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    Featured in Banking and Investments
    In partnership with Emirates and Jumeirah Hotels & Resorts

    American Express Middle East connects with key partners and Cardmembers at annual Golf Tournament  Dubai, UAE, 20 March 2018:  Senior management of American Express Middle East and over 70 key business partners and Cardmembers gathered at the company’s Golf Tournament held recently at Jumeirah Golf Estates.  The full-day event was held in partnership with Emirates Airline – the world’s best airline according to TripAdvisor 2017 – and Jumeirah Hotels & Resorts – a global hospitality company which operates a portfolio of 20 luxurious properties around the world. A dinner and prize ceremony recognising the winners concluded the day. Mazin Khoury, CEO of American Express Middle East commented, “This golf tournament doubles as a casual networking event that brings more

    Philips Lighting announces intention to change company name to Signify while keeping the Philips brand for its products

    Abu Dhabi, Dubai, United Arab Emirates March 19, 2018:  Philips Lighting (Euronext: LIGHT), the world leader in lighting, has announced its intention to change its name from Philips Lighting to Signify. The choice of the new company name originates from the fact that light becomes an intelligent language, which connects and conveys meaning. The company will continue to use the Philips brand, the most trusted lighting brand in the world, under the existing licensing agreement with Royal Philips. “We’re excited to announce our new company name as another step in our transformation journey,” said Philips Lighting CEO Eric Rondolat. “Our new company name is a clear expression of our strategic vision and a fabulous opportunity to introduce a new corporate look and feel that is uniquely our own and will more

    Axis Bank starts operations in Sharjah

    Sharjah office is Axis Bank’s 3rd representative office in the UAE New office to help service clients in Sharjah and other northern emirates  Sharjah, March 18, 2018:   Axis Bank, India’s third largest private sector bank, today opened a representative office in Sharjah, United Arab Emirates. Shri Vipul, Consul General of India in Dubai, inaugurated the representative office.  The representative office in Sharjah is the third such Axis Bank office in the UAE after Dubai and Abu Dhabi.The new representative office will engage primarily in promoting the Bank's retail products and services to non-resident Indians (NRIs).The Sharjah representative office will not only service the NRIs in the emirate, but will also help effectively service customers in other northern emirates of Ajman, Umm Al more

    Mashreq Bank honored twice at EMEA Finance Middle East Banking Awards

    Dubai, United Arab Emirates, 14  March 2018:  Mashreq Bank, the UAE’s leading financial institution, was honored twice at the 2017 EMEA Finance Middle East Banking Awards. Now in its 10th year, the award ceremony recognizes the achievements of the region’s retail and investment banks, as well as their asset management and brokerage operations. The magazine cover banks operating in ten countries, acknowledging their achievements in the past year. Mashreq Bank was presented with the ‘Best Local Bank in United Arab Emirates’ and the ‘Best Product Launch in Middle East’ for its card-less cash withdrawal for corporates, which is one of an extensive line of products and solutions tailored to specific client needs. The awards were in recognition of Mashreq’s bespoke services more

    UAE Plays Key Role in Supporting Sudan's Economy with Investments Exceeding AED28 Billion

    Abu Dhabi Fund for Development projects in Sudan worth AED7.3 billion His Excellency Mohammed Saif Al Suwaidi attributes productive collaboration between ADFD and Sudanese government to leadership   guidance  The Fund contributes to boosting Sudanese economy, enhancing monetary and financial stability  ADFD bolsters historic ties with Sudan through supporting development programmes that serve the most important economic sectors  Abu Dhabi, UAE March 14, 2018:  The UAE and the Republic of Sudan enjoy long-standing cooperation and strategic bilateral relations. Built on economic and development partnerships, these historic brotherly ties have significantly contributed to the progress and prosperity of Sudan. Under the leadership of the UAE President His Highness Sheikh Khalifa bin more

    NREC Earnings Release for Full Year 2017 and Q4 2017

      FY 2017 (Million KD) FY 2016  (Million KD)     Var (%)    Q4 2017 (Million KD) Q4 2016 (Million KD) Var (%) Operating Revenue       38.5 33.9  +13.6% 16.6  13.4 23.8% Gross Profit 12.1  13.9  (13.4%) 1.5 3.3  (53.4%) EBITDA 13.9 19.6 (29.2%) (1.4)   6.1  (123.1%) Net Profit 10.6 16.1   (34.3%)  (2.0)  5.0  (139.7%) EPS (fils)  11.3  17.2  --  --  --  --  Figures in the table more

    Mashreq to participate in Careers UAE for the 18th consecutive year

    March 12, 2018 UAE:  Mashreq Bank, the UAE’s leading financial institution, will continue its efforts to foster the growth of Emirati talent through its participation in Careers UAE 2018. Taking place at the Dubai World Trade Centre from 13-15 March, this marks the 18th consecutive year which Mashreq has participated in the event. Mariam Al Ali, Head of Emiratization and Government Relations at Mashreq commented: “At Mashreq we are committed to facilitate the recruiting, training and development of UAE Nationals. Our training programmes are designed to equip talented Emiratis with the right training and tools to develop their career. The bank has been recognized for its Emiratization efforts, and Careers UAE provides the perfect platform for Mashreq to offer Emiratis the opportunity to join the financial more

    Xpress Money Eyes Africa's Evolving Remittance Market

    Global remittance brand expects next three years to be a game-changer for Africa    Dubai, March 06, 2018:  With the aim of growing in terms of presence and market share in Africa, Xpress Money, one of the world’s most dependable money transfer brands, has got the ball rolling with grand expansion plans in the African market. The brand expects the African corridor to grow phenomenally in the next three years; based on recent trends in migration and technology adoption in various African countries. Xpress Money is looking at doubling their network presence in Africa with large pan-Africa bank partnerships in the pipeline. Various African countries rely heavily on remittances to maintain their national GDP. In fact, remittances are the continent’s second largest source of foreign inflows after Foreign more

    Dubai non-oil foreign trade with Japan stands at AED 42 billion in 2017

    Dubai, UAE, March 06, 2018:   Dubai's non-oil foreign trade with Japan reached AED 41.82 billion in 2017. Imports totaled AED 38.35 billion, while exports stood at AED 2.69 billion and re-exports at AED 780 million. According to recent data released by Dubai Customs, in parallel with the UAE-Japan Strategic Business Forum, held by the Ministry of Economy in Tokyo from March 6-7, aluminum tops Dubai's exports to Japan at AED 2.519 billion, accounting for 93.69 percent of the emirate's total exports to the Japanese market.  Automobiles, on the other hand, lead Dubai's imports from Japan with a trade share worth AED 18.186 billion, that is 47.43% of its total imports from Japan. "Japan is one of Dubai's major trading partners and their bilateral trade is gaining more and more importance as more

    Henkel achieves new highs in sales and earnings

    Sales increase to 20,029 million euros, first time above 20 bn euros: nominal growth +7.0%, organic growth +3.1% EBIT margin* reaches new high: +40 basis points to 17.3%  Earnings per preferred share*: +9.1% to new high of 5.85 euros Record dividend** payout: +10.5% to 1.79 euros per preferred share Substantial progress in implementation of strategic initiatives Financial ambition for 2020 confirmed Dubai, UAE, March 05, 2018:  “2017 was a successful year for Henkel. Despite challenging and volatile market conditions, we reached new record levels in sales and earnings and achieved our financial targets for the year. This strong performance was driven by our engaged and passionate global team. For the first time, we exceeded annual sales of 20 billion euros. We also achieved record margins and new highs more

    The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2018

    Dubai, UAE, March 05, 2018:  The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2018 at 9:30am on Sunday, 4th March 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid  Mohammed  Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Their Excellencies Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.    The Board reviewed Central Bank’s Annual Report for the year 2017, presented by the Research & more

    Signed by the Ministry of Economy and the Ministry of State for Advanced Sciences and Abu Dhabi's Department of Economic Development

    A joint cooperation agreement is announced which aims to support the Technology and Innovation Pioneers platform and the UAE Council of Scientists to encourage and support national inventors and innovators Dubai, UAE, March 04, 2018:  The Ministry of Economy, the Department of Economic Development (DED)Abu Dhabi and the Ministry of State for Advanced Sciences signed a joint cooperation agreement to reinforce joint cooperation between the three parties in order to support the Technology and Innovation Pioneers Platform (TIP) and the UAE Council of Sciences to encourage national inventors and innovators to continue their creative work and contribute to increasing the number of Emirati patents.  The agreement was signed as part of the inauguration ceremony of the International Center for Patent Registration at Raffles Hotel more

    UAE Exchange partners with Kayan Labs for rise mobile application, the world's first migrant wealth management platform

    Dubai, UAE, March 01, 2018:   The UAE population comprises of approximately 80% migrant workers, with blue-collared constituting the major segment. The blue-collared workers are also among the underserved and unbanked communities who have no or limited access to the financial services. To bring such workers under the financial realm, UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has signed a MoU with Kayan Labs for exploring new channels to provide remittance facility through ‘rise’ mobile application, the world’s first migrant wealth management platform that helps unbanked migrants in the GCC manage their finances. As per the MoU, signed on the sidelines of Finovate Middle East, UAE Exchange and Kayan Labs will jointly cooperate to bring in a unique digital more

    Ithmaar Bank reports 2017 profits

    Dubai, UAE, March 01, 2018:   Ithmaar Bank B.S.C. (c) [“Ithmaar Bank”] [“the Bank”], a Bahrain-based Islamic retail bank and a wholly-owned subsidiary of Ithmaar Holding B.S.C, reported today (ed note: 27/02/18) a net profit of BHD6.24 million for the period ended 31 December 2017. The net profit attributable to equity holders of the Bank for the period ended 31 December 2017 was BHD1.58 million. The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval, by the Board of Directors, of the Bank’s consolidated financial results for 2017. These are the Bank’s first period-end financial results since the successful completion of a planned reorganisation and the formal commencement of the new group structure in January 2017 and cover the more

    AED 878.371 Million Worth Deals Signed during UMEX and SIMTEX 2018

    Deals worth over AED294.225 Million signed on day three of the dual event Abu Dhabi-UAE: 28, February, 2018 –  Major Pilot Saeed Mohammed Al Yamahi, the Official Spokesperson of Unmanned System Exhibition (UMEX) 2018 and Simulation & Training Conference and Exhibition (SimTEX) 2018 announced at a press conference that 10 defence deals worth AED294.225 million were signed on the third day of the dual event, taking the total value of deals signed to AED 878.371 million. Al Yamahi added that the Armed Forces signed two contracts with the UAE-based Abu Dhabi Autonomous Systems Investments (ADASI). The first contract, valued at AED70.673 million, involves the renewal of technical support for UAV systems for 24 months, whereas the second contract worth AED34.626 million involves the purchase of spare parts for an more

    FERG Launches the Second Edition of AML Standardisation Manual with updated guidelines for Exchange Houses

    Version 2.0 of the manual launched at a high-power conference attended by leading AML and Operations experts from Exchange Houses across the region Dubai, UAE – February 27 2018:   The UAE’s Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances in the country, has officially launched the second edition of the Anti-money laundering (AML) Standardisation Manual at a conference held at the Steigenberger Hotel in Dubai. The updated manual was introduced in the presence of Osama Al Rahma, Vice Chairman, FERG, Rajiv. Raipancholia, Treasurer, FERG & other esteemed officials of CB UAE and members of FERG representing UAE’s most prominent exchange houses.    The AML Standardisation Manual version 2.0 is an updated version of more

    FranGlobal seeks over USD 100 million investments from Gulf investors

    Franglobal hosts leading International & Indian brands into the lucrative GCC markets for Master Franchise partnerships   Dubai, UAE, February 26, 2018:  FranGlobal, a market leader enabling successful India market entry for countless Brands over the last 18 years inaugurates the 2nd Edition of Global Investor Meet in Dubai on 3rd February 2018. The event provides an opportunity for global brands to showcase their products in Dubai and Gulf Co-operation Council (GCC) markets.   The premium affair aims to make a meaningful business connection between the GCC’s High Net Investors, Corporate Companies, Business Owners and the most successful Global Brands.  The Global Investor Meet presents a key platform to build ideas and enrich franchise relationships for Indian brands looking at entering international more

    DAFZA launches Goodforce Labs, the first Islamic and global social impact themed startup incubator

    Initiative falls in line with UAE Innovation Month celebration Dubai, UAE, February 26, 2018:  Dubai Airport Freezone Authority (DAFZA) announced the launch of Goodforce Labs, an innovative startup incubator focused on transforming ethical startups in the fields of Islamic economy and Halal industries into global success stories. The incubator will work to revitalize the Islamic ethical economy utilizing a deep venture building platform. This will be achieved by selecting a group of startups and small and medium enterprises and support them towards a USD 50 million in annual revenues and measurable social impact.   The new incubator was launched with support from DAFZA, one of the leading free zones in the world; Dubai Islamic Economy Development Center, which is responsible for bolstering Dubai’s position as a more

    Mashreq Bank Selects Blue Prism to Drive Innovation Across All Banking Functions

    UAE’s leading bank adopts Blue Prism’s Digital Workforce to transform business operations while increasing customer satisfaction Dubai, UAE, February 25, 2018:  In its efforts to continue pioneering innovative banking solutions, UAE’s leading financial institution, Mashreq, announced that it is working with Blue Prism (AIM: PRSM) to increase productivity, improve customer experiences and deliver new services. Mashreq selected Blue Prism’s secure, scalable and easy-to-use Digital Workforce to deliver greater operational efficiencies, higher accuracy and a massive reduction in processing time for new and existing customer services. The bank is using Blue Prism to integrate artificial intelligence (AI) and automate dozens of mission-critical processes across multiple business functions, including banking more

    G4S UAE honours outstanding employees at annual awards

    Dubai, UAE – February 25, 2018:  G4S UAE, the world’s leading integrated security solutions provider, held its annual employee award ceremony along with the organization’s 24th year celebration in the UAE. The ceremony was held at the Jebel Ali Golf Resort, where employees were honored in eight categories across various business services.  Since its inception in the UAE in 1994, G4S has recognized and honored its employees across various sectors. Nominated by their clients and the G4S awards committee, the organization recognizes talents from their pool of over 10,000 employees. The recognition is in eight different categories – Facility Management, Security Services, Aviation, Cash Management Solution, Security Systems, Best Branch, Support Function, Exceptional Contribution and G4S Special more

    GCC Financial Forum 2018 Puts Spotlight on Digital Transformation

    Dubai, UAE, February 22, 2018:  Speakers and participants of 7th edition of regional conference discuss the shape of the financial system of the future and unanimously underline the importance of driving technological innovation   Manama, Kingdom of Bahrain; 22nd February 2018: The GCC Financial Forum, held on 20th and 21st February 2018 in Manama, Bahrain, put digital transformation in the financial industry in the spotlight and reinforced the significance of pursuing a forward-thinking approach with respect to integrating new technologies into existing business models and strategies.  Euromoney Conferences and the Bahrain Economic Development Board (EDB) were honoured to welcome HE Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, HE Mr Zayed R. Alzayani, the Minister of Industry, Commerce and more

    Jaleel Cash & Carry to develop AED 100 m facility at Dubai Wholesale City

    DUBAI – February 22, 2018:   Jaleel Cash & Carry, the region’s largest bulk buy outlet chain and a division of UAE-based leading investment company Jaleel Holdings, has announced the development of its biggest facility at Dubai Wholesale City (DWSC) at an investment of AED 100 million. The DWSC is the region’s largest fully integrated wholesale hub.  Jaleel Cash & Carry has revolutionized the FMCG wholesale market in the region. Jaleel Holdings introduced the popular cash-and-carry concept of the European and US markets to the Middle East region with due consideration to the unique characteristics and requirements of the region. Jaleel Cash & Carry stocks products in categories like foodstuff, non-food, cosmetics, home appliances and other FMCG items. The Jaleel Cash & Carry unit at more

    Central Bank Hosts first meeting of the new Higher Shari'a Authority

    Abu Dhabi, UAE – 21st February 2018:    The HIGHER SHARI’A AUTHORITY held its 1st meeting of 2018 at 9:00am on Wednesday, 21st February 2018, at the Central Bank Head Office – Abu Dhabi.   The meeting was attended by:  His Excellency Mubarak Rashed Al Mansoori  His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, Chairman.  Prof. Dr. Jasim Ali Al Shamsi, Board Member.  Dr. Issam Muhammad Ishaq, Board Member.  Dr. Oznan Hasan, Board Member.  Dr. Usaid Muhammad Adeeb Al Kilani, Board Member. In addition to a group of Central Bank’s senior officials.   H.E. Mubarak Rashed Al Mansoori, Central Bank Governor, welcomed the Chairman and the Board Members of the Higher Sharia Authority in his opening remarks where he highlighted the more

    USD 16 million global investment will help drive the growth of co-working in Middle East, says Servcorp

    Substantial investment by Servcorp has already seen the opening of co-working facilities in UAE, Saudi Arabia, Lebanon and London Deployment of funds will see the launch of co-working spaces in Dubai, Riyadh and Bahrain by June 2018 Additional USD 8 million allocated globally to enhance customer experience Estimated growth of 22% for worldwide co-working industry spaces in 2017, with 1.18 million individual users, according to “2017 Global Co-Working Survey” Dubai, United Arab Emirates, 21 February 2018:   Servcorp, an originator and innovator in serviced offices, virtual offices and co-working environments, has said that the investment of over USD 16 million in its global product offering will have a direct impact on the co-working market in the GCC and Middle East. The investment has already seen more

    Nearly 9 in 10 Companies in the UAE Will Be Hiring in the Next 12 Months, Reveals a and YouGov Survey Job Index found that the skills most sought by companies hiring in the UAE are good communication in Arabic and English, being a team player, and ability to work under pressure Dubai, UAE, 19  February 2018:   There is a positive outlook for the job market in the UAE, according to the Middle East Job Index Survey, which revealed that a large majority (86%) of UAE companies intend to hire new people in the next year, and three quarters (75%) saying they will be hiring in the next three months. What’s more, nearly four in five (79%) working respondents in the UAE claim that their company has hired new employees in the last 12 months.  The Job Index, released bi-annually and conducted by, the Middle East’s #1 job site, and global online market research company, more

    Other Top Stories from Banking and Investments
    INTERSEC 2018: France on the spot to support the protection of individuals and strategic infrastructures in the Middle East

    January 21st to 23rd 2018 at Dubai World Trade Center Dubai, United Arab Emirates, 20 December 2017 -   Business France, the national agency in charge of the international development of the French Economy will be hosting a French Pavilion at INTERSEC DUBAI, the international meeting platform for the Security and Safety industry. As a true springboard for companies looking to develop in the Near and Middle East markets, but also the Indian sub-continent and Asia, INTERSEC remains an attractive event gathering 1,300 exhibitors from 54 countries in 2017. French companies will more

    Ministry of Economy and Abu Dhabi Department of Economic Development Announcing the launch of TIP platform

    Considered the first comprehensive platform for innovation in the region to speed up Emirates Vision 2021, the Economic Vision of Abu Dhabi 2030, and the National Strategy for Innovation. Ministry of Economy and Abu Dhabi Department of Economic Development announcing the launch of TIP platform in partnership with public and private sectors in the country and global partners. An Award for Technology and Innovation Pioneers will be initiated soon to honor TIP’s pioneers. Abu Dhabi, UAE,  19th of Dec. 2017:  The Ministry of Economy and the Department of Economic more

    Abu Dhabi Quality and Conformity Council Expands Scope of Beautician Conformity Scheme

    Abu Dhabi-UAE: 19 December, 2017 – Abu Dhabi Quality and Conformity Council (QCC), the entity responsible for developing quality infrastructure in the emirate of Abu Dhabi, has expanded the scope of its Beautician Conformity Scheme to cover eight new professions. The professions include general workers, hairdressers, hairstylists, barbers, nail technicians, nail enhancement technicians, masseuses and massage therapists. The move comes as part of QCC’s efforts to guarantee the skills, competency and personal hygiene of beauty salon staff as well as protect the health and safety more

    The Souq Al Haraj Showroom Auction raises Dh3.8 million

    Sharjah, Sunday December 18, 2017:  The Souq Al Haraj Showroom Public Auction, organized by the Emirates Auction, managed to raise Dh3.825 million for Sharjah Asset Management, the Investment arm of the Government of Sharjah, by leasing 12 showrooms. The auction was held at the Sharjah Golf and Shooting Club on Saturday, and was attended by more than 500 traders and investors. Three showrooms in particular attracted the attention of a large segment of traders and investors that participated in the auction, where they were leased for Dh 1.47 million. The auction, which was the first more

    Mashreq Bank recognized for global mobile banking excellence

    UAE’s leading financial institution wins Best Consumer Mobile Banking Global award at Digital Bank Conference in London  Dubai, UAE—18 December, 2017:  Mashreq Bank, the UAE’s leading financial institution was presented with the Best Consumer Mobile Banking Global award at the Digital Bank Conference and Awards dinner hosted by Global Finance magazine in London, England. The award is in recognition of Mashreq bank’s development of its mobile banking app, Snapp and its efforts in enhancing its customers’ experiences through a digital medium in recent more

    Omniyat signs project finance deal of AED 500m with Ajman Bank for development on Dubai Canal

    Islamic financing facility focused on Omniyat’s largest hospitality project to date Dubai, 18 December, 2017:  Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for AED 500 million ($136m). The financing will be used for the construction of an iconic mixed-use project at Dubai Water Canal in Business Bay.  The project is a cooperative partnership between Omniyat, Saudi Arabia’s Rashed Al Rashed Group and Jenina Real Estate Development Company Ltd. - one of Saud Kanoo’s companies. The total project cost is AED 1.34 more

    UAE Research Program for Rain Enhancement Science to Stage 2nd Edition of International Research Forum at ADSW 2018

    Leading event in scientific field to provide platform for the presentation and discussion of latest global research to help boost water security globally Abu Dhabi-UAE: 17 December 2017 –  The UAE Research Program for Rain Enhancement Science is set to host the Second International Forum on Rain Enhancement Science during the Abu Dhabi Sustainability Week (ADSW) in January 2018.  Scheduled to be held over three days from January 16 to 18, the forum will provide a platform for discussion on the newly awarded research projects from the Program’s Third Cycle as well more

    Al Ghurair International Exchange unveils PAN Card service

    NRIs can now apply for PAN Cards at UAE’s leading exchange house Dubai, UAE, December 17, 2017:  Al Ghurair International Exchange, part of UAE-based diversified conglomerate Al Ghurair, has announced an important new addition to its expanding portfolio of financial exchange offerings with their PAN Card application service for non-resident Indians in the Emirates. Indian expatriates in the UAE can now apply for their Permanent Account Number (PAN) Cards from any of Al Ghurair International Exchange’s branches across the UAE and pay PAN card issuance fee, which once more

    Sharjah Presents Japan on Outstanding Business Opportunities

    Top level talks bring together leading authorities and private sector investors Al Sarkal: Currently Sharjah is host to 50 Japanese companies, and we forecast this growth to hit a three digit figure at the very earliest. Sharjah, UAE, 16 December, 2017:  As Sharjah continues its extensive drive to build a wider global base of economic allies and investors, government entities, expanding enterprises and private businesses from Japan and Sharjah met recently to discuss latest investment opportunities in the rapidly diversifying economic milieu of Sharjah and the UAE. For the first more

    Alpen Capital's latest report on the GCC Insurance sector highlights its growth potential

    Dubai, 14th December, 2017:  Alpen Capital, an investment banking advisory firm, announced the publication of its report on the GCC Insurance Industry. The report showcases the current state of the insurance industry across the GCC nations while presenting the recent trends, growth drivers and challenges. The report also provides an outlook of the industry until 2021. It profiles some of the prominent insurance providers in the region while evaluating their financial and market valuation metrics. The GCC insurance sector maintains resilient growth, given the significant more

    SIAL Middle East 2017: Food Security Center-Abu Dhabi Shares Insight at Opening Day Roundtable

    His Excellency Khalifa Al Ali: “UAE currently enjoys a food security value chain capable of withstanding years” Expert-led session entitled ‘Regional developments and its impact on food security at the region countries’ Abu Dhabi-UAE: 13 December 2017 –  The Food Security Center - Abu Dhabi (FSCAD) hosted the first of two Food Security Roundtables on the opening day of the eighth edition of SIAL Middle East 2017. Entitled ‘Regional Developments and its Impact on Food Security at the Region Countries’, the roundtable shed light more

    Ministry of Climate Change and Environment Withdraws French-made Infant Milk Due to Salmonella Contamination

    Dubai-UAE: 13 December 2017 –  The Ministry of Climate Change and Environment (MOCCAE) has issued a decision to withdraw the (Lactalis Craon Factory) French-made Infant Milk products from UAE markets due to Salmonella contamination.  Entities responsible for implementing the circular include the Abu Dhabi Food Control Authority and the municipalities of Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah.  The decision is based on the findings of a technical report following the warning issued by the French Directorate General of Health (DGS) more

    GCC Downstream Players Should Brace Several Market Uncertainties in the Coming Years, GDA/BCG Survey Reveals

    The first of its kind survey in the Middle East aims at gauging the ‘market sentiment’ and share the internal challenges faced by the downstream industry in the Gulf Cooperation Council (GCC).   UAE , Dubai, 12 December  2017 —  According to the first Gulf Downstream Industry Survey, conducted in cooperation between the Gulf Downstream Association (GDA) and The Boston Consulting Group (BCG), the refining market is expected to remain volatile in the medium term, with significant uncertainties on the demand side, mainly linked to the economic growth more

    Noor Bank Bags Critics' Choice Best Islamic Retail Banking Brand Award for Second Consecutive Year

    Dubai-UAE: 12 December, 2017 –  Noor Bank, a leading Shari’a-compliant bank in the UAE, has been named a winner of the Critics’ Choice Best Islamic Retail Banking Brand Award at the Islamic Retail Banking Awards (IRBA) 2017. This is the second year in a row that the Bank has been honoured in this category at the event hosted by UK-based financial think tank Cambridge Analytica. Mufazzal Kajiji, Head of Retail Banking, Noor Bank collected the award on behalf of Noor Bank in the presence of high-profile industry peers at an exclusive ceremony.  The award more

    UAE Financial Markets Association introduces new initiative in line with Vision 2021 to boost Emirati national employment in financial sector

    New Emiratisation program launched to support nationalisation strategies in banking industry Dubai, UAE, 11 December 2017:  The UAE Financial Markets Association has announced a new Emiratisation Optimal Performance Scheme to encourage and support the local banking industry in implementing efficient nationalisation strategies. Launched this week (10 December) at an event in the H Hotel, Dubai in the presence of VIP government authority representatives, UAE bank CEOs and senior finance professionals, the programme’s overarching aim is to help the industry work together to more

    Coca-Cola launches smartwater in the UAE at SoleDXB

    Dubai, UAE, December 10, 2017:  Coca-Cola has launched its latest product innovation in the Middle East, with the launch of smartwater at SoleDXB. Smartwater was made available to consumers in the UAE for the first time at the three day street culture festival at D3.  Murat Ozgel, General Manager of Coca-Cola Middle East said of the launch: “We are very excited about bringing smartwater to the UAE, making it the fourth market globally where this incredibly successful premium water brand is available. It’s clean, crisp taste has made it a great success in the UK and more

    Saxo Bank 2018 Outrageous Predictions: 2018 will be a true roller coaster ride compared to an outrageously placid 2017

    Dubai, UAE, December 7, 2017:  Saxo Bank, the online multi-asset trading and investment specialist, has today released its 10 'Outrageous Predictions' for 2018. The predictions focus on a series of unlikely but underappreciated events which, if they were to occur, could send shockwaves across financial markets.  While these predictions do not constitute Saxo’s official market forecasts for 2018, they represent a warning of a potential misallocation of risk among investors who typically see just a one percent likelihood to these events more

    Abu Dhabi-based sustainability initiatives pledge to make a difference at Women's Economic Empowerment Global Summit

    Masdar, Zayed Future Energy Prize, Abu Dhabi Sustainability Week and the WiSER initiative discuss the importance of women in sustainable economic growth   Abu Dhabi, UAE, Dec 7, 2017 –  Abu Dhabi Future Energy Company (Masdar), the Zayed Future Energy Prize (ZFEP), Abu Dhabi Sustainability Week (ADSW) and the Women in Sustainability, Environment and Renewable Energy (WiSER) initiative have pledged to support the advancement of women as drivers of sustainable economic growth.    All four Abu Dhabi-based sustainability initiatives were key participants more

    Dubai Investments records 36% increase in DIP sub-leasing contracts in first 9 months of 2017

    Dubai, December 5, 2017:  Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has announced a 36% increase in sub-leasing contracts in its wholly-owned subsidiary Dubai Investments Park [DIP] – the unique integrated commercial, industrial and residential community in the Middle East, in the first nine months of 2017 compared to last year. Out of these, nearly 68 per cent contracts pertained to existing subtenants, reflecting DIP’s growing demand as a premier business destination in the region. The new more

    2018 the Year of Change: Saxo Bank Chief Economist Predicts Economic Impacts of Key Market Trends

    From China’s lead on electrification to a possible US recession and the irony of cryptocurrencies, Steen Jakobsen, Chief Economist, CIO & Co-head of Global Sales Trading at Saxo Bank Group previews what’s in store for global financial markets and Middle East growth next year  Dubai-UAE: 05 December, 2017 – Steen Jakobsen, Chief Economist, CIO & Co-head of Global Sales Trading at Saxo Bank, the leading online multi-asset trading and investment specialist, delivered an economic forecast of how top trending issues, including China, electrification, more

    Cisco Expands Learning Portfolio with New Business Architecture Training and Certifications

    Expanded Portfolio Accelerates Business Transformation by Addressing Critical Talent Needs Dubai, UAE – December 5, 2017 -  Cisco announced it is expanding its learning portfolio with new business architecture training and certifications designed to accelerate the pace of business transformation, innovation and growth. Providing professionals with the latest skills, tools and best practices enables them to build and strengthen the bridge between technology solutions and business needs. These new offerings mark the second recent addition to Cisco’s business more

    Global Personal Luxury Goods Market Returns To Healthy Growth, Reaching A Fresh High of €262 Billion in 2017

    United Arab Emirates, December 04, 2017 –  Luxury is back in fashion. The overall luxury market – encompassing both goods and luxury experiences – grew by 5 percent to an estimated €1.2 trillion globally in 2017. Sales of luxury cars continued to drive the market, growing at 6 percent to reach €489 billion in total. Luxury experiences remained very attractive to customers, as illustrated by sales of high-end food and wine both growing by 6 percent from last year, and sales from luxury cruises experiencing impressive 14 percent annual growth. The core more

    Sharjah Ruler Attends the First Women's Economic Empowerment Global Summit Inaugural Ceremony

    The Summit is pushing for women’s equal participation in the labour market, which can add USD 28 trillion to the global economy by 2025  HH Sheikha Jawaher Al Qasimi: The UAE’s track record in advancing women is an exemplary international experience, and one that I am proud of. HE Sheikh Mubarak Al Nahyan: Women’s economic empowerment is an expression of tolerance, happiness and security, and a prerequisite for peace and prosperity of nations around the world. Phumzile Mlambo-Ngcuka: Support for changing discriminatory social norms and stereotypes that more

    Tristar Group celebrates UAE National Day

    Dubai, UAE; December 04, 2017:  Tristar Group celebrated the 46th UAE National Day as employees dressed in colors of the nation as a way of saying thank you to the UAE leaders and the people of this country where they have felt at home for many years. Sweets were distributed, and employees shared their personal stories of UAE that highlighted how so many people from different cultures and backgrounds have made UAE their home.  Tristar Group’s headquarters in Jebel Ali was decorated with UAE flags a week before the holidays.  According to Group Chief Administrative more

    startAD offers interactive program of startup events during December 2017

    Abu Dhabi, UAE – December 4, 2017:  startAD, an innovation and entrepreneurship platform that supports startups in the UAE, is offering a diverse program of open events throughout the month of December 2017. All of the events listed below are open to the public and free to attend. Al Warsha: Laser Cutting Date: Monday, December 4  Time: 6:00 pm – 8:00 pm Location: NYU Abu Dhabi Humanities Building (A6) – Room 016 Participants will learn how a laser cutter works in this open workshop, with demonstrations taking place on how to design and cut intricate more

    Centrify Innovations Embrace Zero Trust Security

    Centrify eases multi-factor authentication through FIDO Alliance and enhances privilege controls for containers Dubai, UAE, December 4, 2017 —   Centrify, the leader in securing hybrid enterprises through the power of identity services, announced its Zero Trust approach to security. Zero Trust assumes that everything—users, endpoints, resources—is untrusted and must always be verified to decrease the chance of a major breach.  Customers are adapting to the reality that older, network centric approaches to security no longer apply and more application more

    AL-Thiqa Islamic Bank Deploys ICS BANKS ISLAMIC System from ICSFS

    Dubai, UAE, December 4, 2017:  Amman, Jordan: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that AL-Thiqa Islamic Bank has gone live on the multi-awards winning system ICS BANKS ISLAMIC. AL-Thiqa Islamic Bank chose ICS BANKS ISLAMIC to stay in the top of the list in this highly motivated banking market. the project was accomplished in a record break time of two months, the implementation process was smooth, swift and transparent. The Executive Representative of AL-Thiqa Islamic Bank; Mr. Muamer more

    Tally Solutions geared up to help GCC businesses transition to the VAT era

    More than 1.2 million businesses globally use Tally for accounting and tax filing needs Dubai, UAE, 3 December 2017:  In an endeavour to help businesses in the UAE comply with VAT regulations, Tally Solutions, a leading international compliance software provider will offer improved insights, data alignment, efficiencies and transparency to enterprises in the UAE. Tally Solutions is well established in the region and is used by 40,000 satisfied clients across GCC. The company offers a complete business suite, from accounting to inventory management, banking processes and payroll more

    Dubai Investments raises foreign ownership cap to 49%

    Dubai, November 29, 2017:  Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has raised foreign ownership limit in the company from the existing 35% to 49%. A proposal to this effect was approved by shareholders at the General Assembly Meeting held on Wednesday [November 29]. Raising the limit to 49% is part of a wider move by Dubai Investments to open up to international investors. The proposal assumes significance after the recent addition of Dubai Investments’ shares in the MSCI Emerging Market more

    Wishes by Kamal Vachani on the occasion of 46th National Day of the UAE

    Dubai, UAE, November 29, 2017:  On the occasion of the 46 National Day of the United Arab Emirates, Mr. Kamal Vachani, Group Director and Hon. Regional Director of Electronics and Computer Software Export Promotion Council (ESC), extended his heartiest congratulations to President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai and their Highnesses Supreme Council Members and Rulers of the Emirates and people of the UAE. Mr. Kamal Vachani said, “The National Day more

    Abu Dhabi National Takaful Co. PSC named ‘Takaful Company of the Year' at 4th Middle East Insurance Industry Awards

    UAE, November 28, 2017- Abu Dhabi National Takaful Co. PSC (ADNTC), the leading takaful operator in the MENA region and one of the most progressive insurance companies in the UAE, was named ‘Takaful Company of the Year’ at the 4th Middle East Insurance Industry Awards (MIIA) organized recently by the Middle East Insurance Review at the Ritz-Carlton, Dubai International Financial Centre, Dubai. This is the second consecutive year that ADNTC has received this prestigious honor, thus further solidifying its position as a takaful industry leader. MIIA is known for its independent, more

    Pearl Initiative, Red Flag Group Underscore Compliance, Integrity for Sustainable Business Continuity

    Roundtable examines potential long-term business risks posed by lack of integrity practices Abu Dhabi-UAE: 28 November, 2017:  The Pearl Initiative, the leading Gulf business-led not-for-profit organisation promoting a corporate culture of accountability and transparency as a key driver of competitiveness, co-hosted a roundtable with global integrity and compliance risk firm, Red Flag Group, to explore the role integrity plays in the business decision-making process. Senior executives from international, regional and local UAE-based organisations convened to discuss the practical more

    Women's Economic Empowerment Global Summit to Strongly Focus on Furthering Emirati Women's Integration into the Economy

    An exclusive panel session will be held in collaboration with UAE General Women’s Union    Sharjah, 28 November 2017:  Part of the first edition of the Women’s Economic Empowerment Global Summit (WEEGS 2017)’s two-day discussion agenda will be an exclusive women-only panel session titled ‘Emirati Women: Potential & Possibilities’, which will be held on the second day of the Summit, 5 December from 10:00 – 11:00 am at Expo Centre Sharjah.  Organised by the NAMA Women Advancement Establishment (NAMA) in collaboration with the UAE more

    Abu Dhabi Ship Building Recognized for Excellence in Business Operations and Corporate Social Responsibility

    Abu Dhabi, UAE – 28 November 2017:  Abu Dhabi Ship Building (ADSB) recently received two highly prestigious awards reflecting the high quality of its business operations and commitment to corporate social responsibility. At the 14thedition of the Seatrade Maritime Awards covering the Middle East, Indian Subcontinent and Africa, ADSB won the “Enterprise Award” for its contributions to the region’s ship repair industry. The company also received the “Corporate Social Responsibility (CSR) Award” at the fourth annual Maritime Standard Awards in more

    Sharjah Updates Demographic Data on 210,500 Residents

    Sharjah Department of Statistics and Community Development launches second phase of ‘Tahdeeth’  Sharjah, November 28, 2017:   Sharjah Department of Statistics and Community Development (DSCD) has announced that the data on 210,499 Emiratis has been revised as part of its ‘Tahdeeth’ project; an initiative that aims to update the data and information about Emirati families and individuals who were first surveyed in the Sharjah Census 2015. The first phase of Tahdeeth, which was conducted from October 7 to November 6, updated the details of 127,531 more

    Barclays Named Mena “Wealth Manager of the Year” for the Fourth Consecutive Year

    The accolade was awarded by Global Investor Magazine, which specialises in asset management, asset servicing and securities finance.  November 28, 2017, Dubai, United Arab Emirates:  Barclays Private Bank has been named “Wealth Manager of Year” at the 2017 Global Investor/Euromoney awards for the fourth consecutive year.  The award, which was announced during the 2017 Global Investor/ISF MENA Awards ceremony, celebrates Barclays’ long standing position as a leader in the regional and global private banking space.  Barclays was recognised for its more

    Department of Economic Development – Ajman reveals new organizational structure

    UAE, November 27, 2017 - The Department of Economic Development - Ajman (DED-Ajman) has revealed its implementation of a new organizational structure, which has been developed based on the move to achieve the goals and objectives set forth in Ajman Vision 2021 to create a competitive and diversified green economy that is at pace with economic development. The move demonstrates DED-Ajman's keenness towards improving and enhancing government performance while also promoting investment activity and encouraging various economic sectors to contribute to the development process. His more

    Dubai Islamic Economy Development Centre Launches State of the Global Islamic Economy Report 2017/18

    Muslim spend on Halal Food and Beverage forecast to reach US$1.93 trillion by 2022 Islamic Finance assets expected to surge to US$3.8 trillion by 2022 UAE ranks third globally across three sectors Dubai-UAE: 27 November, 2017:  The Dubai Islamic Economy Development Centre (DIEDC) today published the outcomes of the State of the Global Islamic Economy Report 2017-2018 titled ‘Outpacing the Mainstream’. The report is issued annually by DIEDC in collaboration with Thomson Reuters.   The findings were released on the sidelines of the fifth edition of the more

    Mashreq marks National Day with ‘Celebrating #YOUAE' campaign

    Promotions span the retail banking products with multiple offers and prizes.  Dubai, UAE, 27 November 2017:  Mashreq, the oldest privately held bank and leading financial institution in the UAE, has announced the launch of ‘How will #YOUAE celebrate’ campaign to commemorate the country’s 46th National Day. Celebrating #YOUAE will present a wide variety of promotions for the bank’s customers, residents and citizens, running until 10 December.   Mashreq’s Retail Banking Group is celebrating #YOUAE by presenting a wide range of exclusive more

    Union Coop Hires 30 Emirati during Q3

    UAE, Dubai, November 27, 2017:  The Human Resources and Emiratisation Department at Union Coop, the largest cooperative in the UAE, revealed that it has hired around 30 Emirati men and women during the third quarter of 2017. This is part of Union Coop’s commitment to support Emiratisation efforts, and is motivated by its belief that human resources is an essential element in building sustainable societies. Ahmad bin Kenaid, Director of the Human Resources and Emiratisation Department at Union Coop said: “We are committed to the Emiratisation of our human resources more

    Xpress Money sees 26% Increase in Remittance Transactions from UAE to Uganda

    United Arab Emirates, 27th November 2017:  Xpress Money, one of the most dependable money transfer brands in the world, reported an average growth of 26% in the number of remittance transactions from UAE to Uganda over the last three years. The company has also seen a 28% increase in the volume of money being sent by expats in the UAE to their home country, Uganda. For years, Xpress Money has been a preferred choice for Ugandan expats in UAE to send money back home; offering convenient and cost-effective money transfer options like Cash-to-Cash and Cash-to-Mobile Wallet services to more

    Johnson's Baby Wipes Voted “Baby Wipe Brand of the Year” by Parents in the UAE

    The 2017 best parenting brands in the country decided through more than 114,000 votes from the general public Dubai, UAE, 26 November, 2017:  Johnson’s Baby Wipes were awarded “Baby Wipe Brand of the Year” at the annual Mother, Baby & Child Awards Ceremony. The 2017 edition of the Awards celebrated the 46 best UAE parenting brands in the UAE, as chosen by the general public. This year, the awards gathered more than 114,000 votes over a period of six months, starting from June until November. A total of 440 nominees divided over 46 voting categories were more

    National Bank of Fujairah Featured Banking Partner for Thomson Reuters Accelerate SME

    Dubai, UAE, 26 November 2017:  Thomson Reuters and National Bank of Fujairah (NBF) announced today that they have partnered to offer tailored funding solutions to SMEs in the UAE through the Thomson Reuters Accelerate SME platform ( Thomson Reuters Accelerate SME serves as the only digital gateway to the SME ecosystem in the MENA region. As the platinum banking partner on the Accelerate SME platform, community members will be able to apply for a range of NBF’s banking offerings including term loans, working capital financing and SME banking account more

    Arab-Brazilian Chamber of Commerce stand to feature major Brazilian companies at The Big 5

    The Arab-Brazilian Chamber of Commerce (ABCC) announced that its stand at the 2017 edition of The Big 5, the Middle East’s leading civil construction industry exhibition, will feature five of its member companies. The Chamber’s stand will span 36 sqm and will feature sanitary ware maker Deca, ceramics manufacturer Angelgress, gates manufacturer PPA, pipes and fittings maker Tigre, and construction equipment manufacturer Scanmetal. The exhibition is set to run from November 26 to 29 at the Dubai World Trade Centre, UAE. Brazil's total exports to the Arab countries’ more

    Jawaher Al Qasimi: True investment in women's potential and capabilities will lay the groundwork for a global economic jump

    Women Economic Empowerment Global Summit to Demand more Active Policies to Empower Women in the Workplace Her Highness calls for everyone to shoulder their humanitarian responsibilities towards the millions of unemployed women living below the poverty line  Inaugural summit will examine private sector’s role in recruiting more women to help revitalise global economic cycle  WEE Global Summit will provide a global platform to forge partnerships with business sector Sharjah, November 25, 2017:  Her Highness Sheikha Jawaher bint Mohammed Al Qasimi, wife of His more

    Jafza's steel & building materials sector trade reaches AED 13.5bn

    Dubai, November 25 2017:  Jafza, the Dubai flagship logistics hub of global trade enabler DP World, today announced that trade in steel and building materials reached AED 13.5 billion during 2016 with further increases expected as the free zone continues to develop services for companies in the sector. Announcing Jafza’s participation in the Big 5 exhibition being held at the Dubai World Trade Centre from November 26-29, Sultan Ahmed bin Sulayem, Group Chairman and CEO DP World, said: “Ongoing construction projects in the UAE and GCC are a strong boost for the metal, more

    Dubai Free Zones Council, Federal Tax Authority Hold Second Informative Workshop on VAT Application

    Dubai, UAE, 25 November, 2017:  The Dubai Free Zones Council and the Federal Tax Authority held the second edition of an informative workshop on value-added tax that will be implemented in the UAE starting from 2018. The event, which took place at the Dubai Police Officers’ Club, drew the participation of more than 1,000 representatives of companies operating across Dubai’s various free zones. With the aim of helping private free zone-registered companies fulfill their tax obligations, the workshop provided a comprehensive overview of VAT and related mechanisms, the more

    Dubai Land Transactions Soar by AED30 Billion Over Five Years

    Business Bay a key area for more land development says fäm Properties chief after company secured AED700 million plot deal Dubai, UAE, 25 November 2017: The value of annual land sales in Dubai has risen by AED30 billion over the last five years, one of the emirate’s biggest real estate brokerages revealed today, identifying Business Bay as a key area for further growth. Firas Al Msaddi, CEO of fäm Properties, said that as of 9th November land sales for this year had reached AED68 billion compared to AED38 billion for the whole of 2012. Underlining a growing more

    Middle East economies are set for transition in 2018

    Middle East’s GDP to grow 3.2% in 2018 and to around 4% in 2019  GCC’s GDP to grow 2.8% in 2018 and to around 4% in 2019  GCC oil GDP to grow 1.7% in 2018 and 2.8%% in 2019 GCC non-oil GDP to grow 3.7% in 2018 and 4.7% in 2019 Saudi Arabia’s GDP to grow 2.3% in 2018 and 3.8% in 2019 UAE’s GDP to grow 3.3% in 2018 and 3.6% in 2019 Dubai, UAE, November 23, 2017:  According to ICAEW’s latest report (Economic Insight: Middle East Q4 2017), several economies in the Middle East, particularly those in the GCC, are transitioning towards a more

    24th World Islamic Banking Conference to highlight how effective leverage of digital technologies is paramount to retaining competitive edge

    The first day of the conference will see a key panel session comprising leading banking technology experts deliberating on the growing need for Islamic banks to re-engineer in order to address evolving customer needs in the digital era. Dubai, UAE, November 22, 2017:   Middle East Global Advisors, a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets, will convene the 24th edition of their flagship offering – The World Islamic Banking Conference (WIBC), the largest and most prestigious gathering of more

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