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    Featured in Banking and Investments
    RAPP's Development Continues as New Crm Director Joanna Witsch Joins the Mena Team

    Dubai, UAE, November 20, 2018:  RAPP, A global agency specializing in data fueled creativity and part of the Omnicom network, continues to grow by welcoming Joanna Witsch to the Middle East and Africa team. Joanna will be leading the customer relationship management and loyalty team at the agency and will oversee CRM relations for the MENA region. Having started her career over 10 years ago in loyalty marketing, Joanna originally found her passion for CRM by working within the campaign management department of a leading European business. Later, Joanna moved from Poland to the UK to lead one of the UK’s most successful loyalty programs, at London Heathrow Airport, for a number of years. With progression and advancement at the heart of Joanna’s career, she went on to become a Senior CRM consultant for multinational ......read more

    Win Big this Winter with UAE Exchange

    Daily cash prizes worth AED 10,000 and six BMW Cars weekly to be won during the 45-day promotion    Dubai, 17 November 2018:   UAE Exchange, a leading financial services brand in the United Arab Emirates, has launched its annual Winter Promotion – Win Big. During the 45-day promotion, customers have a chance to win AED 10,000 every day and a BMW car every week.    The promotion, which kicks-off from 17 November 2018, is valid on money transfers, foreign currency exchange, gocash uploads over USD 500, and purchase of National Bonds over AED 3,000. Customers who pay their credit card bills and utility bills together are also eligible for the promotion.  The winners, picked by electronic draws daily, will be announced on the Facebook page of UAE Exchange.   “In the ......read more

    Takaful Emarat (‘the Company') reports financial results for the 9-month period ended September 30, 2018

    The Company reports net profit of AED 9.1 million for the 9 months ended September 30, 2018, an increase of AED 7.6 million compared to the same period in 2017 The Company maintains its focus on Digitization and Artificial Intelligence development  Dubai, UAE 14th November 2018,   Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant life, health and general takaful provider and the largest takaful insurer in the UAE, today announced its financial results for the period ended September 30, 2018.    Key Financial Highlights  Net profit for the 9-month period ended September 30, 2018 is AED 9.1 million, an increase of AED 7.6 million year on year  Net profit for the 3-month period ended September 30, 2018 increased by AED 6.1 million year on year Gross ......read more

    Refinitiv Partners with Union of Arab Banks to Create Strategic Networking Platform

    Partnership helps develop cooperation among more than 360 financial institutions across MEA markets Dubai, UAE, November 14, 2018:  Refinitiv, formally the Financial & Risk business division of Thomson Reuters, announced a partnership with Union of Arab Banks (UAB) to develop a strategic networking platform for UAB’s members, the financial and compliance community across Middle East and Africa (MEA). The partnership develops cooperation on a strategic dimension that benefits more than 360 financial institutions in MENA. As part of the agreement, UAB will leverage Refinitiv’s network of financial crime industry experts and enhance the quality of UAB’s training workshops and seminars. Refinitiv will gain access to UAB’s vibrant network of financial institutions and will drive industry engagement ......read more

    GDPR compliance to help boost UAE businesses with EU companies

    IAA Workshop raises awareness of the new GDPR law and potential risks Dubai, 11 November, 2018: The role of internal auditors is more important than ever after the introduction of General Data Protection Regulation (GDPR) by the European Union as they can reduce risks as well as add value to the businesses by protecting the data that will give confidence to business partners. This was highlighted by industry specialists during a workshop on ‘GDPR and the role of Internal Auditors’ organised by UAE Internal Auditors Association (IAA) in association with Gulf Tax Accounting Group and Business Improvement Group and how UAE companies will be affected by the new data protection regulation. Introduced on May 25, 2018, GDPR is a new set of rules to give EU citizens more control over their personal data as well as put people ......read more

    The Central Bank's Higher Sharia Authority Discussed the Sharia Governance for the Sharia Control functions Within Islamic Financial Institutions

    Dubai, UAE, November 08, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its sixth meeting chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman Higher Sharia Authority, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Esam Muhamad Ishaq,Sheikh Dr. Aznan Hasan, andSheikh Dr. Osaid Muhammad Adeeb Al Kailani. The HSA discussed, a draft on the Sharia governance for the Sharia Control functions that support the HSA. The draft includes the governance for two main departments namely the Internal Sharia Control Department and the Internal Sharia Audit Department, and their respective functions. The draft also discussed the independence of the heads of these departments within the Islamic Financial ......read more

    MDC Business Management Services Wins ‘Best Shared Services Initiative in UAE' Award

    The award was presented at the “Government Shared Services Conference” hosted by Lt. General H.H Sheikh Saif bin Zayed Al Nahyan Abu Dhabi, UAE, 08 November 2018:   MDC Business Management Services (BMS), wholly-owned by Mubadala Investment Company, was recently awarded ‘Best Shared Services Initiative in the UAE’ at the ‘Government Shared Services Conference’ organized by the Ministry of Interior. The event was hosted by Lt. General H.H Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior. Lt. General H.H Sheikh Saif bin Zayed Al Nahyan presented the award to Nasir Al Nabhani, Chief Executive Officer of MDC BMS in an award ceremony hosted during the Government Shared Services Conference. Held recently at Etihad Towers Abu Dhabi, the ceremony was attended by ......read more

    The five questions you should ask yourself before you take out car insurance

    November 08, 2018 - Dubai, UAE:   AXA, one of the largest international players in the GCC and the number 1 global insurance brand (as per Interbrand rating 2018) has some helpful advice for people looking to renew or buy car insurance.   Recently, the region's car insurance market has become more price driven. Add to this the fact that demand for car insurance usually spikes at the end of the year, and you may end up rushing out to buy your insurance while missing out on cover that is best suited for your situation.   AXA is keen to create more transparency across the insurance market and is encouraging prospective customers to do a little homework to ensure they buy the most appropriate level of cover before making a decision. The following are the top 5 questions you should ask yourself before you ......read more

    WeInvest sets eyes on UAE, opens office in DIFC

    The Singapore firm, a finalist at the FinTech Hive initiative, is a robo-advisory platform-as-a-service provider for financial services provider DUBAI - 7 November 2018:   WeInvest, a Singapore-headquartered digital wealth services and robo-advisory firm, announced the opening of its office in the Dubai International Financial Centre (DIFC). Their entry into the UAE is the latest to follow after their expansion in Southeast Asia across markets like Hong Kong, Indonesia, Malaysia, Thailand while being based in Singapore. Their office will be located at DIFC, the leading financial centre in the Middle East, Africa and South Asia (MEASA) region, from where they will serve the Middle East market.  WeInvest is a digital wealth platform-as-a-service provider for banks, wealth and asset managers, insurance companies and ......read more

    Joyalukkas Exchange wins Best Strategic Customer Loyalty Program Award 2018.

    Dubai, UAE, November 06, 2018:  Joyalukkas Exchanged bagged the prestigious Best Strategic Customer Loyalty Program Award – 2018 in the Middle East’s Customer Happiness Summit and Awards.  On behalf of Joyalukkas Exchange, Mr. Marish Karna, Manager - Business Process, received the award from Mr. Hans Sandee, Netherlands' Consul General in Dubai.  The event took place at H Hotel, Dubai on 18th October 2018. Speaking on the occasion, Mr. Antony Jos-Director, Joyalukkas Exchange said “This award is a recognition for bringing innovative solutions at every step for giving the customers a more convenient experience.  We are delighted to be the title holder among the several nominees for the first-ever customer happiness and summit awards. It was a golden opportunity for us to learn from other ......read more

    Unilever MENA calls for collective action as it's revealed that 54% of consumers are keen to purchase more sustainably

    6th Edition of Unilever Sustainable Living Plan event focuses on plastic packaging as organization leads the charge for achieving a sustainable future for the Middle East   Dubai, United Arab Emirates, November 6, 2018 –   During an industry forum held today, it was revealed by Unilever that 54% of consumers are keen to purchase products more sustainably, according to its global study*. The forum, which was hosted by global consumer goods organization, Unilever, aims to draw regional focus to the global issue of sustainability in order to build a truly environmentally responsible future for the Middle East.    In its 6th year, the Unilever Sustainable Living Plan’s (USLP) 2018 focus was on plastic waste and sustainable packaging in a bid to drive collective efforts towards meeting the UAE ......read more

    The Road to Success: UAE's Federal Tax Authority (FTA) supports businesses every step of the way for easy VAT implementation

    Ten months down the line, businesses in the country have embraced the new law positively, syncing well with the economic rhythm Dubai, UAE, 5 November 2018:   The United Arab Emirates was one of the first countries in the Gulf Cooperation Council (GCC) to implement Value Added Tax (VAT) on Jan 1, 2018. Ten months down the line, businesses in the country have embraced the new law positively, syncing well with the economic rhythm. “Initially, there were apprehensions about implementation of VAT, however, The Federal Tax Authority (FTA) has been very supportive, encouraging businesses to comply with VAT with its comprehensive measures. Since the time VAT has been rolled out, The FTA has been guiding businesses – small and big with several measures to ensure that the transition to this new era is not only smooth ......read more

    Owning Your Dream Car Made Easy

    Dubai, UAE, November 04, 2018:   Buying a new car is a significant step for all of us. Whether you dream of a reliable car for the whole family to enjoy, or adding a new premium model to your own collection, it brings a feeling of success and achievement when you get hold of the keys to your desired car.   The perks of owning a car can come at a considerable price, which is why it requires planning and considering your financial situation before deciding on what type of car suits your needs and budget. Here are five steps you can take to convert your dream into reality. Stay Focused It is important that you stay focused while entering your car-purchasing decision with a long-term view in mind. Wants and needs can and will come up – stay focused. Keep reminding yourself that you are saving for the down ......read more

    The Central Bank of the UAE

    Abu Dhabi - November 03, 2018: The Central Bank of the United Arab Emirates announced that it will introduce into circulation, on Tuesday 30/10/2018, a currency note of AED One Hundred (AED100( denomination, reprinted with new security features, all on the front side of the   note as follows:- 1.         SPARK® Live:- A colour changing security feature printed at the left-hand bottom corner on the front of the currency note.  When the note is tilted, the colour is shifting from green to blue and shows a bar of light moving from top to bottom.  The numeral 100 is integrated in this feature. 2. Galaxy Thread:- The existing colour shifting security thread replaced with an advanced Galaxy three dimensional security thread. When the note is tilted the colour is shifting from ......read more

    Oman Insurance Company signs up with Al Etihad Credit Bureau

    October 30, 2018 - Dubai, UAE: Oman Insurance Company (OIC), a prominent insurance player in the GCC and one of the UAE’s leading insurers, has signed up with the Al Etihad Credit Bureau (AECB) to review commercial clients’ credit worthiness and better manage credit risk exposure.    The Al Etihad Credit Bureau is a Federal Government entity mandated to build a repository of credit information in the UAE from both, financial and non-financial institutions. The resulting Credit Scores and Credit Reports produced from this data for individuals and companies alike will be used by OIC to provide convenient payment plans for clients with good credit history.    Commenting on this association, Jean-Louis Laurent Josi, Chief Executive Officer at OIC says, “The partnership with Al Etihad Credit Bureau ......read more

    Tabreed Raises USD 500 million With New 7 Year Sukuk

    Also arranges new bank facilities of AED 1.5bn  30 October, 2018 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today announces it has successfully raised US$500 million (AED 1.8 billion) with a fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue follows a series of fixed income investor meetings which took place in Europe and Asia, as well as in the United Arab Emirates. The new sukuk, which will be listed on the London Stock Exchange, had strong institutional demand both locally and in Asia and Europe, which enabled the issue to be oversubscribed by 50%. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB ......read more

    The Central Bank of the United Arab Emirates Latest News

    Abu Dhabi, October 29, 2018:  The Central Bank of the United Arab Emirates announced that it will introduce into circulation, on Tuesday 30/10/2018, a currency note of AED One Hundred (AED100( denomination, reprinted with new security features, all on the front side of the   note as follows:-   1.  SPARK® Live:- A colour changing security feature printed at the left-hand bottom corner on the front of the currency note.  When the note is tilted, the colour is shifting from green to blue and shows a bar of light moving from top to bottom.     The numeral 100 is integrated in this feature.   2. Galaxy Thread:-  The existing colour shifting security thread replaced with an advanced Galaxy three dimensional security thread.    When the note is tilted ......read more

    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 economy and every individual has a role to play. Aside from contributing to the collective good, saving is imperative for us as individuals. Saving incrementally does not only make financial sense but also helps boost overall wellbeing - money worries ......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 with the challenging operating environment.  Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the strong underlying performance of Arab Bank Group is reflected in the growth in net operating income during the nine month period which was ......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 World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation, and Rashed Lahej Al Mansoori, Director General, General Administration of Customs, Abu Dhabi signed the MoU which will see both departments work together towards ......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 countries that have issued certificates of origin, where 4,925 certificates were issued during the past nine months of current year, with a value of goods worth AED 2 billion. Oman comes next with 1,695 certificates with a value of goods worth AED 165 ......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 existing investors, Boston based Cue Ball Capital, and BECO Capital, a Middle Eastern VC known for backing the GCC’s leading startups. This brings its total funding to over $15 million since inception.  Wahed Invest revolutionized the ......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 the country’s outsourcing market set to grow by 22 percent to USD $1.2 billion by 2020, according to the International Data Corporation (IDC). By partnering with SAP Fieldglass, Transguard Group is making it quicker, easier, and more ......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 technologies.                                                  “The Middle Eastern market has shown great growth and ......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 success.  The programme will be held from 4 to 8 November 2018 in Ashridge campus Dubai. Ashridge can also conduct the programme on location for Saudi companies that prefer to host it at their premises.  According to Rory Hendrikz, Managing ......read more

    Other Top Stories from Banking and Investments
     
    Preliminary results for second quarter exceed expectations – outlook raised for full year 2018

    Sales up by 7 percent to €3.9 billion Adjusted EBITDA rises 16 percent to €742 million Outlook raised for FY 2018: adjusted EBITDA between €2.60 and €2.65 billion expected Dubai, UAE, July 25, 2018:  Germany. Evonik has increased adjusted EBITDA to €742 million in the second quarter of 2018 (prior-year: €640 million). All three chemical segments contributed with excellent operational business development: All three segments were able to increase their adjusted EBITDA as well as EBITDA margin compared to the same quarter of the previous ......read more

    Jebel Ali Port and Emirates Global Aluminium: A partnership that supports Dubai's industrial growth By Mohammed Al Muallem

    Chief Executive Officer & Managing Director, DP World – UAE Region Dubai, UAE, July 25, 2018:  The 1970s were amongst the most momentous years in the history of the UAE. They witnessed the birth of the United Arab Emirates and the beginning of a new age of economic prosperity. The leadership of Dubai embarked on a journey of non-oil development launching a series of visionary projects that are its crown jewels today. Prominent among them are DP World’s flagship Jebel Ali Port and Dubai Aluminium Company (DUBAL) now known as Emirates Global Aluminium (EGA). Both ......read more

    Department of Economic Development – Ajman reveals positive impact and benefits to be gained from decision to exempt businesses with expired licences from stiff fines and penalties

    UAE, 24 July 2018- The Department of Economic Development – Ajman (DED-Ajman) has revealed that the recent Emiri resolution No. (16) of 2018 issued in May 2018 by His Highness (H.H.) Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Ajman Executive Council, to exempt local businesses with expired business licences from stiff penalties and fines until the end of this year has left a positive impact on local businesses. According to the Emiri resolution, the period of implementing the decision will be in effect until December 31, 2018, wherein the economic ......read more

    Trade Bank of Iraq reveals its latest international expansion plans as it celebrates an incredible 15 years in business

    TBI to open its branch office in Riyadh at the end of the year String of expansion plans in the region, including Turkey The bank recently celebrated 15 years of operation Abu Dhabi, July 24, 2018: Trade Bank of Iraq (TBI) has revealed plans to open its first branch in the Kingdom of Saudi Arabia after receiving approvals from the Saudi Arabian Council of Ministers. Continuing its international foray across the Middle East since opening a representative office in Abu Dhabi, UAE last November, TBI now plans to open its next branch in Riyadh, KSA and be fully operational by the ......read more

    Leading UAE businesswoman awarded doctorate by Queen's University Belfast

    Dubai, UAE, July 23, 2018:  Dr Raja Easa Saleh Al Gurg, Managing Director of the multifaceted conglomerate, Easa Saleh Al Gurg Group, was awarded with an Honorary Doctorate by Queen’s University Belfast, for services to business and commerce. She was among twelve individuals who received honorary degrees this summer at the university. Other individuals awarded included Professor Martin Meehan, the 27th President of the University of Massachusetts, internationally renowned researchers as well as leaders in business and commerce.  Queen's awards honorary degrees to ......read more

    Central Bank of the UAE Holds its 6th Board of Directors Meeting for 2018

    Dubai, UAE, July 23, 2018:   The Board of Directors of the Central Bank of the UAE held its 6th meeting for 2018 at 9:00am on Sunday, 22nd July 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalid Juma Al Majid, Deputy Chairman of the Board. The meeting was attended by 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,  as well as by Their Excellencies Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, ......read more

    Islamic Insurers' Net Income Continues To Fall But The Sector Will Stay Profitable In 2018

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

    United Arab Bank Announces Financial Results for H1 2018

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

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

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

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

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

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

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

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

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

    Bank Al Bilad invests in leaders through Ashridge flagship program

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

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

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

    CNN Exclusive: Finnish President Niinistö analyses the Helsinki Summit

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

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

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

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

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

    Turkish Airlines continues its growth trend without slowing down

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

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

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

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

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

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

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

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

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

    Inaugural class of 50 distinguished Qimam Fellows graduates in Riyadh

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

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

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

    Khalifa Fund and startAD invite Emirati entrepreneurs to apply for Ibtikari

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

    UAE economic growth to accelerate in 2018 and 2019

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

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

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

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

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

    Buy to live or Buy to let?

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

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

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

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

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

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

    Dubai, UAE, June 26, 2018:   The Board of Directors of the Central Bank of the UAE held its 5th meeting for 2018 at 10:00am on Sunday, 24th June 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Their Excellencies Mohamad Ali Bin ......read more

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

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

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

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

    DIB Champions Customer Happiness With 9th Double Your Salary Draw

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

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

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

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

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

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

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

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

    Dubai, June 23, 2018:   Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has announced that its joint venture Emirates Insolaire LLC, a pioneer in new solar technologies, has received strong response for its sustainable, energy-efficient coloured solar panel technology at Intersolar Europe exhibition, the leading solar exhibition in the world. Emirates Insolaire, Dubai Investments’ joint venture with SwissINSO Holding Inc., which offers the world’s-first KromatixTM coloured solar panels technology, ......read more

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

    Group invests more than AED 5 million in the expansion of Sleep Fine mattresses’ product line Dubai, UAE, June 23, 2018:  In light of the growing volume of exports to the MENA region, Salim & Sons Group has announced expansion plans by capitalizing on the emerging presence of business opportunities. The Group, which unifies and streamlines the operations of its various divisions, ensures an enhanced product and customer experience with a focus on innovation. Under the Group’s umbrella are the ‘Three Stars Foam Factory,’ ‘Sleep Fine,’ ......read more

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

    Strategic alliance combines next generation network packet broker capabilities with sophisticated threat management to bring greater protection and resilience to customer security infrastructures   Dubai, U.A.E. – June 23, 2018:   Gigamon, Inc. (“Gigamon”) the company leading the convergence of network and security operations to help organizations improve their security stance, and FireEye, Inc. (NASDAQ: FEYE), the intelligence-led security company, today announced a global strategic partnership to improve threat defenses across their ......read more

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

    Five ready-made portfolios to invest simply with ZAP funds Each fund created with 6,000 to 20,000 underlying holdings One-stop access to the world’s equity and bond markets Full range of sectors including technology, media and energy Low-cost, easy to maintain, scalable solution that is rebalanced regularly Dubai, UAE, June 21, 2018:  Zurich International Life Ltd. (Zurich) is today launching Zurich Allocated Passive (ZAP) funds, a new investment solution which provides customers with five ready-made portfolios that make investing simple.   Some investors ......read more

    SBWC Visits Italy to Analyse Advantageous Trading Opportunities

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

    Why The Global Sukuk Market Is Stalling In 2018

    Dubai, UAE, June 20, 2018:  The global sukuk market experienced a significant slow down in issuance in the first half of 2018, as we predicted in January. Total sukuk issuance dropped by 15.3% compared with the same period last year, reaching $44.2 billion compared with $52.2 billion first half of 2017. This drop was even more pronounced for foreign currency sukuk issuance a t45%. We believe thatt his is due to the absence of major issuances from the Gulf Cooperation Council (GCC) countries seen in 2017. In the second half of 2018, we expect sukuk issuance volumes will continue to be ......read more

    CBUAE Announces New Caps on Banking Fees for Customers

    Abu Dhabi – 19 June 2018:   UAE Central Bank (CBUAE) announces that it has published an Amendment to ‘Annexure 2’ of the Regulations Regarding Bank Loans & Services Offered to Individual Customers (2011). This Amendment sets out the new maximum limits or ‘fee caps’ for fees or commissions charged on retail customer service. The fee caps apply to banking consumer related charges for example, home loans and late fees for credit cards.   This Amendment comes as CBUAE is undertaking more active supervision of the banking sector with the ......read more

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

    DIB’s new website focused around the theme “tech that helps” Customer First concept core to the enriched user experience Dubai UAE, 18 June, 2018:   Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched a new and completely revamped website (www.dib.ae), which offers a vastly enriched and superior experience to its fast growing customer base. The redesigned website will allow users to easily access information relating to DIB’s products and services, while enjoying a new, modern and simplified layout complemented by ......read more

    Dubai FDI organises economic mission to Australia to boost trade ties

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

    CBUAE will raise interest rates by 25 basis points

    Dubai, UAE, June 14, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective Thursday, 14 June 2018, it will raise interest rates applied to the issuance of its Certificates of Deposits in line with the increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points at its meeting of today. The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been increased by 25 basis points to 2.25%. Certificates of Deposit, which CBUAE issues ......read more

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

    Crowe Horwath, the eighth largest global accounting network, has announced that the network and its member firms have rebranded to “Crowe”.    Dubai, UAE, June 11, 2018:  The rebrand has seen over 220 member firms globally adopt the name, Crowe, reflecting the increasingly integrated and seamless nature of the network as well as its shared values and core purpose.     The move has assisted in promoting the network’s shared knowledge and global resources in response to changing client needs, driven by digitalization and the borderless world ......read more

    Central Bank of the UAE

    Dubai, United Arab Emirates, June 11, 2018:  Central Bank of the UAE announced that it has decided to downgrade the license of the following exchange houses to deal in sale and purchase of foreign currencies and travelers cheques only:  1.    Taher Exchange Est. 2.    Al Hadha Exchange LLC 3.    Al Hemriya Exchange Company LPC 4.    Dubai Express Exchange 5.    Sanaa Exchange 6.    Cosmos Exchange 7.    Bin Bakheet Exchange Est. As the above exchange houses violated ......read more

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