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    Featured in Banking and Investments
    UAE - India Economic Forum 2018 to focus on advancing strategic relations and bilateral trade

    The Forum serves as a platform to further enhance UAE-India relations and discuss business and growth opportunities among the countries   DUBAI – October 20, 2018:   The fourth edition of the annual UAE-India Economic Forum (UIEF), being staged in Dubai on October 24, 2018, is poised to explore the strengthening ties and bilateral trade relations between the two countries.    The UIEF is supported by the Telangana Chamber of Commerce and Industry and Gujarat Chamber of Commerce and Industry. The Forum, to be held at Habtoor Grand Resort in Dubai, will bring together over 350 delegates from the UAE and India.   The UIEF represents a new dawn in the multifaceted economic relationship between both the countries that share a vision to project the current US$ 40 billion bilateral trade to ......read more

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

    Flexible working will save businesses money, reduce costs and boost productivity, causing a ripple effect across entire economies The US could see an economic boost of as much as $4.5 trillion annually China could see the greatest gross value add (GVA) increase of 193% A rise in flexible working also benefits individuals, set to save people 3.53 billion hours of commuting time by 2030 Dubai, UAE, October 17, 2018:  A predicted boom in flexible working could contribute $10.04 trillion to the global economy by 2030, according to the first comprehensive socio-economic study of changing workplace practices.   The analysis, commissioned by Regus and conducted by independent economists, studied 16 key countries to delve into the state of flexible working both now and through 2030.   ECONOMIC ......read more

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

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

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

    Dubai, UAE, October 15, 2018:   H.E Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE: “The new Federal Government debt law lays the foundations for the development of a bond market in dirham denomination in the UAE. This is important as it will create deeper, more resilient financial markets, benchmark the yield curve, provide more diversified sources of financing, mobilise additional domestic savings and attract capital inflows. The development of vibrant public and private bond markets (including Sukuk) will also facilitate compliance with liquidity requirements (Basel III), and allow investors to balance risks in more diversified portfolios. Overall, this is in line with the Nation’s vision to press ahead with further diversification of the economy, and will underpin the UAE’s ......read more

    Trade Bank Iraq named Best Iraqi Bank by Global Finance Publication

    Abu Dhabi, United Arab Emirates, October 15, 2018:   Trade Bank of Iraq’s (TBI) continued commitment to accelerating economic growth and providing modern banking service in its home country have been recognised as it was named Best Iraqi Bank by a leading global financial publication. New York-based ‘Global Finance’ magazine rewarded TBI’s strong financial performance and its continuing initiatives to improve its international capabilities, presenting the award during a special ceremony held in Bali, Indonesia attended by leading financial institutions and other key influencers within the banking space. Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, received the award at the 2018 Annual Meetings of the International Monetary Fund and World Bank Group on Saturday (13th). He said: ......read more

    UAE Exchange Enters the Prestigious Platinum Class of Tawteen Partners Club

    Tawteen, the National Program for Emiratization, supports UAE Nationals to work in the private sector    Abu Dhabi, 15 Oct 2018:   Her Excellency Farida Abdullah Al Ali, Assistant Undersecretary, Ministry of Human Resources and Emiratisation (MOHRE), bestowed the Tawteen Club Trophy to UAE Exchange, a leading global remittance, foreign exchange and payment solutions brand in the UAE. With this trophy, UAE Exchange has entered the most prestigious class of the club - the Platinum Class.    Over the years, UAE Exchange has actively worked towards the goal of skill development among the Emirati community and received many accolades for it. Some of them include the Emiratisation Award by UAE Minister of Economy (2016), Mohammed Bin Rashid Al Maktoum Business Award (2017), UAE SDG Pioneers Awards ......read more

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

    The Family Business Network (FBN) and Lombard Odier have rewarded three exceptionally promising young family business entrepreneurs as finalists in the 10th FBN NxG Lombard Odier Award. The finalists had the opportunity to pitch their projects to over 500 family business leaders at the FBN 29th Global Summit in Venice on 12th October, where the overall winner was revealed.   Dubai, UAE, 14th, October 2018:  The FBN NxG Lombard Odier Award was created in 2009 to celebrate and support outstanding intrapreneurial and entrepreneurial projects initiated by the next generation of family business owners.    The 2018 finalists were chosen by a jury of senior business leaders, entrepreneurs, and academics who reviewed candidates aged between 18 and 40 from 10 different countries1. The finalists and their projects ......read more

    Dubai Islamic Bank Group 9 Month Financial Results

    For the period ended September 30, 2018 Total Income reaches AED 8.5 billion, up by 13.6% YoY.  Group Net Profit at AED 3.7 billion in the nine months of 2018, up 12.1% YoY. Balance sheet grows by 7.4% in the nine months of 2018 reaching AED 222.8 billion. Dubai, October 10, 2018:  Dubai Islamic Bank (DFM: DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today announced its results for the period ending September 30, 2018.   9M 2018 Results Highlights:   Sustained balance sheet growth and cost discipline driving strong operating performance Net financing & sukuk investments rose to AED 173.1 billion up by 10.0%, compared to AED 157.3 billion at the end of 2017. Total Assets now at AED 222.8 billion, up by 7.4%, versus AED 207.3 ......read more

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

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

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

     Despite having one of the more vibrant startup scenes in the region, entrepreneurs in Egypt have been struggling with maintaining revenues, raising finance and acquiring good talent. Egypt’s economic woes and subsequent currency devaluation seem to have had a knock-on effect on the country’s startup ecosystem. Dubai, UAE, October 09, 2018:   This was the general consensus at the Cairo edition of Wamda’s flagship Mix N' Mentor event on the 27th of September, where leading figures from the startup ecosystem met at The GrEEK Campus to discuss these challenges. Participants included Ahmed Alfi from Sawari Ventures, Khaled Ismail from Kiangel, Moustafa Khater from Flat6Labs, Mohamed Bahaa, Managing Partner at NGage Consulting, Habiba Helmy, MINT Hub Director at EG Bank,Tarek Assaad, Managing Partner ......read more

    Bahrain to implement VAT effective 1 January 2019

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

    Monetary & Banking Developments – August 2018

    Dubai, UAE, October 07, 2018:  The Central Bank announced that the Money Supply aggregate M1 decreased by 1.7%, from AED 496.4 billion at the end of July 2018 to AED 488.1 billion at the end of August 2018.    The Money Supply aggregate M2 also decreased by 1.8%, from AED 1302.3 billion at the end of July 2018 2018 to AED 1278.9 billion at the end of August 2018.    On the other hand, the Money Supply aggregate M3 increased by 0.1%, from AED 1556 billion at the end of July 2018 to AED 1556.9 billion at the end of August 2018.    The reduction in M1 was mainly due to a decrease of AED 7.4 billion in Monetary Deposits and of AED 0.9 billion in Currency in Circulation outside Banks. The fall in M2 was brought about by the decreased M1 and an AED 15.1 billion reduction in Quasi-Monetary ......read more

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

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

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

    Dubai, UAE, October 06, 2018:  Although entrepreneurship in the MENA region is booming, greater and more comprehensive cooperation between local governments is necessary in order to capitalize on recent momentum within the ecosystem, according to a senior World Bank representative. Ali AbuKumail, a Senior Private Sector Specialist at the World Bank, recently worked on the Arab World Competitiveness Report 2018 - a joint cooperation between the World Economic Forum and World Bank which focuses on MENA entrepreneurship. In the latest Wamda podcast, he shares his views on the state of the startup ecosystem with Walid Faza, Partner at Wamda Capital.   “Policymakers have to look at the comprehensive picture of ecosystem development and the journey of entrepreneurs from the minute they are individuals who aspire to ......read more

    New Worker's Insurance Scheme Forthcoming

    Dubai, UAE, 4 October 2018:   The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system.    The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system. The new insurance scheme will apply to all private-sector employees, including domestic workers.  Details of the insurance scheme  Instead of a fixed amount of AED 3,000 that typically must be paid against every work permit application, employers will pay an insurance premium of AED 120 per person, for a two-year work permit. This will provide an insurance coverage of up to AED 20,000 in lieu of unpaid wages, return ticket and ......read more

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

    Disbursement to unlock growth opportunities and expansion across the region, aligned with UAE National Innovation Strategy  Dubai, 02 October 2018 –   The Mohammed bin Rashid Innovation Fund (MBRIF), operated by the Emirates Development Bank (EDB), today announced a disbursement of AED 5.5 million to UAE headquartered Pure Harvest.  A regional innovator in sustainable agriculture, Pure Harvest aims to address food security issues and water scarcity in the UAE while achieving resource efficiency and overcoming local climate challenges. Founded in October 2016, the Abu Dhabi based agricultural start-up is focused on the production of greenhouse fruits and vegetables in arid climates using world-leading Dutch hydroponics and climate management technologies. The current fund from MBRIF will be deployed towards ......read more

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

    Trade enabling project to boost trade across continents   Dubai, United Arab Emirates, 02 October 2018:   In another major step towards positioning the UAE and Dubai as a hub for  east-west trade global trade enabler DP World has announced plans to build ‘The Belt and Road’ Dubai Station in partnership with Zhejiang Provincial Seaport Investment & Operation Group Co., Ltd (ZPG).  The Belt and Road Station will integrate logistics, warehousing, e-commerce, circulation processing and distribution display services through an electronic platform that enables trade and business transactions.  The announcement follows an initial agreement in March to work on a ‘Straight-through Warehouse’ project in Yiwu, China, and a letter of intent in June to develop this new ......read more

    A flying economy – the economic powerhouse above the clouds

    Research by HSBC has identified a country-sized, thriving and cosmopolitan population of almost 12 million people in the air every day.  This country, Flyland, has a Gross Domestic Product valued at $400.5 billion – just larger than that of Norway. Dubai, UAE, October 1, 2018:  For the people of Flyland – the 11.9 million individuals from around the world who take to the air every day – business is soaring, according to new research and analysis from HSBC.    The ‘country in the sky’ has grown to an annual GDP of $400.5 billion and adds more than $1.26 billion to its value each day. The data takes into consideration the average amount of flights Flyland citizens take in a year, their average income, average spend and considers the value of the average amount of work ......read more

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

    Dubai, UAE, October 01, 2018:   The Asian Business Leadership Forum (ABLF) marks its 11th anniversary, on October 6, 2018, at the Armani Hotel, Dubai, with a special edition of the ABLF Awards dedicated to the Father of the Nation, the late Sheikh Zayed bin Sultan Al Nahyan, under the theme 'Leadership Legacies: Honouring the past. Shaping the future'. The ABLF has been held under the Royal Patronage of H.H. Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member and Minister of Tolerance, UAE, since 2007 and is in official association with the UAE Ministry of Economy.   The upcoming awards night hosts an exclusive 250-strong audience of Asia’s finest leaders and will witness the felicitation of 15 visionary and innovative stalwarts. The UAE's status as one of the most progressive and proactive ......read more

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

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

    RAKEZ surprises clients with a new service centre in Abu Dhabi

    Ras Al Khaimah, 30 September 2018:  Ras Al Khaimah Economic Zone (RAKEZ) continues to level up its client support with the opening of its Service Centre – Abu Dhabi on the 3rd Floor of Abu Dhabi Mall’s West Tower. From visa, licensing, and leasing services to an array of support services, the new one-stop shop provides RAKEZ clients a quick and easy service delivery. “At RAKEZ, our customers’ journey is always at the top of our priorities. So we ensure to invest extensive efforts into enhancing our services as well as our accessibility to our clients,” said Ramy Jallad, RAKEZ Group CEO. “With the launching of RAKEZ Service Centre – Abu Dhabi, our clients in the capital do not need to travel up north just to submit applications and request for support. They now have everything within their ......read more

    CBUAE Hosts UAE – Japan SME Seminar

    Abu Dhabi, UAE – 30th September 2018:   The Central Bank of the UAE (CBUAE) Governor H.E. Mubarak Rashed Al Mansoori welcomed H.E. Kanji Fujiki, Japan’s Ambassador to the UAE and a delegation of high ranking officials from the Japanese Government and banking sector, for a seminar to learn about the support systems and regulatory measures that make up the foundations for a thriving SME sector in Japan.  One of the most important areas of the UAE’s national agenda is the support and development of SMEs which have been identified as vital to the UAE’s transition to a knowledge-based economy, increasing the share of private non-energy sectors in employment and growth. In the Japanese domestic economy, SMEs play a considerable role, representing 70 percent of all employment, over 99 percent of all ......read more

    Dubai Customs discusses boosting cooperation with Japanese businesses

    Dubai, UAE, September 29, 2018:  Director of Dubai Customs Ahmed Mahboob Musabih received representatives of Japanese companies. The delegation was headed by the Japanese Consul General to Dubai Dr. Akima Umezawa.   Abdullah Mohammed Al Khaja, Executive Director of Clients Management Division and Farid Hassan Al Marzouqi, Executive Director, Human Resources, Finance and Administration Division attended the meeting which covered topics such as the means of boosting economic cooperation between Japan and the UAE and expanding cooperation with Japanese businesses and diplomatic missions.  Musabih reaffirmed the importance of cooperating with the Japanese diplomatic missions and companies to support mutual trade between the two friendly states through providing high quality services and facilities to clients and ......read more

    10 Things Only Professional Cleaners Can Do

    September 27, 2018 - Dubai, UAE: You may believe that cleaning your house is one chore that you should finish yourself. However, if you once witness the transformation a professional cleaner brings to your home, then you’d never go back to doing it by yourself. A well-cleaned space can have a positive impact on your health, comfort and peace of mind. That’s why you should not compromise on such things and hire one of the Cleaning Services in Dubai, to make your place looking neat and tidy like new. It’s okay to be sceptical and wonder how a professional cleaning job will make any difference. Afterall, we have always cleaned our home by ourselves. However, a professional cleaning job is something you must experience to know how much of a difference it makes. Let’s have a look at the 10 things that only ......read more

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

    Branches of Paris-based Siaci Saint-honore Group Dubai, UAE, September 27, 2018:  SIACI SAINT HONORE, provider of insurance brokerage and consulting services, known locally under the name of Alpha Lloyds & MSH, inaugurated their offices yesterday in the heart of Business Bay (One by Omniyat tower), Dubai, under the patronage of the Consul General of France in Dubai & Northern Emirates. Born in France, the group is now a leading actor in the European market and aims to become a global player with Dubai as one of their main hubs. Their positioning combines flexibility, innovation and client-driven approach.  Active in the UAE since 2006 with its affiliate MSH International, the group strengthened its position with the acquisition of Alpha Lloyds in 2017. Its ambition is now to become the key insurance broker ......read more

    Other Top Stories from Banking and Investments
     
    Axis Bank starts operations in Sharjah

    Sharjah office is Axis Bank’s 3rd representative office in the UAE New office to help service clients in Sharjah and other northern emirates  Sharjah, March 18, 2018:   Axis Bank, India’s third largest private sector bank, today opened a representative office in Sharjah, United Arab Emirates. Shri Vipul, Consul General of India in Dubai, inaugurated the representative office.  The representative office in Sharjah is the third such Axis Bank office in the UAE after Dubai and Abu Dhabi.The new representative office will engage primarily in promoting ......read more

    Mashreq Bank honored twice at EMEA Finance Middle East Banking Awards

    Dubai, United Arab Emirates, 14  March 2018:  Mashreq Bank, the UAE’s leading financial institution, was honored twice at the 2017 EMEA Finance Middle East Banking Awards. Now in its 10th year, the award ceremony recognizes the achievements of the region’s retail and investment banks, as well as their asset management and brokerage operations. The magazine cover banks operating in ten countries, acknowledging their achievements in the past year. Mashreq Bank was presented with the ‘Best Local Bank in United Arab Emirates’ and the ‘Best Product ......read more

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

    Abu Dhabi Fund for Development projects in Sudan worth AED7.3 billion His Excellency Mohammed Saif Al Suwaidi attributes productive collaboration between ADFD and Sudanese government to leadership   guidance  The Fund contributes to boosting Sudanese economy, enhancing monetary and financial stability  ADFD bolsters historic ties with Sudan through supporting development programmes that serve the most important economic sectors  Abu Dhabi, UAE March 14, 2018:  The UAE and the Republic of Sudan enjoy long-standing cooperation and strategic ......read more

    NREC Earnings Release for Full Year 2017 and Q4 2017

      FY 2017 (Million KD) FY 2016  (Million KD)     Var (%)    Q4 2017 (Million KD) Q4 2016 (Million KD) Var (%) Operating Revenue       38.5 33.9  +13.6% 16.6  13.4 23.8% Gross ......read more

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

    March 12, 2018 UAE:  Mashreq Bank, the UAE’s leading financial institution, will continue its efforts to foster the growth of Emirati talent through its participation in Careers UAE 2018. Taking place at the Dubai World Trade Centre from 13-15 March, this marks the 18th consecutive year which Mashreq has participated in the event. Mariam Al Ali, Head of Emiratization and Government Relations at Mashreq commented: “At Mashreq we are committed to facilitate the recruiting, training and development of UAE Nationals. Our training programmes are designed to equip talented ......read more

    Department of Economic Development – Ajman successfully plants 100 Al Ghaf trees to mark launch of ‘We All Plant' initiative

    UAE, 11 March 2018 - The Department of Economic Development - Ajman (DED-Ajman), in cooperation with the Department of Municipality and Planning of Ajman, successfully planted 100 Al Ghaf Trees at the Frontline International School, marking the launch of its new ‘We All Plant’ initiative. The launch of the initiative and the tree planting event are part of activities that DED-Ajman has planned in celebration of 2018 as the ‘Year of Zayed,’ which was declared by His Highness (H.H.) Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE.  The new initiative ......read more

    Xpress Money Eyes Africa's Evolving Remittance Market

    Global remittance brand expects next three years to be a game-changer for Africa    Dubai, March 06, 2018:  With the aim of growing in terms of presence and market share in Africa, Xpress Money, one of the world’s most dependable money transfer brands, has got the ball rolling with grand expansion plans in the African market. The brand expects the African corridor to grow phenomenally in the next three years; based on recent trends in migration and technology adoption in various African countries. Xpress Money is looking at doubling their network presence in Africa ......read more

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

    Dubai, UAE, March 06, 2018:   Dubai's non-oil foreign trade with Japan reached AED 41.82 billion in 2017. Imports totaled AED 38.35 billion, while exports stood at AED 2.69 billion and re-exports at AED 780 million. According to recent data released by Dubai Customs, in parallel with the UAE-Japan Strategic Business Forum, held by the Ministry of Economy in Tokyo from March 6-7, aluminum tops Dubai's exports to Japan at AED 2.519 billion, accounting for 93.69 percent of the emirate's total exports to the Japanese market.  Automobiles, on the other hand, lead ......read more

    Henkel achieves new highs in sales and earnings

    Sales increase to 20,029 million euros, first time above 20 bn euros: nominal growth +7.0%, organic growth +3.1% EBIT margin* reaches new high: +40 basis points to 17.3%  Earnings per preferred share*: +9.1% to new high of 5.85 euros Record dividend** payout: +10.5% to 1.79 euros per preferred share Substantial progress in implementation of strategic initiatives Financial ambition for 2020 confirmed Dubai, UAE, March 05, 2018:  “2017 was a successful year for Henkel. Despite challenging and volatile market conditions, we reached new record levels in sales and ......read more

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

    Dubai, UAE, March 05, 2018:  The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2018 at 9:30am on Sunday, 4th March 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid  Mohammed  Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Their Excellencies Mohamad Ali ......read more

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

    A joint cooperation agreement is announced which aims to support the Technology and Innovation Pioneers platform and the UAE Council of Scientists to encourage and support national inventors and innovators Dubai, UAE, March 04, 2018:  The Ministry of Economy, the Department of Economic Development (DED)Abu Dhabi and the Ministry of State for Advanced Sciences signed a joint cooperation agreement to reinforce joint cooperation between the three parties in order to support the Technology and Innovation Pioneers Platform (TIP) and the UAE Council of Sciences to encourage national ......read more

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

    Dubai, UAE, March 01, 2018:   The UAE population comprises of approximately 80% migrant workers, with blue-collared constituting the major segment. The blue-collared workers are also among the underserved and unbanked communities who have no or limited access to the financial services. To bring such workers under the financial realm, UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has signed a MoU with Kayan Labs for exploring new channels to provide remittance facility through ‘rise’ mobile application, the world’s ......read more

    Ithmaar Bank reports 2017 profits

    Dubai, UAE, March 01, 2018:   Ithmaar Bank B.S.C. (c) [“Ithmaar Bank”] [“the Bank”], a Bahrain-based Islamic retail bank and a wholly-owned subsidiary of Ithmaar Holding B.S.C, reported today (ed note: 27/02/18) a net profit of BHD6.24 million for the period ended 31 December 2017. The net profit attributable to equity holders of the Bank for the period ended 31 December 2017 was BHD1.58 million. The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval, by the Board of Directors, of the ......read more

    Al Ansari Exchange to accept VAT payments on behalf of corporates

    UAE, February 28, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, announced that they start accepting Value Added Tax (VAT) payments to the Federal Tax Authority. All entities that are registered under the Federal Tax Authority (FTA) and possess a TAX Registration Number (TRN) and a GIBAN bank account number can visit any of the 180 branches of Al Ansari Exchange across the UAE to make their VAT payments to the FTA.  Rashed Al Ansari, General Manager, Al Ansari Exchange, said: “We are confident that our new service will help ......read more

    AED 878.371 Million Worth Deals Signed during UMEX and SIMTEX 2018

    Deals worth over AED294.225 Million signed on day three of the dual event Abu Dhabi-UAE: 28, February, 2018 –  Major Pilot Saeed Mohammed Al Yamahi, the Official Spokesperson of Unmanned System Exhibition (UMEX) 2018 and Simulation & Training Conference and Exhibition (SimTEX) 2018 announced at a press conference that 10 defence deals worth AED294.225 million were signed on the third day of the dual event, taking the total value of deals signed to AED 878.371 million. Al Yamahi added that the Armed Forces signed two contracts with the UAE-based Abu Dhabi Autonomous ......read more

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

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

    FranGlobal seeks over USD 100 million investments from Gulf investors

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

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

    Initiative falls in line with UAE Innovation Month celebration Dubai, UAE, February 26, 2018:  Dubai Airport Freezone Authority (DAFZA) announced the launch of Goodforce Labs, an innovative startup incubator focused on transforming ethical startups in the fields of Islamic economy and Halal industries into global success stories. The incubator will work to revitalize the Islamic ethical economy utilizing a deep venture building platform. This will be achieved by selecting a group of startups and small and medium enterprises and support them towards a USD 50 million in annual ......read more

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

    UAE’s leading bank adopts Blue Prism’s Digital Workforce to transform business operations while increasing customer satisfaction Dubai, UAE, February 25, 2018:  In its efforts to continue pioneering innovative banking solutions, UAE’s leading financial institution, Mashreq, announced that it is working with Blue Prism (AIM: PRSM) to increase productivity, improve customer experiences and deliver new services. Mashreq selected Blue Prism’s secure, scalable and easy-to-use Digital Workforce to deliver greater operational efficiencies, higher accuracy and a ......read more

    G4S UAE honours outstanding employees at annual awards

    Dubai, UAE – February 25, 2018:  G4S UAE, the world’s leading integrated security solutions provider, held its annual employee award ceremony along with the organization’s 24th year celebration in the UAE. The ceremony was held at the Jebel Ali Golf Resort, where employees were honored in eight categories across various business services.  Since its inception in the UAE in 1994, G4S has recognized and honored its employees across various sectors. Nominated by their clients and the G4S awards committee, the organization recognizes talents from their pool of over ......read more

    Department of Economic Development - Ajman celebrates achievements during ‘Employees Annual Forum 2017'

    UAE, February 24, 2018 - The Department of Economic Development in Ajman (DED-Ajman) hosted the ‘Employees Annual Forum 2017’ to celebrate another year of achievements towards building a diversified and competitive economy in line with Ajman’s vision of sustainable development. The event honored the employees for their valuable contributions in enhancing the emirate’s business environment through best practices that attract investments which contribute to the growth of the national economy. His Excellency (H.E.) Ali Eissa Al-Nuaimi, Director General of DED Ajman, ......read more

    Department of Economic Development - Ajman highlights its innovative initiatives during UAE Innovation Month

    UAE, February 24, 2018- The Department of Economic Development - Ajman (DED-Ajman) is continuing its successful participation in UAE Innovation Month, in response to the leadership's directives to celebrate innovation and innovators. As part of their participation, DED-Ajman is highlighting its latest innovations aimed at improving services designed to facilitate a customer’s journey in completing their transactions. DED-Ajman is showcasing its experience as one of the first economic departments in the country to implement the ‘Smart Document’ initiative, which was ......read more

    GCC Financial Forum 2018 Puts Spotlight on Digital Transformation

    Dubai, UAE, February 22, 2018:  Speakers and participants of 7th edition of regional conference discuss the shape of the financial system of the future and unanimously underline the importance of driving technological innovation   Manama, Kingdom of Bahrain; 22nd February 2018: The GCC Financial Forum, held on 20th and 21st February 2018 in Manama, Bahrain, put digital transformation in the financial industry in the spotlight and reinforced the significance of pursuing a forward-thinking approach with respect to integrating new technologies into existing business models and ......read more

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

    DUBAI – February 22, 2018:   Jaleel Cash & Carry, the region’s largest bulk buy outlet chain and a division of UAE-based leading investment company Jaleel Holdings, has announced the development of its biggest facility at Dubai Wholesale City (DWSC) at an investment of AED 100 million. The DWSC is the region’s largest fully integrated wholesale hub.  Jaleel Cash & Carry has revolutionized the FMCG wholesale market in the region. Jaleel Holdings introduced the popular cash-and-carry concept of the European and US markets to the Middle East region ......read more

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

    Abu Dhabi, UAE – 21st February 2018:    The HIGHER SHARI’A AUTHORITY held its 1st meeting of 2018 at 9:00am on Wednesday, 21st February 2018, at the Central Bank Head Office – Abu Dhabi.   The meeting was attended by:  His Excellency Mubarak Rashed Al Mansoori  His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, Chairman.  Prof. Dr. Jasim Ali Al Shamsi, Board Member.  Dr. Issam Muhammad Ishaq, Board Member.  Dr. Oznan Hasan, Board Member.  Dr. Usaid Muhammad Adeeb Al Kilani, Board Member. In ......read more

    UAE Ministry of Economy launches new innovative guide for companies in the UAE

    H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, successfully launched a new guide entitled, ‘The Innovative Guide for Companies in the UAE,’ which was done by the Ministry of Economy in cooperation with the National Research Council (CNR) – Research Institute on the Sustainable economic growth. The new guide was developed and released in line with the set goals and objectives of the UAE Vision 2021. The new guide, which is being released in both English and Arabic versions, highlights the Ministry's role in the implementation of the UAE National ......read more

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

    Substantial investment by Servcorp has already seen the opening of co-working facilities in UAE, Saudi Arabia, Lebanon and London Deployment of funds will see the launch of co-working spaces in Dubai, Riyadh and Bahrain by June 2018 Additional USD 8 million allocated globally to enhance customer experience Estimated growth of 22% for worldwide co-working industry spaces in 2017, with 1.18 million individual users, according to “2017 Global Co-Working Survey” Dubai, United Arab Emirates, 21 February 2018:   Servcorp, an originator and innovator in serviced ......read more

    Ministry of Economy explores agricultural investment opportunities to reinforce cooperation with Ethiopia

    H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs recently met with H.E Ayana Zewdie, Ethiopian, Minister of State for Trade, to discuss strategic ways on how to further enhance cooperation with Ethiopia, especially across potential investment opportunities in agriculture and food industries. The meeting was held at the Ministry's headquarters in Dubai on the sidelines of the Ethiopian delegation's participation at Gulfood 2018, the world’s largest annual food trade show, held from February 18 to 22, 2018 at the Dubai World ......read more

    Nearly 9 in 10 Companies in the UAE Will Be Hiring in the Next 12 Months, Reveals a Bayt.com and YouGov Survey

    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

    Saeed & Mohammed Al Naboodah Group Celebrates 60 Years of Excellence

    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

    Department of Economic Development – Ajman to kick off activities for UAE Innovation Month tomorrow

    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

    WGS 2018: Global Policy Platform Panel Considers Supporting Female Entrepreneurs Essential for Society Advancement

    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

    WGS 2018: Global Policy Platform Attempts to Find Balance Between Cooperation and Competition in Trade

    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

    WGS 2018: India Urged to Create More Jobs for Youth, Entrepreneurial Culture to Become a Global Economic Force

    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

    Visit_UAE Road Show Organized by the Ministry of Economy in conjunction with local tourism entities and private sector promotes national tourism across three major Indian cities

    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

    Department of Economic Development - Ajman celebrates ‘Year of Zayed'

    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

    WGS 2018: OECD Chief Says Swift Action and More Collaboration Needed to Regain Public Trust

    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

    Ministry of Climate Change and Environment and RAK Incubator and Accelerator Ink MoU to Drive Entrepreneurship and Innovation

    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

    Qualcomm Extends Cash Tender Offer for All Outstanding Shares of NXP

    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

    MEFMA holds workshop in Oman to highlight economic contributions of local & regional facilities management sectors

    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

    DP World, UAE Region Wins “Top Ten Gulf Enterprises” Award

    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

    UAE Exchange Partners with Groupe Banque Populaire for Remittances to Morocco

    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

    Central Bank launches an initiative to Develop a Pioneering and Customer-Centric National Payment Systems Strategy for the U.A.E.

    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

    Dubai Islamic Economy Development Centre's First Board Meeting in 2018 Approves Actionable Initiatives for Upcoming Period

    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

    UOWD Board Chairman Peter Robson awarded Order of Australia (OA) in Australia Day Honours List

    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

    Central Bank of the UAE Participates in Tawdheef 2018

    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

    BCG Expands its Middle East Roster to Tackle the New Year and New Opportunities

    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

    6% Increase in Total Number of Establishments Registered at Ras Al Khaimah Chamber in 2017

    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

    Expo Centre Sharjah takes part in the Global CEO Summit 2018 in France

    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

    Mashreq posts a 6.5% y–o–y growth in Net Profit for 2017

    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

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