonaro to the UAE, showed that trade with Brazil touched AED 3.6 billion in the first half of 2019, with AED 3.4 in imports, AED 56 million in exports and AED 93 million in re-exports.  “Dubai trade with South American countries, especially Brazil, is noticeably growing,” said Ahmed Abdul Salam Kazim, Director of Strategy and Corporate Excellence Department at Dubai Customs. “We do our best to deliver the best customs services and facilities to the Brazilian companies following the directives of ......read more

    Other Top Stories from Banking and Investments
     
    Western Motors signs MOU with Emirates Driving Company

    Agreement seeks to promote off-road safety & sand dune adventures in the UAE Exclusive training course to be offered to new Western Motors Jeep Wrangler Abu Dhabi, 10 November 2019: Western Motors, Jeep authorized distributor in the Emirate of Abu Dhabi and member of ALFAHIM Group, has signed a Memorandum of Understanding (MOU) with Emirates Driving Company (EDC) to jointly promote safe off-road driving, encourage Jeepers to take their vehicles out into the UAE’s adventurous sand dunes and utilize their 4x4’s to their full potential. The partnership aligns with ......read more

    Wood, GHD Establish Consistent Global Processes to Manage Project Information, Making Every Project as Good as Their Best Project

    10 November 2019 - In a business and economic climate where embracing change is necessary to survive, having suffered from many years of poor productivity versus other industries, it is widely accepted that the construction sector has been slow to respond and adapt. McKinsey’s latest report – Imagining Construction’s Digital Future – supports the notion that construction’s lack of progress in adoption of digital technology and information sharing has meant owners and contractors have been exposed to increased risk, principally as a result of working from ......read more

    Brazil-Arab ties soars to greater heights with Year-on-Year trade balance growth of 50.57 percent

    Brazil’s exports to Arab states from January to October reached USD 10.34 billion UAE investments in Brazil currently stand at approximately USD 5 billion November 9, 2019- Trade relations between Brazil and Arab countries continue to soar to greater heights as seen in the recording of a Year-on-Year (YoY) growth of 50.57 per cent in trade balance from USD 3.1 billion from January to October 2018 to 4.68 billion during the same period of 2019, according to figures released by Arab-Brazilian Chamber of Commerce (ABCC). The latest ABCC statistics revealed that Brazil’s ......read more

    DuPont Announces 2030 Sustainability Goals

    Nine Goals Focus on Innovation, Operations and People to Deliver Business Growth with Societal and Environmental Benefits November 7, 2019 – DuPont (NYSE: DD) recently announced its 2030 Sustainability Goals, underscoring the importance of sustainability in fulfilling its purpose of delivering essential innovations to help societies thrive. The nine long-term goals are based on a critical assessment of the company’s capabilities coupled with the feedback of customers and stakeholders. The goals also draw inspiration from the United Nations Sustainable Development Goals (SDGs) ......read more

    Dubai FDI signs MoU with Standard Chartered Bank

    Partnership to enable support & collaboration across global initiatives and projects related to attracting more investments into Dubai November 5, 2019: Dubai FDI, the investment development agency of Dubai Economy, announced the signing of a memorandum of understanding (MoU) with Standard Chartered Bank, to facilitate consultation, cooperation and exchange of information in areas of mutual interest and objectives. The agreement was signed between Fahad Al Gergawi, CEO of Dubai FDI and Rola Abu Manneh, CEO of Standard Chartered UAE branch, at Dubai FDI office. In line with Dubai ......read more

    ADDED organizes workshop to shed light on Abu Dhabi's circular economy in industrial sector

    Workshop held in line with Emirate’s hosting of 18th UNIDO Conference In line with ADDED initiatives, 32 per cent of industrial companies in Abu Dhabi benefit from the sector’s secondary products 140 industrial facilities in Abu Dhabi apply to conduct complete ‘self-recycling of industrial waste Abu Dhabi, November 02, 2019: In line with the Abu Dhabi’s hosting of the 18th General Conference of the United Nations Industrial Development Organization (UNIDO) taking place from November 3 to 7, 2019 at Emirates Palace Hotel, the Abu Dhabi Department of Economic ......read more

    ADDED Undersecretary H.E. Al Balooshi leads opening of IREIS 2019 in Abu Dhabi

    Leading show attracts investors, industry experts, professionals, stakeholders, and visitors from all over the globe Abu Dhabi, October 30, 2019: H.E. Rashed Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED), today (Wednesday, October 30, 2019) led the inauguration of the much anticipated 11th International Real Estate & Investment Show (IREIS) at the Abu Dhabi National Exhibition Centre.  The leading show, the only real estate event in Abu Dhabi specialized to target investors and consumers rather than trade visitors, will run ......read more

    Pfizer beats expectations,Beyond Meat top IPO performer of 2019

    Pharmaceutical giant Pfizer alongside Merck both beat Wall Street’s expectations for third quarter results on Tuesday, and raised their full year guidance. This comes after both of the powerhouses announced oncology segments outperformed during the period. Sales in Pfizer’s bio pharma unit rocketed up 7% to breach the $10 billion mark during the quarter. This segment of the company also includes major products including their pioneering breast cancer treatment drug Ibrance and blood thinner Eliquis.  Merck also raised their year-end revenue and earnings based on the ......read more

    Ajman Bank Wins ‘Best Home Finance Institution' Award

    Ajman Bank has been declared the winner of the ‘Best Home Finance Institution’ at the Islamic Business & Finance Award 2019. The coveted awards recognise the pioneers in the Islamic finance and laud their many achievements that are integral to the industry’s continued growth. Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We are delighted to receive this prestigious award from Islamic Business & Finance and truly grateful to our valued customers, associates and team members. At Ajman Bank we are at the forefront of developing exciting new ......read more

    Mohammed bin Rashid Space Centre receives organising committee flag for IAC 2020

    Dubai, United Arab Emirates - October 29, 2019:    Washington D.C, USA, 29th October 2019: The UAE, represented by His Excellency Yousuf Hamad AlShaibani, Director General of the Mohammed bin Rashid Space Centre (MBRSC), received the organising committee flag for the 71st International Astronautical Congress (IAC), which is set to be held in Dubai in 2020. AlShaibani and Pascale Ehrenfreund, new President of the International Astronautical Federation (IAF), signed the contract, in the presence of state and media delegations. This took place at the closing ceremony of the 70th IAC, ......read more

    Arab Bank Group profits grow by 4% to $669 million for nine month 2019

    Dubai, UAE, 29 October 2019:    Arab Bank Group reported net income after tax for the nine month period ended 30 September 2019 of $668.9 million compared to $643.2 million in the prior period, recording a growth of 4%. The Group’s net income before tax grew by 6% to reach $912 million with net operating income reaching $ 1,040 million and recording a growth of 5%.   Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong operating performance of Arab Bank Group confirms the strength of its franchise locally and abroad with its wide ......read more

    Merck to establish its Sustainability Centre at District 2020, Dubai

    A world-leading German science and technology company is the most recent organisation to announce its collaboration with District 2020 in Dubai   Dubai, UAE 28 October 2019  – Merck KGaA Germany, a leading science and technology company, announced today the establishment of its Sustainability Centre in District 2020, Dubai. With a special focus on countries of the Global South, the centre comprises diverse programs that address and accelerate solutions for sustainable challenges through the application of advanced science and technology, which will be launched during ......read more

    Airbus showcases its state-of-the-art technology during the Bahrain International Defence Exhibition & Conference (BIDEC)

    Dubai, UAE - 28 October 2019 –   Airbus, a leading provider of secure communication and collaboration solutions, is showcasing their diverse portfolio of mission-critical offerings at the 2nd edition of Bahrain International Defense Exhibition & Conference. Being held under the patronage of His Majesty King Hamad bin Isa Al Khalifa, and endorsed by the Bahrain Defense Force; the event will take place between the 28th and 30th of October in Manama; presenting a unique opportunity for Airbus to display its latest technology in secure communications.  During the ......read more

    Jafza Partners With Amer to Deliver Family Visa Services to Employees in the Free Zone Area

    One-Stop Centre Will Provide Comprehensive Range of Visa and Other Documentation Services   Dubai, United Arab Emirates, 28 October 2019:   Jebel Ali Free Zone (Jafza), the leading business and logistics hub signed an agreement with Amer, to deliver services relating to the sponsorship of family visas to people employed in companies operating in Jafza and National Industries Park (NIP). Under the agreement, a dedicated Amer Centre in Jafza will serve the needs of more than 135,000 people employed by over 7,500 companies across Jafza and NIP. The agreement was signed by ......read more

    New era for blockchains and cryptocurrency businesses in Dubai and Emirates

    Cryptocurrency regulation may be about to reach new heights in the United Arab Emirates. Since Bitcoin was first made available in the Middle East in 2014, the region has welcomed the myriad opportunities cryptocurrency and blockchain technology brings.   The UAE’s financial regulator, SCA (Securities and Commodities Authority) is now gathering intelligence from individuals and companies in the cryptocurrency industry to feed in to its final draft regulations. Cryptocurrency exchanges, Forex brokers and financial analysts will all feed in to the development of new regulatory ......read more

    France to Reinvent the Art of Design through an Innovative Approach at Downtown Design from November 12th to 15th 2019, Dubai Design District (d3)

    • French Exhibition under the theme “Expression of French Design… Just Beautiful” • 17 French exhibitors   United Arab Emirates, October 27, 2019:    Business France, the national agency supporting the international development of the French economy is gathering 17 artists, design experts and innovation specialists on the French pavilion at Downtown Design to exhibit an avant-garde and iconic expertise.   Held under the patronage of Her Highness Sheikha Latifa Bint Mohammed Bin Rashid Al Maktoum, Chairperson of Dubai Culture ......read more

    ASI Sharpens Emerging Market Debt Focus in Middle East, Enhances Its on-the-ground Expertise

    Dubai, United Arab Emirates - October 27, 2019:   Aberdeen Standard Investments (ASI) is expanding and strengthening its capabilities in Emerging Markets Debt (EMD) in the Middle East, with a mix of initiatives ranging from multi-channel, multi-media marketing to new arrivals in its Abu Dhabi office. Globally, the firm manages around US$15 billion in EM bonds, of which over US$2 billion is invested in dedicated EM corporate bond portfolios. The brighter spotlight on the Middle East is intended to leverage this track record, as well as extend ASI’s global footprint in the ......read more

    PCFC signs mutual trade agreement with Vietnam and expands scope of World Logistics Passport

    Dubai – 27 October 2019:  Dubai has recently launched the World Logistics Passport, and Customs World, a subsidiary of the Ports, Customs and Free Zone Corporation (PCFC), has been working hard ever since to expand the role of the leading initiative and raise awareness around it among businesses.  The World Logistics Passport offers a set of unique operational and financial advantages for businesses and shipping companies by connecting government entities, including Dubai Customs and Dubai Trade, with logistics service providers like DP World and Dnata, and facilitating ......read more

    UAE has potential to double exports to Africa: analysis

    • Plastics and rubber, sugar and metal identified as top products with highest value of untapped export potential of $867.9 million, $457.9 million and $291.7 million, respectively • The UAE's exports to African countries have recorded strong growth over the past decade, driven by expanding trade links and improving economic conditions across the continent   Dubai, United Arab Emirates - October 27, 2019:     There is tremendous potential for the UAE to double its exports to African countries with plastics, rubber and sugar identified as the top ......read more

    WCU: Gold and silver resume climb ahead of FOMC rate cut

    Dubai, United Arab Emirates - October 27, 2019:    The Bloomberg Commodity Index, which tracks the performance of 22 futures markets across energy, metals and agriculture rose to a one-month high this week. The gains were led by crude oil and metals, both industrial and precious. The agriculture sector rally paused following a recent run of gains driven by trade optimism. An indication that the market after pricing in a grains supportive light U.S. – China trade deal have now adopted a wait-and-see approach ahead of next month’s meeting between Trump and XI at the APAC ......read more

    Empower awards contract worth AED 197 million to construct new plant in Dubai Production City

    First phase to be complete by the end of 2020 Dubai, UAE, 27th October 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, announced the start of construction work for its new plant in Dubai Production City, worth AED 197 million. The project will be implemented in two phases, with the first phase is expected to be complete by the end of 2020. Empower highlighted that the total capacity of the project will be 47,000 Refrigeration Tonnes (RT) to serve its customers in Dubai Production City. This supports ......read more

    Dp World, UAE Region Sets Maritime Standard With Terminal Operator of the Year Award

    Honour Bestowed for Exemplary Work to Improve Efficiency and Productivity Using Technology   Dubai, United Arab Emirates, 26 October 2019:  DP World, UAE Region, the leading trade enabler has been recognised as the Terminal Operator of the Year at The Maritime Standard Awards 2019. The awards were held under the patronage of His Highness Sheikh Ahmed Bin Saeed Al Maktoum, President, Dubai Civil Aviation Authority and Chairman and Chief Executive, Emirates Airline and Group. The top industry award was received by Joost Kruijning, SVP & COO, Ports & Terminals ......read more

    Malabar Gold & Diamonds - Mayankutty C - Golden Visa - PR

    Today (24.10.19), Mr. Mayan Kutty Cholakkal, Senior Director - Malabar Group and Chairman of Hashim Group of Companies has been given the 10 year Golden Visa by Colonel Hazeem Khalifa Al Suwaidi, Chief Director of Residence Visa Section, General Directorate of Residency & Foreigners Affairs – Sharjah.   Granting 10 year visa is the great initiative by the Government of UAE. This step is in fulfillment of the visionary leadership of Rulers of UAE, to make UAE one of the most investor friendly countries in the world. It has benefited not only the investor residents of UAE but ......read more

    The journey of a rare carpet, an artistic collaboration with a purpose

    Hands and Senses create ‘carpet of tolerance’   Dubai, United Arab Emirates - October 26, 2019:    Hands, the creators of exquisite handmade carpets since 1881, has once again collaborated with the Senses Centre for Special Needs, in celebration of the Year of Tolerance in the UAE.      In June 2019, the children at Senses displayed their artistic talents in creating artworks to be incorporated into the design of a special carpet, using the leaves and branches of the Ghaf tree to apply the paint instead of a paint brush.  These ......read more

    Dubai Startup Hub honoured at Achieving Women Awards 2019

    Dubai, United Arab Emirates - October 24, 2019:   Dubai Startup Hub, an initiative of Dubai Chamber of Commerce and Industry, was recently recognised at Entrepreneur Magazine Middle East’s prestigious annual Achieving Women Awards gala event held in Dubai. The Dubai Startup Hub team was presented with the award in the Entrepreneurship Ecosystem category.  Established by Dubai Chamber in 2016, Dubai Startup Hub is the first initiative of its kind in the Middle East and North Africa region. The initiative aims to provide clarity and guidance for entrepreneurs ......read more

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