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    Featured in Banking and Investments
    Crude oil's continued recovery challenged by quota-cheating

    Dubai, United Arab Emirates, June 03, 2020:   Brent crude oil’s return to a $40/b handle has so far proved to be short-lived. During the past week the oil market has continued to move higher in the belief that the OPEC+ group of producers would extent a deal to curb production. Thereby continuing their support for the market while demand slowly recover.  Saudi Arabia and Russia, the leaders of the group, have preliminary agreed on a one month extension of existing OPEC+ cuts. The problem however is once again what to do with countries that fail to deliver the promised cuts. Moscow, usually a laggard in previous deals, has almost reached its target of 8.5 million barrels/day. That has left the group in a stronger position to demand compliance from others.  Among the OPEC producers Saudi Arabia and the UAE ......read more

    With the Global Crisis being Experienced, France does not lose Sight of Success

    Business France announces Record High Investments and Jobs Generated in 2019’s annual Foreign Invest in France Report    o International investment in France last year reached a record high thanks to an annual investment increase of 11 per cent and nearly 40,000 jobs being created or maintained.   o France was the leading European destination for industrial investment projects whereby production and manufacturing activities are the leading contributors to employment.   United Arab Emirates: June 3rd , 2020:   Business France, the national agency supporting the international development of the French economy, has released its Foreign Investment Report for 2019 highlighting how France, has once again become the country to which international investors turn to for international ......read more

    DHL Partners With Tabby to Offer Online Retailers a Simpler Alternative to Cash on Delivery

    Tabby offers shoppers the option to ‘buy now and pay later’  Dubai, United Arab Emirates, June 03, 2020:   DHL Express, the world’s leading international express services provider, has partnered with Tabby, the first Buy Now Pay Later business in the GCC region, to provide DHL’s customers with payment solutions that address the region’s dependence on cash.  DHL’s e-commerce customers can now provide a simpler and viable alternative to cash on delivery (COD) to their customers in the UAE by offering Tabby’s “Pay Later” option on their website.   This will allow shoppers to instantly checkout, without having to provide a credit card when they make a purchase, thereby addressing the main concerns customers consider when choosing COD for online ......read more

    REPORT: Consumers See Tech Innovation as Critical for Future Sustainability

    Dubai, United Arab Emirates, June 02, 2020:   The latest Ericsson ConsumerLab report reveals fresh insights on consumer attitudes toward sustainability challenges - and how technology could help them to make a greater positive impact. From governments and businesses, to millions of school children going on strike as part of Fridays for Future - the question of how to lead more sustainable lives has become more prevalent across society. But where do everyday consumers stand in this? Do their habits and actions reflect their perceptions? And do they consider ICT as a tool for helping them address their potential impact? Ericsson’s latest ConsumerLab report: ‘Consumers, sustainability and ICT’ looks deeper into these topics. Based on a quantitative study of 12,000 internet users from across the ......read more

    ESG Funds on the Radar for MENA Based Investors

    • Companies with better ESG ratings outperformed the broader market during turbulent first quarter • Strong performance could continue as the world aims to ‘build back better’ following Covid-19 pandemic • ESG investments strongly aligned to GCC government visions on sustainability     Dubai, 1 June 2020: The performance of environmental, social and governance (ESG) funds during the Covid-19 pandemic and their alignment with government visions in the GCC make them a compelling choice for investors in the Middle East, according to Aberdeen Standard Investments (ASI).     In the first quarter of this year, the Covid-19 pandemic prompted the most severe stock-market crash since the global financial crisis. But for investors who focus on ESG issues, there was some ......read more

    The Canada Visa Application Centre reopens in Dubai from 31 May 2020

     Provides limited visa services from Sunday to Thursday between 1000 to 1800 hrs   Dubai, United Arab Emirates, June 01, 2020:   Under the  directives received from the Immigration, Refugees and Citizenship Canada (IRCC), VFS Global, the world's largest visa outsourcing and technology services specialist for governments and diplomatic missions worldwide, has reopened its Canada Visa Application Centre in Dubai with strict health and safety guidelines in place.    Located at the Wafi Mall, 3rd Floor, 2 Umm Hurair 2, Dubai, the centre restarts operations from 31 May 2020 and will initially limit its visa services to:    1. Accepting biometric collection from customers who have prior appointment and biometric instruction letter (BIL).   2. Return of ......read more

    Allocations to Emerging Markets Debt and ESG-Related Bonds on the Rise

    • Allocations to EMD have surged, driven by EMEA and APAC investors • ESG adoption rockets in EMEA and APAC; EMEA investors most bullish on ESG performance and future prospects  • Majority concerned about bond market liquidity, even before Covid-19     DUBAI, 31 MAY 2020 – Invesco recently released findings from its third annual Global Fixed Income Study an in-depth report outlining sentiments discerned from interviews with 159 CIOs and fixed income asset owners globally. The study offers insights into asset allocation decisions, strategies, and methods of implementation, as well as future intentions of fixed income investors and reveals how they were positioned in the leadup to the market turmoil arising from the COVID-19 pandemic.   Highlights from the study reveal: 72% of ......read more

    Blue Ocean for Islamic Finance Industry

     By Miljan Stamenkovic, Regional Director, Mambu   Dubai, United Arab Emirates, May 31, 2020:   Islamic finance is going digital. Muslims around the world are looking for alternative Shariah-compliant solutions to manage their daily finances. New fintechs offering Islamic banking products and services are on the rise and there is a blue ocean for established Islamic banks and challengers in the underbanked segments of Islamic countries. Digitisation is helping Islamic banks reach these populations and provide them with products that are more aligned with their ethical codes.   Challenges that drive the adoption of fintech in Islamic banking The fact that millennials make up a large chunk of the customers of Islamic banking means that they will also direct its growth. A recent study conducted by  Alvarez ......read more

    Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce

    Dubai, United Arab Emirates, May 31, 2020:   Commodities trading was mixed during the final week of May. A month that turned out to be the come-back month for many markets following the Covid-19 related collapse seen during Q1. The continued easing of lockdowns around the world have, despite dismal economic data, raised hopes that a V-shaped recovery may occur over the coming months.  This is optimism we unfortunately do not share - with millions of workers unlikely to return to work, together with the risk of the virus re-emerging as some economies attempt to open-up too soon. The Bloomberg Commodity Index traded lower, with the energy sector giving back some of their record gains seen after the April collapse. Industrial metals also traded softer on rising US-China tensions despite the National People’s Congress ......read more

    SCCI, SIB Hold Virtual Meeting to Discuss Banking Sector Trends to Face the Current Challenges

    Sharjah, May 30, 2020:  The Sharjah Chamber of Commerce & Industry, SCCI, and Sharjah Islamic Bank (SIB) recently held a virtual joint meeting to discuss the latest developments of the impact of the new coronavirus (COVID-19) on the economy and explore avenues of the mutual cooperation to stimulate businessmen, especially within the most affected sectors, as well as to learn closely about banking sector trends in finding the proper mechanisms for supporting the governmental efforts to face the repercussions of the current stage. The meeting was held in the presence of His Excellency Abdullah Sultan Al Owais, Chairman, SCCI, the meeting was attended by His Excellency Mohammed Abdullah, CEO of Sharjah Islamic Bank, His Excellency Waleed Bu Khatir, SCCI Second Vice Chairman, His Excellency Ziad Mahmoud Khairallah Al-Hajji, SCCI ......read more

    Danube Group Chairman Files Case With Dubai Police Against Scam Star for Faking Facebook Account to Get Donation

    Cybercriminals created a fake Facebook account allegedly to swindle money by raising donations from friends of Mr Rizwan Sajan, Founder and Chairman of Danube Group  Date: Dubai, UAE, May 27, 2020  Rizwan Sajan, Founder and Chairman of Danube Group, has filed a complaint with Dubai Police’s cybercrime unit against impersonating him through a fake Facebook account to allegedly swindle money by seeking donations from his friends.  A cybercriminal last week created a clone Facebook account in Mr Sajan’s name and started seeking donations in his name. One of Mr Sajan’s friends then notified him out of suspicion, when the scam came to his notice that prompted him to take legal action.  “Please note that someone has again created a fake account under my name and is sending random ......read more

    Trina Solar Publishes Its Vertex Module Technology White Paper, Unveiling a Brand New Technology Platform

    Dubai, UAE - May 23, 2020:  Trina Solar Co., Ltd (“Trina Solar” or the “Company”), the world’s leading PV and smart energy total solution provider, has published a technology white paper on its 500W-plus Vertex ultra-high power modules (the “Vertex”).  According to the white paper, the Vertex has built up a brand new product technology platform by breaking the inherent impression and conclusion of the module, and holds great potential for realizing 600W and higher power output based on its optimized solutions in terms of product design, manufacturing, transportation, system compatibility, etc.  Considering the impact of high current output on the junction box and inverter, module size on the installation, handling, transportation and logistics, Trina Solar has taken the lead ......read more

    SALAMA Announces AED 13.65 Million Profit for Q1 2020

    Dubai - United Arab Emirates, May 23, 2020:  Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest and oldest Takaful provider, has announced its reviewed financial results for the quarter ending March 31, 2020, reporting a net profit attributable to shareholders of AED 13.65 million compared to AED 14.96 million in Q1 2019. The Gross Written Contribution grew by 26% to reach AED 441 million in Q1 2020 compared to AED 351 million in Q1 2019. SALAMA continues to maintain its leading position in the Takaful segment of the UAE market. Despite global uncertainty due to COVID-19, SALAMA continued on its growth trajectory, achieving a substantial increase in its Gross Written Contribution. All lines of business and subsidiaries performed as per expectations, except SALAMA Algeria, which reported decreased ......read more

    Made in Italy, ICSA® Issues a Notification of Counterfeit Products Found in the Kingdom of Saudi Arabia

    Counterfeits of door hinges are found in the KSA Concesio, Italy - (EMAILWIRE.COM) - The following is a notification from ICSA Serrature Srl that the door hinge identified below bears a counterfeit UL Certification Mark.  The door hinge has not been evaluated by UL to the appropriate Standards for Safety and it is unknown if they comply with any safety requirements.   Although the door hinges are marked ICSASRL, the door hinges were not manufactured or labeled by ICSA Serrature Srl.   Name of Product: Ball Bearing Hinge   Remedy: ICSA Serrature Srl recommends that these products be immediately removed from service and be replaced with UL Certified door hinges.   Identification on the Product: The product is marked with a counterfeit UL Listing Mark and the ......read more

    VFS Global Joins Nation's Biggest Community Campaign; Donates to the 10 Million Meals Initiative

    Dubai, UAE 21 May 2020:  Supporting government’s efforts to strengthen the country during crises, VFS Global, the world's largest visa outsourcing and technology services specialist for governments and diplomatic missions worldwide, made a conscious decision of donating meals to the less fortunate people in the UAE through the 10 Million Meals initiative. Instead of customary hampers, the donation was company’s way of giving a meaningful gift on the occasion of Eid Al Fitr to its business partners. Described as the “nation’s biggest community campaign”, 10 Million Meals is launched under the umbrella of the Mohammed bin Rashid Al Maktoum Global Initiatives in response to the COVID-19 pandemic. The initiative aims at reaching out to vulnerable individuals and families in the UAE by providing them ......read more

    UAE Banks Among Top Performing in GCC, KPMG Report Finds

    21 May 2020: KPMG recently released its fifth edition of the ‘GCC listed banks’ results’ report, which analyzes the published results of listed commercial banks across the region for the year ended 31 December 2019. The report, titled ‘New Age Banking’, demonstrates that the UAE’s top ten banks reported positive results in 2019, with an average 13.9 percent growth in net profit, the highest among GCC countries, driven by an increase in the overall loan book and inorganic growth.  The local banking sector continues to show strength and resilience as top UAE banks reported the region’s highest growth in their asset base of 19.5 percent. UAE-based Emirates NBD reported the highest net profit across the GCC, at USD 3.94 million, and the highest return on equity at 21.8 ......read more

    ENEC Completes Significant Test for Unit 4 at Barakah

    - Cold Hydrostatic Testing successfully completed at Unit 4 of the Barakah Nuclear Energy Plant     19 May 2020, Abu Dhabi, UAE:  The Emirates Nuclear Energy Corporation (ENEC) has successfully completed Cold Hydrostatic Testing (CHT) at Unit 4 of the Barakah Nuclear Energy Plant, the Arab world’s first nuclear energy plant being built in the Al Dhafra region of Abu Dhabi, UAE. The testing incorporated the lessons learned from the previous three units and is a crucial step towards the completion of Unit 4, the final unit of the Barakah plant.   As a part of CHT, the pressure inside Unit 4’s systems was increased to 25% above what will be the normal operating pressure, demonstrating the quality and robust nature of the Unit’s construction. Prior to the commencement of CHT, Unit ......read more

    Matrix Public Relations to Support Local Companies with Free PR Services as COVID-19 Continues to Bite

    Dubai, UAE, May 18, 2020:  In a move to cushion local businesses in the wake of the dreaded COVID-19 pandemic, boutique communication agency, Matrix Public Relations, has signed on three companies on a pro bono basis. The companies were nominated by members of the public following the agency’s nationwide social media campaign held in April in search of local success stories from homegrown businesses that needed to be told. As part of the deal, Matrix Public Relations will offer free strategic communications support to the winning companies for a period of two months. This gesture, according to the agency’s spokesperson, will help the companies to create awareness and generate publicity for their activities during the pandemic and most importantly highlight the impact these actions have had on the ......read more

    Orient's Premium, Profit and Equity Grow in Quarter 1, 2020

    Orient announced its first quarter results of 2020.     Dubai, United Arab Emirates, May 17, 2020:   Despite the challenging times facing businesses across the world, Orient continues its growth trajectory in all areas of insurance operation such as Premium, Technical Profit, Net Profit, Shareholders’ Equity, Assets, Cash and Bank Deposits.   Compared with the same period of last year, the profit has increased from AED 166 million  to AED 171 million,  with the Gross Written Premium going up from AED 1.3 billion to AED 1.5 billion, an increase of 15%.    The Equity has crossed the 3 billion mark, the only company in the country to achieve this feat and reached AED 3.1 billion from AED 2.8 billion, an increase of 11%.   Orient’s assets increased from ......read more

    Commodity Weekly: Gold and Silver Pop as Economic Clouds Darken

    By Ole S. Hansen | May 17, 2020 With parts of the world beginning to emerge from Covid-19 lockdowns the financial markets have tried to strike an optimistic note, not least supported by a wall of money and rock-bottom interest rates. Just like when a hurricane or natural disasters strike havoc, the longer-term impacts are first seen in the aftermath. During the past few weeks we have started to see the horrendous damage done to the global economy from many weeks of inactivity.  The coming months are likely to see a wave of bankruptcies, major negative corporate earnings revisions and with that, the risk that unemployment will remain stubbornly high. Self-imposed social distancing will keep the whole experience industry from travelling and exhibitions, to restaurants and cinemas under pressure for months to come. The need to keep ......read more

    World Finance Names ICS Financial Systems as Best Islamic Banking & Finance Technology Provider at 2020 Islamic Finance Awards May, 2020

    Dubai, United Arab Emirates, May 16, 2020:    The latest edition of World Finance magazine is out now and has confirmed ICS Financial Systems (ICSFS) as Best Islamic Banking & Finance Technology Provider as part of its Islamic Finance Awards. The Islamic banking sector has been growing rapidly in recent times and it is certainly an area of the market that ICSFS has been supporting through its Shari’a compliant solutions.     One of the products that particularly caught the eye of the World Finance judges was ICS BANKS, a fully integrated banking application developed by ICSFS that enables banks to automate and streamline their services. ICS BANKS comes with a bespoke Islamic service that has helped financial institutions to achieve a competitive edge by offering a comprehensive suite of Islamic ......read more

    Arab Bank Group Reports First Quarter 2020 Net Profit of $147.6 Million

    Dubai, United Arab Emirates, May 14, 2020:   Arab Bank Group reported net income after tax for the first quarter of 2020 of $147.6 million as compared to $231.8 million for the prior period, recording a decrease of 36%. Total loans amounted to $26.2 billion as of March 31, 2020 compared to $25.8 billion for the same period in the previous year, with a growth rate of 2%, while customer deposits grew by 5% to reach $35.2 billion compared to $ 33.7 billion for the same period in the previous year. The Group maintained its strong capital base with equity of $9.2 billion and a capital adequacy ratio of 16.5%. Mr. Sabih Masri, Chairman of the Board of Directors remarked that the performance of Arab Bank confirms the success of the diversified business model of the Group regionally and globally. He also pointed out that the next ......read more

    COVID-19 Triggers Marked Decline in Global Trade: UNCTAD

    • Global trade values fell 3% in the first quarter of 2020 • An estimated quarter-on-quarter decline of 27% is expected in the second quarter • Commodity prices fell by a record 20% in March, driven by steep drops in oil prices    13 May 2020:  The coronavirus pandemic cut global trade values by 3% in the first quarter of this year, according to the latest UNCTAD data published in a joint report by 36 international organizations.   The downturn is expected to accelerate in the second quarter, with global trade projected to record a quarter-on-quarter decline of 27%, according to the report by the Committee for the Coordination of Statistical Activities (CCSA).   The report is a product of cooperation between the international statistics community and national statistical ......read more

    Saxo Bank Market update: Copper and Silver Focus

    Dubai, United Arab Emirates, May 13, 2020:    Market update: Copper and silver focus By Ole Hansen, Head of Commodity Strategy, Saxo Bank Industrial metals such as copper started the week on a firm footing, reaching a seven-week high, before retracing lower. Silver meanwhile has followed more or less the same recovery trajectory since hitting a multi-year low in March. We take a closer look at the current drivers impacting both metals and what may lie in store over the coming weeks What is our trading focus? COPPERUSJUL20 - HG Copper SILVERJUL20 - Silver XAUXAG - Spot Gold-silver ratio Industrial metals such as copper started the week on a firm footing, reaching a seven-week high, before retracing lower. Just like crude oil and growth and dependent commodities it has now established an uptrend with rising ......read more

    Grundfos Marks 75 Years of Pioneering Sustainable Water Solutions

    Dubai, United Arab Emirates, May 13, 2020:   Grundfos, a global leader in innovative water solutions, this week celebrated its 75th anniversary paying tribute to the people and valued partners all over the world who have helped to drive the company’s efforts in sustainability.  From humble origins and the production of its very first pump in 1945 through to today’s global workforce of 19,280 and its advanced digital solutions, Grundfos is known worldwide as an innovator and leader, providing energy efficient pumping solutions across diverse segments including domestic, commercial buildings, industries, water utilities and pumps running on renewable energy.  Kostas Poulopoulos, Area Managing Director, Gulf, Levant and Pakistan, said: “We celebrate the pioneering, collaborative and socially ......read more

    Other Top Stories from Banking and Investments
     
    Ras Al Khaimah's Department of Economic Development Completes 1,219 Remote Transactions During March and April

    Dubai, United Arab Emirates, May 13, 2020:   The Department of Economic Development in Ras Al Khaimah (RAK DED) has revealed that it completed 1,219 electronic transactions during March and April. The department, which is responsible for creating an environment in Ras Al Khaimah where trade and commerce can flourish, says that its Smart Services make it easier for customers to conduct their business, as well as strengthen its efforts to support business continuity in the emirate. The electronic transactions accomplished by RAK DED during the two-month period covered an array of ......read more

    Pinza Announces Extension of Its ‘Win a Luxury Apartment' Contest Till 1 June

    Dubai, United Arab Emirates, 12, May 2020:  Pinza, the Dubai-born modern ‘pinzeria,’ has announced an extension on its offer, where customers can win a luxury home in MAG 5 Boulevard - Dubai South, until 1 June. All Dubai and Abu Dhabi customers have to do is order their favourite blend of the healthiest, hand-kneaded pizza crust directly from the website (www.pinza.com), Pinza’s Instagram page (@itspinza), or from Deliveroo or Chatfood.  Foodies looking to own or move into a brand-new apartment in one of Dubai’s up-and-coming areas are eligible for the ......read more

    A Sneak Peek Into an Italian Escape in Dubai – the Emirate's Best-kept Secret

    Visitors to the Portofino Hotel will be greeted in Italian language where the currency will be Euro and food will be Italian cuisine – offering a complete Italian experience to local, regional and international tourists       Date: Dubai, UAE; May 11, 2020     1. Islands remain safe haven from the Coronavirus outbreak due to their isolated location 4 kilometres offshore   2. More than 1,200 construction workers, technicians, engineers and environmental experts are working full time with a healthy and safe ......read more

    RAKEZ Holds Open Dialogue with Clients During its ‘Customers Come First' Webinar

    Ras Al Khaimah, 11, May 2020:    Ras Al Khaimah Economic Zone (RAKEZ) has recently organised its ‘Customers Come First’ webinar, one of the RAKEZ digital events that are intended to provide valuable information and platform for discussions between the RAKEZ and its clients during social distancing times. Presented by Ryanne Van Der Eijk, RAKEZ Chief Customer Experience Officer, the webinar walked SME and industrial clients through the stimulus provided by RAKEZ to help them pivot their businesses in the face of the pandemic. These include waivers, discounts and ......read more

    SAIF Zone Announces the Completion of Development Works on U2 Area, Adding Another World-Class 70 Warehouses

    Sharjah, 11 May 2020:  The Sharjah Airport International Free Zone (SAIF Zone) has announced the completion of development works on “U2 Area”, a new dedicated district for stores and warehouses. The “U2” area features 70 world-class and mergeable stores with each of which spreading over an area of 600 square meters. They were designed this way to enhance the absorptive capacity and the overall area to suit the investors’ and customers’ needs.  The new area will help attract new investors in key sectors and support the existing investors to ......read more

    Ajman Finance Department Awarded Payment Card Industry Data Security Standard Certification for its Ajman Pay Platform

    Dubai, United Arab Emirates, May 11, 2020:    • Ajman Finance Department has recently been awarded the world-renowned Certification of Compliance in Payment Card Industry Data Security Standard (PCI DSS) for its Ajman Pay Platform, a smart digital payment platform with groundbreaking technologies set to rapidly and securely transform the areas of payment and government revenue collection & control. The certificate has been granted by ValueMentor, a leading global cybersecurity certification provider    • The PCI certification, considered the best ......read more

    DLD Stresses Need to Adhere to Real Estate Advertising Laws

    RERA imposes AED 50,000 fine on a company that violated the permit legislation     Dubai, United Arab Emirates, May 11, 2020:  The Real Estate Regulatory Agency (RERA) imposed a AED 50,000 fine on a real estate company that was found to have violated the laws related to the escrow account and permits of real estate advertisements, specifically Law No. (8) for 2007. RERA calls on all real estate companies and brokers to abide by laws and regulations that regulate real estate advertising and marketing mechanisms. To ensure the highest levels of transparency and ......read more

    DAFZA Prepares for Future Following Successful Roll Out of Remote Working

    Dubai, United Arab Emirates - 7 May 2020:   Dubai Airport Freezone Authority (DAFZA) has launched a set of initiatives for its employees during the remote working period aimed at ensuring the continuity of business operations and enabling co-workers to effectively communicate, collaborate and share their achievements during this period. As part of the ongoing initiatives, the People Management Department at the free zone has launched a ‘Virtual DAFZA Staff Forum’. The weekly forum provides a space for employees to discuss their experiences and recommendations ......read more

    Fedora 32 Now Generally Available

    Latest version of the Fedora operating system delivers improved performance and optimization for users     Dubai, United Arab Emirates, May 06, 2020:   The Fedora Project, a Red Hat, Inc., sponsored and community-driven open source collaboration, today announced the general availability of Fedora 32, the latest version of the fully open source Fedora operating system. Fedora 32 includes new features aimed at addressing issues facing modern developers and IT teams. Highlights include key updates to Fedora’s desktop-focused edition, Fedora 32 Workstation, and ......read more

    Parmigiano Reggiano Records Growth in GCC Markets

    2019: a record year for value at production and for exports of Parmigiano Reggiano     • The Consortium announces the data of a sound supply chain ready to take on the after-Covid19 with concerns for relapse in exports • Parmigiano Reggiano Consortium sees a growth of 2.9% in Arab markets • Parmigiano Reggiano confirmed as number one PDO product with 1.56 billion turnovers at production and 2.6 billion euro at consumption, an export share exceeding 41% (+4.3% growth volume vs 2018) and 3.75 million wheels produced (+1.47% vs ......read more

    Covid-19 Impact on Emerging Market Debt

    Brett Diment, Head of Global Emerging Market Debt at Aberdeen Standard Investments Dubai, United Arab Emirates, May 05, 2020:   Covid-19 has rapidly become an economic shock for the global economy. Initially rocking China, global economic expectations changed dramatically in early March, and have continued to evolve just about daily since. Against this backdrop of broadening concerns on the spread of the virus, bond markets have been at the epicentre of the recent volatility.  The rapid response of China is starting to pay some dividends for the Chinese economy. They ......read more

    Oman Insurance partners with Arte Generali to launch a new product for High Net Worth Individuals in the UAE

    Dubai, May 5, 2020:  Oman Insurance Company has partnered with Arte Generali to offer a new home insurance product for high net-worth individuals in the UAE.   The product has been launched as part of Oman Insurance’s existing ‘Privilege Club’ offering that provides a wide range of coverage options to high net-worth clients in the UAE. Arte Generali will provide their expertise in art, jewellery and other valuable contents, enabling Oman Insurance to underwrite and offer the specialized product to its customers.   Commenting on the launch, Julien Audrerie, ......read more

    Dubai Government Workshop Women's Committee organizes virtual session titled ‘Hope'

    Virtual interactive session designed to spread spirit of optimism, happiness and positivity among female employees UAE, 05 May 2020 – The Women's Committee at Dubai Government Workshop (DGW) organized a virtual interactive session titled ‘Hope,’ with an aim to enhance interaction among all female employees who are currently working remotely and to drive the success of these efforts by capitalizing on the capabilities of technological advancements. The session forms part of the ‘Optimism’ initiative launched to spread optimism, hope and positivity among ......read more

    Al Ansari Exchange becomes the UAE's first exchange house to integrate UAE Pass into its mobile app and online portal

    May 05, 2020 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has announced the successful integration of the ‘UAE Pass’ into its mobile app and online portal, making it the first exchange house in the UAE to incorporate the pioneering national digital identity platform into its Digital Channels. In line with this development, customers will now be able to take advantage of the UAE Pass' unique instant authentication feature, which enables them to digitally complete their registration process and access all the features of the Al ......read more

    UAE's first virtual signing takes place to signify partnership and announce new finance solutions for SMEs and corporates

    Dubai, 3rd May 2020: Noor Takaful | Ethical Insurance and Deem, a digitally-led financial services provider, have signed a partnership that brings the best of insurance and personal finance together. In light of the impact caused by the COVID-19 pandemic, this partnership will create new solutions for corporates and SMEs to access Insurance products online while they are working remotely and quarantined from their homes. Through the agreement, Deem’s business customers will be able to access Noor Takaful | Ethical Insurance’s wide-range of commercial insurance products. The ......read more

    Q1 Gold Demand Supported as Covid-19 Fuelled Safe-Haven Investment

    Dubai, United Arab Emirates, April 30, 2020:   Global gold demand held firm at 1,083.8t in Q1 2020, a rise of 1% on the same period last year, according to the World Gold Council’s latest Gold Demand Trends report.   The global COVID-19 pandemic fuelled safe-haven investment demand for gold, with gold-backed ETFs attracting huge inflows (+298t) to push global holdings in these products to a record high of 3,185t.   Conversely, consumer-focused sectors of the market weakened sharply. Jewellery demand was hit hard by the effects of the outbreak and ......read more

    Dubai Islamic Bank 1st Quarter 2020 Group Financial Results

    • Total asset now at AED 276 billion, up by 19% from year end 2019. • Financing and sukuk investments grew by 17% to nearly AED 216 billion. • Deposits jump by 22% to nearly AED 200 billion with FDR at 90% depicting healthy liquidity. • Net profit of over AED 1.1 billion has been achieved despite creating additional provision and buffers of nearly AED 1.5 billion.  • Robust capital position maintained with CAR at 16.5%. • Noor Bank acquisition completed with financial consolidation. • Foreign ownership limit increase from 25% to 40% ......read more

    Oman Insurance Launches an All-inclusive Home Insurance Product

    Dubai, April 29, 2020:  Oman Insurance Company has launched Home Umbrella, a comprehensive home insurance product that provides cover for homeowners and tenants. The product offers protection for contents such as household items, precious belongings and legal liabilities, on top of the regular property insurance.   In the UAE, home insurance is not usually considered an essential protection by most people. Roughly 10% of UAE’s residents have a home insurance cover despite a spate of high-profile incidents like fires, accidents and natural calamities in recent years. In one ......read more

    Oxford Business Group Launches Latest Analysis of Country's Economy

    SHIFT TO GAS AND MEGAPROJECT PIPELINE TAKE CENTRE STAGE IN 2020 REPORT ON QATAR   Doha, May 2020 - April 29, 2020:  Qatar’s bid to continue diversifying its economy, while introducing a QR75bn ($20.6bn) stimulus package to ease the impact of the Covid-19 pandemic, is explored in detail in a new report by the global research and advisory firm Oxford Business Group (OBG). The Report: Qatar 2020 shines a spotlight on the country’s list of megaprojects, many of which will support the country as it prepares to host the 2022 FIFA World Cup. It also considers ......read more

    Invesco Press Release Inflation Post Bailout Final

    • Latest expansionary monetary policies do not have to lead to a high inflationary period, says Invesco’s Chief Economist • Money supply in the banking system is critical to economic growth  • Money in the hands of the public creates inflation, not money on the books of the central bank       Dubai, United Arab Emirates, 29 April 2020:    The recent actions of the US Federal Reserve Bank and other central Banks have been unprecedented in speed and scale to counter the coronavirus crisis.  While some market commentators ......read more

    Dubai Gold & Jewellery Group Announces High Safety Measures in Dubai Gold Souk Area

    The Group expects increased visitation to the gold souk, as gold price is up by 35% and expected to further increase Dubai, United Arab Emirates, April 28, 2020:    Dubai Gold & Jewellery Group (DGJG), the trade body for the gold and diamond jewellery sector in Dubai, announced the re-opening of iconic Deira Gold Souk, in accordance with the directives by the Supreme Committee of Crisis and Disaster Management. Starting April 26, the retailers within the souk will be operating at reduced trading hours - retail stores to operate from 11 AM to 9 PM and wholesale offices ......read more

    Mashreq Launches Initiative to Bring in #positivechange This Ramadan

    • A movement to raise awareness, support local businesses and individuals, and engage the wider community     Dubai, UAE, 28 April 2020:  Mashreq, one of the leading financial institutions in the UAE, today announced its commitment to bring in #PositiveChange this Ramadan by encouraging a message of solidarity and positive action across the wider community.    As people across the country and beyond experience a new way of celebrating and observing the holy month, the bank is launching a campaign to raise awareness about Positive Change. By ......read more

    DAFZA Launches Incentive Packages to Support Companies Operating in the Free Zone

    His Highness Sheikh Ahmed bin Saeed: Companies’ registered in the free zone are our partners and we work to ensure their business continuity by providing exceptional incentives     Dubai, United Arab Emirates, 26 April 2020:   The Dubai Airport Freezone Authority (DAFZA) has launched a set of economic incentive packages, which aim to support companies based in the free zone. This initiative will ensure business continuity across various sectors and will help them mitigate the severity of the economic impact and precautionary measures the world is facing ......read more

    Emirates Post Resumes International Postal Services to 12 Destinations

    Dubai, United Arab Emirates; 23 April 2020:   Emirates Post resumed its standard and express international postal services to 12 European destinations. The destinations include Austria, Belgium, Denmark, France, Germany, Ireland, United Kingdom, The Netherlands, Norway, Portugal, Sweden and Switzerland, in addition to existing services in Saudi Arabia and Sudan. Emirates Post had temporarily suspended its standard and express services, following the restrictions placed on the transport and aviation industry to curb the outbreak of COVID-19.  Emirates Post is one of the ......read more

    Netflix Disappoints; Oil Collapse Puts Focus on Banks; Europe's Dividend Abyss

    By Peter Garnry, Head of Equity Strategy, Saxo Bank   Dubai, United Arab Emirates, April 22, 2020:   Netflix delivered its first positive free cash flow quarter but the Q2 guidance on net additions of subscribers was disappointing suggesting less positive impact on Netflix relative to the existing trajectory before the COVID-19 outbreak. The oil price collapse due to the lack of storage will cause bankruptcies and loan losses on energy loans and thus Q2 loan losses will be severe. We take a look at European banks and also highlight the banks with the highest exposure to ......read more

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