Dubai, June 23, 2018:   Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has announced that its joint venture Emirates Insolaire LLC, a pioneer in new solar technologies, has received strong response for its sustainable, energy-efficient coloured solar panel technology at Intersolar Europe exhibition, the leading solar exhibition in the world. Emirates Insolaire, Dubai Investments’ joint venture with SwissINSO Holding Inc., which offers the world’s-first KromatixTM coloured solar panels technology, generated a lot of enquiries for building integrated photovoltaic modules from consultants, architects, entrepreneurs and photovoltaic manufacturers at the exhibition, held between June 20 and 22, 2018 at Munich, Germany. Over 800 exhibitors and ......read more

Group invests more than AED 5 million in the expansion of Sleep Fine mattresses’ product line Dubai, UAE, June 23, 2018:  In light of the growing volume of exports to the MENA region, Salim & Sons Group has announced expansion plans by capitalizing on the emerging presence of business opportunities. The Group, which unifies and streamlines the operations of its various divisions, ensures an enhanced product and customer experience with a focus on innovation. Under the Group’s umbrella are the ‘Three Stars Foam Factory,’ ‘Sleep Fine,’ ‘Premiere Furniture (Restonic),’ ‘Top Line Furniture Industry,’ ‘Deyar Real Estate,’ ‘Suwaidi Gulf General Transport,’ ‘Al Jawal Contracting Company,’ ‘KSS Contracting,’ ‘Al Muadalah ......read more

Strategic alliance combines next generation network packet broker capabilities with sophisticated threat management to bring greater protection and resilience to customer security infrastructures   Dubai, U.A.E. – June 23, 2018:   Gigamon, Inc. (“Gigamon”) the company leading the convergence of network and security operations to help organizations improve their security stance, and FireEye, Inc. (NASDAQ: FEYE), the intelligence-led security company, today announced a global strategic partnership to improve threat defenses across their customers’ security infrastructures.    The multifaceted alliance offers customers FireEye® Network Security combined with the GigaSECURE® Security Delivery Platform with flexible deployment options and scalability for optimal threat ......read more

Five ready-made portfolios to invest simply with ZAP funds Each fund created with 6,000 to 20,000 underlying holdings One-stop access to the world’s equity and bond markets Full range of sectors including technology, media and energy Low-cost, easy to maintain, scalable solution that is rebalanced regularly Dubai, UAE, June 21, 2018:  Zurich International Life Ltd. (Zurich) is today launching Zurich Allocated Passive (ZAP) funds, a new investment solution which provides customers with five ready-made portfolios that make investing simple.   Some investors love the thrill of anticipating and identifying growth opportunities. Others prefer a simpler lower-cost investment strategy, so if you are looking for a simple and low cost investment strategy with potential for strong returns, then passive ......read more

5 SBWC members in Milan explore Italian supply chains in fashion, jewellery, furniture and F&B Sharjah, June 21, 2018:  Through several trade missions and strategic matchmaking, the Sharjah Business Women Council (SBWC) has been supporting new and established female entrepreneurs in the UAE by taking them to key overseas markets and showcasing their capabilities to potential buyers, investors and trading partners. In a recent four-day trip to the Italian fashion capital, Milan, SBWC - one of NAMA Women Advancement Establishment’s (NAMA) entities – organised one-to-one matchmaking and business prospect meetings for five of its members, with Italian suppliers in a number of sectors including furniture and interior design, fine jewellery making, fashion and the F&B sectors. The meetings enabled the ......read more

Dubai, UAE, June 20, 2018:  The global sukuk market experienced a significant slow down in issuance in the first half of 2018, as we predicted in January. Total sukuk issuance dropped by 15.3% compared with the same period last year, reaching $44.2 billion compared with $52.2 billion first half of 2017. This drop was even more pronounced for foreign currency sukuk issuance a t45%. We believe thatt his is due to the absence of major issuances from the Gulf Cooperation Council (GCC) countries seen in 2017. In the second half of 2018, we expect sukuk issuance volumes will continue to be slowed by the global tightening of liquidity conditions as well as byl ower financing needs of some GCC countries as a result of oil prices stabilizing at higher levels.The sharp increase in geopolitical risks int he Middle East will also likely ......read more

Abu Dhabi – 19 June 2018:   UAE Central Bank (CBUAE) announces that it has published an Amendment to ‘Annexure 2’ of the Regulations Regarding Bank Loans & Services Offered to Individual Customers (2011). This Amendment sets out the new maximum limits or ‘fee caps’ for fees or commissions charged on retail customer service. The fee caps apply to banking consumer related charges for example, home loans and late fees for credit cards.   This Amendment comes as CBUAE is undertaking more active supervision of the banking sector with the adoption of consumer protection principles - competition inhibiting, usury, notary function, and strategic related principles. Furthermore, banks and finance companies must have the appropriate product approval processes in place for all products which ......read more

DIB’s new website focused around the theme “tech that helps” Customer First concept core to the enriched user experience Dubai UAE, 18 June, 2018:   Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched a new and completely revamped website (www.dib.ae), which offers a vastly enriched and superior experience to its fast growing customer base. The redesigned website will allow users to easily access information relating to DIB’s products and services, while enjoying a new, modern and simplified layout complemented by significantly enhanced and rich content.   The mobile-friendly website has been aesthetically enhanced with advanced functionality supported by the latest technology to deliver a more intuitive and user-friendly experience. The list of the new ......read more

Dubai, UAE, June 14, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective Thursday, 14 June 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 to 2.25%. 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.  

...read more

Crowe Horwath, the eighth largest global accounting network, has announced that the network and its member firms have rebranded to “Crowe”.    Dubai, UAE, June 11, 2018:  The rebrand has seen over 220 member firms globally adopt the name, Crowe, reflecting the increasingly integrated and seamless nature of the network as well as its shared values and core purpose.     The move has assisted in promoting the network’s shared knowledge and global resources in response to changing client needs, driven by digitalization and the borderless world of modern business. The change of brand happens shortly after another significant development for the network, the appointment of a new Global CEO, David Mellor, who took over leadership as of 1st April 2018.      Under the new brand ......read more

Dubai, United Arab Emirates, June 11, 2018:  Central Bank of the UAE announced that it has decided to downgrade the license of the following exchange houses to deal in sale and purchase of foreign currencies and travelers cheques only:  1.    Taher Exchange Est. 2.    Al Hadha Exchange LLC 3.    Al Hemriya Exchange Company LPC 4.    Dubai Express Exchange 5.    Sanaa Exchange 6.    Cosmos Exchange 7.    Bin Bakheet Exchange Est. As the above exchange houses violated Central Bank’s regulations, including Anti-Money Laundering regulations. Based on this decision, the above exchange houses were prohibited from conducting any activities relating to remittances or payment of wages. This decision comes after ......read more

Shurooq projects worth AED over 7.6 billion covering 11.7 million sqm Sharjah, 09 June 2018:  Over the past nine years, Sharjah Investment and Development Authority (Shurooq) has accrued a portfolio of completed and ongoing projects worth AED 7.6 billion extending across a total area of 11.74 million square metres. Following the Emiri decree No.2 to establish Shurooq, issued by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member Ruler of Sharjah, the authority has not only confirmed its pivotal role in driving the emirate’s prospects, it has established Sharjah as a major international business hub. “An outstanding investment development model” HE Marwan bin Jassim Al Sarkal, Shurooq Executive Chairman, said: “The policies and vision of His Highness have strengthened the ......read more

Dubai, UAE, June 6, 2018:  Leading provider of compliance, payment and cloud solutions, EastNets has announced its partnership with Kuwait’s Boubyan Bank to roll out SWIFT’s global payments innovation (gpi) service for its customers across the country. With the introduction of SWIFT gpi, Boubyan Bank will offer its customers high-speed cross-border payments with end to end tracking, transparency on bank fees and FX rates (Foreign Exchange), ultimately allowing the bank to credit payments to end beneficiaries within minutes, even seconds.  EastNets will assist Boubyan Bank in implementing SWIFT gpi without having to re-engineer the bank’s existing payment systems, thereby lowering the cost of ownership, decreasing time to market, reducing risks and providing greater payment efficiency. The roll-out of ......read more

UAE Exchange Summer Promotion ‘Win Big. Win More’ offers $100,000 grand prize to one winner 6 winners to win $5,000 and 45 to walk away with $2,500 each Dubai, 05 June 2018:  This Ramadan, UAE Exchange, a leading money transfer, foreign exchange and payment solutions brand in the country, launched its summer promotion ‘Win Big. Win More’. During this promotion, UAE Exchange is giving out 52 lucky draw cash prizes with the grand prize of $100,000. Apart from the grand prize, 6 lucky customers will win $5,000 and 45 customers will win $2,500 each.    “Our intent behind this year’s summer promotion is to make a positive impact on the lives of as many people as possible. That is why we have a large number of cash prizes up for grabs including daily and weekly prizes ......read more

Dubai, 03 June 2018, United Arab Emirates:  UAE Exchange, the leading money transfer, foreign exchange and payment solutions brand in the country, announced that it has started accepting Value Added Tax (VAT) payments on behalf of the Federal Tax Authority (FTA).  All entities registered with the FTA who have a valid Tax Registration Number (TRN) and a GIBAN account number can now make their VAT payments in any of the 150 UAE Exchange branches spread across the seven emirates.  Abdel Kareem Alkayed, Country Head for UAE Exchange-UAE said: “We are pleased to partner with the Federal Tax Authority and offer businesses in the UAE a stress-free offline payment solution for their VAT obligations. Through our vast network of strategically-located branches, including 18 in Dubai metro stations, customers can settle ......read more

Dubai, UAE, June 2, 2018:  The strategic and dynamic location of the Ajman Free Zone (AFZ) plays a significant role in driving the commercial and industrial sectors in the emirate in particular and in the UAE in general, with the AFZ management stepping up efforts to maintain its investment-conducive environment as a leading business hub in the region. The number of companies registered with AFZ until the end of Q1 2018 increased to 12,362, showing a significant growth of 28% over the corresponding period last year as the free zone is growingly becoming an essential hub for many companies operating in different sectors, such as trade, services, jewelry, consultancy and others. During the first quarter of this year, 783 new companies have registered with AFZ, operating across diverse domains, including import & export ......read more

finds Zurich is world's most expensive city, while salaries go furthest in Los Angeles Zurich retains its position as the most expensive city, followed by Geneva and Oslo. Los Angeles boasts the world’s best buying power for the average worker’s salary, with LA residents now able to afford almost a quarter more (23.9%) than New Yorkers. Now in its 17th edition, this year's report is presented in an interactive, digital format that allows users to compare cities and explore their development over time. Readers can explore city specific stories and dive into the data to come to their own conclusions. Visit the microsite to find out what millennial must-haves cost around the world, or how long you have to work to afford an iPhone X in different cities. Dubai, UAE, May 31, 2018:  UBS Global Wealth ......read more

Dubai, UAE, May 30, 2018:  The Board of Directors of the Central Bank of the UAE held its 4th meeting for 2018 at 10:00am on Sunday, 27th May 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid Mohammed  Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Their Excellencies Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.  The Board reviewed a presentation regarding the CBUAE Dashboard. The Dashboard will allow CBUAE management to review the ......read more

Dubai, UAE, May 30, 2018:  Deloitte has just issued its 2018 edition of the Middle East Tax handbook. The handbook is a comprehensive guide to help businesses keep abreast of the Middle East tax rates and to guide businesses through the important changes to tax regimes across the Middle East region.  Changes in regulation and tax reform continue to be on the increase in the Middle East, and include the implementation of a value added tax (VAT) regime that commenced in the Kingdom of Saudi Arabia (KSA) and United Arab Emirates (UAE) on January 1, 2018. As a transactional tax, the introduction of VAT poses a real challenge for KSA and UAE businesses, especially with the significant impact it has across their entire operations. During the ensuing period it is anticipated that the remaining four GCC member states will each ......read more

More than 1.7 million guests in Emirate for the year so far Abu Dhabi, 29 May 2018:  The number of hotel guests staying in the emirate’s 162 hotels and hotel apartments increased by 7.3% for the first four months of 2018, compared to the same period last year to number 1,724,967, figures released by the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) reveal. The total number of hotel guests was boosted by key international markets registering impressive percentage gains. During April, the numbers of visitors from leading international source market China increased by 9.6% to number 37,300, Indian guest figures increased by 15.9% to number 32,400 and the US increased by 16.2% to reach 15,900. The impressive figures mean that Abu Dhabi’s aim of achieving another record-breaking year for ......read more

Dubai, UAE, May 29, 2018:  No one wants to be wasteful with money, but with our busy schedules it's often challenging to pause and reflect on those little changes we can make to save or protect our hard-earned cash. The introduction of Value Added Tax (VAT)  in the United Arab Emirates this year and the rising cost of inflation especially have drawn attention to the impact on consumer spending habits.  Whilst these potential pressures on people’s expenditure can seem concerning, they don’t need to be. However, it is important for everyone to take stock of their own financial planning to ensure long-term security and, if this is something you have been putting off, then we've got some easy tips to get you started... Tip #1: Budget better Before you start dreaming about your savings stacking up, ......read more

Dubai, UAE, May 27, 2018:  Shuraa bestowed with World’s Greatest Brands & Leaders Asia & GCC 2017-18 award at India UAE Business & Social Forum 2018. The award and business summit organized jointly by URS Media Consulting PL and AsiaOne magazine was recently held at J W Marriot Marquis Dubai. The award was presented by H.E.Saud Salim Al Mazrouei, Director, Hamriya Free Zone Authority & Sharjah Airport International Free Zone in the presence of  H.E.Dr. Akima Umezawa, The Consul General of Japan in Dubai to Michael Gillies, Director- Operations, Shuraa Business Setup. The award was bestowed after an extensive research by the United Research Services. The evaluation was performed by the editorial team of URS media in coordination with the audit firm Price Waterhouse Coopers, reviewing and validating the ......read more

Dubai Islamic Bank’s HR - Learning and Development Centre is the first to achieve ISO 29990 certification in the region. Sharia Department becomes the first to receive ISO 9001 QMS certification in the UAE. Dubai UAE, 27 May, 2018:  Two key departments of Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, received ISO certifications, making it the first Islamic bank in the UAE to achieve an international accreditation of this significance. DIB’s Human Resources Department -Learning and Development Centre (L&D) was awarded the ISO 29990:2010 certification, while the bank’s Sharia Department was bestowed the ISO 9001:2015 certification.    The ISO 29990:2010 accredited certification achieved by DIB’s L&D Centre is a prestigious certification recognizing the ......read more

Dubai – United Arab Emirates, 27 May 2018:   INDEX Holding announces the opening of its new branch in Singapore, due to its strategic location in the Asia-Pacific region and its strong economic and commercial ties with the United Arab Emirates. Through its new branch, INDEX Holding aims to keep up its constant endeavor of supporting the UAE vision and strengthening its position in different parts of the world. In fact, INDEX Holding intends to replicate its UAE business model in Southeast Asia by taking advantage of Singapore as a vital regional hub for business, investment, innovation, technology, and tourism. Through its new branch in Singapore, INDEX Holding will organize a number of regional and international scientific and commercial events, and it will serve as gateway for collaboration between regional and ......read more

Three-year collaboration with law enforcement confirms Trend Micro’s leading role in global cybercrime fight May 27, 2018 - Dubai, United Arab Emirates Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global leader in cybersecurity solutions, today announced details of its close cooperation with the FBI to identify, arrest and bring to trial the individuals linked to the infamous Counter Antivirus (CAV) service Scan4You. Ruslans Bondars was found guilty as a result of the trial, while Jurijs Martisevs pled guilty in March 2018. The arrest and trial were the result of an exclusive investigative cooperation between Trend Micro researchers and the FBI. Scan4You allowed cybercriminals to check the detection of their latest malware against more than 30 modern antivirus engines, enabling them to make attacks more ......read more