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Press Statement from the Central Bank of the UAE about the new Federal Government debt law

Dubai, UAE, October 15, 2018:   H.E Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE: “The new Federal Government debt law lays the foundations for the development of a bond market in dirham denomination in the UAE. This is important as it will create deeper, more resilient financial markets, benchmark the yield curve, provide more diversified sources of financing, mobilise additional domestic savings and attract capital inflows. The development of vibrant public and private bond markets (including Sukuk) will also facilitate compliance with liquidity requirements (Basel III), and allow investors to balance risks in more diversified portfolios. Overall, this is in line with the Nation’s vision to press ahead with further diversification of the economy, and will underpin the UAE’s ......read more

Trade Bank Iraq named Best Iraqi Bank by Global Finance Publication

Abu Dhabi, United Arab Emirates, October 15, 2018:   Trade Bank of Iraq’s (TBI) continued commitment to accelerating economic growth and providing modern banking service in its home country have been recognised as it was named Best Iraqi Bank by a leading global financial publication. New York-based ‘Global Finance’ magazine rewarded TBI’s strong financial performance and its continuing initiatives to improve its international capabilities, presenting the award during a special ceremony held in Bali, Indonesia attended by leading financial institutions and other key influencers within the banking space. Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, received the award at the 2018 Annual Meetings of the International Monetary Fund and World Bank Group on Saturday (13th). He said: ......read more

UAE Exchange Enters the Prestigious Platinum Class of Tawteen Partners Club

Tawteen, the National Program for Emiratization, supports UAE Nationals to work in the private sector    Abu Dhabi, 15 Oct 2018:   Her Excellency Farida Abdullah Al Ali, Assistant Undersecretary, Ministry of Human Resources and Emiratisation (MOHRE), bestowed the Tawteen Club Trophy to UAE Exchange, a leading global remittance, foreign exchange and payment solutions brand in the UAE. With this trophy, UAE Exchange has entered the most prestigious class of the club - the Platinum Class.    Over the years, UAE Exchange has actively worked towards the goal of skill development among the Emirati community and received many accolades for it. Some of them include the Emiratisation Award by UAE Minister of Economy (2016), Mohammed Bin Rashid Al Maktoum Business Award (2017), UAE SDG Pioneers Awards ......read more

FBN Next Generation Lombard Odier Award 2018 champions the next generation of entrepreneurs

The Family Business Network (FBN) and Lombard Odier have rewarded three exceptionally promising young family business entrepreneurs as finalists in the 10th FBN NxG Lombard Odier Award. The finalists had the opportunity to pitch their projects to over 500 family business leaders at the FBN 29th Global Summit in Venice on 12th October, where the overall winner was revealed.   Dubai, UAE, 14th, October 2018:  The FBN NxG Lombard Odier Award was created in 2009 to celebrate and support outstanding intrapreneurial and entrepreneurial projects initiated by the next generation of family business owners.    The 2018 finalists were chosen by a jury of senior business leaders, entrepreneurs, and academics who reviewed candidates aged between 18 and 40 from 10 different countries1. The finalists and their projects ......read more

Dubai Islamic Bank Group 9 Month Financial Results

For the period ended September 30, 2018 Total Income reaches AED 8.5 billion, up by 13.6% YoY.  Group Net Profit at AED 3.7 billion in the nine months of 2018, up 12.1% YoY. Balance sheet grows by 7.4% in the nine months of 2018 reaching AED 222.8 billion. Dubai, October 10, 2018:  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 results for the period ending September 30, 2018.   9M 2018 Results Highlights:   Sustained balance sheet growth and cost discipline driving strong operating performance Net financing & sukuk investments rose to AED 173.1 billion up by 10.0%, compared to AED 157.3 billion at the end of 2017. Total Assets now at AED 222.8 billion, up by 7.4%, versus AED 207.3 ......read more

Deloitte Middle East tax professionals recognized in 2018 Guide to the World's Leading Tax Advisers

-2018 Guide to the World's Leading Tax Advisers recognizes Deloitte professionals for the eighth consecutive edition Dubai, UAE, October 09, 2018:  Euromoney listed 176 Deloitte professionals from 54 jurisdictions in its 2018 Guide to the World's Leading Tax Advisers. More than ten percent of the leaders in the guide are from Deloitte, making this the eighth consecutive edition that the Deloitte network is in the lead. This highlights the network's global strength and excellence in a wide range of areas of tax specialism. Dan Lange, Deloitte Global Leader, Tax and Legal says, "The Deloitte network is proud of the recognition given to our professionals in the 2018 Guide to the World's Leading Tax Advisers. Deloitte is committed, globally, to helping clients gain confidence in making well-informed decisions ......read more

Monetary & Banking Developments – August 2018

Dubai, UAE, October 07, 2018:  The Central Bank announced that the Money Supply aggregate M1 decreased by 1.7%, from AED 496.4 billion at the end of July 2018 to AED 488.1 billion at the end of August 2018.    The Money Supply aggregate M2 also decreased by 1.8%, from AED 1302.3 billion at the end of July 2018 2018 to AED 1278.9 billion at the end of August 2018.    On the other hand, the Money Supply aggregate M3 increased by 0.1%, from AED 1556 billion at the end of July 2018 to AED 1556.9 billion at the end of August 2018.    The reduction in M1 was mainly due to a decrease of AED 7.4 billion in Monetary Deposits and of AED 0.9 billion in Currency in Circulation outside Banks. The fall in M2 was brought about by the decreased M1 and an AED 15.1 billion reduction in Quasi-Monetary ......read more

MENA region must come together to capitalize on entrepreneurial ecosystem's momentum

Dubai, UAE, October 06, 2018:  Although entrepreneurship in the MENA region is booming, greater and more comprehensive cooperation between local governments is necessary in order to capitalize on recent momentum within the ecosystem, according to a senior World Bank representative. Ali AbuKumail, a Senior Private Sector Specialist at the World Bank, recently worked on the Arab World Competitiveness Report 2018 - a joint cooperation between the World Economic Forum and World Bank which focuses on MENA entrepreneurship. In the latest Wamda podcast, he shares his views on the state of the startup ecosystem with Walid Faza, Partner at Wamda Capital.   “Policymakers have to look at the comprehensive picture of ecosystem development and the journey of entrepreneurs from the minute they are individuals who aspire to ......read more

New Worker's Insurance Scheme Forthcoming

Dubai, UAE, 4 October 2018:   The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system.    The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system. The new insurance scheme will apply to all private-sector employees, including domestic workers.  Details of the insurance scheme  Instead of a fixed amount of AED 3,000 that typically must be paid against every work permit application, employers will pay an insurance premium of AED 120 per person, for a two-year work permit. This will provide an insurance coverage of up to AED 20,000 in lieu of unpaid wages, return ticket and ......read more

Mohammed bin Rashid Innovation Fund announces AED 5.5 million Disbursement in UAE start-up Pure Harvest

Disbursement to unlock growth opportunities and expansion across the region, aligned with UAE National Innovation Strategy  Dubai, 02 October 2018 –   The Mohammed bin Rashid Innovation Fund (MBRIF), operated by the Emirates Development Bank (EDB), today announced a disbursement of AED 5.5 million to UAE headquartered Pure Harvest.  A regional innovator in sustainable agriculture, Pure Harvest aims to address food security issues and water scarcity in the UAE while achieving resource efficiency and overcoming local climate challenges. Founded in October 2016, the Abu Dhabi based agricultural start-up is focused on the production of greenhouse fruits and vegetables in arid climates using world-leading Dutch hydroponics and climate management technologies. The current fund from MBRIF will be deployed towards ......read more

A flying economy – the economic powerhouse above the clouds

Research by HSBC has identified a country-sized, thriving and cosmopolitan population of almost 12 million people in the air every day.  This country, Flyland, has a Gross Domestic Product valued at $400.5 billion – just larger than that of Norway. Dubai, UAE, October 1, 2018:  For the people of Flyland – the 11.9 million individuals from around the world who take to the air every day – business is soaring, according to new research and analysis from HSBC.    The ‘country in the sky’ has grown to an annual GDP of $400.5 billion and adds more than $1.26 billion to its value each day. The data takes into consideration the average amount of flights Flyland citizens take in a year, their average income, average spend and considers the value of the average amount of work ......read more

ABLF dedicates its 11th Anniversary edition to the late Sheikh Zayed

Dubai, UAE, October 01, 2018:   The Asian Business Leadership Forum (ABLF) marks its 11th anniversary, on October 6, 2018, at the Armani Hotel, Dubai, with a special edition of the ABLF Awards dedicated to the Father of the Nation, the late Sheikh Zayed bin Sultan Al Nahyan, under the theme 'Leadership Legacies: Honouring the past. Shaping the future'. The ABLF has been held under the Royal Patronage of H.H. Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member and Minister of Tolerance, UAE, since 2007 and is in official association with the UAE Ministry of Economy.   The upcoming awards night hosts an exclusive 250-strong audience of Asia’s finest leaders and will witness the felicitation of 15 visionary and innovative stalwarts. The UAE's status as one of the most progressive and proactive ......read more

CBUAE Hosts UAE – Japan SME Seminar

Abu Dhabi, UAE – 30th September 2018:   The Central Bank of the UAE (CBUAE) Governor H.E. Mubarak Rashed Al Mansoori welcomed H.E. Kanji Fujiki, Japan’s Ambassador to the UAE and a delegation of high ranking officials from the Japanese Government and banking sector, for a seminar to learn about the support systems and regulatory measures that make up the foundations for a thriving SME sector in Japan.  One of the most important areas of the UAE’s national agenda is the support and development of SMEs which have been identified as vital to the UAE’s transition to a knowledge-based economy, increasing the share of private non-energy sectors in employment and growth. In the Japanese domestic economy, SMEs play a considerable role, representing 70 percent of all employment, over 99 percent of all ......read more

10 Things Only Professional Cleaners Can Do

September 27, 2018 - Dubai, UAE: You may believe that cleaning your house is one chore that you should finish yourself. However, if you once witness the transformation a professional cleaner brings to your home, then you’d never go back to doing it by yourself. A well-cleaned space can have a positive impact on your health, comfort and peace of mind. That’s why you should not compromise on such things and hire one of the Cleaning Services in Dubai, to make your place looking neat and tidy like new. It’s okay to be sceptical and wonder how a professional cleaning job will make any difference. Afterall, we have always cleaned our home by ourselves. However, a professional cleaning job is something you must experience to know how much of a difference it makes. Let’s have a look at the 10 things that only ......read more

Leading European Insurance Brokers Alpha Lloyds & MSH International Choose Dubai as the Main Hub of Their Global Activities

Branches of Paris-based Siaci Saint-honore Group Dubai, UAE, September 27, 2018:  SIACI SAINT HONORE, provider of insurance brokerage and consulting services, known locally under the name of Alpha Lloyds & MSH, inaugurated their offices yesterday in the heart of Business Bay (One by Omniyat tower), Dubai, under the patronage of the Consul General of France in Dubai & Northern Emirates. Born in France, the group is now a leading actor in the European market and aims to become a global player with Dubai as one of their main hubs. Their positioning combines flexibility, innovation and client-driven approach.  Active in the UAE since 2006 with its affiliate MSH International, the group strengthened its position with the acquisition of Alpha Lloyds in 2017. Its ambition is now to become the key insurance broker ......read more

CBUAE Raises Interest Rates in Line With US Federal Reserve:

Dubai, UAE, September 27, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective Thursday, 27 September 2018, it will raise interest rates applied to the issuance of its Certificates of Deposits in line with the increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points at its meeting of today.    The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been increased by 25 basis points.   Certificates of Deposit, which CBUAE issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system. 

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DIB's Double your Salary Promotion Brings Joy to more than 100 New Customers

UAE, Dubai, September 26, 2018: Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has today marked the end of a hugely successful promotion with the announcement of the twelfth and final grand winner of its “Double Your Salary. Double Your Joy” monthly campaign, held at DIB’s Mall of the Emirates branch.  Launched in September 2017, the campaign saw new customers who moved their payroll or salary account to the bank entered into a draw to double their salary for that month. The first draw took place in October 2017 and has since brought happiness to a total of 132 winners of various nationalities in 12 public draws. Each draw took place under the supervision of the relevant Economic Departments in malls in Dubai and Sharjah. 10 runners-up were selected for every draw, each receiving an AED 5,000 ......read more

Friends Provident International survey reveals that brand preference and price are key considerations when buying life insurance in the UAE

Friends Provident International (FPI) releases protection survey results for the fourth consecutive year   Dubai, UAE, September 25, 2018:  FPI’s fourth annual protection survey results show that brand reputation and price have the greatest influence on people’s decision to buy life and critical illness insurance in the UAE. These factors were considered more important than others, such as adviser recommendation, claim payment history and portability; which enables continuity of insurance coverage when relocating to another country.    The survey, conducted in collaboration with market research and data analytics firm YouGov, polled more than 1,000 respondents. 40% of respondents said brand reputation of the insurer was the most important factor behind their decision to purchase life insurance, ......read more

Japan's Leading Industrial Company Asahi Yuzikai Launches Middle East Operations at Dafza

Dubai, UAE, 19 September 2018: Asahi Yukizai Corporation – Japan’s leading company in industrial resins and plastic valves –  successfully held the opening ceremony for its Middle East operations at Dubai Airport Freezone – DAFZA. The new office will play a key role in expanding the company’s business across the Middle East and North Africa region. The opening ceremony was hosted by Mr.Nasser Al Madani, Assistant Director General at Dubai Airport Freezone Authority (DAFZA), Mr.Akima Umezawa Ph.D, Consul-General of Japan in Dubai, and Kazuya Nakano, President of Asahi Yukizai Corporation.   The event was attended by honored industry representatives, senior ranking officers from DAFZA and Dubai Economy Foreign Investment (FDI), as well as Japanese and local guests. “Today marks ......read more

Malaysia Eyes Dubai to Explore Markets in the MENA Region

Dubai – United Arab Emirates, 19 September 2018: The Malaysian Franchise Association (MFA), which aims to promote entrepreneurship through franchising, has chosen Dubai – a global business and financial destination and the 3rd edition of ‘The Global Franchise Market Exhibition’, to explore the emerging and lucrative markets in the Middle East North Africa region, connect with local, regional and international franchisors and brand owners and expand their businesses within the region.  This year, TGFM, the official franchising event in Dubai, brings together leading investors, master franchisees, licensees, entrepreneurs, and leading brands in various sectors and it is expected to attract over 2,000 visitors and participants and witness the participation of over 100 leading brands from 80 countries. ......read more

UAE Residents Should be Aware of the Circumstances in which Personal Bank Accounts can be Frozen

Debt and visa changes are the most common reason for not being able to access funds short term September 2018, Dubai: According to the experts at Guardian Wealth Management, most residents are not aware of the various reasons as to why bank accounts in the U.A.E can be frozen. When people are denied access to their bank account, even if it is just for a short period of time, it can ultimately have a knock-on effect on their short-term finances including the payment of rent, school fees and savings.  The most common reason universally for a frozen bank account is when the bank feels that the transaction in the account is suspicious and may involve an illegitimate business transaction. However, specialists at Guardian Wealth Management claim that in the UAE, it is mostly as a result of visa changes or visa ......read more

Mobility MEA becomes the first approved Android zero-touch enrollment partner for the region

16th September, Dubai, United Arab Emirates: Mobility MEA, a leading systems integrator, enterprise managed mobility service provider and a GEMA alliance partner, is now the first approved Android zero-touch enrollment partner for the MEA region. The company will serve to accelerate automated deployments, reducing dependency on internal IT support, simplifying setup and management of Android mobile devices; and making time-consuming device configuration a thing of the past through processes that create better user experiences. Zero-touch enrollment, which supports OEMs, carriers and companies, eliminates the need for users to configure their Android devices while ensuring corporate policies are in place. With this enrollment, companies can configure the devices they purchase and have them shipped with management and settings ......read more

The Higher Sharia Authority at the Central Bank Held A Consultation Meeting with The Members of the Internal Sharia Control Committees Prior to Its Fifth Meeting

Dubai, UAE, September 16, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held a Consultation meeting with the members of the internal sharia control committees (ISCC) of Islamic financial institutions operating in the UAE on 9 September 2018. Islamic Banks, commercial banks’ Islamic windows and Islamic finance companies, represented by the members of their ISCC, the head of the internal Sharia control departments and the heads of the internal Sharia audit, attended this first Consultation meeting to exchange views on various issues that concern Sharia compliance and Sharia governance.   His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman HSA noted during this meeting that “this initiative is part of the consultative approach that HSA adopted. This ......read more

FDI flow in to Bangladesh jumps 22.52% last year to US$2.45 billion that prompts UAE businesses to invest in Bangladesh

More and more Bangladeshi entrepreneurs are opening companies in the UAE as economic relations between the two countries grow   News Highlights FDI in to Bangladesh jumped 22.52% to US$2.45 billion (Dh9 billion) in 2016-17 fiscal year Bangladesh is the world’s 32nd largest economy with US$687.14 billion Gross Domestic (GDP) based on Purchasing Power Parity (PPP) Bangladesh seeks investment in 100 new economic zones where UAE investors could invest and own 100 percent export-oriented industries and benefit from duty-free quota access to Europe and the United States Dubai, September 08, 2018:  An attractive investment climate and a higher return on investment has helped 22.52 percent jump in Foreign Direct Investment (FDI) in to Bangladesh to US$2.45 billion in 2016-17 financial year, up from US$2 ......read more

New drops mean more good news for gold investors

As the US dollar continues to hold strong in international markets, gold prices fall as investors search out safe bets elsewhere. As the week started, UAE 24-karat gold fell from Dh147.25 per gram to Dh146.75 per gram as Monday played out. You can check the live rates on business24-7.ae   Other karats are also available at bargain prices -  22K at Dh137.75, 21K gold at Dh131.50 and 18K gold at Dh112.75 per gram. You will be able to buy those kind of gold online on business24-7.ae   Vijay Valecha of Century Financial has been watching the situation carefully. “Gold prices weakened for the start of this week as rising interest rates and a strong bull market in global equities signals that there are better avenues for investment,” he said. In the UAE, Valecha expects the price of 24K to move between ......read more

Other Top Stories from Banking and Investments
 
Central Bank of the UAE Holds its 7th Board of Directors Meeting for 2018…

Dubai, UAE, September 03, 2018:  The Board of Directors of the Central Bank of the UAE held its 7th meeting for 2018 at 9:30am on Sunday, 2nd September 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Al Kindi, the Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman of the Board and H.E. Mubarak Rashed ......read more

The Central Bank warns consumers against disclosure of their credit information…

Dubai, UAE, August 29, 2018:  The Central Bank of the UAE (CBUAE) reminds consumers of their responsibility to protect their credit information and credit/debit cards from fraud and unauthorized use. CBUAE also directs consumers not to disclose their PIN to any persons or institution. If somehow this information is disclosed, it is the consumer’s responsibility to immediately contact ......read more

Al Ansari Exchange announces the fifth millionaire of ‘Al Ansari Exchange Rewards – Summer ...…

UAE, August 28, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has announced that Gina Realuyo Soriano from Philippines is the fifth millionaire of its popular ‘Al Ansari Exchange Rewards - Summer Promotion.  The name of Gina was picked during the draw held at the Metropolitan Hotel in Dubai. The single lucky winner of Mercedes Benz 2018 ......read more

Central Bank of the UAE Celebrates Emirati Women's Day…

Abu Dhabi, UAE, 28th August 2018:  In line with H.H. Sheikha Fatima bint Mubarak’s “Mother of the Nation” declaration to celebrate Emirati Women’s Day on the 28th of August each year, the Central Bank of the UAE (CBUAE), has organized a special event to mark the day and join the nation in celebrating the achievements of women in the UAE. To mark this occasion, H.E. ......read more

Debate about auditor scepticism must address public concerns, says ICAEW…

Debate about auditor scepticism needs to be more substantial and constructive, according to ICAEW’s latest report Scepticism: The Practitioners’ Take. The report captures fresh insights from auditors, and those who train and regulate them. It highlights what auditors are doing and recognises that they have lessons to learn, but also says that it is unhelpful to use ‘lack of ......read more

WCU: Commodities await the greenback's fate…

Dubai, UAE, August 26, 2018:  Most major commodities were headed for weekly gains as the short-term focus on growth and demand risks related to emerging markets faded. This was helped by the dollar, which was heading for a second weekly loss. Overall, commodities have had a very bumpy ride this month that at one stage saw the Bloomberg Commodity Index hit a one-year low before ......read more

NetApp Reports First Quarter Fiscal Year 2019 Results…

August 23, 2018—NetApp (NASDAQ: NTAP) reported financial results for the first quarter of fiscal year 2019, which ended July 27, 2018. “We delivered a very strong first quarter with revenue, gross margin, operating margin, and earnings per share all above our guidance. In Q1, we introduced substantial innovation across our portfolio, expanding our industry-leading cloud data ......read more

LIC International expands into the UAE to tap into local insurance and investments from 2.5 million ...…

IBMC to promote life insurance, reinsurance and Takaful products to support NRIs and corporations in the UAE Abu Dhabi, August 25, 2018:  India’s state-run Life Insurance Corporation (LIC) is expanding in the region with key partnerships and tie-ups as it targets to tap the growing Non-Resident Indian (NRI) market for insurance coverage and investments. The India-based ......read more

Hong Kong Trade Fairs from September to November…

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 ......read more

WIBC announces landmark 25th edition in strategic partnership with the Central Bank of Bahrain…

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, ......read more

WCU: Commodities struggle to navigate sanctions and tariffs…

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 ......read more

Emircom reaps new awards during Cisco Regional Partner Summit…

Abu Dhabi, August 11, 2018: Emircom, one of the UAE’s leading systems integrators, bagged new awards during the Cisco Regional Partner Summit held recently at The Ritz Carlton in Dubai. Being recognized as the ‘Service Provider Partner of the Year,’ ‘Commercial Partner of the Year,’ ‘Highest Adoption at a Customer for Collaboration EA,’ in UAE and ......read more

MEFMA reaffirms commitment to promote entrepreneurship & innovation across local thriving FM ...…

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 ......read more

Promoth Manghat wins first ever NRI Professional of the Year Award instituted by Dhanam…

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 ......read more

Barclays: Global Economy likely to continue rewarding Stock Tilted Investment Portfolios…

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 ......read more

Arab Bank Group reports profits of $436 million for first half of 2018…

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 ......read more

On the right side of the tracks…

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 ......read more

Thomson Reuters Financial & Risk Business Announces New Company Name: Refinitiv…

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 ......read more

Minhaj Advisory welcomes the resolution of obligating the Islamic financial institutions to apply ...…

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 ......read more

GCC Hospitality industry set for steady growth, says Alpen Capital…

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 ......read more

Emirates Glass organises glass testing training for Dubai Municipality's Dubai Central Laboratory…

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 ......read more

Preliminary results for second quarter exceed expectations – outlook raised for full year 2018…

Sales up by 7 percent to €3.9 billion Adjusted EBITDA rises 16 percent to €742 million Outlook raised for FY 2018: adjusted EBITDA between €2.60 and €2.65 billion expected Dubai, UAE, July 25, 2018:  Germany. Evonik has increased adjusted EBITDA to €742 million in the second quarter of 2018 (prior-year: €640 million). All three chemical segments ......read more

Trade Bank of Iraq reveals its latest international expansion plans as it celebrates an incredible ...…

TBI to open its branch office in Riyadh at the end of the year String of expansion plans in the region, including Turkey The bank recently celebrated 15 years of operation Abu Dhabi, July 24, 2018: Trade Bank of Iraq (TBI) has revealed plans to open its first branch in the Kingdom of Saudi Arabia after receiving approvals from the Saudi Arabian Council of Ministers. Continuing its ......read more

Leading UAE businesswoman awarded doctorate by Queen's University Belfast…

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

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

Dubai, UAE, July 23, 2018:   The Board of Directors of the Central Bank of the UAE held its 6th meeting for 2018 at 9:00am on Sunday, 22nd July 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalid Juma Al Majid, Deputy Chairman of the Board. The meeting was attended by H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their ......read more

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

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

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