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    Featured in Banking and Investments
    FINABLR Launched To Accelerate Customer-Focused Technology Innovations

    Dr. B. R. Shetty creates “Finablr”, a holding company that intends to consolidate his global financial services brands. Finablr to accelerate customer-focused innovations in the financial services sector, building on over four decades of industry experience.  Finablr also announced the intent to rebrand the non-UAE operations of UAE Exchange as “Unimoni”  23 April 2018 - Dubai, UAE: Noted UAE-based businessman and philanthropist, Dr. Bavaguthu Raghuram Shetty announced the creation of “Finablr”, a new holding company which, subject to regulatory approvals, will consolidate his global portfolio of financial services brands under one single umbrella. Incorporated in the UK, Finablr will provide strategic direction and oversight for the category-leading brands across its ......read more

    DP World, UAE Region Wins Supply Chain Hub Award

    Dubai, United Arab Emirates, 23rd April 2018: DP World, UAE Region has underlined its position as the leading trade enabler by winning the Supply Chain Hub Award at the Logistics Middle East Awards 2018 organised by ITP Media Group. Abdulla Bin Damithan, Chief Commercial Officer of DP World, UAE Region received the award in the presence of leading industry executives from across the Middle East.  Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “The recognition highlights the pivotal role our port and free zone play in sustaining Jebel Ali’s position as the regional business hub that offers world-class infrastructure, logistics services, technology and equipment to serve over 2.5 billion people from the Middle East, Africa and Asia.” In response to the emerging market demand, DP World, UAE ......read more

    Department of Economic Development and Dubai Free Zones Council Sign MoU to Facilitate Business for Free Zone Entities

        Sami Al Qamzi: Will reinforce Dubai as an ideal investment destination and contributor to global economy     Dr Mohammed Al Zarooni: MoU will enhance role of free zones in the emirate’s economic development Dubai, United Arab Emirates, 22 April 2018:  The Department of Economic Development (DED) in Dubai has signed a memorandum of understanding (MoU) with the Dubai Free Zones (DFZ) Council to facilitate business operations for free zone based companies. The collaboration is driven by the shared commitment of the two entities to reinforce Dubai as the number one global hub for attracting businesses, facilitating processes for them and enabling them to concentrate on growth. As a government entity, the DFZ Council looks after the development of free zones, seeking to attract ......read more

    PCFC to Implement 3 Major Initiatives to Boost Economic Growth

    Dubai, UAE - 22 April 2018: Ports, Customs and Free Zone Corporation (PCFC) developed an integrated work plan to help in the implementation of its initiatives in support of economic and business activity in Dubai.  In the meeting of Sheikh Mohammed bin Rashid, UAE's Vice President and Ruler of Dubai with a group of government officials PCFC put forward plans to facilitate foreign trade procedures to help boost foreign trade by Dh27 billion and use blockchain technology to help advance the industry. The corporation also announced plans to develop an aluminium downstream industry that uses products manufactured by Emirates Global Aluminium, one of the world’s biggest producers of the metal. These initiatives will help Dubai develop industry and investment sectors by reducing time and cost.  Sultan bin ......read more

    Aqeed raises $18 million to make insurance simple, transparent and accessible

    The first insurance digital manager in the region, Aqeed, has officially launched after raising $18 million from its corporate shareholders, the largest round in the insurance start-up space in UAE. We caught up with the management team of Aqeed to know more about the disruptive startup. Tell us more about the story of Aqeed? The idea for Aqeed arose when we noticed a common problem in the Middle East insurance market. Most of the time, people were confused with the complex insurance jargon and the cover they had actually bought. They were also frustrated with the long and tedious process experienced by most providers. What MENA customers expect is to be well informed about the options available to them, pay the right price for those options, and be properly taken care of when they have a claim. That is why we built ......read more

    GN Group inaugurates MENA Head Office in Dubai

    The mothership of aural technologies Jabra and ReSound, GN Group breaks camp with its first office in Dubai Dubai, United Arab Emirates, April 22 2018 –   GN Group, a global leader in intelligent audio and hearables solutions that let one hear more, do more and be more, opens a base in Dubai with its first office in the Middle East, Africa and Turkey region. With world-leading expertise in the human ear, sound, wireless technology and miniaturization, GN’s innovative and intelligent audio solutions are marketed by their premium brands ReSound and Jabra.  To be the leading hub for aural technologies in the region, the office launch marks the inauguration of Jabra and ReSound’s head offices in the Middle East, Africa and Turkey region.   GN Hearing, represented by brands ReSound, Beltone, ......read more

    Ashridge to help Saudi leaders explore and implement strategies for growth

    KSA; 19 April 2018:   Ashridge Executive Education, with over 20 years of experience in training regional business leaders, is focusing on helping Saudi businesses to effectively execute their strategy for growth. As companies in Saudi Arabia face the challenges of digital disruption, a relatively young workforce, and changing customer demands, it is imperative to turn strategies into actions that will generate results.  To help senior managers formulate plans to effectively implement them, Ashridge is delivering a three-day executive program on Translating Strategy into Action for Saudi business leaders from 1st to 3rd May at the Hult campus in Dubai Internet City. Ashridge faculty can also conduct the programme at the premises of any company in Saudi.  Translating strategy into action requires managers to ......read more

    Iron Mountain® acquires Derby Records Management FZ LLC expanding presence in UAE

    Dubai, UAE, April 19th, 2018:  Iron Mountain Incorporated® (NYSE: IRM), the global leader in storage and information management services, today announced the acquisition of Derby Records Management FZ LLC in Dubai, UAE, expanding the company’s presence and scale in the fast-growing Dubai market. The acquisition of Derby Records Management FZ LLC will add two facilities and over 100 customers to Iron Mountain’s existing business. Derby will be the Free zone arm of Iron Mountain UAE and will be part of the existing management.    “I am extremely excited to add the talented Derby team and high-quality roster of clients to our existing Iron Mountain UAE business.  This acquisition marks and important milestone in our strategic expansion plan for the UAE and the region,” said ......read more

    InfoFort awarded the Dubai Chamber CSR Label

    Recognised for its outstanding efforts for the 5th consecutive year Dubai, UAE, April 16, 2018:   InfoFort, an Aramex company and a leading information management solution provider in the Middle East and Africa, was awarded the Dubai Chamber CSR Label for the fifth consecutive year. The initiative established by Dubai Chamber of Commerce and Industry aims to encourage and honour outstanding companies for their CSR and sustainability efforts.  InfoFort was recognized for its exemplary workplace practices and extensive involvement in the community. Over the years, InfoFort has invested in education to reduce youth unemployment rates and undertaken several recycling initiatives to reduce carbon footprint in the region. Furthermore, as an equal opportunities employer, InfoFort recognizes diversity of people, ......read more

    Mint Middle East to Collaborate with Interac in UAE

    Mint is proud to announce its exclusive partnership with Interac to offer secure contactless and mobile debit solutions for domestic UAE transactions  Dubai, UAE (April 15, 2018):    Mint Middle East (MME) on Sunday signed licensing agreements with Interac Corp. (Interac), Canada’s domestic debit network, granting MME exclusive rights in the United Arab Emirates (UAE). The licensing agreements will help MME to deliver a secure and cost-effective contactless point-of-sale solution in the UAE for domestic debit transactions, as well as provide documentation and software that will position MME to offer a broad range of mobile payment solutions.   Abdulrazzaq Al Abdullah, Chairman and CEO of Mint Middle East and a philanthropist, speaking at the press conference on the sideline of the Seamless Middle ......read more

    Foreign companies back France more strongly than ever as a European business location

    300 companies from Middle Eastern countries recorded in 2017 employing + 24,000 people United Arab Emirates, April 8, 2018.   “The 2017 Annual Report: Foreign investment in France – The international development of the French economy” just released, provides confirmation of the renewed confidence global foreign investors have in France as a business location. The figures were revealed at a press conference held at the headquarters of Cisco in Paris region, by Bruno Le Maire, French Minister for the Economy and Finance, and Christophe Lecourtier, CEO of Business France.   A total of 1,298 investment decisions in 2017 (up 16% year-on-year) created or maintained 33,489 jobs (compared with 1,117 decisions and 30,108 jobs in 2016). More than 400 new companies decided to expand their business by ......read more

    TSYS and Mashreq Bank Announce the Successful Implementation of PRIMESM for Acquiring Services

    Award winning financial institution in Dubai successfully deploys TSYS’ payments processing solution  Dubai, United Arab Emirates, 5 April 2018:  TSYS (NYSE: TSS) and Mashreq Bank announced today that Mashreq has successfully implemented TSYS’ PRIME software licensing solution, to enhance the bank’s customer-centric experiences for its merchants. TSYS is providing Mashreq with its core PRIMESM acquirer and issuer payments platform — and surrounding modules and services.  The first phase of the implementation followed industry best practices across planning, development and solution design, resulting in the successful launch of acquiring services within 8 months of contract signing. The second phase of the project — to include PRIME’s issuing solutions — will be ......read more

    New technologies set to disrupt UAE banking sector in 2018, KPMG banking perspectives report states

        Artificial intelligence, blockchain and FinTech will drive banks to improve operational efficiency, increase revenue and reduce risk     Implementation of VAT could result in banks increasing their fees to compensate for increase in costs      A strong and positive culture can help UAE banks overcome regulatory and innovation-related challenges March 28, 2018 Dubai, United Arab Emirates:  As the UAE banking sector comes to terms with new regulations and the implications of VAT, KPMG’s third edition of the annual UAE banking perspectives report reveals how technological innovation and strong corporate governance will enable banks to transform into robust financial institutions.  According to the report, Artificial Intelligence (AI), blockchain and FinTech have emerged ......read more

    CISI celebrates 12 years of raising professional standards in the financial services industry by recognising achievements of 2017 high exam achievers

    Outstanding members of the financial services industry were awarded by CISI at the prestigious annual UAE Awards Ceremony 2018 at the Emirates Golf Club Dubai, United Arab Emirates, 28 March 2018:  In celebration of its 12th anniversary in the UAE, leading professional body for securities, investments, wealth and financial planning professionals, Chartered Institute for Securities & Investment (CISI) recognised top performers who demonstrated excellent work in their respective professions, embodying CISI’s commitment to raising professional standards of ethics and integrity in the financial services industry.      The invitation-only event was held at the Emirates Golf Club yesterday and was attended by more than 50 senior industry professionals, CISI members and corporate supporters from across ......read more

    Global Leaders Convene in Dubai to discuss Economic Diversification

    Dubai, UAE, March 27, 2018:   Bloomberg Businessweek Middle East today announced the first edition of Global Leaders Forum, a gathering in Dubai of government and business leaders from around the region to discuss plans for growth and opportunities around the world. The one-day conference will take place at Armani Hotel Dubai on April 3, 2018. Thought-leaders will discuss the trends, challenges and the best paths forward for developing the region’s economies and societies in a sustainable way at the Global Leaders Forum.  “The Bloomberg Businessweek Middle East Global Leaders Forum will bring together some of the brightest minds in the region to discuss issues of critical regional and national importance, from economic diversification to smart cities and energy. The overriding aim of the forum is to ......read more

    Mashreq named Best Call Centre 2018 at the Service Olympian Awards

    United Arab Emirates, Dubai, 25 March 2018:  Mashreq, one of the UAE’s leading financial institutions, today announced it has received the Service Olympian Award for ‘Best Call Centre 2018’. The prestigious awards are the most coveted customer experience recognition in the Middle East and celebrate excellence in customer service delivery. Sumit Bhatia, Head of Direct Business Channel, Mashreq Bank, said: “We are pleased to have been recognized as the Best Call Centre by the Service Olympian Awards. This is a testament to the hard work of our team and ongoing efforts to provides leading service to our customers. At Mashreq, our customers are at the heart of what we do, and we will continue our commitment to providing, not only a convenient, but an enjoyable banking experience.” Selected ......read more

    In partnership with Emirates and Jumeirah Hotels & Resorts

    American Express Middle East connects with key partners and Cardmembers at annual Golf Tournament  Dubai, UAE, 20 March 2018:  Senior management of American Express Middle East and over 70 key business partners and Cardmembers gathered at the company’s Golf Tournament held recently at Jumeirah Golf Estates.  The full-day event was held in partnership with Emirates Airline – the world’s best airline according to TripAdvisor 2017 – and Jumeirah Hotels & Resorts – a global hospitality company which operates a portfolio of 20 luxurious properties around the world. A dinner and prize ceremony recognising the winners concluded the day. Mazin Khoury, CEO of American Express Middle East commented, “This golf tournament doubles as a casual networking event that brings ......read more

    Philips Lighting announces intention to change company name to Signify while keeping the Philips brand for its products

    Abu Dhabi, Dubai, United Arab Emirates March 19, 2018:  Philips Lighting (Euronext: LIGHT), the world leader in lighting, has announced its intention to change its name from Philips Lighting to Signify. The choice of the new company name originates from the fact that light becomes an intelligent language, which connects and conveys meaning. The company will continue to use the Philips brand, the most trusted lighting brand in the world, under the existing licensing agreement with Royal Philips. “We’re excited to announce our new company name as another step in our transformation journey,” said Philips Lighting CEO Eric Rondolat. “Our new company name is a clear expression of our strategic vision and a fabulous opportunity to introduce a new corporate look and feel that is uniquely our own and will ......read more

    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 the Bank's retail products and services to non-resident Indians (NRIs).The Sharjah representative office will not only service the NRIs in the emirate, but will also help effectively service customers in other northern emirates of Ajman, Umm Al ......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 Launch in Middle East’ for its card-less cash withdrawal for corporates, which is one of an extensive line of products and solutions tailored to specific client needs. The awards were in recognition of Mashreq’s bespoke services ......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 bilateral relations. Built on economic and development partnerships, these historic brotherly ties have significantly contributed to the progress and prosperity of Sudan. Under the leadership of the UAE President His Highness Sheikh Khalifa bin ......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 Profit 12.1  13.9  (13.4%) 1.5 3.3  (53.4%) EBITDA 13.9 19.6 (29.2%) (1.4)   6.1  (123.1%) Net Profit 10.6 16.1   (34.3%)  (2.0)  5.0  (139.7%) EPS (fils)  11.3  17.2  --  --  --  --  Figures in the table ......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 Emiratis with the right training and tools to develop their career. The bank has been recognized for its Emiratization efforts, and Careers UAE provides the perfect platform for Mashreq to offer Emiratis the opportunity to join the financial ......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 with large pan-Africa bank partnerships in the pipeline. Various African countries rely heavily on remittances to maintain their national GDP. In fact, remittances are the continent’s second largest source of foreign inflows after Foreign ......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 Dubai's imports from Japan with a trade share worth AED 18.186 billion, that is 47.43% of its total imports from Japan. "Japan is one of Dubai's major trading partners and their bilateral trade is gaining more and more importance as ......read more

    Other Top Stories from Banking and Investments
     
    Al Ansari Exchange & British Council join forces to offer convenient payment option for IELTS takers in UAE

    UAE, October 10, 2017– Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, recently entered into an agreement with the British Council, the UK’s international organization for educational opportunities and cultural relations, to facilitate a faster, easier, and more convenient payment option for all test takers of the International English Language Testing System (IELTS) in the UAE. Under the terms of the agreement, IELTS takers can go to any of Al Ansari Exchange’s network of more than 170 branches across the UAE to settle the test ......read more

    UAE Organizations Embrace Unified Communications

    More than 50% of organizations report savings from optimization of travel allowances reduced travel costs  41% report improved connectivity with stakeholders anytime, anywhere to enhance collaboration and customer experience  DUBAI, UAE – October 10, 2017:   Polycom today launched the results of a new study that aims to understand the drivers and benefits of current deployments in Unified Communications and (UC) across organizations in the UAE.     The study conducted by Ipsos was commissioned by Polycom, which highlights the potential ......read more

    Dubai Government and Mashreq Bank Sign Agreement for Payment Collection via Smart Dubai Portal

    …in collaboration with Dubai DOF and Smart Dubai  Dubai, UAE, October 10, 2017:  Represented by the Department of Finance (DOF) and Smart Dubai Government Establishment (SDG), Dubai Government signed a partnership agreement with Mashreq Bank to collect payments made via Smart Dubai Portal. Under the agreement, Mashreq Bank is to become an acquirer of payments made with credit and debit cards issued by banks in or outside the UAE. The signing of the trilateral agreement was attended by Abdulrahman Saleh Al Saleh, DOF Director General and H.E. Abdul Aziz Al Ghurair, CEO ......read more

    ADCB successfully completes system enhancement

    Abu Dhabi, October 2017:  ADCB has successfully completed the migration of its core banking systems and consolidated multiple systems into a single solution on 3rd October 2017. The application landscape that connects over 130 other systems to the Core Banking suite rendered the implementation extremely complex, requiring over two years of programming, testing and training. The migration to the new system was completed on time. Jerry Mollenkramer, Group Chief Operating Officer at ADCB stated, “I am grateful to ADCB’s customers for their patience and understanding ......read more

    Al Naboodah Group Enterprises announces strategic partnership with leading European truck brand DAF Trucks N.V

    Marks the Group’s entry into the UAE’s truck industry, further diversifies its portfolio of global brands  Dubai, United Arab Emirates - 04 October 2017:  Al Naboodah Group Enterprises (ANGE), one of UAE’s oldest and most respected family conglomerates with a diverse portfolio of businesses – together with DAF, a leading European truck manufacturer – today announced a partnership to unveil the latest models of DAF trucks in the UAE. DAF is a premium commercial vehicle manufacturer based in the Netherlands. The industry-leading trucks are ......read more

    MENA Effie Awards Announces Its Expert Panel of Judges

    147 sector leaders gather to select the most effective marketing efforts in the region Dubai, United Arab Emirates, 04 October 2017: The ninth edition of the MENA Effie Awards (Effies) has announced its expert panel of judges, which includes 147 sector leaders who will be judging thousands of entries to select the most effective marketing efforts in the region.  The results will be announced on November 15, 2017, at a ceremony that is expected to attract more than 2,000 attendees, including the best marketing and advertising professionals in the Middle East. Alexandre ......read more

    AGH Consulting, a French Disrupter in the UAE Engineering Market Announces Growth Forecasts in 2017

    Dubai, United Arab Emirates – October 2nd, 2017:  AGH Consulting Group, a well-established and powerful player in the latest generation telecom market and a leader of market studies and engineering works has announced a strong turnover growth for its operations in the UAE. These are the results of the company’s success since the formation of AGH’s Dubai branch in 2015, under the name of AGH Smart Consultancy Services, located in the International Media Production Zone (IMPZ). Relying on the powerful expertise of the parent company based in Paris, he Dubai branch ......read more

    RSM hosts workshop on Understanding VAT and its Implications in the UAE

    RSM provides the most in-depth look into the legislation of Value Added Tax in the UAE Dubai, United Arab Emirates, 2 October 2017:  RSM UAE, an Audit and Tax Advisory Firm with a world-wide outreach, introduced the nitty-gritty of VAT in the UAE at a detailed workshop on 28 September 2017 at The Oberoi Hotel, Dubai. Diving into the causes, origins, and effects of this seemingly simple 5% markup, RSM provided the most detailed technical sessions regarding VAT and its implications on various sectors, individuals, and even special cases surrounding the tax which are not explicitly ......read more

    Most Companies Have Big Gaps Between AI Ambition and Execution, MIT Sloan Management Review and Boston Consulting Group Study Finds

    While Expectations for AI Run High, Few Companies Invest Much in Current Efforts; Majority of Executives Expect No Workforce Reduction in Foreseeable Future   Dubai, UAE, October 1, 2017:  More than three-quarters of business executives expect artificial intelligence (AI) to create competitive advantage or new lines of business for their companies, but only about one in five companies has incorporated artificial intelligence in some offerings or processes today, and only one in 20 companies has extensively incorporated AI into its current offerings or processes. Less than 40% ......read more

    Mashreq Bank Unveils a Brilliant New Digital Bank, Mashreq Neo, in the UAE

    Mashreq Neo to offer secure, convenient and personalised customer experience Dubai - UAE, 1st October 2017 –Mashreq Bank today launched Mashreq Neo, a new full-service digital bank to cater to the day-to-day needs of a world on the move. The new digital bank, which will be completely branchless, is targeted towards the connected generation who are digitally savvy, use mobile devices extensively, and will immerse users in a brilliant digital experience.  Mashreq Bank’s Head of Retail Banking Group, Subroto Som, explained the rationale for creating the digital bank: ......read more

    Middle East's GDP to grow 2.4% in 2018 but economic outlook still tough

    According to ICAEW’s latest report, Economic Insight: Middle East Q3, outlook in the Middle East region is expected to remain tough, with several further squeezes on household income in 2018. However, overall GDP is expected to grow by 2.4% next year and rising to 4% in 2019.The accountancy and finance body says any extension of OPEC’s production cut deal, which ends on 31st March 2018, would delay the recovery.   Dubai, UAE, October 1, 2017:  Economic Insight: Middle East Q3 2017, produced by Oxford Economics, ICAEW’s partner and economic forecaster, says ......read more

    Sheraa partners with Khalifa Fund to bring Pitch@Palace competition to the UAE

    Aims to give Sharjah based entrepreneurs a globally recognized platform to pitch their entrepreneurship ideas Sharjah, UAE: (September 30, 2017):  Sheraa partnered with the Khalifa Fund for Enterprise Development to bring the international competition Pitch@Palace to the UAE to support a growing talent pool of young innovators who are trying to make their mark in the UAE’s vibrant entrepreneurship scene. Established by The Duke of York, Pitch@Palace aims to help entrepreneurs build access and connectivity around the world and has helped over 350 businesses grow, with some now ......read more

    UAE leaders trust friendship with India, says H.E. Sheikh Nahyan bin Mubarak Al Nahyan

    Policy-makers and business leaders from India and the UAE converged in Dubai for the inaugural edition of The Economic Times India-UAE Strategic Conclave. DUBAI - September 28, 2017:  The UAE and India will have to further explore possible areas of synergy to advance bilateral trade between India and the UAE, says His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, the UAE Minister of Culture and Knowledge Development.  Both the countries understand the economic and social benefits that come from openness to the world with focus in trade, investment, and culture, said H.E. ......read more

    Fahad AlDehais ‘Emerging Leader 2017'

    Dubai, UAE, September 28, 2017:  Fahad AlDehais, Managing Partner of Mohammed AlDhabaan & Partners in association with Eversheds Sutherland, has been named an ‘Emerging Leader 2017’ by The M&A Advisor Awards in New York. The event took place at the globally renowned New York Athletic Club, New York on 19th September 2017.  “The Annual M&A Advisor Emerging Leaders Awards was born as the 40 under 40 awards in the United States in 2010 to recognize and celebrate the achievements of young M&A, Financing and Turnaround professionals who had reached a ......read more

    Mashreq offers its cardholders Triple Rewards at GITEX Shopper

    Dubai- UAE- 28 September 2017:  Mashreq, the UAE’s leading financial institution continues to innovate its cards value propositions, with its unique Triple Rewards offer on electronic purchases made using Mashreq Credit and Debit Cards this year’s GITEX Shopper event season.  Mashreq cardholders can get 5% cashback of up to AED 1,250 on all electronic purchases (minimum purchase of AED 5,000) and an additional 10% discount on over a 100 products including TVs, smartphones and home appliances  at Sharaf DG and Emax. What’s more, credit cardholders also get ......read more

    Saudi Arabia Driving Decree Could Add $90 Billion to Kingdom's Economic Output by 2030

    Bloomberg Intelligence analysis states decision could generate as much income as Saudi Aramco IPO Dubai, Thursday 28 September, 2017:  The recent decree by King Salman bin Abdulaziz Al Saud allowing women to drive is set to boost economic growth, potentially adding about $90 billion to economic output by 2030. This is comparable to income generated by Saudi Aramco’s initial public offering, Bloomberg Intelligence research by Ziad Daoud, Middle East Economist, has found.  While the gains of this decision may take some time to be realized, greater female engagement in the ......read more

    UAE - India economic interconnectivity is significant, says H.E. Mohammed Sharaf

    The inaugural edition of The Economic Times India-UAE Strategic Conclave kicks off in Dubai    DUBAI - September 28, 2017:  More investment flows between the UAE and India should be promoted, and the scope for investments should be widened to address new rewarding sectors, said H.E. Mohammed Sharaf, Assistant Foreign Minister for Economic and Trade Affairs, UAE.    H.E. Mohammed Sharaf was delivering a keynote address at the inaugural edition ‘The Economic Times India UAE Strategic Conclave 2017, organized under the patronage of His Highness Sheikh ......read more

    Super General Company and GECO successfully holds VAT awareness seminar for its dealers

    Super General Company and General Enterprises Company (GECO), part of Albatha Retail & Home Products Group, successfully organized a seminar aimed towards increasing awareness on the coming implementation of Value Added Tax (VAT) in the UAE at the Le Meridien Hotel. The event, which was attended by over 200 representatives of 90 SME dealers from the two companies, was held under the theme, 'Everything you need to know about VAT.' The one-day seminar helped in creating a better understanding of VAT in terms of how companies can prepare for its implementation and how they can ......read more

    Xpress Money awarded the coveted 2017 Dubai Chamber of Commerce & Industry CSR Label

    The organization has been recognised for its financial inclusion and community outreach efforts Dubai, 27th  September 2017:  Xpress Money, one of the most dependable money transfer brands in the world, has been awarded the coveted 2017 CSR Label by Dubai Chamber of Commerce & Industry. This recognition is even more special as it coincides with the UAE's Year of Giving - as 2017 has been nominated by the UAE government.  The CSR Label has been developed by the Dubai Chamber to bring together international best practices and standards in CSR. The certification ......read more

    IDE To Align Its Business Strategies With Year of Zayed

    Dubai, United Arab Emirates, 26 September 2017: Ravi Kumar Chandran, Director of IDE, a leading events company that hosts B2B summits for real estate and hospitality professionals, extended his best wishes to His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, for declaring 2018 as the ‘Year of Zayed’. “It is indeed a moment of pride to celebrate the UAE’s founding father’s timeless legacy,” said Ravi Kumar Chandran. “It was the unique ideology of Sheikh Zayed that has positioned UAE today as a real estate and ......read more

    Al Tayer Opens Emirati-French Business Summit as 63 Entities Attend

    French firms executed projects worth of AED17 billion  Dubai - Roads and Transport Authority: HE Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), has opened the Emirati-France Business Summit held by the RTA in collaboration with the French Business Council. The event, which has attracted the participation of 63 Emirati and French entities, aims to boost the PPP, nurture an investment climate conducive to the development of commercial cooperation between the RTA and the French business community in the ......read more

    GCC Fertilizer Production Capacity Surges by 12% in 2017, Posting Highest Growth Rate in Six Years

    Industry generates USD 5.2 billion in sales in 2016 with a USD 8 billion project pipeline over the coming years Dubai, United Arab Emirates, September 26, 2017 – Fertilizer production capacity in the Arabian Gulf region has reached 42.3 million tons per annum in 2017, rising by 12 per cent over the previous year, a new report by the Gulf Petrochemicals and Chemicals Association (GPCA), the go-to source for industry data, has found.  According to the report entitled ‘2016 GCC Fertilizer Industry Indicators’, the industry expanded at the highest growth rate year on ......read more

    16 MENA IPOs Recorded in H1 2017: EY

    H1 2017 saw US$ 788 million in capital raised IPO of ADES International Holding Ltd. largest in MENA at US$ 243.5 million Dubai, UAE - 26 September 2017: In the first half of 2017, MENA IPO activity witnessed 16 deals, representing a 100% increase when compared to the first half of 2016. Announced MENA value, or capital raised, reached US$ 788 million in H1 2017, a 21% decrease from H1 2016. H1 2017 was the most active first half of the year by number of IPOs since H1 2007.   Out of the 16 IPOs, nine IPOs worth US$ 200.5 million were from companies listed on the Saudi ......read more

    ADCB launches first Target Date Fund in MENA region

    New investment options set to help expatriates in the UAE secure a comfortable retirement in their silver days  Abu Dhabi, UAE, September 25, 2017:   Leading regional bank, Abu Dhabi Commercial Bank (ADCB) has announced a new range of investment options, Target 2025 and Target 2035. These venture opportunities are designed to help expatriates in the UAE secure a comfortable retirement by bridging the gap between mandatory end of service benefits and actual retirement needs.  Numerous industry surveys demonstrate that expatriates in the UAE population ranks amongst the ......read more

    Mashreq Bank Accelerates Branch Automation Journey With Diebold Nixdorf Technology and Software

    Dubai, UAE, September 25, 2017:  Mashreq Bank, one of the first banks in the Middle East and a leading financial institution in the UAE, has partnered with Diebold Nixdorf, the leader in driving connected commerce, to streamline its in-branch cash cycle management processes by implementing the latest in teller automation technology across select UAE branches. The innovative cash recycling systems combined with multi-vendor software, enable Mashreq Bank to drive greater operational efficiencies, increase cash security and enhance the consumer experience with expedited service ......read more

    Alpen Capital recognised once again for its commitment towards CSR with the Dubai Chamber CSR Label

    Dubai, 25th September, 2017:  Alpen Capital (ME) Limited, Dubai was recognised for the sixth consecutive year with the Dubai Chamber CSR Label. H.E. Majid Saif Al Ghurair, Chairman, Dubai Chamber of Commerce and Industry presented the award to Rohit Walia, Executive Chairman and Sameena Ahmad, Managing Director, at a ceremony held at the Chamber head office on 24th September 2017.   Alpen Capital’s CSR framework is an integral part of its business strategy and is reflected in its approach towards employees, vendors, the larger community as well as the environment. Alpen ......read more

    The Listing of Money Trade Coin on Cryptocurrency Exchange and the Rising Promise of a New Era in Dubai

    Dubai, UAE, September 23, 2017:  MONEY TRADE COIN, the new age cryptocurrency, is able one more time to dazzle its investors’ expectations by listing on NovaExchange. The listing happened at 00:00 GMT and immediate trading was launched. The listing event is held at Burj Al Arab, Dubai, United Arab Emirates and was highlighted by the attendance of H.E. Sheikh Saqer Al Nahyan along with a list of 40 VIP selected honor guests including H.E. Sheikh Jumaa Al Maktoum and Mr. Faisal Almaazmi, his principal advisor and director of Greenland Capital Properties, Mr. Khaled Abdulla, Head of ......read more

    The Economic Times India-UAE Strategic Conclave in Dubai to strategically catalyze India UAE ties

    Dubai, UAE, September 23, 2017:   With India and the UAE forging strategic ties across a spectrum of shared interests, this is an opportune time for key stakeholders from both nations to engage in strategic discussions and catalyze economic growth. It is in this context that The Economic Times India UAE Strategic Conclave is being held in Dubai on 27th and 28th September under the patronage and in the presence of His Excellency Sheikh Nahyan Bin Mubarak Al Nahyan, Cabinet Member and Minister of Culture and Knowledge Development, UAE, seeks to give a further fillip to India-UAE bilateral ......read more

    Investment Opportunities in the GCC-India Corridor Continue to Grow, Says Alpen Capital

    Dubai, 19th September, 2017: Alpen Capital, an investment banking advisory firm, announced the publication of its research report titled “GCC-India corridor – Investment opportunities and challenges”. This report presents the state of economic relations between the GCC and India by analyzing the trend in investment flows and the strategic government initiatives to strengthen ties. It assesses the competitiveness of countries in ease of doing business and further identifies and discusses the potential sectors for cooperation and investment in both the regions. It also ......read more

    Al Ansari Exchange named ‘UAE Superbrand' for the 12th year

    UAE, September 19, 2017- Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, was recognized with the ‘UAE Superbrand’ award for the 12th consecutive year by the UAE Superbrands Council, the internationally-acclaimed independent authority for branding excellence. Husam Mahmoud, Marketing Manager at Al Ansari Exchange received the award at the Super Brands awarding ceremony held recently at the InterContinental Dubai Festival City in Dubai. Husam Mahmoud, Marketing Manager of Al Ansari Exchange, said: “It’s our honor to have ......read more

    Alliance 2022: New Plan Targets Annual Synergies of €10 Billion and Forecasts Unit Sales of 14 Million & Combined Revenues of $240 Billion

    RENAULT, NISSAN & MITSUBISHI MOTORS TO STRENGTHEN COOPERATION AND ACCELERATE USE OF COMMON PLATFORMS, POWERTRAINS & NEW TECHNOLOGIES   New six-year plan set to achieve the following objectives: More than 9 million vehicles to share four common platforms Proportion of common powertrains to rise from a third to three-quarters of total volumes Additional synergies expected from electrification, connectivity and autonomous technologies 12 pure electric models to be launched, utilizing common EV platforms and components 40 vehicles to be launched with autonomous ......read more

    Swych Closes Series a Funding Round with Lead Investment from UAE Exchange Group

    UAE Exchange Group leads Series A investment round and will leverage the award-winning Swych platform to offer digital gifting services to its global consumer base, enabled through purpose-based remittances. Abu Dhabi, 17 September 2017:  Swych, Inc., the pioneer of the revolutionary Swych™ digital gifting platform, today announced the successful completion of its Series A round, with a major strategic capital investment by UAE Exchange Group, a leading global money transfer, foreign exchange and payment solutions provider.  Through this partnership, the two brands seek ......read more

    AL-Thiqa Islamic Bank Selects ICS BANKS® ISLAMIC System from ICSFS

    September, 2017 Dubai, UAE: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that AL-Thiqa Islamic Bank a newly established bank in Iraq, has selected the multi-awards winning system ICS BANKS® ISLAMIC System. AL-Thiqa Islamic Bank is a newly registered Iraqi bank that will be offering banking and financial services in Iraq.  It will be implementing ICSFS’ universal Islamic flagship, ICS BANKS ISLAMIC Core Banking, Murabaha, Musharaka, Ijara,  Mudaraba, Al Qard  Al Hasan, Time ......read more

    NBK Capital Partners Closes NBK Capital Partners Mezzanine Fund II with $160 Million in Capital Commitments, invests in Saudi and Turkey

    Dubai, UAE, September 18, 2017:  NBK Capital Partners announced today that it has successfully closed its second mezzanine fund, NBK Capital Partners Mezzanine Fund II, with US $160 million in capital commitments, driven by strong demand from institutional investors and family offices. NBK Capital Partners’ experienced team of investment professionals in Dubai, Istanbul and Kuwait will manage the Fund, which will maintain its predecessor’s (Mezzanine Fund I) proven investment strategy of providing capital to middle market companies in consumer-centric sectors in the MENA ......read more

    AL-Thiqa Islamic Bank selects ICS BANKS ISLAMIC System from ICSFS

    Dubai, UAE, September 18, 2017: April, 2017 Amman, Jordan: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that AL-Thiqa Islamic Bank a newly established bank in Iraq, has selected the multi-awards winning system ICS BANKS ISLAMIC System. AL-Thiqa Islamic Bank is a newly registered Iraqi bank that will be offering banking and financial services in Iraq.  It will be implementing ICSFS’ universal Islamic flagship, ICS BANKS ISLAMIC Core Banking, Murabaha, Musharaka, Ijara,  Mudaraba, Al Qard ......read more

    30 Senior Economists Will Take Stage at Sharjah FDI Forum 2017

    Experts to address the fundamentals of ‘The Fourth Industrial Revolution’ at forthcoming investment event taking place September 19-20 Sharjah, September, 17, 2017:  Sharjah FDI Forum 2017 - the prestigious investment conference held under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah - has announced that more than 30 senior economists from the public and private sectors will participate in the event, which takes place September 19-20, 2017 at the Jawaher Reception and Convention Centre in ......read more

    Prosperity in UK Cities Gains Momentum as Wider Regional Growth Lags Behind

    Third edition of UK Prosperity Map from Barclays ranks UK regions and cities according to their current affluence 1 in 79 Brits is now a millionaire, up from 1 in 84 last year  Regions aren’t seeing the boost in prosperity they enjoyed last year – but the picture is much brighter for cities, with Birmingham and Newcastle emerging hotspots of growth    16  September 2017: The UK saw uneven rates of prosperity growth over the last year, according to the third edition of the annual UK Prosperity Map from Barclays. Against a backdrop of ......read more

    Global Cashback Mart – Mashreq's newest e-commerce platform

    Dubai, UAE – 14 September 2017:  Mashreq Bank, the leading financial institution across the Middle East & North Africa, has launched an exclusive e-commerce platform for its credit card customers in the UAE: Global Cashback Mart. The Global Cashback Mart is currently accessible at zero cost to customers who hold the Mashreq SmartSaver Global Credit Card and enables customers to shop online, choosing from over 2,500 global brands including Amazon, Macy’s, Bloomingdale’s, Hotels.com, Flipkart, Marks & Spencer and Mothercare; it also gives them an ......read more

    Abu Dhabi Fund for Development Allocates US$50 Million for UAE Companies Investing in Chad

    Fund delegation attends UAE-Chad Investment Forum  His Excellency Mohammed Saif Al Suwaidi: “ADFD is proud of the UAE’s US$150 million contribution to support Chad’s National Development Plan 2017-2021” Abu Dhabi-UAE: 13 September, 2017:  Abu Dhabi Fund for Development (ADFD) announced the allocation of US$50 million for UAE companies wishing to invest in the Central African nation of Chad. The announcement came during the participation of an ADFD delegation at the UAE-Chad Investment Forum that took place today in Abu Dhabi.   Several ......read more

    EcoSys™ Rebrands to Hexagon PPM, Signaling an Even Stronger Future for the Industry Standard in Enterprise Project Controls

    Dubai, United Arab Emirates, September 12, 2017:   EcoSys, the industry standard for enterprise project control software, announces a corporate rebrand to Hexagon PPM. The change comes days after Intergraph Process, Power, and Marine rebranded to Hexagon PPM – the software division of Hexagon focused on empowering customers to visualize, build, and manage structures and facilities of all types of complexities. Hexagon acquired its PPM division (formerly known as Intergraph Process, Power & Marine) in July of 2010 to leverage and expand the efficiencies of PPM’s ......read more

    Ras Al Khaimah Wastewater Agency announces new AED25 million sewerage connection project

    Nearly 600 plots in Al Maarid to be added to the existing network AED65million Al Feliyah Wastewater Treatment plant nears completion  Ras Al Khaimah, 11 Sept 2017:  Ras Al Khaimah Waste Water Agency (RAKWA) has announced a project to connect residences and businesses in the Al Maarid area to the sewerage network as part of its ongoing programme to expand the wastewater infrastructure in the Emirate. 565 plots are due to be connected to the local wastewater grid between now and June 2018.  When the project is complete residents will no longer have to operate their own ......read more

    Al Ansari Exchange integrates the “Direct Payment System” in its ‘eExchange' online platform for faster & more secure digital transactions

    UAE, September 11, 2017- Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has integrated the new Direct Payment System into its online remittance platform www.eexchange.ae, to provide faster and more secure transactions to its customers across the country as well as enhance their digital experience and satisfaction. The move has effectively reduced the existing two-step process into a single, easy procedure. This development is a first among the exchange industry in the UAE. Rashed Al Ansari, General Manager, Al Ansari Exchange, said: “With ......read more

    Abu Dhabi Ranked the Smartest City in the Middle East

    Abu Dhabi gets first place in the Middle East in terms of Cities of Motion indicators Abu Dhabi gets first place in the Arab region in terms of Cities of Motion indicators Abu Dhabi ranked 13 internationally in the field of technology Abu Dhabi, 10th September 2017:  The Abu Dhabi Systems and Information Center (ADSIC) announced that the emirate of Abu Dhabi has ranked first place in the Middle East in terms of indicators outlined by the 2017 Cities in Motion Index, which was published by the Spain-based University of Navarra’s IESE Business ......read more

    Huge Strides: UPC Reveals 2016 Annual Report

    Report highlights key projects and achievements in national housing, infrastructure planning, sustainable living and training and development.  ABU DHABI, 10 September, 2017:  The Abu Dhabi Urban Planning Council (UPC) has published its 2016 Annual Report, detailing some of its most impressive achievements, which have kept the Emirate on course to reach objectives outlined in the Abu Dhabi Plan. Last year, the UPC made huge strides in important projects for national housing, infrastructure planning, sustainable living and spatial data, while also offering more opportunities ......read more

    ICAEW accredits six UAE universities with exam modules for its prestigious ACA qualification

    Dubai, UAE, September 10, 2017:  Leading accountancy body ICAEW (Institute of Chartered Accountants in England and Wales) has approved six universities in the UAE for Credit for Prior Learning (CPL). The exemption programme is ICAEW’s process for endorsing content in undergraduate and graduate degrees to count towards the prestigious ICAEW Chartered Accountant (ACA) qualification.  Graduates of Finance or Business-related degrees from Bolton University Ras Al Khaimah Campus, American University of Sharjah, University of Heriot Watt, Middlesex University Dubai, Birla ......read more

    Abu Dhabi Commercial Properties Wins Best Property Management Team – UAE 2017

    Abu Dhabi, UAE, September 10, 2017:  Abu Dhabi Commercial Properties (ADCP), a subsidiary of Abu Dhabi Commercial Bank (ADCB) announced today that it has been recognised with the ‘Best Property Management Team – UAE 2017’ Award for the second year in a row by the Capital Finance International (CFI). CFI, an international print journal and online resource; reporting on business, economics and finance, identifies individuals and organisations that contribute significantly to the convergence of economies and truly add value for all stakeholders. Speaking on the ......read more

    SOUQ.com to acquire Wing.ae to enhance fast shipping options for customers

    Wing.ae poised to grow and support even more businesses  September 6, 2017 – DUBAI:  SOUQ.com today announced it has entered into a definitive agreement to purchase Wing.ae, a marketplace for merchants and couriers in the UAE, providing innovative mobile and web-based user-friendly delivery solutions for businesses and individual consumers. SOUQ.com previously invested in Wing.ae and will be acquiring 100% of the company.  Wing.ae now has the full backing of SOUQ.com, a subsidiary of Amazon.com, and this investment demonstrates the continued commitment of all three ......read more

    Mashreq's Back2School Promotion: Free smart device, when you pay school fees on your Card

    UAE – Dubai 06 September 2017:  As the new academic year begins in September, Mashreq - the UAE’s leading institution is supporting parents’ aspirations for their children with its unique Back-to-School promotion that offers a free smart device when school fees are paid using a Mashreq credit or debit card. No lucky draws, no games of chance; Mashreq cardholders get guaranteed rewards in the form of smart devices ranging from the HP Sprocket photo printer on the one hand to the Apple Watch, iPad Pro and XBox One console on the other, when they make school payments as ......read more

    CESI rolls out second phase of Oman's smart metering project

    Oman; September 5, 2017:  CESI, world-leading technical consulting and engineering company, has been awarded the second phase of the Automated Meter Reading (AMR) technology implementation project by Nama Group (NG) Oman.   Closely monitored by the Authority for Electricity Regulation and in line with their vision, the AMR implementation project for high value customers was made to serve the distribution companies in Oman (Muscat Electricity Distribution Company (MEDC), Mazoon Electricity Company (MZEC), Majan Electricity Company (MJEC), Rural Areas Electricity Company (RAECO) ......read more

    Mashreq Bank to Deploy NCR Tablet and Video Banking Technology

    The bank is United Arab Emirates’ first financial institution to implement NCR Interactive Teller, Banker solutions to better engage customers  DUBAI, UAE, September 05, 2017 – NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions today announced that Mashreq Bank, one of the largest banks in the UAE, will revamp its banking services in the country with a host of innovative technologies from NCR over the next six months. Mashreq Bank will be the first in the region to deploy NCR’s tablet-based Interactive Banker, targeted to help financial ......read more

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