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    Featured in Banking
    Flexible Working to Contribute $10tr to Global Economy by 2030

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

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

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

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

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

    Trade Bank Iraq named Best Iraqi Bank by Global Finance Publication

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

    UAE Exchange Enters the Prestigious Platinum Class of Tawteen Partners Club

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

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

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

    Dubai Islamic Bank Group 9 Month Financial Results

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

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

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

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

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

    Bahrain to implement VAT effective 1 January 2019

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

    Monetary & Banking Developments – August 2018

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

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

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

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

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

    New Worker's Insurance Scheme Forthcoming

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

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

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

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

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

    A flying economy – the economic powerhouse above the clouds

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

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

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

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

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

    RAKEZ surprises clients with a new service centre in Abu Dhabi

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

    CBUAE Hosts UAE – Japan SME Seminar

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

    Dubai Customs discusses boosting cooperation with Japanese businesses

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

    10 Things Only Professional Cleaners Can Do

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

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

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

    CBUAE Raises Interest Rates in Line With US Federal Reserve:

    Dubai, UAE, September 27, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective Thursday, 27 September 2018, it will raise interest rates applied to the issuance of its Certificates of Deposits in line with the increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points at its meeting of today.    The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been increased by 25 basis points.   Certificates of Deposit, which CBUAE issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system. 

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    Other Top Stories from Banking
     
    DIB's Double your Salary Promotion Brings Joy to more than 100 New Customers

    UAE, Dubai, September 26, 2018: Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has today marked the end of a hugely successful promotion with the announcement of the twelfth and final grand winner of its “Double Your Salary. Double Your Joy” monthly campaign, held at DIB’s Mall of the Emirates branch.  Launched in September 2017, the campaign saw new customers who moved their payroll or salary account to the bank entered into a draw to double their salary for that month. The first draw took place in October 2017 and has since brought happiness to a ......read more

    Friends Provident International survey reveals that brand preference and price are key considerations when buying life insurance in the UAE

    Friends Provident International (FPI) releases protection survey results for the fourth consecutive year   Dubai, UAE, September 25, 2018:  FPI’s fourth annual protection survey results show that brand reputation and price have the greatest influence on people’s decision to buy life and critical illness insurance in the UAE. These factors were considered more important than others, such as adviser recommendation, claim payment history and portability; which enables continuity of insurance coverage when relocating to another country.    The survey, ......read more

    Fragomen and PricewaterhouseCoopers LLP Announce Strategic Alliance

    Dubai, UAE, 25 September 2018:   Fragomen, Del Rey, Bernsen & Loewy, LLP (Fragomen) and PricewaterhouseCoopers LLP (PwC UK), the UK member firm of the PwC network,* today announced an agreement to enter into a strategic alliance to provide enhanced global mobility tax and immigration services to clients and their cross-border employees. While both organizations will maintain and grow their respective global immigration practices, this agreement will give them the ability to come together to provide integrated services to their respective clients to bring a more connected service ......read more

    High level official UAE delegation takes part in Fifty-Eighth Series of Meetings of the Assemblies of the Member States of WIPO in Geneva

    Abu Dhabi, 24 September 2018: A high-level delegation organized by the UAE Ministry of Economy (MOE) is currently taking part in the Fifty-Eighth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organization (WIPO), which opened today (September 24, 2018) and will run until October 2, 2018 at the WIPO Headquarters in Geneva, Switzerland. The delegation is headed by H.E. Eng. Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs, MOE. He is joined by Ali Ibrahim Al Hosani, Assistant Undersecretary for the Intellectual Property ......read more

    Schneider Electric Innovation Summit Singapore: Powering and Digitizing the Economy

    More than 1,500 Schneider Electric customers, partners and suppliers share their bold ideas for the digital economy at this two-day event Latest innovations to EcoStruxure architecture unveiled Dubai, United Arab Emirates – 24 September 2018 –   Schneider Electric, the leader in digital transformation of energy management and automation, recently hosted more than 1,500 customers, partners, suppliers and influencers at its latest Innovation Summit at Singapore Marina Bay Sands. The event brought together Schneider Electric experts and world-leading industry ......read more

    Sharjah and Indonesia hold discussions to review ways of boosting economic and trade relations

    Sharjah, 22 September 2018:  The Sharjah Chamber of Commerce and Industry (SCCI) held discussions with an official delegation from the Indonesian Embassy in the UAE on ways to develop economic relations and cooperation, as well as to enhance joint investments, exchange trade missions, and build partnerships between the business communities in both Sharjah and Indonesia. The discussions were held recently at a meeting that took place at the headquarters of the chamber, in the presence of Sheikh Fahim bin Sultan Al Qasimi, Chairman of Department of Government Relations in Sharjah. ......read more

    Japan's Leading Industrial Company Asahi Yuzikai Launches Middle East Operations at Dafza

    Dubai, UAE, 19 September 2018: Asahi Yukizai Corporation – Japan’s leading company in industrial resins and plastic valves –  successfully held the opening ceremony for its Middle East operations at Dubai Airport Freezone – DAFZA. The new office will play a key role in expanding the company’s business across the Middle East and North Africa region. The opening ceremony was hosted by Mr.Nasser Al Madani, Assistant Director General at Dubai Airport Freezone Authority (DAFZA), Mr.Akima Umezawa Ph.D, Consul-General of Japan in Dubai, and Kazuya Nakano, ......read more

    Malaysia Eyes Dubai to Explore Markets in the MENA Region

    Dubai – United Arab Emirates, 19 September 2018: The Malaysian Franchise Association (MFA), which aims to promote entrepreneurship through franchising, has chosen Dubai – a global business and financial destination and the 3rd edition of ‘The Global Franchise Market Exhibition’, to explore the emerging and lucrative markets in the Middle East North Africa region, connect with local, regional and international franchisors and brand owners and expand their businesses within the region.  This year, TGFM, the official franchising event in Dubai, brings ......read more

    UAE Residents Should be Aware of the Circumstances in which Personal Bank Accounts can be Frozen

    Debt and visa changes are the most common reason for not being able to access funds short term September 2018, Dubai: According to the experts at Guardian Wealth Management, most residents are not aware of the various reasons as to why bank accounts in the U.A.E can be frozen. When people are denied access to their bank account, even if it is just for a short period of time, it can ultimately have a knock-on effect on their short-term finances including the payment of rent, school fees and savings.  The most common reason universally for a frozen bank account is when the bank feels ......read more

    Mobility MEA becomes the first approved Android zero-touch enrollment partner for the region

    16th September, Dubai, United Arab Emirates: Mobility MEA, a leading systems integrator, enterprise managed mobility service provider and a GEMA alliance partner, is now the first approved Android zero-touch enrollment partner for the MEA region. The company will serve to accelerate automated deployments, reducing dependency on internal IT support, simplifying setup and management of Android mobile devices; and making time-consuming device configuration a thing of the past through processes that create better user experiences. Zero-touch enrollment, which supports OEMs, carriers and ......read more

    The Higher Sharia Authority at the Central Bank Held A Consultation Meeting with The Members of the Internal Sharia Control Committees Prior to Its Fifth Meeting

    Dubai, UAE, September 16, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held a Consultation meeting with the members of the internal sharia control committees (ISCC) of Islamic financial institutions operating in the UAE on 9 September 2018. Islamic Banks, commercial banks’ Islamic windows and Islamic finance companies, represented by the members of their ISCC, the head of the internal Sharia control departments and the heads of the internal Sharia audit, attended this first Consultation meeting to exchange views on various issues that ......read more

    Dollar, trade tiff driving commodities

    By Ole S Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, September 16, 2018:  Commodities in general traded close to unchanged on the week with rising energy and metal prices being offset by lower grain prices. The weaker dollar, which came under pressure against resurgent emerging market currencies, helped at least temporary to raise the general level of risk appetite.  The ongoing trade war between China and US did not, as expected, escalate further with President Trump refraining from unleashing tariffs on an additional $200 billion of Chinese imports. New talks ......read more

    Nancy Pelosi on President Trump: "As long as he's here, I'm here"

    Dubai, UAE, September 11, 2018:  Speaking to CNN’s Christiane Amanpour, Minority Leader of the United States House of Representatives Nancy Pelosi discusses her role and why she has decided to remain in politics. During the interview for CNN’s new one-hour long Amanpour, Pelosi explains how a Trump Presidency has compelled her to remain in her position to maintain a female presence in policy changes and continue to fight for the protection of the Affordable Care Act. Full interview airs tonight on CNN International at 6p.m. BST and 7p.m. CET Please clearly credit CNN ......read more

    State Street Expands Middle East Presence with New Abu Dhabi Office in Response to Region's Significant Growth Prospects

    New Research from State Street Reveals Institutional Investors Are Bullish on MENA Growth Abu Dhabi, UAE, September 10, 2018:  State Street Corporation (NYSE: STT) announced today the opening of its first Abu Dhabi office, which will be located in the Abu Dhabi Global Market (ADGM), the country’s international financial centre. This is the firm’s second office in the United Arab Emirates, building on its 26-year presence in Dubai. To mark this milestone, State Street also unveiled a research1 paper that draws on survey responses from 306 institutional investors based in ......read more

    Dubai FDI embarks on second investment promotion mission to US to strengthen bilateral ties

    Dubai, 9 September 2018​:  Dubai FDI, the investment development agency of Dubai Economy (DED), is going on to second investment promotion mission to the United States (US) this month in a bid to further strengthen its bilateral relations with one of the world’s leading economic powers. The high-level mission will visit the cities of Indianapolis and Detroit.  The main objective of the mission, which will take place from September 15 to 22 is to strengthen trade and economic ties with the states Indiana and Michigan, in the fields of technologies, healthcare and life ......read more

    FDI flow in to Bangladesh jumps 22.52% last year to US$2.45 billion that prompts UAE businesses to invest in Bangladesh

    More and more Bangladeshi entrepreneurs are opening companies in the UAE as economic relations between the two countries grow   News Highlights FDI in to Bangladesh jumped 22.52% to US$2.45 billion (Dh9 billion) in 2016-17 fiscal year Bangladesh is the world’s 32nd largest economy with US$687.14 billion Gross Domestic (GDP) based on Purchasing Power Parity (PPP) Bangladesh seeks investment in 100 new economic zones where UAE investors could invest and own 100 percent export-oriented industries and benefit from duty-free quota access to Europe and the United ......read more

    New drops mean more good news for gold investors

    As the US dollar continues to hold strong in international markets, gold prices fall as investors search out safe bets elsewhere. As the week started, UAE 24-karat gold fell from Dh147.25 per gram to Dh146.75 per gram as Monday played out. You can check the live rates on business24-7.ae   Other karats are also available at bargain prices -  22K at Dh137.75, 21K gold at Dh131.50 and 18K gold at Dh112.75 per gram. You will be able to buy those kind of gold online on business24-7.ae   Vijay Valecha of Century Financial has been watching the situation carefully. ......read more

    Fintech Abu Dhabi Launches Two Full Days of Activities for Startups, Investors and Financial Institutions

    4th September, 2018, Abu Dhabi, UAE: FinTech Abu Dhabi Summit 2018 will go ‘live’ in two more weeks with two full days of exciting activities for FinTech start-ups and lively discussions on industry matters and issues that affect the development and growth of the financial services industry. This leading FinTech and financial event, organised by Abu Dhabi Global Market (ADGM), is held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council for the second consecutive year. FinTech Abu Dhabi comprises of a newly ......read more

    "Kazakhstan can become the main trade and economic partner of the UAE in Central Asia."

    Dubai, UAE, September 04, 2018:  About the main perspectives and potential of investment and economic cooperation between the countries, Ilya Urazakov, Head of the Representative Office of the State Investmentand Promotion Agency of the Republic of Kazakhstan, "Kazakh Invest", told at the meeting with representatives of the UAE Media. - "Historically, our countries have very warm and strategic relations. But turnover and investment cooperation could be much higher. According to experts from both countries, the potential for economic cooperation can at least triple" ......read more

    Central Bank of the UAE Holds its 7th Board of Directors Meeting for 2018

    Dubai, UAE, September 03, 2018:  The Board of Directors of the Central Bank of the UAE held its 7th meeting for 2018 at 9:30am on Sunday, 2nd September 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Al Kindi, the Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman of the Board and H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer and Hamad Mubarak Buamim, as well as by H.E.Saif Hadef Al Shamsi, Assistant Governor ......read more

    Special Economic Zones – A tool for future economic development?

    Oliver Wyman addresses the impact of special economic zones in today’s increasingly globalised market place    Dubai, United Arab Emirates, 3 September 2018:   As a national development strategy, Special Economic Zones (SEZs) have become a global phenomenon. From an estimated 500 in 1995, the number of  SEZs has grown to around 4,300 in over 130 countries, reveals a recent report by the strategy consultancy firm, Oliver Wyman.    Titled “Special Economic Zones as a tool for economic development,” the report raises and addresses ......read more

    The Central Bank warns consumers against disclosure of their credit information

    Dubai, UAE, August 29, 2018:  The Central Bank of the UAE (CBUAE) reminds consumers of their responsibility to protect their credit information and credit/debit cards from fraud and unauthorized use. CBUAE also directs consumers not to disclose their PIN to any persons or institution. If somehow this information is disclosed, it is the consumer’s responsibility to immediately contact their bank to freeze the card and change the PIN. CBUAE advised consumers to take caution when using their cards and ATM machines in order to avoid any leakage of information that may expose their ......read more

    Al Ansari Exchange announces the fifth millionaire of ‘Al Ansari Exchange Rewards – Summer Promotion'

    UAE, August 28, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has announced that Gina Realuyo Soriano from Philippines is the fifth millionaire of its popular ‘Al Ansari Exchange Rewards - Summer Promotion.  The name of Gina was picked during the draw held at the Metropolitan Hotel in Dubai. The single lucky winner of Mercedes Benz 2018 model was also revealed during the event along with the names of nine other individuals who won a cash prize of AED 10,000 each. Gina, a house maid who has been in the UAE for 10 years now, was ......read more

    Central Bank of the UAE Celebrates Emirati Women's Day

    Abu Dhabi, UAE, 28th August 2018:  In line with H.H. Sheikha Fatima bint Mubarak’s “Mother of the Nation” declaration to celebrate Emirati Women’s Day on the 28th of August each year, the Central Bank of the UAE (CBUAE), has organized a special event to mark the day and join the nation in celebrating the achievements of women in the UAE. To mark this occasion, H.E. Mubarak Rashed Al Mansoori, Governor of CBUAE announced that the Central Bank would be honoring H.H. Shaikha Fatima bint Mubarak, by awarding her the two most valuable commemorative coins issued by ......read more

    Debate about auditor scepticism must address public concerns, says ICAEW

    Debate about auditor scepticism needs to be more substantial and constructive, according to ICAEW’s latest report Scepticism: The Practitioners’ Take. The report captures fresh insights from auditors, and those who train and regulate them. It highlights what auditors are doing and recognises that they have lessons to learn, but also says that it is unhelpful to use ‘lack of auditor scepticism’ as a catch-all explanation for anything that goes wrong on audits.   Dubai, UAE, August 28, 2018:  Professional scepticism is at the heart of what auditors do. ......read more

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