H1 2018 Highlights
AED81m Net Profit, up 46% vs. H1 2017
Operating Expenses decreased 4% vs. H1 2017
Provision for Credit Losses decreased 20% vs. H1 2017
Robust liquidity profile with UAB comfortably above regulatory requirements
Loan : Deposit Ratio managed to 92%
Common Equity Tier-1 (CET1) ratio comfortably in excess of regulatory requirements at 14.4%
Sharjah, UAE, 22 July 2018: United Arab Bank P.J.S.C ("UAB" or “the Bank”) reported Net Profit for the six months to 30th June 2018 of AED81m, representing an uplift of 46% compared with the same period last year, primarily driven by growth in ‘Core’ Income and reduction in provision charges following a transition to a lower risk business model.
Total Income for the six months ......read more
Partnership aligns with DIB’s strategy to offer customers innovative, value added solutions
Card available in three variants offering up to 2 Skywards Miles on every equivalent US dollar spent
Earn up to 75,000 bonus Skywards Miles* and receive unlimited access to airport lounges worldwide via LoungeKey
Dubai, UAE; July 22, 2018: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has partnered with Emirates Skywards to launch the new Emirates Skywards DIB Credit Cards tailored specifically to offer exceptional value to the country's growing community of frequent flyers.
The partnership brings together two of the UAE’s leading brands and offers a range of credit cards to earn Skywards Miles and receive other added benefits.
The Emirates Skywards DIB Credit ......read more
Dubai sees 119% growth in overnight visitors from China since 2014
YOY increase of 41.4% overnight Chinese visitors to Dubai from 2016 to 2017
Key milestones contributing to the rapid growth include visa-on-arrival for Chinese citizens and recent partnership agreements with Huawei, Fliggy and Tencent
Dubai, UAE, 18 July 2018: Ahead of President Xi Jinping of China’s arrival in the UAE later this week, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) reports continued growth in visitors from China. With a robust growth of 119% in overnight Chinese visitors since 2014 and a YOY increase of 41.4% overnight Chinese visitors to Dubai from 2016 to 2017 combined with a number of key agreements signed with major players in China, Dubai Tourism has reconfirmed its continued focus on its ......read more
July 18, 2018: More than 20 senior leaders from Bank Al Bilad recently participated in an Ashridge Executive Education Leadership Development Program in Riyadh. With a focus on building 21st Century Leadership capabilities, this highly experiential and practical learning approach helped leaders communicate their strategic vision, set direction and develop high performing teams to succeed within the dynamic and fast moving Saudi banking sector.
With over 20 years of experience in developing regional business leaders, Ashridge delivered a highly customized program, designed not only to address the specific challenges facing the Bank’s leaders today, but also to unlock the emerging opportunities in the future.
Mr. Haitham Al-Medainy, General Manager of Bank Al Bilad, said: “Banking executives must constantly ......read more
Customer friendly and cost effective package to set up a new business in the free zone
An easy and convenient process to own a business in the United Arab Emirates
World class infrastructure hub focuses on SME and entreprenuers
Dubai, UAE, July 16, 2018: Ajman Media City Free Zone, a world class free zone hub for the creative, media and entertainment industry announces a range of customer friendly cost effective packages for the potential business owners.
H E Sheikh Abdul Aziz bin Humaid Al Nuaimi, Chairman of Ajman Media City Free Zone said ahead of the official launch of the free zone: “Globally, entrepreneurs and small- and medium-sized enterprises (SMEs) are widely considered to be vital to national economies. We are committed to support the small and mid size ......read more
Dubai, UAE, July 16, 2018: Many businesses in the GCC still do not comply with the EU’s General Data Protection Regulation (GDPR) and must act immediately or risk falling behind and potentially facing fines of 20 million euros or four percent of global annual turnover, according to ICAEW. The global accountancy and finance body has put together a GDPR checklist to facilitate compliance.
GDPR is a complex process that requires all large and small businesses, in all regions and in all industries, to strengthen protection of personal data of all EU citizens. If an organization based outside Europe is processing personal data related to data subjects in the EU that organization may be subject to compliance with the regulation. Companies in the GCC – and elsewhere in the world – may potentially be impacted by the ......read more
The flag carrier airline, who announced the traffic results for June 2018, has now reached the highest first-half Load Factor (LF) rate of its history with 80.4%.
Dubai, United Arab Emirates – 15 July 2018 : Turkish Airlines, that announced the results of June 2018 passenger and cargo traffic, achieved the highest rate of Load Factor (LF) in the first six months of its history with a brilliant performance of 80.4%. The double-digit growth that the flag carrier recorded in the number of international non-transit passengers, marks an increasing interest in Turkey.
According to the June 2018 Traffic Results;
During the period of June 2018 passengers carried increased by 10.6%, to 6.3 million passengers from 5.7 million passengers for the same period of 2017. Increase in number of ......read more
Overall increase in profitability due to higher return on equity (RoE) and return on assets (RoA)
Deposits and loans & advances showed similar growth levels to Q4 2017
Stable liquidity and loan to deposit (LDR) ratio
Dubai, UAE, July 15, 2018: Leading global professional services firm Alvarez & Marsal (A&M) today released its latest UAE Banking Pulse for Q1 2018, showing that UAE banks continue to perform well, with higher levels of profitability, and liquidity is expected to remain healthy for the remainder of 2018.
Comparing the data of the 10 largest listed banks in the UAE, this UAE Banking Pulse report looks at the first quarter of 2018 (Q1 2018) against the fourth quarter of 2017 (Q4 2017), identifying the prevailing trends throughout the intervening period.
Key trends for Q1 2018 ......read more
GCC market estimated to reach US$10.7 billion in 2023 as global players prepare for inaugural SPS Automation Middle East
Dubai, UAE, July 12, 2018: The Gulf region’s automation industry is on track for double digit growth over the next five years, as recovering oil prices and government economic diversification plans boost demand for industrial and building automation technologies, according to new research.
A July 2018 knowledge report by consulting firm TechSci Research said the GCC market for industrial and building automation will be worth US$10.3 billion in 2023, growing at a compound annual growth rate (CAGR) of 10.7 percent from an estimated US$5.6 billion in 2017.
Global events including the Dubai Expo 2020, and mega projects such as Saudi’s NEOM city are also driving forces behind advanced ......read more
Dubai, United Arab Emirates, July 10, 2018: Al-Futtaim, one of the most diversified and progressive privately held regional businesses headquartered in Dubai, and PVR Limited, the largest and most premium film exhibition company in India have signed a Memorandum of Understanding to explore opportunities for jointly developing a cinema business in the MENA region. The joint venture will introduce a collection of unique experiential cinema formats to the region including, PVR’s Director’s Cut, a format that blends the best in high-end hospitality and entertainment.
“We see great potential in the cinema business in the region, and particularly in Saudi Arabia, following the government’s decision to reopen the cinema industry,” said Marwan Shehadeh, Group Director, Corporate Development at ......read more
Annual growth of 35% in number of new companies at the Business Park
Dubai, UAE, July 09, 2018: The Business Park at Dubai South has revealed it has witnessed a 400% growth in the number of companies operating in the park since its inception in early 2015. The number of companies that have set up operations in Business Park has increased from 900 in 2015 to 4500 in 2018.
The Business Park has also revealed that an average of 1500 new companies have joined the park every year. Furthermore, the park also has a high customer
retention rate of 98%, which is an indication of the unique services and the added value that Business Park offers to companies operating in its district.
The Business Park at Dubai South offers an environment that enables and encourages businesses to grow, which is due ......read more
Riyadh, 5th July 2018: More than 100 senior industry leaders from the private and public sectors as well as noted KSA academia attended the graduation ceremony of the inaugural class of 50 Qimam Fellows yesterday. They commended the quality of Saudi talent represented by Qimam’s inaugural fellowship and the rigorous program that helped develop their leadership skills and build their network.
Launched in February 2018, the Qimam Fellowship Program attracted more than 13,000 applications. Of these, 150 applicants were invited to Riyadh for two in-person interviews conducted by more than 50 senior leaders from the public and private sector. Based on the interview outcomes, an admissions committee comprising members of Qimam’s partner companies selected 50 students as Qimam ......read more
btikari is a six-month incubator aimed at helping technology startups advance their businesses
The new partnership will offer chosen teams an updated version of Ibtikari, which will mark its fourth edition this year
Abu Dhabi, July 4, 2018: startAD, the innovation and entrepreneurship platform anchored at NYU Abu Dhabi, has partnered with Khalifa Fund for Enterprise Development for the first time to present an updated version of Ibtikari (My Innovation).
The fourth edition of Ibtikari will be an intensive six-month incubator aimed at helping UAE nationals advance their technology startups. Scheduled to take place between September 30, 2018 and March 31, 2019 at NYU Abu Dhabi, Ibtikari is open to startups with at least one UAE national partner. Five teams will be identified through a rigorous evaluation process ......read more
According to ICAEW’s latest report (Economic Insight: Middle East Q2 2018), the UAE economy is set to recover from a difficult year in 2017, when growth slowed to a seven-year low last year at only 1.5%. Overall, UAE’s GDP is expected to accelerate to 2.6% growth in 2018 and to around 3.8% in 2019. But the accountancy and finance body warns that general prices are expected to increase as inflation will rise to 4.0% this year.
Dubai, UAE, July 03, 2018: Economic Insight: Middle East Q2 2018, produced by Oxford Economics, ICAEW’s partner and economic forecaster, says the UAE’s growth will be primarily driven by recovering oil prices, an expansionary fiscal stance at the federal and emirate levels, a buoyant trade and tourism environment and a pick-up in investment ahead of Expo 2020 in Dubai.
The oil ......read more
Expected further growth with the implementation of reduced tourist and municipal fees this month
Abu Dhabi, United Arab Emirates, July 2, 2018: The number of hotel guests staying in Abu Dhabi increased by 4.9% during the first five months of 2018 compared to the same period last year.
According to statistics from the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi), 162 hotels, resorts and hotel apartments offering 31,236 rooms across the emirate welcomed 2,073,586 guests during January to May..
Occupancy rate has averaged 75% during the same period (January to May), with a 1.4% increase, while the average length of stay was 2.7 nights, an increase of 2.4% compared to the same period in 2017, with China topping the number of visitors, recording 192,500 visitors, an increase of 19.9% .
India came in ......read more
Dubai, UAE, July 02, 2018: As you grow in life, you write a list of accomplishments for yourself, of which the one that probably tops the list for many is – buying a house!
As you dive into this decision, you may consider whether you want to buy to live or buy to let?
Do you want a home or do you want to buy a property, not to live in immediately, but as an investment? Would you rather swap your monthly rent to pay towards a mortgage or would you rather rent out for potential additional revenue? Here are a few tips that will help you decide whether you should buy to live or buy to let.
Buy-to-let is an attractive investment option offering regular rental income, long-term capital growth and security, even for those with a mortgage to pay.
When you are ......read more
Dubai, UAE, July 02, 2018: The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its forth meeting on 24th -25th June 2018. The meeting was chaired by His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman Higher Sharia Authority, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Issam Muhammad Ishaq,Sheikh Dr. Oznan Hasan, and Sheikh Dr. Usaid Muhammad Adeeb Al Kilani.
The HSA discussed a number of matters related to prudential standards and guidance for the banking system in the UAE. The HSA passed a number of resolutions and directives related to the Sharia aspects of these standards taking into consideration the requirements of Islamic financial institutions (IFIs).
The HSA has also discussed the draft ......read more
Dubai, UAE, June 26, 2018: The Board of Directors of the Central Bank of the UAE held its 5th meeting for 2018 at 10:00am on Sunday, 24th June 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 a presentation regarding CBUAE Governance (Committees’ Terms of Reference & Secretariats, ......read more
Dubai, UAE, June 26, 2018: Mr. Kamal Vachani, Group Director of Al Maya Group and Regional Director of Electronics and Computer Software Export Promotion Council(ESC)for the Middle East says:
The week-long visit of Sheikh Abdullah bin Zayed Al Nahyan, Hon. Minister of Foreign Affairs and International Co-operation, to India indicates growing strength and depth of bilateral relations between the UAE and India.
Both the countries already enjoy a very close historical bond and continue to share mutually beneficial strategic partnerships in various fields. This visit will build on the excellent economic and trade relation between the two countries and boost cultural and diplomatic ties as well. The ongoing visit will not only benefit the Indian community in the UAE, but also lend an impetus to investments between both countries. ......read more
Prevailing economic optimism across ME to boost business spending and investment levels
Top 2018 business goal is meeting customers’ evolving needs with focus on new product development and mobile technology
More freelancers, part-time workers and temps to join Middle East’s growing workforce
Region’s finance executives most likely to increase spend on mobile technology
Dubai, UAE, June 25, 2018: Middle East finance executives report great confidence in economic growth prospects for the year ahead, finds the 2018 Global Business & Spending Outlook, a survey released today by American Express Middle East. The vast majority of respondents – more than 90% – anticipate modest to substantial economic expansion in their country, closely aligned with the worldwide ......read more
UAE, Dubai, June 24, 2018: Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has announced the ninth winner of its “Double Your Salary” monthly campaign, held at DIB’s City Center Sharjah branch, officiated by a representative of Sharjah Economic Development Department “SEDD”.
DIB launched its “Double Your Salary” promotion in September 2017. The monthly draw selects a new customer that has moved their payroll or salary account to the bank, and doubles their salary for that month. 10 runners-up are also selected and each receives an AED 5,000 pre-loaded DIB card.
Commenting on the draw, Nasser Al Awadhi, Chief of Consumer Banking, at Dubai Islamic Bank said; “The promotion has enjoyed unprecedented success, providing our customers with rewarding schemes ......read more
NAMA Women Advancement Establishment and UN Women sign MoU in New York
Dubai, UAE, June 25, 2018: UN Women and the UAE-based non-profit NAMA Women Advancement Establishment (NAMA) signed a Memorandum of Understanding in New York recently, to consolidate their efforts in implementing the UN Women Flagship Programme “Stimulating Equal Opportunities for Women Entrepreneurs” in South Africa, the United Arab Emirates and the region, with support from UN Women headquarters.
To be implemented in a period of three years, the programme will target approximately 25,000 women, especially those living in poverty and facing heightened social discrimination, and seek to stimulate demand for women entrepreneurs’ products and services by promoting gender-responsive public and private procurement; and promote women ......read more
24 June 2018, Dubai – Guinness World Records™, the global authority on record-breaking, is proud to announce the launch of its dedicated Arabic platform that is especially designed to interact with and serve audiences across the Middle East.
The website - www.guinnessworldrecords.ae - will serve as an ideal platform for consumers in the region to learn more about Guinness World Records and provide them with a comprehensive and smooth understanding of the criteria and process to attempt a record.
Furthermore, the newly launched website will also encourage younger fans to discover more about achieving a Guinness World Records title and inspire them to set a world record.
Talal Omar, Country Manager – Guinness World Records said: “Since we started operating in the region through our UAE ......read more
Dubai, June 23, 2018: Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has announced that its joint venture Emirates Insolaire LLC, a pioneer in new solar technologies, has received strong response for its sustainable, energy-efficient coloured solar panel technology at Intersolar Europe exhibition, the leading solar exhibition in the world.
Emirates Insolaire, Dubai Investments’ joint venture with SwissINSO Holding Inc., which offers the world’s-first KromatixTM coloured solar panels technology, generated a lot of enquiries for building integrated photovoltaic modules from consultants, architects, entrepreneurs and photovoltaic manufacturers at the exhibition, held between June 20 and 22, 2018 at Munich, Germany. Over 800 exhibitors and ......read more
Group invests more than AED 5 million in the expansion of Sleep Fine mattresses’ product line
Dubai, UAE, June 23, 2018: In light of the growing volume of exports to the MENA region, Salim & Sons Group has announced expansion plans by capitalizing on the emerging presence of business opportunities. The Group, which unifies and streamlines the operations of its various divisions, ensures an enhanced product and customer experience with a focus on innovation. Under the Group’s umbrella are the ‘Three Stars Foam Factory,’ ‘Sleep Fine,’ ‘Premiere Furniture (Restonic),’ ‘Top Line Furniture Industry,’ ‘Deyar Real Estate,’ ‘Suwaidi Gulf General Transport,’ ‘Al Jawal Contracting Company,’ ‘KSS Contracting,’ ‘Al Muadalah ......read more
Bayt.com 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 Bayt.com 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 ......read more
Emirati conglomerate has shaped the landscape of the UAE for six decades
Dubai, UAE, 19 February 2018 – Established in 1958 by brothers Saeed and Mohammed Al Naboodah as a modest trading venture with a capital investment of only 2,000 rupees, Saeed & Mohammed Al Naboodah Group comprise one of the UAE’s oldest and most respected Emirati conglomerates with a diverse portfolio of businesses, today. This year, the Group is commemorating its 60th anniversary milestone with a year-long celebration, themed ’60 Years of Excellence’.
Saeed & ......read more
UAE, February 14, 2018- Under the patronage of His Highness Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Department of Economic Development – Ajman (DED-Ajman), the activities lined up for the month long celebration of UAE Innovation Month is set to kick off tomorrow (15 February 2018) — in line with the largest national event aimed at celebrating a culture of innovation and innovators, which will run until February 28th, 2018 across all Emirates and regions of the country.
DED-Ajman has revealed its participation via a series of motivational activities that have been ......read more
Her Excellency Reem bint Ebrahim Al Hashimi: UAE was the first Arab country to close the gender gap in the labor force
Dr Jim Yong Kim: We need to close a US$300 billion funding gap to support women entrepreneurs
Dubai-UAE: 13 February, 2018 – A special Global Policy Platform panel discussion on the emergence of female entrepreneurs worldwide highlighted ways to support and empower women to become entrepreneurs and contribute to the economy on day two of the sixth World Government Summit in Dubai today.
Conducted by the UAE Ministry of ......read more
Dubai-UAE: 13 February, 2018 – The final Global Policy Platform on day two of the World Government Summit discussed multilateral, bilateral and regional approaches to trade at a high-level panel that also explored ways to encourage better cooperation.
Titled ‘The Future of Trade and Globalization’, the panel headed by Roberto Carvalho de Azevêdo, Director General of the WTO, and His Excellency Sultan bin Saeed Al Mansouri, UAE Minister of Economy, drew the participation of Arancha Gonzalez, Executive Director of the International Trade Center; Mukhisa ......read more
Panel of industry leaders discuss issues that country needs to address
Dubai-UAE: 12 February, 2018 – A plenary panel session on day one of the sixth World Government Summit (WGS 2018) debated whether this year’s guest nation India could ever lead the global economy in the future, and discussed the issues that could hold up any progress.
According to the World Economic Forum, India is the seventh largest economy in the world and is expected to be the second largest by 2050. With a population of over one billion, and 29 separate states, the subcontinent ......read more
The Ministry of Economy has successfully organized recently a tourism road show in the Republic of India under the theme ‘Visit UAE.’ The tour across three major Indian cities featured the participation of tourism departments and authorities from the Emirates, other local government entities concerned with the tourism sector and a group of tourism institutions and companies, including aviation, major attractions, hotels and tour and travel agencies in the country.
The road show initially took place in Bangalore, South India, then moved to Ahmedabad city and concluded in Mumbai, ......read more
UAE, February 11, 2018 – The Department of Economic Development-Ajman (DED-Ajman) has shared that it has adopted several initiatives that have been developed and inspired by the wisdom and legacy of the late Sheikh Zayed Bin Sultan Al Nahyan, founding father of the UAE, in response to the announcement of His Highness (H.H.) Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, that 2018 is the ‘Year of Zayed.’ The move comes within the DED-Ajman’s commitment to celebrate the centennial of the UAE founder by moving forward with Sheikh Zayed’s high ......read more
Angel Gurría highlights importance of inclusive growth and multilateralism for Governments
Dubai-UAE: 11 February, 2018 – Angel Gurría, Secretary-General of the Organization for Economic Co-operation and Development (OECD), discussed the eroding trust in private and public institutions, the growing interconnectedness in the global economy as well as how re-inventing policy can help build more resilient economies and inclusive societies. He was speaking on day one of the World Government Summit (WGS 2018) in Dubai, where he called for swift and ......read more
Dubai-UAE: 11 February 2018 - The UAE Ministry of Climate Change and Environment (MOCCAE) signed an MoU with RAK Incubator and Accelerator with the aim of enabling SMEs, entrepreneurship and innovation and in the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, and His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment.
On the sidelines of the UAE’s first Seaside Startup Summit, held at the Al Marjan Island in RAK with the aim of creating a new platform for the ......read more
DUBAI – February 11, 2018 – Qualcomm Incorporated (NASDAQ: QCOM) today announced that Qualcomm River Holdings B.V., an indirect wholly owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors N.V. (NASDAQ: NXPI). The tender offer is being made pursuant to the Purchase Agreement, dated as of October 27, 2016, by and between Qualcomm River Holdings B.V. and NXP. The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on February ......read more
February 7, 2018: High-ranking officials and executives attended the Middle East Facility Management Association’s (MEFMA) interactive workshop held in Oman today (Wednesday, February 7, 2018), to discuss the economic contributions of the facilities management (FM) industry at the local and regional levels.
The workshop entitled “The Economic Value Add of Facility Management in Oman” is sponsored by QBG Facilities Management Group, MEFMA’s founding member and one of the Middle East’s leading integrated FM service providers, the premier event, which was staged ......read more
Sharjah Awards for Economic Excellence follows legacy of UAE leaders says Bin Sulayem
Dubai, 07 February 2018: DP World, UAE Region has won the “Top Ten Gulf Enterprises” Award at the Sharjah Awards for Economic Excellence for 2018.
Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, said: "This award highlights the vision of our leaders that promotes service excellence and superior performance. DP World, UAE Region is committed to contributing to the diversification of the local economy and enhancing Dubai's position as a major hub for global ......read more
offers account credit and cash payout remittances to customer’s beneficiaries
Dubai, 07 February 2018: UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has partnered with Groupe Banque Populaire in Morocco, historical leader in the Moroccan Diaspora Market. The partnership will enable remitters to send money from UAE Exchange branch to Groupe Banque Populaire or third-party bank accounts in Morocco, while also providing the beneficiaries with an option for cash pay-out at all Banque Populaire ......read more
Abu Dhabi, UAE – 6th of February 2018: The Central Bank of the United Arab Emirates launched an initiative to develop a National Payment Systems Strategy for the U.A.E. The initiative aims to position the U.A.E. at the forefront of innovation and establish a world-class payment system to enable safe, efficient and customer-centric domestic and cross-border payments. This initiative will enable the U.A.E. in transitioning to a cashless society, reducing the cost of domestic and cross-border payments, promoting innovation and positioning the country as a global leader in ......read more
Sultan Al Mansouri: Trust in regulatory policies is pivotal to the future of the economy
Essa Kazim: We have a new opportunity at governing Islamic finance
Abdulla Al Awar: Overcoming obstacles in the halal sector is a key priority
Dubai-UAE: 03 February, 2018 – Dubai Islamic Economy Development Centre (DIEDC) convened its first board meeting for 2018, reviewing all the initiatives that had been implemented the previous year within the framework of DIEDC’s 2017-2021 strategy that seeks to realise the Dubai: Capital of Islamic Economy vision.
At ......read more
Dubai, February 1, 2018: Mr Peter Robson, Chairman of the University of Wollongong in Dubai’s (UOWD) Board, has been awarded the Order of Australia (OA) for his outstanding service to business through research and development in government advisory and leadership roles in the manufacturing and industrial relations sectors, and to engineering.
Nearly 900 Australian citizens were recognised for excellence, achievement and commendable service and contributions in various fields such as sports, science, performing arts and media, in the 2018 Australia Day Honours ......read more
As a Strategic Partner
Abu Dhabi, UAE – 31st of January 2018: Central Bank of the UAE is participating as a strategic partner in the Tawdheef Annual Career Fair currently taking place in ADNEC between the 29th and 31st of January. The Banks’ participation comes in line with the UAE Governments’ strategy to develop human capital and enhance Emiratization ratios in the banking sector. Central Bank also aims to build capabilities and develop leadership in the sector through selective Emiratization and to attract talented nationals to work at local and ......read more
The global management consulting firm expands its roster of partners in the Middle East to bolster its People & Organization and Energy Practices
Dubai, 31 January, 2018 — The Boston Consulting Group’s (BCG) today has announced that it will be joined by two new Partners to its Middle East system, in order to bolster its People & Organization and Energy Practices. Effective immediately, Yves Morieux, and Andreas Kyrilis will each serve as Partner for their respective practice.
BCG welcomes Yves Morieux to Dubai. He is transferring from Washington DC, ......read more
Ras Al Khaimah, UAE – 30/January/2018: Ras Al Khaimah Chamber of Commerce and Industry has reported that 1,821 new establishments were registered during 2017. 247 of these were in the free trade zones and 119 were new branches of establishments based inside and outside the Emirate.
AS a result the total number of Ras Al Khaimah Chamber members rose to 33,652 by the end of last year, an increase of 6% over 2016. Some 19,680 licenses were renewed during 2017.
According to Dr. Ahmed Rashid Al Shemaili, Assistant General Manager, Commercial Services and Business ......read more
To review the country's exhibition industry and to discuss opportunities for cooperation
Sharjah,January30 2018: HE Saif Mohammed Al-Midfa, CEO of Expo Centre Sharjah and member of the Board of Directors of the Global Association of the Exhibition Industry (UFI), took part in the Global CEO Summit (GCS) 2018 that is organized by the UFI. The Summit will be held in Cannes, France and will take place from the 24th to the 26th of January.
During the Summit, Al-Midfa discussed the UAE's experiences in both organizing exhibitions and developing the exhibition ......read more
Dubai, UAE; 28th January 2018: Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the year ending 31st December 2017.
Key highlights [2017 vs 2016]:
Healthy growth in Net Profit
Net profit for YE 2017 stood at AED 2.1 billion - a 6.5% increase YoY
Impairment Allowance down by 14.2% YoY; Operating expenses lower by almost 2% on the back of effective cost management
High proportion of non-interest income
Mashreq’s best-in-class non-interest income to operating income ratio ......read more
Dubai, January 28, 2018: The 9th Annual Sustainable Development & Inclusive Growth Congress Week held at the Radisson Blue Hotel and Resort in Sharjah, focused on the need to follow the principles of sustainable development and inclusive growth to meet global challenges and global sustainability by learning about international trends.
Dr Flevy Lasrado, Assistant Professor and Discipline Leader for the Master of Quality Management program at the University of Wollongong in Dubai (UOWD), delivered the keynote speech during the Congress, which was held as part of the Alleem Business ......read more
Dubai, UAE, January 28, 2018: As part of CNN’s coverage of the World Economic Forum in Davos, Switzerland, Becky Anderson spoke with Prime Minister of Iraq, Haider al-Abadi. They discussed the rising tensions in Syria and Iraq’s relationship with President Trump and the United States.
“They are training would be suicide bombers, very high skilled training. They want to send them to many countries; many cities and they want to have a campaign of terror attacks.”
On Iran’s influence on Iraq:
“Is any country immune from influence ......read more
2018 IHG Trends Report demonstrates the competitive advantage derived from a powerful and authentic provenance which resonates with consumers
Dubai, UAE, January 28, 2018: Provenance is the foundation for enduring brand success and has become more important than ever for organisations wanting to succeed in today’s complex consumer environment. That is the finding of the 2018 Trends Report published today by IHG® (InterContinental Hotels Group) at the World Economic Forum in Davos. In the sixth edition of this annual report series, IHG reveals The Provenance Chain; five ......read more
28th January/2018; Dubai: Danube Group, UAE's largest diversified conglomerates with interests in building materials, property, construction and home furnishings is all set to re-launch India's biggest Bollywood film and celebrity magazine ‘Filmfare Middle East’ in March 2018.
With a clear focus on films, fashion and lifestyle and in-depth exclusive interviews with Hindi, Malayalam, Arab and Pakistani cinema, FILMFARE Middle East will be catering predominantly to the large Asian expatriate population in the UAE and the GCC, as well as a significant Arab ......read more
Dubai, UAE, January 27, 2018: Arab Bank Group closed 2017 with solid results, reporting a growth in net operating income of 8% as compared to prior year. Excluding the effect of foreign currency devaluations, net operating income achieved double digit growth of 12%. Net income after tax is at $533 million as compared to $532.7 million in 2016, whilst loans and advances grew by 6% to reach USD 25.1 billion.In view of the results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2017.
Mr. Sabih Masri, ......read more
Partners with Union National Bank and La Rochelle Education Group, France to empower Emirati women in social entrepreneurship
Dubai, UAE (January 27, 2018): Al Ahli Holding Group (AAHG), the multi-diversified international conglomerate, unveiled the first edition of Women for Business, a multicultural CSR program designed by AAHG, in partnership with Union National Bank and La Rochelle Education Group, France to promote Emirati women entrepreneurs. The program commemorates the Year of Zayed initiative honouring the UAE founding father's vision, achievements as well as ......read more
MEPCO showcases its latest product innovations to regional and international audiences at Saudi Arabia’s largest industrial gathering
Wholly-owned subsidiary WASCO exhibits its core operations alongside MEPCO
Riyadh, Saudi Arabia; 24 January 2018: The Middle East and Africa’s leading vertically-integrated paper manufacturer, the Middle East Paper Co. (MEPCO), showcases its latest product innovations serving the packaging industries at the 15th edition of the Saudi Print, Pack, Plastics, and Petrochem Exhibition. MEPCO participate alongside its wholly-owned ......read more
6.8% growth in the Chamber membership and the total membership exceeds 69,000 companies
Sharjah, 24 January, 2018. Sharjah Chamber of Commerce and Industry announced that 6000 new companies will be joining the Chamber in 2017, reflecting Sharjah’s continuous attractiveness to foreign investment and a modern business environment capable of adding value to the companies that set up business in the Emirate.
The total number of members increased by 6.8% year on year to 69,108 members by the end of 2017, compared to 64,688 in 2016, reinforcing the Chamber's position as the ......read more
Oliver Wyman SOFS 2018 Report Says Big Tech Offers Important Lessons for Financial Services Incumbents in the Race to Create New Value for Customers and Drive Growth
Dubai, United Arab Emirates, January 23, 2018 : According to global management consultancy Oliver Wyman, traditional financial services firms will need to accelerate customer value creation or risk conceding an increasing share of customer attention and wallet to other firms, primarily to ‘big tech.’ Although the largest financial services firms in the world trace their histories back, on ......read more
Dubai, UAE, January 23, 2018: CBRE Group, Inc. (NYSE:CBG) today announced that Fortune magazine has named the company a World’s Most Admired Company in the real estate industry for the sixth consecutive year.
Fortune rates companies on nine attributes related to corporate performance. In 2018, CBRE was ranked second overall in the real estate sector (behind only Host Hotels & Resorts) and was among the top three companies on all nine attributes, including global competitiveness, people management, financial strength and long-term investment.
“Our ......read more
Dubai, UAE, 22 January, 2018: Continuing its efforts to boost confidence within the maritime industry for arbitration and mediation, the Emirates Maritime Arbitration Centre (EMAC) has approached 2018 with the intention of visiting leading maritime stakeholders to introduce and explain the benefits of its services. These meetings are scheduled around EMAC’s impressive, yet busy events schedule for the year.
The first in a series of meetings for the year, has taken place at the DP World Head Quarters in Jebel Ali Port, where senior executives have gathered to learn about ......read more
World’s leading security, safety, and fire protection trade show gets underway in Dubai featuring 1,337 exhibitors from 59 countries
Three-day conference programme, Drone Zone and Outdoor Demo Area share the stage with more than 5,000 brands
Dubai, UAE, January 21, 2018: The 20th edition of Intersec, the world’s leading trade fair for security, safety, and fire protection was opened today (21st January 2018) by His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum.
Taking place until 23rd January, the three-day event features 1,337 exhibitors from ......read more
Dubai, UAE, January 21, 2018: Master of Quality Management students from the University of Wollongong in Dubai (UOWD) along with American Society of Quality LMC (ASQ) recently celebrated the 5th World Quality Day at the University’s campus with the aim to engage students and quality professionals in dialogue regarding quality challenges, opportunities and the value it adds to businesses worldwide.
Around 100 quality professionals from all levels and students attended the one-day event which included various engagement activities, presentations by industry experts and ......read more
UAE, 20 January, 2018 – As part of its commitment to customer satisfaction and the delivery of excellent services, Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, announced the winners of the ‘Al Ansari Exchange – Winter Promotion 2017’ at the closing ceremony including Saida Dzheenbaeva from Kyrgyzstan, the winner of the Dream Home grand prize. The draw for the grand prize as well as cash prizes was held live on social media, in the presence of senior officials and managers of Al Ansari Exchange and representatives of the ......read more
UAE continues to lead global research and scientific enquiry through innovative program designed to boost water security globally.
Abu Dhabi-UAE: 20 January 2018 – Under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs, the awardees of the Third Cycle of the UAE Research Program for Rain Enhancement Science were announced and honored at an exclusive ceremony held as part of Abu Dhabi Sustainability Week (ADSW) 2018.
Several ministers, VIPs, and senior ......read more
HH Sheikh Mansour Bin Zayed: “The UAE Research Program for Rain Enhancement Science demonstrates our leadership in tackling the challenge of global water stress and devising the innovative solutions needed to aid people at risk around the world”
UAE continues to lead global research and scientific enquiry through innovative program designed to boost water security globally
Abu Dhabi-UAE: 18 January 2018 – Under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential ......read more
Session themed ‘Renewables making waves in the Pacific: A new humanitarian model?’
UAE-Pacific Partnership Fund implements 11 projects in 11 island countries
Abu Dhabi-UAE: 17 January, 2018 – Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, and Abu Dhabi Future Energy Company, Masdar, held a panel discussion entitled ‘Renewables making waves in the Pacific: A new humanitarian model?’ that highlighted the success of the UAE-Pacific Partnership Fund (UAE-PPF).
Held during ......read more
Dubai, UAE, January 17, 2018: The Star Business Centre, offering state of the art fully furnished offices for new investors, business people and those international companies seeking suitable ready-made fully furnished plug-and-play workplaces, has announced that it is now ready to accept cryptocurrencies – especially Bitcoin – as a mode of payment for its services.
The company’s commercial tenants are now able to pay rents and service charges by using digital currency along with the traditional payment systems, which saves time and effort.
The ......read more
UAE, 15 January, 2018 – Al Ansari Exchange and Al Ansari Exchange Services have recently been merged completely after obtaining the necessary approvals from all official entities. The merged Al Ansari Exchange Company now forms the largest exchange and remittance house in the UAE with an operating capital of AED 1.2 billion. It acquires over 35 per cent market share locally and provides its services through more than 175 branches and executes more than 80,000 transactions per day.
Mohammed Ali Al Ansari, Chairman and Managing Director, Al Ansari Exchange, said: “We are ......read more
Brisk demand for energy leads commodities to bullish start for 2018
Softer USD, attention to inflation and geopolitical risks key drivers for oil and gold
Correction in gold after $95 non-stop rally remains elusive
We stick to bullish outlook for gold in early 2018
Brent touches $70/b ahead of Trump's decision on Iran sanctions
Dubai, UAE, January 14, 2018: The commodities sector — led by energy — continues to see demand during the first full trading week of 2018. The sector has been benefiting from an increased focus on inflation as the current expansion ......read more
His Excellency Sultan bin Saeed Al Mansouri: “The Centre’s partnership with the Group adds a new dimension to the historic ties between the UAE and Tatarstan”
Dubai-UAE: 14 January, 2018 – The Dubai Islamic Economy Development Centre (DIEDC) today announced the signing of a memorandum of understanding (MoU) with the Group of Strategic Vision ‘Russia – Islamic World’ (RIW Group) to exchange expertise and best practices in the field of Islamic economy.
His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman ......read more
Dubai, UAE, January 14, 2018: The International Air Transport Association (IATA) announced global passenger traffic results for November 2017 showing continued robust demand. Total revenue passenger kilometers (RPKs) rose 8.0% compared to November 2016, the fastest growth rate in five months and up from a 7.3% year-over-year rise in October. Capacity (available seat kilometers or ASKs) increased by 6.3%, and load factor rose 1.2 percentage points to 80.2%.
“The airline industry is in a good place entering 2018. November’s strong demand gives the industry ......read more
Ventures supported by IRENA/ADFD Project Facility to contribute to alleviating poverty through renewable energy
Abu Dhabi-UAE: 14 January, 2018 – Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, and the International Renewable Energy Agency (IRENA), the global platform for international cooperation on renewable energy, earmarked US$25 million in ADFD concessional loans for two solar photovoltaic (PV) projects in Mauritius and Rwanda.
Announced at the Eighth Session of the IRENA Assembly, the two projects are being ......read more
UAE, January 10 2018 - His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Airport Freezone Authority (DAFZA), today officially inaugurated Swiss luxury goods group Richemont’s new operations centre, the latest and most advanced facility in DAFZA. The inauguration event was attended by His Excellency Dr. Mohammed Al Zarooni, Director General of DAFZA, the Swiss Ambassador to the UAE Her Excellency Ms. Maya Tissafi and Dr. Christoph Thomet, Chief Operating Officer of Richemont Middle East & India, along with senior officials and executives of Dubai Government, DAFZA, ......read more
Alliance Ventures to Prioritize Next-generation Mobility With $200 Million Year-one Funding
New entity to act as main interface for start-ups, investors and the venture capital ecosystem
Fund prioritizes open innovation in new mobility, including electrification, autonomous systems, connectivity and artificial intelligence
First deal to be a strategic investment in Ionic Materials, a US company developing cobalt-free solid-state battery materials
Dubai, UAE, January 10, 2018: Renault-Nissan-Mitsubishi, the world’s leading automotive alliance, today announced ......read more
Credit Card holders to also benefit from instantly redeemable rewards
Dubai, UAE—10 January, 2018: Mashreq Bank, the UAE’s leading financial institution, is offering a range of credit cards that cater to the diverse passions and lifestyle of a broad range of customers.
Commenting on the credit cards, Pankaj Kundra, Head of Payments at Mashreq said, “Research has shown that the majority of consumers choose a credit card based on the reward points program or based on the discounts and benefits offered by the card. The UAE is a multicultural market with ......read more
Participation as partner for dialogue on the topics of water management and sustainability strategy of the German federal government
Intelligent GROHE technologies such as GROHE EcoJoy and GROHE SilkMove ES play a key role in effective water management
Innovative products such as GROHE Blue and GROHE Sense reduce the consumption of CO2 and water
Dubai, United Arab Emirates - January 9th, 2018: GROHE, the world's leading provider of sanitary fittings, partnered with the German Sustainability Day 2017, in Dusseldorf. At this leading two-day convention, experts from ......read more
Dubai, UAE; January 08, 2018 – Drake & Scull International PJSC (“DSI” or the “Company”), a regional leader in engineering and construction services announced today, that it has successfully completed the restructuring of its corporate general bank debt in the UAE and has secured new credit lines and working capital facilities for its ongoing and new projects portfolio.
DSI has obtained the support from all its creditors for the restructuring of its corporate general debt in the UAE. The company reached in Q4 2017 a consensual agreement with nine ......read more