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    Featured in Banking and Investments
    End of the Cycle Beckons as Global Economy Outlook Becomes More Uncertain

    Half (49%) of respondents expect the economic cycle to last another one to two years, but many North American investors (52%) see the cycle ending earlier Trade wars impacting the allocations of nearly half (46%) of all respondents, while two thirds (65%) of wholesale investors report that Brexit has altered their European and UK allocations Fixed income investors concerned about high levels of debt globally and widening credit spreads Chinese fixed income allocations are rising as investors look through geo-political issues Fixed income investors are actively repositioning portfolios, building resilience through a variety of strategies that include yield, short duration and floating rate instruments Dubai, UAE, March 24, 2019:  Invesco released its second annual Global Fixed Income Study, an in-depth report on the ......read more

    DFSA and Standard Chartered Bank focus on curbing illicit wildlife trade

    The engagement highlights how financial institutions and regulators can contribute to the well-being of humanity and the natural environment It also reinforces how tackling financial crime and the flow of illegal funds can support such collaboration  Dubai, United Arab Emirates, 24 March 2019:   The Dubai Financial Services Authority (DFSA) recently hosted senior executives from Standard Chartered Bank to discuss how financial institutions and regulators can work together to help curb illegal wildlife trade and disrupt the flow of illegal funds arising from this predicate crime.   David Fein, Group General Counsel at Standard Chartered and Vice-Chair of the Financial Taskforce of the UK Royal Foundation of ‘United for Wildlife’ campaign  which is under The Duke of Cambridge’s ......read more

    SENAAT 's Revenues Increase to AED 16.3 Billion in 2018

    Earnings growth of 20% to top AED 2.5 billion Abu Dhabi, UAE, 24 March 2019:   SENAAT (“SENAAT” or “the Group”), one of the largest industrial investment holding companies in the UAE, today announced financial results for 2018 demonstrating year-on-year growth and improved profitability.  SENAAT achieved steady revenue growth in 2018 to reach AED 16.3 billion, a 3.5% increase over the previous year (2017 revenue: AED 15.7 billion). More notably, EBITDA increased to more than AED 2.5 billion in 2018, a 20% increase compared to 2017, reflecting margin enhancement realised by capitalising on market opportunities and through cost control initiatives implemented across the Group.    These outstanding results complement the sustained growth in the company's industrial assets ......read more

    WCU: Gold lifted by Fed dove while oil pauses

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, March 24, 2019:  Commodities traded higher for a second week, albeit at a slower pace, with gains being driven by precious metals and – for a change – the agriculture sector. Precious metals received a boost from a sharp drop in bond yields after the US Federal Reserve signalled no further rate hikes this year while also slowing its balance sheet reduction.  The dollar initially dumped on the news before once again being pumped higher on Friday when dismal PMI data from both Germany and France provided some renewed support for the greenback. Stocks, and with that the general level of risk appetite, initially rose before pausing in response to ongoing concerns about the outlook for economic growth.  The energy sector saw WTI and Brent ......read more

    The Fed has surrendered, and here's what comes next

    By Steen Jakobsen, Chief Economist & CIO at Saxo Bank Dubai, UAE, March 23, 2019:  Summary:  FOMC meeting made it official: the Fed has thrown in the towel, and central banks are committed to defying the business cycle. But where does this leave us in terms of positioning for 2019, 2020 and beyond? If you are familiar with my research over the last 20 years, you know that I am no fan of central banks; they are glorified bureaucrats with an academic sense of infallibility who believe they have a supreme power’s insight into the economy and markets. But yesterday marked a new low for world central bankers as the US Federal Open Market Committee completely threw in the towel. Anyone who ever thought the Fed or other central banks are truly ‘independent’ should spend $20 on the great 2018 Paul Volcker ......read more

    Oman Insurance Company wins Medical Insurance Company of the Year at 2019 Annual Health Awards

    Dubai, March 20, 2019:  Oman Insurance Company was awarded Medical Insurance Company of the Year at the recent 2019 Health Award. Jointly organized by Dubai Health Authority and Health Magazine, the award aims to recognize outstanding contributions of healthcare organizations and professionals in the region.    With a clear focus on exceptional customer experience, strong underwriting capabilities and digital solutions, Oman Insurance was a clear winner among the 10 nominations received in the Medical Insurance category. Some of the customer focused initiatives by the company include the launch of reimbursement and policy servicing portal, the linking of member eligibility verification to Emirates ID, the simple online portal to buy DHA medical insurance and the award winning corporate wellness program ......read more

    Standard Chartered UAE participates in first-ever global running event along the Belt and Road

    21 March 2019, Dubai – Standard Chartered recently announced the launch of the Standard Chartered Belt & Road Relay, the first-ever global running event spanning the Belt and Road initiative. The Relay aims to highlight the Bank’s continued commitment to Belt and Road, and the positive impact of the initiative to communities and businesses globally. The Relay will be led by eight staff athletes from Standard Chartered, selected from the Bank’s diverse footprint across Asia, Africa, the Middle East, and Europe and the Americas. These athletes will participate in running events across 44 Belt and Road markets within a 90-day period.  The Standard Chartered Belt & Road Relay kicked off in Hong Kong on 17 February, in conjunction with the Standard Chartered Hong Kong Marathon. Followed by the UAE stop on ......read more

    Empower saves 305 million gallons of potable water in 2018, equivalent to the amount of water in 555 Olympic swimming pools

    Dubai, UAE, 20 March 2019:   Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, highlighted on the occasion of World Water Day, that it has saved 305 million gallons of potable water in 2018 which is equivalent to the amount of water in 555 Olympic swimming pools. This has achieved by using treated sewage water in its district cooling operations instead of fresh water, in line with the 2008 Executive Council resolution approved by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, that directs to lower the usage of fresh water and use other water alternatives in order to conserve the water resources in UAE.  This is as part of company’s ongoing efforts to ensure water ......read more

    Citi launches next generation mobile app in the UAE

    More than 80% of its customers are enrolled in digital channels Mobile usage has surged 35 % in the past 12 months UAE, Dubai, March 20, 2019 –   Citi UAE announced today the launch of its next generation Citi Mobile® App for Citi’s credit card customers in the UAE.  The next generation Citi Mobile® App will significantly change the way credit card customers manage their finances as Citi introduces a new and comprehensive set of mobile app features and experiences. The new Citi Mobile® App experience promises a new look and feel, more intuitive navigation and smart functionalities.   According data compiled by the Citi, more than 80 % of Citi UAE’s customers are already enrolled in digital channels, with most subscribed to electronic statements and advices. Mobile banking ......read more

    Chemical industry M&A expected to face challenges, but remain robust amid global uncertainty: Deloitte Global report

    Dubai, UAE, March 19, 2019:  Global chemical mergers and acquisitions (M&A) activity in 2019 is expected to pull back slightly from 2018 levels against a backdrop of uncertainty—rising interest rates, trade tensions, and slowing economic growth. Despite a potential decrease in M&A deal volume, Deloitte Global’s 2019 chemical industry mergers and acquisitions outlook predicts that there will still be a robust market for M&A in the industry. Global M&A volume reached 600 deals in 2018, a decline of 5 percent compared to 2017, but total M&A value was still higher than in each of the years from 2010 to 2013. After a slow first quarter, deal volume increased in each successive quarter in 2018, and deal values were also strong, with billion dollar-deals increasing in both quantity and value. “In ......read more

    CISI Middle East welcomes Richa Goyal to the UAE National Advisory Council

    Dubai, UAE, 19 March 2018 –   The Chartered Institute for Securities & Investment (CISI) has appointed Richa Goyal as the latest member of its UAE National Advisory Council (NAC).    The UAE NAC plays a vital role in advising the CISI on tackling issues pertinent to financial services practitioners in the country. It was formed to encourage and support growth in the profession, while keeping abreast of the national education agenda and local requirements for continuing professional development (CPD).   Richa’s appointment to the UAE NAC places her among Chartered members and high-ranking professionals on the Board. She is currently the Chief Compliance Officer, MEA at Banque Internationale á Luxembourg (BIL) and has previously held senior positions at The Royal Bank of Scotland ......read more

    Refinitiv MENA Regulatory Summit Debates Impacts of Global Regulatory Change

    Refinitiv MENA Regulatory Summit Debates Impacts of Global Regulatory Change in response to financial crime MENA Financial Crime Survey reports 44 % of respondents have fallen victim to financial crime in the past five years, while 87% expect their technology to develop over the next two years Dubai, UAE, March 19, 2019:   Refinitiv held today the 13th MENA Regulatory Summit in partnership with the Union of Arab Banks and the MENA Financial Crime Compliance Group. More than 40 panellists debated the global regulatory landscape and its influence on the MENA region, including financial crime risk, de-risking, financial inclusion and the digital revolution in financial services, such as cyber security, cryptocurrency and blockchain. Wissam Fattouh, Secretary General of Union of Arab Banks (UAB)and Chairman of ......read more

    Why the Middle East region is fuelling elite design and innovation

    Words by Ujjwal Goel, Managing Director of La Sorogeeka Associates and Teraciel Group Dubai, UAE, March 18, 2019:  Words such as “elite”, “luxury”, and “innovation” are used frequently when describing the Middle East, with these ideals sewn into the very fabric of the culture and firmly resonating in the design language of the region. With its tireless quest for excellence, the ambition and ability to aim for the “biggest, largest, first, and only” projects have allowed the region to become the frontrunner in fuelling design and innovation in real estate and infrastructure. Seen through architectural marvels such as the Burj Khalifa and the Burj Al Arab in Dubai, and the Jeddah Tower in KSA, these projects are recognized as poignant symbols of man's exquisite design and ......read more

    Visa partners with Starbucks & Hardee's to help promote the use of Apple Pay in KSA and UAE

    Visa’s partnership with Starbucks and Hardee’s entitles Visa cardholders in KSA and UAE to upsize their orders for free when paying with Apple Pay  17 March 2019:   Visa (NYSE:V), the world’s leader in digital payments, today announced partnerships with Starbucks and Hardee’s to accelerate the use and adoption of Apple Pay in the Kingdom of Saudi Arabia and United Arab Emirates. With Apple Pay, Visa cardholders and iPhone users can make instant payments using their phone via app or on web.  As part of Visa’s partnership with Starbucks, the world leading coffee chain and Hardee’s, one of the world’s most popular food and beverage service chains, Visa cardholders will get free upsize/upgrades on their orders when paying with Apple Pay.  The promotion with Starbucks ......read more

    Dubai comprises 30 percent of free zones in the Middle East

    Free zonescontribute 30 percent of the global trade Annual Investment Meeting to shed light on the significant role of free zones in accelerating the economy   Dubai, United Arab Emirates, 17 March 2019:Free zones are now present in more than 80 percent of states in the world, including emerging countries, and comprise nearly 30 percent of global trade. Asia region consists of the largest number of free zones in the world, followed by North America, South America and the Middle East. With 160 free zones (7.3 percent), the Middle East is the fourth largest host region in the worldwith Dubai comprising of30 percent of the free zones.   These figures testify the important role free zones play in creating a robust economy, according to organisers of Annual Investment Meeting (AIM), which is set to take place in ......read more

    Finnovex ME to focus on disruptive innovations in banking and finance sectors

    300 delegates from the industry to convene at the one-day summit to be held in Dubai on March 19  DUBAI – March 16, 2019:   Finnovex Middle East 2019, a one-day conference on financial innovation and excellence, will be held on March 19, 2019 at The Address Dubai Marina, featuring key banking and finance industry thought-leaders from across the region. The summit will focus on the future of financial services to be reshaped by the disruptive technological innovations in structuring, provision and consumption.  The Middle East edition of Finnovex 2019 is supported by The Bahrain Economic Development Board, Expo 2020 Dubai, Newgen Software Technologies, OneSpan, Comviva and Daon, will focus on Financial Innovations, Digital Transformation, Omni-Channel Banking, Cyber Security, Artificial Intelligence (AI), ......read more

    TASC establishes itself as an industry pioneer in business excellence with Mohammed Bin Rashid Business Award

    Dubai, UAE, March 13, 2019:  TASC Outsourcing, region’s leading staffing and talent management company, has been recognized by the prestigious Mohammed Bin Rashid Al Maktoum (MRM) Business Award. One of the few home-grown firms to achieve the MRM Business recognition in its first attempt, TASC is inspired by the UAE’s visionary leadership to follow international standards of quality and business excellence.  With this award, TASC has established itself as a pioneer in business excellence within the people outsourcing industry, remarks Mr. Mahesh Shahdadpuri, CEO – TASC Outsourcing.  During the 10th cycle of the prestigious Mohammed Bin Rashid Al Maktoum (MRM) Business Award, an initiative by Dubai Chamber of Commerce and Industry (DCCI), His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of ......read more

    RAPP wins through the line Metlife Insurance account for the Gulf

    Dubai, UAE, March 13, 2019:  When you ask Mimi Nicklin, the Managing Director of RAPP Middle East & Africa, about their recent win of Metlife Insurance she beams a smile that shows that this win means more than just business to her. “When Michelle (Lee), the Marketing Director for MetLife Gulf, asked us to work on the marketing strategy and delivery of their brand in 2019, I had an unexplainable feeling that we were being handed something extremely precious” said Nicklin.  As MetLife marches into 2019 with a new agenda for the region, focusing on their improved product offerings, competitive service models and leading data led innovation, there is arguably no better time to be “in” the insurance field. “The insinuation that insurance communication can be anything other than creatively ......read more

    Evonik more robust as strategy takes effect

    Key Financial Data: January 1 to December 31, 2018 Promised and delivered: adjusted EBITDA climbs to €2.6 billion Sales rise 4 percent to €15 billion Outlook for 2019: adjusted EBITDA to decline slightly or to remain stable, free cash flow to rise significantly  Dubai, UAE, March 13, 2019:  Evonik grew again strongly in 2018. Adjusted EBITDA increased 10 percent to €2.6 billion, compared with the previous year. All three chemical segments contributed to profit growth. The earnings forecast, that Evonik had raised after the first half of the year, was achieved despite external adversities in the second half of the year.    Sales rose 4 percent to €15 billion. The adjusted EBITDA margin climbed to 17.3 percent, about 1 percentage point higher than in 2017, taking Evonik a ......read more

    Joyalukkas Exchange is now open at Dubai Investment Park 2,UAE

    Dubai, UAE, March 12, 2019:  Joyalukkas Exchange, the money exchange arm of Joyalukkas Group, further enhanced its presence in the UAE region with a new branch in Dubai Investment Park 2.  With the new branch, Joyalukkas now has a strong presence of 11 branches spread across various parts of the UAE. To celebrate the newly opened branch, a special offer was announced for patrons wherein they will be rewarded with special gifts for every transaction made.  The new branch is a part of Joyalukkas Exchange’s ambitious expansion plans with more branches set to be open in the near future in Oman and Kuwait as well. Joyalukkas Exchange is renowned for providing customers with a world-class experience in foreign exchange and cross-border remittances with fast credit at best rates.  Patrons also earn reward points ......read more

    Dubai Islamic Bank recognized with nine distinctive honors at the 2019 Islamic Finance News Awards

    DIB named  “Best Overall Islamic Bank” and “Best Islamic Bank in the UAE” for a fourth consecutive year The bank also won “Best Islamic Retail Bank”, “Best Islamic Bank (Kenya)”, in addition to top deals accolades which capped five landmark transactions.  Dubai, 12 March 2019:   Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, received nine industry recognitions at the prestigious Islamic Finance News (IFN) Awards 2019. The bank was honored once again with the “Best Islamic Bank” in the UAE, “Best Islamic Bank” in Kenya, “Best Overall Islamic Bank” and the “Best Islamic Retail Bank” awards at the IFN Best Banks Poll 2018, among five other key accolades for the coveted “Deal of the ......read more

    Pearson Middle East calls for nominations for the 9th BTEC Awards

    Recognising and celebrating inspiring students, teachers, schools & colleges from around the world 11th March 2019, Dubai, UAE −   Pearson, the digital learning company, is inviting nominations for the BTEC Awards 2019. BTEC is a highly regarded career-focused qualification, studied in over 60 countries, and every year Pearson celebrates outstanding BTEC students, teachers, colleges, schools and training providers from around the world. The 9th BTEC Awards will celebrate exceptional BTEC students and apprentices - and recognise the inspirational teachers and tutors whose dedication and passion are moulding the career professionals of the future. Cindy Rampersaud, Senior Vice President, BTEC and Apprenticeships at Pearson, said, “The BTEC Awards are our chance to recognise and reward the many teachers ......read more

    Deloitte Global mining report explores key trends in 2019

    As the industry shifts into a new stage of growth, miners must take an ever-expanding range of issues—from stakeholder engagement, to talent, geographic risk, and dwindling access to key input commodities—into account when setting corporate strategy. Leveraging analytics to manage risk and optimize the supply chain, going beyond compliance to positively impact communities and society at large, and transforming perceptions of the industry to attract and retain a diverse workforce are among key focus areas. Dubai, UAE, 11 March 2019 -   Deloitte has released it’s Global’s 11th annual mining report, Tracking the trends, which explores key trends facing mining companies as they navigate how to operate in a market characterized by constant disruption in the Fourth Industrial ......read more

    Dubai Islamic Bank hosts Annual General Meeting

    Dubai, UAE, March 7, 2019:   Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the bank’s 2018 financial statements and other tabled resolutions closing another year of growth and success for the bank. The strong financial performance has placed DIB amongst the top 3 most profitable banks in the UAE today with 2018 net profit at a record number of over AED 5.0 billion. Other agenda items concluded at the AGM included the dividend payout of 35 fils per share, the review of the Fatwa and Sharia Supervisory Board Report and the appointment of the bank’s external auditors. Commenting on a fifth consecutive successful financial year, His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of ......read more

    Dubai Property Market Shows Signs of Positive Growth in 2019

    The start of 2019 has seen positive growth in a selection of key Dubai developments, the head of the most advanced property portal in the market has revealed.    United Arab Emirates - 5, March 2019:  Haider Ali Khan, CEO of Bayut.com, said that while there was a general prediction of an across the board negative start to the year in the property market, there are a range of reasons to be optimistic.    He said: “If we look at how the market is doing across the board, the overall trend is similar to what we observed in the first half of 2018. While prices on average have decreased for both properties on sale and rent, what is interesting to note is that in both sales and rental trends, we have seen very few areas with drastic decreases of over 10%.    “Most changes have ......read more

    Other Top Stories from Banking and Investments
     
    Ajman Bank's year ended 31 December 2018 Net Profit Up by 28.2% compared to year ended 31 December 2017

    Year ended 2018 net profit up by 28.2% to reach AED 170.0 million compared to year ended 2017 Balance sheet growth of 13.1% to AED 22.6 billion compared to December 2017. Distribution of 3.5% cash dividend approved by the general assembly and central bank. AED 419.7 million share capital increase through right share issuance Ajman, UAE; March 6, 2019: Ajman Bank, the award-winning financial services institution committed to transforming the experience of Islamic banking, announced today its financial results for the year ended 31 December 2018, demonstrating continued positive ......read more

    France at Cabsat 2019

    French companies to introduce their innovative offer to CABSAT visitors on the French Pavilion 12 to 14 March 2019 United Arab Emirates: March 5th, 2019- Cabsat  is the world's leading broadcast and audiovisual event in the Middle East. It attracted 13,658 visitors in 2018.  Every year, Business France, the national agency dedicated to the internationalization of the French economy, organizes the "French Pavilion” at the show to present French audiovisual innovations. This year, from March 12 to 14, 14 companies will exhibit there in a 156 sq m space in Hall ......read more

    Deloitte's Corporate Finance practices recognized by Mergermarket as the most active M&A advisor in the world

    04 March, 2019 – United Arab Emirates:  Mergermarket, an Acuris company and a leader in M&A intelligence, has ranked Deloitte's global Corporate Finance practices as the number one most active M&A advisor in the world, based on deal volume, in its latest Global & Regional M&A Report 2018.  According to Elizabeth Lim, Research Editor, Americas at Mergermarket, “With so many market-moving factors fluctuating throughout the year, mergers and acquisitions have understandably had headwinds in late 2018. Intensifying trade tensions, political ......read more

    Takaful Emarat reports financial results for the twelve-month period ended 31st December 2018

    Dubai, UAE 4th of March 2019: Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant Life and Health Takaful provider, announced its full year financial results for the twelve-month period ended 31st December 2018 which has been approved by the Board of Directors.    Key Financial Highlights  • Net profit for the 12 months ended 31st December 2018 was in line with expectations at AED 14 million which reflects one-off costs associated with the acquisition totaling AED 8 million.    • Net Takaful Income for the period was ......read more

    ICSFS & PBZ Celebrates Successful Go Live of ICS BANKS ISLAMIC and ICS BANK

    March 04, 2019 - Dubai, UAE: The People’s Bank of Zanzibar (PBZ), a state-owned and one of the oldest commercial banks in Tanzania, has successfully deployed and gone live on ICS BANKS ISLAMIC and ICS BANKS universal software suites from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions. The People’s Bank of Zanzibar (PBZ) is a fully-fledged commercial bank offering banking services in conventional and Islamic Banking for both, retail and corporate customers in Tanzania. PBZ was established in 1966 and is 100% ......read more

    Reskilling Revolution Positive Business Case for Companies and Government

    New Report by the World Economic Forum, Boston Consulting Group, and Burning Glass Technologies Leads the Way to the Future of Work by Providing Concrete Recommendations for Upskilling and Reskilling Dubai,UAE -  March 4, 2019: The big-data approach to the cost-benefit analysis of reskilling determined that benefits outweigh costs for 25% of disrupted workers, even when all costs are borne by companies. This and other findings are explored in a new report by the World Economic Forum in collaboration with Boston Consulting Group (BCG) and Burning Glass Technologies, Towards a ......read more

    Trade Bank of Iraq wins two top titles at the EMEA Finance Awards

    TBI named the ‘Best local Bank in Iraq 2018’ and ‘Best Investment Bank in Iraq in 2018’ at annual awards ceremony  Dubai, United Arab Emirates, March 3, 2019: Trade Bank of Iraq (TBI) has been presented with two prestigious financial industry awards in recognition of its ongoing work to expand and develop the banking services landscape for its private and business customers in Iraq. TBI was presented with the titles of ‘Best local Bank in Iraq 2018’ and ‘Best investment Bank in Iraq 2018’ at the EMEA Finance Awards. Hosted by EMEA ......read more

    UAB Reports Financial Results for the Twelve Months to 31 December 2018

    Financial Results –FY 2018   FY 2018 Highlights  Net Profit of AED77mwhich represents an increase of 345% compared to prior year Total Operating Income of AED647m Interest Income increased by 11% compared to prior year Operating Expenses decreased by 11% vs. 2017 Provisions for Credit Losses decreased by 16% vs. 2017 Loans : Deposits ratio improved to 91% ‘Non-core’ portfolio represents 1% of Total Loans Sharjah, UAE, 03rd March 2019 - United Arab Bank P.J.S.C ("UAB" or “the Bank”) reports its Financial Results for ......read more

    Visa and PayMate Team Up to Expand Regional B2B Payments

    Collaboration will help Visa’s commercial financial institution clients extend PayMate’s proprietary platform to their Enterprise & SMB customers to help make faster payments United Arab Emirates, Dubai – 03 March 2019:  Visa (NYSE: V) and PayMate, a leader in India’s Business-to-Business (B2B) payments landscape, announced an expanded collaboration to provide Visa’s issuing financial institution clients in the Central and Eastern Europe, Middle East and Africa (CEMEA) region with access to PayMate’s proprietary payment platform for their ......read more

    Emirates Development Bank successfully closes first Fedral entity issuance of USD 750 million bond

    ABU DHABI, United Arab Emirates, 02nd March 2019: Emirates Development Bank, rated AA- by Fitch has successfully closed a USD750 million 5-year Senior Bond. Emirates Development Bank (EDB), a development bank fully owned by the UAE federal government launched its debut $750m five-year bond issue at 3.516 per cent coupon in the Regulation S markets. The inaugural USD transaction was issued under EDB’s newly established US$3 billion Euro Medium Term Note (EMTN) programme, to provide the bank accessibility to capital markets and further strengthen its funding profile.  EDB is ......read more

    Saxo Bank announces 2018 results

    Saxo Bank reports a record profit following the sale of its shareholding in Saxo Payments, while the number of new clients for both direct and wholesale businesses reaches new highs.   Dubai, United Arab Emirates - February 28, 2019:  Saxo Bank Group (“The Group”) reported a positive net profit of DKK 955.8 million for 2018, a record profit for the Group, an increase of 138 per cent compared to 2017. Client collateral deposits continued to rise to DKK 112.6 billion while the operating income for the group was DKK 2.8 billion, an 8 per cent decrease compared to ......read more

    Nine companies were awarded winner trophies at the UAE Innovation Award Ceremony 2nd cycle

    Under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum The 4 star winners are Dubai Taxi Corporation, Global Food Industries LLC and SAP MENA The 3 star winners are Abu Dhabi Health Services Company – SEHA, ASGC Construction LLC, Emirates NBD and Mashreq Bank The 2 star winners are British Orchard Nursery and Tafkeer - Institute of Vocation Innovation   Dubai 28 February 2019, UAE; Under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates ......read more

    Trade Bank of Iraq promotes investment opportunities in Iraq at Global Trade Review MENA 2019 summit

    TBI reiterated their commitment towards the reconstruction of Iraq through its activities in the trade finance sector   Dubai, United Arab Emirates - February 27 2019:  Investment opportunities in Iraq was one of the hot topics at the Global Trade Review (GTR) MENA 2019 summit held in Dubai where Trade Bank Iraq (TBI) was on hand to give its expert advice and opinion on the subject.    The potential for investment in power infrastructure in the region and the role of ECA finance was the subject of a panel discussion led by Jeremy Shaw, Global Head of Export Finance ......read more

    Agriculture Investment Forum to Highlight Multi-Billion Dollar Regional Opportunities

    Leading regional investment heads set to take part in the one-day forum  27 February 2019 - Dubai, UAE:  Following on from the success of last year’s investment gathering, the organisers of AgraME, one of the region’s leading exhibitions focusing on the burgeoning Agriculture industry, will once again be hosting a number of government investment heads from across the Middle East to discuss the multi-billion dollar investment opportunities the regional agriculture industry currently holds. Under the patronage of the UAE Ministry of Climate Change and Environment, ......read more

    UAE's Etisalat and Emirates Global Aluminium Among BCG's 100 Global Challengers

    UAE’s Careem is the only tech unicorn to emerge from the Middle East Dubai, February 26, 2019— Thirteen companies from the Middle East are among a new class of ‘global challengers’ that are leapfrogging their developed market counterparts to achieve global leadership positions according to Boston Consulting Group’s (BCG) report, Global Challengers 2018: Digital Leapfrogs. UAE’s Etisalat and Emirates Global Aluminium are among the companies driving the digital revolution that feature on the list. Despite the region’s digital prowess, only one ......read more

    MENA Sovereign Borrowing To Increase By 25%To $136 Billion In 2019, Says Report

    Dubai, United Arab Emirates - Feb. 24, 2019:  S&P Global Ratings believes sovereign long-term commercial borrowing in the Middle East and North African (MENA) could increase by 25% this year after falling 38% in 2018. See the report "Sovereign Debt 2019: MENA Borrowing To Increase By 25% To $136 Billion, " published today. This is chiefly because higher oil prices and fiscal consolidation measures in Gulf Cooperation Council (GCC) countries significantly reduced GCC sovereigns' funding needs in 2018. However, lower oil prices in 2019 will not support a further ......read more

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

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

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

    The acquisition sees IHC enter one of the region’s core utility sectors, with attractive margins and high growth potential  Abu Dhabi, UAE, 21 February 2019: International Holdings Company (IHC) (ADX:IHC), one of the UAE’s foremost holding companies with investments in diversified operating businesses, signed today an Implementation agreement to acquire PAL Cooling Holding LLC (PAL) - subject to final shareholders and regulatory approval - which allows International Holdings Company to enter into the utilities market. The acquisition will see the two companies conduct a ......read more

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

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

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

    Business customers can make electronic payments through the platform for various government services   Dubai, United Arab Emirates - 20 February 2019:  Emirates NBD has tied up with noqodi, a leading payment gateway and financial service provider in the UAE, engineered by emaratech, to enable businesses to make electronic payments for a range of government services.    Through the new partnership, Emirates NBD’s corporate clients can benefit from noqodi’s wallet top-up and eVoucher payment services through the bank’s smartBUSINESS ......read more

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

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

    CPA Australia opens branch in UAE

    CPA Australia, one of the world’s largest accounting bodies, today opened its new branch in the United Arab Emirates (UAE). Located in Dubai, the branch is within the Dubai Multi Commodities Centre (DMCC) Free Zone. CPA Australia CEO Andrew Hunter said opening the branch is an important milestone for local members.  “CPA Australia is very proud to be opening our new branch in Dubai. Opening the branch as a registered entity in the region will help to protect members’ interests, allows comprehensive promotion of member activities, and allows CPA Australia to build ......read more

    The Evolution of Digital Payment Methods

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

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

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

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

    ICS Financial Systems Ltd.’s ICS BANKS gains 4.5x Faster Batch Processing & 27x Increase on Digital Banking Transactions Running with Oracle Exadata Database Machine February 18, 2019 - Dubai, UAE   ICS Financial Systems Ltd. today announced it has earned Oracle Exadata Optimized status through Oracle PartnerNetwork (OPN), demonstrating that ICS BANKS 6.0 has been tested and tuned on Oracle Exadata Database Machine to deliver speed, scalability and reliability to customers. ICSFS is a global software and services provider of a universal modular, core banking systems, whose ......read more

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