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    Featured in Banking and Investments
    REPORT: Consumers See Tech Innovation as Critical for Future Sustainability

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

    ESG Funds on the Radar for MENA Based Investors

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

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

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

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

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

    Blue Ocean for Islamic Finance Industry

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

    Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce

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

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

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

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

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

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

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

    SALAMA Announces AED 13.65 Million Profit for Q1 2020

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

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

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

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

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

    UAE Banks Among Top Performing in GCC, KPMG Report Finds

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

    ENEC Completes Significant Test for Unit 4 at Barakah

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

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

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

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

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

    Commodity Weekly: Gold and Silver Pop as Economic Clouds Darken

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

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

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

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

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

    COVID-19 Triggers Marked Decline in Global Trade: UNCTAD

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

    Saxo Bank Market update: Copper and Silver Focus

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

    Grundfos Marks 75 Years of Pioneering Sustainable Water Solutions

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

    Ras Al Khaimah's Department of Economic Development Completes 1,219 Remote Transactions During March and April

    Dubai, United Arab Emirates, May 13, 2020:   The Department of Economic Development in Ras Al Khaimah (RAK DED) has revealed that it completed 1,219 electronic transactions during March and April. The department, which is responsible for creating an environment in Ras Al Khaimah where trade and commerce can flourish, says that its Smart Services make it easier for customers to conduct their business, as well as strengthen its efforts to support business continuity in the emirate. The electronic transactions accomplished by RAK DED during the two-month period covered an array of services it provides to the business sector, most notably the issuance of new licenses,  including those covering on-line retailers and mobile retail stalls; the renewal, amendment, cancellation and issuance of permits; the registration of ......read more

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

    Dubai, United Arab Emirates, 12, May 2020:  Pinza, the Dubai-born modern ‘pinzeria,’ has announced an extension on its offer, where customers can win a luxury home in MAG 5 Boulevard - Dubai South, until 1 June. All Dubai and Abu Dhabi customers have to do is order their favourite blend of the healthiest, hand-kneaded pizza crust directly from the website (www.pinza.com), Pinza’s Instagram page (@itspinza), or from Deliveroo or Chatfood.  Foodies looking to own or move into a brand-new apartment in one of Dubai’s up-and-coming areas are eligible for the draw with every AED 50 spent at Pinza using the above-mentioned mediums. The winner will be rewarded the apartment via a raffle.  The partnership comes as part of a contest that was conceived to celebrate Pinza’s key milestones since ......read more

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

    Visitors to the Portofino Hotel will be greeted in Italian language where the currency will be Euro and food will be Italian cuisine – offering a complete Italian experience to local, regional and international tourists       Date: Dubai, UAE; May 11, 2020     1. Islands remain safe haven from the Coronavirus outbreak due to their isolated location 4 kilometres offshore   2. More than 1,200 construction workers, technicians, engineers and environmental experts are working full time with a healthy and safe environment.   3. Portofino Hotel to open in the fourth quarter of 2020 – to greet local, regional and international tourists Kleindienst Group, developer of The Heart of Europe – the US$5 billion (Dh18.3 billion) master-planned leisure tourism ......read more

    Other Top Stories from Banking and Investments
     
    PivotRoots Sets Up Shop in UAE as Part of its Global Expansion Strategy

    Dubai, United Arab Emirates, March 14, 2020:   The United Arab Emirates’ (UAE) online marketing space is set for a major disruption following the entry of India-based data-led digital marketing powerhouse, PivotRoots.   PivotRoots’ entry into the Middle East comes against the backdrop of a ballooning active social media usage, which currently stands at a staggering 9.52 million users. This, according to a report by The Media Lab, represents 99 percent penetration.   According to PivotRoots co-founder Yogesh Khanchandani, the Middle East and ......read more

    Refinitiv Media Report: Saudi Arabia Sets the Stage for a High Stake Market Share Battle

    March 11, 2020:   Refinitiv today released a report on the latest development in the Oil market. According to Ranjith Raja, Oil Research Manager, Middle East and North Africa, Refinitiv, the Benchmark crude prices went into a tailspin on Monday morning trade following OPEC and its allies including Russia failing to agree on extending and deepening the output cut which expires at the end of this month. Oil prices closed on Friday with Brent down by 10.4% and WTI down by 7.8% w-o-w. As of 07:30 GMT this morning, Brent crude was at $33.93/MT, down by 25%, the largest single day drop ......read more

    Henkel Reports Mixed Business Performance in 2019 and Gives Outlook for 2020

    • 2019 results, impacted by slowing economic growth and increased investments in consumer businesses and digitalization across the company:  Sales rise by 1.1% to 20,114 million euros, organic sales stable  Adjusted* EBIT margin at 16.0% (-1.6 pp)  Adjusted* earnings per preferred share (EPS) reach 5.43 euros,  nominal -9.7%, at constant exchange rates -10.1%   Free cash flow: 2,471 million euros (+554 million euros)  Dividend** on prior-year level: 1.85 euro per preferred share   • Outlook for 2020: ......read more

    Century Financial Becomes the First Finance & Investment Company in the UAE to Be Certified as a Great Place to Work®

    Dubai, 8th March 2020: Century Financial is proud to announce that they have been certified as a Great Place to Work® in the United Arab Emirates, after a thorough and independent analysis conducted by Great Place to Work®, the global authority for workplace culture in the Middle East. This certification is based on direct feedback from employees, provided as part of an extensive and anonymous survey about the workplace experience. Great Place to Work® helps organizations assess their company culture and produce better business results by creating a high-trust work experience ......read more

    Dp World, UAE Region Announces Up to 70% Reduction in Business Set-up Costs for Jafza-Based Companies

    Timely Confidence Building Measure will benefit more than 7,500 existing companies as well as newcomers   Dubai, United Arab Emirates, 10th of March 2020:   DP World, UAE Region, the region’s premier logistics and business hub operator, has announced across-the-board reductions in licence registration and administration costs for companies operating in its flagship Jebel Ali Free Zone (Jafza) as well as for new investors. The far-reaching Jafza Customer Support Initiative is designed to slash business-related fees by between 50 per cent and 70 per cent for ......read more

    Refinitiv Partners with Iraqna IBTS to Enhance Regulatory Compliance Efficiency in Iraq

    Refinitiv’s World-Check will help Iraqi financial institutions comply with the FATF recommendations and global sanctions legislation IRAQ  – Refinitiv is partnering with Iraqna IBTS, an anti-financial crime training and technology consultancy in Iraq, to provide Iraqi financial institutions with risk screening and compliance services in order to strengthen their risk programs and combat financial crime. As part of the agreement, Refinitiv’s World-Check will support the Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures of Iraqi financial ......read more

    Dubai International Financial Centre Reports Record Growth in 2019

    • Total number of companies rises 14% to 2,437 from 2018 - with growth of 32% since 2017, the Centre is on track to achieve its 2024 target • The DIFC is now home to a community of 25,600 people; over 2,000 new jobs created in 2019 • Exceptional growth driven by a robust ecosystem fosters financial sector diversification, global partnerships and investment in FinTech and Innovation  • Four-fold growth takes number of financial innovation firms to 129 • New enactments including DIFC Employee Workplace Savings (DEWS) set to transform the way the Centre ......read more

    Deem Finance Brings New Dimension to Real-Time Credit Quality Using Ai-Enabled Scorecards

    StraitsBridge Advisors designed and developed the high-performance AI-enabled real-time credit application scorecard system   Dubai, United Arab Emirates, March 9, 2020:   Deem, the UAE-based digitally-led financial services provider, in partnership with Singapore-headquartered StraitsBridge Advisors, has implemented a high performance artificial intelligence (AI) enabled real-time application scorecard system with the capability to continuously recalibrate and update their scorecard model. The new scorecard system delivers increased accuracy in predicting the ......read more

    Ajman Bank Appoints New Chief of Audit

    Ajman Bank has announced the appointment of Mr. Majdi H. Darwish as its new Chief of Audit. Mr. Darwish has over 22 years of outstanding experience in the industry working with some of the most prestigious organizations including multi-national financial corporations. Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, stated, “We are delighted to welcome Mr. Darwish to our team. In his capacity he will work closely with senior management, in particular, the audit committee members and regulators, to identify current and emerging risks, ensuring the safety and soundness of the ......read more

    Yummy Junction Announces AED 20 Million as Its Investment Plan For Malak Al Tawouk Chain in the UAE

    United Arab Emirates, 9 March 2020:  Yummy Junction, a fast-growing Dubai-based Food & Beverage company, has recently announced AED 20 million as part of its investment and expansion strategy for its most popular restaurant chain brand Malak Al Tawouk. The company will be looking to expand its operations for Malak Al Tawouk across the UAE.  Yummy Junction, with an aim to expand the brand progressively, is looking to have 10 branches across in Dubai, Abu Dhabi and Sharjah by the end of 2020. Besides, the company is also working on plans of acquiring existing F&B brands in ......read more

    Dubai National Insurance & Reinsurance PSC Produces Strong Full-year Results at AGM; Approves 35% Cash Dividend

    Dubai, United Arab Emirates, March 08, 2020:   Dubai National Insurance & Reinsurance PSC (DNIR) presented a strong financial performance for the year 2019 at its Annual General Meeting held at the Al Habtoor Group (AHG) headquarters on Sunday, 8 March 2020. Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, DNIR, who presided over the AGM, told shareholders that the company was able to achieve robust financial performance in 2019. The year on year momentum in growth continued in the current year with Gross Written Premiums reflecting a growth of 8.5% and Net profit ......read more

    Abu Dhabi Exports Office (Adex) Approves AED 550 Million to Finance UAE Exports in 2020

    •         ADEX provides financial solutions to promote UAE products and services in international markets •         ADEX to focus on supporting UAE export growth to strategic emerging markets in Africa and Asia   Abu Dhabi-UAE: 08 March, 2020 – The Executive Committee of the Abu Dhabi Exports Office(ADEX) approved the allocation of AED 550 million ($150 million) to support the strategic expansion of the nation’s export businesses and continued diversification of the UAE economy. During the meeting, the ......read more

    Burgan Bank Continues its Support of World Champion Wheelchair Fencing Titleholder, Tareq Al-Qallaf

    Kuwait – 7 March 2020:   As part of its continuous support to empowering youth and local athletes, Burgan Bank announced its latest sponsorship of Wheelchair Fencing Titleholder, Tareq Al-Qallaf, for the sixth consecutive year. Established as a role model among the aspiring special needs segement and young Kuwaiti athletes, Tareq Al-Qallaf will once again be representing Kuwait in the global championships that will be running throughout the year 2020. The homegrown World Champion Tareq Al-Qallaf will kick off his global tour in several states preceded by training camps ......read more

    Female Traders Trending Upwards in UAE and MENA

    Saxo Bank reveals behavioural changes as female traders rise 65% year-on-year in MENA over decade  Saxo Bank, the leading fintech and regtech specialist focused on multi-asset trading and investment, has released new business data to mark International Women’s Day on Sunday March 8, outlining a major upswing in the number of females trading on its platforms in the UAE and wider MENA region over the past decade, with the findings equating to an increase of 65 per cent year-on-year between 2010 and 2020.      The firm’s findings also highlight that the ......read more

    Top Marketing & Communications Professionals in the Middle East & Africa

    Dubai, United Arab Emirates - March 07, 2020:  The list is published in the Forbes Middle East March 2020 issue and has the profile of Top Marketing & Communications Professionals in the Middle East & Africa. TOP 50 Marcomm specialists from different industries and business sectors across 19 countries.   BEATRICE CORNACCHIA of Mastercard tops the list, followed by MUSTAFA SHAMSELDIN, Chief Marketing Officer of PepsiCo and ANDREW KVALSETH, Group Chief Commercial Officer of the Telecom giant Ooredoo Group.   V. Nandakumar, CCO of Middle East retail major Lulu Group at ......read more

    Government of Ras Al Khaimah Awards Banks Legal With the 2019 Julphar Finance Award for Excellence

    • The award was honoured by the Department of Finance, Ras Al Khaimah for Excellence as a supplier of legal services to the Government of Ras Al Khaimah • Banks Legal takes pride in themselves for providing excellent service to all their clients and are particularly pleased with Government of Ras Al Khaimah for recognizing and rewarding their efforts       Dubai, United Arab Emirates - March 05, 2020:    Banks Legal, a leading legal and corporate services firm founded in the UAE, is awarded with the 2019 Julphar Finance Award for ......read more

    Etihad Airways Transformation on Track, With 55% Cumulative Improvement in Core Results Since 2017

    • 32% improvement in 2019 core operating performance over 2018, on revenues of US$ 5.6 billion  • 11% (US$ 0.65 billion) reduction in direct operating cost • 17.5 million passengers and 635,000 tonnes of cargo carried  • Best on-time performance in the region - 82% for flight departures, 85% for arrivals    Abu Dhabi, United Arab Emirates (UAE) – Etihad Airways (Etihad) has announced an encouraging 32% improvement in core operating performance for 2019, on revenues of US$ 5.6 billion (2018: US$ 5.9 billion). Losses were ......read more

    New speakers announced for Brazil & Arab Countries Economic Forum

    Egypt Ministry of Commerce and Industry, Arab League Secretary General and President of the Council of Arab Businesswomen to speak at event March 4, 2020- The Arab Brazilian Chamber of Commerce (ABCC) has announced the confirmation of new speakers for the coming Brazil & Arab Countries Economic Forum, which will take place on April 14, 2020 at the Hotel Unique in Sao Paulo. ABCC has revealed the addition of Egyptian Minister of Commerce and Industry H.E. Nevine Gamea; Sheikha Hessa Saad al-Abdullah Al-Sabah, President of the Council of Arab Businesswomen (CABW), Arab League Secretary ......read more

    Protiviti and ISACA IT Audit Survey Highlights Cyber Security and Privacy as Key Challenges for Middle East Organizations

    Increasing number of regional companies assigning IT Auditors to cybersecurity risk assessment function   Dubai, UAE; March 04, 2020:  Protiviti in partnership with ISACA, a global association helping individuals and enterprises in the IT audit/assurance, governance, risk and information security space, conducted the 8th Annual IT Audit Benchmarking survey that had participation from 2,252 CAEs, IT audit executives and professionals worldwide, including more than 220 professionals from the Middle East region.    Cybersecurity, privacy, data management and ......read more

    Citadines Metro Central Dubai Receives Green Key Award for the Fourth Consecutive Year

    Dubai, United Arab Emirates, March 04, 2020:   Citadines Metro Central Dubai, part of The Ascott Limited chain of hotels, has been awarded the Green Key global standard of environmental excellence within the hospitality sector, for another year running.   Since 2016, the team at the 210-units hotel apartments, located in Barsha Heights, have been incorporating and maintaining environmental practices, policies and regulations that are part of their Green initiatives, resulting in exceptional sustainability results, including a combined reduction in energy consumption and ......read more

    Comcast and Ciena Achieve 600G Milestone Across 1,600-Kilometer Connection

    Record-breaking performance from Newark to Pittsburgh demonstrates the future of network capabilities      Dubai, United Arab Emirates – March 3, 2020:   With the number of 4K content, gaming and augmented and virtual reality applications continuing to increase, Comcast is advancing its network to provide better immersive digital experiences to millions of customers. Employing Ciena’s (NYSE: CIEN) WaveLogic 5 Extreme (WL5e) and flexible grid technology, Comcast recently conducted the world’s first long-distance 600Gbps single wavelength ......read more

    Ericsson Spectrum Sharing Now Commercially Available

    • Ericsson Spectrum Sharing (ESS) will expand 5G coverage for global service providers including Swisscom, Telstra, Ooredoo and Play • More than 80 percent of service providers testing Ericsson Spectrum Sharing plan to deploy it in the coming 12 months • Ericsson Spectrum Sharing software can run on any of the five million 5G-ready radios delivered since 2015   Dubai, United Arab Emirates, March 03, 2020:   Ericsson (NASDAQ: ERIC) announces that its unique dynamic spectrum sharing solution is commercially available, allowing communications service ......read more

    Champion Cleaners Integrate Further Sustainability Principles Throughout Their Headquarters and Central Operation Plant

    **Champion Cleaners continue their ecological and sustainable efforts to become the UAE’s cleanest dry-cleaning company **    Dubai, United Arab Emirates, March 03, 2020:   Champion Cleaners’ Head Office and Central Operation Plant was purposely designed to execute precision and quality, with minimal consumption and the opportunity to recycle where possible. Whilst still maintaining the prestige quality and performance that Champion Cleaners are renowned for, the team at Champion Cleaners continue to research and implement new processes and methods to ......read more

    With Almost USD 1 Trillion of Investments at Stake in Megaprojects, GCC Countries Must Get the Institutional Setup Right – Strategy & Report

     A key enabler of any successful megaproject is having the right institutional setup   Strategy& report recommends project sponsors think of the institutional setup near the beginning of a megaproject   The structure a megaproject begins with is not necessarily permanent. As the mandate grows, and the number of entities increases, the structure can change.   Dubai, United Arab Emirates, March 03, 2020:   Gulf Cooperation Council (GCC) countries are engaged in almost one trillion U.S. dollars of investment in real estate megaprojects ......read more

    Revenue of start-up firm ITCAN set to hit AED 100 million in 2020

    GCC’s growing e-commerce sector estimated to reach USD 20 billion by 2020 March 3, 2020: Start-up company ITCAN, a full-service Technology and Digital Marketing company that brings insights, information, and expertise to create exponential growth, has announced that it is close to earning AED 100 million this year since its launch in Dubai. The milestone is about to be reached against the backdrop of growing e-commerce activities in the UAE and Saudi Arabia as noted by a recent report by the World Economic Forum. Across the GCC, a study by A.T. Kearney predicted that the value of the ......read more

    Herman Miller and Logitech G Join Forces to Create High Performance Furniture Solutions for Gamers

    Logitech G’s Design and Engineering Expertise in the Science of Play, combined with Herman Miller’s 100 Years Perfecting the Science of Sitting Will Bring Advanced Solutions for Gamers      Dubai, United Arab Emirates, March 02, 2020:    Logitech G, a brand of Logitech (NASDAQ: LOGI) and Herman Miller (NASDAQ: MLHR), today announced an exclusive partnership to research, design, and manufacture the next generation high-performance furniture solutions for gamers. Both companies bring years of design and engineering expertise in their respective ......read more

    Celebrate Holi With Al Adil With a Wider Product Mix

    Dubai, United Arab Emirates, March 02, 2020:   Al Adil Trading Co LLC, U.A.E.’s leading name for Indian food stuff has introduced a wide range of eco friendly products to make this Holi all the more colourful and memorable. Holi, which is India’s most colorful festival provides a beautiful blend of vibrant colors which makes everyone happy and positive. In keeping with the changing times, this year Al Adil is placing great importance to the concept of social responsibility. According to Dr. Dhananjay (Jay) Datar, Chairman & Managing Director, Al Adil Trading, there ......read more

    Eros Group's CEO Joins the Board of the Superbrands Council

    United Arab Emirates, Dubai, 1st March 2020:   Eros Group, distributor of world-renowned brands like Hitachi, Linksys, TCL, Midea, Sonos and many more, announced its CEO, Niranjan Gidwani has joined the board of the Superbrands Council, the independent authority and arbiter of branding. The Superbrands program, identifies the brands which offer consumers emotional and tangible benefits above that of their competitors. Independent researchers devise a population list of approximately 10,000 brands, which is then shortlisted by Superbrands internal experts to create a concise ......read more

    National Bank of Yemen Selects ICS BANKS Digital Banking from ICSFS to Drive its Digital Transformation

    Aden, Yemen: National Bank of Yemen (NBY), one of the largest commercial banks and a prominent contributor to the economic and social development in Yemen; has selected ICS BANKS Digital Banking software from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to grow its operations domestically and internationally. The National Bank of Yemen (NBY) has recently gone live with ICSFS’ award-winning ICS BANKS Universal Banking software. Following the bank's development and modernization strategy, NBY opted for ICS ......read more

    Deloitte Global Report Forecasts Robust M&A Activity for Chemical Industry in 2020

    • Despite the modest pull-back in M&A volumes over the past few years, the chemical industry continues to enjoy robust M&A activity.  • Chemical industry M&A activity has remained strong despite trade tensions and fears of economic downturns, suggesting that investors in the industry have become more comfortable with uncertainty.   2 March, 2020 - The Deloitte Global Chemical Industry Mergers and Acquisitions Outlook (2020 Outlook) expects robust merger and acquisition (M&A) activity to continue throughout the coming year, despite the trade and ......read more

    ADDED signs strategic new partnership agreement with Etihad Credit Insurance

    Newly formed alliance supports the local exports by providing protection to expand in the external markets Abu Dhabi, 01 March 2020: The Abu Dhabi Department of Economic Development (ADDED), represented by its Industrial Development Bureau (IDB), has revealed the signing of a strategic partnership agreement with Etihad Credit Insurance (ECI), the UAE Federal export credit company, which is aimed towards providing trade credit solutions and in-depth market intelligence to increase the competitiveness of Abu Dhabi based export businesses and increased contributions to Abu Dhabi's gross ......read more

    ADDED hastens issuance of industrial licenses through ‘e-connection' project in partnership with local and federal entities

    Initiative facilitates procedures for industrial investors in Abu Dhabi 1st phase of the project promotes automated issuance of industrial licenses and enhances level of e-Government services Abu Dhabi, 01 March 2020: The Abu Dhabi Department of Economic Development’s (ADDED) Industrial Development Bureau (IDB) has announced the implementation of the first phase of its ‘e-connection’ project in partnership with local and federal entities to facilitate the issuance of industrial licenses in Abu Dhabi, with the  first phase being launched with the Ministry of ......read more

    Dubai- A Safe Haven for South Africans

    The United Arab Emirates is a pivotal location for South Africans to set up their business. Whether it is a free zone company setup or a mainland company setup in Dubai, South Africans reach out to company formation specialists for their business setup in Dubai. An average of 60,000-80,000 South Africans are settled in the Emirates. They have also carved out their reign locally by establishing some of the famous brands such as  Nando's, Nedbank, Mediclinic, Standard Bank, SA airways, etc. Here are the few reasons that make setting up a business in Dubai favorable for ......read more

    Great Lakes Investment and Trade Conference discusses economic prospects of Africa

    Organized by Arab Bank for Economic Development in Africa, in cooperation with Arab Authority for Agricultural Investment and Development February 29, 2020. Dubai, United Arab Emirates: The Dubai Outreach Event for the Great Lakes Investment and Trade Conference (GLITC) is taking place today (Saturday, February 29, 2020) at The Address Boulevard in Dubai, to shed light on key trade and investment opportunities in Africa’s Great Lakes region.  Organized by Arab Bank for Economic Development in Africa (BADEA), in cooperation with Arab Authority for Agricultural Investment and ......read more

    Ajman Free Zone Signs MoU With DIFC Courts

    Ajman, United Arab Emirates - February 26th 2020:   In support of Ajman Free Zone’s vision to provide an efficient business ecosystem, AFZ has signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre (DIFC) Courts to promote the public wills service provided by the UAE’s first English-language common law court.  The agreement was signed by Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of Ajman Free Zone, and Zaki Azmi, Chief Justice of the DIFC Courts. The two parties stressed the need for cooperation to serve the investment ......read more

    Trade Bank of Iraq Showcases Investment Opportunities in Iraq at Global Trade Review MENA 2020 Summit

    Dubai, February 26, 2020:   Trade Bank of Iraq (TBI) promoted investment opportunities in Iraq at the Global Trade Review (GTR) MENA 2020 summit held in Dubai and highlighted their commitment towards reconstruction of Iraq through its activities in the trade finance sector. Several infrastructure projects are underway in Iraq as the country continues to rebuild leading to several potential investment opportunities in the region especially in the power sector. It’s assessed that the real GDP growth of Iraq is expected to grow up by an average of 3.1% by 2023 with non-oil ......read more

    Al Ansari Exchange announces 97.4 per cent customer happiness levels for 2019

    Demonstrating company's leading position as customers first choice in UAE February 25, 2020 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, posted a 97.4 customer satisfaction rating. The achievement demonstrates the company's success in maintaining the happiness of its customers through its diverse portfolio of innovative payment services and solutions that have been designed and developed to meet their expectations. The excellent customer happiness ratings further affirm the company’s ability to be recognized by several award ......read more

    Honeywell, Saudia Aerospace Engineering Industries Lead the Way in Middle East Aircraft Maintenance

    Honeywell demonstrates continued commitment to Saudi Vision 2030   February 25, 2020:   Saudia Aerospace Engineering Industries (SAEI), a Honeywell (NYSE: HON) certified service centre, has completed more than 100 auxiliary power unit (APU) repairs from its Jet Propulsion Center in Jeddah, Saudi Arabia. SAEI is the only Honeywell certified service centre in the Middle East region that provides maintenance, repair and overhaul (MRO) services on Honeywell’s GTCP 331-500 and 331-350 APU models.  With SAEI, Boeing B777 and Airbus A330 operations with Honeywell ......read more

    Ajman Bank Awarded ISO Certifications for Quality Management and Customer Satisfaction

    The Information Technology Division of Ajman Bank has successfully completed and achieved the ISO Certifications for ISO 9001:2015 (Quality Management System) and ISO 10002:2018 (Customer Satisfaction). The ISO (International Organization for Standardization) certification is the world’s most established quality framework and benchmarks the quality management system standard of institutions based on the highest international standards. Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, commented, “We are proud to receive the ISO certifications for Quality Management and ......read more

    Aim 2020 to Highlight Need for Innovative Strategies to Address Global Economic Challenges

    UAE’s successful model of attractive environment for FDI under spotlight at AIM 2020  UAE, Dubai, 24 February 2020: The 10th edition of the Annual Investment Meeting (AIM 2020), the world’s leading investment platform, will highlight the changing global investment landscape and the need to develop work mechanisms and innovative investment strategies that help facilitate FDI flows into global economies, to promote sustainable economic growth, particularly in light of the global FDI decline under the growing global economic risks, rising protectionist trends and trade ......read more

    ICSFS Sets a New Standard of Scalability and Proofs Viable Solutions for the Largest Banks With Oracle Exadata

    ICSFS, a leading universal core banking provider, with over 100 customers across the Middle East, Africa, South East Asia, Central Asia and Europe, invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers' journey experience, hence improving the trust and confidentiality between the ......read more

    IFS to Demonstrate Key Aviation Solutions at MRO Middle East

    Dubai, United Arab Emirates, February 23, 2020:   IFS, the global enterprise applications company, has announced its participation at MRO Middle East Summit & Expo. Scheduled to take place at Dubai World Trade Centre on February 25- 26, with an audience of over 5000 attendees, the exhibition is co-located with Aircraft Interiors Middle East (AIME). IFS will demonstrate its leading commercial aviation maintenance, repair and overhaul (MRO) solutions at the event at Booth 521. There are several challenges that commercial aviation organizations face in today’s evolving ......read more

    Schneider Sustainability Impact 2018-2020, the Group's Extra-financial Performance Barometer, Achieves 7.77 Out of 10, on Track to Reach Its 9 Out of 10 2020 Goal

    • As for each year, all 21 global results received external assurance by an independent auditor • 10 programs are well ahead of their objective a year in advance  • In 2020, the Group will focus on 6 programs lagging behind • Recognitions obtained in all main extra-financial ratings validate the Group’s sustainability leadership   February 23, 2020 – For the fifth year, Schneider Electric, the leader in digital transformation of energy management and automation, announces its financial and non-financial results together for 2019 annual ......read more

    Etihad Engineering Records Robust Growth as It Welcomes 2020

    Abu Dhabi, United Arab Emirates – Ahead of its participation at the upcoming MRO Middle East event at the Dubai World Trade Centre, Etihad Engineering has announced its performance indicators for 2019 revealing that the leading maintenance, repair and overhaul (MRO) provider has signed off yet another year with a very positive record and continues to demonstrate strong potential for sustained growth as it sets into 2020. Etihad Engineering provides its array of maintenance services to Etihad Airways as well as third party aircraft providers from around the globe. This resilience in ......read more

    Commodity Weekly: Gold is in the Midst of a Perfect Storm

    Dubai, United Arab Emirates, February 23  , 2020:   Commodity markets’ main source of influence continues to be the news flow related to the Covid-19 virus and the potential risk of it spreading further across Asia and beyond. China, already reeling from the economic and human impact, is struggling to return to work. The tentative recovery in key commodities such as copper and crude oil during the past couple of weeks was amongst other things driven by the narrative that the economic impact would primarily be a Q1 event. With the virus continuing to spread outside of ......read more

    SentinelOne Announces $200M Series E

    Cybersecurity’s Fastest Growing Platform Now Valued at Over $1 Billion    Dubai, United Arab Emirates – February 20, 2020 – SentinelOne, the autonomous endpoint protection company, today announced it has raised $200 million in Series E funding led by global venture capital and private equity firm Insight Partners, with participation from Tiger Global Management, Qualcomm Ventures LLC, Vista Public Strategies of Vista Equity Partners, Third Point Ventures, and previous investors. The round elevates SentinelOne’s valuation to $1.1 billion. The funding ......read more

    Triple Award: GROHE SmartControl Faucets are the New Darling in the Kitchen

    • Zedra SmartControl kitchen faucet scores points with consumers with product benefits, design, ergonomics and innovative strength  • Initiative LifeCare chooses GROHE as "Favorite brand in gold"  • SmartControl Colors collection for the kitchen wins the iF gold award 2020      Dubai, United Arab Emirates, February 18, 2020:  Over 1,500 consumers and a 15-member jury of experts for the Kitchen Innovation Prize agree: GROHE Zedra SmartControl has been named "Kitchen Innovation of the Year® 2020" in the category ......read more

    Ericsson Received Awards at the Stc Partner Day for Saudization and International Operational Excellence

    February 18, 2020:   Ericsson (NASDAQ: ERIC) is titled the Operational Excellence Winner in the international category and the winner of Rawafed Award for Saudization at the 9th Partner Day ceremony held by stc group in the presence of stc executives in addition to more than 175 suppliers and partners of the group.     Launched in early 2018, Ericsson established an operations innovation program to support stc’s digitization drive with the aim of improving the quality of the network. As part of this program, Ericsson developed 10 different innovation ......read more

    Spectrum Set to Become a Major Catalyst for the Middle East's Economy, Bcg Report Reveals

    BCG study finds spectrum enables more than 3.4% of GDP in top ICT nations, and new technologies will increase the race for spectrum grabbing.    Dubai, 18 February 2020: New research by Boston Consulting Group (BCG) highlights that spectrum enables 3.4% of GDP for the top 20 ICT nations from a range of sources, including employment, non-oil revenue, technological adoption, and investment deployment.   The electromagnetic spectrum is the range of frequencies from 3 kilohertz (kHz) to 300 gigahertz (GHz) that carries radio signals that enable wireless connectivity. It ......read more

    Report: GCC doubling efforts to conserve water amid rising demand brought forth by population and economic growth

    Region’s desalination capacity to increase by 40 per cent in next five years More than half of the world's total desalination output originates from GCC states February 17, 2020: The GCC region remains one of the highest consumers of water in the world as demand surges simultaneous with its booming population and steady socio-economic growth, according to a report titled ‘Water Management and Sustainability in the Gulf Cooperation Council: Addressing Scarcity and Consumption in the Region’ recently released by Orient Planet Research (OPR), an Orient Planet ......read more

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