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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
     
    Logic Compact's Original Two Apples Flavour Now Available in the UAE

    UAE; February 17, 2020:   Japan Tobacco International, a leading global company in the vaping market, has introduced their original Two Apples flavour to its Logic Compact vape offer. This new offer was created especially with United Arab of Emirates consumers in mind, as it features the classic Two Apples flavour which is already well known amongst adult smokers across the region. Two Apples is available with 18 mg/ml of nicotine. “The UAE is the second market in the Middle East that was introduced to our vape products in December 2019, and results have been positive ......read more

    IoT Middle East 2020 to Address Business Aspects of Digital Transformation

    Event to highlight how collaboration is the new competition with eco-systems replacing traditional industry boundaries   Dubai, United Arab Emirates, February 17, 2020:   An impressive line-up of partners and speakers will be addressing how to manoeuvre the IoT landscape for higher profits at the 5th Internet of Things 2020, held at Armani Hotel Dubai on the 24th of February, 2020.   According to Johan Ehrstrom, CEO of 5th IoT Middle East 2020, “The conference will focus on how to generate business out of IoT as AI, ML, 5G and Intelligent Automation will fuel ......read more

    National Bank of Yemen Announces Successful Go-Live of ICS BANKS Universal Banking Software from ICSFS

    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 gone live with ICS BANKS Universal 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) provides banking services ranging from Retail to Trade Finance, Treasury and Project Finance to individuals, corporates, and governmental institutions. Over the past ......read more

    Trade Bank of Iraq Continues Strong Growth and Posts Net Profit of Usd 556 Million for 2019

    Baghdad, Iraq, 16 February 2020: Trade Bank of Iraq (TBI), established in 2003, achieved a robust growth in revenues and in key financial areas during 2019, for another consecutive year with its consistent performance, preliminary report released by the bank for the financial year during 31st December 2019. The bank posted a net profit of USD 556 million in 2019, an increase of 68% from 2018, on revenues of USD 673 million, which grew by 12% over the previous year.  Financial unaudited statements for the year ending 31st December 2019 reveal enhanced financial strength of TBI as a ......read more

    Ericsson Modernizes Billing for Orange Egypt

    • Orange Egypt completes transformation of existing billing platform  • The converged Business Support Systems architecture simplifies business processes    Orange Egypt has completed a major business transformation project implemented by Ericsson (NASDAQ: ERIC). Orange Egypt and Ericsson reengineered Orange's business processes and BSS environment – implementing the new and improved Ericsson Billing solution. With Ericsson Billing, Orange will improve offering time-to-market and the solution will also help Orange to enhance operational ......read more

    Planet Smart City Advocates for ‘People-focused Smart Cities'

    Abu Dhabi, UAE  –  February 16, 2020:  Planet Smart City, the UK-headquartered global leader in smart affordable housing, announced its support for the United Nations’ newly-launched flagship programme ‘People-focused Smart Cities.’ Having participated at the World Urban Forum, reinforcing the UAE’s efforts to achieve the shared global vision of eradicating poverty and delivering sustainable development, the proptech company has formed a scientific committee and will invest 10% of its current revenues in the next three years in research to pioneer ......read more

    Al Ansari Exchange wins the ‘Sharjah Excellence Award'

    Honor reflects company’s leadership in UAE’s foreign exchange and money transfer sector UAE, February 15, 2020 - Cementing its leadership in the exchange and money transfer sector, Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has been awarded the 4th edition of the ‘Sharjah Excellence Award’ during an official ceremony held at the Expo Centre Sharjah under the patronage of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. The company's win is attributed to its outstanding ......read more

    Peru Emerges as the Most Stable Investment Destination in Latin America Ahead of Expo 2020 Dubai

    Dubai, United Arab Emirates, February 12, 2020:     The Republic of Peru has emerged as the most stable and risk-free nation for investment in Latin America, revealed in the latest study by the US-based financial services giant JP Morgan Chase. The report comes ahead of the Expo 2020 Dubai, where the South American nation is bullish to showcase as a timeless destination for tourism, trade and investment. The Peruvian pavilion at the Expo 2020 will be a place where the visitors will be able to take a journey towards growth, sustainability and resilience of the ......read more

    Ericsson Launches a New Report: the ‘Quick Guide to Your Digital Carbon Footprint'

    Your broad guide about carbon emissions in the ICT sector     Dubai, United Arab Emirates, February 12, 2020:   Quantifying the footprint of our digital lives is not rocket science but it demands an understanding of the technology, its development and usage. Ericsson IndustryLab’s latest report, ‘A quick guide to your digital carbon footprint’, deconstructs ICT’s carbon emissions and shows you everything you need to know about the climate impacts of our digital lives.   A lot of coverage on digital carbon footprints paint a bleak ......read more

    ICSFS' Managing Director, Robert Hazboun, Acknowledged for his Business Leadership and Exceptional Vision by World Finance

    London, UK: World Finance,  the voice of the market magazine, awarded  ICS Financial Systems Limited (ICSFS)’ Managing Director; Robert Hazboun, in its World Finance Winter 2020 edition, as one of its World Finance 100 individuals and business in financial services that have outstanding enterprise and kept pushing their industries forward. The individuals and organizations acknowledged by the World Finance 100 have been recognised for their ability to lead their respective industries even in unfavourable conditions.  The WF100 Awards now in its 11th year, ......read more

    11% Increase In The Number Of Industrial Facilities That Complied With Abu Dhabi's Occupational Safety And Health Standards, Says ADDED's IDB

    IDB issues report showing local industry sector’s growing conformity to local environment and workplace safety standards Abu Dhabi, 10 February 2020: The number of factories in Abu Dhabi that have been certified for their compliance with occupational safety and health standards increased 11 per cent in 2019 to reach 457 compared with 406 factories in 2018, according to the 2019 annual report of the Industrial Development Bureau (IDB) of the Abu Dhabi Department of Economic Development (ADDED). The report looked into the accomplishments and activities of IDB’s Department of ......read more

    Technology Innovation Pioneers consolidates efforts to engage global tech SMEs via the World Green Economy Organization

    February 10, 2020-Technology Innovation Pioneers (TIP), a leading initiative developed by the UAE Ministry of Economy and the Abu Dhabi Department of Economic Development (ADDED), has announced that it has joined the World Green Economy Organization as one of the founding members under its private sector platform. The move aims to reinforce efforts to engage Small and Medium Enterprises (SME) inventors and project owners in supporting the process of the global transformation to a green economy while also addressing relevant key challenges on a worldwide scale. This UAE platform for innovation ......read more

    Planet Smart City Expands Its Global Reach With Launch in India

    Global leader in smart affordable housing opens its advisory services focused on integrating smart city solutions in the urban environment     10th February 2020:   Planet Smart City, the global leader in smart affordable housing, is expanding its worldwide capability with the launch of advisory services in India. Based in Pune, it will work with third party real estate developers and government agencies to provide its unique offer for integrating smart solutions in the urban environment. The move, announced at the World Urban Forum in Abu Dhabi, comes after ......read more

    KIKLABB: Intelligent Workspaces Announces Opening of its First Facility at Queen Elizabeth 2

    Dubai, United Arab Emirates, February 10, 2020:   KIKLABB: Licensing & Workspaces has announced the opening of its flagship business at the iconic Queen Elizabeth 2 (QE2). It was officially inaugurated by Mr. Hamza Mustafa, CEO of PCFC Investments; Mr. Abdulla Belhoul, CEO of PCFC-Trakhees and Mr. Tasawar Ulhaq, CEO of KIKLABB. Spread over an area of 25,000 square feet, with imminent plans of expansion, KIKLABB offers an excellent choice of private offices, co-working spaces and flexi desks. Heritage, innovation, convenience, culture and community have been seamlessly ......read more

    Building on the Success of Last 25 Years, Nikai Group Continues Its Growth by Commencing Its Operations in Egypt

    Dubai; February 09, 2020:   Taking the first step towards the Group’s 2020 expansion plans, Nikai Electronics, UAE’s homegrown brand and one of the top consumer electronic labels in the GCC, commenced its operations in Egypt earlier this month. The operation setup is expected to build on the organization’s consistent success and further add onto the capabilities of the existing market in Cairo. After two decades of successful operations in the GCC, Nikai group has stepped into another fast-growing economy and a country with a high value-based consumer demand. ......read more

    Offering a Better Insight Than Stocks

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank Summary:  Commodity markets continue to bear the brunt of the coronavirus outbreak in China. The concern remains that the wider markets have yet to reflect the full impact of the disruption. With China being the world’s most dominant consumer of raw materials, the impact continues to be felt strongly across key commodities and the world is facing the biggest demand shock since the 2009 global financial crisis. Commodity markets continue to bear the brunt of the coronavirus outbreak in China. While stocks, led by the U.S. ......read more

    Get Date Night Ready with Champion Cleaners this Valentine's Day

    ** Champion Cleaners plays Cupid this Valentine’s Day, with their Irresistible Promotions that will help you to get Date Night ready **     Dubai, United Arab Emirates, February 08, 2020:   With the festive season now over and the January blues truly taking its toll, for most of you Valentine’s Day is the well-deserved chance to get out of the house and celebrate the day of love! Why not get ahead of yourself this year and have your outfit freshened up, restored and ready for your date night!   Champion Cleaners, the 5-star premium dry ......read more

    Slower but Steady Growth in 2019

    8 February 2020 (Geneva) - The International Air Transport Association (IATA) announced full-year global passenger traffic results for 2019 showing that demand (revenue passenger kilometers or RPKs) rose by 4.2% compared to the full year of 2018.  The 2019 result is a slowdown compared to 2018’s annual growth of 7.3% and marked the first year since the global financial crisis in 2009 with passenger demand below the long-term trend of around 5.5% annual growth. Full-year 2019 capacity climbed 3.4%, and the load factor rose 0.7 percentage point to a record high of 82.6%. The ......read more

    Kingdom of Saudi Arabia Leads with World's First National Hyperloop Study, in Partnership with Virgin Hyperloop One

    Saudi Minister of Transport, H.E. Eng. Saleh bin Nasser Al-Jasser, commissions study to propel the Kingdom on the forefront of transport innovation globally    February 8, 2020:   The Ministry of Transport (MoT) in the Kingdom of Saudi Arabia, today announced a contract agreement with Virgin Hyperloop One (VHO), the world’s leading hyperloop company. Under the partnership, VHO will conduct ‎a groundbreaking pre-feasibility study on the use of hyperloop technology for the transport of passengers and cargo, laying the groundwork for a network of ......read more

    Danube Group's Founder and Chairman Shares His ‘Rags to Riches' Inspirational Success Story at Middlesex University Dubai

    Dubai, United Arab Emirates, 6 February 2020:   As part of  the Institute for Entrepreneurship & Business Excellence’s (IEBE) Guest Speaker Series, Mr Rizwan Sajan, Billionaire Founder and Chairman of the Danube Group, shared his success story to a packed Oasis Theatre of students and staff at Middlesex University Dubai’s campus.  During the session held on Sunday 2 February, Mr Sajan emphasised the need to learn and gain knowledge from those with experience before looking to start up a business. Furthermore, he talked about the importance of giving back ......read more

    Quality Inspires Brand Loyalty Among 77% of UAE Consumers, KPMG's Study Finds

    Less than half of UAE consumers identify points and rewards as a key factor in earning and keeping their loyalty    Dubai, 5 February 2020:   In a competitive world, acquiring consumers is more expensive than retaining them, and loyal consumers are invaluable as a reliable repeat source of revenue. According to KPMG’s survey, “The truth about customer loyalty”, product quality emerges as the top factor that inspires loyalty among UAE consumers (77%), while value for money, customer service and product consistency all place second at 66%. The ......read more

    2019 Worst Year for Air Freight Demand Since 2009

    05 February 2020 (Geneva) – The International Air Transport Association (IATA) released full-year 2019 data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), fell by 3.3% compared to 2018 while capacity (AFTK) rose by 2.1%. This was the first year of declining freight volumes since 2012, and the weakest performance since the global financial crisis in 2009 (when air freight markets contracted by 9.7%). In the month of December, cargo volumes contracted 2.7% year-on-year while capacity rose 2.8%. Air cargo’s performance in 2019 was ......read more

    Ahead of Expo 2020, Us-headquartered Global Business Owners' Network Corporate Connections Debuts in UAE

    DUBAI – February 5, 2020:   Corporate Connections, the Charlotte-headquartered global network of business owners and C-Level executives, has launched its first chapter in the UAE. This falls in line with line with Dubai’s strategies to connect with the world and accelerate business growth with the Expo 2020. The chapter in Dubai is Corporate Connections’ first in the region. Corporate Connections provides global business leaders the ideal setting for generating exceptional and measurable results through executive networking opportunities. The international ......read more

    Alpen Capital Optimistic About Sri Lankan Banking and NBFI Sector

    DUBAI – February 5, 2020:   Alpen Capital (ME) Limited, Dubai-headquartered investment banking advisory firm, announced the publication of its latest report titled “Sri Lankan Banking and NBFI Sector”. This report provides a comprehensive overview of the Sri Lankan Banking and NBFI sectors, highlighting the strengths, opportunities and challenges for a diverse group of investors (investment funds, corporate institutions, etc.) looking for investment opportunities in Sri Lanka. It also profiles some of the key firms within these ......read more

    Eaton 5p Lithium-ion Ups Enhances Business Continuity for Distributed IT and Edge Computing Environments

    Dubai, United Arab Emirates – February 05, 2020:   Power management company Eaton today announced the EMEA launch of its 5P rackmount lithium-ion uninterruptible power system (UPS). Building on the best-in-class reliability of the Eaton 5P UPS platform, the 5P lithium-ion UPS provides a dependable, integrated solution with enhanced network security, extended battery life and remote management capabilities that make it the ideal solution for distributed IT and edge computing environments.   The 5P lithium-ion UPS uses lithium-ion batteries that provide enhanced ......read more

    Oman ICT Group and IFS Sign Strategic Partnership

    Dubai, United Arab Emirates, February 4, 2020:   IFS, the global enterprise applications company, has announced the signing of a new agreement with Oman ICT Group. The crucial partnership will help the Oman ICT Group achieve its key strategic objectives of developing the ICT sector for national advancement and includes Omanisation. It creates the path and provides a competitive IFS ERP solution into the Oman market while upskilling Omani consultants. Customers in Oman will now have a choice of an easy to deploy solution either on premise or in the Cloud and benefit from a low total ......read more

    Johnson Controls affirms long-term commitment towards transition to a green economy

    February 03, 2020- Johnson Controls International, a global leader in building technologies and solutions, has joined the World Green Economy Organization (WGEO) as one of its latest affiliate members under the Private Sector Platform. The company’s commitment to sustainability dates to its inception in 1885, underscored the importance of private sector investments to advance the green economy through research and development, as well as collaboration with governments. Johnson Controls, which operates in 150 countries, sees its role within the WGEO as a leading strategic partner that ......read more

    Mashreq posts AED 2.1 Bn Net Profit for YE 2019

    Dubai, UAE; 3rd February 2020: Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the year ending 31st December 2019.   Key highlights [YE 2019 vs YE 2018]:   • Stable Net Profit  o Net profit for YE 2019 stood at AED 2.1 billion – stable vs 2018 o Impairment Allowance down by 1.5% YoY • High proportion of non-interest income o Mashreq’s best-in-class non-interest income to operating income ratio remained high at 38.2%  o Significant growth in Investment Income (AED ......read more

    British Indian Lawyer Sarosh Zaiwalla Launches Book Honour Bound in UAE

    Dubai, United Arab Emirates, February 02, 2020:   Honour Bound – a book written by Mr Sarosh Zaiwalla, an Indian-born British lawyer, who won more than 1,000 legal cases and successfully represented Indian President, Pakistani Prime Minister Benazir Bhutto and Amitabh Bachchan in the famous Bofors libel case – launched his book in the UAE.   Before Tony Blair went on to become British Prime Minister and joined politics, he had worked with Zaiwalla and Co.      Mr Zaiwalla also acted for the Chinese Government for many years in their ......read more

    District 2020 Calls for Global Start-ups and Small Businesses to Be Part of Its Innovation Ecosystem

     Scale2Dubai programme aims to attract start-ups and small businesses looking to scale and expand internationally  Selected businesses will benefit from being part of a curated innovation ecosystem that adds value and supports their growth in Dubai     Dubai, 02 February 2020 –   District 2020 has today launched a global entrepreneur programme, Scale2Dubai, which enables start-ups and small businesses to expand internationally by becoming part of its innovation ecosystem.    Evolving from Expo 2020 Dubai, the next World Expo ......read more

    Intersec Triples Rebooking Rate as Middle East Commercial Security Market Slated for 16% Annual Growth to 2025

    Global trade event reaffirms Dubai’s position as a hub for pioneering security and safety products and solutions Dubai, UAE: Intersec, the region’s leading trade fair for security, safety and fire protection, has recorded its highest rebooking rate with 150 exhibitors signing up for the 2021 event immediately after January’s show which represents a 200% increase from 2019’s onsite recommitments. The rebookings come in the wake of a 6W Research report which forecasts the Middle East’s commercial security market will grow 16% a year to 2025 to be worth US ......read more

    Arab Bank Group Reports Net Profits of $846.5 Million for 2019 30% Cash Dividends

    Arab Bank Group closed 2019 with solid results reporting net income after tax of $846.5 million as compared to $820.5 million in 2018, recording a growth of 3.2%.  Net income before tax grew to reach $ 1.15 billion as compared to $ 1.12 billion in 2018, while Group equity grew to reach $9.102 billion with a return on equity of 9.3%. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2019, making a total dividend payout of over $ 270 million. The Group’s net operating income ......read more

    DP World, UAE Region and China's Zhidi Company to Explore Next Generation Global Logistics Hub in Dubai

    Strategic MoU Signed to Unlock Opportunities within the UAE and Across the Region to Deliver Full-Process Logistics Services Dubai, United Arab Emirates, 01 February 2020: Leading trade enabler, DP World, UAE Region and Zhejiang Zhidi Holding Ltd. (ZZH or Zhidi Company) of China will jointly explore the establishment of a sophisticated next-generation logistics hub to meet the rising demand for conventional and e-commerce services in Dubai. The Memorandum of Understanding (MoU) signed between the two sides states that the intent is to create a platform for the Zhidi Company ......read more

    SEHA Signs Strategic Partnership With CPA Australia As Long-term Investment In Financial Planning And Management

    • Partnership will see internationally benchmarked accreditation for finance teams enabling advanced professional development and more efficient financial planning and management   Abu Dhabi, 29 JANUARY 2020: Abu Dhabi Health Services Company (SEHA), the UAE’s largest healthcare network, has signed a new, strategic agreement with CPA (Certified Practising Accountant) Australia, the professional accounting body of Australia, to deliver advanced training and development programs across the network. This partnership will see a range of new professional opportunities for ......read more

    CELS Group Becomes Largest Festive Light Décor Company In The Middle East With First Christmas And Retail Emotions Acquisitions

    • Leading European festive decoration company to complement AFKAR Lighting • CELS Group targets turnover of $35m in 2020 and $44m by 2022   Dubai, UAE, 29 January 2020:   CELS Group has recently acquired 100% shares of First Christmas by Rosenau GmbH – one of Europe’s leading festive decoration company – along with its GCC branch, Retail Emotions. First Christmas was founded in Hamburg, Germany, and has over 20 years of experience in creating spectacular holiday and seasonal decorations, digital installations and special events for ......read more

    SentinelOne Appoints Daniel Kollberg as Vice President of EMEA

    Kollberg Joins on The Heels of Rapid Growth Across Europe, the Middle East, and Africa      Dubai, United Arab Emirates – January 29, 2020:   SentinelOne, the autonomous endpoint protection company, today announced the appointment of Daniel Kollberg as Vice President EMEA. The appointment supports SentinelOne’s record growth across the globe on the journey of becoming the next great cybersecurity company, through helping organizations use AI to defend against every attack at every stage.   Over the last six months, SentinelOne has more ......read more

    JUNIPER NETWORKS REPORTS PRELIMINARY FOURTH QUARTER AND FISCAL YEAR 2019 FINANCIAL RESULTS

    SUNNYVALE, Calif., January 28, 2020 - Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today reported preliminary financial results for the three months and fiscal year ended December 31, 2019 and provided its outlook for the three months ending March 31, 2020.   Fourth Quarter 2019 Financial Performance Net revenues were $1,208.1 million, an increase of 2% year-over-year, and an increase of 7% sequentially. GAAP operating margin was 14.8%, a decrease from 16.7% in the fourth quarter of 2018, and an increase from 12.2% in the third quarter of ......read more

    Urban Growth Management

    H.E. Mohamed Al Khadar Al Ahmed, Executive Director of Strategic Affairs at DMT and General Coordinator of the World Urban Forum 10 Abu Dhabi – 28.01.2020: H.E. Mohamed Al Khadar Al Ahmed, Executive Director of Strategic Affairs at DMT and General Coordinator of the World Urban Forum 10 Said: “Next February we are looking forward to the tenth World Urban Forum in Abu Dhabi, with its theme: “Cities of Opportunities: Connecting Culture and Innovation” and this will be the first time that an Arab country will host the world’s most important conference on ......read more

    Al Ansari Exchange waives money transfer fees for donations sent to aid victims of the Taal Volcano eruption in the Philippines

    UAE, 27 January 2020 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has announced that it has waived the money transfer fees across all of its branches, for money donations being sent to relief organizations in the Philippines. The move is part of the company’s efforts to support and aid victims of the Taal Volcano eruption, which forced thousands of local residents to evacuate their homes, causing a massive displacement of residents in affected villages. Rashed Al Ansari, General Manager of Al Ansari Exchange, said, “This initiative ......read more

    Serviced office space launched in Dubai for just AED 500 a month

    Ahead of Expo 2020 Maple Leaf Business Center unveils affordable luxury serviced offices and co-working space in Dubai Co-working space model in Dubai projected to grow in double digits until 2030 Growing trend for affordable serviced offices and co-workng space in emirate   Maple Leaf Business Center unveils affordable luxury serviced offices and co-working space in Dubai Dubai, UAE, 27 January 2020:   With just months to go before Expo 2020 Dubai, Maple Leaf Business Center is all set to revolutionize the office space market in Dubai by launching ......read more

    Genetec shares its top physical security trends predictions for 2020

    Key trends include: AI, facial recognition, physical identity management, blockchain and cybersecurity      Dubai, United Arab Emirates, January 27, 2020:   Genetec Inc. (“Genetec”), a leading technology provider of unified security, public safety, operations, and business intelligence, today shared its top 5 predictions for the physical security industry in 2020. AI: separating facts from fiction While artificial intelligence (AI) is becoming a household term, it’s far from being a household reality. While machines are making ......read more

    Central Bank to serve as the developer of Lebanon's Land Bank

    A ‘brick-and-mortar real estate swap’ between the state and the central bank could address Lebanon's financial crisis The move contributes to reducing the proportion of public debt of GDP to 70 percent by Mr. Firas Sleem, CEO of Virtue Consulting Beirut, Lebanon, January 27, 2020: Some may wonder why the Banque du Liban operates a vital facility such as Middle East Airlines. The reason for this was the bankruptcy of Intra Bank in the 1960s, which made the central bank the owner of the airline since then. When any institution in the world is liquidated, its physical ......read more

    Eros Group achieves DSF target with one week to GO!

    United Arab Emirates, Dubai, 26th January 2020:   Eros Group, distributor of world-renowned brands like Hitachi, Linksys, TCL, Midea, Sonos and many more, once again took part in the UAE’s biggest sales extravaganza – the Dubai Shopping Festival (DSF). In its 25th edition, the annual Dubai Shopping Festival has been one of the most anticipated events in Dubai awaited by citizens, residents and even internationally. It brings to town outstanding offers, live concerts, delicious food, fireworks displays, raffles, and many events that caters to the entire ......read more

    Consumer Prices Dropped 0.8% in 2019, Reports SCAD

    Compared with 2018 Abu Dhabi, 23 January 2020: Consumer prices declined by 0.8% in 2019 compared with 2018. As the latest Consumer Price Index (CPI) report of Statistics Centre – Abu Dhabi (SCAD) indicates, the CPI averaged 110.7 points in 2019, down 0.8% from 111.6 points in 2018.  Comparison of monthly price data shows a 0.7% fall in the CPI to 109.6 points in December 2019, down from 110.3 points in November 2019. The index also dropped by 1.0% in December 2019 compared with December 2018. SCAD’s CPI report presents the contribution of each of the main 12 ......read more

    FireEye Acquires Cloudvisory

    Cloudvisory technology to expand cloud security capabilities of FireEye Helix, allowing customers to monitor multi-cloud environments, manage hybrid-cloud firewalls and integrate security for container platforms     Dubai, UAE, Jan. 23, 2020 –   FireEye, Inc. (NASDAQ: FEYE), the intelligence-led security company, today announced the acquisition of Cloudvisory. The acquisition, which closed on January 17, 2020, will add cloud workload security capabilities to FireEye® Helix®, offering customers one integrated security operations platform for cloud and ......read more

    Commodities in the crosshairs of climate and inflation

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank   23rd January 2020: Global commodities face a potentially volatile 2020, given the combination of growth concerns, geopolitical tensions, climate change and inflationary pressures. While global growth — and with that demand for key cyclical commodities — remains weak, we see the supply side also facing multiple challenges due to social unrest and climate change.    Climate change became top of mind in 2019 and we expect this focus will only continue to strengthen as the real impact is felt across ......read more

    Dakar Rally was just the prompt continuation of a flurry of successfully held motor rallies in the region according to BrandingWiz Consultants

    Dubai, UAE, January 23, 2020:   Carlos Sainz won his third Dakar Rally title in Saudi Arabia but the countdown to yet another exciting motor rally extravaganza is on for the 2020 season.   Preparations for the current year’s first three, eagerly awaited regional rally championships are on high gear, following the announcement of the respective dates.   According to Dubai based, motorsports marketing experts and marketing and sponsorship partners for key brands at Qatar Manateq Rally, Dubai International Baja and the Abu Dhabi Desert Challenge, BrandingWiz ......read more

    DIB completes the acquisition of Noor Bank

    • The bank is positioned to become one of the largest Islamic Banks in the world with total assets exceeding AED 275 billion  • Acquisition will reinforce Dubai’s position as a global centre for Islamic finance. • DIB enhances capital through issuance of 651,159,198 new shares • The new DIB shares have been listed and admitted to trading on the DFM     Dubai, January 23, 2020:   Having secured necessary approvals from the relevant regulatory authorities, Dubai Islamic Bank (DIB) has today announced the completion of the ......read more

    Ajman Free Zone signs MoU with Mashreq Bank to facilitate banking services for businesses

    Ajman, United Arab Emirates (January 22, 2020):   Ajman Free Zone has signed a Memorandum of Understanding (MoU) with Mashreq Bank, the oldest privately-owned bank in the UAE.  The agreement, spanning two years, will entail any business that chooses to set up in Ajman Free Zone being recommended the services of Mashreq Bank during the registration or licensing process.  This agreement also applies to businesses already registered under Ajman Free Zone Authority.  When applying, companies will be prioritised by Mashreq Bank, which has allocated resources ......read more

    New Management Structure for LIXIL EMENA and GROHE: Consolidating Focus on Commercial and Technical Operations

    ● Stefan Gesing, CFO to leave Grohe AG ● Thomas Fuhr and Jonas Brennwald to lead GROHE brand and focus also on international LIXIL role ● New executive teams for Commercial and Technical operations established to accelerate progress     Dubai, United Arab Emirates, 22th January 2020. GROHE, a leading global brand for full bathroom solutions and kitchen fittings, today announced a new organization structure to accelerate progress and drive a deeper focus around commercial and technical operations.   The new management team for Grohe AG ......read more

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