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    Featured in Banking
    Procter & Gamble Announces Newest Commitment to Gender Equality Across the Indian Subcontinent, Middle East and Africa Region

    P&G’s declaration came as part of the P&G and UN Women co-hosted regional #WeSeeEqual Summit with equality advocates  Mary Kom, Bonang Matheba, Amina Khalil, Neha Dhupia, Angad Bedi & Richa Chadha   Dubai UAE, 21 February 2019: Procter & Gamble (P&G) today announced a new commitment around a number of initiatives that will promote gender equality across the Indian Subcontinent, Middle East and Africa (IMEA) region. The declaration, which was made by P&G’s IMEA and APAC President, Magesvaran Suranjan during the company’s inaugural #WeSeeEqual Summit in partnership with UN Women in Mumbai, is part of the company’s citizenship focus on being a Force for Good and Force for Growth.    “Gender equality is a core belief at P&G.  Creating a world ......read more

    International Holdings Company (IHC) marks major strengthening and diversification with PAL acquisition

    The acquisition sees IHC enter one of the region’s core utility sectors, with attractive margins and high growth potential  Abu Dhabi, UAE, 21 February 2019: International Holdings Company (IHC) (ADX:IHC), one of the UAE’s foremost holding companies with investments in diversified operating businesses, signed today an Implementation agreement to acquire PAL Cooling Holding LLC (PAL) - subject to final shareholders and regulatory approval - which allows International Holdings Company to enter into the utilities market. The acquisition will see the two companies conduct a share-swap arrangement, with IHC acquiring PAL’s entire share capital in exchange for PAL's shareholders receiving 1,311,428,571 of IHC’s newly issued ordinary shares as a strategic investor The acquisition represents a move into a ......read more

    Ahli United Bank B.S.C. reports a 12.7% surge in 2018 net profit

    ATTRIBUTABLE TO OWNERS OF THE BANK TO US$ 697.5 MILLION  20 February 2019 - Dubai, UAE Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 697.5 million for the year 2018, representing a rise of 12.7% as compared to the net profit of US$ 618.7 million in 2017. The net profit in Q4/2018 was US$ 169.3 million as compared to US$ 150.0 million in Q4/2017.  Operating income increased from US$ 1,119.4 million to US$ 1,210.6 million in 2018 (+ 8.1%). The growth in operating income, mainly driven by an increase in net interest income (NII) by US$ 64.1 million (+7.3%) to US$ 940.5 million (2017: US$ 876.5 million), was attributable to an increase in average interest earning assets and to the repricing and re-positioning of the loan portfolio, complemented by an effective interest ......read more

    Emirates NBD partners with noqodi to facilitate electronic payments for businesses.

    Business customers can make electronic payments through the platform for various government services   Dubai, United Arab Emirates - 20 February 2019:  Emirates NBD has tied up with noqodi, a leading payment gateway and financial service provider in the UAE, engineered by emaratech, to enable businesses to make electronic payments for a range of government services.    Through the new partnership, Emirates NBD’s corporate clients can benefit from noqodi’s wallet top-up and eVoucher payment services through the bank’s smartBUSINESS platform and seamlessly make online payments for services rendered by government departments such as Dubai Land Department, General Directorate of Residency and Foreign Affairs, Fujairah Municipality and more.    Commenting on the ......read more

    Ahli United Bank B.S.C. Reports A 12.7% Surge In 2018 Net Profit Attributable To Owners Of The Bank To US$ 697.5 Million

    19 February 2019: Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 697.5 million for the year 2018, representing a rise of 12.7% as compared to the net profit of US$ 618.7 million in 2017. The net profit in Q4/2018 was US$ 169.3 million as compared to US$ 150.0 million in Q4/2017.  Operating income increased from US$ 1,119.4 million to US$ 1,210.6 million in 2018 (+ 8.1%). The growth in operating income, mainly driven by an increase in net interest income (NII) by US$ 64.1 million (+7.3%) to US$ 940.5 million (2017: US$ 876.5 million), was attributable to an increase in average interest earning assets and to the repricing and re-positioning of the loan portfolio, complemented by an effective interest rate risk management strategy. Net operating income increased from US$ 1,030.4 ......read more

    CPA Australia opens branch in UAE

    CPA Australia, one of the world’s largest accounting bodies, today opened its new branch in the United Arab Emirates (UAE). Located in Dubai, the branch is within the Dubai Multi Commodities Centre (DMCC) Free Zone. CPA Australia CEO Andrew Hunter said opening the branch is an important milestone for local members.  “CPA Australia is very proud to be opening our new branch in Dubai. Opening the branch as a registered entity in the region will help to protect members’ interests, allows comprehensive promotion of member activities, and allows CPA Australia to build on its presence in the UAE. “There will be more scope to engage sponsors for events, engage on a commercial basis, and optimise relationships with the business and university sectors,” Mr Hunter said. DMCC was established in 2002 to ......read more

    KSA survey identifies security as top concern in adopting effective intelligent workspace strategies

    IDC Survey commissioned by Citrix analyzes the Kingdom’s readiness to build the future workplace   Riyadh, Saudi Arabia – 19 February 2019: An IDC survey commissioned by Citrix (NASDAQ:CTXS) found security and data leaks to be a key concern in adopting intelligent workplace strategies. The survey results were presented at an event at the Riyadh Four Seasons.     With face-to-face input from over 100 CIOs in KSA, the survey’s corresponding white paper examines the evolution of the intelligent workspace and IDC's "Future of Work" concept. It further highlights the role of intelligent workplace technologies in Saudi Arabia, and covers their drivers, benefits, security implications, and challenges.   With a key concern being security, the survey also found that over ......read more

    ICS Financial Systems Ltd.'s ICS BANKS gains 4.5x Faster Batch Processing & 27x Increase on Digital Banking Transactions Running with Oracle Exadata Database Machine

    ICS Financial Systems Ltd.’s ICS BANKS gains 4.5x Faster Batch Processing & 27x Increase on Digital Banking Transactions Running with Oracle Exadata Database Machine February 18, 2019 - Dubai, UAE   ICS Financial Systems Ltd. today announced it has earned Oracle Exadata Optimized status through Oracle PartnerNetwork (OPN), demonstrating that ICS BANKS 6.0 has been tested and tuned on Oracle Exadata Database Machine to deliver speed, scalability and reliability to customers. ICSFS is a global software and services provider of a universal modular, core banking systems, whose success can be attributed to its turnkey offerings; ICS BANKS, which serves and supports customers across the globe. ICSFS provides fully integrated banking and financial applications and services on premises, or in the cloud. ICSFS is a Gold level ......read more

    Julphar Announces 2018 Preliminary Results

    Drop in revenue due to slowdown in certain markets Company putting strategy in place to help strengthen financial health February 16, 2019, Ras Al Khaimah (UAE) - Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced its preliminary 2018 results. The company reported non-audited 2018 net sales of AED 863 million and a net loss of AED 153m. Consequently, the company’s management has focused on cost reductions and has taken several actions to strengthen the organization and maximize cash flows. Jerome Carle, General Manager of Julphar said, “We saw a decline in our revenue and profitability due to the headwinds in Saudi Arabia, but we continued to work hard on new products launches and building new alliances, which will have a positive impact on our long-term ......read more

    The French Tech takes centre stage at the Mobile World Congress 2019 (MWC) in Barcelona (Spain)

    The MWC is a key event for global mobile, services and content that brought together over 2400 exhibitors and 107 000 visitors from 208 countries in 2018. United Arab Emirates: February 14th 2019- For the 13th consecutive year, from 25 to 28 February 2019, Business France, national agency supporting the international development of the French economy, will be organizing a French Tech pavilion at the Mobile World Congress (MWC) in Barcelona with the support of Orange, BNP Paribas and Vivatech.  Over 100 innovative SMEs and start-ups will exhibit at the French Tech pavilion this year.  The French Tech pavilion will be one of the largest national pavilions at the show, with an exhibition space of 630 sq m spread over Hall 5 (5B41 / 5B61) & Hall 8.1 (8.1D41 / 8.1E49) “APP PLANET and  hosting companies belonging ......read more

    RAK Ceramics Announces FY 2018 Financial Results

    Board announces cash dividend payment of 15 fils per share and 5% bonus shares Total revenue was AED2.78 billion, -2.8% YoY, slightly decreasing due to a lower non-core revenue contribution Total gross profit margin reached an all-time high of 33.2%, an increase of +160bps YoY Reported net profit was AED225.1 million, -28.7% YoY, a decline due to an increase in energy costs and a decrease in a one-off extraordinary net gain Tableware revenue was AED264m, +11.0% YoY, supported by growth in US, European and Asian markets Announces plans for manufacturing expansion in Saudi Arabia Ras Al Khaimah, United Arab Emirates, 13 February 2019   Stable performance in line with expectations   RAK Ceramics PJSC (Ticker: RAKCEC: Abu Dhabi), one of the largest ceramics’ brands in the world, announced its ......read more

    Dubai Financial Services Authority hosts 10th Annual Audit Outreach for Registered Auditors

    Dubai, UAE; February 13, 2019: The Dubai Financial Services Authority (DFSA) hosted today the tenth Annual Audit Outreach for registered auditors. The DFSA provided an overview of the Audit Monitoring Findings from 2018, and a range of updates that are intended to strengthen audit quality.    In his opening address, Bryan Stirewalt, Chief Executive of the DFSA, underlined the growth of the Dubai International Financial Centre (DIFC) and expressed his satisfaction with the quality of audit results achieved by the registered auditors in 2018. “DFSA teams worked closely with registered auditors in the DIFC to help reduce any audit deficiencies.  We have seen discrete instances where auditors have not exercised full professional skepticism in their work, but the overall results of Audit Monitoring Findings from 2018 ......read more

    RAKBANK proposes dividend for 2018

    February 12, 2019 - Dubai UAE RAKBANK proposes a dividend of 30% of the paid-up capital for the financial year ended 31 December 2018. The proposed dividend will be presented for approval by the shareholders in the Annual General Meeting (AGM) to be held on 20 March 2019 at the Bank’s headquarters in the emirate of Ras Al Khaimah.

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    WCU: Commodity markets roll over as macroeconomic concerns weigh

    February 10, 2019 - Dubai, UAE The US dollar, which has been strengthening every day since the dovish shift by the Federal Open Market Committee on January 30, only added to the market’s unease.  The index, which tracks a basket of 22 major commodities, was being dragged lower by continued losses in natural gas and renewed weakness in crude oil. Despite the deteriorating growth outlook, industrial metals managed to stay in the black with support being provided by the metals with a tight supply outlook, such as copper and nickel. Palladium, another metal with tight supply, maintained support despite some profit taking in gold, and not least, platinum. Following the post-FOMC rally to $1,326/oz gold traded lower in response to the stronger dollar before once again finding support amid lower stocks on concerns that the ......read more

    UPS Achieves EPS Target on Strong Revenue Yields

       4Q18 EPS of $0.52; Adjusted 4Q EPS up nearly 17% to $1.94   Pricing and Mix Strategies Lift 4Q Revenue Quality  U.S. Domestic Revenue up 6.3% on 4Q Yield Growth   International 4Q Achieves Record Profits; Margin Rises above 20%   Supply Chain & Freight Revenue Rises, driven by Forwarding and Logistics  2018 Full-year Cash from Operations was $12.7B  Free Cash Flow in 2018 topped $6B, Exceeding Expectations  2019 Total Adjusted Operating Profit Growth* in the Low-teens with all Segments up Double-digits  Announces Full-Year 2019 Adjusted EPS Guidance* Range of $7.45 to $7.75   February 10, 2019 United Arab Emirates:  UPS (NYSE:UPS) today announced fourth-quarter 2018 earnings highlighted by high-quality revenue initiatives that ......read more

    German State Ministry of Economic Affairs Commends UAE's Digital Transformation on Visit to SAP MENA in Dubai

    Technology Adoption Supports Germany-UAE Bilateral Trade Topping €15.4 billion Majid Al Futtaim Retail Wins Global SAP Award for Carrefour’s E-Commerce Innovations SAP’s Cloud Data Center and Expo 2020 Dubai Partnership Fuel Digital Transformation DUBAI, United Arab Emirates – 10 February 2019 —   The State Secretary of Baden-Württemberg, Germany’s Ministry of Economic Affairs, Katrin Schütz, has commended the UAE’s leading role in digital transformation and innovation on a visit to German-headquartered global technology company SAP’s Middle East and North Africa headquarters in Dubai.   One of more than 900 Germany-headquartered companies in the UAE, SAP supports bilateral trade between the two countries reaching €15.4 billion, according to the German ......read more

    Dubai Investments acquires stake in Globalpharma for 100% ownership

    Dubai, February 7, 2019: Dubai Investments PJSC [DFM: DIC], the diversified leading company listed on the Dubai Financial Market, today announced the acquisition of an additional 66% stake in Globalpharma. Following the acquisition, made through Dubai Investments Industries, the pharmaceuticals company will now be a wholly owned subsidiary of Dubai Investments. In 2014, Dubai Investments divested a 66% stake and had continued to hold a minority 34% equity in the subsidiary.    Khalid Bin Kalban, Managing Director and CEO of Dubai Investments PJSC, said: “Our original investment in Globalpharma was well timed and good for the growth of the healthcare sector in the UAE and region. We see the strategic benefit for making this acquisition. It forms part of the Dubai Investments growth strategy, and underscores our ......read more

    Central Bank of Iraq signs investor partnership agreement with Dubai Quality Group (DQG)

    Dubai, 05th February 2019, UAE; Central Bank of Iraq has signed an investor partnership agreement with Dubai Quality Group (DQG). This partnership aims at enabling the transfer and exchange of expert knowledge, experiences, best practices, ideas, and the expansion of optimal & productive cooperation, to activate fruitful cooperation between both parties to foster quality, business excellence, innovation, technology performance, and leadership in the Banking sector in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, by making the UAE the most innovative country in 2021. The agreement signing ceremony was during the annual general meeting of DQG attended by senior officials from both parties. The delegation from DQG was headed by Eng. Hassan ......read more

    Unexpected child reaction wins UAE-based family a dream trip worth AED20,000

    RSA announces winner of the Unluckiest Traveller most epic travel photo competition Dubai, UAE, 03 February 2019: Following the launch of the UAE’s Unluckiest Traveller, the search for the most epic travel photo fail is now over. RSA, leading provider of insurance services in the region, announces the winning entry which won its owner a dream trip valued at AED20,000 to redeem themselves. Launched in its second edition, the two-week long campaign called on UAE residents to send across their worst travel photos tagging the campaign’s official hashtag #RSATravelPhotoFails, giving people across the UAE the chance to submit their unluckiest travel photos to win a dream.  In just two weeks, the campaign received hundreds of entries from photos travelers who would normally be hidden away from social media. The entries ......read more

    Exceeders: Leading the World's First True Partner-to-Partner Ecosystem to Revolutionise IT Community Dynamics

    February 03, 2019 - Dubai, UAE   Ireland-based Exceeders, with strong on-ground operations in the Gulf, Lebanon, Jordan, Palestine and Pakistan, is the first true partner-to-partner (P2P) ecosystem in the region, which has customised the ‘sharing economy’ business model of Uber and Airbnb to completely revolutionise the Information Technology (IT) services industry in the region.    Since 2018, the company has been working on the frontlines in the Gulf and Middle East markets, empowering multiple companies specialised in certain areas within the IT ecosystem to collaborate and leverage each other’s strengths, creating new significance and sustainable value for every partner in the platform to ensure a win-win scenario for them at all times.   Upon being part of the Exceeders family, ......read more

    Arab Bank Group reports net profits of $820 million for 2018

    45% cash dividends [Dubai, United Arab Emirates, February 02, 2019] Arab Bank Group closed 2018 with solid results reporting net income after tax of $820.5 million as compared to $533 million in 2017 with net income before tax reaching $ 1.1 billion. The Group’s equity grew to reach $8.7 billion while the return on equity increased to reach 9.5%. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 45% cash dividends for the financial year 2018. The Group’s net operating income grew by 8% driven by growth in net interest and commission income. Credit facilities increased by 3% to reach 25.8 billon while customer deposits increased to reach $34.3 billion. Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group ......read more

    That sinking feeling

    By Christopher Dembik, Head of Macro Analysis, Saxo Bank 02 February 2019 - Dubai, UAE The global credit impulse is falling again, mainly in developed-market economies and due largely to the normalisation of monetary policy. The message from the slower credit impulse is that growth and domestic demand are headed for a slowdown, unless the world’s largest economies launch a massive coordinated intervention in 2019. “Bearish signs for the US economy are accumulating and will eventually push the Federal Reserve to pause monetary policy for at least Q1 2019 and even longer” “China is the main positive contributor to global credit impulse” “Close to zero without China” Global credit impulse — the second derivative of global credit growth and a major driver of economic activity ......read more

    Tabreed's 2018 Full Year Net Profit Increases 7% During its 20th Year of Operation

    Board of Directors recommends increasing dividend by 19% to 9.5 fils per share   31 January, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional cooling provider today released its audited financial results for 2018. Tabreed reported a 7% increase in net profit to AED 427.6 million for the full year by adding 39,061 RT of new connections resulting in the delivery of over 1.1 million refrigeration tons (RTs) of cooling capacity. Based on such results, Tabreed’s Board of Directors recommended a cash dividend for 2018 of 9.5 fils per share, up from 8 fils per share paid in 2018.   Tabreed announced a number of significant achievements during 2018, in addition to celebrating its 20th anniversary. During the year, Tabreed acquired 50% of ......read more

    12 winners of the 5th Annual RAKEZ Business Excellence Awards revealed

    Ras Al Khaimah, 30 January 2019:   Twelve outstanding free zone and non-free zone businesses have been named as the winners of Ras Al Khaimah Economic Zone (RAKEZ) Business Excellence Awards 2018. In collaboration with RAK Department of Economic Development (RAK DED), RAKEZ has given away a total of AED 200,000 worth of cash prizes to the winners during the awarding ceremony held at Rixos Bab Al Bahr, Al Marjan Island.   On its fifth year, RAKEZ Business Excellence Awards saw a remarkable 95% increase in submissions, from over 360 entries in 2017 to more than 700 in 2018. The award winners and runners-up were selected through a systematic evaluation process by an independent judging committee from the International Performance Excellence (IPE).   “Since its launch in 2014, a total of 44 companies ......read more

    A statement launching “Aber” project, the common digital currency between Saudi Arabian Monetary Authority (SAMA) and Central Bank of the United Arab Emirates (CBUAE)

    Abu Dhabi – 29th January 2019:   The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) clarified in a joint statement that one of the objectives of launching the common digital currency project " Aber" is for use in financial settlements between the Kingdom of Saudi Arabia and UAE through Blockchains and Distributed Ledgers technologies. This is in the framework of "Proof-of- concept", which can be summed up in closely understanding and studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of technical risks and how to deal with them. This is in addition to the qualification of cadres that will deal with ......read more

    Other Top Stories from Banking
     
    The Evolution of Digital Payment Methods

    Cash still reigns supreme in the UAE despite cash-on-delivery payments have fallen dramatically over recent years. E-commerce, however, is on the rise in Dubai, and digital payment methods continue to evolve, being widely adopted throughout the region. As smartphone penetration increases, more citizens have access to the internet and mobile banking and payment systems. Thus, the line between offline and online payments is more and more blurred. Should your business follow the trend and offer modern digital payment methods? Critical for Digital Transactions Business owners should ......read more

    Sheikh Ahmed Dalmook Al Maktoum and Bangladesh Investment Development Authority for setting up a special economic zone in Matarbari

    This will speed up our economic diplomacy,” Foreign Minister AK Abdul Momen told reporters on Wednesday, referring to the new foreign policy priority of the government. Trade and investment would be the key focus, he said. UAE Prime Minister Sheikh Mohammad Bin Rashid Al Maktoum who is also the ruler of Dubai invited the prime minister for the visit. Hasina will attend the inauguration of the International Defence Exhibition (IDEX 2019) in Abu Dhabi on the morning of Feb 17 and visit the exhibition. Hasina will leave Dhaka on Thursday for Germany in her first overseas visit ......read more

    UAE to host Middle East's biggest facilities management event in March

    February 10, 2019: The UAE will host the biggest facilities management (FM) event in the region this year after the Middle East Facility Management Association (MEFMA) announced that it is holding the 9th edition of its MEFMA CONFEX in the country in March. Happening from March 10 to 12, 2019 at the Address Hotel – Dubai Marina under the theme ‘Business Intelligence & Technology Driven Facilities Management,’ the three-day new edition will focus on major technological developments relevant to the growth of the regional FM industry. It will feature a range of ......read more

    Emirates Development Bank launches AED 100 million ‘Credit Guarantee Scheme' for SMEs in coordination with partner banks and the UAE Banks Federation

    February 04, 2019: Emirates Development Bank (EDB) held a signing ceremony on February 4th in the presence of H.E. Obaid Humaid El Tayer, Minister of State for Financial Affairs and Chairman of Emirates Development Bank, and members of the EDB Board of Directors for the launch of the new Credit Guarantee Scheme, amounting to AED 100 million in support of SMEs. The new scheme aims to boost SMEs’ business activities and pave way for economic diversity in line with the UAE’s move towards a post-oil economy. The Credit Guarantee Scheme is part of EDB’s commitment to support the ......read more

    TBI NAMED ‘BEST TRADE FINANCE BANK IN IRAQ 2019'

    Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, received the award from ‘Global Finance’ magazine at a ceremony held in London recently. Abu Dhabi, January 28, 2019: Trade Bank of Iraq (TBI) has been recognised for its continued commitment to accelerating economic growth with the award of ‘Best Trade Finance Bank in Iraq 2019’ at the Global Finance Magazine Award ceremony in London. The editorial review board of the globally renowned publication, selected TBI based on input from industry analysts, corporate executives and technology experts. Its ......read more

    CBUAE to Showcase Career Opportunities at Tawdheef 2019

    CBUAE highlights ‘Future Leaders Programme’    Dubai, UAE, January 28, 2019:  The Central Bank of the UAE (CBUAE) will be showcasing the exciting range of career opportunities it has available at one of the UAE’s leading career fairs, Tawdheef, on the 28th – 30th January 2019 at the Abu Dhabi National Exhibition Centre. CBUAE has an ambitious program designed to attract and retain top Emirati talent which has allowed the organisation to grow its Emiratisation rate by an incredible four percent in the last 12 months alone.    Over ......read more

    The Higher Sharia Authority at the Central Bank held its first meeting of the year 2019

    Dubai, UAE, January 27, 2019:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its first meeting for the year 2019 on 13-14 January 2019. The meeting was chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, and attended by Their Eminences the members of the HSA:  Sheikh Prof. Dr. Jasim Ali Al Shamsi,  Sheikh Esam Muhamad Ishaq, Sheikh Dr. Aznan Hasan, and Sheikh Dr. Osaid Muhammad Adeeb Al Kailani. His Eminence Sheikh Dr. Ahmed Abdul-Aziz Al-Haddad started the meeting by highlighting the ......read more

    ICAEW: region's investment management industry must evolve

    Dubai, UAE, January 27, 2019:  New savings and investment products that are easy to understand and available to everyone are urgently needed, according to a new report by ICAEW. In ‘Audit Insights: Investment Management’, the accountancy and finance body warns that indecipherable statements, high fees and a perception of exclusivity mean many feel alienated from the investment management industry when they need it most.  Based on the collective insights of investment management audit specialists from BDO, Deloitte, EY, Grant Thornton, KPMG and PwC; the new ICAEW ......read more

    NY Koen Group (Dubai) to invest in and construct a $500 million trade and exhibition center near Ukrainian capital Kiev

    Dubai, UAE, January 26, 2019:  Naum Koen, Founder and CEO of NY Koen Group, has recently announced the news that his well established holding group will be funding and constructing a large complex to be used for exhibitions and trade shows, with the development process starting in January 2019. The multipurpose space, named NY Trade Centre Kiev, that will cost $500 million, is located on a plot of 105 hectares and just 13 kilometers from the the Ukrainian capital on the Odessa highway. The sizeable space will include within its area, 10,000 selling bays for the wholesale market and an ......read more

    Christine Lagarde warns CNN of “big risks on the horizon”

    Dubai, UAE, January 26, 2019:  At the World Economic Forum in Davos, CNN’s Richard Quest spoke to the Managing Director and Chairwoman of the International Monetary Fund Christine Lagarde. During the interview, Lagarde disputed claims that there was another international recession around the corner but forecast a “very modest slowdown” and commented “the sun is not shining as brightly as it did”. On the future global economy, Lagarde calls the inability of global players to come to agreements on trade and tariffs a “big risk”. Please ......read more

    Summary Report: Monetary & Banking Developments – December 2018

    Dubai, UAE, January 26, 2019:  The Central Bank announced that the Money Supply aggregate M1 increased by 1.3%, from AED 479.5 billion at the end of November 2018 to AED 485.6 billion at the end of December 2018.  The Money Supply aggregate M2 increased by 1.6%, from AED 1288.4 billion at the end of November 2018 to AED 1308.4 billion at the end of December 2018.  Consequently, the Money Supply aggregate M3 also increased by 0.6%, from AED 1593.5 billion at the end of November 2018 to AED 1602.3 billion at the end of December 2018.  The increase in M1 was mainly ......read more

    Saudi Finance Minister to Bloomberg: 2.6% GDP Growth In 2019

    January 24, 2019:   Speaking to Bloomberg Television’s Francine Lacqua and Haslinda Amin, Saudi Arabia Finance Minister Mohammed Al-Jadaan said he expects 2.6% GDP growth in 2019.    Other highlights include: • Saudi may issue non-USD bonds this year • Looking at Euro or other currencies for bond ...read more

    Report Sees Overcast 2019 Outlook For Banks In The Middle East, North Africa, And Turkey

    Dubai (UAE) Jan. 23 2019- After a difficult 2018, banks in the Middle East, North Africa, and Turkey are likely to face more of the same this year due to tighter global liquidity conditions, a stronger U.S. dollar, and geopolitical as well as local instability, S&P Global Ratings said in a report published today, "Banks In Emerging Markets: The Overcast 2019 Outlook For Banks In The Middle East, North Africa, And Turkey." The region's prospects for economic growth will be dampened, notably by Turkey's expected contraction. We expect -0.5% real GDP growth for the ......read more

    Emirates Islamic announces winner of AED 1 million cash prize for award-winning Kunooz Savings Account

    Dubai, 22 January 2019:   Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Ms. Armaz Abdullah Fadel Mohamed, a citizen of St. Kitts-Nevis-Anguilla. Commenting on her win, Ms. Armaz Abdullah Fadel Mohamed said: “I was overjoyed when I received a call from Emirates Islamic informing me that I had won a cash prize of a million dirhams. My experience has encouraged me to continue saving and recommend my friends and family to do the ......read more

    Financial Institutions Can Out-Innovate Fintechs Through Greenfield Approach, According to Oliver Wyman

    Annual State of Financial Services Report “Time to Start Again” Released at Davos   Dubai, United Arab Emirates, January 22, 2019 –   The next big wave of innovation in financial services will be driven by incumbents starting with a blank canvas, according to Oliver Wyman’s 2019 State of Financial Services report titled “Time to Start Again” launched today at the World Economic Forum Annual Global Meeting in Davos.   The report describes an emerging new approach – “Greenfield” – where existing firms ......read more

    Emirates NBD encourages UAE citizens and residents to ‘give in to giving'

    Dubai, 21 January 2019:   Emirates NBD, a leading banking group and a pioneer in private sector volunteering in the UAE, is calling on citizens and residents to ‘give in to giving’ by sharing videos of themselves giving to friends, family or community members.   Inspired by the UAE’s Year of Tolerance, which will promote philanthropic behaviour across the country throughout 2019, Emirates NBD aims to persuade UAE citizens and residents to invest in their community by giving their skills and time to worthwhile causes. The bank is encouraging UAE ......read more

    Barclays: Equities to Outperform Bonds as Global Economy Expected to Continue Growing

    Dubai, UAE- January 21,2019:   Barclays has released its Q1 2019 “Compass” report, which examines major asset classes globally, and provides tactical recommendations on portfolio asset allocations. The report outlines that carefully calibrated risks can help investors steady their ships after a turbulent 2018. In particular, the report highlighted how investors will be well served by leaning towards a diverse pool of developed and emerging market equities, while considering the importance of maintaining a well-diversified long-term core investment ......read more

    Double Win for Trade Bank of Iraq at the International Finance Awards

    Trade Bank of Iraq awarded the ‘Best Retail Bank’ and ‘Best Priority Bank’ in Iraq in 2018 Dubai, United Arab Emirates, January 20, 2019:   Trade Bank of Iraq’s (TBI) has been recognised for their outstanding performance and service, taking home two awards at the International Finance Awards 2018. London based ‘International Finance’ magazine rewarded TBI’s continued commitment towards providing modern banking services in Iraq, presenting the ‘Best Retail Bank’ and ‘Best Priority Bank’ awards during a ......read more

    Central Bank of the UAE Holds its 1st Board of Directors Meeting for 2019

    Dubai, UAE, January 17, 2019:  The Board of Directors of the Central Bank of the UAE, held its first meeting for 2019 following its restructuring, on 14th January 2019, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Hareb Masood Al Darmaki, the Chairman of the Board. The meeting was attended by H.E. Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board and H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khaled Mohammed Salem Balama, Khalid Ahmad Al Tayer and Ali Mohammed Al Madawi Al ......read more

    ICAEW: Dubai's business landscape holds promising future

    Accountancy and finance body ICAEW says recent developments and plans announced by Dubai’s government highlights the emirate’s promising trajectory towards cementing its influential position as a future-proof global business capital. The plans, which include a geo-economic map for the city, the first virtual commercial city in the region, free economic and creative zones in universities, and Dubai International Financial Center’s (DIFC) expansion plan, aim to accelerate the development of Dubai’s business landscape. Dubai, UAE, January 17, 2019:  Commenting on ......read more

    Department of Economic Development - Ajman hosts visiting group of government experts to discuss green economy

    UAE, January 16, 2019 - The Department of Economic Development - Ajman (DED-Ajman) recently hosted a meeting attended by selected economic experts coming from several government entities in Ajman to discuss key drivers needed in the move to achieve a green economy, which is one of the main pillars of Ajman 2021. During the meeting, attendees discussed and reviewed economic objectives and its associated performance indicators. Present during the meeting included stakeholders and experts from the Ajman Chamber of Commerce and Industry, Ajman Tourism Development Department, the Ajman ......read more

    Al Habtoor Group denies any link or relationship with Al Habtoor Trading Enterprises

    Dubai, UAE, January 16, 2019:  In an official statement, released to the media, Al Habtoor Group announced its wish to clarify that the Group and all its divisions, including Habtoor Hospitality (AKA Habtoor Hotels) have no link or relationship of any kind with Al Habtoor Trading Enterprises (HTE) and its owner Rashid Al Habtoor.   This is following news released in major Indian and Middle Eastern media about a potential acquisition of the Leela Group of Hotels in India (Hotel Leela venture) by Rashid Al Habtoor, founder and owner of Al Habtoor Trading ......read more

    Statement for “Abu Dhabi Sustainable Finance Declaration”:

    Dubai, UAE, January 16, 2019: We are [/ the Central Bank is] committed to supporting the UAE’s Green Agenda 2015 – 2030 and the National Climate Change Plan 2017 – 2050 as well as helping the UAE to meet the United Nations Sustainable Development Goals and the climate change objectives of the Paris Climate accord.  To do this we need to create a financing ecosystem in the UAE that is geared towards not only improving economic efficiency and prosperity but also contributes to the protection of our ecological systems; this in turn will enhance social well-being ......read more

    Indian wins ‘Dream Home' grand prize from Al Ansari Exchange

    Dubai, UAE, January 16, 2019:  Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, announced Donson Michael from India as the winner of the ‘Dream Home’ grand prize of Al Ansari Exchange’s Winter Promotion 2018. The draw, which was streamed live on the company’s social media platforms, was attended by Al Ansari Exchange’s senior officials and managers and a representative of the Department of Economic Development (DED) in Dubai.  Donson, won the 'Dream Home' prize worth AED 400,000, in the campaign that ......read more

    Citi UAE opens Citigold lounge in Abu Dhabi.

    Abu Dhabi, UAE, January 14, 2019:  Citi UAE announced the opening of its Citigold Lounge in Abu Dhabi designed to provide enhanced professional wealth management services across the UAE. The centre was inaugurated at a ribbon cutting ceremony attended by: Gonzalo Luchetti, Citi EMEA and Asia Head of Consumer Banking; Elissar Farah Antonios, Citi UAE Chief Country Officer; Dinesh Sharma, Citi Middle East Head of Consumer Banking; Venkat Mahadevan, Citi Middle East Wealth Management Head; Mohammad Ali Abdulla, UAE Wealth Management, Branch Banking Sales and Distribution Head, Ganapathy, ......read more

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