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    Featured in Banking and Investments
    UAE Research Program for Rain Enhancement Science to Stage 2nd Edition of International Research Forum at ADSW 2018

    Leading event in scientific field to provide platform for the presentation and discussion of latest global research to help boost water security globally Abu Dhabi-UAE: 17 December 2017 –  The UAE Research Program for Rain Enhancement Science is set to host the Second International Forum on Rain Enhancement Science during the Abu Dhabi Sustainability Week (ADSW) in January 2018.  Scheduled to be held over three days from January 16 to 18, the forum will provide a platform for discussion on the newly awarded research projects from the Program’s Third Cycle as well as updates on breakthroughs made by the First and Second Cycle research teams. Last year’s event was a notable success in facilitating the exchange of ideas on the latest research and potential innovations in a promising field that that is ......read more

    Al Ghurair International Exchange unveils PAN Card service

    NRIs can now apply for PAN Cards at UAE’s leading exchange house Dubai, UAE, December 17, 2017:  Al Ghurair International Exchange, part of UAE-based diversified conglomerate Al Ghurair, has announced an important new addition to its expanding portfolio of financial exchange offerings with their PAN Card application service for non-resident Indians in the Emirates. Indian expatriates in the UAE can now apply for their Permanent Account Number (PAN) Cards from any of Al Ghurair International Exchange’s branches across the UAE and pay PAN card issuance fee, which once issued in India will be couriered to the applicants’ local address in UAE. PAN Cards are vital identification document issued by the Indian Income Tax Department, used for various legal and financial purposes such as filing income tax returns, ......read more

    Sharjah Presents Japan on Outstanding Business Opportunities

    Top level talks bring together leading authorities and private sector investors Al Sarkal: Currently Sharjah is host to 50 Japanese companies, and we forecast this growth to hit a three digit figure at the very earliest. Sharjah, UAE, 16 December, 2017:  As Sharjah continues its extensive drive to build a wider global base of economic allies and investors, government entities, expanding enterprises and private businesses from Japan and Sharjah met recently to discuss latest investment opportunities in the rapidly diversifying economic milieu of Sharjah and the UAE. For the first time an international business meeting was brought to a site of immense historical importance in the region – the Mleiha Archaeological Centre – a flagship project of the Sharjah Investment and Development Authority (Shurooq). The ......read more

    Alpen Capital's latest report on the GCC Insurance sector highlights its growth potential

    Dubai, 14th December, 2017:  Alpen Capital, an investment banking advisory firm, announced the publication of its report on the GCC Insurance Industry. The report showcases the current state of the insurance industry across the GCC nations while presenting the recent trends, growth drivers and challenges. The report also provides an outlook of the industry until 2021. It profiles some of the prominent insurance providers in the region while evaluating their financial and market valuation metrics. The GCC insurance sector maintains resilient growth, given the significant penetration gap compared to the advanced economies and despite challenges such as drop in oil prices and reduced, public and business spending. Nevertheless, developing regulations, economic diversification efforts, mandatory health insurance and favorable ......read more

    SIAL Middle East 2017: Food Security Center-Abu Dhabi Shares Insight at Opening Day Roundtable

    His Excellency Khalifa Al Ali: “UAE currently enjoys a food security value chain capable of withstanding years” Expert-led session entitled ‘Regional developments and its impact on food security at the region countries’ Abu Dhabi-UAE: 13 December 2017 –  The Food Security Center - Abu Dhabi (FSCAD) hosted the first of two Food Security Roundtables on the opening day of the eighth edition of SIAL Middle East 2017. Entitled ‘Regional Developments and its Impact on Food Security at the Region Countries’, the roundtable shed light on the most important obstacles that prevent the operation of supply chains of food commodities across the region, as well as the environmental, economic and social impact of these challenges.    Attended by Her Excellency Mariam ......read more

    Ministry of Climate Change and Environment Withdraws French-made Infant Milk Due to Salmonella Contamination

    Dubai-UAE: 13 December 2017 –  The Ministry of Climate Change and Environment (MOCCAE) has issued a decision to withdraw the (Lactalis Craon Factory) French-made Infant Milk products from UAE markets due to Salmonella contamination.  Entities responsible for implementing the circular include the Abu Dhabi Food Control Authority and the municipalities of Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah.  The decision is based on the findings of a technical report following the warning issued by the French Directorate General of Health (DGS) regarding the contamination of the infant milk, which had been exported to 30 countries including the UAE. The company Lactalis proceeded to the withdrawal and recall of its products after the contamination of twenty babies under 6 months with ......read more

    GCC Downstream Players Should Brace Several Market Uncertainties in the Coming Years, GDA/BCG Survey Reveals

    The first of its kind survey in the Middle East aims at gauging the ‘market sentiment’ and share the internal challenges faced by the downstream industry in the Gulf Cooperation Council (GCC).   UAE , Dubai, 12 December  2017 —  According to the first Gulf Downstream Industry Survey, conducted in cooperation between the Gulf Downstream Association (GDA) and The Boston Consulting Group (BCG), the refining market is expected to remain volatile in the medium term, with significant uncertainties on the demand side, mainly linked to the economic growth prospects of the US,  Europe and China. In the longer term, several trends are expected to have a potentially disruptive impact on refined product demand: efficiency improvements; electric vehicles and other alternative fuels for transportation, ......read more

    Noor Bank Bags Critics' Choice Best Islamic Retail Banking Brand Award for Second Consecutive Year

    Dubai-UAE: 12 December, 2017 –  Noor Bank, a leading Shari’a-compliant bank in the UAE, has been named a winner of the Critics’ Choice Best Islamic Retail Banking Brand Award at the Islamic Retail Banking Awards (IRBA) 2017. This is the second year in a row that the Bank has been honoured in this category at the event hosted by UK-based financial think tank Cambridge Analytica. Mufazzal Kajiji, Head of Retail Banking, Noor Bank collected the award on behalf of Noor Bank in the presence of high-profile industry peers at an exclusive ceremony.  The award recognises Noor Bank’s growing brand reputation as well as its ‘Share’ campaign that highlighted the Bank’s value creation for the greater public good in line with its Islamic values. The campaign conveyed the Bank’s core ......read more

    UAE Financial Markets Association introduces new initiative in line with Vision 2021 to boost Emirati national employment in financial sector

    New Emiratisation program launched to support nationalisation strategies in banking industry Dubai, UAE, 11 December 2017:  The UAE Financial Markets Association has announced a new Emiratisation Optimal Performance Scheme to encourage and support the local banking industry in implementing efficient nationalisation strategies. Launched this week (10 December) at an event in the H Hotel, Dubai in the presence of VIP government authority representatives, UAE bank CEOs and senior finance professionals, the programme’s overarching aim is to help the industry work together to create a better future for the UAE. Within the presence of various banks from UAE, the event tackled the importance of hiring and retaining nationals, the challenges facing Emiratisation, the quality of nationalisation processes as well as the ......read more

    Coca-Cola launches smartwater in the UAE at SoleDXB

    Dubai, UAE, December 10, 2017:  Coca-Cola has launched its latest product innovation in the Middle East, with the launch of smartwater at SoleDXB. Smartwater was made available to consumers in the UAE for the first time at the three day street culture festival at D3.  Murat Ozgel, General Manager of Coca-Cola Middle East said of the launch: “We are very excited about bringing smartwater to the UAE, making it the fourth market globally where this incredibly successful premium water brand is available. It’s clean, crisp taste has made it a great success in the UK and North America and we look forward to replicating that success here. smartwater is also a great example of our innovation and sustainability efforts. The bottle is 100% recyclable, and made with 30% plant-based materials using our patented ......read more

    Saxo Bank 2018 Outrageous Predictions: 2018 will be a true roller coaster ride compared to an outrageously placid 2017

    Dubai, UAE, December 7, 2017:  Saxo Bank, the online multi-asset trading and investment specialist, has today released its 10 'Outrageous Predictions' for 2018. The predictions focus on a series of unlikely but underappreciated events which, if they were to occur, could send shockwaves across financial markets.  While these predictions do not constitute Saxo’s official market forecasts for 2018, they represent a warning of a potential misallocation of risk among investors who typically see just a one percent likelihood to these events materialising.  Commenting on this year’s Outrageous Predictions, Chief Economist at Saxo Bank, Steen Jakobsen said:  “We have published Outrageous Predictions for more than 10 years and think this year’s list is one of the best we ever had, ......read more

    Abu Dhabi-based sustainability initiatives pledge to make a difference at Women's Economic Empowerment Global Summit

    Masdar, Zayed Future Energy Prize, Abu Dhabi Sustainability Week and the WiSER initiative discuss the importance of women in sustainable economic growth   Abu Dhabi, UAE, Dec 7, 2017 –  Abu Dhabi Future Energy Company (Masdar), the Zayed Future Energy Prize (ZFEP), Abu Dhabi Sustainability Week (ADSW) and the Women in Sustainability, Environment and Renewable Energy (WiSER) initiative have pledged to support the advancement of women as drivers of sustainable economic growth.    All four Abu Dhabi-based sustainability initiatives were key participants in the inaugural Women’s Economic Empowerment Global Summit (WEEGS), a collaboration between NAMA Women Advancement Establishment (NAMA) and the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women). Held on ......read more

    Dubai Investments records 36% increase in DIP sub-leasing contracts in first 9 months of 2017

    Dubai, December 5, 2017:  Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has announced a 36% increase in sub-leasing contracts in its wholly-owned subsidiary Dubai Investments Park [DIP] – the unique integrated commercial, industrial and residential community in the Middle East, in the first nine months of 2017 compared to last year. Out of these, nearly 68 per cent contracts pertained to existing subtenants, reflecting DIP’s growing demand as a premier business destination in the region. The new subtenants during the period under review amounted to 26 per cent new subtenants; of which 46 per cent were in the warehousing activity, 35 per cent in staff accommodation activity, 14 per cent in offices activity and 5 per cent in commercial activity. ......read more

    2018 the Year of Change: Saxo Bank Chief Economist Predicts Economic Impacts of Key Market Trends

    From China’s lead on electrification to a possible US recession and the irony of cryptocurrencies, Steen Jakobsen, Chief Economist, CIO & Co-head of Global Sales Trading at Saxo Bank Group previews what’s in store for global financial markets and Middle East growth next year  Dubai-UAE: 05 December, 2017 – Steen Jakobsen, Chief Economist, CIO & Co-head of Global Sales Trading at Saxo Bank, the leading online multi-asset trading and investment specialist, delivered an economic forecast of how top trending issues, including China, electrification, cryptocurrencies, recession and politics will shape financial markets in 2018, during a Saxo Bank event in Dubai. Jakobsen outlined China’s growing influence and position on the global stage and how it will impact market prices and commodities against ......read more

    Cisco Expands Learning Portfolio with New Business Architecture Training and Certifications

    Expanded Portfolio Accelerates Business Transformation by Addressing Critical Talent Needs Dubai, UAE – December 5, 2017 -  Cisco announced it is expanding its learning portfolio with new business architecture training and certifications designed to accelerate the pace of business transformation, innovation and growth. Providing professionals with the latest skills, tools and best practices enables them to build and strengthen the bridge between technology solutions and business needs. These new offerings mark the second recent addition to Cisco’s business transformation-focused learning portfolio. “The relationship between customer and vendor is being significantly disrupted by digital transformation, with the long-term result being a closer relationship, spanning more than the deal,” said Shadi ......read more

    Sharjah Ruler Attends the First Women's Economic Empowerment Global Summit Inaugural Ceremony

    The Summit is pushing for women’s equal participation in the labour market, which can add USD 28 trillion to the global economy by 2025  HH Sheikha Jawaher Al Qasimi: The UAE’s track record in advancing women is an exemplary international experience, and one that I am proud of. HE Sheikh Mubarak Al Nahyan: Women’s economic empowerment is an expression of tolerance, happiness and security, and a prerequisite for peace and prosperity of nations around the world. Phumzile Mlambo-Ngcuka: Support for changing discriminatory social norms and stereotypes that segregate women into jobs with lower pay and limited opportunities for advancement need to be given attention along with gender-based violence that hinder women’s effective participation.  20 Public and Private organisations take the WEEGS ......read more

    Tristar Group celebrates UAE National Day

    Dubai, UAE; December 04, 2017:  Tristar Group celebrated the 46th UAE National Day as employees dressed in colors of the nation as a way of saying thank you to the UAE leaders and the people of this country where they have felt at home for many years. Sweets were distributed, and employees shared their personal stories of UAE that highlighted how so many people from different cultures and backgrounds have made UAE their home.  Tristar Group’s headquarters in Jebel Ali was decorated with UAE flags a week before the holidays.  According to Group Chief Administrative Officer Balaji Nagabhushan, “We also asked everyone to observe a minute of silent prayer at 11:30 am on November 30th for those Emiratis who sacrificed their lives performing national duties at home and abroad in civil, military and humanitarian ......read more

    startAD offers interactive program of startup events during December 2017

    Abu Dhabi, UAE – December 4, 2017:  startAD, an innovation and entrepreneurship platform that supports startups in the UAE, is offering a diverse program of open events throughout the month of December 2017. All of the events listed below are open to the public and free to attend. Al Warsha: Laser Cutting Date: Monday, December 4  Time: 6:00 pm – 8:00 pm Location: NYU Abu Dhabi Humanities Building (A6) – Room 016 Participants will learn how a laser cutter works in this open workshop, with demonstrations taking place on how to design and cut intricate patterns into cardboard and wood. Basics of Angel Investing Date: Wednesday, December 6 Time: 6:30 pm – 8:00 pm Location: startAD Central, NYU Abu Dhabi campus  For those who aspire to help set up the next Careem or Souq.com, or ......read more

    Centrify Innovations Embrace Zero Trust Security

    Centrify eases multi-factor authentication through FIDO Alliance and enhances privilege controls for containers Dubai, UAE, December 4, 2017 —   Centrify, the leader in securing hybrid enterprises through the power of identity services, announced its Zero Trust approach to security. Zero Trust assumes that everything—users, endpoints, resources—is untrusted and must always be verified to decrease the chance of a major breach.  Customers are adapting to the reality that older, network centric approaches to security no longer apply and more application centric models, with access grounded in identity, are necessary for today’s hybrid enterprise. Google’s BeyondCorp implementation is an excellent example of this new approach. BeyondCorp is a Zero Trust security framework that shifts access ......read more

    AL-Thiqa Islamic Bank Deploys ICS BANKS ISLAMIC System from ICSFS

    Dubai, UAE, December 4, 2017:  Amman, Jordan: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that AL-Thiqa Islamic Bank has gone live on the multi-awards winning system ICS BANKS ISLAMIC. AL-Thiqa Islamic Bank chose ICS BANKS ISLAMIC to stay in the top of the list in this highly motivated banking market. the project was accomplished in a record break time of two months, the implementation process was smooth, swift and transparent. The Executive Representative of AL-Thiqa Islamic Bank; Mr. Muamer Al-Fakhry commented: “We are proud to vision this partnership reflected into reality, ICSFS represents the ideal strategic powerful partner to us, in terms of its unlimited experience in Iraq and around the globe, ICS BANKS ISLAMIC will be a key ......read more

    Tally Solutions geared up to help GCC businesses transition to the VAT era

    More than 1.2 million businesses globally use Tally for accounting and tax filing needs Dubai, UAE, 3 December 2017:  In an endeavour to help businesses in the UAE comply with VAT regulations, Tally Solutions, a leading international compliance software provider will offer improved insights, data alignment, efficiencies and transparency to enterprises in the UAE. Tally Solutions is well established in the region and is used by 40,000 satisfied clients across GCC. The company offers a complete business suite, from accounting to inventory management, banking processes and payroll management. The company will soon offer VAT compliance solutions too.  “Drawing on our three decades of experience and a fiercely loyal network of over 28,000 partners, Tally Solutions is well positioned to support all types of businesses ......read more

    Dubai Investments raises foreign ownership cap to 49%

    Dubai, November 29, 2017:  Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has raised foreign ownership limit in the company from the existing 35% to 49%. A proposal to this effect was approved by shareholders at the General Assembly Meeting held on Wednesday [November 29]. Raising the limit to 49% is part of a wider move by Dubai Investments to open up to international investors. The proposal assumes significance after the recent addition of Dubai Investments’ shares in the MSCI Emerging Market Index.  In his address at General Assembly Meeting, Sohail Faris Ghanim Al Mazrui, Chairman of Board of Directors of Dubai Investments, said: “The proposal to raise the cap to 49% of the capital was aimed at encouraging share ownership to more ......read more

    Wishes by Kamal Vachani on the occasion of 46th National Day of the UAE

    Dubai, UAE, November 29, 2017:  On the occasion of the 46 National Day of the United Arab Emirates, Mr. Kamal Vachani, Group Director and Hon. Regional Director of Electronics and Computer Software Export Promotion Council (ESC), extended his heartiest congratulations to President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai and their Highnesses Supreme Council Members and Rulers of the Emirates and people of the UAE. Mr. Kamal Vachani said, “The National Day is a special moment for locals and expats alike. On behalf of Al Maya Group, we are happy to celebrate this day to embody together the vision of the founders of the country to unite the will of the people and the establishment of the United Arab ......read more

    Pearl Initiative, Red Flag Group Underscore Compliance, Integrity for Sustainable Business Continuity

    Roundtable examines potential long-term business risks posed by lack of integrity practices Abu Dhabi-UAE: 28 November, 2017:  The Pearl Initiative, the leading Gulf business-led not-for-profit organisation promoting a corporate culture of accountability and transparency as a key driver of competitiveness, co-hosted a roundtable with global integrity and compliance risk firm, Red Flag Group, to explore the role integrity plays in the business decision-making process. Senior executives from international, regional and local UAE-based organisations convened to discuss the practical application and advantages of adopting corporate integrity practices across industries in the UAE and the wider GCC region.  Speakers including Casper Bekker, General Manager MEA Region, Red Flag Group, Nadeem Anwar, Regional Compliance Head, at ......read more

    Women's Economic Empowerment Global Summit to Strongly Focus on Furthering Emirati Women's Integration into the Economy

    An exclusive panel session will be held in collaboration with UAE General Women’s Union    Sharjah, 28 November 2017:  Part of the first edition of the Women’s Economic Empowerment Global Summit (WEEGS 2017)’s two-day discussion agenda will be an exclusive women-only panel session titled ‘Emirati Women: Potential & Possibilities’, which will be held on the second day of the Summit, 5 December from 10:00 – 11:00 am at Expo Centre Sharjah.  Organised by the NAMA Women Advancement Establishment (NAMA) in collaboration with the UAE General Women’s Union, this closed session will focus on further strengthening the nation’s enduring efforts to empower local women and enhance their contributions by creating a more enabling economy and society. It will also highlight ......read more

    Other Top Stories from Banking and Investments
     
    Baume & Mercier and Indian Motorcycle Announce Partnership

    Dubai, UAE, August 15, 2017:   Baume & Mercier, major Swiss luxury watchmaking company part of the Richemont Group and Indian Motorcycle®, America’s First Motorcycle Company®, today announced an exclusive partnership. The historic Bonneville Salt Flats served as the venue to unveil this unique brand alliance, as Indian Motorcycle and Baume & Mercier honored the historic achievements of motorcycle trailblazer and famed land-speed record holder, Burt Munro. It has been 50 years since Munro took his Indian Scout Streamliner to push the limits of speed at the Salt ......read more

    InfoFort drives digital transformation at Sohar Port and Freezone

    Port’s digital transformation and automation to facilitate and boost global trade Dubai, UAE, August 15, 2017:  InfoFort, an Aramex company and a leading information management solution provider in the Middle East and Africa, today announced the successful implementation of an electronic document management system and digitisation of the physical records at the Sohar Port and Freezone in the Sultanate of Oman. With global investments of USD 25 billion, the deep-sea port and Freezone managed by Sohar Industrial Port Company (SIPC), wanted a reliable technology solutions ......read more

    UAE is likely to see increased cashless transactions by 2020: Xpress Money's Strategy & Digital Chief

    Regulatory frameworks and foundations being laid for rapid transition to cashless payments Dubai, August 14, 2017:  Cash is still the reigning king, but that is likely to change rapidly given the UAE’s thrust towards cultivating smart economies, says Xpress Money’s Associate Vice President – Strategy, Digital & BIA, Arundhoti Banerjee. Xpress Money – one of the world’s most dependable money transfer brands – believes that cashless transactions will become far more common in the UAE by 2020 - despite accounting for only 10% of all ......read more

    Al Ansari Exchange named the ‘Preferred Remittance Centre of the Year' for a third consecutive time at The Filipino Times Awards 2017

    UAE, August 14, 2017- Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has once again been named as the 'Preferred Remittance Centre of the Year' in this year's edition of The Filipino Times (TFT) Awards. The distinction, which the company has won for three consecutive years now, was given in recognition of Al Ansari Exchange's provision of excellent service and key commitment and support for the Filipino expatriate community in the UAE. Husam Mahmoud, Marketing Manager, Al Ansari Exchange received the award during the gala awards night ......read more

    Genetec Achieves Top Global Market Share Rankings across VMS, Access Control, and ALPR technologies

    Dubai, UAE, August 13th 2017—Genetec Inc. (“Genetec”), has emerged as the only security and public safety solutions developer to hold a place in the top-10 global rankings for video management software (VMS), access control software, and automatic license plate recognition (ALPR) software, according to recently published market research reports by IHS Markit, a world leader in critical information, analytics, and solutions*.  The IHS Markit reports include 2017 Video Surveillance Market Share Database, 2017 Access Control Intelligence Database, and 2017 ANPR & ......read more

    Abu Dhabi National Takaful Co. PSC reports solid rise in Q2 2017 results with combined net profit of AED 40.9 million

    UAE, August 13, 2017 - Abu Dhabi National Takaful Co. PSC (ADNTC), the leading takaful operator in the MENA region and one of the most progressive insurance companies in the UAE, kept the momentum of its strong Q1 2017 performance to achieve a combined net profit of AED 40.9 million (Policyholders & Shareholders before release of Qard Hasan) and an underwriting profit of AED 34.1 million in Q2 2017. The combined net profit of AED 40.9 million for H1 2017 increased by 35 per cent compared to AED 30.3 million, while the underwriting profit of AED 34.1 million rose by 50 per cent compared ......read more

    UAE consumer spending forecast to exceed $261 billion in 2021: analysis

    Dubai Chamber analysis predicts a CAGR of 7.5% in UAE consumer spending over the next 5 years  Housing identified as top spending category in 2016, accounting for 41% of total consumer expenditure Among GCC countries, consumer spending per household in the UAE was highest during 2016 at $103,000 Dubai, UAE, August 13, 2017:  Consumer spending in the UAE, which amounted to nearly $183 billion in 2016, is forecast to rise at a compound annual growth rate (CAGR) of 7.5% over the next five years to exceed $261 billion in 2021, analysis released by the Dubai Chamber of ......read more

    Sharjah calls on entrepreneurs to participate in flagship Sheraa Accelerator program

    Sheraa Accelerator will leverage Sharjah’s role as a leading hub for entrepreneurship and attract innovative startups   Second edition of Sheraa Accelerator is held in partnership with Air Arabia, Bee’ah and Crescent Enterprises Registrations open online, with deadline for application on August 31st 2017 Sharjah, UAE: (August 13, 2017):  Sharjah has taken its flagship Sheraa Accelerator program to the international stage by inviting  entrepreneurs from within the UAE, and across the globe, to apply for its second cycle. The invitation goes out to ......read more

    Telecommunications Regulatory Authority to host RIPE 75 in October 2017

    August 13, 2017 - The Telecommunications Regulatory Authority (TRA) of the United Arab Emirates has begun preparations to host the 75th RIPE Meeting, an event that gathers Internet Service Providers (ISPs), network operators, and other parties to discuss important issues that face the internet community. RIPE 75 will take place from October 22 to 26, 2017 in Dubai, and supports TRA’s efforts to develop its Information Technology (IT) infrastructure to rank first in the 2021 Smart and E-Services Index. Through hosting RIPE 75, TRA is reinforcing its efforts to exchange best practices ......read more

    Jebel Ali Free Zone trade reaches $80.2 billion in 2016

    China maintains its position as Jafza's largest trading partner with $ 11.3 billion  Dubai, United Arab Emirates, 13 August 2017:  Dubai-based Jebel Ali Free Zone (Jafza), a subsidiary of global trade enabler DP World, has consolidated its position as a major trading and logistics hub by growing its non-oil foreign trade by 17 per cent from 23.9 million to 27.9 million tonnes in 2016, worth $80.2 billion. Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: "The value and volume of trade through Jafza underlines the strength of the national economy and ......read more

    Credit FAQ Discusses Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns

    LONDON (S&P Global Ratings) Aug. 9, 2017:  In a Credit FAQ titled "Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns," published today, S&P Global Ratings responds to questions that have surfaced in recent discussions with issuers and investors about the implications of the Qatar boycott by a group of states for the Gulf Cooperation Council (GCC) sovereigns. S&P Global Ratings believes that the impact of a group of states cutting diplomatic ties, as well as trade and transport links, with Qatar on June 5, 2017, may not be confined to ......read more

    UBS CIO: Egypt's economic growth could accelerate to 5 to 6 percent per year

    Social factors will prove decisive for Egypt's development, according to the latest report by UBS Wealth Management's Chief Investment Office. Encouraging economic prospects end years of deteriorating credit ratings across Africa, report finds. Dubai, UAE, August 8, 2017:  UBS Wealth Management's Chief Investment Office (CIO) launched a new report on Africa's sovereign credit prospects, an important benchmark used to evaluate the risk of investing in a country. The report concludes that after years of deterioration, the credit outlook of many African sovereign ......read more

    Amlak Releases First Half 2017 Results

    Amlak H1 2017 Net Profit stands at AED 15.5 million Revenue from financing business activities stands at AED 96 million Drop in Operating Cost by 18% compared to H1 2016   Drop in Financing Cost by 5% compared to the same period last year Total Assets stand at AED 6.6 billion Dubai, UAE 8 August 2017:   Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, today announced its financial results for the first half ended 30 June 2017.    Amlak reported Net Profit of AED 15.5 million for the first half ended June 30 ......read more

    Barclays ‘Compass': Developed and Emerging Markets Equities Maintain Their Growth Momentum

    Nominal yeilds weigh down investment grade and developed governrnent bonds’ attractiveness  Strength of the structural growth in technology as well as a cyclical recovery in the financial industry should be important drivers for further gains in Emerging Markets  Dubai, UAE, August 8, 2017:  Barclays’ Private Bank released its Q3 2017 “Compass” Report, which examines major asset classes globally. The latest research report revealed that equities in Developed and Emerging Markets continue to offer best growth potential for investors seeking to ......read more

    “Misr Um El Donia” Account launched in UAE

    Mashreq launches unique account for Egyptians living in the Emirates United Arab Emirates - Dubai, 08 August 2017:  Mashreq Bank - the UAE’s leading financial institution announces the latest addition to the banks’ roster of successful offerings - “Misr Um El Donia”. “Misr Um El Donia” is a bouquet of benefits and services that enables Egyptian customers living in the UAE to save and transfer money to friends and family back home with convenience. Opening a “Misr Um El Donia” account has never been easier - with only a passport ......read more

    E-archiving is an enabler in prepping for VAT

    January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic ......read more

    ENBD REIT Acquires First Education Asset in Dubai

    ENBD REIT to develop South View School for AED 55 million  The acquisition grows ENBD REIT’s total portfolio value to USD 367 million  The school will be Interstar Education’s fifth Dubai campus Dubai, United Arab Emirates, 6th August 2017:  ENBD REIT (CEIC) Limited (“ENBD REIT”), the Nasdaq Dubai-listed Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management, announces that it has acquired South View School in Dubai’s Remraam Community. South View School will be Interstar Education’s fifth ......read more

    AlJeel Capital signs an exclusive UAE franchise with Shakey's

    AlJeel Capital LLC Capital is pleased to announce its latest Food & Beverage venture by launching Shakey’s in the UAE, an American leading operator in casual Pizza fast food, adopted in the Philippines, following a joint venture deal with Shakey’s Pizza Asia Ventures, Inc. (SPAVI) Dubai, United Arab Emirates, August 3, 2017:  AlJeel Capital LLC Capital is pleased to announce its latest Food & Beverage venture by launching Shakey’s in the UAE, an American leading operator in casual Pizza fast food, adopted in the Philippines, following a joint venture ......read more

    Dubai Chamber, UAE Federal Tax Authority to host workshops on VAT compliance

    Workshops to cover VAT guidelines for retailers, importers, and exporters Dubai, UAE, August 3, 2017:  The Dubai Chamber of Commerce and Industry will host two workshops in cooperation with the UAE’s Federal Tax Authority (FTA) that will provide businesses in Dubai with guidelines for complying with the forthcoming GCC-wide value-added tax (VAT).   The workshops complement the Chamber’s efforts to keep its members informed about the latest regulatory developments and requirements, while they also provide an opportunity for business owners and executives to ......read more

    Earnings Release and Financial Results Siemens Q3 FY 2017: Fully on track for another strong year

    Our global team delivered a solid quarter with revenue up 8% and net income growing by 7%. Our digital enterprise business impressively underscored its leading position in the market. We  are  fully  on  track  with  Vision  2020  and  for  another  strong year,« said Joe Kaeser, President and Chief Executive Officer of Siemens AG. Revenue rose 8% compared to Q3 FY 2016, to €21.4 billion, including a strong performance by short-cycle businesses Orders came in 6% lower, at €19.8 billion, due to sharply lower volume ......read more

    Mohammed Bin Rashid Fund and Metis Management Consultancy up for post-fund monitoring of SMEs

    Dubai, 2 August 2017:   Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector – has appointed Metis Management Consultancy to conduct post-fund monitoring services for all the companies supported by the Fund.   The partnership will enable SMEs assisted by Mohammed Bin Rashid Fund to have greater access to hands-on experience from a highly skilled and professional consultancy team. The Metis consultancy includes routine checks, guidance, and financial advisory support that ......read more

    Tejar Dubai workshop series highlights innovative strategies for entrepreneurs

    Workshops provided aspiring entrepreneurs with practical advice and best practices in adopting innovative business strategies Dubai, UAE, August 2, 2017:  Tejar Dubai, an initiative of the Dubai Chamber of Commerce and Industry, recently hosted a five-day workshop series held under the theme “Entrepreneurship and Innovation 360”, which provided aspiring entrepreneurs with practical advice and best practices in adopting innovative business strategies.   The workshops, hosted at Dubai Chamber’s premises, were attended by over 50 participants, while the ......read more

    Brazil posts robust trade with Arab region as imports grow 27 percent & export share rises to 15.4 percent during first half of 2017

    UAE, August 2, 2017 -The Arab-Brazil Chamber of Commerce (ABCC) Brazil has announced that Brazilian average daily exports to the Arab region continue to soar, reporting a robust performance during the first half of 2017. Brazil’s total export market share in the Arab region rose to 15.4 per cent during the first half of 2017, in comparison with the total export market share recorded in 2016. Main exports included sugar, iron ore, beef, sports hunting equipment, car engines and chassis, automobiles, soybeans, poultry, coffee beans, precious and semi-precious stones, and cast-iron pipes. ......read more

    ENBD REIT Announces NAV of USD 292 Million

    Total Property Portfolio Value stands at USD 352 million (AED 1.291 billion), an increase of 11.5% following the Uninest student accommodation acquisition in May 2017  Interim dividend of USD 0.0382 per share paid for the 6-month period ending 30th June 2017 Portfolio occupancy at 86%, rising by 1% on the previous quarter    Dubai, United Arab Emirates, 1st August 2017: ENBD REIT (CEIC) Limited (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), has ......read more

    Regional banks urged to consider assurance of capital numbers

    Dubai, UAE, August 1, 2017:  The Institute of Chartered Accountants in England and Wales (ICAEW) has urged banks in the Middle East to follow its newly published framework for assuring bank capital numbers. The framework aims to deliver confidence in the resilience measures being undertaken by regional banks. Drawn up in consultation with banks, auditors and regulators, the framework can be applied to all regulatory ratios, including capital, liquidity and leverage.  According to ICAEW foreign investors are increasingly looking for their local banks to produce information to ......read more

    Mashreq Bank appoints new head of Private Banking

    UAE, Dubai - 31 July 2017:  Mashreq Bank today announced the appointment of Vipul Kapur as its new Head of Private Banking. Vipul replaces Rajesh Malkani who left the bank to pursue an external opportunity. Rajesh was a valued member of the senior management team of Retail Banking and made good contribution to driving the business. Vipul Kapur comes with a distinguished 25-year track record across various aspects of Retail Banking. During his tenure with Citibank, Vipul has worked in India, Bahrain, Dubai, Singapore and London, and has gained significant experience in Private Banking ......read more

    Dubai Chamber and Google host joint workshop to boost members' online reach

    Workshop aims to strengthen online presence of Dubai Chamber members through the Google My Business solution Members get the chance to verify their business on Google My Business and take advantage of the solution’s value-added features  Dubai, UAE, July 31, 2017:  The Dubai Chamber of Commerce and Industry recently hosted a workshop in partnership with Google to assist Chamber members’ efforts to strengthen their online presence and reach among potential customers.   The event, held at Dubai Chamber’s premises, was the first in a series of ......read more

    Continued Financial Growth for Majid Al Futtaim as Business Prepares for Future of Retail

    Story of Growth Note:  The following information is a trading statement based on unaudited management accounts for Half Year ended 30 June 2017. Delivered increased group revenue and EBITDA by 4% year-on-year Acquired Retail Arabia to complement, consolidate and expand Carrefour’s network to more than 210 hypermarkets and supermarkets across 15 countries and gained market share in Bahrain & Kuwait  Opened Mall of Egypt, which is home to the first ski slope and snow park in Africa   Invested in Fetchr, a last mile delivery start-up, to enhance digital ......read more

    UAE business to have representation on the global board of Entrepreneurs' Organisation

    Dubai, July 30, 2017:  As Entrepreneurs' Organisation (EO) celebrates 30 years, a UAE-based businessman has been appointed for the first time to the global board of the organisation. A global business network of entrepreneurs, EO is one of the most prestigious business clubs worldwide. Sanjay Raghunath, Chairman and Managing Director of Centena Group, a Dubai-based group of companies, is the second person from the Middle East, Pakistan & Africa (MEPA) region and the first from the UAE to make it to the global board of EO. He will serve as director on EO's global board for ......read more

    Mashreq announces MashreqPay, the most advanced banking wallet in the UAE

    UAE- Dubai, 30 July 2017:  The UAE’s market leader in innovation, Mashreq Bank, has announced the launch of MashreqPay - a digital mobile wallet providing secure easy-to-use payment for purchases, anywhere in the world where cards are accepted and the merchant terminal has NFC (near-field-communication) capability. Since 2014, when Mashreq launched the first mobile contactless payment wallet with its Tap-n-Go sticker, the bank has led the way in the evolution of digital payments. Today, Mashreq is once again forging new ground by launching the most advanced mobile wallet for ......read more

    Drake & Scull appoints Mohammad Atatreh as its Board Member

    UAE, July 30, 2017 - Drake & Scull International PJSC, a regional market leader in engineering and related services, has announced today the appointment of seasoned UAE entrepreneur Mohammad Atatreh as its Board Member during the Company’s Board meeting. Atatreh replaces Khalaf Sultan Al Daheri who resigned from his seat on the Board.  Atatreh was a Board Member of several leading UAE companies, including Tabarak Commercial Investment, where he played a strategic role in the management of the company’s real estate development and construction portfolio. He is also part ......read more

    Arab Bank Group reports first half 2017 net income after tax of USD 415.2 million

    Amman, Jordan, 30 July, 2017:   Arab Bank Group announced its results for the first half of 2017 reporting net income after tax of USD 415.2 million as compared to USD 424.9 million for the corresponding period of 2016. The results were driven by solid growth in underlying core revenues and were achieved despite the impact of the translation effect of foreign currency devaluations. Net operating income before provisions and taxes reached USD 593.5MN as compared to USD 591.3 MN. Excluding the effect of the devaluations of a number of arab and foreign currencies, the Group’s net ......read more

    Shurooq Completes 60% of Fossil Rock Lodge Project

    As part of a new "Sharjah Collection" addition opening in 2017 “Fossil Rock Lodge” to introduce a memorable and authentic tourism experience on nature and culture in the heart of Mleiha Al Sarkal: "Shurooq continues to develop unique and outstanding tourism destinations which supports the highest standards of sustainability" Sharjah, 29 July 2017:  Sharjah Investment and Development Authority (Shurooq) is continuing its commitment to world-class hospitality in some of the region’s most striking areas of outstanding natural beauty with ......read more

    UOWD and Australian Institute of Company Directors (AICD) announce partnership

    AICD to offer International Company Director Course to governance and business leaders in Dubai Dubai, July 27, 2017:  University of Wollongong in Dubai (UOWD) and Australian Institute of Company Directors (AICD) have signed a Memorandum of Understanding (MoU) with the aim of achieving mutually beneficial objectives and setting out a framework for promotion and collaboration on educational programs. The University and AICD share common interests in terms of both possessing strong, respected, internationally focused Australian brands, as well as interests in the delivery of business ......read more

    Dubai Science Park Business Breakfast Unveils Opportunities in Healthcare as Identified by Dubai Industrial Strategy 2030 Task Force

    Dubai Science Park co-hosts event with Al Tamimi & Company as part of business series  Dubai-UAE: 27 July, 2017:  Dubai Science Park (DSP), the Middle East region’s first science-focused business community, hosted a business breakfast this week at its Laboratory Complex in partnership with leading regional law firm Al Tamimi & Company.  Attended by a delegation of healthcare professionals and entrepreneurs, the focus was on current opportunities and enablers within the healthcare sector that have been identified by the Pharmaceuticals and Medical Equipment ......read more

    UAE Exchange Gives Away Home to Lucky Summer Promotion Winner

    Ubaidulla Neralakatte from India walks away with life-changing grand prize of a home in Dubai. 25 lucky participants, from Egypt, Kenya, Philippines and the Indian subcontinent, each win AED 10,000 in cash.  Dubai, 26 July 2017:  The door to good fortune opened for 26 lucky participants as UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, announced the winners of its recently concluded Summer Promotion 2017 ‘Win a Home in Dubai’. The announcement was made last evening at a celebratory event, held at W Hotel, Dubai, amongst an ......read more

    DuPont Reports Second-Quarter and First-Half Results

    UAE, July 26, 2017 – DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced second-quarter 2017 GAAP1 earnings from continuing operations of $0.97 per share and operating earnings2 of $1.38 per share.  Prior year GAAP1 and operating earnings2 were $1.16 per share and $1.24 per share, respectively.  Refer to Schedule B for details of significant items excluded from operating earnings per share.  For first-half 2017, DuPont delivered GAAP1 earnings from continuing operations of ......read more

    Business confidence improves in Dubai during Q3-2017

    Dubai Chamber survey shows improvement in Dubai business leaders’ expectations for access to financing, manpower quality 39% of respondents expect business conditions to improve and 45% expect business confidence to strengthen in Q3-2017 SMEs were more optimistic than large companies in their expectations on business conditions and confidence  Dubai, UAE, July 25, 2017:  Business leaders in Dubai are more positive about their expectations of business conditions and business confidence in the third quarter of 2017, according to a new survey conducted by the Dubai ......read more

    BOND Goes Live on ICS BANKS from ICS Financial Systems

    Dubai, UAE, July 24, 2017:  Ghana, Africa: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that BOND Savings & Loans Ltd, has gone live on its awards winning universal banking solution ICS BANKS. BOND Savings & Loans Ltd, selected ICS BANKS in February,2017 and has successfully gone live in the 20th of May, of the same year. BOND Savings & Loans Ltd chose ICS BANKS to provide its customers with the most innovative and richest possible suite of services. The implementation process was smooth, ......read more

    Malta's favourable tax climate and burgeoning tourism sector attractive to developers, says DAMAC's Sajwani

    DAMAC Chairman meets Maltese PM Dr. Joseph Muscat during first of several planned visits to explore investment opportunities Dubai, United Arab Emirates – 24 July 2017:  DAMAC International Chairman, Hussain Sajwani, sees Malta as a favourable investment destination, following a tour of the island-nation and a private meeting with Maltese Prime Minister Dr. Joseph Muscat. The two discussed the increasing growth of tourism in the EU-member country and Malta’s historical appeal as business-friendly investment location. “Malta presents an ideal mix of investment ......read more

    US technology stocks most popular for UAE investors in H1 2017

    Dubai, UAE. July 23, 2017:  UAE stock investors aligned with global investment trends during the first of half of 2017, according to Saxo Bank, the online multi-asset trading and investment specialist, which has published results announcing the most traded stocks on SaxoTraderGO – the trading platform that provides instant access to global financial markets – between January and June of this year.  Saxo Bank’s most traded stocks list reveals UAE investors largely favoured US technology stocks, with Apple Inc. ranking top among the country’s investors, ......read more

    Supreme Legislation Committee reveals Integrated Legislative System's updated strategic plan to support Dubai's sustainable development efforts

    UAE, July 22, 2017- The Supreme Legislation Committee (SLC) has revealed the released an updated version of its strategic plan of the year 2019, which incorporates all the key guidelines and standards aimed at addressing and meeting all the goals and objectives of Dubai, its government agencies and stakeholders concerned with the development and implementation of legislation in the emirate. The new set of standards and guidelines include international benchmarks, reports, surveys, workshops for SLC members, and outcomes from official overseas travels to the USA, Singapore and ......read more

    Digital Shadows lifts the lid on credit card fraud gangs cashing in on $24 billion a year

    Reveals step up in sophistication with Russian language e-learning courses, allowing aspiring criminals to make $12k in monthly earnings A snapshot of just two of the most popular criminal forums finds 1.2 million card holder details are on sale Dubai, UAE, July 20, 2017:   Digital Shadows, the industry leader in digital risk management, today reveals the findings of an in-depth study carried out by its team of multilingual analysts assessing the changing habits and tactics of organized credit card fraud gangs. It points to increased sophistication of a professional ecosystem ......read more

    Dubai Islamic Bank Group 1st Half 2017 Financial Results

    Robust profitability growth continues with net profit rising by 7% YoY to AED 2.143 billion Financing assets grew by 9% YoY to AED 125.4 billion Deposits increased by 16% YoY to AED 141.4 billion Dubai, July 19, 2017:  Dubai Islamic Bank (DFM: DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today announced its first half results for the period ended June 30, 2017.   H1 2017 Results Highlights: Sustained profitability and growth on the back of managed expenses Group Net Profit increased to AED 2,143 ......read more

    32,801 businesses registered in Ras Al Khaimah by the Chamber of Commerce in the first half of 2017

    Ras Al Khaimah – 19 July 2017:  The Ras Al Khaimah Chamber of Commerce has announced that Chamber membership numbers reached 32,801, and that 10,093 members had renewed their membership by the end of the first half of current year. The number of new private members registered during the first half of current year came to 970, 130 of which were in free zones along with 54 new branches for establishments inside and outside the emirate. Dr. Ahmed Rashid Al Shemaili, Assistant General Manager Commercial Services and Business Development at Ras Al Khaimah Chamber, said that the ......read more

    Jumeirah Zabeel Saray Appoints Director of Marketing and Communications

    Dubai, 18 July2017:  Jumeirah Zabeel Saray, the Ottoman inspired resort located on Palm Jumeirah, has announced the appointment of Ms. Raziena Cajee, the new Director of Marketing and Communications. A South African national, Raziena has over 12 years’ of corporate Marketing Communications experience and has been working with Jumeirah Group since May 2005. Prior to joining Jumeirah Zabeel Saray, Raziena previously represented Corporate Brand Marketing at Jumeirah Group, leading Brand Strategy, Brand Development and Management in Dubai.  Hakan Petek, General Manager of ......read more

    Riyadh market continues to ‘soften'

    JLL releases its Riyadh Q2 marketplace report as retailers continue expansion plans with a key focus on ‘shoppertainment’  Riyadh, Kingdom of Saudi Arabia – July 18, 2017:  JLL, the world’s leading real estate investment and advisory firm, today released its Q2 2017 Riyadh Real Estate Market report which assesses the latest trends in the office, residential, retail and hotels sectors.  The market continued to ‘soften’ in Q2 2017, with further declines in performance across all sectors. That said, in the retail sector shopping centre ......read more

    Dabur International inaugurates its first ever robotics for plant operations

    July 17, 2017: H.E. Navdeep Suri, India’s Ambassador to the UAE, has recently inaugurated Dabur International’s first industrial robot to be used in its manufacturing plants globally. The ABB Robotic Palletizer Model IRB-460, a leading automation technology that will increase the speed, reach and payload in Dabur’s production process, will operate in the company’s facility in Ras Al Khaimah.  H.E. Suri, who toured the production facility, expressed his appreciation of the scale of Dabur’s global expansion as an Indian brand that has been a household name ......read more

    Oman Insurance Company employees support patients in need of blood

    Dubai, UAE, July 17, 2017:  As a leading and trusted healthcare insurer in the region, Oman Insurance Company recognizes the fact that hospitals are in constant need of blood to treat their patients. According to statistics, an organ transplant can require up to 18 litres of blood, which is equal to total blood in 3 – 4 adults. Arranging for such large quantities can become challenging especially if it is a rare group like AB negative.  Understanding that supplies depend on voluntary contributions, the company has been extending its ......read more

    United Arab Bank Announces Financial Results for H1 2017

    H1 2017 Highlights  AED55m Net Profit in H1 2017 50% Y-o-Y reduction in Impairment Losses ‘Non-Core’ portfolio managed down to 3% of Total Loans Robust liquidity profile with UAB comfortably above regulatory requirements  Loan : Deposit Ratio managed to 97% Capital Adequacy stable at 13%   Sharjah, UAE, 17July 2017:  United Arab Bank P.J.S.C ("UAB" or “the Bank”) announces its Financial Results for the six months ended 30th June 2017.   UAB continues to record tangible progress against its Transformation ......read more

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