December 15, 2018: Some media have reported incorrectly that UAE and Saudi Arabia have started using digital currency for cross-border settlements which will be backed by fiat currencies of the 2 nations.
The Central Bank of the UAE (CBUAE) would like to clarify that CBUAE is working with the Saudi Arabian Monetary Authority (SAMA) on a joint project which constitutes a Proof-of-Concept (PoC) for experimenting with Blockchain technology to facilitate cross-border payments between the two countries.
The PoC is still at an early stage and will help CBUAE gain a deeper understanding of the feasibility of distributed ledger technology in this field and explore the potential opportunities and benefits of a digital currency.
CBUAE and SAMA have selected a tech company to support the implementation of this PoC, which ......read more
The event is part of a series to empower partners and employees
Dubai, UAE – 13 December 2018: Fine Hygienic Holding (FHH), one of the world’s leading manufacturers of hygienic paper products, hosted Erik Weihenmayer, a visually-impaired mountaineering hero, at an event called ‘No Barriers’ in Dubai last night. Weihenmayer spoke about his perseverance, bravery and accomplishments, including the ascent of the highest peaks on each of the seven continents during the event, which was co-hosted by James Michael Lafferty, CEO of FHH.
FHH is hosting a series of ‘No Barriers’ events in December for Erik’s visit to the Middle East as part of its drive to motivate and empower employees and partners to reach their full potential. As an American adventurer, activist, athlete, author and ......read more
Send Money Anywhere Anytime with Oman UAE Exchange’s Mobile App and Website
Dubai, UAE, December 12, 2018: Tired of standing in queues to transfer money? Worry no more because now with Oman UAE Exchange you can send money online conveniently and easily from the comfort of your own space – be it home, office, the supermarket or anywhere. Oman UAE Exchange, a renowned money transfer, foreign currency exchange and payment solutions brand in the Sultanate of Oman, today announced the launch of its new money transfer mobile app and website as part of its digital offerings. The new online service offers customers a secure, swift and hassle-free way to send money anywhere anytime from Oman, at preferential exchange rates.
With the introduction of this latest service, Oman UAE Exchange ......read more
Dubai, UAE, December 11, 2018: Central Bank of the UAE (CBUAE) today hosted a workshop with the People’s Bank of China (Central Bank of China) and the Agricultural Bank of China on “Improving the Renminbi Clearing in the UAE”.
The aim of the workshop is to present the results achieved by the RMB Clearing Centre to date, and to identify the actions to be taken to improve the arrangements for Renminbi clearing in the UAE.
This workshop is taking place almost a year and half after the official launch of the Renminbi Clearing Centre in the UAE (Dubai) on May 10, 2017. The Centre represents a major part of the efforts to foster further economic ties between China and the UAE. The importance of Renminbi Clearing has become increasingly important as the UAE and Chinese Government’s ......read more
Dubai, UAE, December 10, 2018: Central Bank of the UAE (CBUAE) has issued a circular to banks regarding the issuance of cheque books as part of ongoing efforts by CBUAE to improve responsible lending practices by banks.
Before issuing customers with cheque books, banks are now required to carry out checks with the Al Etihad Credit Bureau (AECB) to ensure the creditworthiness of their customers.
Furthermore, for any new customers, banks shall issue a cheque book containing a maximum of 10 individual cheques to their customers. After a period of six months and providing no cheques are returned (unpaid), further cheque books may be issued to customers, as per the approved procedures.
Banks should advise their customers that returned cheques due to insufficient funds on the account will be recorded with the AECB and will ......read more
December 10, 2018: Saudi Arabia has experienced tremendous transformation in 2018, bouncing back from low oil prices with the largest expansionary budget and history-making reforms. King Salman’s Vision 2030 was a guiding principle for many of the country’s reforms along with Crown Prince Mohammed’s leadership has lead Saudi Arabia to modernise the Kingdom. Reviewing 2018, we can see major shifts that will impact Saudi Arabia’s future.
One of the major business reforms this year was the introduction of VAT. We also saw other GCC countries undergo the shift with Saudi Arabia. The tax was set at a standard rate of five percent however, there were some exemptions. The exemptions are basic necessities and medical, cultural and educational products, financial and insurance services. The tax helped ......read more
Sharjah – 9 December 2018: The Sharjah Chamber of Commerce and Industry (SCCI) held discussions with an economic delegation from Azerbaijan on ways to develop economic cooperation, promote mutual investments, exchange trade missions, and build partnerships between the business communities in Sharjah and Azerbaijan.
During the business meeting that was hosted by the SCCI at its headquarters on Sunday, the two sides reviewed the prospects of cooperation, and ways to encourage the Emirati and Azerbaijani business communities to participate in the economic events and exhibitions that are held by both sides, which helps to enhance the economic, investment and trade relations between the two friendly countries.
The business meeting was attended HE Abdulla Ibrahim Deaifis, Board Member of the SCCI; Raed Bukhatir, Deputy ......read more
Dr. Adnan Chilwan, Group CEO of DIB named Islamic Banker of the Year
DIB wins top recognitions including Best Islamic Bank, Best Islamic Retail Bank, Best Islamic Corporate Bank, Best Islamic Home Finance, and Best Sukuk Arranger in the region.
Dubai, UAE, 09 December 2018: Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has once again dominated the Islamic Business and Finance Awards, collecting five major accolades at the prestigious industry event. The awards distinguish and endorse institutions and individuals who have played a key role in nurturing the growth and expansion of the Islamic financial sector around the globe.
The accolades bestowed on the bank included Best Islamic Bank, Best Islamic Retail Bank, Best Islamic Corporate Bank, Best Islamic Home Finance, and Best ......read more
Dubai, UAE, December 09, 2018: S&P Global Ratings believes the recent surge in economic damage from extreme climatic events may focus the attention of public authorities about the need for adaptation investments and accelerate investment in this area.
The United Nations Environment Program forecasts adaptation costs in developing countries at between $140 billion and $300 billion by 2030, and $280 billion and $500 billion by 2050. That is approximately 6x-13x above the amount of international public-sector finance available today--just to meet 2030 costs.
In a report published today, "Plugging The Climate Adaptation Gap With High Resilience Benefit Investments," we explore how investments with a strong "resilience benefit"--offering cost-effective protection against extreme weather ......read more
The region’s best and brightest in accountancy and finance were celebrated yesterday evening (Wednesday, 5th December) at the ICAEW Middle East Annual Honours Ceremony 2018 at the Four Seasons Resort Dubai.
Dubai, UAE, December 06, 2018: Organised by Institute of Chartered Accountants in England and Wales (ICAEW), the annual gala event recognises and celebrates the achievements of individuals or organisations that have advanced the accountancy and finance profession within their chosen field.
Industry professionals from across the Middle East attended last night’s gala event, which included keynote address from Frank Gardner, BBC's Security Correspondent and British journalist.
The recipients of the ICAEW Middle East Annual Honours Ceremony 2018 were:
HE ......read more
A place focused on the future and where it’s easy to do business, Business France compares its country with its 13 main competitors
Dubai, United Arab Emirates, December 5 2018 - Business France, the national agency supporting the international development of the French economy published its annual attractiveness scoareboard for 2018. It illustrates that France stands, as an economy and attractive business destination. The aim of Business France’s Attractiveness Scoreboard is mainly to compare France’s performances with 13 other major OECD countries (Austria, Belgium, Finland, Germany, Ireland, Italy, Netherlands, Poland, Spain, Sweden, United Kingdom, United States and Japan), based on 10 attractiveness criteria : market size and strength, educational and human capital, research and innovation, ......read more
15th edition of Superbrands UAE to feature local home-grown brands
Dubai, UAE, December 5, 2018: Superbrands, the independent authority and arbiter of branding, announced that the voting process to choose the brands in the UAE which will be recognised and honoured as a Superbrand 2019 has begun.
Speaking on the importance of delivering impactful interactions that deliver a clear brand purpose and narrative, Mr. Mike English, Director, Superbrands Middle East, said, “The world is changing rapidly, and it’s hard to scale, differentiate yourself, and maintain trust in the ever-changing marketing world. Today more than before, brands have to make themselves relevant and valuable to the consumer which is why Superbrands identifies those brands which have captured the imagination of the general public and who ......read more
“With the participation of 100 companies from 80 countries”
Dubai – United Arab Emirates, 5 December, 2018: H.E. Butti Saeed Al Ghandi, Second Vice-Chairman of the Dubai World Trade Centre, today attended the opening of the 3rd edition of The Global Franchise Market Exhibition (TGFM), the official franchise event in Dubai, at the Dubai International Convention and Exhibition Centre. Held under the patronage of the Dubai Economy, the 2-day event aims to offer new and established franchise brands a unique platform to explore new franchise opportunities in Dubai and other lucrative markets in the Middle East and North Africa region.
H.E. Butti Saeed Al Ghandi accompanied by a number of officials from the government and private sector toured the exhibition area that occupies an overall space of 2,000 ......read more
Dubai, UAE, December 04, 2018: The United Arab Emirates National Pavilion participates in the International Defense Exhibition 2018, taking place in Cairo Egypt today till December 5.
The participating delegation under the United Arab Emirates National Pavilion included officials and members from Tawazun Economic Council and the Emirates Defense Companies Council (EDCC).
Sultan Abdullah Al Samahi, Acting General Manager of the Emirates Defense Companies Council stated that the nation-wide participation from the United Arab Emirates Pavilion reflects the deep and brotherly relations between the UAE and its sister country, Egypt, under the wise leadership of His Highness Sheikh Khalifa bin Zayed President of the UAE and His Excellency President Abdel Fattah Al-Shesisi, President of the Arab Republic of ......read more
Dubai, UAE, December 01, 2018: Some 300 central bankers and banking supervisors representing more than 80 jurisdictions met this week in Abu Dhabi, United Arab Emirates, to discuss a range of policy and supervisory topics. Events included a meeting of the Basel Committee on Banking Supervision and the 20th International Conference of Banking Supervisors (ICBS).
At the Basel Committee’s meeting on 26-27 November, the Committee:
agreed to a set of targeted revisions to the market risk framework, which will be submitted to the Basel Committee’s governing body, the Group of Central Bank Governors and Heads of Supervision (GHOS). The revised framework seeks to enhance the risk sensitivity of the standardised approach, revise the calibration of certain elements of the framework, and improve certain aspects ......read more
United Nations Framework Convention on Climate Change (UNFCC) invited to join WGEO
Dubai, UAE, November 29, 2018: HE Saeed Mohammed Al Tayer, Chairman of the World Green Economy Organization (WGEO) met with Ovais Sarmad, Deputy Executive Secretary of United Nations Framework Convention on Climate Change (UNFCCC) at the UNFCCC Headquarters in Bonn, Germany.
During the meeting, HE Saeed Mohammed Al Tayer extended an invitation to UNFCCC to join the WGEO, to contribute to better coordination and cooperation between international organisations to support a green economy. HE Al Tayer stressed that the UNFCCC is one of the most effective platforms that is working proactively to address climate change.
H.E. Mr. Ahmed Butti Al Muhairbi, Secretary General, Dubai Supreme Council of Energy and WGEO Board Member; Waleed ......read more
In remembrance of UAE’s celebrations of “Zayed Centenary”
Dubai, UAE, November 29, 2018: Central Bank of the UAE (CBUAE) is pleased to announce that it is issuing a commemorative silver coin, a commemorative one Dirham coin and an AED 100 denomination Bank Note with “Year of Zayed” logo coinciding with the 47th National Day of the UAE celebrations.
CBUAE is issuing the commemorative currency to pay tribute to the life of the UAE’s Founding Father, the late Sheikh Zayed Bin Sultan Al Nahyan, may his soul rest in peace, and the pivotal role he had in establishing the UAE, its subsequent historical achievements and the Nation’s recognition on the global stage. Following in the footsteps of his late father, H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, has spared no ......read more
Dubai, UAE, November 29, 2018: The Central Bank of the UAE (CBUAE) and the National Bank of the Republic of Belarus (NBRB) have signed the Memorandum of Understanding (MoU) to establish an arrangement for sharing of supervisory information and enhancing of cooperation in the area of banking supervision. The MoU was signed by H.E Mohammed Ali bin Zayed, Deputy Governor of CBUAE and H.E Dmitry Lapko, Deputy Chairman of the Board of the NBRB.
The MoU sets out an agreement for the two parties to cooperate closely in the sphere of supervision of banks and other financial institutions operating in both markets and exchange of supervisory information, based on the home/host information sharing in accordance with Basel Core Principles for Effective Banking Supervision.
Mohammed Ali bin Zayed, Deputy Governor of CBUAE said: ......read more
INJAZ Al-Arab and Boeing launch Boeing Business Challenge to find solutions for the aviation industry
Over 80 students from across the Middle East will convene in Kuwait for the Boeing Business Challenge
Dubai, UAE, November 27, 2018: Boeing [NYSE:BA] has announced that it will jointly host the first-ever “Boeing Business Challenge” in partnership with INJAZ Al-Arab, which will be a specialized aviation-focused part of its Regional Young Entrepreneurs Competition.
The two-day regional competition will begin on November 27th in Kuwait City at the Jumeirah Messilah Hotel and will bring together over 80 students from 11 countries to compete for an award based on aviation-themed business challenges. All of the invited students will have participated in INJAZ’s flagship entrepreneurship ......read more
Global study conducted by an independent research firm for Collinson reveals that most brands in the UAE and Saudi Arabia do not employ strategies to improve customer relationships
Dubai, UAE, November 26, 2018: A commissioned study conducted by Forrester Consulting on behalf of Collinson, a global leader in customer benefits and loyalty, unearths that a significant proportion of businesses around the world, including across the UAE and KSA, do not understand what is driving their customers’ brand loyalty, ultimately putting customer relationships and profitability at risk.
Surveying decision makers at organisations with revenues exceeding $300 million, the study compares how different businesses perform at planning and delivering their loyalty programmes.
Globally, two-thirds (64%) of respondents ......read more
UAE, Dubai, 26 November 2018: Dubai Islamic Bank, the UAE’s largest Islamic bank, received three much sought after awards, including the ‘Strongest Islamic Retail bank in the World’, at the prestigious Islamic Retail Banking Awards (IRBA) 2018, recognizing its outstanding performance amongst the world’s Islamic retail banks. The bank also took home the title of ‘Strongest Islamic Retail Bank in the UAE’ for the fourth consecutive year along with the ‘Critics’ Choice for Most Innovative Digital Retail Bank’.
Hosted by Cambridge IF Analytica, the fourth Islamic Retail Banking Awards (IRBA) took place at the JW Marriott Marquis Hotel in Dubai on November 21, 2018. Held annually, IRBA prestigious award ceremony honors individuals and institutions who have demonstrated ......read more
The financing solution has contributed towards delivering and securing more than 2 gigawatts (GW) of new power, while ensuring the continuity of up to 6.7 GW to Iraq's grid as part of the 'Power Up Plan'
Dubai, United Arab Emirates, November 25, 2018: Trade Bank of Iraq (TBI), Standard Chartered Bank and General Electric closed a $600 million financing agreement that funded an ambitious power project implemented across Iraq.
Comprising of two phases, the Government of Iraq’s ‘Power up Plan’ was a major part of the country’s ongoing rebuilding and modernisation plans, delivering and securing more than 2 gigawatts (GW) of new power, while ensuring the continuity of up to 6.7 GW to Iraq's grid, supplying much-need electricity to homes and businesses ......read more
Held Under the Patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah
25 November 2018: INJAZ Al-Arab – member of Junior Achievement Worldwide – is hosting their 12th Annual Young Arab Entrepreneurs Competition in Kuwait between November 26 and 29, 2018. The competition will see 80 students from 11 countries across MENA compete over 12 award categories before their peers and a panel of high-profile judges.
Held under the patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, the event will welcome over 180 attendees from INJAZ teams, volunteers and chaperons. The competition will conclude with a glittering award ceremony to be held on November 28, welcoming over 400 guests, including high-school and university ......read more
If you area an experienced trader looking to diversify your portfolio and add something more than financial products, you have probably contemplated energy trading. Similarly, as a new trader, you may hear of the lucrative and exciting commodity trading markets and wish to become involved. Thanks to the birth of online trading and the existence of top-quality brokers, trading in the energy market is now accessible to all. This once quite closed market, trading in the likes of crude oil and natural gas options has now managed to become more accessible than ever to regular traders.
Energy Trading Fundamentals
Energy trading is a form of commodity trading which at its very core means trading in the basic resources required to sustain life. This equates to trading oil, gas, and even electricity. The trade within these markets globally ......read more
Cyber attackers are using old tricks and new to steal customers’ payment card details from retailers this shopping season.
As we enter the busiest shopping period of the year, both offline and online retailers and consumers are facing risks to the security of their payment card data.
November 22, 2018 - Dubai, UAE:
Formjacking has surged in 2018—with Symantec blocking almost 700,000 formjacking attempts from mid-September to mid-November alone. This surge in formjacking is one of the big stories of 2018—with attackers like Magecart using supply chain attacks and other tactics to inject malicious scripts into websites to steal payment card information.
There have also been attacks on point-of-sale (PoS) systems in bricks-and-mortar stores this year, though none so ......read more
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
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
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
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
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
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
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
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
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
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
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
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
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
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 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
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
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
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
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
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
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
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
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
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
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, 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
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, 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
Dubai, United Arab Emirates, June 11, 2018: Central Bank of the UAE announced that it has decided to downgrade the license of the following exchange houses to deal in sale and purchase of foreign currencies and travelers cheques only:
1. Taher Exchange Est.
2. Al Hadha Exchange LLC
3. Al Hemriya Exchange Company LPC
4. Dubai Express Exchange
5. Sanaa Exchange
6. Cosmos Exchange
7. Bin Bakheet Exchange Est.
As the above exchange houses violated ......read more
Shurooq projects worth AED over 7.6 billion covering 11.7 million sqm
Sharjah, 09 June 2018: Over the past nine years, Sharjah Investment and Development Authority (Shurooq) has accrued a portfolio of completed and ongoing projects worth AED 7.6 billion extending across a total area of 11.74 million square metres.
Following the Emiri decree No.2 to establish Shurooq, issued by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member Ruler of Sharjah, the authority has not only confirmed its pivotal role in driving the emirate’s prospects, it has ......read more
Dubai, UAE, June 6, 2018: Leading provider of compliance, payment and cloud solutions, EastNets has announced its partnership with Kuwait’s Boubyan Bank to roll out SWIFT’s global payments innovation (gpi) service for its customers across the country.
With the introduction of SWIFT gpi, Boubyan Bank will offer its customers high-speed cross-border payments with end to end tracking, transparency on bank fees and FX rates (Foreign Exchange), ultimately allowing the bank to credit payments to end beneficiaries within minutes, even seconds.
EastNets will assist ......read more
UAE Exchange Summer Promotion ‘Win Big. Win More’ offers $100,000 grand prize to one winner
6 winners to win $5,000 and 45 to walk away with $2,500 each
Dubai, 05 June 2018: This Ramadan, UAE Exchange, a leading money transfer, foreign exchange and payment solutions brand in the country, launched its summer promotion ‘Win Big. Win More’. During this promotion, UAE Exchange is giving out 52 lucky draw cash prizes with the grand prize of $100,000. Apart from the grand prize, 6 lucky customers will win $5,000 and 45 customers will win $2,500 ......read more
Dubai, 03 June 2018, United Arab Emirates: UAE Exchange, the leading money transfer, foreign exchange and payment solutions brand in the country, announced that it has started accepting Value Added Tax (VAT) payments on behalf of the Federal Tax Authority (FTA).
All entities registered with the FTA who have a valid Tax Registration Number (TRN) and a GIBAN account number can now make their VAT payments in any of the 150 UAE Exchange branches spread across the seven emirates.
Abdel Kareem Alkayed, Country Head for UAE Exchange-UAE said: “We are pleased to partner ......read more
Dubai, UAE, June 2, 2018: The strategic and dynamic location of the Ajman Free Zone (AFZ) plays a significant role in driving the commercial and industrial sectors in the emirate in particular and in the UAE in general, with the AFZ management stepping up efforts to maintain its investment-conducive environment as a leading business hub in the region.
The number of companies registered with AFZ until the end of Q1 2018 increased to 12,362, showing a significant growth of 28% over the corresponding period last year as the free zone is growingly becoming an essential hub for many ......read more
finds Zurich is world's most expensive city, while salaries go furthest in Los Angeles
Zurich retains its position as the most expensive city, followed by Geneva and Oslo.
Los Angeles boasts the world’s best buying power for the average worker’s salary, with LA residents now able to afford almost a quarter more (23.9%) than New Yorkers.
Now in its 17th edition, this year's report is presented in an interactive, digital format that allows users to compare cities and explore their development over time. Readers can explore city specific stories and dive into the ......read more
UAE, May 30, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, is rolling out the fifth edition of its much-awaited Al Ansari Exchange Rewards – Summer Promotion 2018 starting from June 1st to July 31st. Several major prizes - the biggest in the industry - are up for grabs this year, with a whopping AED 1 million in cash once again awaits one grand winner, in addition to the exquisite Mercedes Benz GLA-Class 2018 as this year’s second grand prize.
Eight lucky customers will also have a chance to win AED 10,000 each during the ......read more
Dubai, UAE, May 30, 2018: The Board of Directors of the Central Bank of the UAE held its 4th meeting for 2018 at 10:00am on Sunday, 27th May 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer, Hamad Mubarak Buamim, as well as by Their Excellencies Mohamad Ali Bin ......read more
Dubai, UAE, May 30, 2018: Deloitte has just issued its 2018 edition of the Middle East Tax handbook. The handbook is a comprehensive guide to help businesses keep abreast of the Middle East tax rates and to guide businesses through the important changes to tax regimes across the Middle East region.
Changes in regulation and tax reform continue to be on the increase in the Middle East, and include the implementation of a value added tax (VAT) regime that commenced in the Kingdom of Saudi Arabia (KSA) and United Arab Emirates (UAE) on January 1, 2018. As a transactional tax, the ......read more
More than 1.7 million guests in Emirate for the year so far
Abu Dhabi, 29 May 2018: The number of hotel guests staying in the emirate’s 162 hotels and hotel apartments increased by 7.3% for the first four months of 2018, compared to the same period last year to number 1,724,967, figures released by the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) reveal.
The total number of hotel guests was boosted by key international markets registering impressive percentage gains.
During April, the numbers of visitors from leading international source market ......read more
Dubai, UAE, May 29, 2018: No one wants to be wasteful with money, but with our busy schedules it's often challenging to pause and reflect on those little changes we can make to save or protect our hard-earned cash. The introduction of Value Added Tax (VAT) in the United Arab Emirates this year and the rising cost of inflation especially have drawn attention to the impact on consumer spending habits.
Whilst these potential pressures on people’s expenditure can seem concerning, they don’t need to be. However, it is important for everyone to take stock of ......read more
Dubai, UAE, May 27, 2018: Shuraa bestowed with World’s Greatest Brands & Leaders Asia & GCC 2017-18 award at India UAE Business & Social Forum 2018. The award and business summit organized jointly by URS Media Consulting PL and AsiaOne magazine was recently held at J W Marriot Marquis Dubai. The award was presented by H.E.Saud Salim Al Mazrouei, Director, Hamriya Free Zone Authority & Sharjah Airport International Free Zone in the presence of H.E.Dr. Akima Umezawa, The Consul General of Japan in Dubai to Michael Gillies, Director- Operations, Shuraa Business ......read more
Dubai Islamic Bank’s HR - Learning and Development Centre is the first to achieve ISO 29990 certification in the region.
Sharia Department becomes the first to receive ISO 9001 QMS certification in the UAE.
Dubai UAE, 27 May, 2018: Two key departments of Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, received ISO certifications, making it the first Islamic bank in the UAE to achieve an international accreditation of this significance. DIB’s Human Resources Department -Learning and Development Centre (L&D) was awarded the ISO 29990:2010 ......read more
Dubai – United Arab Emirates, 27 May 2018: INDEX Holding announces the opening of its new branch in Singapore, due to its strategic location in the Asia-Pacific region and its strong economic and commercial ties with the United Arab Emirates. Through its new branch, INDEX Holding aims to keep up its constant endeavor of supporting the UAE vision and strengthening its position in different parts of the world.
In fact, INDEX Holding intends to replicate its UAE business model in Southeast Asia by taking advantage of Singapore as a vital regional hub for business, ......read more
Three-year collaboration with law enforcement confirms Trend Micro’s leading role in global cybercrime fight
May 27, 2018 - Dubai, United Arab Emirates
Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global leader in cybersecurity solutions, today announced details of its close cooperation with the FBI to identify, arrest and bring to trial the individuals linked to the infamous Counter Antivirus (CAV) service Scan4You. Ruslans Bondars was found guilty as a result of the trial, while Jurijs Martisevs pled guilty in March 2018. The arrest and trial were the result of an ......read more
May 23, 2018 - Dubai, UAE:
Bayzat (www.bayzat.com)is looking to become the one stop solution for small- and mid-sized companies. The technology company provides insurance and HR solutions for SMEs. Founded in 2013, the company is making waves in the Middle East – in 2017, it made it to the Forbes list of Top 100 Startups in the Arab World.
The company’s founder, Talal Bayaa, and his team noticed the fragmentation in the UAE financial sector and they decided to launch a product that would make it easier for individuals and companies to compare different insurance ......read more
Promotes Abhijeet Vijayvergiya as President & Managing Director, Global Accounts and Asia Pacific
Global brands such as Pizza Hut, VF Brands, KFC, Bata, Asics, Unilever, Siam Makro leverages Capillary solutions across multiple countries
DUBAI – May 23, 2018: Capillary Technologies, with presence in 30+ countries and helping consumer businesses achieve digital transformation, using its AI Powered technology platform; today announced that it has grown its global business by 200% YoY and has elevated Mr.Abhijeet Vijayvergiya as its President & Managing Director, Global ......read more
Zayed Sustainability Prize evolves to include new categories
Abu Dhabi, May 22, 2018: Abu Dhabi Sustainability Week (ADSW), one of the world’s largest sustainability gatherings, has announced its theme for its next edition, which takes place from 12-19 January 2019.
ADSW 2019, under the theme titled ‘Industry Convergence: Accelerating Sustainable Development’, will explore how industries are adapting to the digital transformation under way in the global economy, and the new opportunities it is presenting to address global sustainability ......read more
Appreciation Award for Representative Entities during the DED Business Excellence Awards Ceremony
Dubai, UAE, May 22, 2018: The French Business Council Dubai and Northern Emirates (FBC) has received the Dubai Quality Appreciation Award for Representative Entities, presented by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and HH Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Mohammed bin Rashid Al Maktoum Knowledge Foundation. This award was given during the Business Excellence Awards Ceremony held on Tuesday, 24th April 2018 at ......read more
Abu Dhabi, UAE – 22, May 2018: The Central Bank of the UAE (CBUAE) today publishes the Financial Stability report for the year 2017. The Financial Stability Report provides information on the strengths and vulnerabilities of the UAE financial system and the regulatory and policy measures introduced by the Central Bank. The Financial Stability Report also includes an assessment of key macro-financial and banking-sector developments that may affect financial stability in the United Arab Emirates. The Financial Stability report is produced annually, in line with the UAE ......read more
Islamic Finance: Scalable and sustainable source of funding social infrastructure
Dubai, UAE, May 21, 2018: Policy makers, the private sector and governments continue to find ways to bridge gaps in infrastructure funding, with social infrastructure landscape climbing to the top of agendas in importance. Deloitte Middle East continues to bring the latest insights on this trend through its new Islamic Finance insights series, “Scalable and sustainable source of funding social infrastructure”.
The industry whitepaper published by Deloitte’s Islamic ......read more