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    Featured in Banking and Investments
    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 one-to-one matchmaking and business prospect meetings for five of its members, with Italian suppliers in a number of sectors including furniture and interior design, fine jewellery making, fashion and the F&B sectors. The meetings enabled the ......read more

    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 slowed by the global tightening of liquidity conditions as well as byl ower financing needs of some GCC countries as a result of oil prices stabilizing at higher levels.The sharp increase in geopolitical risks int he Middle East will also likely ......read more

    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 adoption of consumer protection principles - competition inhibiting, usury, notary function, and strategic related principles. Furthermore, banks and finance companies must have the appropriate product approval processes in place for all products which ......read more

    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 significantly enhanced and rich content.   The mobile-friendly website has been aesthetically enhanced with advanced functionality supported by the latest technology to deliver a more intuitive and user-friendly experience. The list of the new ......read more

    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 to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system.  

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    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 of modern business. The change of brand happens shortly after another significant development for the network, the appointment of a new Global CEO, David Mellor, who took over leadership as of 1st April 2018.      Under the new brand ......read more

    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 Central Bank’s regulations, including Anti-Money Laundering regulations. Based on this decision, the above exchange houses were prohibited from conducting any activities relating to remittances or payment of wages. This decision comes after ......read more

    Shurooq 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 established Sharjah as a major international business hub. “An outstanding investment development model” HE Marwan bin Jassim Al Sarkal, Shurooq Executive Chairman, said: “The policies and vision of His Highness have strengthened the ......read more

    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 Boubyan Bank in implementing SWIFT gpi without having to re-engineer the bank’s existing payment systems, thereby lowering the cost of ownership, decreasing time to market, reducing risks and providing greater payment efficiency. The roll-out of ......read more

    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 each.    “Our intent behind this year’s summer promotion is to make a positive impact on the lives of as many people as possible. That is why we have a large number of cash prizes up for grabs including daily and weekly prizes ......read more

    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 with the Federal Tax Authority and offer businesses in the UAE a stress-free offline payment solution for their VAT obligations. Through our vast network of strategically-located branches, including 18 in Dubai metro stations, customers can settle ......read more

    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 companies operating in different sectors, such as trade, services, jewelry, consultancy and others. During the first quarter of this year, 783 new companies have registered with AFZ, operating across diverse domains, including import & export ......read more

    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 data to come to their own conclusions. Visit the microsite to find out what millennial must-haves cost around the world, or how long you have to work to afford an iPhone X in different cities. Dubai, UAE, May 31, 2018:  UBS Global Wealth ......read more

    Central Bank of the UAE Holds its 4th Board of Directors Meeting for 2018

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

    Deloitte: Transfer pricing should be top of agenda for all tax executives in 2018

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

    Abu Dhabi Records 7.3% Growth in Hotel Guests Staying in Emirate Across First Four Months of 2018

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

    Spend Wise, Save More – A Short Guide to Better Financial Planning

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

    Shuraa bestowed with World's Greatest Brands & Leaders Asia & GCC 2017-18 award

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

    Dubai Islamic Bank receives two prestigious ISO certifications

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

    Leading National Company, INDEX Holding, Opens a New Branch in Singapore

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

    Trend Micro Expertise Results in Conviction from Scan4You Trial

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

    Bayzat – Solving Problems for SMEs

    May 23, 2018 - Dubai, UAE: Bayzat (www.bayzat.com)is looking to become the one stop solution for small- and mid-sized companies. The technology company provides insurance and HR solutions for SMEs. Founded in 2013, the company is making waves in the Middle East – in 2017, it made it to the Forbes list of Top 100 Startups in the Arab World. The company’s founder, Talal Bayaa, and his team noticed the fragmentation in the UAE financial sector and they decided to launch a product that would make it easier for individuals and companies to compare different insurance options. Bayzat’s main product isthe Health Insurance comparison service, which examined policies in real time. The service can cut processing times by 50% and save at least 20% on associated insurance costs. The service is available for companies but ......read more

    Capillary Technologies Grows its Global Business by 200% YoY

    Promotes Abhijeet Vijayvergiya as President & Managing Director, Global Accounts and Asia Pacific Global brands such as Pizza Hut, VF Brands, KFC, Bata, Asics, Unilever, Siam Makro leverages Capillary solutions across multiple countries DUBAI – May 23, 2018: Capillary Technologies, with presence in 30+ countries and helping consumer businesses achieve digital transformation, using its AI Powered technology platform; today announced that it has grown its global business by 200% YoY and has elevated Mr.Abhijeet Vijayvergiya as its President & Managing Director, Global Accounts and Asia Pacific.  In the new role, Abhijeet will be not only continue to own sales for Asia Pacific but also be responsible to nurture and scale Capillary’s global accounts such as Pizza Hut, KFC, Bata, Asics, VF Brands, Siam Makro. ......read more

    Abu Dhabi Sustainability Week to explore role of industry convergence in accelerating sustainable development

    Zayed Sustainability Prize evolves to include new categories Abu Dhabi, May 22, 2018:  Abu Dhabi Sustainability Week (ADSW), one of the world’s largest sustainability gatherings, has announced its theme for its next edition, which takes place from 12-19 January 2019.  ADSW 2019, under the theme titled ‘Industry Convergence: Accelerating Sustainable Development’, will explore how industries are adapting to the digital transformation under way in the global economy, and the new opportunities it is presenting to address global sustainability challenges.  At a suhoor reception for UAE dignitaries, foreign ambassadors and senior business leaders from more than 37 countries, the Zayed Sustainability Prize also introduced its five new award categories in health, food, energy, water and global high ......read more

    The French Business Council Dubai and Northern Emirates receives the Dubai Quality

     Appreciation Award for Representative Entities during the DED Business Excellence Awards Ceremony Dubai, UAE, May 22, 2018:  The French Business Council Dubai and Northern Emirates (FBC) has received the Dubai Quality Appreciation Award for Representative Entities, presented by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and HH Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Mohammed bin Rashid Al Maktoum Knowledge Foundation. This award was given during the Business Excellence Awards Ceremony held on Tuesday, 24th April 2018 at Dubai Opera.  The Dubai Quality Award is an initiative created by the Department of Economic Development (DED) to promote quality and excellence. It provides organizations a tool to benchmark performance and document existing gaps, but also ......read more

    Other Top Stories from Banking and Investments
     
    Al Ansari Exchange to accept VAT payments on behalf of corporates

    UAE, February 28, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, announced that they start accepting Value Added Tax (VAT) payments to the Federal Tax Authority. All entities that are registered under the Federal Tax Authority (FTA) and possess a TAX Registration Number (TRN) and a GIBAN bank account number can visit any of the 180 branches of Al Ansari Exchange across the UAE to make their VAT payments to the FTA.  Rashed Al Ansari, General Manager, Al Ansari Exchange, said: “We are confident that our new service will help ......read more

    AED 878.371 Million Worth Deals Signed during UMEX and SIMTEX 2018

    Deals worth over AED294.225 Million signed on day three of the dual event Abu Dhabi-UAE: 28, February, 2018 –  Major Pilot Saeed Mohammed Al Yamahi, the Official Spokesperson of Unmanned System Exhibition (UMEX) 2018 and Simulation & Training Conference and Exhibition (SimTEX) 2018 announced at a press conference that 10 defence deals worth AED294.225 million were signed on the third day of the dual event, taking the total value of deals signed to AED 878.371 million. Al Yamahi added that the Armed Forces signed two contracts with the UAE-based Abu Dhabi Autonomous ......read more

    FERG Launches the Second Edition of AML Standardisation Manual with updated guidelines for Exchange Houses

    Version 2.0 of the manual launched at a high-power conference attended by leading AML and Operations experts from Exchange Houses across the region Dubai, UAE – February 27 2018:   The UAE’s Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances in the country, has officially launched the second edition of the Anti-money laundering (AML) Standardisation Manual at a conference held at the Steigenberger Hotel in Dubai. The updated manual was introduced in the presence of Osama Al Rahma, Vice Chairman, FERG, ......read more

    FranGlobal seeks over USD 100 million investments from Gulf investors

    Franglobal hosts leading International & Indian brands into the lucrative GCC markets for Master Franchise partnerships   Dubai, UAE, February 26, 2018:  FranGlobal, a market leader enabling successful India market entry for countless Brands over the last 18 years inaugurates the 2nd Edition of Global Investor Meet in Dubai on 3rd February 2018. The event provides an opportunity for global brands to showcase their products in Dubai and Gulf Co-operation Council (GCC) markets.   The premium affair aims to make a meaningful business connection between the GCC’s High ......read more

    DAFZA launches Goodforce Labs, the first Islamic and global social impact themed startup incubator

    Initiative falls in line with UAE Innovation Month celebration Dubai, UAE, February 26, 2018:  Dubai Airport Freezone Authority (DAFZA) announced the launch of Goodforce Labs, an innovative startup incubator focused on transforming ethical startups in the fields of Islamic economy and Halal industries into global success stories. The incubator will work to revitalize the Islamic ethical economy utilizing a deep venture building platform. This will be achieved by selecting a group of startups and small and medium enterprises and support them towards a USD 50 million in annual ......read more

    Mashreq Bank Selects Blue Prism to Drive Innovation Across All Banking Functions

    UAE’s leading bank adopts Blue Prism’s Digital Workforce to transform business operations while increasing customer satisfaction Dubai, UAE, February 25, 2018:  In its efforts to continue pioneering innovative banking solutions, UAE’s leading financial institution, Mashreq, announced that it is working with Blue Prism (AIM: PRSM) to increase productivity, improve customer experiences and deliver new services. Mashreq selected Blue Prism’s secure, scalable and easy-to-use Digital Workforce to deliver greater operational efficiencies, higher accuracy and a ......read more

    G4S UAE honours outstanding employees at annual awards

    Dubai, UAE – February 25, 2018:  G4S UAE, the world’s leading integrated security solutions provider, held its annual employee award ceremony along with the organization’s 24th year celebration in the UAE. The ceremony was held at the Jebel Ali Golf Resort, where employees were honored in eight categories across various business services.  Since its inception in the UAE in 1994, G4S has recognized and honored its employees across various sectors. Nominated by their clients and the G4S awards committee, the organization recognizes talents from their pool of over ......read more

    Department of Economic Development - Ajman celebrates achievements during ‘Employees Annual Forum 2017'

    UAE, February 24, 2018 - The Department of Economic Development in Ajman (DED-Ajman) hosted the ‘Employees Annual Forum 2017’ to celebrate another year of achievements towards building a diversified and competitive economy in line with Ajman’s vision of sustainable development. The event honored the employees for their valuable contributions in enhancing the emirate’s business environment through best practices that attract investments which contribute to the growth of the national economy. His Excellency (H.E.) Ali Eissa Al-Nuaimi, Director General of DED Ajman, ......read more

    Department of Economic Development - Ajman highlights its innovative initiatives during UAE Innovation Month

    UAE, February 24, 2018- The Department of Economic Development - Ajman (DED-Ajman) is continuing its successful participation in UAE Innovation Month, in response to the leadership's directives to celebrate innovation and innovators. As part of their participation, DED-Ajman is highlighting its latest innovations aimed at improving services designed to facilitate a customer’s journey in completing their transactions. DED-Ajman is showcasing its experience as one of the first economic departments in the country to implement the ‘Smart Document’ initiative, which was ......read more

    GCC Financial Forum 2018 Puts Spotlight on Digital Transformation

    Dubai, UAE, February 22, 2018:  Speakers and participants of 7th edition of regional conference discuss the shape of the financial system of the future and unanimously underline the importance of driving technological innovation   Manama, Kingdom of Bahrain; 22nd February 2018: The GCC Financial Forum, held on 20th and 21st February 2018 in Manama, Bahrain, put digital transformation in the financial industry in the spotlight and reinforced the significance of pursuing a forward-thinking approach with respect to integrating new technologies into existing business models and ......read more

    Jaleel Cash & Carry to develop AED 100 m facility at Dubai Wholesale City

    DUBAI – February 22, 2018:   Jaleel Cash & Carry, the region’s largest bulk buy outlet chain and a division of UAE-based leading investment company Jaleel Holdings, has announced the development of its biggest facility at Dubai Wholesale City (DWSC) at an investment of AED 100 million. The DWSC is the region’s largest fully integrated wholesale hub.  Jaleel Cash & Carry has revolutionized the FMCG wholesale market in the region. Jaleel Holdings introduced the popular cash-and-carry concept of the European and US markets to the Middle East region ......read more

    Central Bank Hosts first meeting of the new Higher Shari'a Authority

    Abu Dhabi, UAE – 21st February 2018:    The HIGHER SHARI’A AUTHORITY held its 1st meeting of 2018 at 9:00am on Wednesday, 21st February 2018, at the Central Bank Head Office – Abu Dhabi.   The meeting was attended by:  His Excellency Mubarak Rashed Al Mansoori  His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, Chairman.  Prof. Dr. Jasim Ali Al Shamsi, Board Member.  Dr. Issam Muhammad Ishaq, Board Member.  Dr. Oznan Hasan, Board Member.  Dr. Usaid Muhammad Adeeb Al Kilani, Board Member. In ......read more

    UAE Ministry of Economy launches new innovative guide for companies in the UAE

    H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, successfully launched a new guide entitled, ‘The Innovative Guide for Companies in the UAE,’ which was done by the Ministry of Economy in cooperation with the National Research Council (CNR) – Research Institute on the Sustainable economic growth. The new guide was developed and released in line with the set goals and objectives of the UAE Vision 2021. The new guide, which is being released in both English and Arabic versions, highlights the Ministry's role in the implementation of the UAE National ......read more

    USD 16 million global investment will help drive the growth of co-working in Middle East, says Servcorp

    Substantial investment by Servcorp has already seen the opening of co-working facilities in UAE, Saudi Arabia, Lebanon and London Deployment of funds will see the launch of co-working spaces in Dubai, Riyadh and Bahrain by June 2018 Additional USD 8 million allocated globally to enhance customer experience Estimated growth of 22% for worldwide co-working industry spaces in 2017, with 1.18 million individual users, according to “2017 Global Co-Working Survey” Dubai, United Arab Emirates, 21 February 2018:   Servcorp, an originator and innovator in serviced ......read more

    Ministry of Economy explores agricultural investment opportunities to reinforce cooperation with Ethiopia

    H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade Affairs recently met with H.E Ayana Zewdie, Ethiopian, Minister of State for Trade, to discuss strategic ways on how to further enhance cooperation with Ethiopia, especially across potential investment opportunities in agriculture and food industries. The meeting was held at the Ministry's headquarters in Dubai on the sidelines of the Ethiopian delegation's participation at Gulfood 2018, the world’s largest annual food trade show, held from February 18 to 22, 2018 at the Dubai World ......read more

    Nearly 9 in 10 Companies in the UAE Will Be Hiring in the Next 12 Months, Reveals a Bayt.com and YouGov Survey

    Bayt.com Job Index found that the skills most sought by companies hiring in the UAE are good communication in Arabic and English, being a team player, and ability to work under pressure Dubai, UAE, 19  February 2018:   There is a positive outlook for the job market in the UAE, according to the Bayt.com Middle East Job Index Survey, which revealed that a large majority (86%) of UAE companies intend to hire new people in the next year, and three quarters (75%) saying they will be hiring in the next three months. What’s more, nearly four in five (79%) working respondents ......read more

    Saeed & Mohammed Al Naboodah Group Celebrates 60 Years of Excellence

    Emirati conglomerate has shaped the landscape of the UAE for six decades Dubai, UAE, 19 February 2018 –   Established in 1958 by brothers Saeed and Mohammed Al Naboodah as a modest trading venture with a capital investment of only 2,000 rupees, Saeed & Mohammed Al Naboodah Group comprise one of the UAE’s oldest and most respected Emirati conglomerates with a diverse portfolio of businesses, today. This year, the Group is commemorating its 60th anniversary milestone with a year-long celebration, themed ’60 Years of Excellence’.  Saeed & ......read more

    Department of Economic Development – Ajman to kick off activities for UAE Innovation Month tomorrow

    UAE, February 14, 2018- Under the patronage of His Highness Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of the Department of Economic Development – Ajman (DED-Ajman), the activities lined up for the month long celebration of UAE Innovation Month is set to kick off tomorrow (15 February 2018) — in line with the largest national event aimed at celebrating a culture of innovation and innovators, which will run until February 28th, 2018 across all Emirates and regions of the country. DED-Ajman has revealed its participation via a series of motivational activities that have been ......read more

    WGS 2018: Global Policy Platform Panel Considers Supporting Female Entrepreneurs Essential for Society Advancement

    Her Excellency Reem bint Ebrahim Al Hashimi: UAE was the first Arab country to close the gender gap in the labor force Dr Jim Yong Kim: We need to close a US$300 billion funding gap to support women entrepreneurs Dubai-UAE: 13 February, 2018 –   A special Global Policy Platform panel discussion on the emergence of female entrepreneurs worldwide highlighted ways to support and empower women to become entrepreneurs and contribute to the economy on day two of the sixth World Government Summit in Dubai today.    Conducted by the UAE Ministry of ......read more

    WGS 2018: Global Policy Platform Attempts to Find Balance Between Cooperation and Competition in Trade

    Dubai-UAE: 13 February, 2018 –   The final Global Policy Platform on day two of the World Government Summit discussed multilateral, bilateral and regional approaches to trade at a high-level panel that also explored ways to encourage better cooperation. Titled ‘The Future of Trade and Globalization’, the panel headed by Roberto Carvalho de Azevêdo, Director General of the WTO, and His Excellency Sultan bin Saeed Al Mansouri, UAE Minister of Economy, drew the participation of Arancha Gonzalez, Executive Director of the International Trade Center; Mukhisa ......read more

    WGS 2018: India Urged to Create More Jobs for Youth, Entrepreneurial Culture to Become a Global Economic Force

    Panel of industry leaders discuss issues that country needs to address  Dubai-UAE: 12 February, 2018 –   A plenary panel session on day one of the sixth World Government Summit (WGS 2018) debated whether this year’s guest nation India could ever lead the global economy in the future, and discussed the issues that could hold up any progress. According to the World Economic Forum, India is the seventh largest economy in the world and is expected to be the second largest by 2050. With a population of over one billion, and 29 separate states, the subcontinent ......read more

    Visit_UAE Road Show Organized by the Ministry of Economy in conjunction with local tourism entities and private sector promotes national tourism across three major Indian cities

    The Ministry of Economy has successfully organized recently a tourism road show in the Republic of India under the theme ‘Visit UAE.’ The tour across three major Indian cities featured the participation of tourism departments and authorities from the Emirates, other local government entities concerned with the tourism sector and a group of tourism institutions and companies, including aviation, major attractions, hotels and tour and travel agencies in the country. The road show initially took place in Bangalore, South India, then moved to Ahmedabad city and concluded in Mumbai, ......read more

    Department of Economic Development - Ajman celebrates ‘Year of Zayed'

    UAE, February 11, 2018 – The Department of Economic Development-Ajman (DED-Ajman) has shared that it has adopted several initiatives that have been developed and inspired by the wisdom and legacy of the late Sheikh Zayed Bin Sultan Al Nahyan, founding father of the UAE, in response to the announcement of His Highness (H.H.) Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, that 2018 is the ‘Year of Zayed.’ The move comes within the DED-Ajman’s commitment to celebrate the centennial of the UAE founder by moving forward with Sheikh Zayed’s high ......read more

    WGS 2018: OECD Chief Says Swift Action and More Collaboration Needed to Regain Public Trust

    Angel Gurría highlights importance of inclusive growth and multilateralism for Governments  Dubai-UAE: 11 February, 2018 –   Angel Gurría, Secretary-General of the Organization for Economic Co-operation and Development (OECD), discussed the eroding trust in private and public institutions, the growing interconnectedness in the global economy as well as how re-inventing policy can help build more resilient economies and inclusive societies. He was speaking on day one of the World Government Summit (WGS 2018) in Dubai, where he called for swift and ......read more

    Ministry of Climate Change and Environment and RAK Incubator and Accelerator Ink MoU to Drive Entrepreneurship and Innovation

    Dubai-UAE: 11 February 2018 -   The UAE Ministry of Climate Change and Environment (MOCCAE) signed an MoU with RAK Incubator and Accelerator with the aim of enabling SMEs, entrepreneurship and innovation and in the presence of His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, and His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment.  On the sidelines of the UAE’s first Seaside Startup Summit, held at the Al Marjan Island in RAK with the aim of creating a new platform for the ......read more

    Qualcomm Extends Cash Tender Offer for All Outstanding Shares of NXP

    DUBAI – February 11, 2018 –   Qualcomm Incorporated (NASDAQ: QCOM) today announced that Qualcomm River Holdings B.V., an indirect wholly owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors N.V. (NASDAQ: NXPI). The tender offer is being made pursuant to the Purchase Agreement, dated as of October 27, 2016, by and between Qualcomm River Holdings B.V. and NXP. The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on February ......read more

    MEFMA holds workshop in Oman to highlight economic contributions of local & regional facilities management sectors

    February 7, 2018: High-ranking officials and executives attended the Middle East Facility Management Association’s (MEFMA) interactive workshop held in Oman today (Wednesday, February 7, 2018), to discuss the economic contributions of the facilities management (FM) industry at the local and regional levels. The workshop entitled “The Economic Value Add of Facility Management in Oman” is sponsored by QBG Facilities Management Group, MEFMA’s founding member and one of the Middle East’s leading integrated FM service providers, the premier event, which was staged ......read more

    DP World, UAE Region Wins “Top Ten Gulf Enterprises” Award

    Sharjah Awards for Economic Excellence follows legacy of UAE leaders says Bin Sulayem Dubai, 07 February 2018:  DP World, UAE Region has won the “Top Ten Gulf Enterprises” Award at the Sharjah Awards for Economic Excellence for 2018.  Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, said: "This award highlights the vision of our leaders that promotes service excellence and superior performance. DP World, UAE Region is committed to contributing to the diversification of the local economy and enhancing Dubai's position as a major hub for global ......read more

    UAE Exchange Partners with Groupe Banque Populaire for Remittances to Morocco

    offers account credit and cash payout remittances to customer’s beneficiaries    Dubai, 07 February 2018:   UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has partnered with Groupe Banque Populaire in Morocco, historical leader in the Moroccan Diaspora Market. The partnership will enable remitters to send money from UAE Exchange branch to Groupe Banque Populaire or third-party bank accounts in Morocco, while also providing the beneficiaries with an option for cash pay-out at all Banque Populaire ......read more

    Central Bank launches an initiative to Develop a Pioneering and Customer-Centric National Payment Systems Strategy for the U.A.E.

    Abu Dhabi, UAE – 6th of February 2018:   The Central Bank of the United Arab Emirates launched an initiative to develop a National Payment Systems Strategy for the U.A.E. The initiative aims to position the U.A.E. at the forefront of innovation and establish a world-class payment system to enable safe, efficient and customer-centric domestic and cross-border payments. This initiative will enable the U.A.E. in transitioning to a cashless society, reducing the cost of domestic and cross-border payments, promoting innovation and positioning the country as a global leader in ......read more

    Dubai Islamic Economy Development Centre's First Board Meeting in 2018 Approves Actionable Initiatives for Upcoming Period

    Sultan Al Mansouri: Trust in regulatory policies is pivotal to the future of the economy Essa Kazim: We have a new opportunity at governing Islamic finance Abdulla Al Awar: Overcoming obstacles in the halal sector is a key priority Dubai-UAE: 03 February, 2018 –   Dubai Islamic Economy Development Centre (DIEDC) convened its first board meeting for 2018, reviewing all the initiatives that had been implemented the previous year within the framework of DIEDC’s 2017-2021 strategy that seeks to realise the Dubai: Capital of Islamic Economy vision.   At ......read more

    UOWD Board Chairman Peter Robson awarded Order of Australia (OA) in Australia Day Honours List

    Dubai, February 1, 2018:   Mr Peter Robson, Chairman of the University of Wollongong in Dubai’s (UOWD) Board, has been awarded the Order of Australia (OA) for his outstanding service to business through research and development in government advisory and leadership roles in the manufacturing and industrial relations sectors, and to engineering.  Nearly 900 Australian citizens were recognised for excellence, achievement and commendable service and contributions in various fields such as sports, science, performing arts and media, in the 2018 Australia Day Honours ......read more

    Central Bank of the UAE Participates in Tawdheef 2018

    As a Strategic Partner Abu Dhabi, UAE – 31st of January 2018:   Central Bank of the UAE is participating as a strategic partner in the Tawdheef Annual Career Fair currently taking place in ADNEC between the 29th and 31st of January. The Banks’ participation comes in line with the UAE Governments’ strategy to develop human capital and enhance Emiratization ratios in the banking sector. Central Bank also aims to build capabilities and develop leadership in the sector through selective Emiratization and to attract talented nationals to work at local and ......read more

    BCG Expands its Middle East Roster to Tackle the New Year and New Opportunities

    The global management consulting firm expands its roster of partners in the Middle East to bolster its People & Organization and Energy Practices Dubai, 31 January, 2018 —  The Boston Consulting Group’s (BCG) today has announced that it will be joined by two new Partners to its Middle East system, in order to bolster its People & Organization and Energy Practices. Effective immediately, Yves Morieux, and Andreas Kyrilis will each serve as Partner for their respective practice.  BCG welcomes Yves Morieux to Dubai. He is transferring from Washington DC, ......read more

    6% Increase in Total Number of Establishments Registered at Ras Al Khaimah Chamber in 2017

    Ras Al Khaimah, UAE – 30/January/2018:   Ras Al Khaimah Chamber of Commerce and Industry has reported that 1,821 new establishments were registered during 2017. 247 of these were in the free trade zones and 119 were new branches of establishments based inside and outside the Emirate. AS a result the total number of Ras Al Khaimah Chamber members rose to 33,652 by the end of last year, an increase of 6% over 2016. Some 19,680 licenses were renewed during 2017. According to Dr. Ahmed Rashid Al Shemaili, Assistant General Manager, Commercial Services and Business ......read more

    Expo Centre Sharjah takes part in the Global CEO Summit 2018 in France

    To review the country's exhibition industry and to discuss opportunities for cooperation Sharjah,January30   2018:  HE Saif Mohammed Al-Midfa, CEO of Expo Centre Sharjah and member of the Board of Directors of the Global Association of the Exhibition Industry (UFI), took part in the Global CEO Summit (GCS) 2018 that is organized by the UFI. The Summit will be held in Cannes, France and will take place from the 24th to the 26th of January. During the Summit, Al-Midfa discussed the UAE's experiences in both organizing exhibitions and developing the exhibition ......read more

    Mashreq posts a 6.5% y–o–y growth in Net Profit for 2017

    Dubai, UAE; 28th January 2018: Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the year ending 31st December 2017.    Key highlights [2017 vs 2016]: Healthy growth in Net Profit  Net profit for YE 2017 stood at AED 2.1 billion - a 6.5% increase YoY Impairment Allowance down by 14.2% YoY; Operating expenses lower by almost 2% on the back of effective cost management High proportion of non-interest income Mashreq’s best-in-class non-interest income to operating income ratio ......read more

    9th Sustainable Development & Inclusive Growth Congress discusses ways to achieve global sustainability

    Dubai, January 28, 2018:  The 9th Annual Sustainable Development & Inclusive Growth Congress Week held at the Radisson Blue Hotel and Resort in Sharjah, focused on the need to follow the principles of sustainable development and inclusive growth to meet global challenges and global sustainability by learning about international trends. Dr Flevy Lasrado, Assistant Professor and Discipline Leader for the Master of Quality Management program at the University of Wollongong in Dubai (UOWD), delivered the keynote speech during the Congress, which was held as part of the Alleem Business ......read more

    CNN in Davos: Iraqi PM, Haider al-Abadi tells CNN that Iran has ‘zero' influence on his country

    Dubai, UAE, January 28, 2018:  As part of CNN’s coverage of the World Economic Forum in Davos, Switzerland, Becky Anderson spoke with Prime Minister of Iraq, Haider al-Abadi. They discussed the rising tensions in Syria and Iraq’s relationship with President Trump and the United States. On Syria: “They are training would be suicide bombers, very high skilled training. They want to send them to many countries; many cities and they want to have a campaign of terror attacks.” On Iran’s influence on Iraq: “Is any country immune from influence ......read more

    The Provenance Chain: Uncovering the connection between provenance and sustainable growth

    2018 IHG Trends Report demonstrates the competitive advantage derived from a powerful and authentic provenance which resonates with consumers Dubai, UAE, January 28, 2018:  Provenance is the foundation for enduring brand success and has become more important than ever for organisations wanting to succeed in today’s complex consumer environment. That is the finding of the 2018 Trends Report published today by IHG® (InterContinental Hotels Group) at the World Economic Forum in Davos. In the sixth edition of this annual report series, IHG reveals The Provenance Chain; five ......read more

    FILMFARE Middle East is all set to re-launch in March 2018

    28th January/2018; Dubai:  Danube Group, UAE's largest diversified conglomerates with interests in building materials, property, construction and home furnishings is all set to re-launch India's biggest Bollywood film and celebrity magazine ‘Filmfare Middle East’ in March 2018. With a clear focus on films, fashion and lifestyle and in-depth exclusive interviews with Hindi, Malayalam, Arab and Pakistani cinema, FILMFARE Middle East will be catering predominantly to the large Asian expatriate population in the UAE and the GCC, as well as a significant Arab ......read more

    Arab Bank Group reports net profits of $533 million for 201730% cash dividends

    Dubai, UAE, January 27, 2018:  Arab Bank Group closed 2017 with solid results, reporting a growth in net operating income of 8% as compared to prior year. Excluding the effect of foreign currency devaluations, net operating income achieved double digit growth of 12%. Net income after tax is at $533 million as compared to $532.7 million in 2016, whilst loans and advances grew by 6% to reach USD 25.1 billion.In view of the results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2017.  Mr. Sabih Masri, ......read more

    Al Ahli Holding Group's CSR Division Launches Women for Business Initiative

    Partners with Union National Bank and La Rochelle Education Group, France to empower Emirati women in social entrepreneurship   Dubai, UAE (January 27, 2018):  Al Ahli Holding Group (AAHG), the multi-diversified international conglomerate, unveiled the first edition of Women for Business, a multicultural CSR program designed by AAHG, in partnership with Union National Bank and La Rochelle Education Group, France to promote Emirati women entrepreneurs. The program commemorates the Year of Zayed initiative honouring the UAE founding father's vision, achievements as well as ......read more

    MEPCO and WASCO Attend 15th International Saudi PPPP 2018 Exhibition in Riyadh

    MEPCO showcases its latest product innovations to regional and international audiences at Saudi Arabia’s largest industrial gathering Wholly-owned subsidiary WASCO exhibits its core operations alongside MEPCO   Riyadh, Saudi Arabia; 24 January 2018:  The Middle East and Africa’s leading vertically-integrated paper manufacturer, the Middle East Paper Co. (MEPCO), showcases its latest product innovations serving the packaging industries at the 15th edition of the Saudi Print, Pack, Plastics, and Petrochem Exhibition. MEPCO participate alongside its wholly-owned ......read more

    More than 6000 new companies join the Sharjah Chamber in 2017

    6.8% growth in the Chamber membership and the total membership exceeds 69,000 companies Sharjah, 24 January, 2018.  Sharjah Chamber of Commerce and Industry announced that 6000 new companies will be joining the Chamber in 2017, reflecting Sharjah’s continuous attractiveness to foreign investment and a modern business environment capable of adding value to the companies that set up business in the Emirate. The total number of members increased by 6.8% year on year to 69,108 members by the end of 2017, compared to 64,688 in 2016, reinforcing the Chamber's position as the ......read more

    Who Will Close the Customer Value Gap in Financial Services and Reap the Rewards?

    Oliver Wyman SOFS 2018 Report Says Big Tech Offers Important Lessons for Financial Services Incumbents in the Race to Create New Value for Customers and Drive Growth    Dubai, United Arab Emirates, January 23, 2018 :  According to global management consultancy Oliver Wyman, traditional financial services firms will need to accelerate customer value creation or risk conceding an increasing share of customer attention and wallet to other firms, primarily to ‘big tech.’ Although the largest financial services firms in the world trace their histories back, on ......read more

    CBRE Group, Inc. Named a World's Most Admired Company by Fortune Magazine for Sixth Consecutive Year

    Dubai, UAE, January 23, 2018:  CBRE Group, Inc. (NYSE:CBG) today announced that Fortune magazine has named the company a World’s Most Admired Company in the real estate industry for the sixth consecutive year.  Fortune rates companies on nine attributes related to corporate performance. In 2018, CBRE was ranked second overall in the real estate sector (behind only Host Hotels & Resorts) and was among the top three companies on all nine attributes, including global competitiveness, people management, financial strength and long-term investment.  “Our ......read more

    Emirates Maritime Arbitration Centre meets with DP World to explore collaboration

    Dubai, UAE, 22 January, 2018:  Continuing its efforts to boost confidence within the maritime industry for arbitration and mediation, the Emirates Maritime Arbitration Centre (EMAC) has approached 2018 with the intention of visiting leading maritime stakeholders to introduce and explain the benefits of its services. These meetings are scheduled around EMAC’s impressive, yet busy events schedule for the year. The first in a series of meetings for the year, has taken place at the DP World Head Quarters in Jebel Ali Port, where senior executives have gathered to learn about ......read more

    His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum opens 20th edition of Intersec

    World’s leading security, safety, and fire protection trade show gets underway in Dubai featuring 1,337 exhibitors from 59 countries Three-day conference programme, Drone Zone and Outdoor Demo Area share the stage with more than 5,000 brands  Dubai, UAE, January 21, 2018:  The 20th edition of Intersec, the world’s leading trade fair for security, safety, and fire protection was opened today (21st January 2018) by His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum. Taking place until 23rd January, the three-day event features 1,337 exhibitors from ......read more

    UOWD's Master of Quality Management students celebrate 5th World Quality Day

    Dubai, UAE, January 21, 2018:   Master of Quality Management students from the University of Wollongong in Dubai (UOWD) along with American Society of Quality LMC (ASQ) recently celebrated the 5th World Quality Day at the University’s campus with the aim to engage students and quality professionals in dialogue regarding quality challenges, opportunities and the value it adds to businesses worldwide. Around 100 quality professionals from all levels and students attended the one-day event which included various engagement activities, presentations by industry experts and ......read more

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