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    Featured in Banking
    DAFZA Highlights Growth Opportunities Within the Islamic Economy Through the Second Edition of the Comprehensive Halal Guidebook

    Representatives of various entities interested in the Islamic economy attended the webinar along with international investors      Dubai, United Arab Emirates, September 16, 2020: The Dubai Airport Freezone Authority (DAFZA) hosted a webinar to highlight the growth opportunities in the Islamic economy. The webinar took place after the launch of the second edition of the Halal Guidebook entitled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide’. The Guidebook unveils key trends that will have a lasting impact on the regional economy and provides an analysis of the global and national Islamic economy. Representatives of various entities interested in the Islamic economy attended the webinar, as well as local and international companies looking to invest in the sector, ......read more

    Hitachi ABB Power Grids Expands Tropos Portfolio with Wireless Strategy for Industrial Communications

    New future-proof hybrid solution integrates cellular, self-healing broadband mesh technologies and partner sub-GHz technologies to enable a growing number of industrial applications. Hitachi ABB Power Grids’ new wireless strategy future proofs mission-critical operations in industrial and utility environments United Arab Emirates,  September 16, 2020:    Hitachi ABB Power Grids has introduced its new wireless communication solution with the launch of the next generation Tropos TRO600 portfolio. The business entity will introduce a hybrid wireless architecture, seamlessly integrating 2G, 3G and 4G LTE communication technologies, self-healing broadband mesh and select sub-GHz technologies from its eco-system partners into a single device.  The new TRO600 series builds on the Tropos foundation of high ......read more

    Global Fund Manager Survey

    The Rotating Top   United Arab Emirates,  September 16, 2020:     Key takeaways    •         Rotating Top: investors "rotating" not "chasing" stocks following epic 51% rally from March lows •         The vaccine's the thing: 41% say C-19 vaccine most likely trigger for higher bond yields, investors say Q1'21 likely timing •         FMS contrarian trades: UK, energy, banks longs (on 10Y >1%); US tech, healthcare, discretionary shorts (on vaccine)       BofA September Global Fund Manager Survey Bottom line: FMS shows investors "rotating" not "chasing" stocks following epic 51% rally from March lows; BofA Bull & ......read more

    Dubai Chamber Whitepaper Examines Growth Potential of UAE Space Economy

    Report identifies space industry as one of the UAE’s most promising sectors and a key pillar of economic growth for the next 50 years.     United Arab Emirates,  September 16, 2020: Space industry could become one of the UAE’s most promising sectors and a key pillar of economic growth over the next 50 years, according to a new whitepaper released by Dubai Chamber of Commerce and Industry.   The report, titled Space Economy Investment Opportunities for the UAE, identifies 10 areas of the space economy that offer the most investment potential for the UAE, namely space mining, space stations, space settlements, space law, sustainability in space and recycling, space tourism, space companies, and space academies that include preparing astronauts for commercial flights, space industries, and ......read more

    Unlocking the Potential of eSIM for Consumers

    By: Said Zantout, Head of Solution Area OSS, Core and Cloud at Ericsson Middle East and Africa United Arab Emirates,  September 15, 2020:  eSIM has become a hot topic among device manufacturers and its increasing role in the industry is clear –  as device manufacturers benefit from lower costs and more space on the processing board . Moreover, eSIM helps service providers to generate new revenue streams, and a future of billions of IoT connected devices  During 2019, two major smartphone manufacturers announced several of their models were now equipped with eSIM functionality. In 2020, many more are following suit. By 2025, GSMA estimates that more than 2 billion eSIM devices will be shipped. This is a strong incentive for the industry to go for eSIM. But what about consumers like me and you? What can ......read more

    Global Energy Weekly: Oil differentials go into hibernation

    15 September 2020     Key takeaways   •         The collapse in North American oil supply tightened differentials and WTI-Brent, and supply is unlikely to recover quickly •         As demand normalizes, WTI-Brent, inland-coastal, & Mid-Cush spreads should stay tight, but WCS-WTI and Bakken-WTI face risks •         Stalled or regressing demand, weak OPEC+ compliance, US elections, and the ongoing hurricane season present risk to our views   ________________________________________     The recent oil selloff puts North American supply at risk… The oil price collapse in March and April has completely altered the outlook for North American supply (see Pressing reset on ......read more

    Leaders Sign Unique Roadmap for Stakeholder Capitalism in the Middle East and North Africa

    Yousuf Mohamed Al-Jaida, Chief Executive Officer, Qatar Financial Centre Authority along with a Number of Ministers and a Group of Senior Regional Business Leaders Pave the Way for the Region’s Future   September 14, 2020:   • A group of senior decision-makers from the Middle East and North Africa, including leaders from government, business and civil society, signed the Principles of Stakeholder Capitalism for the Middle East and North Africa, which are designed to inform an inclusive, sustainable and resilient recovery for the region.  • All signatories are members of the World Economic Forum’s Regional Action Group for the Middle East and North Africa. The Forum created this group in response to the COVID-19 pandemic, designing it as a platform for public-private cooperation to ......read more

    New Portugal Passport Collection Centres Open in Abu Dhabi and Dubai

    • Managed and operated by VFS Global, the centres deliver newly issued passports to Portuguese citizens from 16 August 2020 • Centres to operate from Sunday to Thursday from 09:00 AM to 05:00 PM   United Arab Emirates,  September 14, 2020:  Citizens of Portugal living in the United Arab Emirates (UAE) can now collect their newly issued passports at the Portugal Passport Collection Centres jointly launched by the Embassy of Portugal in the UAE and VFS Global, the world's largest visa and consular service provider for governments and diplomatic missions.    Officially launched on 16 August 2020, VFS Global’s Portugal Passport Collection Centres in Abu Dhabi and Dubai will ensure the safe and secure delivery of newly issued passports  to customers, while the Embassy of ......read more

    Dubai-Based Prominent African Entrepreneur and Philanthropist, Mahmood Ahmadu, Conferred the Forbes ‘Best of Africa' Award

    The founder and executive chairman of Online Integrated Solutions, is one of three leading African business luminaries to receive the prestigious recognition    Dubai, September 14, 2020:  In a virtual ceremony held on September 11th 2020, Mr. Mahmood Ahmadu – founder of Africa’s leading multi-business IT conglomerate - was one of three celebrated business leaders to be presented the Forbes Best of Africa Award for 2020. Mr. Ahmadu received the Award in recognition of the several philanthropic activities he has led and contributed to – in a personal capacity as well as through corporate social responsibility initiatives. The ceremony was part of an online roundtable supported by the World Philanthropy Network, and will feature a keynote address by former Nigerian President, His Excellency Olusegun ......read more

    US$25 Trillion Global Retail Industry Transforms amid COVID-19

    COVID-19 has transformed consumer behaviour, forcing retailers to digitise businesses to benefit from new retail opportunities, say officials at a RetailME Omnichannel Virtual Roundtable Date: Dubai, UAE; September 13, 2020 News Highlights: 1. Global retail transaction value to grow from US$23.36 trillion in 2020 to US$25.04trillion in 2021, according to Statista.com, a global market intelligence provider; 2. The e-commerce market size is expected to reach US$19.7 billion (Dh72.29 billion) in2020 in the GCC. 3. Saudi Arabia is the largest market with US$8.3 billion (Dh30.46 billion) followed by the UAE with US$7.5 billion (Dh27 billion). 4. The GCC retail sector is projected to grow at a CAGR of 4.0 per cent from US$253.2 billion (Dh929.24 billion) in 2018 to US$308 billion (Dh1.13 trillion) in ......read more

    The Oil Gusher #411: 2H20 watch-list: Upcoming catalysts to take us into 2021 - BofA

    EMEA Equity Research Daily Highlights BofA Global Research Media Relations   United Arab Emirates,  September 13, 2020:  Refer to important disclosures at the end of these reports (see links below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a BofA Global Research report. All other copying, redistribution, retransmission, republication and any other unauthorized dissemination or use of the contents of the report or the link thereto are prohibited. If you are interested in interviewing an analyst, your request must be directed to Research Communications & Media Relations. EMEA Equity Research Daily Highlights Anglo American: Diamonds (finally) inflect; Reiterate BUY Vodafone Group: ......read more

    Marafiq and its Partners, Veolia and Amwal AlKhaleejiah, Reach the Financial Closing of Jeddah Sewage Treatment Plant

    SWPC and the consortium composed by Marafiq, Veolia, and Amwal AlKhaleejiah have successfully achieved the financial closing of the US$ 280M ISTP (Independent Sewage Treatment Plant) project for Jeddah. September 13, 2020:   Marafiq (Power and Water Utility Company for Jubail and Yanbu) is the lead developer in Jeddah Airport 2 ISTP (Independent Sewage Treatment Plant) and has a wealth of experience as an integrated utility service provider to major industrial cities in Saudi Arabia.  The Jeddah Airport 2 ISTP was awarded under the Build, Own, Operate and Transfer (BOOT) concession model, and will be developed under a 25-year Public-Private Partnership (PPP) model. Marafiq has partnered with Veolia, an Amwal AlKhaleejiah, who will support the development, financing, engineering, procurement, construction, ......read more

    WCU: Platinum on Top as Gold Consolidates; Crude Remains Under Pressure

    United Arab Emirates,  September 13, 2020:  The Bloomberg Commodity Index, which tracks a basket of major commodities spread evenly across energy, metals and agriculture, traded lower for a second week. Risk appetite, as seen through the behavior among U.S. megacap stocks, has received a setback following the flurry of activity during July and August. This development, combined with a dollar that has stopped falling, rising coronavirus cases and concerns about the timing of a vaccine, have all played a part.  The hardest hit during the past week was the energy sector, which amid rising signs of wavering fuel demand, began seeing the price of oil and fuel adjusted lower to better reflect current fundamentals which are showing signs of weakening. The grains sector maintained strong momentum ahead of Friday’s U.S. ......read more

    Ogilvy Becomes First Agency Brand to Reach 1 Million Followers on LinkedIn

    September 10, 2020:  Ogilvy has become the first agency brand to reach an impressive social media milestone: one million followers on LinkedIn.    LinkedIn has become the social destination for business, employment, and company culture content. Ogilvy’s global social and thought leadership strategy is a natural fit with LinkedIn. The one million follower landmark is the result of the cultivation of a community where big ideas that shape brands are shared, celebrated, and discussed.     Ogilvy’s one million LinkedIn followers come from across the globe and the business spectrum. The top five nations represented in Ogilvy’s LinkedIn community are the United States, India, United Kingdom, Brazil, and Spain; its followers come from industries as varied as Marketing and Advertising to ......read more

    COVID-19 Pandemic will Lead to Increased Demand for Business Aviation

    MEBAA Chairman Ali Alnaqbi confident in future growth and development of business aviation globally and in MENA    DUBAI, United Arab Emirates – 09 September 2020:   The impact of the COVID-19 pandemic and the rise for the need of  physical distancing will lead to an increase in private flying and growth in business aviation – that is according to Ali Ahmed Alnaqbi, Founding and Executive Chairman of The Middle East & North Africa Business Aviation Association (MEBAA).    Discussing the future of business aviation both globally and specifically in the Middle East, Alnaqbi highlighted that there are significant opportunities for development of the sector and advised companies to invest carefully in aircraft type in the future. With smaller, private terminals with fewer ......read more

    DAFZA Launches Second Edition of the Halal Guidebook

     Halal investment will have a lasting impact on regional economy   Dubai, United Arab Emirates – September 09, 2020: The Halal economy is estimated to be worth $3.2 trillion by 2024, according to the newly launched second edition of the Halal Guidebook titled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide.’ The Guidebook unveils key trends that will have a lasting impact on the regional economy and assists in providing a clear picture of the international and national Islamic economy.   According to the State of the Global Islamic Economy Report 2019/20, the Islamic economy was valued at $2.2 trillion in 2018, which accounts for 12% of the global spend in the food, pharmaceutical and lifestyle sectors. The spending power has also witnessed a significant increase and ......read more

    EMAS Partners with Eaton in Egypt

    08 September 2020 Dubai, UAE:   Eaton and EMAS - Egyptian Manufacturing and Advanced Systems Co., part of El-Sewedy Industries group, are announcing a long-term partnership in Egypt, that aims to increase Eaton’s electrical product portfolio’s presence across the country, of Low Voltage and Medium Voltage Switchgear systems. This partnership represents a strong commitment from both EMAS and Eaton to support all the important sectors including buildings, industrial applications and utilities with leading electrical products that provide the best in safety, reliability and efficiency in Egypt. Mr. Fernando Ceccarelli, General Manager and SVP of Eaton Power Distribution Division EMEA has commented: “This agreement will enable Eaton’s Power Distribution division to achieve its ambitious plans on ......read more

    Mo'asher - Secondary Market Transactions Accounting to More Than 70% of Total Sales

    ● In July, real estate sales transactions grew by 3.7% month-on-month and averaged around 600 properties sold in Dubai every seven days.    ● The secondary market in July 2020 had higher volumes of sales transactions than off-plan transactions, a trend recorded since the end of Q2 2020     Dubai, UAE, 7 September 2020:  Dubai Land Department (DLD), in cooperation with Property Finder, launched the fifth edition of Mo’asher, Dubai’s official sales-price index. The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012.   In July 2020, DLD recorded a total of 2,404 sales transactions worth AED 4.69 billion, with 29.6% in the off-plan segment and 70.4% in the secondary ......read more

    Protiviti and Monimove Forges Strategic Partnership to Provide Next-Gen Credit Utilization, Supply Chain and Trade Finance in the UAE

    New alliance combines Monimove’s innovative platform with Protiviti’s technology and risk management expertise   Dubai, September 7, 2020: Protiviti Member Firm for the Middle East Region, a global consulting firm and Monimove, an award winning fintech solution provider, today announced a strategic alliance to empower the trade ecosystem with a fully digitized blockchain enabled platform for greater transparency reduced cost and increased investment protection.    The Monimove platform lays great emphasis on promoting and empowering SMEs, in accordance with the UAE’s National SME Programme, through better liquidity management, reduced disputes and increased focus on growing their business to play a larger role in the UAE economy.   “Our partnership with Monimove enables us to offer ......read more

    Deloitte 2020 Powers of Construction Report: From C-19 “Respond” to “Recover”

    United Arab Emirates,  September 07, 2020:  The COVID-19 (C-19) pandemic and collapsing oil prices have had an unprecedented and compounding effect on the GCC Construction industry in the Middle East and globally. As stakeholders grapple with the ‘new normal’ that COVID-19 has presented, they also face an opportunity to rethink the way they used to work and discover new opportunities to change the status quo collectively. Deloitte has just launched the 10th edition of its GCC Powers of Construction 2020, which considers how the Construction industry can come together amidst the new normal to create a future in which everyone thrives. The report provides an overview from experts in the field on the overall performance of the Construction industry across the region, what the industry needs to address to create a ......read more

    Philips Middle East and Turkey Welcomes Its New CEO

    • Vincenzo Ventricelli, former Health Systems Sales Leader and Head of Marketing, Philips Middle East and Turkey (MET), is appointed as Philips MET CEO • Ventricelli to continue driving the company’s strategic objectives and growth across the region   United Arab Emirates,  September 06, 2020:   Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the appointment of Vincenzo Ventricelli as Chief Executive Officer for the company’s operations in the Middle East and Turkey, based in Dubai, effective September 1st.   Vincenzo Ventricelli joined Philips Italy in 1996 and has ever since held several positions in sales and marketing in different locations such as Italy, Central and Eastern Europe, and the Middle East. He moved to Vienna in 2004 ......read more

    Global Metals Weekly: Copper Refineries Running on Empty

    United Arab Emirates,  September 06, 2020:   Mine supply down, refined supply up   Copper prices have risen remarkably in recent weeks and they are now up 20% YoY and 9.1% YTD. This was driven by a confluence of factors. The rally was initially triggered by a sharp rebound of demand in China, where changes in consumption have flipped from a contraction of 37% YoY in February to an expansion of 24.2% in May, a swing of 61.2ppt! This helped to prevent an increase of inventories, with market tightness then exacerbated by supply outages. Linked to that, global mine supply has contracted between March and April, which led to shortages in the concentrates market, reflected in lower treatment and refining charges.   BHP highlights the ongoing headwinds   Digging deeper into mining activity, ......read more

    Bank of America Opens Grant Proposal Window for 2021 Art Conservation Project

    United Arab Emirates,  September 03, 2020:  Grant proposals are now being accepted for the 2021 Bank of America Art Conservation Project. Nonprofit cultural institutions with artwork requiring much-needed conservation are welcome and encouraged to apply at www.bankofamerica.com/artconservation. All proposals must be submitted before Monday, November 30 to be eligible for funding in 2021.    The Bank of America Art Conservation Project provides grants to nonprofit museums throughout the world to conserve historically or culturally significant works of art that are in danger of deterioration, including objects that have been designated as national treasures. Due to challenges brought on by the coronavirus, Bank of America postponed the 2020 Art Conservation Project, directing planned funding to support the general ......read more

    Global Equity Volatility Insights

    Feed on vol’s fear of rising markets       Key takeaways    •         A sign of how stressed markets are despite pushing new highs, volatility is aggressively rising with equities •         Harvest this fear to play for a potential post-election vol collapse, a continuation of the equity bubble or RV •         Optimised EU volswap dispersion is an attractive way to stay long vol (with currently positive carry) in the face of high VRP     INTERACTIVE ANALYTICS      Vol rising to historically stressed levels despite equities rising to new highs Vol markets are displaying increasing risk aversion to rising equity markets, as price momentum meets market ......read more

    Emirati Philanthropist Abdul Aziz al Ghurair Signs an Agreement with the Islamic Development Bank and UNICEF as the Lead Donor for the Global Muslim Philanthropy Fund for Children'

    United Arab Emirates,  September 03, 2020:  H.E Abdul Aziz Al Ghurair signed the donor contribution agreement with the Islamic Development Bank (IsDB) and UNICEF as the lead donor for the Global Muslim Philanthropy Fund for Children (GMPFC).  This contribution marks the first significant commitment from a philanthropist to the Fund. The $10million contribution by H.E. Abdul Aziz Al Ghurair will focus on supporting refugee education programs in the Middle East and North Africa region. This contribution represents an important step towards the activation of the Fund. Over a virtual signing ceremony, H.E. Abdul Aziz Al Ghurair signed the Donor Cooperation Agreement with H.E Dr. Bandar Hajjar President of IsDB as the trustee to the Fund. UNICEF’s Executive Director Henrietta Fore, as the co-founder of the Fund, ......read more

    Other Top Stories from Banking
     
    Sharaf Exchange on Active Expansion Mode With New Branches in Dubai's Industrial Zones

    United Arab Emirates,  September 02, 2020:   Sharaf Exchange, one of the leading remittances and financial solutions providers in the UAE and a part of Sharaf Group, opened two new branches in Al Qouz industrial zone further enhancing its branch network across key locations in the UAE.   The newly opened branches are located proximate to First Security Group workers accommodation and at Grand City Mall in Al Qouz.   Mr. Rajesh GK, CEO of Sharaf Exchange, said, “We are glad to announce opening of these new two branches in Dubai’s major ......read more

    Al Maya Adds Macro Brand to Its Exclusive Woolworths Owned Range in UAE

    United Arab Emirates,  September 02, 2020:  Woolworths, Australia's national brand, has been supplying it's range of grocery products on an exclusive basis to Al Maya for more than a year now. During this time, Woolworths has supplied Al Maya with around 200 individual SKUs across all grocery categories - including breakfast foods, snack foods, cooking needs, condiments and canned goods. Woolworths will now be supplying its ‘Macro Wholefoods Market’ and ‘Macro Organic’ brands exclusively to Al Maya.  Macro is Australia's largest healthier ......read more

    Mai Dubai pads up for biggest T20 cricket extravaganza with multi-team partnerships

    2 September 2020 - Mai Dubai, the bottled water company fully owned by the Dubai Electricity and Water Authority (DEWA), announced that it has partnered with five of the leading teams of the T20 League. The 13th edition of the world’s most coveted T20 League is set to kick off on September 19 in the UAE. Mai Dubai will be taking care of the hydration requirements of the defending champions Mumbai Indians, a team led by the supremely gifted Rohit Sharma; the Chennai Super kings - the runners up from last season and three-time champions, who will have the legendary MS Dhoni calling the ......read more

    Creative Zone and the Dubai Business Women Council Launch Ambitious Program 'She Leads' to Accelerate and Incubate 100 Women-Led Startups From The UAE

    Dubai, 2nd September 2020:   Recognizing that the SME sector represents 40% of the total GDP in the UAE, Creative Zone and the Dubai Business Women Council have entered into a partnership agreement with the aim of empowering 100 women entrepreneurs to launch their business successfully.   The ten-week program will train, support and nurture 100 of the UAE's brightest women entrepreneurs. Women above the age of 21, residing in the country with an existing business or a concrete business plan are eligible to apply for coaching, networking and learning opportunities. In ......read more

    Jafza Signs Agreement With Emaar Malls to Extend Its Expertise Beyond Jebel Ali

    DP World, UAE Region’s flagship free zone, will handle licensing, registration and visas for companies in Gold & Diamond Park    Dubai, United Arab Emirates, 2nd of September 2020: The region's most experienced and successful free zone operator, Jebel Ali Free Zone (JAFZA) has agreed to extend its expertise in licensing, visas and other related activities to Gold & Diamond Park, a free zone developed by Emaar Malls Group, the region's leading shopping destination developer. The regulatory services will be provided as part of the agreement signed by ......read more

    Islamic Development Bank Adopts Refinitiv Money Market Auctions and FX Trading Platforms

    United Arab Emirates,  September 01, 2020:   The Islamic Development Bank (IsDB) has adopted Refinitiv money market data solutions as well as Money Market Auctions and Foreign Exchange (FX) electronic trading platforms to power its electronic transaction and manage currency exposure across the bank’s operations in 57 countries.  The recent FX market volatility caused by the COVID-19 disruption emerged as a key challenge for multinational organizations such as IsDB. Refinitiv will provide IsDB with an auctions’ infrastructure connected with variety of Global ......read more

    Emirati Philanthropist Abdul Aziz Al Ghurair Signs an Agreement With the Islamic Development Bank and Unicef as the Lead Donor for the Global Muslim Philanthropy Fund for Children

    United Arab Emirates, August 31, 2020:   H.E Abdul Aziz Al Ghurair signed the donor contribution agreement with the Islamic Development Bank (IsDB) and UNICEF as the lead donor for the Global Muslim Philanthropy Fund for Children (GMPFC).  This contribution marks the first significant commitment from a philanthropist to the Fund. The $10million contribute by H.E. Abdul Aziz Al Ghurair will focus on supporting refugee education programs in the Middle East and North Africa region. This contribution represents an important step towards the activation of the Fund. Over a ......read more

    BIOS Middle East Helps Delma Exchange with Large-scale Cloud Migration and Business Continuity

    With this implementation, Delma Exchange builds a robust, scalable and manageable IT Infrastructure and IT governance in place Dubai, United Arab Emirates, August 31, 2020:  BIOS Middle East, a leading provider of cloud and managed IT services for enterprises, announced that Delma Exchange, a UAE based global currency exchange, has successfully completed its large-scale cloud migration and business continuity project. Delma Exchange is embracing the latest IT technologies to add more value to internal productivity and customer offerings.   Delma Exchange operated in a ......read more

    Calling All Social Entrepreneurs! Registration Deadline Extended for Ma'an's Third Social Incubator, Focusing on Strengthening Family Cohesion in Abu Dhabi

    • The Authority of Social Contribution – Ma’an has announced it has extended the application deadline for the third cycle of its Social Incubator to September 12 and reminds social entrepreneurs in the UAE and across the MENA region to register • The third cohort aims to help solve the pressing social challenge of family cohesion   Abu Dhabi, 30 August: The Authority of Social Contribution – Ma’an is reminding all social entrepreneurs in the UAE and wider MENA region to complete the online application to the third cycle of the Ma’an Social ......read more

    ACME Intralog Plans Expansion to Meet Strong Demand for Warehouse Automation Amidst COVID Associated Supply Chain Disruptions

    UAE based ACME celebrates 45 years of supporting the logistics and supply chain industry in the Middle East Dubai, UAE: August 30, 2020: The region’s largest full spectrum factory and warehouse automation solution provider, ACME Intralog, reports increase in demand for their solutions as the ‘new normal’ signifies radical change in the way businesses look at their distribution centers. The disruption in logistics during Covid has made more companies look to established regional players like ACME for warehousing automation as opposed to hiring companies outside the ......read more

    Commodities Continue Broad Price Rally

    By Ole Hansen, Head of Commodity Strategy, Saxo Bank August turned out to be the strongest month for the broadly-exposed Bloomberg Commodity Index, since April 2016. Four consecutive months of gains have seen the index claw back most of the pandemic-driven collapse back in February and March. An unprecedented amount of central bank stimulus, rock-bottom U.S. and global interest rates, recent dollar weakness, weather worries and demand for inflation hedges are all seen as key reasons behind the current rally.  All the major sectors traded higher on the month, with natural gas, ......read more

    Emirates Classic Kick Starts With the Concept of Navigating Cov-exit

    EMIRATES CLASSIC HAS STARTED ITS OPERATIONS FOR PUBLIC IN AL TWAR CENTER, AL QUSAIS FOLLOWING THE CONCEPT OF NAVIGATING COV-EXIT. THE CONCEPT OF COV-EXIT IS LAUNCHED BY HIS HIGHNESS SHEIKH MUHAMMAD BIN RASHID AL MAKTOUM, VICE PRESIDENT OF UAE AND THE RULER OF DUBAI TO RE-SHAPE THE ECONOMY AND STABILISE THE DAMAGE CAUSED BY THE PANDEMIC. United Arab Emirates, August 28, 2020:   In the press meet organized at Al Twar Centre,CEO MR Sadhic Ali ALI Makkanakam announced that the  motive of Emirates Classic is to provide assistance to all their customers  to overcome the ......read more

    RAKEZ Steps Up Its Businesswomen Package on the Anniversary of Its Launch

    Ras Al Khaimah, 27 August 2020:  Ras Al Khaimah Economic Zone (RAKEZ) has upgraded the features of its BusinessWomen Package, the ‘first-of-its-kind’ women-focused product in the UAE, which was introduced on Emirati Women’s Day last year to empower more women to achieve their entrepreneurial dreams. Among the next level benefits added by the economic zone to both 1-Year and 3-Year BusinessWomen Packages are: two free additional activities and 25% reduction on employee and dependent visas, along with a range of value added services designed specifically for women in ......read more

    Minhaj Advisory and Taif Digital Institute Sign an MOU to Promote Digital Learning for Islamic Finance'

    RESHAPING THE FUTURE OF DIGITAL LEARNING Dubai, 27 August 2020: It is proudly announced that a memorandum of understanding has been signed between Minhaj Advisory and TAIF Digital Institute for strategic collaboration in various aspects of digital learning solutions for Islamic finance. The MOU was signed by General Manager of Minhaj Advisory Dr. Amin Fateh and Chief Executive Officer of TAIF Digital Institute Mr. Muhammad Ziaullah Siddiqui, in UAE. The MOU will facilitate collaboration between the two institutions to promote and develop outstanding digital learning solutions ......read more

    FireEye: FastCash2.0: North Korea's BeagleBoyz Robbing Banks

    United Arab Emirates, August 27, 2020:   CISA, Treasury, FBI, and USCYBERCOM identified malware and indicators of compromise (IOCs) used by the North Korean government in an ATM cash-out scheme—referred to by the U.S. Government as “FASTCash 2.0: North Korea's BeagleBoyz Robbing Banks. According to the alert, North Korea’s widespread international bank robbery scheme that exploits critical banking systems may erode confidence in those systems and presents risks to financial institutions across the world.    BeagleBoyz have attempted to steal nearly ......read more

    ENBD REIT Announces Q1 NAV of USD 215 Million; Balance Sheet and Cash Flows Healthy while Cost Controls Mitigate Pressures

    • Portfolio occupancy lower at 76%, robust in light of Covid-19 pandemic • Annualised dividend of 11.2% of share price paid in July 2020 • Stable cash flows and a healthy cash position following FY dividend payment  • The REIT has taken advantage of lower interest rate environment to reduce cost of debt     Dubai, United Arab Emirates, 27th August 2020:  ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a-compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its Net Asset ......read more

    Hitachi ABB Power Grids Awarded Three-Year Contract by Gulf Cooperation Council Interconnection Authority for New RelCare Solution

    GCCIA signs up to Hitachi ABB Power Grids’ new reliability-based digital ‘RelCare’ service solution for optimized asset lifecycle management. United Arab Emirates, August 26, 2020:   Hitachi ABB Power Grids has today launched a new reliability-based service solution, RelCare, which has been selected by Gulf Cooperation Council Interconnection Authority (GCCIA). GCCIA will become the first customer of the RelCare service. Established in 2001 as a joint stock company by the six Gulf states, GCCIA owns and operates the GCC interconnection that links the power ......read more

    A Hands-On Introduction to Mandiant's Approach to OT Red Teaming

    Threat Research   August 25, 2020 | by Mark Heekin, Daniel Kapellmann Zafra, Nathan Brubaker, Ken Proska, Rob Caldwell     MANDIANT OPERATIONAL TECHNOLOGY RED TEAMING     INDUSTRIAL CONTROL SYSTEMS   Operational technology (OT) asset owners have historically considered red teaming of OT and industrial control system (ICS) networks to be too risky due to the potential for disruptions or adverse impact to production systems. While this mindset has remained largely unchanged for years, Mandiant's experience in the field suggests ......read more

    Global Equity Volatility Insights: The necessary shock

    Key takeaways    •         S&P put spreads to hedge fading fiscal & Fed policy into the fall; high vol, flat call skew favor call ratios for AAPL upside •         Fears of a second wave of COVID infections rise in Europe as vol & skew levels make year-end core and tail hedges compelling •         A comeback of Asian autocall issuance in the months ahead could put downside pressure on long-dated Nikkei & HSCEI vol & skew     United Arab ......read more

    Al Muqarram Group Expects Growth of 50% in Revenue for Building Materials and Automotive Care Range by 2025

    The Group is also a proud Made in UAE Manufacturer who believes in underlining the prosperity of the country globally   Dubai, UAE, August 25, 2020:  The Middle East construction chemicals sector is expected to grow by approximately 5.5 percent compound annual growth rate by 2024, shrugging off COVID-19 after-effects that threatened to cripple most industries. This growth, according to industry insiders, will largely be driven by the extensive demands brought about by the increase in infrastructure in the building, construction and healthcare industries.  According ......read more

    China-Bound Exports of Dubai Chamber Members Reach Record Level in May

    • 256 Certificates of Origin (COOs) targeting China issued by Dubai Chamber in May 2020; Value of COOs rose 27% y-o-y to reach AED 283 million during the same month.   • Diversification of exports, strengthening Dubai-China ties and Dubai traders’ strategy of filling gaps in Chinese market among the key drivers of export growth.    Dubai, United Arab Emirates, August 24, 2020:  Dubai Chamber of Commerce and Industry member companies’ exports to China in May 2020 increased 18% month-on-month  (m-o-m) and 26% year-over-year (y-o-y) as ......read more

    Lucid Air to be the Fastest Charging EV, Featuring a 900V+ Architecture Delivering a Charging Rate of Up to 20 Miles (32 Km) Per Minute

    Partnerships with Electrify America include unlimited three-year subscription of 350kW fast charging at its nationwide network and with QMerit for installation of Lucid’s bi-directional home charger for car-to-grid capability together deliver future-proof solutions for Lucid customers   Dubai, United Arab Emirates – August 24, 2020:  Lucid Motors, which seeks to set new standards for sustainable transportation with its advanced luxury EVs, today announced the Lucid Air will be the fastest charging electric vehicle ever offered with the capability to charge at rates ......read more

    ENBD REIT Hedges AED 400m Facility with Mashreq Bank

    • Shari’a-compliant profit rate swap with Mashreq Bank will hedge 56% of ENBD REIT’s total outstanding debt • The arrangement fixes the variable rate of EIBOR for two years from June 2021 • Current low levels of EIBOR are attractive for the REIT to fix finance costs on facilities • Reducing and maintaining lower fixed costs remains a priority for management     Dubai, United Arab Emirates, 24th August 2020:  ENBD REIT (CEIC) PLC (“ENBD REIT” or the “Fund”), the Shari’a-compliant real estate ......read more

    FUNKO Bagged a New Guinness World Records™ Title

    The largest packaged product mosaic (image) measures 157.7 m² and consisted of 8,600 items   20 August 2020 – Guinness World Records™ (GWR), the global authority on record-breaking achievements announced a new world record for The largest packaged product mosaic (image) measures 157.7 m² which was achieved by Funko (UAE) in association with Dubai Summer Surprises and Mall of the Emirates.  The brand-new title with a minimum requirement of 150 m2 is the first on-site adjudication GWR delivered in the MENA region since lockdown. The instalment, which ......read more

    The Road to Inflation in Post-covid Times

    By Christopher Dembik, Head of Macro Analysis at Saxo Bank    United Arab Emirates, August 19, 2020:   No theme is more important in the macroeconomic space than inflation right now. All the clients we are talking to share their worries about inflation risk and are looking for investment strategies to hedge against inflation. In recent weeks, we have seen a series of upside surprises in inflation data, that mostly reflect the big imbalances in the economy following the COVID recession and some data noise. However, we cannot rule out that we will experience in the ......read more

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