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
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
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
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
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
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
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
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
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.
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
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
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
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
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
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
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
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
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
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
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
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
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
A diversified portfolio tailored to the market, key partnerships with ministries of health and regulators, and thinking long-term are key to securing share of US$40 billion market
22 October, Dubai: “Global, regional and local pharmaceutical firms operating in the Middle East, Turkey and Africa (META) region need to be able to ‘change the tires while driving’ if they are to benefit from doing business in a challenging, but also highly rewarding market”, says Dr Ashraf Allam, VP of Mundipharma in the META region.
Doing business in the META region is not always straight forward, but if approached with the right strategy, the right team, and a willingness to quickly adapt to any challenges, companies will be able to successfully access a market worth US$40 billion annually with 1.4 billion ......read more
ICAEW says accountancy firms need to thoroughly re-think their organisational structure, culture, people and practices to be fit and ready to compete in a digital world. In its latest report Reimagining the Firm , the accountancy and finance body urges transformation to go beyond digital tools or services to ensure accountancy firms remain relevant in a digital era.
Dubai, UAE, October 22, 2018: The accountancy profession, like most traditional professions, faces an uncertain future if it fails to adapt to a rapidly changing business landscape. New technologies, a younger generation of workers, new sources of competition, regulations and client expectations are putting pressure on firms to make drastic changes.
According to ICAEW, many of the structures, practices and processes that made firms reliable or gave them a ......read more
Agreement to cooperate with Ministry of Electricity of Iraq to add 11 gigawatts of power generation capacity in four years
Roadmap proposes cost savings in billions of USD and generating additional electricity 24/7 for 23 million people
Plan envisions creating tens of thousands of jobs
Focuses on energy infrastructure, education, anti-corruption and financing
Dubai, UAE, October 21, 2018: Siemens and the Ministry of Electricity of the Republic of Iraq have entered a milestone agreement to seek the implementation of the company’s roadmap for repowering Iraq. Signed by Qasim Al-Fahdawi, Minister of Electricity, and Joe Kaeser, President and CEO of Siemens AG, the Memorandum of Understanding (MoU) will examine a series of short, medium and long-term plans to meet the reconstruction goals of Iraq and support the ......read more
The Forum serves as a platform to further enhance UAE-India relations and discuss business and growth opportunities among the countries
DUBAI – October 20, 2018: The fourth edition of the annual UAE-India Economic Forum (UIEF), being staged in Dubai on October 24, 2018, is poised to explore the strengthening ties and bilateral trade relations between the two countries.
The UIEF is supported by the Telangana Chamber of Commerce and Industry and Gujarat Chamber of Commerce and Industry. The Forum, to be held at Habtoor Grand Resort in Dubai, will bring together over 350 delegates from the UAE and India.
The UIEF represents a new dawn in the multifaceted economic relationship between both the countries that share a vision to project the current US$ 40 billion bilateral trade to ......read more
Record business performance in 2017
Successful business year in 2017: sales revenue increases to 78.1 billion euros
Record earnings in 2017: EBIT from operations reaches 5.3 billion euros
Bosch CEO Denner: “We want to keep people mobile and improve air quality”
Breakthrough: diesel NOx emissions far lower than legally prescribed limits
Strategy: cross-domain IoT ecosystems
April 25, 2018 - Dubai, United Arab Emirates – Bosch is aiming for further growth in 2018, despite the difficult economic climate. After achieving record results in 2017, and in light of ......read more
April 25, 2018 United Arab Emirates: flynas, the award winning Saudi national carrier and leading low-cost airline in the Middle East signed an agreement with Chubb Arabia Coorperative Insurance Company to offer flynas customers with travel insurance coverage, making flynas the first airline to offer its passengers travel insurance.
The signing ceremony took place on the sidelines of the Arabian Travel Market that was held from 22nd April to 25th April 2018 at the Dubai World Trade Centre.
This exclusive and beneficial feature of adding travel insurance coverage will ......read more
World’s leading security, fire protection, safety companies target Kingdom’s US$6.02 billion market
Dubai, UAE - April 24, 2018: Intersec Saudi Arabia 2018 opened today (24 April) in Jeddah, with 150 exhibitors from 20 countries looking to network and generate fresh business opportunities in the Kingdom’s US$6.02 billion security, safety and fire protection market.
The 2nd edition of the annual showcase runs until 26th April at the Jeddah Center for Forums & Events, with 500 brands enticing an expected turnout of 5,000-plus Saudi trade visitors across ......read more
Dr. B. R. Shetty creates “Finablr”, a holding company that intends to consolidate his global financial services brands.
Finablr to accelerate customer-focused innovations in the financial services sector, building on over four decades of industry experience.
Finablr also announced the intent to rebrand the non-UAE operations of UAE Exchange as “Unimoni”
23 April 2018 - Dubai, UAE: Noted UAE-based businessman and philanthropist, Dr. Bavaguthu Raghuram Shetty announced the creation of “Finablr”, a new holding company which, subject ......read more
Dubai, United Arab Emirates, 23rd April 2018: DP World, UAE Region has underlined its position as the leading trade enabler by winning the Supply Chain Hub Award at the Logistics Middle East Awards 2018 organised by ITP Media Group.
Abdulla Bin Damithan, Chief Commercial Officer of DP World, UAE Region received the award in the presence of leading industry executives from across the Middle East.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “The recognition highlights the pivotal role our port and free zone play in sustaining Jebel Ali’s position as ......read more
Sami Al Qamzi: Will reinforce Dubai as an ideal investment destination and contributor to global economy
Dr Mohammed Al Zarooni: MoU will enhance role of free zones in the emirate’s economic development
Dubai, United Arab Emirates, 22 April 2018: The Department of Economic Development (DED) in Dubai has signed a memorandum of understanding (MoU) with the Dubai Free Zones (DFZ) Council to facilitate business operations for free zone based companies.
The collaboration is driven by the shared commitment of the two entities to reinforce ......read more
Dubai, UAE - 22 April 2018: Ports, Customs and Free Zone Corporation (PCFC) developed an integrated work plan to help in the implementation of its initiatives in support of economic and business activity in Dubai.
In the meeting of Sheikh Mohammed bin Rashid, UAE's Vice President and Ruler of Dubai with a group of government officials PCFC put forward plans to facilitate foreign trade procedures to help boost foreign trade by Dh27 billion and use blockchain technology to help advance the industry.
The corporation also announced plans to develop an aluminium downstream industry ......read more
The first insurance digital manager in the region, Aqeed, has officially launched after raising $18 million from its corporate shareholders, the largest round in the insurance start-up space in UAE. We caught up with the management team of Aqeed to know more about the disruptive startup.
Tell us more about the story of Aqeed?
The idea for Aqeed arose when we noticed a common problem in the Middle East insurance market. Most of the time, people were confused with the complex insurance jargon and the cover they had actually bought. They were also frustrated with the long and tedious ......read more
The mothership of aural technologies Jabra and ReSound, GN Group breaks camp with its first office in Dubai
Dubai, United Arab Emirates, April 22 2018 – GN Group, a global leader in intelligent audio and hearables solutions that let one hear more, do more and be more, opens a base in Dubai with its first office in the Middle East, Africa and Turkey region. With world-leading expertise in the human ear, sound, wireless technology and miniaturization, GN’s innovative and intelligent audio solutions are marketed by their premium brands ReSound and Jabra. To be ......read more
KSA; 19 April 2018: Ashridge Executive Education, with over 20 years of experience in training regional business leaders, is focusing on helping Saudi businesses to effectively execute their strategy for growth. As companies in Saudi Arabia face the challenges of digital disruption, a relatively young workforce, and changing customer demands, it is imperative to turn strategies into actions that will generate results.
To help senior managers formulate plans to effectively implement them, Ashridge is delivering a three-day executive program on Translating Strategy into ......read more
Dubai, UAE, April 19th, 2018: Iron Mountain Incorporated® (NYSE: IRM), the global leader in storage and information management services, today announced the acquisition of Derby Records Management FZ LLC in Dubai, UAE, expanding the company’s presence and scale in the fast-growing Dubai market.
The acquisition of Derby Records Management FZ LLC will add two facilities and over 100 customers to Iron Mountain’s existing business.
Derby will be the Free zone arm of Iron Mountain UAE and will be part of the existing management.
“I am ......read more
The UAE's Ministry of Economy has revealed the signing of a series of new strategic Memorandums of Understanding (MoUs) with 14 government entities as part of the launching of the National Program for Supporting Young Innovative Companies. The signings were held on the sidelines of the Ministry's participation in the Government Accelerators; a new government approach designed to accelerate the achievement of the National Agenda of UAE Vision 2021. The government entities that have signed new partnerships with the Ministry of Economy include the Ministry of Finance, the ......read more
Kuala Lumpur, 17 April 2018 – Despite the competitive Shariah-compliant market for financial services structures and solutions in the Gulf Cooperation Council (GCC) region, Labuan IBFC is confident that its omnibus Islamic legislation and its strong Shariah Supervisory Council will continue to keep Labuan IBFC as a key jurisdictional option for Gulf businesses and families.
To further drive this message, the midshore jurisdiction’s promotional and marketing arm, Labuan IBFC Inc will be organising a week-long market development drive in the Gulf, which will include numerous ......read more
Recognised for its outstanding efforts for the 5th consecutive year
Dubai, UAE, April 16, 2018: InfoFort, an Aramex company and a leading information management solution provider in the Middle East and Africa, was awarded the Dubai Chamber CSR Label for the fifth consecutive year.
The initiative established by Dubai Chamber of Commerce and Industry aims to encourage and honour outstanding companies for their CSR and sustainability efforts.
InfoFort was recognized for its exemplary workplace practices and extensive involvement in the community. Over the years, ......read more
Mint is proud to announce its exclusive partnership with Interac to offer secure contactless and mobile debit solutions for domestic UAE transactions
Dubai, UAE (April 15, 2018): Mint Middle East (MME) on Sunday signed licensing agreements with Interac Corp. (Interac), Canada’s domestic debit network, granting MME exclusive rights in the United Arab Emirates (UAE). The licensing agreements will help MME to deliver a secure and cost-effective contactless point-of-sale solution in the UAE for domestic debit transactions, as well as provide documentation and ......read more
300 companies from Middle Eastern countries recorded in 2017 employing + 24,000 people
United Arab Emirates, April 8, 2018. “The 2017 Annual Report: Foreign investment in France – The international development of the French economy” just released, provides confirmation of the renewed confidence global foreign investors have in France as a business location. The figures were revealed at a press conference held at the headquarters of Cisco in Paris region, by Bruno Le Maire, French Minister for the Economy and Finance, and Christophe Lecourtier, CEO of ......read more
Award winning financial institution in Dubai successfully deploys TSYS’ payments processing solution
Dubai, United Arab Emirates, 5 April 2018: TSYS (NYSE: TSS) and Mashreq Bank announced today that Mashreq has successfully implemented TSYS’ PRIME software licensing solution, to enhance the bank’s customer-centric experiences for its merchants.
TSYS is providing Mashreq with its core PRIMESM acquirer and issuer payments platform — and surrounding modules and services.
The first phase of the implementation followed industry best ......read more
Khalifa Fund announced its participation at the Annual Investment Meeting (AIM), the world's largest foreign direct investment (FDI) event, which is themed ‘Linking Developed and Emerging Markets through FDI: Partnerships for Inclusive Growth & Sustainable Development.’ Khalifa Fund’s participation at the event, which will be held at the Dubai World Trade Center from April 9 to 11, 2018, looks to increase business opportunities and foster networking as well as partnerships and various events to promote and develop the SME sector in the UAE.
Khalifa Fund will also ......read more
Artificial intelligence, blockchain and FinTech will drive banks to improve operational efficiency, increase revenue and reduce risk
Implementation of VAT could result in banks increasing their fees to compensate for increase in costs
A strong and positive culture can help UAE banks overcome regulatory and innovation-related challenges
March 28, 2018 Dubai, United Arab Emirates: As the UAE banking sector comes to terms with new regulations and the implications of VAT, KPMG’s third edition of the annual UAE banking ......read more
Outstanding members of the financial services industry were awarded by CISI at the prestigious annual UAE Awards Ceremony 2018 at the Emirates Golf Club
Dubai, United Arab Emirates, 28 March 2018: In celebration of its 12th anniversary in the UAE, leading professional body for securities, investments, wealth and financial planning professionals, Chartered Institute for Securities & Investment (CISI) recognised top performers who demonstrated excellent work in their respective professions, embodying CISI’s commitment to raising professional standards of ethics and ......read more
Dubai, UAE, March 27, 2018: Bloomberg Businessweek Middle East today announced the first edition of Global Leaders Forum, a gathering in Dubai of government and business leaders from around the region to discuss plans for growth and opportunities around the world. The one-day conference will take place at Armani Hotel Dubai on April 3, 2018.
Thought-leaders will discuss the trends, challenges and the best paths forward for developing the region’s economies and societies in a sustainable way at the Global Leaders Forum.
“The Bloomberg Businessweek Middle ......read more
United Arab Emirates, Dubai, 25 March 2018: Mashreq, one of the UAE’s leading financial institutions, today announced it has received the Service Olympian Award for ‘Best Call Centre 2018’.
The prestigious awards are the most coveted customer experience recognition in the Middle East and celebrate excellence in customer service delivery.
Sumit Bhatia, Head of Direct Business Channel, Mashreq Bank, said: “We are pleased to have been recognized as the Best Call Centre by the Service Olympian Awards.
This is a testament to the hard work of our team and ......read more
American Express Middle East connects with key partners and Cardmembers at annual Golf Tournament
Dubai, UAE, 20 March 2018: Senior management of American Express Middle East and over 70 key business partners and Cardmembers gathered at the company’s Golf Tournament held recently at Jumeirah Golf Estates.
The full-day event was held in partnership with Emirates Airline – the world’s best airline according to TripAdvisor 2017 – and Jumeirah Hotels & Resorts – a global hospitality company which operates a portfolio of 20 luxurious ......read more
Abu Dhabi, Dubai, United Arab Emirates March 19, 2018: Philips Lighting (Euronext: LIGHT), the world leader in lighting, has announced its intention to change its name from Philips Lighting to Signify. The choice of the new company name originates from the fact that light becomes an intelligent language, which connects and conveys meaning.
The company will continue to use the Philips brand, the most trusted lighting brand in the world, under the existing licensing agreement with Royal Philips.
“We’re excited to announce our new company name as another step in our ......read more
Sharjah office is Axis Bank’s 3rd representative office in the UAE
New office to help service clients in Sharjah and other northern emirates
Sharjah, March 18, 2018: Axis Bank, India’s third largest private sector bank, today opened a representative office in Sharjah, United Arab Emirates. Shri Vipul, Consul General of India in Dubai, inaugurated the representative office.
The representative office in Sharjah is the third such Axis Bank office in the UAE after Dubai and Abu Dhabi.The new representative office will engage primarily in promoting ......read more
Dubai, United Arab Emirates, 14 March 2018: Mashreq Bank, the UAE’s leading financial institution, was honored twice at the 2017 EMEA Finance Middle East Banking Awards.
Now in its 10th year, the award ceremony recognizes the achievements of the region’s retail and investment banks, as well as their asset management and brokerage operations.
The magazine cover banks operating in ten countries, acknowledging their achievements in the past year.
Mashreq Bank was presented with the ‘Best Local Bank in United Arab Emirates’ and the ‘Best Product ......read more
Abu Dhabi Fund for Development projects in Sudan worth AED7.3 billion
His Excellency Mohammed Saif Al Suwaidi attributes productive collaboration between ADFD and Sudanese government to leadership guidance
The Fund contributes to boosting Sudanese economy, enhancing monetary and financial stability
ADFD bolsters historic ties with Sudan through supporting development programmes that serve the most important economic sectors
Abu Dhabi, UAE March 14, 2018: The UAE and the Republic of Sudan enjoy long-standing cooperation and strategic ......read more
Gross ......read more
March 12, 2018 UAE: Mashreq Bank, the UAE’s leading financial institution, will continue its efforts to foster the growth of Emirati talent through its participation in Careers UAE 2018. Taking place at the Dubai World Trade Centre from 13-15 March, this marks the 18th consecutive year which Mashreq has participated in the event.
Mariam Al Ali, Head of Emiratization and Government Relations at Mashreq commented: “At Mashreq we are committed to facilitate the recruiting, training and development of UAE Nationals.
Our training programmes are designed to equip talented ......read more
UAE, 11 March 2018 - The Department of Economic Development - Ajman (DED-Ajman), in cooperation with the Department of Municipality and Planning of Ajman, successfully planted 100 Al Ghaf Trees at the Frontline International School, marking the launch of its new ‘We All Plant’ initiative. The launch of the initiative and the tree planting event are part of activities that DED-Ajman has planned in celebration of 2018 as the ‘Year of Zayed,’ which was declared by His Highness (H.H.) Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE.
The new initiative ......read more
Global remittance brand expects next three years to be a game-changer for Africa
Dubai, March 06, 2018: With the aim of growing in terms of presence and market share in Africa, Xpress Money, one of the world’s most dependable money transfer brands, has got the ball rolling with grand expansion plans in the African market. The brand expects the African corridor to grow phenomenally in the next three years; based on recent trends in migration and technology adoption in various African countries. Xpress Money is looking at doubling their network presence in Africa ......read more
Dubai, UAE, March 06, 2018: Dubai's non-oil foreign trade with Japan reached AED 41.82 billion in 2017. Imports totaled AED 38.35 billion, while exports stood at AED 2.69 billion and re-exports at AED 780 million.
According to recent data released by Dubai Customs, in parallel with the UAE-Japan Strategic Business Forum, held by the Ministry of Economy in Tokyo from March 6-7, aluminum tops Dubai's exports to Japan at AED 2.519 billion, accounting for 93.69 percent of the emirate's total exports to the Japanese market.
Automobiles, on the other hand, lead ......read more
Sales increase to 20,029 million euros, first time above 20 bn euros: nominal growth +7.0%, organic growth +3.1%
EBIT margin* reaches new high: +40 basis points to 17.3%
Earnings per preferred share*: +9.1% to new high of 5.85 euros
Record dividend** payout: +10.5% to 1.79 euros per preferred share
Substantial progress in implementation of strategic initiatives
Financial ambition for 2020 confirmed
Dubai, UAE, March 05, 2018: “2017 was a successful year for Henkel. Despite challenging and volatile market conditions, we reached new record levels in sales and ......read more
Dubai, UAE, March 05, 2018: The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2018 at 9:30am on Sunday, 4th March 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 ......read more
A joint cooperation agreement is announced which aims to support the Technology and Innovation Pioneers platform and the UAE Council of Scientists to encourage and support national inventors and innovators
Dubai, UAE, March 04, 2018: The Ministry of Economy, the Department of Economic Development (DED)Abu Dhabi and the Ministry of State for Advanced Sciences signed a joint cooperation agreement to reinforce joint cooperation between the three parties in order to support the Technology and Innovation Pioneers Platform (TIP) and the UAE Council of Sciences to encourage national ......read more
Dubai, UAE, March 01, 2018: The UAE population comprises of approximately 80% migrant workers, with blue-collared constituting the major segment. The blue-collared workers are also among the underserved and unbanked communities who have no or limited access to the financial services. To bring such workers under the financial realm, UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has signed a MoU with Kayan Labs for exploring new channels to provide remittance facility through ‘rise’ mobile application, the world’s ......read more
Dubai, UAE, March 01, 2018: Ithmaar Bank B.S.C. (c) [“Ithmaar Bank”] [“the Bank”], a Bahrain-based Islamic retail bank and a wholly-owned subsidiary of Ithmaar Holding B.S.C, reported today (ed note: 27/02/18) a net profit of BHD6.24 million for the period ended 31 December 2017. The net profit attributable to equity holders of the Bank for the period ended 31 December 2017 was BHD1.58 million.
The announcement, by Ithmaar Bank Chairman His Royal Highness Prince Amr Al Faisal, follows the review and approval, by the Board of Directors, of the ......read more
UAE, February 28, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, announced that they start accepting Value Added Tax (VAT) payments to the Federal Tax Authority. All entities that are registered under the Federal Tax Authority (FTA) and possess a TAX Registration Number (TRN) and a GIBAN bank account number can visit any of the 180 branches of Al Ansari Exchange across the UAE to make their VAT payments to the FTA.
Rashed Al Ansari, General Manager, Al Ansari Exchange, said: “We are confident that our new service will help ......read more
Deals worth over AED294.225 Million signed on day three of the dual event
Abu Dhabi-UAE: 28, February, 2018 – Major Pilot Saeed Mohammed Al Yamahi, the Official Spokesperson of Unmanned System Exhibition (UMEX) 2018 and Simulation & Training Conference and Exhibition (SimTEX) 2018 announced at a press conference that 10 defence deals worth AED294.225 million were signed on the third day of the dual event, taking the total value of deals signed to AED 878.371 million.
Al Yamahi added that the Armed Forces signed two contracts with the UAE-based Abu Dhabi Autonomous ......read more
Version 2.0 of the manual launched at a high-power conference attended by leading AML and Operations experts from Exchange Houses across the region
Dubai, UAE – February 27 2018: The UAE’s Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances in the country, has officially launched the second edition of the Anti-money laundering (AML) Standardisation Manual at a conference held at the Steigenberger Hotel in Dubai. The updated manual was introduced in the presence of Osama Al Rahma, Vice Chairman, FERG, ......read more
Franglobal hosts leading International & Indian brands into the lucrative GCC markets for Master Franchise partnerships
Dubai, UAE, February 26, 2018: FranGlobal, a market leader enabling successful India market entry for countless Brands over the last 18 years inaugurates the 2nd Edition of Global Investor Meet in Dubai on 3rd February 2018. The event provides an opportunity for global brands to showcase their products in Dubai and Gulf Co-operation Council (GCC) markets.
The premium affair aims to make a meaningful business connection between the GCC’s High ......read more
Initiative falls in line with UAE Innovation Month celebration
Dubai, UAE, February 26, 2018: Dubai Airport Freezone Authority (DAFZA) announced the launch of Goodforce Labs, an innovative startup incubator focused on transforming ethical startups in the fields of Islamic economy and Halal industries into global success stories. The incubator will work to revitalize the Islamic ethical economy utilizing a deep venture building platform. This will be achieved by selecting a group of startups and small and medium enterprises and support them towards a USD 50 million in annual ......read more
UAE’s leading bank adopts Blue Prism’s Digital Workforce to transform business operations while increasing customer satisfaction
Dubai, UAE, February 25, 2018: In its efforts to continue pioneering innovative banking solutions, UAE’s leading financial institution, Mashreq, announced that it is working with Blue Prism (AIM: PRSM) to increase productivity, improve customer experiences and deliver new services.
Mashreq selected Blue Prism’s secure, scalable and easy-to-use Digital Workforce to deliver greater operational efficiencies, higher accuracy and a ......read more
Dubai, UAE – February 25, 2018: G4S UAE, the world’s leading integrated security solutions provider, held its annual employee award ceremony along with the organization’s 24th year celebration in the UAE. The ceremony was held at the Jebel Ali Golf Resort, where employees were honored in eight categories across various business services.
Since its inception in the UAE in 1994, G4S has recognized and honored its employees across various sectors. Nominated by their clients and the G4S awards committee, the organization recognizes talents from their pool of over ......read more
UAE, February 24, 2018 - The Department of Economic Development in Ajman (DED-Ajman) hosted the ‘Employees Annual Forum 2017’ to celebrate another year of achievements towards building a diversified and competitive economy in line with Ajman’s vision of sustainable development. The event honored the employees for their valuable contributions in enhancing the emirate’s business environment through best practices that attract investments which contribute to the growth of the national economy.
His Excellency (H.E.) Ali Eissa Al-Nuaimi, Director General of DED Ajman, ......read more
UAE, February 24, 2018- The Department of Economic Development - Ajman (DED-Ajman) is continuing its successful participation in UAE Innovation Month, in response to the leadership's directives to celebrate innovation and innovators. As part of their participation, DED-Ajman is highlighting its latest innovations aimed at improving services designed to facilitate a customer’s journey in completing their transactions.
DED-Ajman is showcasing its experience as one of the first economic departments in the country to implement the ‘Smart Document’ initiative, which was ......read more
Dubai, UAE, February 22, 2018: Speakers and participants of 7th edition of regional conference discuss the shape of the financial system of the future and unanimously underline the importance of driving technological innovation
Manama, Kingdom of Bahrain; 22nd February 2018: The GCC Financial Forum, held on 20th and 21st February 2018 in Manama, Bahrain, put digital transformation in the financial industry in the spotlight and reinforced the significance of pursuing a forward-thinking approach with respect to integrating new technologies into existing business models and ......read more
DUBAI – February 22, 2018: Jaleel Cash & Carry, the region’s largest bulk buy outlet chain and a division of UAE-based leading investment company Jaleel Holdings, has announced the development of its biggest facility at Dubai Wholesale City (DWSC) at an investment of AED 100 million. The DWSC is the region’s largest fully integrated wholesale hub.
Jaleel Cash & Carry has revolutionized the FMCG wholesale market in the region. Jaleel Holdings introduced the popular cash-and-carry concept of the European and US markets to the Middle East region ......read more
Abu Dhabi, UAE – 21st February 2018:
The HIGHER SHARI’A AUTHORITY held its 1st meeting of 2018 at 9:00am on Wednesday, 21st February 2018, at the Central Bank Head Office – Abu Dhabi.
The meeting was attended by:
His Excellency Mubarak Rashed Al Mansoori
His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, Chairman.
Prof. Dr. Jasim Ali Al Shamsi, Board Member.
Dr. Issam Muhammad Ishaq, Board Member.
Dr. Oznan Hasan, Board Member.
Dr. Usaid Muhammad Adeeb Al Kilani, Board Member.
In ......read more
H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, successfully launched a new guide entitled, ‘The Innovative Guide for Companies in the UAE,’ which was done by the Ministry of Economy in cooperation with the National Research Council (CNR) – Research Institute on the Sustainable economic growth. The new guide was developed and released in line with the set goals and objectives of the UAE Vision 2021.
The new guide, which is being released in both English and Arabic versions, highlights the Ministry's role in the implementation of the UAE National ......read more