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

    Friends Provident International (FPI) releases protection survey results for the fourth consecutive year   Dubai, UAE, September 25, 2018:  FPI’s fourth annual protection survey results show that brand reputation and price have the greatest influence on people’s decision to buy life and critical illness insurance in the UAE. These factors were considered more important than others, such as adviser recommendation, claim payment history and portability; which enables continuity of insurance coverage when relocating to another country.    The survey, conducted in collaboration with market research and data analytics firm YouGov, polled more than 1,000 respondents. 40% of respondents said brand reputation of the insurer was the most important factor behind their decision to purchase life insurance, ......read more

    Fragomen and PricewaterhouseCoopers LLP Announce Strategic Alliance

    Dubai, UAE, 25 September 2018:   Fragomen, Del Rey, Bernsen & Loewy, LLP (Fragomen) and PricewaterhouseCoopers LLP (PwC UK), the UK member firm of the PwC network,* today announced an agreement to enter into a strategic alliance to provide enhanced global mobility tax and immigration services to clients and their cross-border employees. While both organizations will maintain and grow their respective global immigration practices, this agreement will give them the ability to come together to provide integrated services to their respective clients to bring a more connected service in the global mobility ecosystem.  Cross-border employee mobility is developing dramatically with frequent business travel replacing traditional, long-term assignments and relocations. In addition, the geopolitical landscape makes ......read more

    Schneider Electric Innovation Summit Singapore: Powering and Digitizing the Economy

    More than 1,500 Schneider Electric customers, partners and suppliers share their bold ideas for the digital economy at this two-day event Latest innovations to EcoStruxure architecture unveiled Dubai, United Arab Emirates – 24 September 2018 –   Schneider Electric, the leader in digital transformation of energy management and automation, recently hosted more than 1,500 customers, partners, suppliers and influencers at its latest Innovation Summit at Singapore Marina Bay Sands. The event brought together Schneider Electric experts and world-leading industry thinkers to share insights and bold ideas on the challenges and opportunities of Powering and Digitizing the Economy.   Schneider Electric Innovations Unveiled for East Asia   In its second year running, this year’s Innovation ......read more

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

    Sharjah, 22 September 2018:  The Sharjah Chamber of Commerce and Industry (SCCI) held discussions with an official delegation from the Indonesian Embassy in the UAE on ways to develop economic relations and cooperation, as well as to enhance joint investments, exchange trade missions, and build partnerships between the business communities in both Sharjah and Indonesia. The discussions were held recently at a meeting that took place at the headquarters of the chamber, in the presence of Sheikh Fahim bin Sultan Al Qasimi, Chairman of Department of Government Relations in Sharjah. The SCCI also received an official invitation to participate in the 33rd edition of Trade Expo Indonesia, which will be held at Tangerang during October 24-28. During the meeting, HE Abdallah Sultan Al Owais, Chairman of the SCCI; and HE Hussein ......read more

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

    Dubai, UAE, 19 September 2018: Asahi Yukizai Corporation – Japan’s leading company in industrial resins and plastic valves –  successfully held the opening ceremony for its Middle East operations at Dubai Airport Freezone – DAFZA. The new office will play a key role in expanding the company’s business across the Middle East and North Africa region. The opening ceremony was hosted by Mr.Nasser Al Madani, Assistant Director General at Dubai Airport Freezone Authority (DAFZA), Mr.Akima Umezawa Ph.D, Consul-General of Japan in Dubai, and Kazuya Nakano, President of Asahi Yukizai Corporation.   The event was attended by honored industry representatives, senior ranking officers from DAFZA and Dubai Economy Foreign Investment (FDI), as well as Japanese and local guests. “Today marks ......read more

    Malaysia Eyes Dubai to Explore Markets in the MENA Region

    Dubai – United Arab Emirates, 19 September 2018: The Malaysian Franchise Association (MFA), which aims to promote entrepreneurship through franchising, has chosen Dubai – a global business and financial destination and the 3rd edition of ‘The Global Franchise Market Exhibition’, to explore the emerging and lucrative markets in the Middle East North Africa region, connect with local, regional and international franchisors and brand owners and expand their businesses within the region.  This year, TGFM, the official franchising event in Dubai, brings together leading investors, master franchisees, licensees, entrepreneurs, and leading brands in various sectors and it is expected to attract over 2,000 visitors and participants and witness the participation of over 100 leading brands from 80 countries. ......read more

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

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

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

    16th September, Dubai, United Arab Emirates: Mobility MEA, a leading systems integrator, enterprise managed mobility service provider and a GEMA alliance partner, is now the first approved Android zero-touch enrollment partner for the MEA region. The company will serve to accelerate automated deployments, reducing dependency on internal IT support, simplifying setup and management of Android mobile devices; and making time-consuming device configuration a thing of the past through processes that create better user experiences. Zero-touch enrollment, which supports OEMs, carriers and companies, eliminates the need for users to configure their Android devices while ensuring corporate policies are in place. With this enrollment, companies can configure the devices they purchase and have them shipped with management and settings ......read more

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

    Dubai, UAE, September 16, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held a Consultation meeting with the members of the internal sharia control committees (ISCC) of Islamic financial institutions operating in the UAE on 9 September 2018. Islamic Banks, commercial banks’ Islamic windows and Islamic finance companies, represented by the members of their ISCC, the head of the internal Sharia control departments and the heads of the internal Sharia audit, attended this first Consultation meeting to exchange views on various issues that concern Sharia compliance and Sharia governance.   His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman HSA noted during this meeting that “this initiative is part of the consultative approach that HSA adopted. This ......read more

    Dollar, trade tiff driving commodities

    By Ole S Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, September 16, 2018:  Commodities in general traded close to unchanged on the week with rising energy and metal prices being offset by lower grain prices. The weaker dollar, which came under pressure against resurgent emerging market currencies, helped at least temporary to raise the general level of risk appetite.  The ongoing trade war between China and US did not, as expected, escalate further with President Trump refraining from unleashing tariffs on an additional $200 billion of Chinese imports. New talks have been scheduled between the two countries with a group of more than 85 US industry groups launching a coalition to take the fight against tariffs public. A campaign to convince lawmakers to fight the tariffs is clearly not what an under-pressure ......read more

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

    New Research from State Street Reveals Institutional Investors Are Bullish on MENA Growth Abu Dhabi, UAE, September 10, 2018:  State Street Corporation (NYSE: STT) announced today the opening of its first Abu Dhabi office, which will be located in the Abu Dhabi Global Market (ADGM), the country’s international financial centre. This is the firm’s second office in the United Arab Emirates, building on its 26-year presence in Dubai. To mark this milestone, State Street also unveiled a research1 paper that draws on survey responses from 306 institutional investors based in the Middle East and North Africa (MENA) responsible for more than USD $4.9 trillion in assets under management (AUM), who were asked about their outlook for growth and future economic trends in the region. According to the research, more than three ......read more

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

    More and more Bangladeshi entrepreneurs are opening companies in the UAE as economic relations between the two countries grow   News Highlights FDI in to Bangladesh jumped 22.52% to US$2.45 billion (Dh9 billion) in 2016-17 fiscal year Bangladesh is the world’s 32nd largest economy with US$687.14 billion Gross Domestic (GDP) based on Purchasing Power Parity (PPP) Bangladesh seeks investment in 100 new economic zones where UAE investors could invest and own 100 percent export-oriented industries and benefit from duty-free quota access to Europe and the United States Dubai, September 08, 2018:  An attractive investment climate and a higher return on investment has helped 22.52 percent jump in Foreign Direct Investment (FDI) in to Bangladesh to US$2.45 billion in 2016-17 financial year, up from US$2 ......read more

    New drops mean more good news for gold investors

    As the US dollar continues to hold strong in international markets, gold prices fall as investors search out safe bets elsewhere. As the week started, UAE 24-karat gold fell from Dh147.25 per gram to Dh146.75 per gram as Monday played out. You can check the live rates on business24-7.ae   Other karats are also available at bargain prices -  22K at Dh137.75, 21K gold at Dh131.50 and 18K gold at Dh112.75 per gram. You will be able to buy those kind of gold online on business24-7.ae   Vijay Valecha of Century Financial has been watching the situation carefully. “Gold prices weakened for the start of this week as rising interest rates and a strong bull market in global equities signals that there are better avenues for investment,” he said. In the UAE, Valecha expects the price of 24K to move between ......read more

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

    4th September, 2018, Abu Dhabi, UAE: FinTech Abu Dhabi Summit 2018 will go ‘live’ in two more weeks with two full days of exciting activities for FinTech start-ups and lively discussions on industry matters and issues that affect the development and growth of the financial services industry. This leading FinTech and financial event, organised by Abu Dhabi Global Market (ADGM), is held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council for the second consecutive year. FinTech Abu Dhabi comprises of a newly designed ‘Bootcamp Day for FinTech start-ups’ on September 16th and the official Summit Day on 17th September 2018 at the Fairmont Bab Al Bahr, Abu Dhabi.   Confirmed speakers include H.E. Abdullah Saeed Al Darmaki, CEO of Khalifa ......read more

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

    Dubai, UAE, September 04, 2018:  About the main perspectives and potential of investment and economic cooperation between the countries, Ilya Urazakov, Head of the Representative Office of the State Investmentand Promotion Agency of the Republic of Kazakhstan, "Kazakh Invest", told at the meeting with representatives of the UAE Media. - "Historically, our countries have very warm and strategic relations. But turnover and investment cooperation could be much higher. According to experts from both countries, the potential for economic cooperation can at least triple" - the speaker said. According to data for 2017, commodity turnover between the countries approached the level of 680 million US dollars, and the volume of investments in Kazakhstani projects for all this time amounted to about 4 billion USD, ......read more

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

    Dubai, UAE, September 03, 2018:  The Board of Directors of the Central Bank of the UAE held its 7th meeting for 2018 at 9:30am on Sunday, 2nd September 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Al Kindi, the Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman of the Board and H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer and Hamad Mubarak Buamim, as well as by H.E.Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.    The Board reviewed a memo regarding the Macro Prudential Policy stance report – Q2 2018, and instructed necessary action be taken in respect thereof.  The Board also ......read more

    Special Economic Zones – A tool for future economic development?

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

    The Central Bank warns consumers against disclosure of their credit information

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

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    Central Bank of the UAE Celebrates Emirati Women's Day

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

    Debate about auditor scepticism must address public concerns, says ICAEW

    Debate about auditor scepticism needs to be more substantial and constructive, according to ICAEW’s latest report Scepticism: The Practitioners’ Take. The report captures fresh insights from auditors, and those who train and regulate them. It highlights what auditors are doing and recognises that they have lessons to learn, but also says that it is unhelpful to use ‘lack of auditor scepticism’ as a catch-all explanation for anything that goes wrong on audits.   Dubai, UAE, August 28, 2018:  Professional scepticism is at the heart of what auditors do. Without it, the audit has no value. The current debate about the need for auditors to exercise more scepticism is important. But the quality of the debate on scepticism has, to date, been somewhat superficial.    “Simply calling ......read more

    WCU: Commodities await the greenback's fate

    Dubai, UAE, August 26, 2018:  Most major commodities were headed for weekly gains as the short-term focus on growth and demand risks related to emerging markets faded. This was helped by the dollar, which was heading for a second weekly loss. Overall, commodities have had a very bumpy ride this month that at one stage saw the Bloomberg Commodity Index hit a one-year low before recovering.  With so much of the direction still depending on the direction of the dollar and US interest rates, the focus this week is firmly on the annual gathering of central bankers from around the world at Jackson Hole, Wyoming. On Friday Jerome Powell, the Federal Reserve chair, made his symposium debut at a discussion about the economy and monetary policy. During the week, the minutes from the August 1 Federal Open Market Committee meeting were ......read more

    LIC International expands into the UAE to tap into local insurance and investments from 2.5 million NRIs

    IBMC to promote life insurance, reinsurance and Takaful products to support NRIs and corporations in the UAE Abu Dhabi, August 25, 2018:  India’s state-run Life Insurance Corporation (LIC) is expanding in the region with key partnerships and tie-ups as it targets to tap the growing Non-Resident Indian (NRI) market for insurance coverage and investments. The India-based company’s subsidiary in Bahrain, ‘Life Insurance Corporation ‘(International), has signed a strategic Memorandum of Understanding (MOU) with UAE-based management and financial consultancy firm ‘IBMC International’ for marketing its life insurance and investment products in the UAE. The strategic tie-up will enable LIC to introduce more life insurance products such as Takaful and reinsurance products to support NRIs and ......read more

    Hong Kong Trade Fairs from September to November

    Strengthening bilateral trade between Hong Kong and the UAE   Dubai, UAE, August 15, 2018:  The bilateral trade relations among Hong Kong and the UAE have long been robust. Adding to the Hong Kong’s business advantages, Hong Kong Trade Development Council (HKTDC) organises more than 30 exhibitions each year to bring together buyers and suppliers from both economies to develop their business.    Mr. Abdul Aziz Nasser, Deputy Director, Middle East, HKTDC announced that nine international fairs, which cover watches and clocks, fashion, electronic products, lighting products, green products and spectacles, will be held in Hong Kong from September to November. These fairs will serve as ideal platforms for traders and suppliers from the UAE to expand their businesses into new markets. The fairs are as ......read more

    WIBC announces landmark 25th edition in strategic partnership with the Central Bank of Bahrain

    Under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain, World Islamic Banking Conference (WIBC) announces landmark 25th edition in strategic partnership with the Central Bank of Bahrain  Over 1200 global industry powerhouses, policy makers, innovators and stakeholders will converge for the three-day long forum. Dubai, UAE, August 13, 2018:  Held under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain and the strategic partnership of the Central Bank of Bahrain, the World Islamic Banking Conference (WIBC) will take place on November 26th, 27th & 28th in the Kingdom of Bahrain. Middle East Global Advisors (MEGA), a leading financial intelligence platform facilitating the development of knowledge-based ......read more

    UAE Ranks Above Global Average in Well-being, Reports Growing Appetite for Workplace Wellness: 2018 Cigna 360° Well-Being Survey

    Opportunity for employers to leverage UAE Happiness Agenda to help staff manage work environment and improve health Dubai, UAE, August 13, 2018:  Cigna Corporation’s (NYSE:CI) business in the Middle East today launched the results of its 2018 Cigna 360o Well-Being Survey – Future Assured. Factoring in the responses of the resident UAE population for the second consecutive year, the findings indicate that overall well-being remains stable with residents more confident of their ability to manage current and future costs, and the majority confirming a good work-life balance. Now in its fourth year, the survey adopted a more forward-looking approach to exploring people’s perceptions and concerns for their health and their sense of well-being across five key areas - physical, family, social, finance and work. ......read more

    Other Top Stories from Banking and Investments
     
    Islamic Insurers' Net Income Continues To Fall But The Sector Will Stay Profitable In 2018

    Dubai, UAE, July 23, 2018:  In the Gulf Corporation Council (GCC), net income of listed companies in the Islamic (takafuland Islamic cooperative tawuni) insurance sector nearly halved in 2017 to US $375 million, from US $674 million in 2016.The decline in 2017 netincomewasmainlydrivenbyweakerresultsinthe Saudi Arabian insurance sector and follows an increase in earnings by about 151% in 2016, indicating some considerable earnings volatility in the sector. In ourview, the Islamic insurance sector continues to face secular challenges around relatively  concentrated and ......read more

    United Arab Bank Announces Financial Results for H1 2018

    H1 2018 Highlights  AED81m Net Profit, up 46% vs. H1 2017 Operating Expenses decreased 4% vs. H1 2017 Provision for Credit Losses decreased 20% vs. H1 2017 Robust liquidity profile with UAB comfortably above regulatory requirements  Loan : Deposit Ratio managed to 92% Common Equity Tier-1 (CET1) ratio comfortably in excess of regulatory requirements at 14.4% Sharjah, UAE, 22 July 2018:   United Arab Bank P.J.S.C ("UAB" or “the Bank”) reported Net Profit for the six months to 30th June 2018 of AED81m, representing an uplift of ......read more

    Dubai Islamic Bank and Emirates Skywards soar to new heights launching co-branded credit cards

    Partnership aligns with DIB’s strategy to offer customers innovative, value added solutions Card available in three variants offering up to 2 Skywards Miles on every equivalent US dollar spent  Earn up to 75,000 bonus Skywards Miles* and receive unlimited access to airport lounges worldwide via LoungeKey Dubai, UAE; July 22, 2018:   Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has partnered with Emirates Skywards to launch the new Emirates Skywards DIB Credit Cards tailored specifically to offer exceptional value to the country's growing ......read more

    DED-Ajman signs strategic agreement with Department of Land & Real Estate Regulation in Ajman

    UAE, July 21, 2018 - The Department of Economic Development - Ajman (DED-Ajman) and the emirate's Department of Land and Real Estate Regulation announced the signing of a new partnership agreement aimed at adopting and implementing new e-link services that can help improve and enhance a customer's journey while also increasing customer satisfactory levels. The new e-link services, which is part of the ongoing 'Single Window Project,' will provide customers with a faster and more efficient way to apply and renew economic permits and licences. The new agreement was signed by His ......read more

    3rd China-UAE Conference on Islamic Banking & Finance to explore potential for participative economy

    UAE, July 21, 2018 - In line with the nationwide celebrations of UAE-China Week, and in honor of the Chinese President Xi Jinping's visit to the UAE, Hamdan Bin Mohammed Smart University (HBMSU) has reaffirmed its commitment to building bridges of knowledge, cultural, and economic exchange with China by organizing the China-UAE Conference on Islamic Banking and Finance (CUCIBF III) for the third consecutive year, on November 7-8, 2018 in China.  The two-day event, which is being organized under the theme, ‘The potential for participative economy and financial system: growth, ......read more

    Record Breaking Visitor Growth and Continued Partnerships Solidify Dubai's Commitment to China

    Dubai sees 119% growth in overnight visitors from China since 2014 YOY increase of 41.4% overnight Chinese visitors to Dubai from 2016 to 2017 Key milestones contributing to the rapid growth include visa-on-arrival for Chinese citizens and recent partnership agreements with Huawei, Fliggy and Tencent Dubai, UAE, 18 July 2018:   Ahead of President Xi Jinping of China’s arrival in the UAE later this week, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) reports continued growth in visitors from China. With a robust growth of 119% in ......read more

    Bank Al Bilad invests in leaders through Ashridge flagship program

    July 18, 2018:   More than 20 senior leaders from Bank Al Bilad recently participated in an Ashridge Executive Education Leadership Development Program in Riyadh. With a focus on building 21st Century Leadership capabilities, this highly experiential and practical learning approach helped leaders communicate their strategic vision, set direction and develop high performing teams to succeed within the dynamic and fast moving Saudi banking sector. With over 20 years of experience in developing regional business leaders, Ashridge delivered a highly customized program, designed not ......read more

    Dubai FDI's ‘Aftercare' program for investors to bolster FDI reinvestments

    Dubai, 17 July 2018​: In response to the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to create stronger and improved engagement with investors, while also creating a better understanding of their current and future needs and helping ease the investment process, Dubai FDI, the investment development agency of Dubai Economy Department (DED), has revealed the continuing expansion of enhanced services for its ‘Aftercare’ initiative, a quality-focused program aimed at attracting more foreign ......read more

    CNN Exclusive: Finnish President Niinistö analyses the Helsinki Summit

     “I do not believe that Russia is going to attack Finland or the Baltic countries”   Dubai, UAE, July 17, 2018:  As part of CNN’s coverage of the Helsinki Summit between Presidents Trump and Putin, Christiane Amanpour sat down with the host Finnish President Sauli Niinistö to discuss what had been achieved.   Key Quotes:   On what he feels President Putin achieved from the Summit: “I think for him it was important for him to be in equal foot with the American President… he left also with a kind of burden. Those ......read more

    Ajman Media City Free Zone , the brand new investment hub of UAE, announces a strong portfolio of cost effective business services

    Customer friendly and  cost effective package to set up a new business in the free zone  An easy and convenient process to own a business in the United Arab Emirates World class infrastructure hub focuses on SME and entreprenuers  Dubai, UAE, July 16, 2018:  Ajman Media City Free Zone, a world class free zone hub for the creative, media and entertainment industry  announces a range of customer friendly cost effective packages for the potential business owners.   H E Sheikh Abdul Aziz bin Humaid Al Nuaimi, Chairman of Ajman Media City Free Zone ......read more

    ICAEW: GCC businesses must comply with GDPR or risk hefty fines

    Dubai, UAE, July 16, 2018:  Many businesses in the GCC still do not comply with the EU’s General Data Protection Regulation (GDPR) and must act immediately or risk falling behind and potentially facing fines of 20 million euros or four percent of global annual turnover, according to ICAEW. The global accountancy and finance body has put together a GDPR checklist to facilitate compliance. GDPR is a complex process that requires all large and small businesses, in all regions and in all industries, to strengthen protection of personal data of all EU citizens. If an organization ......read more

    Turkish Airlines continues its growth trend without slowing down

    The flag carrier airline, who announced the traffic results for June 2018, has now reached the highest first-half Load Factor (LF) rate of its history with 80.4%.   Dubai, United Arab Emirates – 15 July 2018 :   Turkish Airlines, that announced the results of June 2018 passenger and cargo traffic, achieved the highest rate of Load Factor (LF) in the first six months of its history with a brilliant performance of 80.4%. The double-digit growth that the flag carrier recorded in the number of international non-transit passengers, marks an increasing interest in ......read more

    Alvarez & Marsal's UAE Banking Pulse Report for Q1 2018 Analyzes Performance of Banking Sector

    Overall increase in profitability due to higher return on equity (RoE) and return on assets (RoA) Deposits and loans & advances showed similar growth levels to Q4 2017 Stable liquidity and loan to deposit (LDR) ratio Dubai, UAE, July 15, 2018:  Leading global professional services firm Alvarez & Marsal (A&M) today released its latest UAE Banking Pulse for Q1 2018, showing that UAE banks continue to perform well, with higher levels of profitability, and liquidity is expected to remain healthy for the remainder of 2018.  Comparing the data of the 10 largest ......read more

    Gulf region's automation industry on track for double digit growth

    GCC market estimated to reach US$10.7 billion in 2023 as global players prepare for inaugural SPS Automation Middle East Dubai, UAE, July 12, 2018:  The Gulf region’s automation industry is on track for double digit growth over the next five years, as recovering oil prices and government economic diversification plans boost demand for industrial and building automation technologies, according to new research. A July 2018 knowledge report by consulting firm TechSci Research said the GCC market for industrial and building automation will be worth US$10.3 billion in 2023, ......read more

    Al-Futtaim and PVR signs a Memorandum of Understanding to establish a Joint Venture cinema business in MENA

    Dubai, United Arab Emirates, July 10, 2018:   Al-Futtaim, one of the most diversified and progressive privately held regional businesses headquartered in Dubai, and PVR Limited, the largest and most premium film exhibition company in India have signed a Memorandum of Understanding to explore opportunities for jointly developing a cinema business in the MENA region. The joint venture will introduce a collection of unique experiential cinema formats to the region including, PVR’s Director’s Cut, a format that blends the best in high-end hospitality and ......read more

    Dubai South witnesses 400% growth in the number of companies operating in the Business Park

    Annual growth of 35% in number of new companies at the Business Park  Dubai, UAE, July 09, 2018:  The Business Park at Dubai South has revealed it has witnessed a 400% growth in the number of companies operating in the park since its inception in early 2015. The number of companies that have set up operations in Business Park has increased from 900 in 2015 to 4500 in 2018.   The Business Park has also revealed that an average of 1500 new companies have joined the park every year. Furthermore, the park also has a high customer retention rate of 98%, which is an ......read more

    Inaugural class of 50 distinguished Qimam Fellows graduates in Riyadh

    Riyadh, 5th July 2018:   More than 100 senior industry leaders from the private and public sectors as well as noted KSA academia attended the graduation ceremony of the inaugural class of 50 Qimam Fellows yesterday. They commended the quality of Saudi talent represented by Qimam’s inaugural fellowship and the rigorous program that helped develop their leadership skills and build their network.    Launched in February 2018, the Qimam Fellowship Program attracted more than 13,000 applications. Of these, 150 applicants were invited to Riyadh for two in-person ......read more

    MEFMA records key milestones in efforts to boost sector's growth during H1 2018

    July 04, 2018: The Middle East Facilities Management Association (MEFMA) recorded major milestones and key achievements during the first half of 2018 in its continuing efforts to provide a dedicated platform for facilities management (FM) professionals and stakeholders as well as support the regional industry’s sustainable growth and acceleration in the 21st century. The association’s accomplishments for the first six months of the year were highlighted by successful events that it hosted—including well-attended and highly interactive workshops and conferences. Jamal ......read more

    Khalifa Fund and startAD invite Emirati entrepreneurs to apply for Ibtikari

    btikari is a six-month incubator aimed at helping technology startups advance their businesses The new partnership will offer chosen teams an updated version of Ibtikari, which will mark its fourth edition this year Abu Dhabi, July 4, 2018:   startAD, the innovation and entrepreneurship platform anchored at NYU Abu Dhabi, has partnered with Khalifa Fund for Enterprise Development for the first time to present an updated version of Ibtikari (My Innovation). The fourth edition of Ibtikari will be an intensive six-month incubator aimed at helping UAE nationals advance ......read more

    UAE economic growth to accelerate in 2018 and 2019

    According to ICAEW’s latest report (Economic Insight: Middle East Q2 2018), the UAE economy is set to recover from a difficult year in 2017, when growth slowed to a seven-year low last year at only 1.5%. Overall, UAE’s GDP is expected to accelerate to 2.6% growth in 2018 and to around 3.8% in 2019. But the accountancy and finance body warns that general prices are expected to increase as inflation will rise to 4.0% this year. Dubai, UAE, July 03, 2018:  Economic Insight: Middle East Q2 2018, produced by Oxford Economics, ICAEW’s partner and economic forecaster, says ......read more

    DED Ajman's business confidence index score reaches 116 points during Q1 2018

    UAE, July 2, 2018- The Department of Economic Development in Ajman (DED Ajman) has achieved a remarkable business confidence index score of 116 in the first half of 2018, up from 109 points in the first half of 2016. The high score, which reflects the positive prospects within the local business and investment environment, is due in part to the department’s efforts to attract more regional and global investments to Ajman and raise its international competitiveness.’ Additionally, the 7-percentage-point increase is attributed to increased demand, vibrant construction ......read more

    Abu Dhabi records 4.9% growth in hotel guests during the first five months of 2018

    Expected further growth with the implementation of reduced tourist and municipal fees this month Abu Dhabi, United Arab Emirates, July 2, 2018: The number of hotel guests staying in Abu Dhabi increased by 4.9% during the first five months of 2018 compared to the same period last year.  According to statistics from the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi), 162 hotels, resorts and hotel apartments offering 31,236 rooms across the emirate welcomed 2,073,586 guests during January to May.. Occupancy rate has averaged 75% during the same period (January to ......read more

    Buy to live or Buy to let?

    Dubai, UAE, July 02, 2018:  As you grow in life, you write a list of accomplishments for yourself, of which the one that probably tops the list for many is – buying a house!    As you dive into this decision, you may consider whether you want to buy to live or buy to let?   Do you want a home or do you want to buy a property, not to live in immediately, but as an investment? Would you rather swap your monthly rent to pay towards a mortgage or would you rather rent out for potential additional revenue? Here are a few tips that will help you decide whether ......read more

    The Higher Sharia Authority at the Central Bank Held Its Forth Meeting

    Dubai, UAE, July 02, 2018:   The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its forth meeting on 24th -25th June 2018. The meeting was chaired by His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman Higher Sharia Authority, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Issam Muhammad Ishaq,Sheikh Dr. Oznan Hasan, and Sheikh Dr. Usaid Muhammad Adeeb Al Kilani.  The HSA discussed a number of matters related to prudential standards and guidance for the banking system in ......read more

    Al Ansari Exchange named “UAE Superbrand” for the 13th year in a row

    UAE, 29 June 2018 -  Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, have won the ‘UAE Superbrands’ award for the 13th consecutive year. The award is granted by the UAE Superbrands Council, the internationally-acclaimed independent authority for branding excellence. Ali Al Najjar, Assistant General Manager and Head of Operations Department at Al Ansari Exchange received the award at the Superbrands awarding ceremony held recently at the InterContinental Dubai Festival City in Dubai. Commenting on the award, Ali Al Najjar said: ......read more

    Central Bank of the UAE Holds its 5th Board of Directors Meeting for 2018

    Dubai, UAE, June 26, 2018:   The Board of Directors of the Central Bank of the UAE held its 5th meeting for 2018 at 10:00am on Sunday, 24th June 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 ......read more

    The ongoing visit of Sheikh Abdullah bin Zayed Al Nahyan to India will lend an impetus to Investments between both countries

    Dubai, UAE, June 26, 2018:  Mr. Kamal Vachani, Group Director of Al Maya Group and Regional Director of Electronics and Computer Software Export Promotion Council(ESC)for the Middle East says: The week-long visit of Sheikh Abdullah bin Zayed Al Nahyan, Hon. Minister of Foreign Affairs and International Co-operation, to India indicates growing strength and depth of bilateral relations between the UAE and India. Both the countries already enjoy a very close historical bond and continue to share mutually beneficial strategic partnerships in various fields. This visit will build on the ......read more

    Middle East Corporate Finance Leaders Foresee Substantial Economic Growth and Plan to Increase Spending and Investment Worldwide, American Express Global Survey

    Prevailing economic optimism across ME to boost business spending and investment levels  Top 2018 business goal is meeting customers’ evolving needs with focus on new product development and mobile technology  More freelancers, part-time workers and temps to join Middle East’s growing workforce  Region’s finance executives most likely to increase spend on mobile technology Dubai, UAE, June 25, 2018:  Middle East finance executives report great confidence in economic growth prospects for the year ahead, finds the 2018 Global Business & ......read more

    DIB Champions Customer Happiness With 9th Double Your Salary Draw

    UAE, Dubai, June 24, 2018:  Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has announced the ninth winner of its “Double Your Salary” monthly campaign, held at DIB’s City Center Sharjah branch, officiated by a representative of Sharjah Economic Development Department “SEDD”.  DIB launched its “Double Your Salary” promotion in September 2017. The monthly draw selects a new customer that has moved their payroll or salary account to the bank, and doubles their salary for that month. 10 runners-up are also selected and each ......read more

    NAMA and UN Women Collaborate to Create New Entrepreneurial Opportunities for 25,000 Women in S. Africa, UAE and the Region

    NAMA Women Advancement Establishment and UN Women sign MoU in New York Dubai, UAE, June 25, 2018:  UN Women and the UAE-based non-profit NAMA Women Advancement Establishment (NAMA) signed a Memorandum of Understanding in New York recently, to consolidate their efforts in implementing the UN Women Flagship Programme “Stimulating Equal Opportunities for Women Entrepreneurs” in South Africa, the United Arab Emirates and the region, with support from UN Women headquarters. To be implemented in a period of three years, the programme will target approximately 25,000 women, ......read more

    Guinness World Records Launches Arabic Website to Cater to the Growing Number of Record Applications From the Region

    24 June 2018, Dubai –   Guinness World Records™, the global authority on record-breaking, is proud to announce the launch of its dedicated Arabic platform that is especially designed to interact with and serve audiences across the Middle East. The website - www.guinnessworldrecords.ae - will serve as an ideal platform for consumers in the region to learn more about Guinness World Records and provide them with a comprehensive and smooth understanding of the criteria and process to attempt a record.  Furthermore, the newly launched website will also encourage ......read more

    Khalifa Fund signs MoU with Majid Al Futtaim Hypermarkets to support local entrepreneurs

    Abu Dhabi, June 23, 2018: Khalifa Fund for Enterprise Development has recently signed a Memorandum of Understanding (MoU) with Majid Al Futtaim Hypermarkets LLC as part of its efforts to fuel an entrepreneurial culture of UAE and support Khalifa Fund members. The agreement aims to establish joint collaboration to create an appropriate business environment for the supply of fresh food, grocery, light household, textile and electronic products to all hypermarket stores under the Carrefour and Carrefour Market brands. The Khalifa Fund aims to provide the best facilities for local enterprises ......read more

    Emirates Insolaire's first-of-its-kind coloured solar panel technology gets strong response at Intersolar Europe

    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, ......read more

    Salim & Sons Group to capitalize on growth opportunities in the region

    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,’ ......read more

    FireEye and Gigamon Announce Global Partnership to Improve Security Effectiveness and Efficiency for Joint Customers

    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 ......read more

    Zurich launches Allocated Passive funds, offering investors a new, simple, low-cost investment solution

    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 ......read more

    SBWC Visits Italy to Analyse Advantageous Trading Opportunities

    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 ......read more

    Why The Global Sukuk Market Is Stalling In 2018

    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 ......read more

    CBUAE Announces New Caps on Banking Fees for Customers

    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 ......read more

    A Fresh New Look to the World's Oldest Islamic Bank

    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 ......read more

    Dubai FDI organises economic mission to Australia to boost trade ties

    Dubai, 17 June 2018​: Dubai FDI, the investment development agency of the Dubai Economy, is organising one of the largest economic delegations from Dubai in recent years for an official economic mission to Australia as part of its continuing efforts to strengthen existing economic cooperation and attract investments into the emirate. The mission, which will take place from June 25 to 29, 2018, will be represented by senior officials and executives from Dubai Exports, the export promotions agency of Dubai Economy, Dubai Multi-Commodities Center (DMCC), Dubai Science Park, Dubai Silicon ......read more

    CBUAE will raise interest rates by 25 basis points

    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 ......read more

    Crowe Horwath announces global rebrand to “Crowe” Sometimes a smart decision is a simple one.

    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 ......read more

    Central Bank of the UAE

    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 ......read more

    Shurooq of Sharjah – Nine Years of Driving a Diversified Economy

    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 ......read more

    Global payment solutions leader EastNets partners with Kuwait's Boubyan bank to launch SWIFT gpi for faster cross-border payments

    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 ......read more

    Win $100,000 with UAE Exchange

    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 ......read more

    Businesses Can Now Settle Their Vat Payments Through 150 UAE Exchange Outlets

    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 ......read more

    New business licences in Ajman Free Zone increase 28% to 12,362 in Q1 2018

    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 ......read more

    UBS's Prices & Earnings report compares the cost of living in 77 cities worldwide

    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 ......read more

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