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    Featured in Banking and Investments
    The French Tech takes centre stage at the Mobile World Congress 2019 (MWC) in Barcelona (Spain)

    The MWC is a key event for global mobile, services and content that brought together over 2400 exhibitors and 107 000 visitors from 208 countries in 2018. United Arab Emirates: February 14th 2019- For the 13th consecutive year, from 25 to 28 February 2019, Business France, national agency supporting the international development of the French economy, will be organizing a French Tech pavilion at the Mobile World Congress (MWC) in Barcelona with the support of Orange, BNP Paribas and Vivatech.  Over 100 innovative SMEs and start-ups will exhibit at the French Tech pavilion this year.  The French Tech pavilion will be one of the largest national pavilions at the show, with an exhibition space of 630 sq m spread over Hall 5 (5B41 / 5B61) & Hall 8.1 (8.1D41 / 8.1E49) “APP PLANET and  hosting companies belonging ......read more

    RAK Ceramics Announces FY 2018 Financial Results

    Board announces cash dividend payment of 15 fils per share and 5% bonus shares Total revenue was AED2.78 billion, -2.8% YoY, slightly decreasing due to a lower non-core revenue contribution Total gross profit margin reached an all-time high of 33.2%, an increase of +160bps YoY Reported net profit was AED225.1 million, -28.7% YoY, a decline due to an increase in energy costs and a decrease in a one-off extraordinary net gain Tableware revenue was AED264m, +11.0% YoY, supported by growth in US, European and Asian markets Announces plans for manufacturing expansion in Saudi Arabia Ras Al Khaimah, United Arab Emirates, 13 February 2019   Stable performance in line with expectations   RAK Ceramics PJSC (Ticker: RAKCEC: Abu Dhabi), one of the largest ceramics’ brands in the world, announced its ......read more

    Dubai Financial Services Authority hosts 10th Annual Audit Outreach for Registered Auditors

    Dubai, UAE; February 13, 2019: The Dubai Financial Services Authority (DFSA) hosted today the tenth Annual Audit Outreach for registered auditors. The DFSA provided an overview of the Audit Monitoring Findings from 2018, and a range of updates that are intended to strengthen audit quality.    In his opening address, Bryan Stirewalt, Chief Executive of the DFSA, underlined the growth of the Dubai International Financial Centre (DIFC) and expressed his satisfaction with the quality of audit results achieved by the registered auditors in 2018. “DFSA teams worked closely with registered auditors in the DIFC to help reduce any audit deficiencies.  We have seen discrete instances where auditors have not exercised full professional skepticism in their work, but the overall results of Audit Monitoring Findings from 2018 ......read more

    RAKBANK proposes dividend for 2018

    February 12, 2019 - Dubai UAE RAKBANK proposes a dividend of 30% of the paid-up capital for the financial year ended 31 December 2018. The proposed dividend will be presented for approval by the shareholders in the Annual General Meeting (AGM) to be held on 20 March 2019 at the Bank’s headquarters in the emirate of Ras Al Khaimah.

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    WCU: Commodity markets roll over as macroeconomic concerns weigh

    February 10, 2019 - Dubai, UAE The US dollar, which has been strengthening every day since the dovish shift by the Federal Open Market Committee on January 30, only added to the market’s unease.  The index, which tracks a basket of 22 major commodities, was being dragged lower by continued losses in natural gas and renewed weakness in crude oil. Despite the deteriorating growth outlook, industrial metals managed to stay in the black with support being provided by the metals with a tight supply outlook, such as copper and nickel. Palladium, another metal with tight supply, maintained support despite some profit taking in gold, and not least, platinum. Following the post-FOMC rally to $1,326/oz gold traded lower in response to the stronger dollar before once again finding support amid lower stocks on concerns that the ......read more

    UPS Achieves EPS Target on Strong Revenue Yields

       4Q18 EPS of $0.52; Adjusted 4Q EPS up nearly 17% to $1.94   Pricing and Mix Strategies Lift 4Q Revenue Quality  U.S. Domestic Revenue up 6.3% on 4Q Yield Growth   International 4Q Achieves Record Profits; Margin Rises above 20%   Supply Chain & Freight Revenue Rises, driven by Forwarding and Logistics  2018 Full-year Cash from Operations was $12.7B  Free Cash Flow in 2018 topped $6B, Exceeding Expectations  2019 Total Adjusted Operating Profit Growth* in the Low-teens with all Segments up Double-digits  Announces Full-Year 2019 Adjusted EPS Guidance* Range of $7.45 to $7.75   February 10, 2019 United Arab Emirates:  UPS (NYSE:UPS) today announced fourth-quarter 2018 earnings highlighted by high-quality revenue initiatives that ......read more

    German State Ministry of Economic Affairs Commends UAE's Digital Transformation on Visit to SAP MENA in Dubai

    Technology Adoption Supports Germany-UAE Bilateral Trade Topping €15.4 billion Majid Al Futtaim Retail Wins Global SAP Award for Carrefour’s E-Commerce Innovations SAP’s Cloud Data Center and Expo 2020 Dubai Partnership Fuel Digital Transformation DUBAI, United Arab Emirates – 10 February 2019 —   The State Secretary of Baden-Württemberg, Germany’s Ministry of Economic Affairs, Katrin Schütz, has commended the UAE’s leading role in digital transformation and innovation on a visit to German-headquartered global technology company SAP’s Middle East and North Africa headquarters in Dubai.   One of more than 900 Germany-headquartered companies in the UAE, SAP supports bilateral trade between the two countries reaching €15.4 billion, according to the German ......read more

    Dubai Investments acquires stake in Globalpharma for 100% ownership

    Dubai, February 7, 2019: Dubai Investments PJSC [DFM: DIC], the diversified leading company listed on the Dubai Financial Market, today announced the acquisition of an additional 66% stake in Globalpharma. Following the acquisition, made through Dubai Investments Industries, the pharmaceuticals company will now be a wholly owned subsidiary of Dubai Investments. In 2014, Dubai Investments divested a 66% stake and had continued to hold a minority 34% equity in the subsidiary.    Khalid Bin Kalban, Managing Director and CEO of Dubai Investments PJSC, said: “Our original investment in Globalpharma was well timed and good for the growth of the healthcare sector in the UAE and region. We see the strategic benefit for making this acquisition. It forms part of the Dubai Investments growth strategy, and underscores our ......read more

    Central Bank of Iraq signs investor partnership agreement with Dubai Quality Group (DQG)

    Dubai, 05th February 2019, UAE; Central Bank of Iraq has signed an investor partnership agreement with Dubai Quality Group (DQG). This partnership aims at enabling the transfer and exchange of expert knowledge, experiences, best practices, ideas, and the expansion of optimal & productive cooperation, to activate fruitful cooperation between both parties to foster quality, business excellence, innovation, technology performance, and leadership in the Banking sector in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, by making the UAE the most innovative country in 2021. The agreement signing ceremony was during the annual general meeting of DQG attended by senior officials from both parties. The delegation from DQG was headed by Eng. Hassan ......read more

    Unexpected child reaction wins UAE-based family a dream trip worth AED20,000

    RSA announces winner of the Unluckiest Traveller most epic travel photo competition Dubai, UAE, 03 February 2019: Following the launch of the UAE’s Unluckiest Traveller, the search for the most epic travel photo fail is now over. RSA, leading provider of insurance services in the region, announces the winning entry which won its owner a dream trip valued at AED20,000 to redeem themselves. Launched in its second edition, the two-week long campaign called on UAE residents to send across their worst travel photos tagging the campaign’s official hashtag #RSATravelPhotoFails, giving people across the UAE the chance to submit their unluckiest travel photos to win a dream.  In just two weeks, the campaign received hundreds of entries from photos travelers who would normally be hidden away from social media. The entries ......read more

    Exceeders: Leading the World's First True Partner-to-Partner Ecosystem to Revolutionise IT Community Dynamics

    February 03, 2019 - Dubai, UAE   Ireland-based Exceeders, with strong on-ground operations in the Gulf, Lebanon, Jordan, Palestine and Pakistan, is the first true partner-to-partner (P2P) ecosystem in the region, which has customised the ‘sharing economy’ business model of Uber and Airbnb to completely revolutionise the Information Technology (IT) services industry in the region.    Since 2018, the company has been working on the frontlines in the Gulf and Middle East markets, empowering multiple companies specialised in certain areas within the IT ecosystem to collaborate and leverage each other’s strengths, creating new significance and sustainable value for every partner in the platform to ensure a win-win scenario for them at all times.   Upon being part of the Exceeders family, ......read more

    Arab Bank Group reports net profits of $820 million for 2018

    45% cash dividends [Dubai, United Arab Emirates, February 02, 2019] Arab Bank Group closed 2018 with solid results reporting net income after tax of $820.5 million as compared to $533 million in 2017 with net income before tax reaching $ 1.1 billion. The Group’s equity grew to reach $8.7 billion while the return on equity increased to reach 9.5%. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 45% cash dividends for the financial year 2018. The Group’s net operating income grew by 8% driven by growth in net interest and commission income. Credit facilities increased by 3% to reach 25.8 billon while customer deposits increased to reach $34.3 billion. Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group ......read more

    That sinking feeling

    By Christopher Dembik, Head of Macro Analysis, Saxo Bank 02 February 2019 - Dubai, UAE The global credit impulse is falling again, mainly in developed-market economies and due largely to the normalisation of monetary policy. The message from the slower credit impulse is that growth and domestic demand are headed for a slowdown, unless the world’s largest economies launch a massive coordinated intervention in 2019. “Bearish signs for the US economy are accumulating and will eventually push the Federal Reserve to pause monetary policy for at least Q1 2019 and even longer” “China is the main positive contributor to global credit impulse” “Close to zero without China” Global credit impulse — the second derivative of global credit growth and a major driver of economic activity ......read more

    Tabreed's 2018 Full Year Net Profit Increases 7% During its 20th Year of Operation

    Board of Directors recommends increasing dividend by 19% to 9.5 fils per share   31 January, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional cooling provider today released its audited financial results for 2018. Tabreed reported a 7% increase in net profit to AED 427.6 million for the full year by adding 39,061 RT of new connections resulting in the delivery of over 1.1 million refrigeration tons (RTs) of cooling capacity. Based on such results, Tabreed’s Board of Directors recommended a cash dividend for 2018 of 9.5 fils per share, up from 8 fils per share paid in 2018.   Tabreed announced a number of significant achievements during 2018, in addition to celebrating its 20th anniversary. During the year, Tabreed acquired 50% of ......read more

    12 winners of the 5th Annual RAKEZ Business Excellence Awards revealed

    Ras Al Khaimah, 30 January 2019:   Twelve outstanding free zone and non-free zone businesses have been named as the winners of Ras Al Khaimah Economic Zone (RAKEZ) Business Excellence Awards 2018. In collaboration with RAK Department of Economic Development (RAK DED), RAKEZ has given away a total of AED 200,000 worth of cash prizes to the winners during the awarding ceremony held at Rixos Bab Al Bahr, Al Marjan Island.   On its fifth year, RAKEZ Business Excellence Awards saw a remarkable 95% increase in submissions, from over 360 entries in 2017 to more than 700 in 2018. The award winners and runners-up were selected through a systematic evaluation process by an independent judging committee from the International Performance Excellence (IPE).   “Since its launch in 2014, a total of 44 companies ......read more

    A statement launching “Aber” project, the common digital currency between Saudi Arabian Monetary Authority (SAMA) and Central Bank of the United Arab Emirates (CBUAE)

    Abu Dhabi – 29th January 2019:   The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) clarified in a joint statement that one of the objectives of launching the common digital currency project " Aber" is for use in financial settlements between the Kingdom of Saudi Arabia and UAE through Blockchains and Distributed Ledgers technologies. This is in the framework of "Proof-of- concept", which can be summed up in closely understanding and studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of technical risks and how to deal with them. This is in addition to the qualification of cadres that will deal with ......read more

    CBUAE to Showcase Career Opportunities at Tawdheef 2019

    CBUAE highlights ‘Future Leaders Programme’    Dubai, UAE, January 28, 2019:  The Central Bank of the UAE (CBUAE) will be showcasing the exciting range of career opportunities it has available at one of the UAE’s leading career fairs, Tawdheef, on the 28th – 30th January 2019 at the Abu Dhabi National Exhibition Centre. CBUAE has an ambitious program designed to attract and retain top Emirati talent which has allowed the organisation to grow its Emiratisation rate by an incredible four percent in the last 12 months alone.    Over the past four decades, CBUAE has created a unique culture with a multinational team that spans diverse backgrounds and experiences. During the career fair, candidates will have the opportunity to meet some of CBUAE’s talented and passionate ......read more

    The Higher Sharia Authority at the Central Bank held its first meeting of the year 2019

    Dubai, UAE, January 27, 2019:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its first meeting for the year 2019 on 13-14 January 2019. The meeting was chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, and attended by Their Eminences the members of the HSA:  Sheikh Prof. Dr. Jasim Ali Al Shamsi,  Sheikh Esam Muhamad Ishaq, Sheikh Dr. Aznan Hasan, and Sheikh Dr. Osaid Muhammad Adeeb Al Kailani. His Eminence Sheikh Dr. Ahmed Abdul-Aziz Al-Haddad started the meeting by highlighting the achievements of the HSA in 2018 particularly the adoption of the Sharia standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the adoption of best practices in the Islamic Sharia governance for Islamic ......read more

    ICAEW: region's investment management industry must evolve

    Dubai, UAE, January 27, 2019:  New savings and investment products that are easy to understand and available to everyone are urgently needed, according to a new report by ICAEW. In ‘Audit Insights: Investment Management’, the accountancy and finance body warns that indecipherable statements, high fees and a perception of exclusivity mean many feel alienated from the investment management industry when they need it most.  Based on the collective insights of investment management audit specialists from BDO, Deloitte, EY, Grant Thornton, KPMG and PwC; the new ICAEW report says people find investing too complicated, or see it as just something for the wealthy, and this is contributing to a savings time-bomb. “Despite its simple business model, most people find investment management complicated and so they ......read more

    NY Koen Group (Dubai) to invest in and construct a $500 million trade and exhibition center near Ukrainian capital Kiev

    Dubai, UAE, January 26, 2019:  Naum Koen, Founder and CEO of NY Koen Group, has recently announced the news that his well established holding group will be funding and constructing a large complex to be used for exhibitions and trade shows, with the development process starting in January 2019. The multipurpose space, named NY Trade Centre Kiev, that will cost $500 million, is located on a plot of 105 hectares and just 13 kilometers from the the Ukrainian capital on the Odessa highway. The sizeable space will include within its area, 10,000 selling bays for the wholesale market and an exhibition center, which will be comprised of hotels, restaurants and showcase halls.  The inaugural opening is anticipated for January 2021, which will involve opening the space to the wholesale market, with the exhibition center opening ......read more

    Summary Report: Monetary & Banking Developments – December 2018

    Dubai, UAE, January 26, 2019:  The Central Bank announced that the Money Supply aggregate M1 increased by 1.3%, from AED 479.5 billion at the end of November 2018 to AED 485.6 billion at the end of December 2018.  The Money Supply aggregate M2 increased by 1.6%, from AED 1288.4 billion at the end of November 2018 to AED 1308.4 billion at the end of December 2018.  Consequently, the Money Supply aggregate M3 also increased by 0.6%, from AED 1593.5 billion at the end of November 2018 to AED 1602.3 billion at the end of December 2018.  The increase in M1 was mainly due to an increase of AED 6.2 billion in Monetary Deposits, overshadowing  an AED 0.1 billion reduction in Currency in Circulation outside Banks. The rise in M2 was brought about by the increase in M1 and an AED 13.9 billion increase in ......read more

    Saudi Finance Minister to Bloomberg: 2.6% GDP Growth In 2019

    January 24, 2019:   Speaking to Bloomberg Television’s Francine Lacqua and Haslinda Amin, Saudi Arabia Finance Minister Mohammed Al-Jadaan said he expects 2.6% GDP growth in 2019.    Other highlights include: • Saudi may issue non-USD bonds this year • Looking at Euro or other currencies for bond

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    Report Sees Overcast 2019 Outlook For Banks In The Middle East, North Africa, And Turkey

    Dubai (UAE) Jan. 23 2019- After a difficult 2018, banks in the Middle East, North Africa, and Turkey are likely to face more of the same this year due to tighter global liquidity conditions, a stronger U.S. dollar, and geopolitical as well as local instability, S&P Global Ratings said in a report published today, "Banks In Emerging Markets: The Overcast 2019 Outlook For Banks In The Middle East, North Africa, And Turkey." The region's prospects for economic growth will be dampened, notably by Turkey's expected contraction. We expect -0.5% real GDP growth for the country in 2019. Much of the lira's depreciation has passed through into higher inflation. A 26% minimum wage hike scheduled for this year is likely to push prices up further, cutting into consumers' already weakened purchasing power. On a ......read more

    Emirates Islamic announces winner of AED 1 million cash prize for award-winning Kunooz Savings Account

    Dubai, 22 January 2019:   Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Ms. Armaz Abdullah Fadel Mohamed, a citizen of St. Kitts-Nevis-Anguilla. Commenting on her win, Ms. Armaz Abdullah Fadel Mohamed said: “I was overjoyed when I received a call from Emirates Islamic informing me that I had won a cash prize of a million dirhams. My experience has encouraged me to continue saving and recommend my friends and family to do the same.” Voted Banker Middle East Product Award’s Best Savings Account in 2017, Emirates Islamic’s Kunooz Savings Account is the bank’s flagship account that offers customers a chance to win grand prizes of AED 1 million or a ......read more

    Financial Institutions Can Out-Innovate Fintechs Through Greenfield Approach, According to Oliver Wyman

    Annual State of Financial Services Report “Time to Start Again” Released at Davos   Dubai, United Arab Emirates, January 22, 2019 –   The next big wave of innovation in financial services will be driven by incumbents starting with a blank canvas, according to Oliver Wyman’s 2019 State of Financial Services report titled “Time to Start Again” launched today at the World Economic Forum Annual Global Meeting in Davos.   The report describes an emerging new approach – “Greenfield” – where existing firms break free from the constraints of their legacy systems, business and talent models. It is based on new subsidiaries, new technology, and new customer solutions.   “For an industry whose product - the movement and storage of money ......read more

    Other Top Stories from Banking and Investments
     
    National Bonds launches savings drive to celebrate World Savings Day

    28 October 2018, Dubai, UAE: National Bonds will celebrate World Savings Day 2018 with a savings initiative to stimulate savings in the UAE.  World Savings Day was created to increase the public’s awareness of the importance of savings. Celebrated around the world, the day aims to promote the virtues of putting money aside. For more than 90 years, the World Savings and Retail Banking Institute has promoted the advantages of saving through financial literacy initiatives.  Mohammed Qasim Al Ali, CEO of National Bonds, said: “Saving is a key aspect of any successful ......read more

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

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

    PCFC and Abu Dhabi Customs sign MoU to spur economic development

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

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

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

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

    The world’s first Shariah-compliant Robo-Advisor with coffers in excess of $15m, firms’ plans to accelerate expansion in the UAE, wider-region and global markets. Dubai, UAE, October 24th, 2018 –   Wahed Invest (“Wahed”), a New York headquartered investing platform, is, the first fin-tech Islamic Economy startup, with a valuation of $100m has raised an additional $8m in Q2 this year from existing investors to accelerate development of a global savings solution and international expansion. The digital investment company received this funding from ......read more

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

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

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

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

    Saudi HR leaders to explore macro trends in human development

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

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

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

    ICAEW: Firms must be reimagined to survive digital era

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

    Siemens in landmark MoU to repower Iraq, support economic prosperity

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

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

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

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

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

    Flexible Working to Contribute $10tr to Global Economy by 2030

    Flexible working will save businesses money, reduce costs and boost productivity, causing a ripple effect across entire economies The US could see an economic boost of as much as $4.5 trillion annually China could see the greatest gross value add (GVA) increase of 193% A rise in flexible working also benefits individuals, set to save people 3.53 billion hours of commuting time by 2030 Dubai, UAE, October 17, 2018:  A predicted boom in flexible working could contribute $10.04 trillion to the global economy by 2030, according to the first comprehensive socio-economic study of ......read more

    Wamda: Bahrain's push for legal reforms will bring a welcome boost to entrepreneurs

    Dubai, UAE, October 17, 2018:  Wamda Capital, the MENA region's leading venture capital firm, has welcomed the four new laws set to be implemented in Bahrain in the coming months. The reforms, which include a personal data protection law, bankruptcy law, competition law and healthcare insurance law, aim to enhance the country’s investment ecosystem.   Walid Faza, Partner at Wamda Capital, says the new laws will also provide a welcome boost to entrepreneurs in the country. "We're always impressed by the variety of different startups and companies that we see ......read more

    Press Statement from the Central Bank of the UAE about the new Federal Government debt law

    Dubai, UAE, October 15, 2018:   H.E Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE: “The new Federal Government debt law lays the foundations for the development of a bond market in dirham denomination in the UAE. This is important as it will create deeper, more resilient financial markets, benchmark the yield curve, provide more diversified sources of financing, mobilise additional domestic savings and attract capital inflows. The development of vibrant public and private bond markets (including Sukuk) will also facilitate compliance with liquidity ......read more

    Trade Bank Iraq named Best Iraqi Bank by Global Finance Publication

    Abu Dhabi, United Arab Emirates, October 15, 2018:   Trade Bank of Iraq’s (TBI) continued commitment to accelerating economic growth and providing modern banking service in its home country have been recognised as it was named Best Iraqi Bank by a leading global financial publication. New York-based ‘Global Finance’ magazine rewarded TBI’s strong financial performance and its continuing initiatives to improve its international capabilities, presenting the award during a special ceremony held in Bali, Indonesia attended by leading financial institutions and ......read more

    UAE Exchange Enters the Prestigious Platinum Class of Tawteen Partners Club

    Tawteen, the National Program for Emiratization, supports UAE Nationals to work in the private sector    Abu Dhabi, 15 Oct 2018:   Her Excellency Farida Abdullah Al Ali, Assistant Undersecretary, Ministry of Human Resources and Emiratisation (MOHRE), bestowed the Tawteen Club Trophy to UAE Exchange, a leading global remittance, foreign exchange and payment solutions brand in the UAE. With this trophy, UAE Exchange has entered the most prestigious class of the club - the Platinum Class.    Over the years, UAE Exchange has actively worked towards the ......read more

    FBN Next Generation Lombard Odier Award 2018 champions the next generation of entrepreneurs

    The Family Business Network (FBN) and Lombard Odier have rewarded three exceptionally promising young family business entrepreneurs as finalists in the 10th FBN NxG Lombard Odier Award. The finalists had the opportunity to pitch their projects to over 500 family business leaders at the FBN 29th Global Summit in Venice on 12th October, where the overall winner was revealed.   Dubai, UAE, 14th, October 2018:  The FBN NxG Lombard Odier Award was created in 2009 to celebrate and support outstanding intrapreneurial and entrepreneurial projects initiated by the next generation of ......read more

    Dubai Islamic Bank Group 9 Month Financial Results

    For the period ended September 30, 2018 Total Income reaches AED 8.5 billion, up by 13.6% YoY.  Group Net Profit at AED 3.7 billion in the nine months of 2018, up 12.1% YoY. Balance sheet grows by 7.4% in the nine months of 2018 reaching AED 222.8 billion. Dubai, October 10, 2018:  Dubai Islamic Bank (DFM: DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today announced its results for the period ending September 30, 2018.   9M 2018 Results Highlights:   Sustained balance sheet growth and cost ......read more

    Deloitte Middle East tax professionals recognized in 2018 Guide to the World's Leading Tax Advisers

    -2018 Guide to the World's Leading Tax Advisers recognizes Deloitte professionals for the eighth consecutive edition Dubai, UAE, October 09, 2018:  Euromoney listed 176 Deloitte professionals from 54 jurisdictions in its 2018 Guide to the World's Leading Tax Advisers. More than ten percent of the leaders in the guide are from Deloitte, making this the eighth consecutive edition that the Deloitte network is in the lead. This highlights the network's global strength and excellence in a wide range of areas of tax specialism. Dan Lange, Deloitte Global Leader, Tax and Legal ......read more

    Egypt's vibrant startup ecosystem has potential, but currency devaluation has slowed down growth

     Despite having one of the more vibrant startup scenes in the region, entrepreneurs in Egypt have been struggling with maintaining revenues, raising finance and acquiring good talent. Egypt’s economic woes and subsequent currency devaluation seem to have had a knock-on effect on the country’s startup ecosystem. Dubai, UAE, October 09, 2018:   This was the general consensus at the Cairo edition of Wamda’s flagship Mix N' Mentor event on the 27th of September, where leading figures from the startup ecosystem met at The GrEEK Campus to discuss these ......read more

    Bahrain to implement VAT effective 1 January 2019

    Dubai, UAE, October 08, 2018:  The parliament in Bahrain has today approved the introduction of Value Added Tax (VAT) which will be effective starting 1 January 2019 at the expected standard rate of 5%, based on a recent report by Gulf Daily News. With the aim to support businesses in Bahrain, Deloitte has been regularly holding series of awareness seminars to make companies ready for VAT. Being prepared is critical because VAT is generally a self-assessed tax, with errors often subject to severe penalties and business disruption. Businesses that have been operating in a largely non-tax ......read more

    Monetary & Banking Developments – August 2018

    Dubai, UAE, October 07, 2018:  The Central Bank announced that the Money Supply aggregate M1 decreased by 1.7%, from AED 496.4 billion at the end of July 2018 to AED 488.1 billion at the end of August 2018.    The Money Supply aggregate M2 also decreased by 1.8%, from AED 1302.3 billion at the end of July 2018 2018 to AED 1278.9 billion at the end of August 2018.    On the other hand, the Money Supply aggregate M3 increased by 0.1%, from AED 1556 billion at the end of July 2018 to AED 1556.9 billion at the end of August 2018.    The ......read more

    S&P Global Ratings: Saudi Arabia 'A-/A-2' Ratings Affirmed; Outlook Stable

    Overview We expect economic growth in Saudi Arabia to be stable, averaging just over 2% per year over 2019-2021. Higher-than-expected fiscal revenues have been met with higher expenditures, but we do not expect a material deviation from official fiscal targets. We are affirming our 'A-/A-2' long- and short-term sovereign ratings on Saudi Arabia. The outlook is stable. October 06, 2018:  Rating Action On Oct. 5, 2018, S&P Global Ratings affirmed its 'A-/A-2' unsolicited long- and short-term foreign and local currency sovereign credit ratings on ......read more

    MENA region must come together to capitalize on entrepreneurial ecosystem's momentum

    Dubai, UAE, October 06, 2018:  Although entrepreneurship in the MENA region is booming, greater and more comprehensive cooperation between local governments is necessary in order to capitalize on recent momentum within the ecosystem, according to a senior World Bank representative. Ali AbuKumail, a Senior Private Sector Specialist at the World Bank, recently worked on the Arab World Competitiveness Report 2018 - a joint cooperation between the World Economic Forum and World Bank which focuses on MENA entrepreneurship. In the latest Wamda podcast, he shares his views on the state of ......read more

    New Worker's Insurance Scheme Forthcoming

    Dubai, UAE, 4 October 2018:   The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system.    The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system. The new insurance scheme will apply to all private-sector employees, including domestic workers.  Details of the insurance scheme  Instead of a fixed amount of AED 3,000 that typically ......read more

    Mohammed bin Rashid Innovation Fund announces AED 5.5 million Disbursement in UAE start-up Pure Harvest

    Disbursement to unlock growth opportunities and expansion across the region, aligned with UAE National Innovation Strategy  Dubai, 02 October 2018 –   The Mohammed bin Rashid Innovation Fund (MBRIF), operated by the Emirates Development Bank (EDB), today announced a disbursement of AED 5.5 million to UAE headquartered Pure Harvest.  A regional innovator in sustainable agriculture, Pure Harvest aims to address food security issues and water scarcity in the UAE while achieving resource efficiency and overcoming local climate challenges. Founded in October 2016, ......read more

    DP World Launches ‘the Belt and Road' Dubai Station in Partnership With China's ZPG

    Trade enabling project to boost trade across continents   Dubai, United Arab Emirates, 02 October 2018:   In another major step towards positioning the UAE and Dubai as a hub for  east-west trade global trade enabler DP World has announced plans to build ‘The Belt and Road’ Dubai Station in partnership with Zhejiang Provincial Seaport Investment & Operation Group Co., Ltd (ZPG).  The Belt and Road Station will integrate logistics, warehousing, e-commerce, circulation processing and distribution display services through an electronic platform ......read more

    A flying economy – the economic powerhouse above the clouds

    Research by HSBC has identified a country-sized, thriving and cosmopolitan population of almost 12 million people in the air every day.  This country, Flyland, has a Gross Domestic Product valued at $400.5 billion – just larger than that of Norway. Dubai, UAE, October 1, 2018:  For the people of Flyland – the 11.9 million individuals from around the world who take to the air every day – business is soaring, according to new research and analysis from HSBC.    The ‘country in the sky’ has grown to an annual GDP of $400.5 ......read more

    ABLF dedicates its 11th Anniversary edition to the late Sheikh Zayed

    Dubai, UAE, October 01, 2018:   The Asian Business Leadership Forum (ABLF) marks its 11th anniversary, on October 6, 2018, at the Armani Hotel, Dubai, with a special edition of the ABLF Awards dedicated to the Father of the Nation, the late Sheikh Zayed bin Sultan Al Nahyan, under the theme 'Leadership Legacies: Honouring the past. Shaping the future'. The ABLF has been held under the Royal Patronage of H.H. Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member and Minister of Tolerance, UAE, since 2007 and is in official association with the UAE Ministry of ......read more

    Investors, expats eagerly await new government rules on company ownership, 10-year visas

    Rizvi says overseas investor interest is growing ahead of government regulations; long-term visas will change “come and go” expatriate trend Dubai, UAE, 1 October, 2018:   Overseas investors and expatriates seeking greater security in the UAE are eagerly awaiting clarification of new company ownership and long-term visa rules aimed at giving a major boost to the economy, a legal expert said today. Plans to introduce an investment law allowing 100 per cent foreign ownership this year, as well as a new 10-year visa for international investors and talented ......read more

    RAKEZ surprises clients with a new service centre in Abu Dhabi

    Ras Al Khaimah, 30 September 2018:  Ras Al Khaimah Economic Zone (RAKEZ) continues to level up its client support with the opening of its Service Centre – Abu Dhabi on the 3rd Floor of Abu Dhabi Mall’s West Tower. From visa, licensing, and leasing services to an array of support services, the new one-stop shop provides RAKEZ clients a quick and easy service delivery. “At RAKEZ, our customers’ journey is always at the top of our priorities. So we ensure to invest extensive efforts into enhancing our services as well as our accessibility to our clients,” ......read more

    CBUAE Hosts UAE – Japan SME Seminar

    Abu Dhabi, UAE – 30th September 2018:   The Central Bank of the UAE (CBUAE) Governor H.E. Mubarak Rashed Al Mansoori welcomed H.E. Kanji Fujiki, Japan’s Ambassador to the UAE and a delegation of high ranking officials from the Japanese Government and banking sector, for a seminar to learn about the support systems and regulatory measures that make up the foundations for a thriving SME sector in Japan.  One of the most important areas of the UAE’s national agenda is the support and development of SMEs which have been identified as vital to the UAE’s ......read more

    Dubai Customs discusses boosting cooperation with Japanese businesses

    Dubai, UAE, September 29, 2018:  Director of Dubai Customs Ahmed Mahboob Musabih received representatives of Japanese companies. The delegation was headed by the Japanese Consul General to Dubai Dr. Akima Umezawa.   Abdullah Mohammed Al Khaja, Executive Director of Clients Management Division and Farid Hassan Al Marzouqi, Executive Director, Human Resources, Finance and Administration Division attended the meeting which covered topics such as the means of boosting economic cooperation between Japan and the UAE and expanding cooperation with Japanese businesses and diplomatic ......read more

    10 Things Only Professional Cleaners Can Do

    September 27, 2018 - Dubai, UAE: You may believe that cleaning your house is one chore that you should finish yourself. However, if you once witness the transformation a professional cleaner brings to your home, then you’d never go back to doing it by yourself. A well-cleaned space can have a positive impact on your health, comfort and peace of mind. That’s why you should not compromise on such things and hire one of the Cleaning Services in Dubai, to make your place looking neat and tidy like new. It’s okay to be sceptical and wonder how a professional cleaning ......read more

    Leading European Insurance Brokers Alpha Lloyds & MSH International Choose Dubai as the Main Hub of Their Global Activities

    Branches of Paris-based Siaci Saint-honore Group Dubai, UAE, September 27, 2018:  SIACI SAINT HONORE, provider of insurance brokerage and consulting services, known locally under the name of Alpha Lloyds & MSH, inaugurated their offices yesterday in the heart of Business Bay (One by Omniyat tower), Dubai, under the patronage of the Consul General of France in Dubai & Northern Emirates. Born in France, the group is now a leading actor in the European market and aims to become a global player with Dubai as one of their main hubs. Their positioning combines flexibility, ......read more

    CBUAE Raises Interest Rates in Line With US Federal Reserve:

    Dubai, UAE, September 27, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective Thursday, 27 September 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.   Certificates of ......read more

    DIB's Double your Salary Promotion Brings Joy to more than 100 New Customers

    UAE, Dubai, September 26, 2018: Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has today marked the end of a hugely successful promotion with the announcement of the twelfth and final grand winner of its “Double Your Salary. Double Your Joy” monthly campaign, held at DIB’s Mall of the Emirates branch.  Launched in September 2017, the campaign saw new customers who moved their payroll or salary account to the bank entered into a draw to double their salary for that month. The first draw took place in October 2017 and has since brought happiness to a ......read more

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

    High level official UAE delegation takes part in Fifty-Eighth Series of Meetings of the Assemblies of the Member States of WIPO in Geneva

    Abu Dhabi, 24 September 2018: A high-level delegation organized by the UAE Ministry of Economy (MOE) is currently taking part in the Fifty-Eighth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organization (WIPO), which opened today (September 24, 2018) and will run until October 2, 2018 at the WIPO Headquarters in Geneva, Switzerland. The delegation is headed by H.E. Eng. Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs, MOE. He is joined by Ali Ibrahim Al Hosani, Assistant Undersecretary for the Intellectual Property ......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 ......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. ......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, ......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 ......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 ......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 ......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 ......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 ......read more

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