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
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
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
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
• 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
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 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
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
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
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
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
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
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
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
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
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
- 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
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 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
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
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
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
• 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
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
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
In Alignment with the Application of its Business Development Strategy, Abu Dhabi Securities Exchange (ADX) Grants Al Ramz Short Term Margin Trading License and Opens New Investment Opportunities
Abu Dhabi, 22nd April 2020: Abu Dhabi Securities Exchange (ADX), granted Al Ramz PJSC, a leading financial institution in the UAE, short-term margin license thus becoming one of the first financial institutions in the UAE to offer this offering to its customers.
The granting of the short-term margin license to Al Ramz clearly demonstrates ADX’s commitment to ......read more
Integrated hardware and software solution underpins rollout of Software-Defined managed services offering
Dubai, United Arab Emirates, April 22, 2020: Juniper Networks (NYSE: JNPR), a leader in secure, AI driven networks, has partnered with T-Systems, one of the world-leading cross-manufacturer digital service providers, to create and deliver a managed SD-WAN infrastructure as part of an end-to-end service overlay solution for companies with complex network and connectivity requirements.
With this service offering, T-Systems is focusing on the ......read more
Lloyd’s Register Recognition for Excellence in Health and Safety Systems Boosts DP World, UAE Region Drive Against COVID-19
Dubai, United Arab Emirates, 22nd of April 2020: DP World, UAE Region has received a timely, boost to its efforts to combat the COVID-19 challenge by becoming the first Port and Free Zone operator in the Middle East to attain the updated transition of Occupational Health and Safety Management System certification (ISO 45001: 2018) for international best practices and standards from Lloyd’s Register.
The certification was awarded for ......read more
By David Smith, Head of Corporate Governance, Asia Pacific, Aberdeen Standard Investments
Dubai, United Arab Emirates, April 21, 2020: The COVID-19 pandemic has heightened our expectations of environment, social and governance (ESG) investing across the globe. Although it has been a mainstream topic for asset managers in Europe for some time, a growing concern for ESG-related issues is spreading further worldwide.
There is increasing demand for disclosure, data and information which is compelling asset managers to integrate ESG analysis more explicitly into ......read more
Providing financial relief amid COVID-19
Dubai, United Arab Emirates, April 20, 2020: Union Insurance Company, one of the leading providers of innovative customer-focused insurance solutions to individuals and organizations in the region, has announced that is offering one month free motor insurance for its retail motor customers amid COVID-19 pandemic.
The offer is valid till end of June 2020 for new and existing individual customers who buy motor insurance during that period.
“The decrease of UAE’s residents mobility as they comply to ......read more
By John Hardy, Head of FX Strategy at Saxo Bank
A great reset of the global debt bubble is upon us.
Dubai, United Arab Emirates, April 19, 2020: The first steps washed over the currency market with the usual patterns of risk-off behaviour and squaring of crowded speculative positions. EM currencies have collapsed, the smaller G10 currencies are universally under pressure. Interestingly, the US dollar came under initial pressure against the Japanese yen and euro on the initial deleveraging, but later mounted a broader and more vicious rise akin to what we ......read more
National Geographic and National Geographic Abu Dhabi Amplification Efforts Will Support “One World: Together at Home” Special by Reaching Millions of Viewers across MENA
Broadcast to Celebrate and Support of Healthcare Workers, to Feature Real Experiences from Doctors, Nurses and Families Around the World
Special will Include Performances and Appearances by the World’s Leading Artists from all Corners of the Globe Performing at Home
Dubai, United Arab Emirates, April 18, 2020: Today, National Geographic and National Geographic ......read more
Blue Ocean Global Group, a master distributor of NEC for SMB communications in the UAE, has played a crucial role in promoting the global fixed business phones
1. Worldwide fixed-phone subscription base is expected to grow from 1.55 billion in 2019 to 1.66 billion by 2025, according to the International Telecommunication Union.
2. The global hosted PBX market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.9 percent, according to a research report.
3. The global hosted PBX market size ......read more
By Ole Hansen, Head of Commodity Strategy, Saxo bank
Following the dash-for-cash sell off last month gold has rallied strongly to a seven-year high above $1700/oz. Despite the need to consolidate, and with that the risk of another mini correction, our long term view remains firmly bullish. The level of stimulus currently going into the global economy is likely to support gold over the coming years with yield curve controls likely to push real yields deeper into negative territory.
What is our trading focus?
XAUUSD - Spot Gold
XAGUSD - Spot Silver
XAUXAG - Gold-Silver ......read more
Dubai, UAE - 16th April 2020: Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first quarter ending 31st March 2020.
Key highlights [1Q 2020 vs 1Q 2019]:
• Stable Revenues
o Operating Income for 1Q 2020 stood at AED 1.5 billion, slight decline compared to last year.
o Net Profit for the quarter stands at AED 450 million
• High proportion of non-interest income
o Mashreq’s best-in-class non-interest income to operating income ratio increased to 48.7% vs ......read more
Dubai, United Arab Emirates, April 16, 2020: The integrated creative network Memac Ogilvy has announced a new regional leadership team in its Public Relations and Influence capability. The appointments include a new regional director and three new country leads who will run operations across the GCC.
Ashraf Shakah, former Saudi Arabia lead for the network, steps up into the regional director role following the retirement of industry veteran and long-time Memac Ogilvy regional director Saada Hammad.
Peter Bellini, UAE, Chris Hayes, Qatar, and Dan Wilson, ......read more
More than 1,200 professionals, management team members and workers putting all-out efforts to complete Phase I of the US$5 billion Heart of Europe project, as the island remains free from Coronavirus
Date: Dubai, UAE; April 15, 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 environment.
3. On-site medical team runs health-checks and ......read more
• The Authority of Social Contribution – Ma’an will work with Department of Community Development, Aldar Properties, Aldar Education and Zayed Higher Organization for People of Determination to deliver the first Social Impact Bond in the GCC.
• The five partners will collaborate on a pilot program to support people of determination into permanent employment.
• This is the first Social Impact Bond anywhere in the world focused on people of determination.
Abu Dhabi, Tuesday 14 April 2020: The GCC’s first Social Impact ......read more
Focus is on Critical Movement of Food and Medicines, Improving Operational Resilience, Segregation of Staff, Remote Working, Sanitisation and Thermal Cameras
Dubai, United Arab Emirates, 13 April 2020: DP World, UAE Region has implemented a rapid, resolute action plan to secure the health and safety of its people and its services across all its business, logistics and supply chain assets to keep essential trade flowing in the midst of the global pandemic.
The comprehensive and inclusive measures are being rigorously applied in close consultation with ports and health authorities ......read more
Dubai, United Arab Emirates, April 13, 2020: Emirates District Cooling (Emicool) LLC, a leading district cooling service provider in the region and a wholly-owned subsidiary of Dubai Investments, has commenced testing its Command Control Centre (CCC), which provides operations and performance data from all its district cooling plants. The company also started testing its unmanned machinery space (UMS) — associated with artificial intelligence SMART Systems — which came in handy due to the recent outbreak of COVID-19.
This initiative is part of Emicool ’s ......read more
Abu Dhabi, 5 April 2020: Giant hotel groups operate in different countries, some with strong social security systems while others offering weak or totally inexistent support, leaving employees at risk when forced out of work.
During my career, this is the third time when employees are being either made redundant or forced to take unpaid leave on a large scale.
Operators once again are sending their compassionate newsletters to the hotels, whilst employees are in desperate need of financial help due to their country’s social welfare ......read more
Dubai, April 12, 2020: Oman Insurance Company has announced its retail motor customers will receive 30% of their monthly premium for April and May as a discount when they renew their policy.
As the public stays home to reduce the spread of COVID-19 within the UAE population, Oman Insurance has witnessed a drop in accident claims, compared to the same period last year. “In these trying times, we are determined to support the community by sharing the temporary and unusual profits on motor insurance back with our clients.” said Jean-Louis Laurent Josi, CEO of Oman ......read more
By Steen Jakobsen, Chief Investment Officer at Saxo Bank
The virus outbreak has set three major macro impulses in motion: a global demand shock, a global supply shock and an oil war that has forced prices to multi-year lows. This final development will result in an enormous destruction of capital and, soon, structural unemployment.
In over 30 years of doing this job I have never seen three simultaneous blows to the economy. I am again reminded of 2008, where small events like BNP Paribas closing their high-yield fund, Bear Stearns closing redemptions on its hedge funds in 2007 ......read more
Dubai, UAE, 8 April 2020: Financial institutions that leverage technology and data to deliver fully integrated services may be in a better position to drive business growth and overcome disruption caused by the global COVID-19 pandemic, according to KPMG’s fifth annual UAE Banking Perspectives report.
The publication, which offers an overview and analysis of the banking industry in the country, found that rapidly evolving customer expectations and increasing regulatory scrutiny are putting pressure on UAE banks to modernize every facet of their operations. Many are ......read more
Dubai, United Arab Emirates, April 08, 2020: Refinitiv today announces the winners of the Arabian & Global Islamic Markets Refinitiv Lipper Fund Awards 2020. These highly-respected awards recognize funds and fund management firms that have excelled in providing consistently strong risk-adjusted performances relative to their industry peers – the merit of the winners is based on objective, quantitative criteria.
As to the Arabian Markets Awards, Societe Generale won the Bond Asset Class Award, Banque Centrale Populaire the Equity Asset Class Award, HSBC the ......read more
Shopping is not enjoyable without offers and discount codes. Check out the list of coupons and promo codes brought to you exclusively by Alcoupon.com.
Always stay within your budget and shop using the latest deals and sales for even bigger discounts on fashion, makeup, electronics and even airline tickets and hotel reservations... What is more enjoyable than buying a lot of products at the lowest prices? This is one of the most important advantages that contributed to the success of Al Coupon, which collects all offers and discount codes in one place.
Al ......read more
• German manufacturing sites run adjusted production schedules and set ups to ensure strict hygiene and safety measures
• Manufacturing site in Albergaria (Portugal) to suspend production from 30 March to 12 April 2020
• Measures under constant review according to latest developments
Wednesday, 8 April 2020: GROHE, a leading global brand for full bathroom solutions and kitchen fittings, has implemented a next step in taking action to protect its employees across the European manufacturing sites.
For its three ......read more
Ras Al Khaimah, 8 April 2020: Ras Al Khaimah Economic Zone (RAKEZ) has launched customised bundles of incentives with a total value of AED 50 million to ease the impact of the current global situation to its family of over 15,000 companies and reinforce their business continuity.
“Our clients are at the heart of everything we do, and now more than ever, we are here for them,” said His Highness Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAKEZ. “We understand that these uncertain times present unique challenges to different businesses, so we ......read more
The move comes as part of ongoing precautionary measures
Sharjah, United Arab Emirates - 7 April 2020: The Sharjah Airport International Free Zone (SAIF Zone) has launched a disinfection drive to sterilise all its facilities in cooperation with the Sharjah Environment Company LLC (Bee'ah).
The sterilization campaign covered the head office, customs and security building, and Saif Zone Mall as well as main and service roads, various internal and external facilities using highly efficient materials.
The drive comes in line with SAIF Zone’s ......read more
Dubai, United Arab Emirates, April 06, 2020: Faced with the compelling need for more respirators on its national territory, the French government has asked, on March 22, a group of French industrial companies led by Air Liquide to study the possibility of increasing the production of respirators so as to provide 10,000 respirators in 50 days, between the beginning of April and mid-May.
In response, Air Liquide, Groupe PSA, Schneider Electric and Valeo have set up a Task Force composed of about 30 purchasing and industrialization experts in order to define an ......read more
Suffered Data Loss Resulting in Downtime Last Year
Organizations and individuals continue using outdated solutions and strategies despite
increase in zero-day ransomware, cryptojacking, hacking, and social engineering attacks
Dubai, UAE 6 April 2020: Acronis, a global leader in cyber protection, marked the inaugural World Cyber Protection Week by revealing that 42% of companies experienced a data loss event that resulted in downtime last year. That high number is likely caused by the fact that while nearly 90% are backing up ......read more
Dubai, United Arab Emirates, April 05, 2020: Bruno Le Maire, Minister for the Economy and Finance, and Jean-Baptiste Lemoyne, Minister of State reporting to the Minister for Europe and Foreign Affairs, have unveiled an extraordinary support plan for French exporters to address the economic slowdown due to the COVID-19 pandemic.
This emergency plan will provide support for exporter companies having to contend with the immediate repercussions of the crisis by, inter alia, securing their cash-flow and ensuring their international recovery once the pandemic is over. It ......read more
Dubai, United Arab Emirates, April 02, 2020: Internal comms post corona virus. One of the key issues facing the world today is the impact of Covid19 on businesses, almost all industries except for a few, have seen dramatic change in how they do business and obviously in their operations, financial returns and forecasts.
While we have very little control over external factors affecting businesses, we remain to have full control over employees and how management communicates with them. Change and uncertainty is what’s storming through businesses and ......read more
Abu Dhabi, UAE – 02 April 2020: Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate 93% regarding the disclosure of the annual financial statements 2019 of its listed public joint stock companies and private listed Companies within the deadline of 90 days from the end of the financial period annual
60 out of 64, local and foreign, public listed companies disclosed their annual financial statements for 2019 within the 90 days period given.
4 out of 5, private listed companies disclosed their annual ......read more
Dubai, United Arab Emirates, April 02, 2020: Krishan Gopaul, Market Intelligence Manager at World Gold Council comments: “Central banks’ monthly net purchases picked up in January and February following December’s five-month low. However, central bank gold demand has eased significantly, with net gold purchases down 44% compared to strength of demand we saw in January and February 2019.
“Looking ahead, what we do know is that recent market instability and uncertainty stemming from the COVID-19 pandemic will be at the forefront of central ......read more
By Ole Hansen, Head of Commodity Strategy at Saxo Bank
Dubai, United Arab Emirates, April 02, 2020: The coronavirus outbreak has set three major macro impulses in motion. They will all have a major impact on commodities, especially the energy sector, over the coming months. The global economy is currently dealing with the biggest demand shock since the global financial crisis, plus a global supply shock and an oil price war which is driving a destruction of capital. The lockdowns in China at the beginning of the outbreak have now spread to the rest of the world, most ......read more
Announcement in line with respite measures adopted as part of the global pandemic impact offering support to tenants
Dubai, United Arab Emirates, April 02, 2020: Properties Investment (PI) - a Dubai Investments joint-venture company engaged in the investment and development of real estate properties, has announced a 3 month rent relief as a goodwill gesture for all retailers within ‘The Market’ – a dedicated retail avenue, located in the Green Community, Dubai Investments Park.
In the wake of ongoing efforts to control the ......read more
Baghdad / Abu Dhabi, 31 March 2020: Trade Bank of Iraq (TBI) has announced a new capital increase that aims to raise the bank’s financial strength in line with the new strategic vision for 2020-23.
The bank has increased its capital to USD 3 billion (3.5 Trillion Iraqi Dinar) for the year 2020 from USD 2.3 billion (2.7 Trillion Iraqi Dinar) in 2019.
The step has been taken with the approval of the Prime Minster of Iraq on the back of TBI’s promising 2019 financial results audited by E&Y Ernst & Young. The increased capital is aimed at ......read more
By Ole Hansen, Head of Commodity Strategy at Saxo Bank
Dubai, United Arab Emirates, March 31, 2020: The below summary highlights futures positions and changes made by hedge funds across 24 major commodity futures up until last Tuesday, March 24. During this period the dash-for-cash phenomenon slowed and individual commodities began reaction to the shocks currently hitting both supply and demand.
Funds increased bullish bets for the first time in five weeks by 36% to 361k lots. In demand were natural gas, soybeans, wheat and coffee while selling hit Brent, ......read more
By Firas Sleem, CEO, Virtue Consulting
Dubai, United Arab Emirates, March 30, 2020: Consumers are choosing everything from cars to chicken sandwiches based on corporate values. Understanding an array of customer personas can guide tactics for landing and keeping them. Studies have long shown that your conviction to do good will lead customers to spend more, recommend you more, and remain loyal. Yet they seldom describe the mechanisms that brand managers can use to benchmark and track reputation.
A recent global study found that 62% of consumers want ......read more
Sharjah, March30, 2020: The Sharjah Chamber of Commerce & Industry, SCCI, has recently announced the statistics of Q1 2020 which showed a remarkable spike in the number of new and renewed memberships and certificates of origin, something which underlines the Emirate of Sharjah’s reputation as a perfect business environment capable of coping with the changing demands of the business sector.
These positive outcomes come amid the challenging times facing the global economy in view of the latest developments related to the new coronavirus (COVID-19) pandemic.
The total ......read more
Ras Al Khaimah, 29 March 2020: Taking a step further towards easier and faster company registration, Ras Al Khaimah Economic Zone (RAKEZ) goes digital with its Spring Packages, allowing investors to set up their business online from A to Z at the convenience of their home. Alongside the remote-friendly feature, the packages are designed to fully support SMEs, industrialists and investors at their stage of development without putting a high cost.
With RAKEZ’s recently-launched Portal 360, investors can easily set up their business with just a few clicks. Investors ......read more
Countries where people do not have a habit of washing their hands automatically tend to have a much higher exposure to coronavirus, a new study reveals.
University of Birmingham researchers have discovered that at least 50% of people do not have a habit of automatic handwashing after using the toilet in China (77%), Japan (70%), South Korea (61%) and the Netherlands (50%).
These countries are followed by Thailand and Kenya, where 48% do not have this habit, and Italy with 43%.
In contrast, UK and US frequencies are 25% and 23%, correspondingly. The best handwashing culture is ......read more
Dubai, United Arab Emirates, March 24, 2020: Although cancelled or delayed business trips emerged as the most visible initial impact of the virus, declining sales is expected to be the greatest commercial woe in the future
As Coronavirus takes a toll on global and regional economies, YouGov ran a survey among 220 working professionals belonging to the senior management in various companies (senior business managers and above) between 9th- 15th March to understand the impact of the pandemic on their business and the overall economy.
Four in five (79%) of the ......read more
• New € 15 billion credit facility
• Withdrawal of 2019 dividend proposal with cash value of € 1.4 billion
• Suspension of top up pension funding
• 2020 guidance withdrawn
• Strong focus on support to customers and delivery
Dubai, United Arab Emirates, March 23, 2020: Airbus SE (stock exchange symbol: AIR) announces measures to bolster its liquidity and ......read more
Abu Dhabi, 21st March 2020: Abu Dhabi Securities Exchange (ADX) announced that it will be managing remote e-voting for Annual General Meetings (AGMs) of companies listed on the Exchange free of charge. This move will enable a crucial aspect of AGMs to be carried out remotely and will apply to AGMs taking place from the 17th of March until the end of April 2020.
This ability is facilitated through an attribute of SAHMI, ADX’s integrated services’ digital platform – a well-established programme compatible with Smartpassthat allows users to access all services provided ......read more
Will provide up to 20,000 of its small business customers free access to their existing Zoho applications for up to 3 months
Dubai, UAE - March 21, 2020: Zoho Corporation, a global company that offers the most comprehensive suite of business software applications in the industry, has launched its Small Business Emergency Subscription Assistance Program (ESAP) to help Zoho customers worldwide weather this global crisis. ESAP is one way Zoho is helping its small business customers. For up to 20,000 qualified paying customers with 25 employees or less, Zoho is waiving the cost ......read more
By Tom De Waele, Middle East Managing Partner, Bain
Dubai, United Arab Emirates, March 19, 2020: As the novel coronavirus outbreak has upended businesses around the world at alarming speed, one thing has become clear to executives grappling with the crisis: doing nothing is not an option. COVID-19 is unlike any previous crisis and taking traditional crisis-response approaches will not be enough. With our operations running smoothly and business running effectively amidst the COVID-19 pandemic, we share the steps that CEOs need to take today to mitigate the ......read more
By Firas Sleem, CEO, Virtue Consultancy
Dubai, United Arab Emirates, March 18, 2020: September 2008 marked the collapse of the Lehman Brothers and a subsequent global financial crisis that shook the world.
The bankruptcy of Lehman Brothers did not only affect the United States but 23 other countries around the world according to the International Monetary Fund. These countries endeavored to rescue their failed banks and boost their economies by raising their public debt to more than 30 percent of their GDP.
For one thing, the 2008 credit crunch and recession ......read more
Organizations around the globe are working to ensure service delivery and business continuity amid the COVID-19 crisis. KPMG Lower Gulf has put together the checklist below to guide organizations on providing secure remote access to their staff members, without contributing to security weaknesses.
1 Share the organization’s teleworking/mobile device access policy
2 Share the organization’s Business Continuity policy and Health and Safety policy
3 Remind staff not to use organization-owned devices for personal activities or personal devices ......read more
The move is in line with its strategy towards digital transformation and efficient operational management to ensure business continuity
Abu Dhabi, 17 March 2020: The Abu Dhabi Stock Exchange (ADX) have announced the launch of remote working for its employees. This follows the long-term development of a new technical communication system that allows complete business continuity for employees that will meet all challenges and circumstances.
Starting today, the advanced system will empower employees to perform all of their work tasks remotely and without any need to attend the workplace. ......read more
Abu Dhabi, UAE, 16 March 2020: Following the launch of the ‘Ghadan 21’ programme, HE Saood Al Hosani, Acting Undersecretary, Department of Culture and Tourism – Abu Dhabi said: “We at the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) value the initiatives launched by HH Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to maintain Abu Dhabi’s economic gains and support the private sector. These initiatives will undoubtedly make a positive impact on the economy and drive ......read more
Collaboration aimed to facilitate establishment of business for entrepreneurs in Fujairah
Dubai, UAE - March 17, 2020: Shuraa Management & Consultancy LLC (Shuraa) is proud to announce its partnership with International Free Zone Authority (IFZA), that aims to help entrepreneurs seeking to establish a business in the Northern Emirate of Fujairah. The partnership brings together Shuraa, a business setup consultancy with nearly 20 years of experience, and IFZA, one of the region’s leading Free Zone Authorities.
Operating a business-to-business model, IFZA’s network of ......read more
Dubai, United Arab Emirates, March 15, 2020: Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to start its Islamic operations in Baghdad, Iraq.
Al Wifaq International Islamic Bank joined many newly established banks in choosing ICSFS as its software technology partner in Iraq. ICSFS has been servicing the MENA banking sector for over 3 ......read more
• Ras Al Khaimah International Airport, GMR Hyderabad International Airport and SpiceJet Ltd. signed a tri-partite MoU
• To promote export of Agro Products from India to United Arab Emirates via Ras Al Khaimah and neighboring countries from Hyderabad
• To create a dedicated freight corridor
• To leverage the agro and farming sector potential from centrally located Telangana and neighboring regions
• The program is in line with the Government of India and its Ministry of Civil Aviation ‘Krishi Udaan Scheme’ for ......read more