• A female-focused career mentorship accelerator programme to empower women in financial services
• 14 young women starting their careers within financial services selected for the programme
• Mentees are given access to over 20 workshops provided by DIFC FinTech Hive’s network of partners
Dubai, UAE, 26 September 2020: DIFC FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, revealed the 2020 launch of AccelerateHer, a female-focused career mentorship accelerator programme to empower women in financial services.
The programme equips young, aspiring female executives with tools and experience to broaden their knowledge and reach in the industry. It allows them to play a more active role in ......read more
The two entities intend to facilitate mutually advantageous economic cooperation between businesses in the UAE and Israel
Dubai, United Arab Emirates, 26 of September 2020: Jebel Ali Free Zone (Jafza), DP World’s flagship Free Zone and the leading business and logistics hub in the UAE, has entered into a strategic agreement with The Federation of Israeli Chambers of Commerce (FICC), in a concentrated effort to support businesses and encourage economic cooperation. Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Uriel Lynn, President, FICC signed the agreement virtually.
The MoU follows the normalisation of relations between UAE and Israel. As part of the MOU, both sides will deploy all efforts to boost the expansion of contacts and foster new ties between partners of the ......read more
United Arab Emirates, September 24, 2020: IBM today unveiled its annual “5 in 5” predictions about five significant changes driven by innovation in science and technology that will take place in the next five years. This year’s 5 in 5 focuses on five core areas of research that the company will tackle to enable a more sustainable future, coinciding with the first ever virtual UN General Assembly.
From a global pandemic to global warming, 2020 has illuminated the essential role of science — as well as clear actions based on that science — to combat some of the greatest challenges of our time. The need to rethink how the world creates, consumes and disposes of materials has never been more clear, from storing energy more efficiently, to removing CO2 from the atmosphere to ......read more
Experts from six WPP companies across the United Arab Emirates and the Kingdom of Saudi Arabia share insights in the report.
September 23, 2020: Kantar announces the inaugural launch of the BrandZ™ Top 30 Most Valuable Emirati and Saudi Brands on 6 October 2020 at a virtual event. The ranking identifies the United Arab Emirates and Saudi Arabia’s Top 30 most valuable brands, based on interviews with+12,000 consumers across the two countries about their opinions on over 300 brands across 19 categories. BrandZ™ then calculates the dollar value of the intangible brand, enabling businesses to assess how much ‘brand’ drives revenue, growth and market capitalisation.
BrandZ™ is the world’s largest and most definitive brand equity study that combines financial and market ......read more
United Arab Emirates, September 23, 2020
• Investors remain key gold price drivers; epicentre has shifted from futures to physically backed ETFs.
• Retail investors are critical. Given extremely high inflows, there were some dislocations earlier this year.
• EFPs also spiked, but quotes have subsided. Return of the popular short EFP trade.
Investors remain the gold price drivers
The recent gold price rally has been driven by investors, who have steadily increased their exposure to the yellow metal, a dynamic that is, as such, not unusual. Digging a bit deeper, positioning through futures was historically the marginal price ......read more
United Arab Emirates, September 23, 2020
• The challenge facing OPEC+ is that winter gasoline is too easy to make and distillate inventories are completely dislocated
• A big second Covid-19 wave was always going to rank first as a downside risk to oil, but a warm winter now ranks second
• With some OPEC help, crude should stay range-bound & we still see Brent near $47/bbl in 4Q20. But keep an eye on the weather
OPEC+ wants members to fight shoulder to shoulder…
As it is often the case every year during the shoulder season, the period that separates summer from winter, crude oil prices pulled back in the past few weeks. ......read more
• Agreement includes exclusive hotel room packages and special offers
• Pact will drive up Africa and Middle East visitor numbers for Expo 2020 Dubai
• Agreement is a windfall for Dubai economy as the emirate successfully reopens
Dubai, UAE, September 22, 2020: AS World Group (DIFC) has signed a corporate contract with Emaar Hospitality Group - the hospitality and leisure division of Emaar Properties - to promote exclusive room packages and special offers at 18 hotels in Dubai to visitors attending Expo 2020 Dubai, from Africa and the Middle East.
The collaboration is a major boost for Dubai’s hospitality sector as the emirate successfully reopens to the world following the pandemic.
In the period leading up to Expo 2020 Dubai, as well as for the entire duration ......read more
• A collaboration between Dubai Cares and Expo 2020 Dubai, in close coordination with UAE MoFAIC and global stakeholders, RewirEd is set to reinvent institutions and paradigms of education
• To be delivered through three key initiatives, RewirEd Talks, RewirEdX and RewirEd Summit
• RewirEd Talks is the first initiative to kick off through a high-level session during UNGA
United Arab Emirates, Dubai; September 22, 2020: As the world finds itself face to face with a global health crisis that has revealed vulnerabilities in all sectors, most notably education; and with the realization that despite huge advances in all aspects of human society; educational models around the world have largely remained the same since the 1st industrial revolution; a new platform with the vision to rewire education for a ......read more
Robert Hazboun, Managing Director of ICS Financial Systems explains what AI offers and what banks need to consider
Managing Editor, IBS Intelligence
ICS Financial Systems (ICSFS), is a leading provider of modular, core banking systems. Robin Amlôt discusses how banks should come to grips with artificial intelligence (AI) with the company’s
Managing Director, Robert Hazboun.
What are the key factors that need to be considered by a bank looking to implement AI?
With no room of doubt, AI is a game-changer and it will revamp the way we used to do banking, especially in the midst of mandated lockdowns due to the Coronavirus pandemic.
Three key elements banks need to consider when implementing AI in front, middle and ......read more
Global Total Revenue H1 2020 reached US$ 1.836 Billion
Net Profits for Shareholders US$ 72 Million
Dubai, UAE – September 20, 2020: Trina Solar Co., Ltd., a leading global PV and smart energy total solution provider, has announced the publishing of its half-year financial reports for 2020. The company is reporting a 245.81% Year-on-Year Growth in net profits in 2020 compared with the same period in 2019.
The company’s performance shows a sharp increase in sales of PV products and PV systems, which the company attributes to its years of operational experience and effective risk control mechanisms. Total revenue for the first six months of 2020 reached US$ 1.836 billion (RMB 12.55 billion), a year-on-year increase of 16.56%, while net profits—belonging to shareholders of the listed ......read more
United Arab Emirates, September 20, 2020: As a participant of the Global Aerospace Summit, scheduled to take place on September 28-29 2020 in Abu Dhabi, IFS, the global enterprise applications company, will highlight its core industry solutions tailored to the unique needs of aviation maintenance, repair overhaul (MRO), fleet management, A&D manufacturing, enterprise asset management (EAM) and enterprise resource planning (ERP). Scott Camarotti, Senior Vice President, Aerospace and Defense Sales at IFS will also be a part of a critical panel discussion that will highlight the current state of MRO within the sector and how the industry can be more responsive in the existing circumstances.
On the commercial aviation side, with COVID at the front and center, many orgaizations are looking for technology ......read more
September 20th 2020, Dubai, UAE: Heriot-Watt University has announced that His Excellency Dr. Abdullah Belhaif Al Nuaimi, UAE Minister of Climate Change and Environment, will take on the position as Chair of the Board for the University’s visionary research hub, the Centre of Excellence in Smart Construction (CESC).
The appointment cements the strong links already in place between Heriot-Watt University Dubai and the UAE government, and shows continued commitment to encouraging academia, industry and government to collaborate in order to drive forward initiatives for a smarter, safer and more sustainable construction industry in the country.
Through partnerships and producing world-class research, CESC will continue to support and assist the UAE Vision 2021, which is targeting a sustainable environment and ......read more
IPS represents the largest regional digital real estate event in conjunction with Invest in Dubai Real Estate on 11 – 20 of November 2020
Dubai, 20 September 2020: Dubai Land Department (DLD) is launching the first digital edition of International Property Show (IPS), the Middle East’s biggest property sales platform for local and international real estate markets, on 11 – 20 November, in partnership with Invest in Dubai Real Estate.
In light of the current conditions that the world is witnessing as a result of the outbreak of COVID-19, IPS has succeeded in building a secure and interactive virtual platform, which helps display investment opportunities and facilitate real estate transactions in the local and international real estate markets. IPS’s organisers ......read more
Representatives of various entities interested in the Islamic economy attended the webinar along with international investors
Dubai, United Arab Emirates, September 16, 2020: The Dubai Airport Freezone Authority (DAFZA) hosted a webinar to highlight the growth opportunities in the Islamic economy. The webinar took place after the launch of the second edition of the Halal Guidebook entitled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide’. The Guidebook unveils key trends that will have a lasting impact on the regional economy and provides an analysis of the global and national Islamic economy. Representatives of various entities interested in the Islamic economy attended the webinar, as well as local and international companies looking to invest in the sector, ......read more
New future-proof hybrid solution integrates cellular, self-healing broadband mesh technologies and partner sub-GHz technologies to enable a growing number of industrial applications.
Hitachi ABB Power Grids’ new wireless strategy future proofs mission-critical operations in industrial and utility environments
United Arab Emirates, September 16, 2020: Hitachi ABB Power Grids has introduced its new wireless communication solution with the launch of the next generation Tropos TRO600 portfolio. The business entity will introduce a hybrid wireless architecture, seamlessly integrating 2G, 3G and 4G LTE communication technologies, self-healing broadband mesh and select sub-GHz technologies from its eco-system partners into a single device.
The new TRO600 series builds on the Tropos foundation of high ......read more
The Rotating Top
United Arab Emirates, September 16, 2020:
• Rotating Top: investors "rotating" not "chasing" stocks following epic 51% rally from March lows
• The vaccine's the thing: 41% say C-19 vaccine most likely trigger for higher bond yields, investors say Q1'21 likely timing
• FMS contrarian trades: UK, energy, banks longs (on 10Y >1%); US tech, healthcare, discretionary shorts (on vaccine)
BofA September Global Fund Manager Survey
Bottom line: FMS shows investors "rotating" not "chasing" stocks following epic 51% rally from March lows; BofA Bull & ......read more
Report identifies space industry as one of the UAE’s most promising sectors and a key pillar of economic growth for the next 50 years.
United Arab Emirates, September 16, 2020: Space industry could become one of the UAE’s most promising sectors and a key pillar of economic growth over the next 50 years, according to a new whitepaper released by Dubai Chamber of Commerce and Industry.
The report, titled Space Economy Investment Opportunities for the UAE, identifies 10 areas of the space economy that offer the most investment potential for the UAE, namely space mining, space stations, space settlements, space law, sustainability in space and recycling, space tourism, space companies, and space academies that include preparing astronauts for commercial flights, space industries, and ......read more
By: Said Zantout, Head of Solution Area OSS, Core and Cloud at Ericsson Middle East and Africa
United Arab Emirates, September 15, 2020: eSIM has become a hot topic among device manufacturers and its increasing role in the industry is clear – as device manufacturers benefit from lower costs and more space on the processing board . Moreover, eSIM helps service providers to generate new revenue streams, and a future of billions of IoT connected devices
During 2019, two major smartphone manufacturers announced several of their models were now equipped with eSIM functionality. In 2020, many more are following suit. By 2025, GSMA estimates that more than 2 billion eSIM devices will be shipped. This is a strong incentive for the industry to go for eSIM.
But what about consumers like me and you? What can ......read more
15 September 2020
• The collapse in North American oil supply tightened differentials and WTI-Brent, and supply is unlikely to recover quickly
• As demand normalizes, WTI-Brent, inland-coastal, & Mid-Cush spreads should stay tight, but WCS-WTI and Bakken-WTI face risks
• Stalled or regressing demand, weak OPEC+ compliance, US elections, and the ongoing hurricane season present risk to our views
The recent oil selloff puts North American supply at risk…
The oil price collapse in March and April has completely altered the outlook for North American supply (see Pressing reset on ......read more
Yousuf Mohamed Al-Jaida, Chief Executive Officer, Qatar Financial Centre Authority along with a Number of Ministers and a Group of Senior Regional Business Leaders Pave the Way for the Region’s Future
September 14, 2020:
• A group of senior decision-makers from the Middle East and North Africa, including leaders from government, business and civil society, signed the Principles of Stakeholder Capitalism for the Middle East and North Africa, which are designed to inform an inclusive, sustainable and resilient recovery for the region.
• All signatories are members of the World Economic Forum’s Regional Action Group for the Middle East and North Africa. The Forum created this group in response to the COVID-19 pandemic, designing it as a platform for public-private cooperation to ......read more
• Managed and operated by VFS Global, the centres deliver newly issued passports to Portuguese citizens from 16 August 2020
• Centres to operate from Sunday to Thursday from 09:00 AM to 05:00 PM
United Arab Emirates, September 14, 2020: Citizens of Portugal living in the United Arab Emirates (UAE) can now collect their newly issued passports at the Portugal Passport Collection Centres jointly launched by the Embassy of Portugal in the UAE and VFS Global, the world's largest visa and consular service provider for governments and diplomatic missions.
Officially launched on 16 August 2020, VFS Global’s Portugal Passport Collection Centres in Abu Dhabi and Dubai will ensure the safe and secure delivery of newly issued passports to customers, while the Embassy of ......read more
The founder and executive chairman of Online Integrated Solutions, is one of three leading African business luminaries to receive the prestigious recognition
Dubai, September 14, 2020: In a virtual ceremony held on September 11th 2020, Mr. Mahmood Ahmadu – founder of Africa’s leading multi-business IT conglomerate - was one of three celebrated business leaders to be presented the Forbes Best of Africa Award for 2020. Mr. Ahmadu received the Award in recognition of the several philanthropic activities he has led and contributed to – in a personal capacity as well as through corporate social responsibility initiatives. The ceremony was part of an online roundtable supported by the World Philanthropy Network, and will feature a keynote address by former Nigerian President, His Excellency Olusegun ......read more
COVID-19 has transformed consumer behaviour, forcing retailers to digitise businesses to benefit from new retail opportunities, say officials at a RetailME Omnichannel Virtual Roundtable
Date: Dubai, UAE; September 13, 2020
1. Global retail transaction value to grow from US$23.36 trillion in 2020 to US$25.04trillion in 2021, according to Statista.com, a global market intelligence provider;
2. The e-commerce market size is expected to reach US$19.7 billion (Dh72.29 billion) in2020 in the GCC.
3. Saudi Arabia is the largest market with US$8.3 billion (Dh30.46 billion) followed by the UAE with US$7.5 billion (Dh27 billion).
4. The GCC retail sector is projected to grow at a CAGR of 4.0 per cent from US$253.2 billion (Dh929.24 billion) in 2018 to US$308 billion (Dh1.13 trillion) in ......read more
EMEA Equity Research Daily Highlights
BofA Global Research Media Relations
United Arab Emirates, September 13, 2020: Refer to important disclosures at the end of these reports (see links below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a BofA Global Research report. All other copying, redistribution, retransmission, republication and any other unauthorized dissemination or use of the contents of the report or the link thereto are prohibited. If you are interested in interviewing an analyst, your request must be directed to Research Communications & Media Relations.
EMEA Equity Research Daily Highlights
Anglo American: Diamonds (finally) inflect; Reiterate BUY
Vodafone Group: ......read more
SWPC and the consortium composed by Marafiq, Veolia, and Amwal AlKhaleejiah have successfully achieved the financial closing of the US$ 280M ISTP (Independent Sewage Treatment Plant) project for Jeddah.
September 13, 2020: Marafiq (Power and Water Utility Company for Jubail and Yanbu) is the lead developer in Jeddah Airport 2 ISTP (Independent Sewage Treatment Plant) and has a wealth of experience as an integrated utility service provider to major industrial cities in Saudi Arabia.
The Jeddah Airport 2 ISTP was awarded under the Build, Own, Operate and Transfer (BOOT) concession model, and will be developed under a 25-year Public-Private Partnership (PPP) model. Marafiq has partnered with Veolia, an Amwal AlKhaleejiah, who will support the development, financing, engineering, procurement, construction, ......read more
United Arab Emirates, September 13, 2020: The Bloomberg Commodity Index, which tracks a basket of major commodities spread evenly across energy, metals and agriculture, traded lower for a second week. Risk appetite, as seen through the behavior among U.S. megacap stocks, has received a setback following the flurry of activity during July and August. This development, combined with a ......read more
September 10, 2020: Ogilvy has become the first agency brand to reach an impressive social media milestone: one million followers on LinkedIn.
LinkedIn has become the social destination for business, employment, and company culture content. Ogilvy’s global social and thought leadership strategy is a natural fit with LinkedIn. The one million follower landmark is the ......read more
MEBAA Chairman Ali Alnaqbi confident in future growth and development of business aviation globally and in MENA
DUBAI, United Arab Emirates – 09 September 2020: The impact of the COVID-19 pandemic and the rise for the need of physical distancing will lead to an increase in private flying and growth in business aviation – that is according to ......read more
Halal investment will have a lasting impact on regional economy
Dubai, United Arab Emirates – September 09, 2020: The Halal economy is estimated to be worth $3.2 trillion by 2024, according to the newly launched second edition of the Halal Guidebook titled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide.’ The Guidebook unveils key ......read more
08 September 2020 Dubai, UAE: Eaton and EMAS - Egyptian Manufacturing and Advanced Systems Co., part of El-Sewedy Industries group, are announcing a long-term partnership in Egypt, that aims to increase Eaton’s electrical product portfolio’s presence across the country, of Low Voltage and Medium Voltage Switchgear systems.
This partnership represents a strong commitment ......read more
● In July, real estate sales transactions grew by 3.7% month-on-month and averaged around 600 properties sold in Dubai every seven days.
● The secondary market in July 2020 had higher volumes of sales transactions than off-plan transactions, a trend recorded since the end of Q2 2020
Dubai, UAE, 7 September 2020: Dubai Land Department ......read more
New alliance combines Monimove’s innovative platform with Protiviti’s technology and risk management expertise
Dubai, September 7, 2020: Protiviti Member Firm for the Middle East Region, a global consulting firm and Monimove, an award winning fintech solution provider, today announced a strategic alliance to empower the trade ecosystem with a fully digitized blockchain ......read more
United Arab Emirates, September 07, 2020: The COVID-19 (C-19) pandemic and collapsing oil prices have had an unprecedented and compounding effect on the GCC Construction industry in the Middle East and globally. As stakeholders grapple with the ‘new normal’ that COVID-19 has presented, they also face an opportunity to rethink the way they used to work and discover new ......read more
• Vincenzo Ventricelli, former Health Systems Sales Leader and Head of Marketing, Philips Middle East and Turkey (MET), is appointed as Philips MET CEO
• Ventricelli to continue driving the company’s strategic objectives and growth across the region
United Arab Emirates, September 06, 2020: Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in ......read more
United Arab Emirates, September 06, 2020:
Mine supply down, refined supply up
Copper prices have risen remarkably in recent weeks and they are now up 20% YoY and 9.1% YTD. This was driven by a confluence of factors. The rally was initially triggered by a sharp rebound of demand in China, where changes in consumption have flipped from a contraction of 37% YoY in ......read more
United Arab Emirates, September 03, 2020: Grant proposals are now being accepted for the 2021 Bank of America Art Conservation Project. Nonprofit cultural institutions with artwork requiring much-needed conservation are welcome and encouraged to apply at www.bankofamerica.com/artconservation. All proposals must be submitted before Monday, November 30 to be eligible for funding in ......read more
Feed on vol’s fear of rising markets
• A sign of how stressed markets are despite pushing new highs, volatility is aggressively rising with equities
• Harvest this fear to play for a potential post-election vol collapse, a continuation of the ......read more
United Arab Emirates, September 03, 2020: H.E Abdul Aziz Al Ghurair signed the donor contribution agreement with the Islamic Development Bank (IsDB) and UNICEF as the lead donor for the Global Muslim Philanthropy Fund for Children (GMPFC).
This contribution marks the first significant commitment from a philanthropist to the Fund. The $10million contribution by H.E. Abdul Aziz ......read more
United Arab Emirates, September 02, 2020: Sharaf Exchange, one of the leading remittances and financial solutions providers in the UAE and a part of Sharaf Group, opened two new branches in Al Qouz industrial zone further enhancing its branch network across key locations in the UAE.
The newly opened branches are located proximate to First Security Group workers ......read more
United Arab Emirates, September 02, 2020: Woolworths, Australia's national brand, has been supplying it's range of grocery products on an exclusive basis to Al Maya for more than a year now. During this time, Woolworths has supplied Al Maya with around 200 individual SKUs across all grocery categories - including breakfast foods, snack foods, cooking needs, condiments and ......read more
2 September 2020 - Mai Dubai, the bottled water company fully owned by the Dubai Electricity and Water Authority (DEWA), announced that it has partnered with five of the leading teams of the T20 League. The 13th edition of the world’s most coveted T20 League is set to kick off on September 19 in the UAE.
Mai Dubai will be taking care of the hydration requirements of the defending ......read more
Dubai, 2nd September 2020: Recognizing that the SME sector represents 40% of the total GDP in the UAE, Creative Zone and the Dubai Business Women Council have entered into a partnership agreement with the aim of empowering 100 women entrepreneurs to launch their business successfully.
The ten-week program will train, support and nurture 100 of the UAE's brightest women ......read more
DP World, UAE Region’s flagship free zone, will handle licensing, registration and visas for companies in Gold & Diamond Park
Dubai, United Arab Emirates, 2nd of September 2020: The region's most experienced and successful free zone operator, Jebel Ali Free Zone (JAFZA) has agreed to extend its expertise in licensing, visas and other related activities to Gold ......read more
United Arab Emirates, September 01, 2020: The Islamic Development Bank (IsDB) has adopted Refinitiv money market data solutions as well as Money Market Auctions and Foreign Exchange (FX) electronic trading platforms to power its electronic transaction and manage currency exposure across the bank’s operations in 57 countries.
The recent FX market volatility caused ......read more
United Arab Emirates, August 31, 2020: H.E Abdul Aziz Al Ghurair signed the donor contribution agreement with the Islamic Development Bank (IsDB) and UNICEF as the lead donor for the Global Muslim Philanthropy Fund for Children (GMPFC).
This contribution marks the first significant commitment from a philanthropist to the Fund. The $10million contribute by H.E. Abdul Aziz Al ......read more
With this implementation, Delma Exchange builds a robust, scalable and manageable IT Infrastructure and IT governance in place
Dubai, United Arab Emirates, August 31, 2020: BIOS Middle East, a leading provider of cloud and managed IT services for enterprises, announced that Delma Exchange, a UAE based global currency exchange, has successfully completed its large-scale cloud migration ......read more
• The Authority of Social Contribution – Ma’an has announced it has extended the application deadline for the third cycle of its Social Incubator to September 12 and reminds social entrepreneurs in the UAE and across the MENA region to register
• The third cohort aims to help solve the pressing social challenge of family cohesion
Abu Dhabi, 30 August: The ......read more
UAE based ACME celebrates 45 years of supporting the logistics and supply chain industry in the Middle East
Dubai, UAE: August 30, 2020: The region’s largest full spectrum factory and warehouse automation solution provider, ACME Intralog, reports increase in demand for their solutions as the ‘new normal’ signifies radical change in the way businesses look at their ......read more
By Ole Hansen, Head of Commodity Strategy, Saxo Bank
August turned out to be the strongest month for the broadly-exposed Bloomberg Commodity Index, since April 2016. Four consecutive months of gains have seen the index claw back most of the pandemic-driven collapse back in February and March. An unprecedented amount of central bank stimulus, rock-bottom U.S. and global interest rates, recent ......read more
EMIRATES CLASSIC HAS STARTED ITS OPERATIONS FOR PUBLIC IN AL TWAR CENTER, AL QUSAIS FOLLOWING THE CONCEPT OF NAVIGATING COV-EXIT. THE CONCEPT OF COV-EXIT IS LAUNCHED BY HIS HIGHNESS SHEIKH MUHAMMAD BIN RASHID AL MAKTOUM, VICE PRESIDENT OF UAE AND THE RULER OF DUBAI TO RE-SHAPE THE ECONOMY AND STABILISE THE DAMAGE CAUSED BY THE PANDEMIC.
United Arab Emirates, August 28, 2020: In the ......read more