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    Featured in Banking and Investments
    FERG celebrates 10 years of commitment

    Dubai, November 21, 2018: Foreign Exchange and Remittance Group (FERG), a consortium of businesses engaged in the foreign exchange and remittance industry, celebrated the completion of 10 successful years at its Annual General Meeting, which was held at Steigenberger Hotel, Dubai in the presence of office bearers, members and industry leaders and officials representing Central Bank of UAE,  Dubai Police, Abu Dhabi Police, Dubai Chamber and other strategic partners of FERG. FERG, which was formed in 2001 and officially registered under Dubai Chamber of Commerce and Industry in 2008, brings together UAE’s leading exchange houses and money transfer operators to discuss challenges, opportunities and threats facing the industry. Over the last 10 years, the group has been instrumental in various initiatives for the mutual benefit ......read more

    Zoho Deepens Analytics and AI in Customer Experience Platform

    Zoho CRM Plus, powered by Zia and Zoho Analytics, delivers seamless flow of insight to help businesses masterfully create positive customer experiences Dubai – November 21, 2018: Zoho today unveiled the next generation of Zoho CRM Plus, its all-in-one customer experience platform that empowers Sales, Marketing, Customer Support, and Operations to work as one. Now, Zoho customers have complete visibility of their customers across departments rather than partial views. Fueled by Zia, Zoho's AI-powered assistant, and the enhanced Zoho Analytics, Zoho's business intelligence and reporting platform, Zoho CRM Plus helps businesses deliver superior customer experiences, by allowing users to deeply understand customer sentiments, delight customers across channels, and adeptly prescribe actions to keep customers content ......read more

    Egypt tech startups get vote of confidence from Wamda Capital's investments in Aqarmap & Crowd Analyzer

    Dubai, UAE, November 21, 2018:  Wamda Capital’s recent investments in two Egyptian tech startups – Aqarmap and Crowd Analyzer – is a vote of confidence for other entrepreneurs in the country and investors abroad. With Egyptian startups securing bigger and later stage investment rounds in 2018, the venture capitalist firm says the pipeline potential in the MENA region’s most populous country looks promising.  Earlier this year, Wamda Capital became one of three Series A investors in Aqarmap, an online real estate marketplace based in Egypt that helped sell more than 15,000 properties in 2017. Wamda Capital also participated in a $1.1 million funding round for Crowd Analyzer – an Arabic-focused social media monitoring platform founded and developed in Egypt in 2013, with headquarters in ......read more

    RAPP's Development Continues as New Crm Director Joanna Witsch Joins the Mena Team

    Dubai, UAE, November 20, 2018:  RAPP, A global agency specializing in data fueled creativity and part of the Omnicom network, continues to grow by welcoming Joanna Witsch to the Middle East and Africa team. Joanna will be leading the customer relationship management and loyalty team at the agency and will oversee CRM relations for the MENA region. Having started her career over 10 years ago in loyalty marketing, Joanna originally found her passion for CRM by working within the campaign management department of a leading European business. Later, Joanna moved from Poland to the UK to lead one of the UK’s most successful loyalty programs, at London Heathrow Airport, for a number of years. With progression and advancement at the heart of Joanna’s career, she went on to become a Senior CRM consultant for multinational ......read more

    Win Big this Winter with UAE Exchange

    Daily cash prizes worth AED 10,000 and six BMW Cars weekly to be won during the 45-day promotion    Dubai, 17 November 2018:   UAE Exchange, a leading financial services brand in the United Arab Emirates, has launched its annual Winter Promotion – Win Big. During the 45-day promotion, customers have a chance to win AED 10,000 every day and a BMW car every week.    The promotion, which kicks-off from 17 November 2018, is valid on money transfers, foreign currency exchange, gocash uploads over USD 500, and purchase of National Bonds over AED 3,000. Customers who pay their credit card bills and utility bills together are also eligible for the promotion.  The winners, picked by electronic draws daily, will be announced on the Facebook page of UAE Exchange.   “In the ......read more

    Takaful Emarat (‘the Company') reports financial results for the 9-month period ended September 30, 2018

    The Company reports net profit of AED 9.1 million for the 9 months ended September 30, 2018, an increase of AED 7.6 million compared to the same period in 2017 The Company maintains its focus on Digitization and Artificial Intelligence development  Dubai, UAE 14th November 2018,   Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant life, health and general takaful provider and the largest takaful insurer in the UAE, today announced its financial results for the period ended September 30, 2018.    Key Financial Highlights  Net profit for the 9-month period ended September 30, 2018 is AED 9.1 million, an increase of AED 7.6 million year on year  Net profit for the 3-month period ended September 30, 2018 increased by AED 6.1 million year on year Gross ......read more

    Refinitiv Partners with Union of Arab Banks to Create Strategic Networking Platform

    Partnership helps develop cooperation among more than 360 financial institutions across MEA markets Dubai, UAE, November 14, 2018:  Refinitiv, formally the Financial & Risk business division of Thomson Reuters, announced a partnership with Union of Arab Banks (UAB) to develop a strategic networking platform for UAB’s members, the financial and compliance community across Middle East and Africa (MEA). The partnership develops cooperation on a strategic dimension that benefits more than 360 financial institutions in MENA. As part of the agreement, UAB will leverage Refinitiv’s network of financial crime industry experts and enhance the quality of UAB’s training workshops and seminars. Refinitiv will gain access to UAB’s vibrant network of financial institutions and will drive industry engagement ......read more

    GDPR compliance to help boost UAE businesses with EU companies

    IAA Workshop raises awareness of the new GDPR law and potential risks Dubai, 11 November, 2018: The role of internal auditors is more important than ever after the introduction of General Data Protection Regulation (GDPR) by the European Union as they can reduce risks as well as add value to the businesses by protecting the data that will give confidence to business partners. This was highlighted by industry specialists during a workshop on ‘GDPR and the role of Internal Auditors’ organised by UAE Internal Auditors Association (IAA) in association with Gulf Tax Accounting Group and Business Improvement Group and how UAE companies will be affected by the new data protection regulation. Introduced on May 25, 2018, GDPR is a new set of rules to give EU citizens more control over their personal data as well as put people ......read more

    The Central Bank's Higher Sharia Authority Discussed the Sharia Governance for the Sharia Control functions Within Islamic Financial Institutions

    Dubai, UAE, November 08, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its sixth meeting chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman Higher Sharia Authority, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Esam Muhamad Ishaq,Sheikh Dr. Aznan Hasan, andSheikh Dr. Osaid Muhammad Adeeb Al Kailani. The HSA discussed, a draft on the Sharia governance for the Sharia Control functions that support the HSA. The draft includes the governance for two main departments namely the Internal Sharia Control Department and the Internal Sharia Audit Department, and their respective functions. The draft also discussed the independence of the heads of these departments within the Islamic Financial ......read more

    MDC Business Management Services Wins ‘Best Shared Services Initiative in UAE' Award

    The award was presented at the “Government Shared Services Conference” hosted by Lt. General H.H Sheikh Saif bin Zayed Al Nahyan Abu Dhabi, UAE, 08 November 2018:   MDC Business Management Services (BMS), wholly-owned by Mubadala Investment Company, was recently awarded ‘Best Shared Services Initiative in the UAE’ at the ‘Government Shared Services Conference’ organized by the Ministry of Interior. The event was hosted by Lt. General H.H Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior. Lt. General H.H Sheikh Saif bin Zayed Al Nahyan presented the award to Nasir Al Nabhani, Chief Executive Officer of MDC BMS in an award ceremony hosted during the Government Shared Services Conference. Held recently at Etihad Towers Abu Dhabi, the ceremony was attended by ......read more

    The five questions you should ask yourself before you take out car insurance

    November 08, 2018 - Dubai, UAE:   AXA, one of the largest international players in the GCC and the number 1 global insurance brand (as per Interbrand rating 2018) has some helpful advice for people looking to renew or buy car insurance.   Recently, the region's car insurance market has become more price driven. Add to this the fact that demand for car insurance usually spikes at the end of the year, and you may end up rushing out to buy your insurance while missing out on cover that is best suited for your situation.   AXA is keen to create more transparency across the insurance market and is encouraging prospective customers to do a little homework to ensure they buy the most appropriate level of cover before making a decision. The following are the top 5 questions you should ask yourself before you ......read more

    WeInvest sets eyes on UAE, opens office in DIFC

    The Singapore firm, a finalist at the FinTech Hive initiative, is a robo-advisory platform-as-a-service provider for financial services provider DUBAI - 7 November 2018:   WeInvest, a Singapore-headquartered digital wealth services and robo-advisory firm, announced the opening of its office in the Dubai International Financial Centre (DIFC). Their entry into the UAE is the latest to follow after their expansion in Southeast Asia across markets like Hong Kong, Indonesia, Malaysia, Thailand while being based in Singapore. Their office will be located at DIFC, the leading financial centre in the Middle East, Africa and South Asia (MEASA) region, from where they will serve the Middle East market.  WeInvest is a digital wealth platform-as-a-service provider for banks, wealth and asset managers, insurance companies and ......read more

    Joyalukkas Exchange wins Best Strategic Customer Loyalty Program Award 2018.

    Dubai, UAE, November 06, 2018:  Joyalukkas Exchanged bagged the prestigious Best Strategic Customer Loyalty Program Award – 2018 in the Middle East’s Customer Happiness Summit and Awards.  On behalf of Joyalukkas Exchange, Mr. Marish Karna, Manager - Business Process, received the award from Mr. Hans Sandee, Netherlands' Consul General in Dubai.  The event took place at H Hotel, Dubai on 18th October 2018. Speaking on the occasion, Mr. Antony Jos-Director, Joyalukkas Exchange said “This award is a recognition for bringing innovative solutions at every step for giving the customers a more convenient experience.  We are delighted to be the title holder among the several nominees for the first-ever customer happiness and summit awards. It was a golden opportunity for us to learn from other ......read more

    Unilever MENA calls for collective action as it's revealed that 54% of consumers are keen to purchase more sustainably

    6th Edition of Unilever Sustainable Living Plan event focuses on plastic packaging as organization leads the charge for achieving a sustainable future for the Middle East   Dubai, United Arab Emirates, November 6, 2018 –   During an industry forum held today, it was revealed by Unilever that 54% of consumers are keen to purchase products more sustainably, according to its global study*. The forum, which was hosted by global consumer goods organization, Unilever, aims to draw regional focus to the global issue of sustainability in order to build a truly environmentally responsible future for the Middle East.    In its 6th year, the Unilever Sustainable Living Plan’s (USLP) 2018 focus was on plastic waste and sustainable packaging in a bid to drive collective efforts towards meeting the UAE ......read more

    The Road to Success: UAE's Federal Tax Authority (FTA) supports businesses every step of the way for easy VAT implementation

    Ten months down the line, businesses in the country have embraced the new law positively, syncing well with the economic rhythm Dubai, UAE, 5 November 2018:   The United Arab Emirates was one of the first countries in the Gulf Cooperation Council (GCC) to implement Value Added Tax (VAT) on Jan 1, 2018. Ten months down the line, businesses in the country have embraced the new law positively, syncing well with the economic rhythm. “Initially, there were apprehensions about implementation of VAT, however, The Federal Tax Authority (FTA) has been very supportive, encouraging businesses to comply with VAT with its comprehensive measures. Since the time VAT has been rolled out, The FTA has been guiding businesses – small and big with several measures to ensure that the transition to this new era is not only smooth ......read more

    Owning Your Dream Car Made Easy

    Dubai, UAE, November 04, 2018:   Buying a new car is a significant step for all of us. Whether you dream of a reliable car for the whole family to enjoy, or adding a new premium model to your own collection, it brings a feeling of success and achievement when you get hold of the keys to your desired car.   The perks of owning a car can come at a considerable price, which is why it requires planning and considering your financial situation before deciding on what type of car suits your needs and budget. Here are five steps you can take to convert your dream into reality. Stay Focused It is important that you stay focused while entering your car-purchasing decision with a long-term view in mind. Wants and needs can and will come up – stay focused. Keep reminding yourself that you are saving for the down ......read more

    The Central Bank of the UAE

    Abu Dhabi - November 03, 2018: The Central Bank of the United Arab Emirates announced that it will introduce into circulation, on Tuesday 30/10/2018, a currency note of AED One Hundred (AED100( denomination, reprinted with new security features, all on the front side of the   note as follows:- 1.         SPARK® Live:- A colour changing security feature printed at the left-hand bottom corner on the front of the currency note.  When the note is tilted, the colour is shifting from green to blue and shows a bar of light moving from top to bottom.  The numeral 100 is integrated in this feature. 2. Galaxy Thread:- The existing colour shifting security thread replaced with an advanced Galaxy three dimensional security thread. When the note is tilted the colour is shifting from ......read more

    Oman Insurance Company signs up with Al Etihad Credit Bureau

    October 30, 2018 - Dubai, UAE: Oman Insurance Company (OIC), a prominent insurance player in the GCC and one of the UAE’s leading insurers, has signed up with the Al Etihad Credit Bureau (AECB) to review commercial clients’ credit worthiness and better manage credit risk exposure.    The Al Etihad Credit Bureau is a Federal Government entity mandated to build a repository of credit information in the UAE from both, financial and non-financial institutions. The resulting Credit Scores and Credit Reports produced from this data for individuals and companies alike will be used by OIC to provide convenient payment plans for clients with good credit history.    Commenting on this association, Jean-Louis Laurent Josi, Chief Executive Officer at OIC says, “The partnership with Al Etihad Credit Bureau ......read more

    Tabreed Raises USD 500 million With New 7 Year Sukuk

    Also arranges new bank facilities of AED 1.5bn  30 October, 2018 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today announces it has successfully raised US$500 million (AED 1.8 billion) with a fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue follows a series of fixed income investor meetings which took place in Europe and Asia, as well as in the United Arab Emirates. The new sukuk, which will be listed on the London Stock Exchange, had strong institutional demand both locally and in Asia and Europe, which enabled the issue to be oversubscribed by 50%. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB ......read more

    The Central Bank of the United Arab Emirates Latest News

    Abu Dhabi, October 29, 2018:  The Central Bank of the United Arab Emirates announced that it will introduce into circulation, on Tuesday 30/10/2018, a currency note of AED One Hundred (AED100( denomination, reprinted with new security features, all on the front side of the   note as follows:-   1.  SPARK® Live:- A colour changing security feature printed at the left-hand bottom corner on the front of the currency note.  When the note is tilted, the colour is shifting from green to blue and shows a bar of light moving from top to bottom.     The numeral 100 is integrated in this feature.   2. Galaxy Thread:-  The existing colour shifting security thread replaced with an advanced Galaxy three dimensional security thread.    When the note is tilted ......read more

    National Bonds launches savings drive to celebrate World Savings Day

    28 October 2018, Dubai, UAE: National Bonds will celebrate World Savings Day 2018 with a savings initiative to stimulate savings in the UAE.  World Savings Day was created to increase the public’s awareness of the importance of savings. Celebrated around the world, the day aims to promote the virtues of putting money aside. For more than 90 years, the World Savings and Retail Banking Institute has promoted the advantages of saving through financial literacy initiatives.  Mohammed Qasim Al Ali, CEO of National Bonds, said: “Saving is a key aspect of any successful economy and every individual has a role to play. Aside from contributing to the collective good, saving is imperative for us as individuals. Saving incrementally does not only make financial sense but also helps boost overall wellbeing - money worries ......read more

    Arab Bank Group profits grow by 7% to $643 million for nine month 2018

    Dubai, UAE, October 28, 2018:  Arab Bank Group reported net income after tax for the nine month period ended 30 September 2018 of $643 million compared to $601 million in the prior period, recording a growth of 7%. The Group’s net income before tax grew by 8% to reach $865 million with net operating income reaching $ 988 million and recording a growth of 9%. Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong operating performance of Arab Bank Group confirms the success of the Group, with its diversified business model regionally and globally, in dealing with the challenging operating environment.  Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the strong underlying performance of Arab Bank Group is reflected in the growth in net operating income during the nine month period which was ......read more

    PCFC and Abu Dhabi Customs sign MoU to spur economic development

    Dubai, UAE, October 27, 2018:   In fulfilment of the wise vision of the leadership for creating an attractive investment environment that encourages businesses and supports the national economy, the Ports, Customs, and Free Zone Corporation (PCFC) signed a memorandum of understanding with the General Administration of Customs in Abu Dhabi. The MoU aims to enhance ties of mutual cooperation and partnership and exchange of expertise and best practices and business process solutions, which would give impetus to trade and economic activity.  Sultan Ahmed Bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation, and Rashed Lahej Al Mansoori, Director General, General Administration of Customs, Abu Dhabi signed the MoU which will see both departments work together towards ......read more

    AED 6 billion worth of RAK Chamber members' exports during 9 months

    12931 renewed licenses in RAK Chamber within 9 months Dubai, UAE, October 27, 2018:  Eiman Alhayyas, Assistant General Manager, Business Services and Business Development at RAK Chamber, said that the number of new establishments registered with the Chamber during the first nine months of current year was 1,199 and 12,931 licenses were renewed. The total number of certificates of origin issued by the chamber reached 20,364 certificates during the past nine months of 2018. The value of exported goods from the RAK Chamber members amounted to about 6 billion dirhams. KSA topped the countries that have issued certificates of origin, where 4,925 certificates were issued during the past nine months of current year, with a value of goods worth AED 2 billion. Oman comes next with 1,695 certificates with a value of goods worth AED 165 ......read more

    First Fin-Tech Islamic Economy startup, “Wahed Invest” valued at $100million, raises an additional $8m funding to accelerate International expansion

    The world’s first Shariah-compliant Robo-Advisor with coffers in excess of $15m, firms’ plans to accelerate expansion in the UAE, wider-region and global markets. Dubai, UAE, October 24th, 2018 –   Wahed Invest (“Wahed”), a New York headquartered investing platform, is, the first fin-tech Islamic Economy startup, with a valuation of $100m has raised an additional $8m in Q2 this year from existing investors to accelerate development of a global savings solution and international expansion. The digital investment company received this funding from existing investors, Boston based Cue Ball Capital, and BECO Capital, a Middle Eastern VC known for backing the GCC’s leading startups. This brings its total funding to over $15 million since inception.  Wahed Invest revolutionized the ......read more

    Other Top Stories from Banking and Investments
     
    Dubai's quest to become the capital of the Islamic economy

    Dubai, UAE, November 15, 2018:  With 1.8 billion Muslims in the world and an Islamic economy - which complies with Islamic laws – growing, John Defterios reports that Dubai is positioning itself as the global capital of the Islamic economy.   Dubai is already ranked number one in the world for halal food; halal travel; modest fashion; halal recreation; and shariah compliant pharmaceuticals and cosmetics but, now, it is looking to further diversify its economy.   The launch of global initiatives to create a certified halal accreditation system is one way in which it is ......read more

    Transguard Group to Digitally Transform the UAE's USD $1 Billion Outsourcing Market

    Current estimates indicate a 22% growth in outsourcing by 2020 DUBAI, United Arab Emirates – October 24, 2018 Aimed at fostering a digital connection between the UAE’s complicated ecosystem of managers, suppliers, Transguard Group, one of the nation’s largest employers, has announced a partnership with SAP that is aimed at digitally transforming the country’s USD $1 billion job outsourcing market.  A Bayt.com survey found two-thirds (66 percent) of Middle East employers plan to hire in 2018. Increasingly, employers see the UAE as an outsourcing hub, with ......read more

    CINCO and Global Event Management Group Sign Partnership at the World CEO Forum 2018

    United Arab Emirates, Dubai, 24 OCTOBER 2018 – One of the Middle East’s largest events company, GEM, and North American agency CINCO, experts in sponsorship and experiential marketing, announced an official partnership at this year’s World CEO Forum in Dubai. GEM, a well-established and highly successful key player in the United Arab Emirates’ events industry, has turned to CINCO’s technology and innovation unit CincoLab to collaborate in improving how the public interacts with brands and how sponsors engage with consumers, all through the use of cutting-edge ......read more

    Saudi HR leaders to explore macro trends in human development

    Ashridge to coach HR Leaders on maximizing company business value and their strategic impact October 23, 2018:   Saudi Arabia’s Vision 2030 challenges HR leaders in Saudi to take progressive steps to bring about organizational changes aimed at ensuring greater business success.  Ashridge Executive Education has launched a five-day transformational programme aimed at providing insights and practical skills for HR leaders within the context of leveraging the human network in an organization to adapt to changing business conditions and achieve sustainable business ......read more

    Pharmaceutical companies need to act local and invest in the right talent to succeed in the META market, says Mundipharma

    A diversified portfolio tailored to the market, key partnerships with ministries of health and regulators, and thinking long-term are key to securing share of US$40 billion market 22 October, Dubai: “Global, regional and local pharmaceutical firms operating in the Middle East, Turkey and Africa (META) region need to be able to ‘change the tires while driving’ if they are to benefit from doing business in a challenging, but also highly rewarding market”, says Dr Ashraf Allam, VP of Mundipharma in the META region.    Doing business in the META region is ......read more

    ICAEW: Firms must be reimagined to survive digital era

    ICAEW says accountancy firms need to thoroughly re-think their organisational structure, culture, people and practices to be fit and ready to compete in a digital world. In its latest report Reimagining the Firm , the accountancy and finance body urges transformation to go beyond digital tools or services to ensure accountancy firms remain relevant in a digital era. Dubai, UAE, October 22, 2018:  The accountancy profession, like most traditional professions, faces an uncertain future if it fails to adapt to a rapidly changing business landscape. New technologies, a younger generation ......read more

    Siemens in landmark MoU to repower Iraq, support economic prosperity

    Agreement to cooperate with Ministry of Electricity of Iraq to add 11 gigawatts of power generation capacity in four years Roadmap proposes cost savings in billions of USD and generating additional electricity 24/7 for 23 million people Plan envisions creating tens of thousands of jobs Focuses on energy infrastructure, education, anti-corruption and financing Dubai, UAE, October 21, 2018:  Siemens and the Ministry of Electricity of the Republic of Iraq have entered a milestone agreement to seek the implementation of the company’s roadmap for repowering Iraq. Signed by ......read more

    UAE - India Economic Forum 2018 to focus on advancing strategic relations and bilateral trade

    The Forum serves as a platform to further enhance UAE-India relations and discuss business and growth opportunities among the countries   DUBAI – October 20, 2018:   The fourth edition of the annual UAE-India Economic Forum (UIEF), being staged in Dubai on October 24, 2018, is poised to explore the strengthening ties and bilateral trade relations between the two countries.    The UIEF is supported by the Telangana Chamber of Commerce and Industry and Gujarat Chamber of Commerce and Industry. The Forum, to be held at Habtoor Grand Resort in Dubai, ......read more

    L'oréal Among the Top 10 of Thomson Reuters Diversity & Inclusion Index

    Dubai, UAE, October 18, 2018:   For the third consecutive year, L’Oréal has been named one of the world’s leading companies by Thomson Reuters that ranks over 7,000 international organizations on a set of Diversity and Inclusion metrics. In 2018, Thomson Reuters ranked L’Oréal 8th place ex-aequo with Natura worldwide, among top players such as Accenture or Novartis, all evaluated on a wide range of criteria in four categories. “We take pride in cultivating a work environment where people of every ethnicity, social background, religion, gender, age or ......read more

    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 ......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 ......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 ......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 ......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 ......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 ......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 ......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 ......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 ......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 ......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 ......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 ......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 ......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 ......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, ......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 ......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 ......read more

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