Strengthening bilateral trade between Hong Kong and the UAE
Dubai, UAE, August 15, 2018: The bilateral trade relations among Hong Kong and the UAE have long been robust. Adding to the Hong Kong’s business advantages, Hong Kong Trade Development Council (HKTDC) organises more than 30 exhibitions each year to bring together buyers and suppliers from both economies to develop their business.
Mr. Abdul Aziz Nasser, Deputy Director, Middle East, HKTDC announced that nine international fairs, which cover watches and clocks, fashion, electronic products, lighting products, green products and spectacles, will be held in Hong Kong from September to November. These fairs will serve as ideal platforms for traders and suppliers from the UAE to expand their businesses into new markets. The fairs are as ......read more
Under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain, World Islamic Banking Conference (WIBC) announces landmark 25th edition in strategic partnership with the Central Bank of Bahrain
Over 1200 global industry powerhouses, policy makers, innovators and stakeholders will converge for the three-day long forum.
Dubai, UAE, August 13, 2018: Held under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain and the strategic partnership of the Central Bank of Bahrain, the World Islamic Banking Conference (WIBC) will take place on November 26th, 27th & 28th in the Kingdom of Bahrain. Middle East Global Advisors (MEGA), a leading financial intelligence platform facilitating the development of knowledge-based ......read more
Opportunity for employers to leverage UAE Happiness Agenda to help staff manage work environment and improve health
Dubai, UAE, August 13, 2018: Cigna Corporation’s (NYSE:CI) business in the Middle East today launched the results of its 2018 Cigna 360o Well-Being Survey – Future Assured. Factoring in the responses of the resident UAE population for the second consecutive year, the findings indicate that overall well-being remains stable with residents more confident of their ability to manage current and future costs, and the majority confirming a good work-life balance.
Now in its fourth year, the survey adopted a more forward-looking approach to exploring people’s perceptions and concerns for their health and their sense of well-being across five key areas - physical, family, social, finance and work. ......read more
Ras Al Khaimah, 12 August 2018: Ras Al Khaimah Economic Zone (RAKEZ) Business Excellence Awards is back on its 5th edition and now seeking entries from outstanding free zone and non-free zone companies in Ras Al Khaimah. RAKEZ collaborates with Ras Al Khaimah Department of Economic Development (RAK DED) for the second year to hail excellent businesses that greatly contributed to the emirate’s economy with AED 200,000 worth of cash prizes.
Ramy Jallad, Group CEO of RAKEZ, said: “Our team up with RAK DED last year has definitely added more spice to the programme. So here we are, delighted to collaborate with RAK DED for the second year. With RAKEZ and RAK DED jointly presenting RAKEZ Business Excellence Awards, we have created a platform for recognition with no divisions because businesses here, regardless of ......read more
By Ole Hansen , Head of Commodity Strategy / Saxo Bank
Dubai, UAE, August 12, 2018: August is normally a quiet month for markets, but this year it has so far been anything but. The markets have been rattled by a continued escalation of the trade war rhetoric between the US and China, with investors concerned this increases the future risk to global growth and demand.
We see raised geopolitical tensions after the US slapped additional sanctions against Russia and Turkey while resuming sanctions against Iran. The latter could potentially result in a looming supply crunch for crude oil, which could divert the current focus away from the price-negative impact of the trade war.
The latest trouble to hit the markets has been a simmering financial crisis in Turkey which blew up this past week when the Turkish lira at ......read more
Association successfully organizes workshop on ‘Entrepreneurship in Facilities Management’
Dubai, UAE, August 07, 2018: The Middle East Facility Management Association (MEFMA), a non-profit association that provides a dedicated platform for facilities management (FM) professionals, wider construction industry stakeholders, and owner associations, reaffirmed its commitment to nurture and guide entrepreneurs as well as promote innovation in the regional FM industry through proper skills development and effective knowledge sharing.
MEFMA made the statement during the conclusion of a workshop it recently organized entitled, ‘Entrepreneurship in Facilities Management,’ which was held recently at the Al Mugairen Hall, Riyadh Chamber in the Kingdom of Saudi Arabia (KSA). The event was attended by ......read more
Dubai, UAE, August 01, 2018: Promoth Manghat, Chief Executive Officer of UAE Exchange Group, has won the first ever Dhanam NRI Professional of the Year Award. The award was presented by the Minister for Industries- Kerala, A C Moideen at a function held at the Le Meridien Convention Centre in Kochi on the 26 of July in the presence of many business and political luminaries.
Promoth is an Executive Director of Finablr, a holding company in the UK, which brings together category-leading global financial services brands under one network. He also serves as the Chief Executive Officer of UAE Exchange Group, a Finablr network brand that is a leading global provider of diversified and innovative financial solutions in money transfer, foreign exchange and payments.
According to the eminent jury which selected the winners, Promoth ......read more
UBS Global Wealth Management's Chief Investment Office (UBS CIO) expects international investors to increase their exposure to the Middle East due to growing inclusion of the region's assets in financial indices, ongoing reforms and a favorable economic outlook for Gulf Cooperation Council (GCC) countries
A potential inclusion of the UAE, Saudi Arabia, Qatar, Bahrain and Kuwait in emerging market sovereign bond benchmarks could attract further inflows, following Saudi stocks' recent inclusion in MSCI and FTSE indices
UBS CIO has steadily increased its analytical coverage of the region, including in Arabic, to better serve local and international clients
Dubai, UAE, 31 July 2018: UBS Global Wealth Management's Chief Investment Office (UBS CIO) today published a new report on the Middle ......read more
Dubai, UAE, July 29, 2018: Barclays announced today the findings of its Q3 2018 Compass Report, which outlines the Private Bank’s tactical recommendations on portfolio asset allocations for investors around the world.
The report’s key takeaways note that the global economy is likely to continue to reward investment portfolios titled toward stocks. Barclays’ investment experts see stocks more likely to outperform the bond market, which is expected to face both greater inflation as well as increasingly resolute central bankers.
Commenting on the Q3 tactical investment recommendations, Bjorn Holderbeke, Head of Investment Advisory, Middle East and North Africa, said: “Our team of experts believe that the acceleration phase of global economic expansion seems to be passing, according to the latest ......read more
Dubai, UAE, July 28, 2018: Arab Bank Group reported net income after tax for the six months period ended 30 June 2018 of $ 436 million compared to $415 million in prior period, recording a growth of 5%. The Group’s net income before tax grew by 6.4% to reach $582 million with net operating income reaching $ 668.5 million and recording a solid double digit growth of 13%.
Mr. Sabih Masri, Chairman of the Board of Directors stated that the solid performance of Arab Bank Group confirms the success of the Group 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 achieved during the first half of the year and which was driven by core banking income generated from ......read more
Xi Jinping’s “express train of development” has the potential to create whole new communities in Dubai and the UAE
DIFC Wills outreach to enable future planning for the new wave of investors and multigenerational Chinese families
Dubai, UAE, July 28, 2018: Xi Jinping rode what he calls China’s “express train of development” through the Middle East and Africa region – including a three-day stopover in the UAE – as trade with China is set to surge to $80bn annually over the next two years.
In Dubai, individual deals tell the same story as the headline figures. Chinese investors have an increasing appetite for real estate, with Dubai Land Department statistics showing that property investment by Chinese buyers is up from eighth to sixth highest in Dubai, ......read more
Dubai, United Arab Emirates, 28 July 2018 – Thomson Reuters Financial & Risk business today announced that following the closing of the strategic partnership transaction between Thomson Reuters and private equity funds managed by Blackstone, the Financial & Risk business will be known as Refinitiv.
Closing of the transaction is expected to occur in the second half of 2018 and until then the business will continue to be known as Thomson Reuters Financial & Risk.
The new name Refinitiv was created based on feedback from customers and industry influencers on the intrinsic value of the Financial & Risk business to the industry. It is a name that aims to blend definitive action in financial markets and a bold focus on the future with a 160-year legacy of excellence as a pioneer in financial ......read more
Dubai, UAE, July 26, 2018: Minhaj Advisory, a Dubai-based Co, the best training institute for the year 2017, praised the newly-pioneering step taken by the Higher Sharia Authority (HSA) at Central Bank of the UAE to enforce the Internal Sharia Control Committees (ISCC) of the Financial Institutions in the United Arab Emirates to apply the Shari’ah Standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) as of the first of next September onwards. These standards are related to the Islamic financial industry.
In the company’s press release given on this occasion, Dr. Amin Fateh. General Manager of the company mentioned that this resolution comes in line with the Federal Law No. (6) of 1985 on Islamic banks, financial institutions and investment companies, issued by the ......read more
Dubai, UAE, July 26, 2018: Capable of growing roots down to 30 meters to access water, the Ghaf – the UAE’s national tree – could once be seen on sand dunes and gravel plains throughout the Emirates. Today, this is not the case. Continuing urban development has placed the Ghaf tree under threat and it is now on the endangered species list. That said, we can revive the Ghaf to its former glory; all it takes is team work, coordination and the cultivation of thousands of Ghaf seeds.
The Father of the Nation was once quoted to have said, “Cut a path, but don’t cut a tree.” Sheikh Zayed Bin Sultan Al Nahyan (peace be upon him) understood the link between the environment and human well-being. In the Year of Zayed, sustainability is one of the core values held by those that uphold Sheikh ......read more
Dubai, 26th July 2018: Alpen Capital, an investment banking advisory firm, announced the publication of its report on the GCC Hospitality Industry. The report presents a synopsis of the demand-supply dynamics and key performance indicators of the hospitality industry across the GCC countries. The report also covers recent trends, growth drivers, and challenges in the industry. It profiles some of the renowned hospitality companies in the GCC and evaluates their financial and market valuation metrics.
“The GCC hospitality industry, which has been under pressure in recent years is expected to gain positive momentum on account of recovery in oil prices, upcoming mega events, increased tourist inflow, positive regulatory initiatives and increased government spending/investments towards the hospitality and ......read more
Dubai, July 25, 2018: Emirates Glass, a subsidiary of Dubai Investments PJSC [DFM: DIC] and a leading architectural glass provider in the Middle East, has announced that it recently organized a two-day training program for Dubai Central Laboratory, the testing and certification wing of Dubai Municipality.
The training program focused on glass performance and testing for the construction and building industry, underlining the company's commitment to uphold the highest quality and testing standards in the glass industry.
It included presentations about glass manufacturing and processing and applications in the sector; factory tour of Emirates Glass in Al Quoz and the coating plant in Dubai Investments Park; as also practical testing sessions at its state-of-the-art laboratory.
Rizwanulla Khan, Executive President ......read more
Sales up by 7 percent to €3.9 billion
Adjusted EBITDA rises 16 percent to €742 million
Outlook raised for FY 2018: adjusted EBITDA between €2.60 and €2.65 billion expected
Dubai, UAE, July 25, 2018: Germany. Evonik has increased adjusted EBITDA to €742 million in the second quarter of 2018 (prior-year: €640 million). All three chemical segments contributed with excellent operational business development: All three segments were able to increase their adjusted EBITDA as well as EBITDA margin compared to the same quarter of the previous year.
Sales increased to €3.9 billion in the second quarter (prior-year: €3.6 billion), largely due to higher sales volumes and higher selling prices. Adjusted net income was €354 million, which corresponds to adjusted earnings per ......read more
Chief Executive Officer & Managing Director, DP World – UAE Region
Dubai, UAE, July 25, 2018: The 1970s were amongst the most momentous years in the history of the UAE. They witnessed the birth of the United Arab Emirates and the beginning of a new age of economic prosperity. The leadership of Dubai embarked on a journey of non-oil development launching a series of visionary projects that are its crown jewels today.
Prominent among them are DP World’s flagship Jebel Ali Port and Dubai Aluminium Company (DUBAL) now known as Emirates Global Aluminium (EGA). Both opened to business in 1979 and began a mutually beneficial relationship that has transcended time. Both have grown to become global leaders in their respective business streams. Both are economic flagships of Dubai.
It’s no coincidence that just ......read more
Dubai, UAE, July 23, 2018: Dr Raja Easa Saleh Al Gurg, Managing Director of the multifaceted conglomerate, Easa Saleh Al Gurg Group, was awarded with an Honorary Doctorate by Queen’s University Belfast, for services to business and commerce. She was among twelve individuals who received honorary degrees this summer at the university. Other individuals awarded included Professor Martin Meehan, the 27th President of the University of Massachusetts, internationally renowned researchers as well as leaders in business and commerce.
Queen's awards honorary degrees to individuals who have achieved high distinction or provided significant service in one or more fields of public or professional life, and those who serve as ambassadors for the University and Northern Ireland around the world.
Dr Raja Easa Saleh Al Gurg ......read more
Dubai, UAE, July 23, 2018: The Board of Directors of the Central Bank of the UAE held its 6th meeting for 2018 at 9:00am on Sunday, 22nd July 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalid Juma Al Majid, Deputy Chairman of the Board. The meeting was attended by H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khalid Mohammed Salem Balama, Khalid Ahmad Al Tayer, as well as by Their Excellencies Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.
The Board reviewed a memo regarding CBUAE Governance and some Committees’ Terms of Reference & Secretariats, Delegation of Authority Matrix for Business Units and ......read more
Dubai, UAE, July 23, 2018: In the Gulf Corporation Council (GCC), net income of listed companies in the Islamic (takafuland Islamic cooperative tawuni) insurance sector nearly halved in 2017 to US $375 million, from US $674 million in 2016.The decline in 2017 netincomewasmainlydrivenbyweakerresultsinthe Saudi Arabian insurance sector and follows an increase in earnings by about 151% in 2016, indicating some considerable earnings volatility in the sector.
In ourview, the Islamic insurance sector continues to face secular challenges around relatively concentrated and undifferentiated business models and high expense ratios that leave them susceptible to adverse event risk related to solvency, governance, and accountancy. That said,we believe that medium-term growth prospects in the sector remain satisfactory given relatively ......read more
H1 2018 Highlights
AED81m Net Profit, up 46% vs. H1 2017
Operating Expenses decreased 4% vs. H1 2017
Provision for Credit Losses decreased 20% vs. H1 2017
Robust liquidity profile with UAB comfortably above regulatory requirements
Loan : Deposit Ratio managed to 92%
Common Equity Tier-1 (CET1) ratio comfortably in excess of regulatory requirements at 14.4%
Sharjah, UAE, 22 July 2018: United Arab Bank P.J.S.C ("UAB" or “the Bank”) reported Net Profit for the six months to 30th June 2018 of AED81m, representing an uplift of 46% compared with the same period last year, primarily driven by growth in ‘Core’ Income and reduction in provision charges following a transition to a lower risk business model.
Total Income for the six months ......read more
Partnership aligns with DIB’s strategy to offer customers innovative, value added solutions
Card available in three variants offering up to 2 Skywards Miles on every equivalent US dollar spent
Earn up to 75,000 bonus Skywards Miles* and receive unlimited access to airport lounges worldwide via LoungeKey
Dubai, UAE; July 22, 2018: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has partnered with Emirates Skywards to launch the new Emirates Skywards DIB Credit Cards tailored specifically to offer exceptional value to the country's growing community of frequent flyers.
The partnership brings together two of the UAE’s leading brands and offers a range of credit cards to earn Skywards Miles and receive other added benefits.
The Emirates Skywards DIB Credit ......read more
Dubai sees 119% growth in overnight visitors from China since 2014
YOY increase of 41.4% overnight Chinese visitors to Dubai from 2016 to 2017
Key milestones contributing to the rapid growth include visa-on-arrival for Chinese citizens and recent partnership agreements with Huawei, Fliggy and Tencent
Dubai, UAE, 18 July 2018: Ahead of President Xi Jinping of China’s arrival in the UAE later this week, Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) reports continued growth in visitors from China. With a robust growth of 119% in overnight Chinese visitors since 2014 and a YOY increase of 41.4% overnight Chinese visitors to Dubai from 2016 to 2017 combined with a number of key agreements signed with major players in China, Dubai Tourism has reconfirmed its continued focus on its ......read more
July 18, 2018: More than 20 senior leaders from Bank Al Bilad recently participated in an Ashridge Executive Education Leadership Development Program in Riyadh. With a focus on building 21st Century Leadership capabilities, this highly experiential and practical learning approach helped leaders communicate their strategic vision, set direction and develop high performing teams to succeed within the dynamic and fast moving Saudi banking sector.
With over 20 years of experience in developing regional business leaders, Ashridge delivered a highly customized program, designed not only to address the specific challenges facing the Bank’s leaders today, but also to unlock the emerging opportunities in the future.
Mr. Haitham Al-Medainy, General Manager of Bank Al Bilad, said: “Banking executives must constantly ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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) ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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, ......read more
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 ......read more
United Arab Emirates, December 04, 2017 – Luxury is back in fashion. The overall luxury market – encompassing both goods and luxury experiences – grew by 5 percent to an estimated €1.2 trillion globally in 2017. Sales of luxury cars continued to drive the market, growing at 6 percent to reach €489 billion in total. Luxury experiences remained very attractive to customers, as illustrated by sales of high-end food and wine both growing by 6 percent from last year, and sales from luxury cruises experiencing impressive 14 percent annual growth. The core ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
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 ......read more
UAE, November 28, 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, was named ‘Takaful Company of the Year’ at the 4th Middle East Insurance Industry Awards (MIIA) organized recently by the Middle East Insurance Review at the Ritz-Carlton, Dubai International Financial Centre, Dubai.
This is the second consecutive year that ADNTC has received this prestigious honor, thus further solidifying its position as a takaful industry leader. MIIA is known for its independent, ......read more
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 ......read more
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 ......read more
Abu Dhabi, UAE – 28 November 2017: Abu Dhabi Ship Building (ADSB) recently received two highly prestigious awards reflecting the high quality of its business operations and commitment to corporate social responsibility.
At the 14thedition of the Seatrade Maritime Awards covering the Middle East, Indian Subcontinent and Africa, ADSB won the “Enterprise Award” for its contributions to the region’s ship repair industry. The company also received the “Corporate Social Responsibility (CSR) Award” at the fourth annual Maritime Standard Awards in ......read more
Sharjah Department of Statistics and Community Development launches second phase of ‘Tahdeeth’
Sharjah, November 28, 2017: Sharjah Department of Statistics and Community Development (DSCD) has announced that the data on 210,499 Emiratis has been revised as part of its ‘Tahdeeth’ project; an initiative that aims to update the data and information about Emirati families and individuals who were first surveyed in the Sharjah Census 2015.
The first phase of Tahdeeth, which was conducted from October 7 to November 6, updated the details of 127,531 ......read more
The accolade was awarded by Global Investor Magazine, which specialises in asset management, asset servicing and securities finance.
November 28, 2017, Dubai, United Arab Emirates: Barclays Private Bank has been named “Wealth Manager of Year” at the 2017 Global Investor/Euromoney awards for the fourth consecutive year.
The award, which was announced during the 2017 Global Investor/ISF MENA Awards ceremony, celebrates Barclays’ long standing position as a leader in the regional and global private banking space.
Barclays was recognised for its ......read more
UAE, November 27, 2017 - The Department of Economic Development - Ajman (DED-Ajman) has revealed its implementation of a new organizational structure, which has been developed based on the move to achieve the goals and objectives set forth in Ajman Vision 2021 to create a competitive and diversified green economy that is at pace with economic development. The move demonstrates DED-Ajman's keenness towards improving and enhancing government performance while also promoting investment activity and encouraging various economic sectors to contribute to the development process.
His ......read more
Muslim spend on Halal Food and Beverage forecast to reach US$1.93 trillion by 2022
Islamic Finance assets expected to surge to US$3.8 trillion by 2022
UAE ranks third globally across three sectors
Dubai-UAE: 27 November, 2017: The Dubai Islamic Economy Development Centre (DIEDC) today published the outcomes of the State of the Global Islamic Economy Report 2017-2018 titled ‘Outpacing the Mainstream’. The report is issued annually by DIEDC in collaboration with Thomson Reuters.
The findings were released on the sidelines of the fifth edition of the ......read more
Promotions span the retail banking products with multiple offers and prizes.
Dubai, UAE, 27 November 2017: Mashreq, the oldest privately held bank and leading financial institution in the UAE, has announced the launch of ‘How will #YOUAE celebrate’ campaign to commemorate the country’s 46th National Day. Celebrating #YOUAE will present a wide variety of promotions for the bank’s customers, residents and citizens, running until 10 December.
Mashreq’s Retail Banking Group is celebrating #YOUAE by presenting a wide range of exclusive ......read more
UAE, Dubai, November 27, 2017: The Human Resources and Emiratisation Department at Union Coop, the largest cooperative in the UAE, revealed that it has hired around 30 Emirati men and women during the third quarter of 2017. This is part of Union Coop’s commitment to support Emiratisation efforts, and is motivated by its belief that human resources is an essential element in building sustainable societies.
Ahmad bin Kenaid, Director of the Human Resources and Emiratisation Department at Union Coop said: “We are committed to the Emiratisation of our human resources ......read more
United Arab Emirates, 27th November 2017: Xpress Money, one of the most dependable money transfer brands in the world, reported an average growth of 26% in the number of remittance transactions from UAE to Uganda over the last three years. The company has also seen a 28% increase in the volume of money being sent by expats in the UAE to their home country, Uganda.
For years, Xpress Money has been a preferred choice for Ugandan expats in UAE to send money back home; offering convenient and cost-effective money transfer options like Cash-to-Cash and Cash-to-Mobile Wallet services to ......read more
The 2017 best parenting brands in the country decided through more than 114,000 votes from the general public
Dubai, UAE, 26 November, 2017: Johnson’s Baby Wipes were awarded “Baby Wipe Brand of the Year” at the annual Mother, Baby & Child Awards Ceremony. The 2017 edition of the Awards celebrated the 46 best UAE parenting brands in the UAE, as chosen by the general public.
This year, the awards gathered more than 114,000 votes over a period of six months, starting from June until November. A total of 440 nominees divided over 46 voting categories were ......read more
Dubai, UAE, 26 November 2017: Thomson Reuters and National Bank of Fujairah (NBF) announced today that they have partnered to offer tailored funding solutions to SMEs in the UAE through the Thomson Reuters Accelerate SME platform (http://acceleratesme.com).
Thomson Reuters Accelerate SME serves as the only digital gateway to the SME ecosystem in the MENA region. As the platinum banking partner on the Accelerate SME platform, community members will be able to apply for a range of NBF’s banking offerings including term loans, working capital financing and SME banking account ......read more
The Arab-Brazilian Chamber of Commerce (ABCC) announced that its stand at the 2017 edition of The Big 5, the Middle East’s leading civil construction industry exhibition, will feature five of its member companies. The Chamber’s stand will span 36 sqm and will feature sanitary ware maker Deca, ceramics manufacturer Angelgress, gates manufacturer PPA, pipes and fittings maker Tigre, and construction equipment manufacturer Scanmetal. The exhibition is set to run from November 26 to 29 at the Dubai World Trade Centre, UAE.
Brazil's total exports to the Arab countries’ ......read more
Women Economic Empowerment Global Summit to Demand more Active Policies to Empower Women in the Workplace
Her Highness calls for everyone to shoulder their humanitarian responsibilities towards the millions of unemployed women living below the poverty line
Inaugural summit will examine private sector’s role in recruiting more women to help revitalise global economic cycle
WEE Global Summit will provide a global platform to forge partnerships with business sector
Sharjah, November 25, 2017: Her Highness Sheikha Jawaher bint Mohammed Al Qasimi, wife of His ......read more
Dubai, November 25 2017: Jafza, the Dubai flagship logistics hub of global trade enabler DP World, today announced that trade in steel and building materials reached AED 13.5 billion during 2016 with further increases expected as the free zone continues to develop services for companies in the sector.
Announcing Jafza’s participation in the Big 5 exhibition being held at the Dubai World Trade Centre from November 26-29, Sultan Ahmed bin Sulayem, Group Chairman and CEO DP World, said: “Ongoing construction projects in the UAE and GCC are a strong boost for the metal, ......read more
Dubai, UAE, 25 November, 2017: The Dubai Free Zones Council and the Federal Tax Authority held the second edition of an informative workshop on value-added tax that will be implemented in the UAE starting from 2018. The event, which took place at the Dubai Police Officers’ Club, drew the participation of more than 1,000 representatives of companies operating across Dubai’s various free zones.
With the aim of helping private free zone-registered companies fulfill their tax obligations, the workshop provided a comprehensive overview of VAT and related mechanisms, the ......read more
Business Bay a key area for more land development says fäm Properties chief after company secured AED700 million plot deal
Dubai, UAE, 25 November 2017: The value of annual land sales in Dubai has risen by AED30 billion over the last five years, one of the emirate’s biggest real estate brokerages revealed today, identifying Business Bay as a key area for further growth.
Firas Al Msaddi, CEO of fäm Properties, said that as of 9th November land sales for this year had reached AED68 billion compared to AED38 billion for the whole of 2012.
Underlining a growing ......read more
Middle East’s GDP to grow 3.2% in 2018 and to around 4% in 2019
GCC’s GDP to grow 2.8% in 2018 and to around 4% in 2019
GCC oil GDP to grow 1.7% in 2018 and 2.8%% in 2019
GCC non-oil GDP to grow 3.7% in 2018 and 4.7% in 2019
Saudi Arabia’s GDP to grow 2.3% in 2018 and 3.8% in 2019
UAE’s GDP to grow 3.3% in 2018 and 3.6% in 2019
Dubai, UAE, November 23, 2017: According to ICAEW’s latest report (Economic Insight: Middle East Q4 2017), several economies in the Middle East, particularly those in the GCC, are transitioning towards a ......read more
The first day of the conference will see a key panel session comprising leading banking technology experts deliberating on the growing need for Islamic banks to re-engineer in order to address evolving customer needs in the digital era.
Dubai, UAE, November 22, 2017: Middle East Global Advisors, a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets, will convene the 24th edition of their flagship offering – The World Islamic Banking Conference (WIBC), the largest and most prestigious gathering of ......read more
TECHNAL®’s new non-fire rated curtain wall assembly with SIDERISE® perimeter fire protection successfully completes EN-1364-4 fire resistance test required in the UAE.
Dubai, UAE; November 22, 2017: Building fires are a major hazard to civilians and a cause of death globally with around six million people being seriously injured in fire accidents per annum resulting in over 500,000 deaths. In the GCC region too, where recent spate of fire incidents in high-rises has put the spotlight on the need to install quality façades that protect valuable life and property. In ......read more
United Arab Emirates, November 22, 2017 – Until recently, traditional retail banks were betting on nimble fintechs to up-end the industry. However, established technology firms – Amazon, Apple, Tencent and others – have emerged as the bigger, more immediate threat to retail banking as we know it.
Bain & Company, in its eighth annual retail banking study, partnered with Research Now to survey more than 133,000 consumers in 22 countries. It found that across most countries at least half of respondents said they are open to buying a financial ......read more
UAE, November 22, 2017 – Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has signed an agreement with IBMC Financial Professionals Group to provide Indians residing and working in the UAE to settle their monthly contributions to the Indian Government’s National Pension Scheme (NPS) in any of Al Ansari Exchange branches across the UAE.
The payment scheme tailored to the NPS members living outside India is the latest addition to Al Ansari Exchange’s increasing array of services offered to its Indian customers, which currently include ......read more
Dubai (UAE):Hielo Beverages,the maker of premium and luxury beverages marks its entry into Dubai(UAE) market which under the flagship brand name PEAUR.The initial roll out will see company promoting their PEAUR Natural Mineral Water sourced at Himalyan Ranges in Northern India,Natural Sparkling Mineral Water and PEAUR Natural nectar Based Fruit Juices. Initially the company has tied up with exclusive retail outlets, but in times to come the products will be available more widely.
The products have undergone months of trials and stringent quality controls after an extensive R&D ......read more
UAE, November 20, 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, has announced that its CFO, Farah Arakji, placed third across all industries in the ‘Women in Finance’ category under the MENA CFO Awards held as part of the 11th CFO Strategies Forum MENA.
Developed in partnership with the UK-based Association of Chartered Certified Accountants, the Women in Finance award honors senior female finance executives who have shown outstanding leadership skills and have ......read more
The organisation was named ‘Best UAE Private Bank’ in the international category and ‘Best Private Bank’ in the GCC for its bespoke investment management platform
Dubai, United Arab Emirates, November 20, 2017: Barclays has earned two Best Private Bank accolades at the WealthBriefing GCC Awards 2017, emphasizing the bank’s continuous commitment to delivering expert, tailored services across the regional and international private banking sector. Barclays landed the Best UAE Private Bank award in the international category, alongside Best Private Bank in ......read more