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    Featured in Banking and Investments
    CBUAE and Central Bank of China meet to Enhance Renminbi Clearing in the UAE

    Dubai, UAE, December 11, 2018:  Central Bank of the UAE (CBUAE) today hosted a workshop with the People’s Bank of China (Central Bank of China) and the Agricultural Bank of China on “Improving the Renminbi Clearing in the UAE”.    The aim of the workshop is to present the results achieved by the RMB Clearing Centre to date, and to identify the actions to be taken to improve the arrangements for Renminbi clearing in the UAE.   This workshop is taking place almost a year and half after the official launch of the Renminbi Clearing Centre in the UAE (Dubai) on May 10, 2017. The Centre represents a major part of the efforts to foster further economic ties between China and the UAE. The importance of Renminbi Clearing has become increasingly important as the UAE and Chinese Government’s ......read more

    Banks to Assess Credit Worthiness of Customers with Al Etihad Credit Bureau Before Issuing Cheque Books

    Dubai, UAE, December 10, 2018:  Central Bank of the UAE (CBUAE) has issued a circular to banks regarding the issuance of cheque books as part of ongoing efforts by CBUAE to improve responsible lending practices by banks. Before issuing customers with cheque books, banks are now required to carry out checks with the Al Etihad Credit Bureau (AECB) to ensure the creditworthiness of their customers.  Furthermore, for any new customers, banks shall issue a cheque book containing a maximum of 10 individual cheques to their customers. After a period of six months and providing no cheques are returned (unpaid), further cheque books may be issued to customers, as per the approved procedures. Banks should advise their customers that returned cheques due to insufficient funds on the account will be recorded with the AECB and will ......read more

    2018 Business Review of Saudi Arabia

    December 10, 2018:   Saudi Arabia has experienced tremendous transformation in 2018, bouncing back from low oil prices with the largest expansionary budget and history-making reforms. King Salman’s Vision 2030 was a guiding principle for many of the country’s reforms along with Crown Prince Mohammed’s leadership has lead Saudi Arabia to modernise the Kingdom. Reviewing 2018, we can see major shifts that will impact Saudi Arabia’s future.  One of the major business reforms this year was the introduction of VAT. We also saw other GCC countries undergo the shift with Saudi Arabia. The tax was set at a standard rate of five percent however, there were some exemptions. The exemptions are basic necessities and medical, cultural and educational products, financial and insurance services. The tax helped ......read more

    Sharjah and Azerbaijan hold discussions on strengthening economic and trade relations

    Sharjah – 9 December 2018:  The Sharjah Chamber of Commerce and Industry (SCCI) held discussions with an economic delegation from Azerbaijan on ways to develop economic cooperation, promote mutual investments, exchange trade missions, and build partnerships between the business communities in Sharjah and Azerbaijan. During the business meeting that was hosted by the SCCI at its headquarters on Sunday, the two sides reviewed the prospects of cooperation, and ways to encourage the Emirati and Azerbaijani business communities to participate in the economic events and exhibitions that are held by both sides, which helps to enhance the economic, investment and trade relations between the two friendly countries. The business meeting was attended HE Abdulla Ibrahim Deaifis, Board Member of the SCCI; Raed Bukhatir, Deputy ......read more

    Dubai Islamic Bank triumphs at Islamic Business and Finance Awards 2018

    Dr. Adnan Chilwan, Group CEO of DIB named Islamic Banker of the Year  DIB wins top recognitions including Best Islamic Bank, Best Islamic Retail Bank, Best Islamic Corporate Bank, Best Islamic Home Finance, and Best Sukuk Arranger in the region. Dubai, UAE, 09 December 2018:   Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has once again dominated the Islamic Business and Finance Awards, collecting five major accolades at the prestigious industry event. The awards distinguish and endorse institutions and individuals who have played a key role in nurturing the growth and expansion of the Islamic financial sector around the globe.   The accolades bestowed on the bank included Best Islamic Bank, Best Islamic Retail Bank, Best Islamic Corporate Bank, Best Islamic Home Finance, and Best ......read more

    Report Says High Resilience Benefit Investments Can Plug The Climate Adaptation Gap

    Dubai, UAE, December 09, 2018:  S&P Global Ratings believes the recent surge in economic damage from extreme climatic events may focus the attention of public authorities about the need for adaptation investments and accelerate investment in this area.  The United Nations Environment Program forecasts adaptation costs in developing countries at between $140 billion and $300 billion by 2030, and $280 billion and $500 billion by 2050. That is approximately 6x-13x above the amount of international public-sector finance available today--just to meet 2030 costs.  In a report published today, "Plugging The Climate Adaptation Gap With High Resilience Benefit Investments," we explore how investments with a strong "resilience benefit"--offering cost-effective protection against extreme weather ......read more

    ICAEW recognises Middle East's best finance professionals

    The region’s best and brightest in accountancy and finance were celebrated yesterday evening (Wednesday, 5th December) at the ICAEW Middle East Annual Honours Ceremony 2018 at the Four Seasons Resort Dubai.   Dubai, UAE, December 06, 2018:  Organised by Institute of Chartered Accountants in England and Wales (ICAEW), the annual gala event recognises and celebrates the achievements of individuals or organisations that have advanced the accountancy and finance profession within their chosen field.    Industry professionals from across the Middle East attended last night’s gala event, which included keynote address from Frank Gardner, BBC's Security Correspondent and British journalist.   The recipients of the ICAEW Middle East Annual Honours Ceremony 2018 were:  HE ......read more

    France Attractiveness Scoreboard 2018 Released

    A place focused on the future and where it’s easy to do business, Business France compares its country with its 13 main competitors Dubai, United Arab Emirates, December 5 2018 -   Business France, the national agency supporting the international development of the French economy published its annual attractiveness scoareboard for 2018. It illustrates that France stands, as an economy and attractive business destination. The aim of Business France’s Attractiveness Scoreboard is mainly to compare France’s performances with 13 other major OECD countries (Austria, Belgium, Finland, Germany, Ireland, Italy, Netherlands, Poland,  Spain, Sweden, United Kingdom, United States and Japan), based on 10 attractiveness criteria : market size and strength, educational and human capital, research and innovation, ......read more

    Voting on UAE Superbrands 2019 Begins

    15th edition of Superbrands UAE to feature local home-grown brands Dubai, UAE, December 5, 2018:  Superbrands, the independent authority and arbiter of branding, announced that the voting process to choose the brands in the UAE which will be recognised and honoured as a Superbrand 2019 has begun.  Speaking on the importance of delivering impactful interactions that deliver a clear brand purpose and narrative, Mr. Mike English, Director, Superbrands Middle East, said, “The world is changing rapidly, and it’s hard to scale, differentiate yourself, and maintain trust in the ever-changing marketing world. Today more than before, brands have to make themselves relevant and valuable to the consumer which is why Superbrands identifies those brands which have captured the imagination of the general public and who ......read more

    Dubai's Top Franchise Event Begins Today

    “With the participation of 100 companies from 80 countries”  Dubai – United Arab Emirates, 5 December, 2018:   H.E. Butti Saeed Al Ghandi, Second Vice-Chairman of the Dubai World Trade Centre, today attended the opening of the 3rd edition of The Global Franchise Market Exhibition (TGFM), the official franchise event in Dubai, at the Dubai International Convention and Exhibition Centre. Held under the patronage of the Dubai Economy, the 2-day event aims to offer new and established franchise brands a unique platform to explore new franchise opportunities in Dubai and other lucrative markets in the Middle East and North Africa region. H.E. Butti Saeed Al Ghandi accompanied by a number of officials from the government and private sector toured the exhibition area that occupies an overall space of 2,000 ......read more

    The UAE Pavilion participates in the first International Defense Exhibition in Egypt

    Dubai, UAE, December 04, 2018:   The United Arab Emirates National Pavilion participates in the International Defense Exhibition 2018, taking place in Cairo Egypt today till December 5.  The participating delegation under the United Arab Emirates National Pavilion included officials and members from Tawazun Economic Council and the Emirates Defense Companies Council (EDCC). Sultan Abdullah Al Samahi, Acting General Manager of the Emirates Defense Companies Council stated that the nation-wide participation from the United Arab Emirates Pavilion reflects the deep and brotherly relations between the UAE and its sister country, Egypt, under the wise leadership of His Highness Sheikh Khalifa bin Zayed President of the UAE and His Excellency President Abdel Fattah Al-Shesisi, President of the Arab Republic of ......read more

    International supervisory community meets to discuss challenges ahead for global bank supervision and regulation

    Dubai, UAE, December 01, 2018:  Some 300 central bankers and banking supervisors representing more than 80 jurisdictions met this week in Abu Dhabi, United Arab Emirates, to discuss a range of policy and supervisory topics. Events included a meeting of the Basel Committee on Banking Supervision and the 20th International Conference of Banking Supervisors (ICBS).   At the Basel Committee’s meeting on 26-27 November, the Committee: agreed to a set of targeted revisions to the market risk framework, which will be submitted to the Basel Committee’s governing body, the Group of Central Bank Governors and Heads of Supervision (GHOS). The revised framework seeks to enhance the risk sensitivity of the standardised approach, revise the calibration of certain elements of the framework, and improve certain aspects ......read more

    HE Saeed Mohammed Al Tayer meets Deputy Executive Secretary of UNFCCC

    United Nations Framework Convention on Climate Change (UNFCC) invited to join WGEO Dubai, UAE, November 29, 2018:  HE Saeed Mohammed Al Tayer, Chairman of the World Green Economy Organization (WGEO) met with Ovais Sarmad, Deputy Executive Secretary of United Nations Framework Convention on Climate Change (UNFCCC) at the UNFCCC Headquarters in Bonn, Germany. During the meeting, HE Saeed Mohammed Al Tayer extended an invitation to UNFCCC to join the WGEO, to contribute to better coordination and cooperation between international organisations to support a green economy. HE Al Tayer stressed that the UNFCCC is one of the most effective platforms that is working proactively to address climate change. H.E. Mr. Ahmed Butti Al Muhairbi, Secretary General, Dubai Supreme Council of Energy and WGEO Board Member;  Waleed ......read more

    Commemorative Coins and Currency in honor of the Founding Father on the 47th National Day

    In remembrance of UAE’s celebrations of “Zayed Centenary” Dubai, UAE, November 29, 2018:  Central Bank of the UAE (CBUAE) is pleased to announce that it is issuing a commemorative silver coin, a commemorative one Dirham coin and an AED 100 denomination Bank Note with “Year of Zayed” logo coinciding with the 47th National Day of the UAE celebrations. CBUAE is issuing the commemorative currency to pay tribute to the life of the UAE’s Founding Father, the late Sheikh Zayed Bin Sultan Al Nahyan, may his soul rest in peace, and the pivotal role he had in establishing the UAE, its subsequent historical achievements and the Nation’s recognition on the global stage. Following in the footsteps of his late father, H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, has spared no ......read more

    CBUAE Signs Memorandum of Understanding with the National Bank of the Republic of Belarus

    Dubai, UAE, November 29, 2018:  The Central Bank of the UAE (CBUAE) and the National Bank of the Republic of Belarus (NBRB) have signed the Memorandum of Understanding (MoU) to establish an arrangement for sharing of supervisory information and enhancing of cooperation in the area of banking supervision. The MoU was signed by H.E Mohammed Ali bin Zayed, Deputy Governor of CBUAE and H.E Dmitry Lapko, Deputy Chairman of the Board of the NBRB. The MoU sets out an agreement for the two parties to cooperate closely in the sphere of supervision of banks and other financial institutions operating in both markets and exchange of supervisory information, based on the home/host information sharing in accordance with Basel Core Principles for Effective Banking Supervision.  Mohammed Ali bin Zayed, Deputy Governor of CBUAE said: ......read more

    INJAZ Al-Arab and Boeing partner to challenge region's youth to solve aviation-themed business challenge

    INJAZ Al-Arab and Boeing launch Boeing Business Challenge to find solutions for the aviation industry Over 80 students from across the Middle East will convene in Kuwait for the Boeing Business Challenge Dubai, UAE, November 27, 2018:  Boeing [NYSE:BA] has announced that it will jointly host the first-ever “Boeing Business Challenge” in partnership with INJAZ Al-Arab, which will be a specialized aviation-focused part of its Regional Young Entrepreneurs Competition.    The two-day regional competition will begin on November 27th in Kuwait City at the Jumeirah Messilah Hotel and will bring together over 80 students from 11 countries to compete for an award based on aviation-themed business challenges. All of the invited students will have participated in INJAZ’s flagship entrepreneurship ......read more

    Two-thirds of businesses in the Middle East don't know why their customers are loyal, finds Collinson

    Global study conducted by an independent research firm for Collinson reveals that most brands in the UAE and Saudi Arabia do not employ strategies to improve customer relationships Dubai, UAE, November 26, 2018:   A commissioned study conducted by Forrester Consulting on behalf of Collinson, a global leader in customer benefits and loyalty, unearths that a significant proportion of businesses around the world, including across the UAE and KSA, do not understand what is driving their customers’ brand loyalty, ultimately putting customer relationships and profitability at risk. Surveying decision makers at organisations with revenues exceeding $300 million, the study compares how different businesses perform at planning and delivering their loyalty programmes.  Globally, two-thirds (64%) of respondents ......read more

    DIB Crowned World's Strongest Islamic Retail Bank 2018

    UAE, Dubai, 26 November 2018:   Dubai Islamic Bank, the UAE’s largest Islamic bank, received three much sought after awards, including the ‘Strongest Islamic Retail bank in the World’, at the prestigious Islamic Retail Banking Awards (IRBA) 2018, recognizing its outstanding performance amongst the world’s Islamic retail banks. The bank also took home the title of ‘Strongest Islamic Retail Bank in the UAE’ for the fourth consecutive year along with the ‘Critics’ Choice for Most Innovative Digital Retail Bank’. Hosted by Cambridge IF Analytica, the fourth Islamic Retail Banking Awards (IRBA) took place at the JW Marriott Marquis Hotel in Dubai on November 21, 2018. Held annually, IRBA prestigious award ceremony honors individuals and institutions who have demonstrated ......read more

    Trade Bank of Iraq, Standard Chartered Bank and General Electric close US$600 million of financing to fund the Power Up Plan in Iraq

    The financing solution has contributed towards delivering and securing more than 2 gigawatts (GW) of new power, while ensuring the continuity of up to 6.7 GW to Iraq's grid as part of the 'Power Up Plan' Dubai, United Arab Emirates, November 25, 2018:   Trade Bank of Iraq (TBI), Standard Chartered Bank and General Electric closed a $600 million financing agreement that funded an ambitious power project implemented across Iraq.    Comprising of two phases, the Government of Iraq’s ‘Power up Plan’ was a major part of the country’s ongoing rebuilding and modernisation plans, delivering and securing more than 2 gigawatts (GW) of new power, while ensuring the continuity of up to 6.7 GW to Iraq's grid, supplying much-need electricity to homes and businesses ......read more

    INJAZ Al-Arab Gears-up for the 12th Annual Young Arab Entrepreneurs Competition to be held in Kuwait

    Held Under the Patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah 25 November 2018:   INJAZ Al-Arab – member of Junior Achievement Worldwide – is hosting their 12th Annual Young Arab Entrepreneurs Competition in Kuwait between November 26 and 29, 2018. The competition will see 80 students from 11 countries across MENA compete over 12 award categories before their peers and a panel of high-profile judges.    Held under the patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, the event will welcome over 180 attendees from INJAZ teams, volunteers and chaperons. The competition will conclude with a glittering award ceremony to be held on November 28, welcoming over 400 guests, including high-school and university ......read more

    Energy trading - Ultimate Guide with RCPro

    If you area an experienced trader looking to diversify your portfolio and add something more than financial products, you have probably contemplated energy trading. Similarly, as a new trader, you may hear of the lucrative and exciting commodity trading markets and wish to become involved. Thanks to the birth of online trading and the existence of top-quality brokers, trading in the energy market is now accessible to all. This once quite closed market, trading in the likes of crude oil and natural gas options has now managed to become more accessible than ever to regular traders. Energy Trading Fundamentals Energy trading is a form of commodity trading which at its very core means trading in the basic resources required to sustain life. This equates to trading oil, gas, and even electricity. The trade within these markets globally ......read more

    You Better Watch Out: Online and Offline Threats Endanger Payment Card Data

    Cyber attackers are using old tricks and new to steal customers’ payment card details from retailers this shopping season.    As we enter the busiest shopping period of the year, both offline and online retailers and consumers are facing risks to the security of their payment card data.   November 22, 2018 - Dubai, UAE:   Formjacking has surged in 2018—with Symantec blocking almost 700,000 formjacking attempts from mid-September to mid-November alone. This surge in formjacking is one of the big stories of 2018—with attackers like Magecart using supply chain attacks and other tactics to inject malicious scripts into websites to steal payment card information.   There have also been attacks on point-of-sale (PoS) systems in bricks-and-mortar stores this year, though none so ......read more

    Refinitiv Partners With DDCAP Group To Provide A Fully Integrated Treasury Trading Workflow For Sharia'a-Compliant Transactions

    Dubai, UAE, November 22, 2018:   Refinitiv, formerly the Financial & Risk business division of Thomson Reuters, has signed a partnership agreement with DDCAP Group (“DDCAP”), a leading provider of asset facilitation and trade execution services, to offer financial institutions a fully integrated treasury trading workflow for Sharia’a-compliant transactions.   The partnership provides clients in the banking and finance sector with a joint value proposition for Sharia’a-compliant transactions that supplements the functionality of Refinitiv’s treasury trading platforms with DDCAP’s real-time trade execution and post trade services platform, ETHOS AFPTM. “The Refinitiv Islamic Deal Adapter, developed on Eikon Open Platform, is a treasury trading platform for ......read more

    FERG celebrates 10 years of commitment

    Dubai, November 21, 2018: Foreign Exchange and Remittance Group (FERG), a consortium of businesses engaged in the foreign exchange and remittance industry, celebrated the completion of 10 successful years at its Annual General Meeting, which was held at Steigenberger Hotel, Dubai in the presence of office bearers, members and industry leaders and officials representing Central Bank of UAE,  Dubai Police, Abu Dhabi Police, Dubai Chamber and other strategic partners of FERG. FERG, which was formed in 2001 and officially registered under Dubai Chamber of Commerce and Industry in 2008, brings together UAE’s leading exchange houses and money transfer operators to discuss challenges, opportunities and threats facing the industry. Over the last 10 years, the group has been instrumental in various initiatives for the mutual benefit ......read more

    Zoho Deepens Analytics and AI in Customer Experience Platform

    Zoho CRM Plus, powered by Zia and Zoho Analytics, delivers seamless flow of insight to help businesses masterfully create positive customer experiences Dubai – November 21, 2018: Zoho today unveiled the next generation of Zoho CRM Plus, its all-in-one customer experience platform that empowers Sales, Marketing, Customer Support, and Operations to work as one. Now, Zoho customers have complete visibility of their customers across departments rather than partial views. Fueled by Zia, Zoho's AI-powered assistant, and the enhanced Zoho Analytics, Zoho's business intelligence and reporting platform, Zoho CRM Plus helps businesses deliver superior customer experiences, by allowing users to deeply understand customer sentiments, delight customers across channels, and adeptly prescribe actions to keep customers content ......read more

    Other Top Stories from Banking and Investments
     
    Pharmaceutical companies need to act local and invest in the right talent to succeed in the META market, says Mundipharma

    A diversified portfolio tailored to the market, key partnerships with ministries of health and regulators, and thinking long-term are key to securing share of US$40 billion market 22 October, Dubai: “Global, regional and local pharmaceutical firms operating in the Middle East, Turkey and Africa (META) region need to be able to ‘change the tires while driving’ if they are to benefit from doing business in a challenging, but also highly rewarding market”, says Dr Ashraf Allam, VP of Mundipharma in the META region.    Doing business in the META region is ......read more

    ICAEW: Firms must be reimagined to survive digital era

    ICAEW says accountancy firms need to thoroughly re-think their organisational structure, culture, people and practices to be fit and ready to compete in a digital world. In its latest report Reimagining the Firm , the accountancy and finance body urges transformation to go beyond digital tools or services to ensure accountancy firms remain relevant in a digital era. Dubai, UAE, October 22, 2018:  The accountancy profession, like most traditional professions, faces an uncertain future if it fails to adapt to a rapidly changing business landscape. New technologies, a younger generation ......read more

    Siemens in landmark MoU to repower Iraq, support economic prosperity

    Agreement to cooperate with Ministry of Electricity of Iraq to add 11 gigawatts of power generation capacity in four years Roadmap proposes cost savings in billions of USD and generating additional electricity 24/7 for 23 million people Plan envisions creating tens of thousands of jobs Focuses on energy infrastructure, education, anti-corruption and financing Dubai, UAE, October 21, 2018:  Siemens and the Ministry of Electricity of the Republic of Iraq have entered a milestone agreement to seek the implementation of the company’s roadmap for repowering Iraq. Signed by ......read more

    UAE - India Economic Forum 2018 to focus on advancing strategic relations and bilateral trade

    The Forum serves as a platform to further enhance UAE-India relations and discuss business and growth opportunities among the countries   DUBAI – October 20, 2018:   The fourth edition of the annual UAE-India Economic Forum (UIEF), being staged in Dubai on October 24, 2018, is poised to explore the strengthening ties and bilateral trade relations between the two countries.    The UIEF is supported by the Telangana Chamber of Commerce and Industry and Gujarat Chamber of Commerce and Industry. The Forum, to be held at Habtoor Grand Resort in Dubai, ......read more

    L'oréal Among the Top 10 of Thomson Reuters Diversity & Inclusion Index

    Dubai, UAE, October 18, 2018:   For the third consecutive year, L’Oréal has been named one of the world’s leading companies by Thomson Reuters that ranks over 7,000 international organizations on a set of Diversity and Inclusion metrics. In 2018, Thomson Reuters ranked L’Oréal 8th place ex-aequo with Natura worldwide, among top players such as Accenture or Novartis, all evaluated on a wide range of criteria in four categories. “We take pride in cultivating a work environment where people of every ethnicity, social background, religion, gender, age or ......read more

    Flexible Working to Contribute $10tr to Global Economy by 2030

    Flexible working will save businesses money, reduce costs and boost productivity, causing a ripple effect across entire economies The US could see an economic boost of as much as $4.5 trillion annually China could see the greatest gross value add (GVA) increase of 193% A rise in flexible working also benefits individuals, set to save people 3.53 billion hours of commuting time by 2030 Dubai, UAE, October 17, 2018:  A predicted boom in flexible working could contribute $10.04 trillion to the global economy by 2030, according to the first comprehensive socio-economic study of ......read more

    Wamda: Bahrain's push for legal reforms will bring a welcome boost to entrepreneurs

    Dubai, UAE, October 17, 2018:  Wamda Capital, the MENA region's leading venture capital firm, has welcomed the four new laws set to be implemented in Bahrain in the coming months. The reforms, which include a personal data protection law, bankruptcy law, competition law and healthcare insurance law, aim to enhance the country’s investment ecosystem.   Walid Faza, Partner at Wamda Capital, says the new laws will also provide a welcome boost to entrepreneurs in the country. "We're always impressed by the variety of different startups and companies that we see ......read more

    Press Statement from the Central Bank of the UAE about the new Federal Government debt law

    Dubai, UAE, October 15, 2018:   H.E Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE: “The new Federal Government debt law lays the foundations for the development of a bond market in dirham denomination in the UAE. This is important as it will create deeper, more resilient financial markets, benchmark the yield curve, provide more diversified sources of financing, mobilise additional domestic savings and attract capital inflows. The development of vibrant public and private bond markets (including Sukuk) will also facilitate compliance with liquidity ......read more

    Trade Bank Iraq named Best Iraqi Bank by Global Finance Publication

    Abu Dhabi, United Arab Emirates, October 15, 2018:   Trade Bank of Iraq’s (TBI) continued commitment to accelerating economic growth and providing modern banking service in its home country have been recognised as it was named Best Iraqi Bank by a leading global financial publication. New York-based ‘Global Finance’ magazine rewarded TBI’s strong financial performance and its continuing initiatives to improve its international capabilities, presenting the award during a special ceremony held in Bali, Indonesia attended by leading financial institutions and ......read more

    UAE Exchange Enters the Prestigious Platinum Class of Tawteen Partners Club

    Tawteen, the National Program for Emiratization, supports UAE Nationals to work in the private sector    Abu Dhabi, 15 Oct 2018:   Her Excellency Farida Abdullah Al Ali, Assistant Undersecretary, Ministry of Human Resources and Emiratisation (MOHRE), bestowed the Tawteen Club Trophy to UAE Exchange, a leading global remittance, foreign exchange and payment solutions brand in the UAE. With this trophy, UAE Exchange has entered the most prestigious class of the club - the Platinum Class.    Over the years, UAE Exchange has actively worked towards the ......read more

    FBN Next Generation Lombard Odier Award 2018 champions the next generation of entrepreneurs

    The Family Business Network (FBN) and Lombard Odier have rewarded three exceptionally promising young family business entrepreneurs as finalists in the 10th FBN NxG Lombard Odier Award. The finalists had the opportunity to pitch their projects to over 500 family business leaders at the FBN 29th Global Summit in Venice on 12th October, where the overall winner was revealed.   Dubai, UAE, 14th, October 2018:  The FBN NxG Lombard Odier Award was created in 2009 to celebrate and support outstanding intrapreneurial and entrepreneurial projects initiated by the next generation of ......read more

    Dubai Islamic Bank Group 9 Month Financial Results

    For the period ended September 30, 2018 Total Income reaches AED 8.5 billion, up by 13.6% YoY.  Group Net Profit at AED 3.7 billion in the nine months of 2018, up 12.1% YoY. Balance sheet grows by 7.4% in the nine months of 2018 reaching AED 222.8 billion. Dubai, October 10, 2018:  Dubai Islamic Bank (DFM: DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today announced its results for the period ending September 30, 2018.   9M 2018 Results Highlights:   Sustained balance sheet growth and cost ......read more

    Deloitte Middle East tax professionals recognized in 2018 Guide to the World's Leading Tax Advisers

    -2018 Guide to the World's Leading Tax Advisers recognizes Deloitte professionals for the eighth consecutive edition Dubai, UAE, October 09, 2018:  Euromoney listed 176 Deloitte professionals from 54 jurisdictions in its 2018 Guide to the World's Leading Tax Advisers. More than ten percent of the leaders in the guide are from Deloitte, making this the eighth consecutive edition that the Deloitte network is in the lead. This highlights the network's global strength and excellence in a wide range of areas of tax specialism. Dan Lange, Deloitte Global Leader, Tax and Legal ......read more

    Egypt's vibrant startup ecosystem has potential, but currency devaluation has slowed down growth

     Despite having one of the more vibrant startup scenes in the region, entrepreneurs in Egypt have been struggling with maintaining revenues, raising finance and acquiring good talent. Egypt’s economic woes and subsequent currency devaluation seem to have had a knock-on effect on the country’s startup ecosystem. Dubai, UAE, October 09, 2018:   This was the general consensus at the Cairo edition of Wamda’s flagship Mix N' Mentor event on the 27th of September, where leading figures from the startup ecosystem met at The GrEEK Campus to discuss these ......read more

    Bahrain to implement VAT effective 1 January 2019

    Dubai, UAE, October 08, 2018:  The parliament in Bahrain has today approved the introduction of Value Added Tax (VAT) which will be effective starting 1 January 2019 at the expected standard rate of 5%, based on a recent report by Gulf Daily News. With the aim to support businesses in Bahrain, Deloitte has been regularly holding series of awareness seminars to make companies ready for VAT. Being prepared is critical because VAT is generally a self-assessed tax, with errors often subject to severe penalties and business disruption. Businesses that have been operating in a largely non-tax ......read more

    Monetary & Banking Developments – August 2018

    Dubai, UAE, October 07, 2018:  The Central Bank announced that the Money Supply aggregate M1 decreased by 1.7%, from AED 496.4 billion at the end of July 2018 to AED 488.1 billion at the end of August 2018.    The Money Supply aggregate M2 also decreased by 1.8%, from AED 1302.3 billion at the end of July 2018 2018 to AED 1278.9 billion at the end of August 2018.    On the other hand, the Money Supply aggregate M3 increased by 0.1%, from AED 1556 billion at the end of July 2018 to AED 1556.9 billion at the end of August 2018.    The ......read more

    S&P Global Ratings: Saudi Arabia 'A-/A-2' Ratings Affirmed; Outlook Stable

    Overview We expect economic growth in Saudi Arabia to be stable, averaging just over 2% per year over 2019-2021. Higher-than-expected fiscal revenues have been met with higher expenditures, but we do not expect a material deviation from official fiscal targets. We are affirming our 'A-/A-2' long- and short-term sovereign ratings on Saudi Arabia. The outlook is stable. October 06, 2018:  Rating Action On Oct. 5, 2018, S&P Global Ratings affirmed its 'A-/A-2' unsolicited long- and short-term foreign and local currency sovereign credit ratings on ......read more

    MENA region must come together to capitalize on entrepreneurial ecosystem's momentum

    Dubai, UAE, October 06, 2018:  Although entrepreneurship in the MENA region is booming, greater and more comprehensive cooperation between local governments is necessary in order to capitalize on recent momentum within the ecosystem, according to a senior World Bank representative. Ali AbuKumail, a Senior Private Sector Specialist at the World Bank, recently worked on the Arab World Competitiveness Report 2018 - a joint cooperation between the World Economic Forum and World Bank which focuses on MENA entrepreneurship. In the latest Wamda podcast, he shares his views on the state of ......read more

    New Worker's Insurance Scheme Forthcoming

    Dubai, UAE, 4 October 2018:   The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system.    The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system. The new insurance scheme will apply to all private-sector employees, including domestic workers.  Details of the insurance scheme  Instead of a fixed amount of AED 3,000 that typically ......read more

    Mohammed bin Rashid Innovation Fund announces AED 5.5 million Disbursement in UAE start-up Pure Harvest

    Disbursement to unlock growth opportunities and expansion across the region, aligned with UAE National Innovation Strategy  Dubai, 02 October 2018 –   The Mohammed bin Rashid Innovation Fund (MBRIF), operated by the Emirates Development Bank (EDB), today announced a disbursement of AED 5.5 million to UAE headquartered Pure Harvest.  A regional innovator in sustainable agriculture, Pure Harvest aims to address food security issues and water scarcity in the UAE while achieving resource efficiency and overcoming local climate challenges. Founded in October 2016, ......read more

    DP World Launches ‘the Belt and Road' Dubai Station in Partnership With China's ZPG

    Trade enabling project to boost trade across continents   Dubai, United Arab Emirates, 02 October 2018:   In another major step towards positioning the UAE and Dubai as a hub for  east-west trade global trade enabler DP World has announced plans to build ‘The Belt and Road’ Dubai Station in partnership with Zhejiang Provincial Seaport Investment & Operation Group Co., Ltd (ZPG).  The Belt and Road Station will integrate logistics, warehousing, e-commerce, circulation processing and distribution display services through an electronic platform ......read more

    A flying economy – the economic powerhouse above the clouds

    Research by HSBC has identified a country-sized, thriving and cosmopolitan population of almost 12 million people in the air every day.  This country, Flyland, has a Gross Domestic Product valued at $400.5 billion – just larger than that of Norway. Dubai, UAE, October 1, 2018:  For the people of Flyland – the 11.9 million individuals from around the world who take to the air every day – business is soaring, according to new research and analysis from HSBC.    The ‘country in the sky’ has grown to an annual GDP of $400.5 ......read more

    ABLF dedicates its 11th Anniversary edition to the late Sheikh Zayed

    Dubai, UAE, October 01, 2018:   The Asian Business Leadership Forum (ABLF) marks its 11th anniversary, on October 6, 2018, at the Armani Hotel, Dubai, with a special edition of the ABLF Awards dedicated to the Father of the Nation, the late Sheikh Zayed bin Sultan Al Nahyan, under the theme 'Leadership Legacies: Honouring the past. Shaping the future'. The ABLF has been held under the Royal Patronage of H.H. Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member and Minister of Tolerance, UAE, since 2007 and is in official association with the UAE Ministry of ......read more

    Investors, expats eagerly await new government rules on company ownership, 10-year visas

    Rizvi says overseas investor interest is growing ahead of government regulations; long-term visas will change “come and go” expatriate trend Dubai, UAE, 1 October, 2018:   Overseas investors and expatriates seeking greater security in the UAE are eagerly awaiting clarification of new company ownership and long-term visa rules aimed at giving a major boost to the economy, a legal expert said today. Plans to introduce an investment law allowing 100 per cent foreign ownership this year, as well as a new 10-year visa for international investors and talented ......read more

    RAKEZ surprises clients with a new service centre in Abu Dhabi

    Ras Al Khaimah, 30 September 2018:  Ras Al Khaimah Economic Zone (RAKEZ) continues to level up its client support with the opening of its Service Centre – Abu Dhabi on the 3rd Floor of Abu Dhabi Mall’s West Tower. From visa, licensing, and leasing services to an array of support services, the new one-stop shop provides RAKEZ clients a quick and easy service delivery. “At RAKEZ, our customers’ journey is always at the top of our priorities. So we ensure to invest extensive efforts into enhancing our services as well as our accessibility to our clients,” ......read more

    CBUAE Hosts UAE – Japan SME Seminar

    Abu Dhabi, UAE – 30th September 2018:   The Central Bank of the UAE (CBUAE) Governor H.E. Mubarak Rashed Al Mansoori welcomed H.E. Kanji Fujiki, Japan’s Ambassador to the UAE and a delegation of high ranking officials from the Japanese Government and banking sector, for a seminar to learn about the support systems and regulatory measures that make up the foundations for a thriving SME sector in Japan.  One of the most important areas of the UAE’s national agenda is the support and development of SMEs which have been identified as vital to the UAE’s ......read more

    Dubai Customs discusses boosting cooperation with Japanese businesses

    Dubai, UAE, September 29, 2018:  Director of Dubai Customs Ahmed Mahboob Musabih received representatives of Japanese companies. The delegation was headed by the Japanese Consul General to Dubai Dr. Akima Umezawa.   Abdullah Mohammed Al Khaja, Executive Director of Clients Management Division and Farid Hassan Al Marzouqi, Executive Director, Human Resources, Finance and Administration Division attended the meeting which covered topics such as the means of boosting economic cooperation between Japan and the UAE and expanding cooperation with Japanese businesses and diplomatic ......read more

    10 Things Only Professional Cleaners Can Do

    September 27, 2018 - Dubai, UAE: You may believe that cleaning your house is one chore that you should finish yourself. However, if you once witness the transformation a professional cleaner brings to your home, then you’d never go back to doing it by yourself. A well-cleaned space can have a positive impact on your health, comfort and peace of mind. That’s why you should not compromise on such things and hire one of the Cleaning Services in Dubai, to make your place looking neat and tidy like new. It’s okay to be sceptical and wonder how a professional cleaning ......read more

    Leading European Insurance Brokers Alpha Lloyds & MSH International Choose Dubai as the Main Hub of Their Global Activities

    Branches of Paris-based Siaci Saint-honore Group Dubai, UAE, September 27, 2018:  SIACI SAINT HONORE, provider of insurance brokerage and consulting services, known locally under the name of Alpha Lloyds & MSH, inaugurated their offices yesterday in the heart of Business Bay (One by Omniyat tower), Dubai, under the patronage of the Consul General of France in Dubai & Northern Emirates. Born in France, the group is now a leading actor in the European market and aims to become a global player with Dubai as one of their main hubs. Their positioning combines flexibility, ......read more

    CBUAE Raises Interest Rates in Line With US Federal Reserve:

    Dubai, UAE, September 27, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective Thursday, 27 September 2018, it will raise interest rates applied to the issuance of its Certificates of Deposits in line with the increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points at its meeting of today.    The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been increased by 25 basis points.   Certificates of ......read more

    DIB's Double your Salary Promotion Brings Joy to more than 100 New Customers

    UAE, Dubai, September 26, 2018: Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has today marked the end of a hugely successful promotion with the announcement of the twelfth and final grand winner of its “Double Your Salary. Double Your Joy” monthly campaign, held at DIB’s Mall of the Emirates branch.  Launched in September 2017, the campaign saw new customers who moved their payroll or salary account to the bank entered into a draw to double their salary for that month. The first draw took place in October 2017 and has since brought happiness to a ......read more

    Friends Provident International survey reveals that brand preference and price are key considerations when buying life insurance in the UAE

    Friends Provident International (FPI) releases protection survey results for the fourth consecutive year   Dubai, UAE, September 25, 2018:  FPI’s fourth annual protection survey results show that brand reputation and price have the greatest influence on people’s decision to buy life and critical illness insurance in the UAE. These factors were considered more important than others, such as adviser recommendation, claim payment history and portability; which enables continuity of insurance coverage when relocating to another country.    The survey, ......read more

    Fragomen and PricewaterhouseCoopers LLP Announce Strategic Alliance

    Dubai, UAE, 25 September 2018:   Fragomen, Del Rey, Bernsen & Loewy, LLP (Fragomen) and PricewaterhouseCoopers LLP (PwC UK), the UK member firm of the PwC network,* today announced an agreement to enter into a strategic alliance to provide enhanced global mobility tax and immigration services to clients and their cross-border employees. While both organizations will maintain and grow their respective global immigration practices, this agreement will give them the ability to come together to provide integrated services to their respective clients to bring a more connected service ......read more

    High level official UAE delegation takes part in Fifty-Eighth Series of Meetings of the Assemblies of the Member States of WIPO in Geneva

    Abu Dhabi, 24 September 2018: A high-level delegation organized by the UAE Ministry of Economy (MOE) is currently taking part in the Fifty-Eighth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organization (WIPO), which opened today (September 24, 2018) and will run until October 2, 2018 at the WIPO Headquarters in Geneva, Switzerland. The delegation is headed by H.E. Eng. Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs, MOE. He is joined by Ali Ibrahim Al Hosani, Assistant Undersecretary for the Intellectual Property ......read more

    Schneider Electric Innovation Summit Singapore: Powering and Digitizing the Economy

    More than 1,500 Schneider Electric customers, partners and suppliers share their bold ideas for the digital economy at this two-day event Latest innovations to EcoStruxure architecture unveiled Dubai, United Arab Emirates – 24 September 2018 –   Schneider Electric, the leader in digital transformation of energy management and automation, recently hosted more than 1,500 customers, partners, suppliers and influencers at its latest Innovation Summit at Singapore Marina Bay Sands. The event brought together Schneider Electric experts and world-leading industry ......read more

    Sharjah and Indonesia hold discussions to review ways of boosting economic and trade relations

    Sharjah, 22 September 2018:  The Sharjah Chamber of Commerce and Industry (SCCI) held discussions with an official delegation from the Indonesian Embassy in the UAE on ways to develop economic relations and cooperation, as well as to enhance joint investments, exchange trade missions, and build partnerships between the business communities in both Sharjah and Indonesia. The discussions were held recently at a meeting that took place at the headquarters of the chamber, in the presence of Sheikh Fahim bin Sultan Al Qasimi, Chairman of Department of Government Relations in Sharjah. ......read more

    Japan's Leading Industrial Company Asahi Yuzikai Launches Middle East Operations at Dafza

    Dubai, UAE, 19 September 2018: Asahi Yukizai Corporation – Japan’s leading company in industrial resins and plastic valves –  successfully held the opening ceremony for its Middle East operations at Dubai Airport Freezone – DAFZA. The new office will play a key role in expanding the company’s business across the Middle East and North Africa region. The opening ceremony was hosted by Mr.Nasser Al Madani, Assistant Director General at Dubai Airport Freezone Authority (DAFZA), Mr.Akima Umezawa Ph.D, Consul-General of Japan in Dubai, and Kazuya Nakano, ......read more

    Malaysia Eyes Dubai to Explore Markets in the MENA Region

    Dubai – United Arab Emirates, 19 September 2018: The Malaysian Franchise Association (MFA), which aims to promote entrepreneurship through franchising, has chosen Dubai – a global business and financial destination and the 3rd edition of ‘The Global Franchise Market Exhibition’, to explore the emerging and lucrative markets in the Middle East North Africa region, connect with local, regional and international franchisors and brand owners and expand their businesses within the region.  This year, TGFM, the official franchising event in Dubai, brings ......read more

    UAE Residents Should be Aware of the Circumstances in which Personal Bank Accounts can be Frozen

    Debt and visa changes are the most common reason for not being able to access funds short term September 2018, Dubai: According to the experts at Guardian Wealth Management, most residents are not aware of the various reasons as to why bank accounts in the U.A.E can be frozen. When people are denied access to their bank account, even if it is just for a short period of time, it can ultimately have a knock-on effect on their short-term finances including the payment of rent, school fees and savings.  The most common reason universally for a frozen bank account is when the bank feels ......read more

    Mobility MEA becomes the first approved Android zero-touch enrollment partner for the region

    16th September, Dubai, United Arab Emirates: Mobility MEA, a leading systems integrator, enterprise managed mobility service provider and a GEMA alliance partner, is now the first approved Android zero-touch enrollment partner for the MEA region. The company will serve to accelerate automated deployments, reducing dependency on internal IT support, simplifying setup and management of Android mobile devices; and making time-consuming device configuration a thing of the past through processes that create better user experiences. Zero-touch enrollment, which supports OEMs, carriers and ......read more

    The Higher Sharia Authority at the Central Bank Held A Consultation Meeting with The Members of the Internal Sharia Control Committees Prior to Its Fifth Meeting

    Dubai, UAE, September 16, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held a Consultation meeting with the members of the internal sharia control committees (ISCC) of Islamic financial institutions operating in the UAE on 9 September 2018. Islamic Banks, commercial banks’ Islamic windows and Islamic finance companies, represented by the members of their ISCC, the head of the internal Sharia control departments and the heads of the internal Sharia audit, attended this first Consultation meeting to exchange views on various issues that ......read more

    Dollar, trade tiff driving commodities

    By Ole S Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, September 16, 2018:  Commodities in general traded close to unchanged on the week with rising energy and metal prices being offset by lower grain prices. The weaker dollar, which came under pressure against resurgent emerging market currencies, helped at least temporary to raise the general level of risk appetite.  The ongoing trade war between China and US did not, as expected, escalate further with President Trump refraining from unleashing tariffs on an additional $200 billion of Chinese imports. New talks ......read more

    Nancy Pelosi on President Trump: "As long as he's here, I'm here"

    Dubai, UAE, September 11, 2018:  Speaking to CNN’s Christiane Amanpour, Minority Leader of the United States House of Representatives Nancy Pelosi discusses her role and why she has decided to remain in politics. During the interview for CNN’s new one-hour long Amanpour, Pelosi explains how a Trump Presidency has compelled her to remain in her position to maintain a female presence in policy changes and continue to fight for the protection of the Affordable Care Act. Full interview airs tonight on CNN International at 6p.m. BST and 7p.m. CET Please clearly credit CNN ......read more

    State Street Expands Middle East Presence with New Abu Dhabi Office in Response to Region's Significant Growth Prospects

    New Research from State Street Reveals Institutional Investors Are Bullish on MENA Growth Abu Dhabi, UAE, September 10, 2018:  State Street Corporation (NYSE: STT) announced today the opening of its first Abu Dhabi office, which will be located in the Abu Dhabi Global Market (ADGM), the country’s international financial centre. This is the firm’s second office in the United Arab Emirates, building on its 26-year presence in Dubai. To mark this milestone, State Street also unveiled a research1 paper that draws on survey responses from 306 institutional investors based in ......read more

    Dubai FDI embarks on second investment promotion mission to US to strengthen bilateral ties

    Dubai, 9 September 2018​:  Dubai FDI, the investment development agency of Dubai Economy (DED), is going on to second investment promotion mission to the United States (US) this month in a bid to further strengthen its bilateral relations with one of the world’s leading economic powers. The high-level mission will visit the cities of Indianapolis and Detroit.  The main objective of the mission, which will take place from September 15 to 22 is to strengthen trade and economic ties with the states Indiana and Michigan, in the fields of technologies, healthcare and life ......read more

    FDI flow in to Bangladesh jumps 22.52% last year to US$2.45 billion that prompts UAE businesses to invest in Bangladesh

    More and more Bangladeshi entrepreneurs are opening companies in the UAE as economic relations between the two countries grow   News Highlights FDI in to Bangladesh jumped 22.52% to US$2.45 billion (Dh9 billion) in 2016-17 fiscal year Bangladesh is the world’s 32nd largest economy with US$687.14 billion Gross Domestic (GDP) based on Purchasing Power Parity (PPP) Bangladesh seeks investment in 100 new economic zones where UAE investors could invest and own 100 percent export-oriented industries and benefit from duty-free quota access to Europe and the United ......read more

    New drops mean more good news for gold investors

    As the US dollar continues to hold strong in international markets, gold prices fall as investors search out safe bets elsewhere. As the week started, UAE 24-karat gold fell from Dh147.25 per gram to Dh146.75 per gram as Monday played out. You can check the live rates on business24-7.ae   Other karats are also available at bargain prices -  22K at Dh137.75, 21K gold at Dh131.50 and 18K gold at Dh112.75 per gram. You will be able to buy those kind of gold online on business24-7.ae   Vijay Valecha of Century Financial has been watching the situation carefully. ......read more

    Fintech Abu Dhabi Launches Two Full Days of Activities for Startups, Investors and Financial Institutions

    4th September, 2018, Abu Dhabi, UAE: FinTech Abu Dhabi Summit 2018 will go ‘live’ in two more weeks with two full days of exciting activities for FinTech start-ups and lively discussions on industry matters and issues that affect the development and growth of the financial services industry. This leading FinTech and financial event, organised by Abu Dhabi Global Market (ADGM), is held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council for the second consecutive year. FinTech Abu Dhabi comprises of a newly ......read more

    "Kazakhstan can become the main trade and economic partner of the UAE in Central Asia."

    Dubai, UAE, September 04, 2018:  About the main perspectives and potential of investment and economic cooperation between the countries, Ilya Urazakov, Head of the Representative Office of the State Investmentand Promotion Agency of the Republic of Kazakhstan, "Kazakh Invest", told at the meeting with representatives of the UAE Media. - "Historically, our countries have very warm and strategic relations. But turnover and investment cooperation could be much higher. According to experts from both countries, the potential for economic cooperation can at least triple" ......read more

    Central Bank of the UAE Holds its 7th Board of Directors Meeting for 2018

    Dubai, UAE, September 03, 2018:  The Board of Directors of the Central Bank of the UAE held its 7th meeting for 2018 at 9:30am on Sunday, 2nd September 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Al Kindi, the Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman of the Board and H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer and Hamad Mubarak Buamim, as well as by H.E.Saif Hadef Al Shamsi, Assistant Governor ......read more

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