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    Featured in Banking and Investments
    Emirates Maritime Arbitration Centre meets with DP World to explore collaboration

    Dubai, UAE, 22 January, 2018:  Continuing its efforts to boost confidence within the maritime industry for arbitration and mediation, the Emirates Maritime Arbitration Centre (EMAC) has approached 2018 with the intention of visiting leading maritime stakeholders to introduce and explain the benefits of its services. These meetings are scheduled around EMAC’s impressive, yet busy events schedule for the year. The first in a series of meetings for the year, has taken place at the DP World Head Quarters in Jebel Ali Port, where senior executives have gathered to learn about the benefits of using EMAC to resolve maritime disputes, and what this means for all maritime stakeholders. Present at the meeting, Mr. Majid Obaid bin Bashir, Acting Chairman and Secretary General from EMAC and Mr. Mohamed Yousef Al Muallem, Senior ......read more

    His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum opens 20th edition of Intersec

    World’s leading security, safety, and fire protection trade show gets underway in Dubai featuring 1,337 exhibitors from 59 countries Three-day conference programme, Drone Zone and Outdoor Demo Area share the stage with more than 5,000 brands  Dubai, UAE, January 21, 2018:  The 20th edition of Intersec, the world’s leading trade fair for security, safety, and fire protection was opened today (21st January 2018) by His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum. Taking place until 23rd January, the three-day event features 1,337 exhibitors from 59 countries, covering 60,000sqm of space at the Dubai International Convention and Exhibition Centre, a five percent increase over the previous year.   More than 5,000 brands are on show across seven focus areas of Commercial Security, ......read more

    UOWD's Master of Quality Management students celebrate 5th World Quality Day

    Dubai, UAE, January 21, 2018:   Master of Quality Management students from the University of Wollongong in Dubai (UOWD) along with American Society of Quality LMC (ASQ) recently celebrated the 5th World Quality Day at the University’s campus with the aim to engage students and quality professionals in dialogue regarding quality challenges, opportunities and the value it adds to businesses worldwide. Around 100 quality professionals from all levels and students attended the one-day event which included various engagement activities, presentations by industry experts and panel discussions focussing on topics such as Future Insights on Quality and Business Excellence Frameworks, Employee Engagement and Customer Experience Management.  “Celebrating World Quality Day provides a great platform for quality ......read more

    Research Groups from the USA, China and Russia Announced as Awardees of UAE Rain Enhancement Program's US$5 Million Grant

    UAE continues to lead global research and scientific enquiry through innovative program designed to boost water security globally.   Abu Dhabi-UAE: 20 January 2018 –  Under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs, the awardees of the Third Cycle of the UAE Research Program for Rain Enhancement Science were announced and honored at an exclusive ceremony held as part of Abu Dhabi Sustainability Week (ADSW) 2018.    Several ministers, VIPs, and senior officials attended the ceremony including His Excellency Ahmed Juma Al Zaabi, Deputy Minister of Presidential Affairs in the United Arab Emirates and Chairman of the Board of Trustees at the National Center of Meteorology, His Excellency Eng Suhail ......read more

    Research Groups from the USA, China and Russia Announced as Awardees of UAE Rain Enhancement Program's US$5 Million Grant in its Third Cycle

    HH Sheikh Mansour Bin Zayed: “The UAE Research Program for Rain Enhancement Science demonstrates our leadership in tackling the challenge of global water stress and devising the innovative solutions needed to aid people at risk around the world”   UAE continues to lead global research and scientific enquiry through innovative program designed to boost water security globally   Abu Dhabi-UAE: 18 January 2018 –  Under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs, the awardees of the Third Cycle of the UAE Research Program for Rain Enhancement Science were announced and honored at an exclusive ceremony held as part of Abu Dhabi Sustainability Week (ADSW) 2018.    Several ministers, ......read more

    Abu Dhabi Fund for Development Holds Panel Discussion on Success of UAE-Pacific Partnership Fund

    Session themed ‘Renewables making waves in the Pacific: A new humanitarian model?’  UAE-Pacific Partnership Fund implements 11 projects in 11 island countries   Abu Dhabi-UAE: 17 January, 2018 –   Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, and Abu Dhabi Future Energy Company, Masdar, held a panel discussion entitled ‘Renewables making waves in the Pacific: A new humanitarian model?’ that highlighted the success of the UAE-Pacific Partnership Fund (UAE-PPF).   Held during Abu Dhabi Sustainability Week 2018, the session offered a fascinating glimpse into the role of aid in modern-day global economy – a role that transcends the traditional investor-donor relationship to build mutually beneficial partnerships in ......read more

    Dubai's Star Business Centre becomes the first commercial centre to accept cryptocurrency as mode of payments

    Dubai, UAE, January 17, 2018:  The Star Business Centre, offering state of the art fully furnished offices for new investors, business people and those international companies seeking suitable ready-made fully furnished plug-and-play workplaces, has announced that it is now ready to accept cryptocurrencies – especially Bitcoin – as a mode of payment for its services.  The company’s commercial tenants are now able to pay rents and service charges by using digital currency along with the traditional payment systems, which saves time and effort.  The digital payment system will allow Star Business Centre customers – who are multinationals and SMEs – from various industries, to focus on their business growth and expansion, without having to go through the time-consuming manual processes. ......read more

    Energy leads commodities in bullish start to 2018

    Brisk demand for energy leads commodities to bullish start for 2018 Softer USD, attention to inflation and geopolitical risks key drivers for oil and gold Correction in gold after $95 non-stop rally remains elusive We stick to bullish outlook for gold in early 2018 Brent touches $70/b ahead of Trump's decision on Iran sanctions Dubai, UAE, January 14, 2018:  The commodities sector — led by energy — continues to see demand during the first full trading week of 2018. The sector has been benefiting from an increased focus on inflation as the current expansion cycle moves toward its late stage where price pressures tend to build.    As a result, the rally during the past month has pushed the broad-based Bloomberg Commodity index (BCOM) and the energy-heavier S&P GSCI to levels last ......read more

    Dubai Islamic Economy Development Centre to Enhance Cooperation in Islamic Economy with Tatarstan-based Group of Strategic Vision ‘Russia – Islamic World'

    His Excellency Sultan bin Saeed Al Mansouri: “The Centre’s partnership with the Group adds a new dimension to the historic ties between the UAE and Tatarstan” Dubai-UAE: 14 January, 2018 –  The Dubai Islamic Economy Development Centre (DIEDC) today announced the signing of a memorandum of understanding (MoU) with the Group of Strategic Vision ‘Russia – Islamic World’ (RIW Group) to exchange expertise and best practices in the field of Islamic economy.  His Excellency Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC, and Rustam Minnikhanov, President of Tatarstan and Chairman of the RIW Group, attended the signing ceremony at the headquarters of DIEDC. His Excellency Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, and His Excellency Veniamin ......read more

    Demand Growth Strengthens in November

    Dubai, UAE, January 14, 2018:  The International Air Transport Association (IATA) announced global passenger traffic results for November 2017 showing continued robust demand. Total revenue passenger kilometers (RPKs) rose 8.0% compared to November 2016, the fastest growth rate in five months and up from a 7.3% year-over-year rise in October. Capacity (available seat kilometers or ASKs) increased by 6.3%, and load factor rose 1.2 percentage points to 80.2%.    “The airline industry is in a good place entering 2018. November’s strong demand gives the industry momentum. The number of unique city-pair connections now tops 20,000. Passengers not only have more travel choices than ever, the cost of travel in real terms has never been cheaper. Along with delivering great value to consumers, airlines are ......read more

    ADFD Approves US$25 Million for IRENA-endorsed Solar Photovoltaic Projects in Mauritius, Rwanda

    Ventures supported by IRENA/ADFD Project Facility to contribute to alleviating poverty through renewable energy Abu Dhabi-UAE: 14 January, 2018 –   Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, and the International Renewable Energy Agency (IRENA), the global platform for international cooperation on renewable energy, earmarked  US$25 million in ADFD concessional loans for two solar photovoltaic (PV) projects in Mauritius and Rwanda.  Announced at the Eighth Session of the IRENA Assembly, the two projects are being financed through the fifth funding cycle of the IRENA/ADFD Project Facility. Established in 2013, the seven-cycle programme offers US$350 million to assist developing countries in accessing low-cost capital for renewable energy projects. The ......read more

    Renault-Nissan-Mitsubishi Launches a Venture Capital Fund to Invest Up to $1 Billion Over Five Years

    Alliance Ventures to Prioritize Next-generation Mobility With $200 Million Year-one Funding  New entity to act as main interface for start-ups, investors and the venture capital ecosystem Fund prioritizes open innovation in new mobility, including electrification, autonomous systems, connectivity and artificial intelligence First deal to be a strategic investment in Ionic Materials, a US company developing cobalt-free solid-state battery materials Dubai, UAE, January 10, 2018:  Renault-Nissan-Mitsubishi, the world’s leading automotive alliance, today announced the launch of Alliance Ventures, a new corporate venture capital fund that plans to invest up to $1 billion to support open innovation over the next five years.    In its first year, the fund expects to invest up to $200 million in ......read more

    Mashreq Bank offering credit cards for every passion

    Credit Card holders to also benefit from instantly redeemable rewards  Dubai, UAE—10 January, 2018:  Mashreq Bank, the UAE’s leading financial institution, is offering a range of credit cards that cater to the diverse passions and lifestyle of a broad range of customers. Commenting on the credit cards, Pankaj Kundra, Head of Payments at Mashreq said, “Research has shown that the majority of consumers choose a credit card based on the reward points program or based on the discounts and benefits offered by the card. The UAE is a multicultural market with residents from various walks of life, and Mashreq would like to start the New Year by focusing on the UAE consumers and their passions. Be it dining, travel, shopping, fitness, or golf, Mashreq has a perfect Credit Card for every individual. ......read more

    GROHE is partnering with the German Sustainability Award 2017

    Participation as partner for dialogue on the topics of water management and sustainability strategy of the German federal government Intelligent GROHE technologies such as GROHE EcoJoy and GROHE SilkMove ES play a key role in effective water management Innovative products such as GROHE Blue and GROHE Sense reduce the consumption of CO2 and water Dubai, United Arab Emirates - January 9th, 2018:  GROHE, the world's leading provider of sanitary fittings, partnered with the German Sustainability Day 2017, in Dusseldorf. At this leading two-day convention, experts from companies and administrations as well as from the fields of politics, research, media and society discussed the urgent issues of sustainability. The focus of the anniversary event in its tenth year was on water, climate protection and digitization. ......read more

    Dubai Cares and Dubai Culture invite the entire community to take part in a citywide 'Scavenger Hunt'

    The initiative aims to celebrate the life and legacy of the late Sheikh Zayed as well as reaffirms principles, values and beliefs that are the country’s foundation In line with UAE’s ‘Year of Zayed 2018’, the Dubai Cares Scavenger Hunt runs from 8 to 29 January Dubai, United Arab Emirates, 8 January 2018:  Under the patronage of Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Vice Chairman of the Board of Directors Office at Dubai Culture & Arts Authority, Dubai Cares and Dubai Culture − the Emirate’s dedicated entity for culture, arts and heritage, announce the launch of an exciting new initiative titled, the ‘Dubai Cares Scavenger Hunt’, which will run from 8 to 29 January 2018 across the city of Dubai. The ‘hunt’ has been specifically ......read more

    Akamai Identified as a DDoS Mitigation Leader by Independent Research Firm

    Report Cites That 24% of Global Enterprises That Suffered a Data Breach Over the Past 12 Months Were Victims of a DDoS Attack DUBAI, United Arab Emirates – January 8, 2018 –   Akamai Technologies, Inc. (NASDAQ: AKAM), the world’s largest and most trusted cloud delivery platform, today announced that it was among the select companies that Forrester invited to participate in: The Forrester Wave™: DDoS Mitigation Solutions, Q4 2017 evaluation. In this evaluation, Akamai was cited as a Leader in DDoS Mitigation Solutions.  According to the report, the distributed denial of services (DDoS) mitigation solution market is growing because S&R (security and risk) professionals understand that DDoS attacks are a threat to their digital business. Forrester’s research has found that having a DDoS ......read more

    Al Naboodah Group Enterprises launches new facilities management business

    Dubai, UAE, 08 January 2018 –   Al Naboodah Group Enterprises (ANGE), one of the UAE’s oldest and most respected family conglomerates with a diverse portfolio of businesses, is entering the facilities management industry with the launch of Al Naboodah Facilities Management. The new business will sit under Al Naboodah Construction Group (ANCG), a strategic move supporting the Group’s unique ability to self-supply and self-deliver on projects.    Facilities management complements ANCG’s current portfolio of core services, which includes Civil Engineering, Building and MEP, and further strengthens the Group’s positioning as an integrated market services provider. Offering a full suite of property and facilities management solutions, Al Naboodah Facilities Management draws upon decades of ......read more

    Publicis Groupe Wins the Consolidated McDonald's GCC Business

    Publicis Groupe strengthens its collaboration with McDonald’s by designing a future-proof operating model Dubai, UAE, 4 January 2018:  McDonald’s has selected Publicis Groupe to handle its consolidated business portfolio in the GCC region. Publicis Groupe had designed a new operating model to further strengthen its collaboration with the fast food giant that put its entire business portfolio up for pitch in. Publicis Groupe implemented its “Power of One” strategy by bringing together agencies and services from Publicis Communications, Publicis Media and Publicis. Sapient is set to efficiently and effectively provide the best strategic planning, creative, media, communication and digital marketing services. “To realize McDonald’s vision of being a modern, progressive burger company, ......read more

    Myths and misconceptions surrounding VAT

    Al Dhaheri Jones & Clark sheds light on marketing gimmicks Dubai, UAE, January 4 2018:   With the onset of the New Year, a five percent levy on most goods and services was introduced in the UAE in the form of Value-Added Tax (VAT). While marketers took advantage of this opportunity to sell goods and services in abundance, customers had no idea that a product or service purchased in 2017, but delivered in 2018 was yet applicable to tax. “Marketers used VAT as an essential tool to encourage unwanted purchases. The fine print details were not revealed, which have not only outraged the customers, but also shattered the trust of many loyal customers. The introduction of VAT was considered to be phenomenal, and the public was under pressure. Taking advantage of this, marketers tapped their profit margins,” said ......read more

    Trakhees makes it easier for its customers by Integrating with Dubai Islamic Bank (DIB)

    Dubai, UAE, – 3rd January 2018:  Following the government trend in adopting smart technological transformations using advanced technologies to lessen the number of physical applicants and Customer Visits, Department of Planning and Development – Trakhees, the Regulatory arm of Ports, Customs and Free Zone Corporation (PCFC) in Special Development Zones in the Emirate of Dubai signed an agreement with Dubai Islamic Bank (DIB) to provide “Direct Payment Options” to its customers. This service will be facilitated through Internet Banking, Mobile Application and Cash Deposit Machines (CDM). As per the agreement, more than 20,000 Trakhees customers can now pay their fees directly using these smart banking channels from the convenience of their places without the need for physical presence to Trakhees ......read more

    UAE Research Program for Rain Enhancement Science to Celebrate Achievements at Abu Dhabi Sustainability Week 2018

    Internationally prominent research Program marks significant progress in its efforts to innovate new water security solutions Dr Abdulla Al Mandous: “Our Program has grown to the extent that it is now truly global in size, scale and substance” Abu Dhabi-UAE: 3 January 2018 –   The UAE Research Program for Rain Enhancement Science (UAEREP) is set to celebrate three years of outstanding achievements that have positioned the Program as a global leader at the forthcoming Abu Dhabi Sustainability Week (ADSW) 2018.    Under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs, the awardees of the Third Cycle of the Program will be announced and honored on 17 January at an exclusive ceremony held as part of ......read more

    Jafza Welcomes First Photovoltaic Solar Panel Plant

    Maysun Solar invests $5 million with plans to produce 5,000 PV tablets each month Dubai, United Arab Emirates, 02 January 2018:  Global trade enabler DP World’s Jebel Ali Free Zone (Jafza) has welcomed Maysun Solar, the first photovoltaic panel producer to set up a manufacturing facility in the region’s leading free zone. Maysun Solar currently manufactures 5,000 solar panels a month with a capacity to generate 40 megawatts of electricity.  The launch follows DP World's on-going solar energy project in Jafza and Mina Rashid Port involving the installation of 88,000 rooftop solar panels as part of its efforts to reduce carbon emissions.*   Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, said: “The history of the UAE has been shaped by the vision of its leaders. This project ......read more

    Mashreq Bank receives nine awards from Global Finance in London

    These awards recognize Mashreq’s wide-ranging achievements in the digital banking space   Dubai, UAE, 2 January, 2018:   Mashreq Bank, the UAE’s leading financial institution was presented with nine awards at the Digital Bank Conference and Awards dinner hosted by Global Finance magazine in London, England.   The dinner hosted at the RSA House in London saw Mashreq win awards for:  Best Consumer Mobile Banking Global Best in Mobile Banking Middle East Best Mobile Banking App Middle East Best Consumer Digital Bank Middle East Best Consumer Digital Bank UAE Most Innovative Consumer Digital Bank Middle East Product Innovation – Cardless Cash Withdrawal using Internet Banking Best Bill Payment & Presentment Middle East; and Best Corporate / Institutional Digital ......read more

    Dubai Silicon Oasis Authority benchmarks with Dubai Customs on CSR

    Dubai – 31 December 2017:  Dubai Customs’ CSR section received a delegation from Dubai Silicon Oasis Authority who came to learn about the Department’s CSR efforts and initiatives.   Around 162 initiatives were carried out by Dubai Customs throughout the year and targeted more than a million people. Internal initiatives focused on making employees happier and and their working environment more comfortable and friendly. Other initiatives targeted the local environment and community including blood donation and different types of charity.   The visitors also were briefed on the Department’s sustainable report which aims to enlighten stakeholders, partners, clients and the public in general about procedures in place to help facilitate global trade in a sustainable way and serve clients in ......read more

    Better Life unveils ‘Sicily is my Love' collection from Smeg and Dolce & Gabbana

    The latest line of kitchen appliances deliver contemporary style and innovative technology Dubai, UAE (December 28, 2017) –  Better Life, one of the leading home appliance retailers in the region and a division of Easa Saleh Al Gurg Group LLC, announced the launch of an exciting new range of appliances from Smeg’s latest collaboration with Dolce & Gabbana. The unique collection called, ‘Sicily is my Love’ comprises a selection of beautifully designed small and large kitchen appliances such as toasters, juicers, coffee machines, kettles, blenders and refrigerators, all decorated with a selection of objects and influences inspired by Southern Italy. Motifs include gold lemons, citrus fruits, prickly pears and bright red cherries. Smeg, a forerunner in bringing colour to kitchen appliances combines ......read more

    Other Top Stories from Banking and Investments
     
    UAE consumer spending forecast to exceed $261 billion in 2021: analysis

    Dubai Chamber analysis predicts a CAGR of 7.5% in UAE consumer spending over the next 5 years  Housing identified as top spending category in 2016, accounting for 41% of total consumer expenditure Among GCC countries, consumer spending per household in the UAE was highest during 2016 at $103,000 Dubai, UAE, August 13, 2017:  Consumer spending in the UAE, which amounted to nearly $183 billion in 2016, is forecast to rise at a compound annual growth rate (CAGR) of 7.5% over the next five years to exceed $261 billion in 2021, analysis released by the Dubai Chamber of ......read more

    Sharjah calls on entrepreneurs to participate in flagship Sheraa Accelerator program

    Sheraa Accelerator will leverage Sharjah’s role as a leading hub for entrepreneurship and attract innovative startups   Second edition of Sheraa Accelerator is held in partnership with Air Arabia, Bee’ah and Crescent Enterprises Registrations open online, with deadline for application on August 31st 2017 Sharjah, UAE: (August 13, 2017):  Sharjah has taken its flagship Sheraa Accelerator program to the international stage by inviting  entrepreneurs from within the UAE, and across the globe, to apply for its second cycle. The invitation goes out to ......read more

    Telecommunications Regulatory Authority to host RIPE 75 in October 2017

    August 13, 2017 - The Telecommunications Regulatory Authority (TRA) of the United Arab Emirates has begun preparations to host the 75th RIPE Meeting, an event that gathers Internet Service Providers (ISPs), network operators, and other parties to discuss important issues that face the internet community. RIPE 75 will take place from October 22 to 26, 2017 in Dubai, and supports TRA’s efforts to develop its Information Technology (IT) infrastructure to rank first in the 2021 Smart and E-Services Index. Through hosting RIPE 75, TRA is reinforcing its efforts to exchange best practices ......read more

    Jebel Ali Free Zone trade reaches $80.2 billion in 2016

    China maintains its position as Jafza's largest trading partner with $ 11.3 billion  Dubai, United Arab Emirates, 13 August 2017:  Dubai-based Jebel Ali Free Zone (Jafza), a subsidiary of global trade enabler DP World, has consolidated its position as a major trading and logistics hub by growing its non-oil foreign trade by 17 per cent from 23.9 million to 27.9 million tonnes in 2016, worth $80.2 billion. Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: "The value and volume of trade through Jafza underlines the strength of the national economy and ......read more

    Credit FAQ Discusses Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns

    LONDON (S&P Global Ratings) Aug. 9, 2017:  In a Credit FAQ titled "Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns," published today, S&P Global Ratings responds to questions that have surfaced in recent discussions with issuers and investors about the implications of the Qatar boycott by a group of states for the Gulf Cooperation Council (GCC) sovereigns. S&P Global Ratings believes that the impact of a group of states cutting diplomatic ties, as well as trade and transport links, with Qatar on June 5, 2017, may not be confined to ......read more

    UBS CIO: Egypt's economic growth could accelerate to 5 to 6 percent per year

    Social factors will prove decisive for Egypt's development, according to the latest report by UBS Wealth Management's Chief Investment Office. Encouraging economic prospects end years of deteriorating credit ratings across Africa, report finds. Dubai, UAE, August 8, 2017:  UBS Wealth Management's Chief Investment Office (CIO) launched a new report on Africa's sovereign credit prospects, an important benchmark used to evaluate the risk of investing in a country. The report concludes that after years of deterioration, the credit outlook of many African sovereign ......read more

    Amlak Releases First Half 2017 Results

    Amlak H1 2017 Net Profit stands at AED 15.5 million Revenue from financing business activities stands at AED 96 million Drop in Operating Cost by 18% compared to H1 2016   Drop in Financing Cost by 5% compared to the same period last year Total Assets stand at AED 6.6 billion Dubai, UAE 8 August 2017:   Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, today announced its financial results for the first half ended 30 June 2017.    Amlak reported Net Profit of AED 15.5 million for the first half ended June 30 ......read more

    Barclays ‘Compass': Developed and Emerging Markets Equities Maintain Their Growth Momentum

    Nominal yeilds weigh down investment grade and developed governrnent bonds’ attractiveness  Strength of the structural growth in technology as well as a cyclical recovery in the financial industry should be important drivers for further gains in Emerging Markets  Dubai, UAE, August 8, 2017:  Barclays’ Private Bank released its Q3 2017 “Compass” Report, which examines major asset classes globally. The latest research report revealed that equities in Developed and Emerging Markets continue to offer best growth potential for investors seeking to ......read more

    “Misr Um El Donia” Account launched in UAE

    Mashreq launches unique account for Egyptians living in the Emirates United Arab Emirates - Dubai, 08 August 2017:  Mashreq Bank - the UAE’s leading financial institution announces the latest addition to the banks’ roster of successful offerings - “Misr Um El Donia”. “Misr Um El Donia” is a bouquet of benefits and services that enables Egyptian customers living in the UAE to save and transfer money to friends and family back home with convenience. Opening a “Misr Um El Donia” account has never been easier - with only a passport ......read more

    E-archiving is an enabler in prepping for VAT

    January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic ......read more

    ENBD REIT Acquires First Education Asset in Dubai

    ENBD REIT to develop South View School for AED 55 million  The acquisition grows ENBD REIT’s total portfolio value to USD 367 million  The school will be Interstar Education’s fifth Dubai campus Dubai, United Arab Emirates, 6th August 2017:  ENBD REIT (CEIC) Limited (“ENBD REIT”), the Nasdaq Dubai-listed Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management, announces that it has acquired South View School in Dubai’s Remraam Community. South View School will be Interstar Education’s fifth ......read more

    AlJeel Capital signs an exclusive UAE franchise with Shakey's

    AlJeel Capital LLC Capital is pleased to announce its latest Food & Beverage venture by launching Shakey’s in the UAE, an American leading operator in casual Pizza fast food, adopted in the Philippines, following a joint venture deal with Shakey’s Pizza Asia Ventures, Inc. (SPAVI) Dubai, United Arab Emirates, August 3, 2017:  AlJeel Capital LLC Capital is pleased to announce its latest Food & Beverage venture by launching Shakey’s in the UAE, an American leading operator in casual Pizza fast food, adopted in the Philippines, following a joint venture ......read more

    Dubai Chamber, UAE Federal Tax Authority to host workshops on VAT compliance

    Workshops to cover VAT guidelines for retailers, importers, and exporters Dubai, UAE, August 3, 2017:  The Dubai Chamber of Commerce and Industry will host two workshops in cooperation with the UAE’s Federal Tax Authority (FTA) that will provide businesses in Dubai with guidelines for complying with the forthcoming GCC-wide value-added tax (VAT).   The workshops complement the Chamber’s efforts to keep its members informed about the latest regulatory developments and requirements, while they also provide an opportunity for business owners and executives to ......read more

    Earnings Release and Financial Results Siemens Q3 FY 2017: Fully on track for another strong year

    Our global team delivered a solid quarter with revenue up 8% and net income growing by 7%. Our digital enterprise business impressively underscored its leading position in the market. We  are  fully  on  track  with  Vision  2020  and  for  another  strong year,« said Joe Kaeser, President and Chief Executive Officer of Siemens AG. Revenue rose 8% compared to Q3 FY 2016, to €21.4 billion, including a strong performance by short-cycle businesses Orders came in 6% lower, at €19.8 billion, due to sharply lower volume ......read more

    Mohammed Bin Rashid Fund and Metis Management Consultancy up for post-fund monitoring of SMEs

    Dubai, 2 August 2017:   Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector – has appointed Metis Management Consultancy to conduct post-fund monitoring services for all the companies supported by the Fund.   The partnership will enable SMEs assisted by Mohammed Bin Rashid Fund to have greater access to hands-on experience from a highly skilled and professional consultancy team. The Metis consultancy includes routine checks, guidance, and financial advisory support that ......read more

    Tejar Dubai workshop series highlights innovative strategies for entrepreneurs

    Workshops provided aspiring entrepreneurs with practical advice and best practices in adopting innovative business strategies Dubai, UAE, August 2, 2017:  Tejar Dubai, an initiative of the Dubai Chamber of Commerce and Industry, recently hosted a five-day workshop series held under the theme “Entrepreneurship and Innovation 360”, which provided aspiring entrepreneurs with practical advice and best practices in adopting innovative business strategies.   The workshops, hosted at Dubai Chamber’s premises, were attended by over 50 participants, while the ......read more

    Brazil posts robust trade with Arab region as imports grow 27 percent & export share rises to 15.4 percent during first half of 2017

    UAE, August 2, 2017 -The Arab-Brazil Chamber of Commerce (ABCC) Brazil has announced that Brazilian average daily exports to the Arab region continue to soar, reporting a robust performance during the first half of 2017. Brazil’s total export market share in the Arab region rose to 15.4 per cent during the first half of 2017, in comparison with the total export market share recorded in 2016. Main exports included sugar, iron ore, beef, sports hunting equipment, car engines and chassis, automobiles, soybeans, poultry, coffee beans, precious and semi-precious stones, and cast-iron pipes. ......read more

    ENBD REIT Announces NAV of USD 292 Million

    Total Property Portfolio Value stands at USD 352 million (AED 1.291 billion), an increase of 11.5% following the Uninest student accommodation acquisition in May 2017  Interim dividend of USD 0.0382 per share paid for the 6-month period ending 30th June 2017 Portfolio occupancy at 86%, rising by 1% on the previous quarter    Dubai, United Arab Emirates, 1st August 2017: ENBD REIT (CEIC) Limited (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), has ......read more

    Regional banks urged to consider assurance of capital numbers

    Dubai, UAE, August 1, 2017:  The Institute of Chartered Accountants in England and Wales (ICAEW) has urged banks in the Middle East to follow its newly published framework for assuring bank capital numbers. The framework aims to deliver confidence in the resilience measures being undertaken by regional banks. Drawn up in consultation with banks, auditors and regulators, the framework can be applied to all regulatory ratios, including capital, liquidity and leverage.  According to ICAEW foreign investors are increasingly looking for their local banks to produce information to ......read more

    Mashreq Bank appoints new head of Private Banking

    UAE, Dubai - 31 July 2017:  Mashreq Bank today announced the appointment of Vipul Kapur as its new Head of Private Banking. Vipul replaces Rajesh Malkani who left the bank to pursue an external opportunity. Rajesh was a valued member of the senior management team of Retail Banking and made good contribution to driving the business. Vipul Kapur comes with a distinguished 25-year track record across various aspects of Retail Banking. During his tenure with Citibank, Vipul has worked in India, Bahrain, Dubai, Singapore and London, and has gained significant experience in Private Banking ......read more

    Dubai Chamber and Google host joint workshop to boost members' online reach

    Workshop aims to strengthen online presence of Dubai Chamber members through the Google My Business solution Members get the chance to verify their business on Google My Business and take advantage of the solution’s value-added features  Dubai, UAE, July 31, 2017:  The Dubai Chamber of Commerce and Industry recently hosted a workshop in partnership with Google to assist Chamber members’ efforts to strengthen their online presence and reach among potential customers.   The event, held at Dubai Chamber’s premises, was the first in a series of ......read more

    Continued Financial Growth for Majid Al Futtaim as Business Prepares for Future of Retail

    Story of Growth Note:  The following information is a trading statement based on unaudited management accounts for Half Year ended 30 June 2017. Delivered increased group revenue and EBITDA by 4% year-on-year Acquired Retail Arabia to complement, consolidate and expand Carrefour’s network to more than 210 hypermarkets and supermarkets across 15 countries and gained market share in Bahrain & Kuwait  Opened Mall of Egypt, which is home to the first ski slope and snow park in Africa   Invested in Fetchr, a last mile delivery start-up, to enhance digital ......read more

    UAE business to have representation on the global board of Entrepreneurs' Organisation

    Dubai, July 30, 2017:  As Entrepreneurs' Organisation (EO) celebrates 30 years, a UAE-based businessman has been appointed for the first time to the global board of the organisation. A global business network of entrepreneurs, EO is one of the most prestigious business clubs worldwide. Sanjay Raghunath, Chairman and Managing Director of Centena Group, a Dubai-based group of companies, is the second person from the Middle East, Pakistan & Africa (MEPA) region and the first from the UAE to make it to the global board of EO. He will serve as director on EO's global board for ......read more

    Mashreq announces MashreqPay, the most advanced banking wallet in the UAE

    UAE- Dubai, 30 July 2017:  The UAE’s market leader in innovation, Mashreq Bank, has announced the launch of MashreqPay - a digital mobile wallet providing secure easy-to-use payment for purchases, anywhere in the world where cards are accepted and the merchant terminal has NFC (near-field-communication) capability. Since 2014, when Mashreq launched the first mobile contactless payment wallet with its Tap-n-Go sticker, the bank has led the way in the evolution of digital payments. Today, Mashreq is once again forging new ground by launching the most advanced mobile wallet for ......read more

    Drake & Scull appoints Mohammad Atatreh as its Board Member

    UAE, July 30, 2017 - Drake & Scull International PJSC, a regional market leader in engineering and related services, has announced today the appointment of seasoned UAE entrepreneur Mohammad Atatreh as its Board Member during the Company’s Board meeting. Atatreh replaces Khalaf Sultan Al Daheri who resigned from his seat on the Board.  Atatreh was a Board Member of several leading UAE companies, including Tabarak Commercial Investment, where he played a strategic role in the management of the company’s real estate development and construction portfolio. He is also part ......read more

    Arab Bank Group reports first half 2017 net income after tax of USD 415.2 million

    Amman, Jordan, 30 July, 2017:   Arab Bank Group announced its results for the first half of 2017 reporting net income after tax of USD 415.2 million as compared to USD 424.9 million for the corresponding period of 2016. The results were driven by solid growth in underlying core revenues and were achieved despite the impact of the translation effect of foreign currency devaluations. Net operating income before provisions and taxes reached USD 593.5MN as compared to USD 591.3 MN. Excluding the effect of the devaluations of a number of arab and foreign currencies, the Group’s net ......read more

    Shurooq Completes 60% of Fossil Rock Lodge Project

    As part of a new "Sharjah Collection" addition opening in 2017 “Fossil Rock Lodge” to introduce a memorable and authentic tourism experience on nature and culture in the heart of Mleiha Al Sarkal: "Shurooq continues to develop unique and outstanding tourism destinations which supports the highest standards of sustainability" Sharjah, 29 July 2017:  Sharjah Investment and Development Authority (Shurooq) is continuing its commitment to world-class hospitality in some of the region’s most striking areas of outstanding natural beauty with ......read more

    UOWD and Australian Institute of Company Directors (AICD) announce partnership

    AICD to offer International Company Director Course to governance and business leaders in Dubai Dubai, July 27, 2017:  University of Wollongong in Dubai (UOWD) and Australian Institute of Company Directors (AICD) have signed a Memorandum of Understanding (MoU) with the aim of achieving mutually beneficial objectives and setting out a framework for promotion and collaboration on educational programs. The University and AICD share common interests in terms of both possessing strong, respected, internationally focused Australian brands, as well as interests in the delivery of business ......read more

    Dubai Science Park Business Breakfast Unveils Opportunities in Healthcare as Identified by Dubai Industrial Strategy 2030 Task Force

    Dubai Science Park co-hosts event with Al Tamimi & Company as part of business series  Dubai-UAE: 27 July, 2017:  Dubai Science Park (DSP), the Middle East region’s first science-focused business community, hosted a business breakfast this week at its Laboratory Complex in partnership with leading regional law firm Al Tamimi & Company.  Attended by a delegation of healthcare professionals and entrepreneurs, the focus was on current opportunities and enablers within the healthcare sector that have been identified by the Pharmaceuticals and Medical Equipment ......read more

    UAE Exchange Gives Away Home to Lucky Summer Promotion Winner

    Ubaidulla Neralakatte from India walks away with life-changing grand prize of a home in Dubai. 25 lucky participants, from Egypt, Kenya, Philippines and the Indian subcontinent, each win AED 10,000 in cash.  Dubai, 26 July 2017:  The door to good fortune opened for 26 lucky participants as UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, announced the winners of its recently concluded Summer Promotion 2017 ‘Win a Home in Dubai’. The announcement was made last evening at a celebratory event, held at W Hotel, Dubai, amongst an ......read more

    DuPont Reports Second-Quarter and First-Half Results

    UAE, July 26, 2017 – DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced second-quarter 2017 GAAP1 earnings from continuing operations of $0.97 per share and operating earnings2 of $1.38 per share.  Prior year GAAP1 and operating earnings2 were $1.16 per share and $1.24 per share, respectively.  Refer to Schedule B for details of significant items excluded from operating earnings per share.  For first-half 2017, DuPont delivered GAAP1 earnings from continuing operations of ......read more

    Business confidence improves in Dubai during Q3-2017

    Dubai Chamber survey shows improvement in Dubai business leaders’ expectations for access to financing, manpower quality 39% of respondents expect business conditions to improve and 45% expect business confidence to strengthen in Q3-2017 SMEs were more optimistic than large companies in their expectations on business conditions and confidence  Dubai, UAE, July 25, 2017:  Business leaders in Dubai are more positive about their expectations of business conditions and business confidence in the third quarter of 2017, according to a new survey conducted by the Dubai ......read more

    BOND Goes Live on ICS BANKS from ICS Financial Systems

    Dubai, UAE, July 24, 2017:  Ghana, Africa: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that BOND Savings & Loans Ltd, has gone live on its awards winning universal banking solution ICS BANKS. BOND Savings & Loans Ltd, selected ICS BANKS in February,2017 and has successfully gone live in the 20th of May, of the same year. BOND Savings & Loans Ltd chose ICS BANKS to provide its customers with the most innovative and richest possible suite of services. The implementation process was smooth, ......read more

    Malta's favourable tax climate and burgeoning tourism sector attractive to developers, says DAMAC's Sajwani

    DAMAC Chairman meets Maltese PM Dr. Joseph Muscat during first of several planned visits to explore investment opportunities Dubai, United Arab Emirates – 24 July 2017:  DAMAC International Chairman, Hussain Sajwani, sees Malta as a favourable investment destination, following a tour of the island-nation and a private meeting with Maltese Prime Minister Dr. Joseph Muscat. The two discussed the increasing growth of tourism in the EU-member country and Malta’s historical appeal as business-friendly investment location. “Malta presents an ideal mix of investment ......read more

    US technology stocks most popular for UAE investors in H1 2017

    Dubai, UAE. July 23, 2017:  UAE stock investors aligned with global investment trends during the first of half of 2017, according to Saxo Bank, the online multi-asset trading and investment specialist, which has published results announcing the most traded stocks on SaxoTraderGO – the trading platform that provides instant access to global financial markets – between January and June of this year.  Saxo Bank’s most traded stocks list reveals UAE investors largely favoured US technology stocks, with Apple Inc. ranking top among the country’s investors, ......read more

    Supreme Legislation Committee reveals Integrated Legislative System's updated strategic plan to support Dubai's sustainable development efforts

    UAE, July 22, 2017- The Supreme Legislation Committee (SLC) has revealed the released an updated version of its strategic plan of the year 2019, which incorporates all the key guidelines and standards aimed at addressing and meeting all the goals and objectives of Dubai, its government agencies and stakeholders concerned with the development and implementation of legislation in the emirate. The new set of standards and guidelines include international benchmarks, reports, surveys, workshops for SLC members, and outcomes from official overseas travels to the USA, Singapore and ......read more

    Digital Shadows lifts the lid on credit card fraud gangs cashing in on $24 billion a year

    Reveals step up in sophistication with Russian language e-learning courses, allowing aspiring criminals to make $12k in monthly earnings A snapshot of just two of the most popular criminal forums finds 1.2 million card holder details are on sale Dubai, UAE, July 20, 2017:   Digital Shadows, the industry leader in digital risk management, today reveals the findings of an in-depth study carried out by its team of multilingual analysts assessing the changing habits and tactics of organized credit card fraud gangs. It points to increased sophistication of a professional ecosystem ......read more

    Dubai Islamic Bank Group 1st Half 2017 Financial Results

    Robust profitability growth continues with net profit rising by 7% YoY to AED 2.143 billion Financing assets grew by 9% YoY to AED 125.4 billion Deposits increased by 16% YoY to AED 141.4 billion Dubai, July 19, 2017:  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 first half results for the period ended June 30, 2017.   H1 2017 Results Highlights: Sustained profitability and growth on the back of managed expenses Group Net Profit increased to AED 2,143 ......read more

    32,801 businesses registered in Ras Al Khaimah by the Chamber of Commerce in the first half of 2017

    Ras Al Khaimah – 19 July 2017:  The Ras Al Khaimah Chamber of Commerce has announced that Chamber membership numbers reached 32,801, and that 10,093 members had renewed their membership by the end of the first half of current year. The number of new private members registered during the first half of current year came to 970, 130 of which were in free zones along with 54 new branches for establishments inside and outside the emirate. Dr. Ahmed Rashid Al Shemaili, Assistant General Manager Commercial Services and Business Development at Ras Al Khaimah Chamber, said that the ......read more

    Jumeirah Zabeel Saray Appoints Director of Marketing and Communications

    Dubai, 18 July2017:  Jumeirah Zabeel Saray, the Ottoman inspired resort located on Palm Jumeirah, has announced the appointment of Ms. Raziena Cajee, the new Director of Marketing and Communications. A South African national, Raziena has over 12 years’ of corporate Marketing Communications experience and has been working with Jumeirah Group since May 2005. Prior to joining Jumeirah Zabeel Saray, Raziena previously represented Corporate Brand Marketing at Jumeirah Group, leading Brand Strategy, Brand Development and Management in Dubai.  Hakan Petek, General Manager of ......read more

    Riyadh market continues to ‘soften'

    JLL releases its Riyadh Q2 marketplace report as retailers continue expansion plans with a key focus on ‘shoppertainment’  Riyadh, Kingdom of Saudi Arabia – July 18, 2017:  JLL, the world’s leading real estate investment and advisory firm, today released its Q2 2017 Riyadh Real Estate Market report which assesses the latest trends in the office, residential, retail and hotels sectors.  The market continued to ‘soften’ in Q2 2017, with further declines in performance across all sectors. That said, in the retail sector shopping centre ......read more

    Dabur International inaugurates its first ever robotics for plant operations

    July 17, 2017: H.E. Navdeep Suri, India’s Ambassador to the UAE, has recently inaugurated Dabur International’s first industrial robot to be used in its manufacturing plants globally. The ABB Robotic Palletizer Model IRB-460, a leading automation technology that will increase the speed, reach and payload in Dabur’s production process, will operate in the company’s facility in Ras Al Khaimah.  H.E. Suri, who toured the production facility, expressed his appreciation of the scale of Dabur’s global expansion as an Indian brand that has been a household name ......read more

    Oman Insurance Company employees support patients in need of blood

    Dubai, UAE, July 17, 2017:  As a leading and trusted healthcare insurer in the region, Oman Insurance Company recognizes the fact that hospitals are in constant need of blood to treat their patients. According to statistics, an organ transplant can require up to 18 litres of blood, which is equal to total blood in 3 – 4 adults. Arranging for such large quantities can become challenging especially if it is a rare group like AB negative.  Understanding that supplies depend on voluntary contributions, the company has been extending its ......read more

    United Arab Bank Announces Financial Results for H1 2017

    H1 2017 Highlights  AED55m Net Profit in H1 2017 50% Y-o-Y reduction in Impairment Losses ‘Non-Core’ portfolio managed down to 3% of Total Loans Robust liquidity profile with UAB comfortably above regulatory requirements  Loan : Deposit Ratio managed to 97% Capital Adequacy stable at 13%   Sharjah, UAE, 17July 2017:  United Arab Bank P.J.S.C ("UAB" or “the Bank”) announces its Financial Results for the six months ended 30th June 2017.   UAB continues to record tangible progress against its Transformation ......read more

    Abu Dhabi National Takaful's Osama Abdel-Raouf Abdeen named among GCC's Top CEOs

    Abu Dhabi, July 16, 2017- Osama Abdel-Raouf Abdeen, CEO of Abu Dhabi National Takaful Co. PSC (ADNTC), the leading Takaful operator in the GCC. He has been named among the GCC’s 100 Best CEOs at the Top CEO Awards for 2017 organized by Mediaquest. The elite roster of top-performing CEOs in the Gulf is compiled annually by Mediaquest’s TRENDS magazine, the leading magazine on Arab affairs in the MENA region, in association with world-renowned business school INSEAD. The criteria for the selection process were set by independent financial and governance experts and were based on ......read more

    UAE discusses horizons for future bilateral & regional cooperation with Russia on sidelines of Innoprom Industrial Exhibition

    Yekaterinburg, July 12, 2017: H.E. Engr. Sultan bin Saeed Al Mansoori, Minister of Economy, recently discussed prospects for future economic and industrial cooperation with the Russian Federation under the framework of the latter’s bilateral relations with the UAE, other GCC countries, and the entire region. The Minister met with senior officials of the Russian Government while heading an economic and trade delegation from the UAE in a visit to the Russian Federation to participate in the 8th International Industrial Trade Fair (Innoprom) running from July 10 to 13, 2017 at the ......read more

    Brazilian dairy companies export USD 15 million worth of product to Arab region in first 5 months of 2017

    UAE,  July 10, 2017 - The Arab region is the second largest importer of Brazilian dairy products after South America, and successfully imported over USD 15 million worth of product during the first five months of 2017. Dairy companies affiliated with Viva Lácteos - Associação Brasileira de Laticínios earned 30 per cent of their total export revenues from the Arab region during this period. A total of five member companies of Viva Lácteos export to Middle East and North Africa countries, and successfully shipped over 6.521 tons of product to the region during the first ......read more

    UAE-IAA organises series of activities during International Internal Audit Awareness Month

    Abdulqader Obaid Ali: Internal auditing plays key role in enhancing UAE’s competitiveness UAE ranked among world’s 10 most competitive economies DUBAI, July 10, 2017:  Joining the global internal auditors’ fraternity to promote the internal audit profession, the UAE Internal Auditors Association (IAA) organised a series of awareness activities in Dubai and Abu Dhabi during the International Internal Audit Awareness Month.  The activities included roundtables, workshops and seminars, conducted across government and private sectors throughout the ......read more

    Lombard Odier Named Western Europe's Best Bank For Wealth Management At Euromoney Excellence Awards 2017

    Dubai, UAE, July 10, 2017:  Lombard Odier has been named Western Europe's Best Bank for Wealth Management for 2017 by Euromoney, the leading global financial publication, at its prestigious annual Awards for Excellence. “We are honoured to have received this award for our longstanding commitment to accompany families, entrepreneurs and private individuals on their wealth management journeys,” said Lombard Odier Senior Managing Partner Patrick Odier. “This acknowledgment inspires us to continue to cultivate our 221-year-old tradition of servicing our clients in a ......read more

    Named as One of the Biggest Deals in the Industry:Empower Seals Deal with Trane® Commercial for Purchase of New Chillers

    with total RT of 200,000 at the end of the IDEA Annual Conference 2017 in the USA “New line of chillers is highly efficient and eco-friendly,” says Empower Chief Dubai, UAE, 9th July 2017: Emirates Central Cooling Systems Corporation (EMPOWER), the world's largest district cooling services provider, has announced a partnership with Trane Commercial for purchase of new chillers for the company. The agreement is considered the biggest deal in the district cooling industry worldwide and was signed at the end of the IDEA Annual Conference&Tradeshow 2017 held in Arizona, ......read more

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