SCFHS accreditation now applies to all residency postgraduate training programs offered by MBRU
March 20, 2023: Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU) has been granted full institutional accreditation by the Saudi Commission for Health Specialties (SCFHS) for four more years.
The renewed SCFHS accreditation now extends to all postgraduate residency and fellowship programs provided by the Deanship of Postgraduate Medical Education at MBRU. The training for the accredited programs will take place at Dubai Academic Health Corporation (DAHC) healthcare facilities, including Rashid Hospital, Dubai Hospital, Latifa Women & Children’s Hospital, Al Jalila Children’s Specialty Hospital, Hatta Hospital, Dubai Dental Hospital, and other primary care and specialized health centers. ......read more
The product line-up was revealed during the flagship LG Showcase MEA 2023 event
DUBAI, March 20, 2023 – LG recently welcomed its executives, guests and partners for the opening of the LG Showcase MEA 2023. The grand event acted as a platform for LG to showcase its latest innovations and solutions, while also providing visitors with the chance for a hands-on experience with each product.
During the course of the event, held in Habtoor City Dubai, over 400 guests got an exclusive look at the latest technological innovations that will be making its way into the MEA region. The showcase event also featured a dedicated area to exhibit their latest products and solutions that highlight the brand’s approach of creating customer-centered innovations for a better life.
A key focus area during the exhibition ......read more
Dubai, March 16, 2023: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, concluded its Annual General Assembly (AGM) with the approval of the bank’s 2022 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the bank's Board and management's strategic agenda for the coming years.
The strong financial results reported this year are a further testament to DIB’s role as a leader in the development of Islamic Finance in a year of exceptional global uncertainty. Supported by a solid growth in the total income, the bank’s net profit reached the highest ever in the bank’s history with a 26% surge in 2022, and a balance sheet of AED 288 billion, culminating in a five-year CAGR of 7%. This ......read more
- Saudi’s SMEs authority Monsha’at and Zoho to accelerate digital transformation and e-commerce adoption in the SMEs sector
- Under this agreement, the SMEs enrolled in Monsha'at’s Mazaya Programme can gain access to Zoho's 55+ cloud-based business solutions with a wallet credit worth USD 2500.
- Monsha’at will facilitate online and offline digital training of Zoho’s products through the Monsha’at Academy and Thakaa Center.
Dubai – March 16, 2023 - In line with the national digitalisation agenda under the Saudi Vision 2030, the Small and Medium Enterprises General Authority (Monsha’at) and Zoho Corp., a leading global technology company, announced the signing of a Memorandum of Understanding (MoU) that aims at supporting 30,000 small and medium enterprises ......read more
Following the recent appointment of Ahmed Abdulwahed and Modern Electronics as partners, Panasonic steps up further to optimally serve the growing market in the Kingdom as it also forms alliances with Modern Enterprises Expert Trading, Saudi Emirates Fraternity and Al Babtain Trading
Riyadh, Kingdom of Saudi Arabia: Panasonic Marketing Middle East & Africa (PMMAF) announced today that it is expanding its distribution line-up in Saudi Arabia as it looks to revive its footprint in the Kingdom and establish the right level of resources to meet the growing demand for its industry-leading products and solutions.
Just recently, Panasonic also revealed that it has formed business alliance with Ahmed Abdulwahed Trading Co (AAW) as its new distributor for small domestic appliances in Saudi Arabia, and Modern ......read more
NBF will participate in FUJCON 2023 in Fujairah, including key session on first day
Dubai – 15 March 2023 — National Bank of Fujairah (NBF) announces its participation in this year’s Fujairah Bunkering & Fuel Oil Forum (FUJCON 2023), which runs from 13th – 15th March. The event will be a chance for stakeholders in the downstream oil and marine industries to explore the theme of ‘the Maritime Energy Transition and Future Fuels’, with NBF’s participation reflecting its longstanding experience and deep expertise in both sectors.
Organised by global industry analysts S&P Global, the thirteenth edition of the forum will be held under the patronage of His Highness Sheikh Hamad bin Mohammed Al Sharqi, member of the UAE Supreme Council and Ruler of Fujairah.
Speaking on the ......read more
Kicks off on March 22
Sharjah, 14 March 2023: The Sharjah Chamber of Commerce and Industry (SCCI) called on all shopping centres, shops and central markets to register for the 33rd Sharjah Ramadan Festival (SRF) 2023, which runs from March 22 until April 25 in various cities and regions of the Emirate of Sharjah.
The event's Organising Committee revealed that the SRF succeeded, over three decades, to establish itself in a leading position among similar events, being a key annual promotional and marketing event dedicated to celebrate the holy month of Ramadan and Eid Al Fitr. The OC called upon all businesses in the emirate to seize the great opportunities of the festival's advantages and facilities.
Ibrahim Rashid Al Jarwan, Director of the SCCI's Economic Relations Department and the festival's general ......read more
London, UK – March 13, 2023 – One of the leading identity verification service providers across the globe, Shufti Pro, has a talented team working in Dubai, led by Ahmad Jamal (the Head of MENA Sales), that has been helping companies prevent fraudulent attacks and meet KYC & AML regulations.
Shufti Pro has opened six international offices in the USA, UK, Sweden, Hong Kong and Cyprus in just a short span of five years. Any local company or representative can visit the Dubai office at this location. Shufti Pro aims to expand more and help new & existing businesses by helping them strengthen their identity verification processes & making them avoid compliance failures.
Shufti Pro’s team working in Dubai has the potential to set benchmarks by helping a plethora of firms enhance their ......read more
New eXtended Detection and Response Solution is 450X more efficient than typical SOCs at converting telemetry and logs into actionable alerts
Dubai, United Arab Emirates – Forescout Technologies Inc., the global leader in automated cybersecurity, today unveiled Forescout XDR, to help enterprises better detect, investigate, and respond to the broadest range of advanced threats, across the extended enterprise.
A typical SOC is flooded with 450 alerts per hour1, and analysts waste precious time trying to correlate low fidelity alerts and chasing false positives, often at the expense of focusing on legitimate attacks. Until now, a security operations center’s (SOC) field of view for threat detection and response has excluded critical devices that are increasingly common points of attack, including operational ......read more
• Cicero & Bernay Communication Consultancy and 3Gem Research & Insights launch the third edition of the annual regional corporate social responsibility survey report.
• Members from other countries nominated the UAE as the most active in CSR.
Dubai, UAE, 9 March 2023: Cicero & Bernay Communication Consultancy (C&B), a leading MENA agency headquartered in Dubai, in partnership with 3Gem Research and Insights, a global research partner, is proud to announce the third edition of its annual MENA CSR Report 2022. In recent years, countries in the Middle East have started to take significant steps towards fostering a culture of social responsibility, with the UAE and KSA leading the way in promoting sustainable and socially responsible practices. The 2022 report also highlights a positive change ......read more
Dubai – March 08, 2023: Corcom Media Ventures, a Dubai-based global sports and entertainment management company has recently signed major deals with top cricketing boards / associations around the world which includes the Board of Control for Cricket in India (BCCI) and the Africa Cricket Association (ACA). These deals are poised to have immense significance in the growth and development of the Cricket in the entire continent of Africa and globally, as well as the increase in tourism in the Middle East/ Saudi Arabia.
Corcom Media Ventures has signed a 10-year multi-million-dollar deal with the ACA to organize, host, produce, distribute, and monetize upcoming cricket tournaments in Africa. The partnership starting in 2023 includes popular tournaments like the Mens Africa Cup T20, Women’s Africa Cup T20 and African ......read more
• Mohammed Ahli: Innovation is our top priority in this digital era; committed to innovation to improve our services to match the global standards
• Employees encouraged to suggest innovative ideas to win valuable prizes
March 08, 2023, Dubai, United Arab Emirates: A new innovation programme has been launched by Dubai Air Navigation Services (dans) that provides air navigation services and air traffic control for four airports of Dubai and the Northern Emirates. This programme is part of a larger dans Corporate Innovation programme.
The Air Navigation Service Provider is looking for involvement from its staff to submit their creative thoughts and recommendations to enable dans to flourish as a premier Air Navigation Service Provider. The employees are being encouraged to join in the ......read more
Board proposes dividend of AED 0.40 per share for H2 2022, representing a total dividend of AED 0.80 per share for FY 2022
Abu Dhabi, UAE 6 March 2023: e& today announced its consolidated financial results for fiscal year 2022 reporting an impressive growth in consolidated net profit by a record 7.4 per cent to AED 10.0 billion.
Consolidated revenues reached to AED 52.4 billion, a growth of 4.7 per cent year-over-year, at constant exchange rates, underpinned by the Group’s successful business transformation, expanding to new business verticals and diversifying the revenue streams.
Consolidated EBITDA increased by 3.7 per cent year-over-year at constant exchange rate, to AED 26.2 billion, leading to an EBITDA margin of 50 per cent, highlighting the strong profitability of e&’s ......read more
• Invictus Investment’s board recommends AED 175 million in dividends
• Total Revenue reaches AED5.98 billion in 2022 compared to AED2.95 billion in 2021, growth of 103%
• Net Profit rises to AED454 million in 2022 from AED282 million in 2021, growth of 61%
• Total Equity increases to AED 1Bn in comparison to AED 250Mn a year earlier
Dubai, UAE, 06 March 2023 – Invictus Investment Company Plc (ADX: INVICTUS), today announced financial results for the year ended December 31, 2022. For the full year, the company results were much stronger than Company’s internal budgets for the year, achieved at the back of healthy organic revenue growth and continued strong operating margins.
Amir Daowd Abdellatif, CEO said: “Since becoming a publicly traded company via ......read more
High-profile experts in economics, business, finance and law gave insights to NBF’s customers to help them better navigate the UAE business landscape
Dubai – 6 March 2023 — The National Bank of Fujairah (NBF) hosted the latest in its long-running series of knowledge-sharing events, organised in partnership with Refinitiv. The event, which was attended by more than 150 participants, explored the opportunities and implications for businesses ahead of significant reforms to the country’s tax regime this year, with the expected introduction of corporate income tax.
Commenting on the event, Vince Cook, CEO of NBF, said: “The UAE’s diversified, open economy is well-positioned to sustain growth, thanks to its robust public and private sectors. The introduction of a federal corporate tax regime ......read more
The objective of the partnership is to assist in achieving mutual objectives, such as advancing the interests of the community of shipping agents
Dubai, United Arab Emirates – 5th March 2023: Seatrade Maritime and the Dubai Shipping Agents Association (DSAA) have signed a Memorandum of Understanding (MoU), aimed at supporting and promoting shared objectives. The main goal of the MoU is to advance the growth and development of the shipping industry in the region, by promoting the interests of the shipping agents’ community in Dubai, raising standards in the sector, fostering stronger relationships, increasing cooperation between key stakeholders, and promoting the systematic and orderly training of professionally-qualified personnel.
As part of the agreement, Seatrade Maritime will provide the DSAA with the status ......read more
Al Shehhi played a significant role in promoting Emiratisation initiatives at the bank, empowering UAE talents with the necessary tools and expertise to excel in the financial services sector
Abu Dhabi, 03 March 2023: Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced today the appointment of Bushra Al-Shehhi as the new Chief Human Resources Officer. Bushra will now oversee the management of human resources affairs, operations, and related strategies for the entire Group, including branches and institutions outside the country that support the bank's business plan and strategic directions for the next phase of ADIB’s growth plan 2025.
Commenting on the appointment, Nasser Al Awadhi, Group CEO of ADIB, said: "We are pleased to appoint Bushra to this important role. Her vast experience in the ......read more
After a record-breaking year for recruitment in 2022, Thales is continuing to hire in 2023
• In 2023, Thales plans to hire more than 12,000 new employees to support its strong growth trajectory in its three core markets: Aerospace, Defence and Security, and Digital Identity and Security.
• The Group will be hiring all over the world, and expects to take on 5,500 new employees in France, 1,050 in the United Kingdom, 600 in Australia, 550 in India and 540 in the United States.
• With about 2,000 employees in the Middle East, Thales is continuing to grow in the region. In support of this, the Group plans to hire nearly 200 new employees to regional teams in 2023.
• The recruitment plans follow a series of earlier achievements:
o A record ......read more
March 02, 2023: Bertin Technologies, a French industrial group dedicated to scientific instrumentation for critical applications, signed a strategic partnership with Al Masaood Group Industrial, highly diversified business enterprise that offers a wide range of industrial solutions in the UAE. The partnership will bring together Bertin Technologies' expertise in the nuclear field with Al Masaood's know-how and extensive network in the Middle East to offer high-quality products and services to customers in the nuclear industry.
The partnership will focus on the supply of equipment and critical systems for the radiological protection measurement and control of radiation protection for nuclear power plants. Bertin Technologies offers a comprehensive range of state-of-the-art products and systems dedicated to radiation protection ......read more
Abu Dhabi, United Arab Emirates – 01 March 2023: UAE Banks Federation (UBF), the unified representative body and voice of banks in the UAE, organised a virtual workshop on combating trade-and-credit-documents-based money laundering as part of its ongoing efforts to improve frameworks and procedures necessary to develop and maintain the highest levels of compliance and risk management at member banks. Held on 28th February, the workshop was hosted under the direct supervision and guidance of the Central Bank of the UAE with an aim to enhance the effectiveness of the banking and financial system to combat economic crime.
The workshop underlined the pivotal role that banks play in combating money laundering based in trade and credit documents, which attempts to disguise illegal proceeds as legitimate commercial ......read more
• AED 1.8 billion of financing approved to support UAE-based mSMEs
• AED 4.3 billion of loans approved for Large Corporates
• EDB’s financing contributed AED 3.5 billion to non-oil GDP and 12,000+ industrial jobs
Abu Dhabi, UAE: 01 March 2023 – Emirates Development Bank (“EDB” or “the Bank”), a key financial engine for the economic development and industrial advancement of the UAE, conducted a Board meeting to review its results for the period ending 31 December 2022. The Board discussed the Bank’s milestone achievements over the course of the year, in addition to its ambitions for 2023 as the Bank continues to support and empower the UAE’s industrial development and economic competitiveness. The Board meeting was Chaired by H.E Dr Sultan ......read more
• Cicero & Bernay Communication Consultancy and 3Gem Research & Insights launch the third edition of the annual regional corporate social responsibility survey report.
• Members from other countries nominated the UAE as the most active in CSR.
Dubai, UAE, 28 February 2023: Cicero & Bernay Communication Consultancy (C&B), a leading MENA agency headquartered in Dubai, in partnership with 3Gem Research and Insights, a global research partner, is proud to announce the third edition of its annual MENA CSR Report 2022. In recent years, countries in the Middle East have started to take significant steps towards fostering a culture of social responsibility, with the UAE and KSA leading the way in promoting sustainable and socially responsible practices. The 2022 report also highlights a positive ......read more
• Government policymakers and global financial leaders will convene at the Financial Sector Conference (FSC 2023) on 15-16 March in Riyadh, Saudi Arabia, to pave the industry roadmap amid global economic challenges.
• FSC 2023 will be held under the theme “Promising Financial Horizons” and is set to host over 100 panelists and speakers, including international participants from Goldman Sachs; Credit Suisse; HSBC; Deutsche Bank; JP Morgan and S & P Ratings.
• Agenda will focus on investing for tomorrow and implementing sector diversification in a challenging landscape.
• Conference organizers extend a warm welcome to global delegates and media to attend.
Feb 28, 2023 – The world’s global financial community will gather from 15-16 March in ......read more
Winners to Be Celebrated During a Gala Event on 18 March at the Waldorf-Astoria Hotel in Ras Al Khaimah, United Arab Emirates
Dubai, United Arab Emirates – 28th February, 2023 – Nanovo was named the winner of a Gold Stevie® Award for Excellence in Innovation in Consumer Product & Service Industries at the fourth annual Middle East & North Africa Stevie Awards, sponsored by the RAK Chamber of Commerce & Industry.
The Polish technology company, who recently set up a regional HQ, specializes in creating digitized retail and service spaces for enhanced client attention and engagement firmly established its credentials only a few months ago when they partnered with 6th Street.com for the launch of the region’s first phygital store.
The Middle East & North Africa Stevie Awards are the only ......read more
• Thales and Al Fattan have signed a Memorandum of Understanding (MoU) to address the technological sovereignty and security of the United Arab Emirates, combining know-how of both companies, with Al Fattan designing, building, and integrating into the future Mother Ship the Thales Mine Countermeasures toolbox.
• The Maritime Mine Countermeasures (MMCM) programme have been delivered by Thales, acting as a system of systems integrator, to the French and Royal Navies since 2021. The M-Cube Thales Mission Management System thanks to the open architecture enables the integration of any Navy requirements in terms of assets: AUV; ROV: USV made in the UAE.
• In line with the UAE Vision 2031, this cooperation between Thales and Al Fattan will provide one of the most technology-focused and advanced ......read more
• Three new smartphones: Nokia G22, Nokia C22 and Nokia C32 continue durability and longevity commitments
• Collaboration with iFixit gives easy access to guides, tools and parts for Nokia G22 repairability
• Journey to bring Nokia device manufacturing to Europe begins in 2023, strengthening security promise
Dubai, UAE, 27 February 2023 – HMD Global, the home of Nokia phones, today announces the arrival of three Nokia smartphones, Nokia G22, Nokia C32 and Nokia C22. All offering up to three days battery life1, with improved imaging and durability in the C-series and the first Nokia smartphone (Nokia G22) to come with repairability at its core, including a global collaboration with iFixit.
HMD Global also announces first step in journey to become the first major global ......read more
Abu Dhabi, UAE: 24 February, 2023 – EDGE Group, one of the world’s leading advanced technology groups for defence and beyond, today announced a contract with the UAE Armed Forces to supply individual compact thermal sights for decisive manoeuvres on land. Under the terms of the contract, they will deliver three variants of weapons sights that combine modular construction with superior thermal imaging technology.
Omar Al Zaabi, President of the Trading & Mission Support cluster at EDGE, said: “EDGE is proud to sign this milestone deal, solidifying our strategic relationship with the UAE Armed Forces and contributing to the UAE’s national defence and security. We look forward to benefitting our customers through our exceptional thermal sight imaging technology, contributing to successful land operations, ......read more
Dubai, UAE – 23 February 2023: The Palestine Capital Market Authority (PCMA) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in partnership with the Palestinian Insurance Federation (PIF) today announced the completion of the first ever PCMA Insurtech Wizard Hackathon and Challenge.
The Hackathon and Challenge both aimed to provide a platform for innovation and drive market development for inclusive insurance products in Palestine, with a goal to improve access to and understanding of insurance products for MSMEs and low-income customers in the country, which currently face low levels of insurance literacy, mistrust and a lack of inclusive products.
PCMA – the regulator for non-banking financial sectors in Palestine – also partnered with the open innovation firm Fintech Galaxy to power the ......read more
Dubai, United Arab Emirates – February 22, 2023: Following a recent Memorandum of Understanding, Accenture (NYSE: ACN) and the Abdulla Al Ghurair Foundation launched a joint research paper titled ‘The 3 C’s of Bridging the Emirati Employment Gap’. The report sets out the need for a targeted approach and multi-stakeholder partnerships to enhance the skills and employability of Emirati youth in the private sector, a critical component of the UAE’s Centennial Plan 2071.
Local government officials have previously cited the need for more Emiratis to graduate with skills aligned with the job market, specifically science, technology, engineering and math (STEM) competencies, and critical and analytical thinking skills. His Highness Sheikh Mohammed bin Rashid Al Maktoum sees the digital economy as the key to ......read more
• Trade between Europe and the GCC in the sectors represented at HostMilano totaled €1.2 bn in 2022 and will reach €1.5 bn in 2026 (CAGR +6.3%)
• In the value chains represented at TUTTOFOOD, Europe-GCC bilateral flows totaled €7.5 bn and will reach €10 bn in 2026 (CAGR +7.4)
• HostMilano and TUTTOFOOD are platforms created to offer growth opportunities: over 1,200 companies from at least 44 Countries will showcase at Host 2023, with over 1,200 brands from at least 35 Countries at TUTTOFOOD 2023 and buyers from all over the world at both
• The presence in Dubai is part of a series of events scheduled to meet players and buyers on-site in global locations, including: Chicago, Orlando, Toronto and Mexico City in North America; Paris, Lyon, Frankfurt and Düsseldorf in Europe; Abu Dhabi, Dubai ......read more
- The UAE and Costa Rica have enjoyed growing economic ties, with non-oil bilateral trade climbing 19% to $58.7 million in 2022
- HE Dr Thani: “Costa Rica is a partner of considerable potential for the UAE – whether or trade, investment or knowledge-sharing in priority sectors”
Dubai – February 21, 2023: His Excellency Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, has welcomed HE Manuel Tovar, Minister of Foreign Trade for Costa Rica, to the UAE and held talks on deepening the two countries’ trade and investment ties. They also discussed global trade priorities in the build-up to the World Trade Organisation’s 13th Ministerial Conference (MC13), which will be hosted in Abu Dhabi in February 2024.
Economic ties between the UAE and Costa Rica have developing rapidly in recent years, ......read more
The first discussion in this newly designed series brought together
experts and enthusiasts to discuss the future of one of UAE’s most popular sport - padel
Sharjah, February 20, 2023: The new ‘Sheraa Community Talks’ initiative of the Sharjah Entrepreneurship Center (Sheraa) recently hosted its first discussion at the House of Wisdom in Sharjah. Titled 'How Padel Changed the Community’, the talk brought together padel enthusiasts and club owners from across the UAE to share personal and professional experiences and insights on the many opportunities for physical development and social engagement this fast-paced, accessible and social sport can offer.
The roundtable was part of the Sheraa community series, which aims to showcase businesses and industries that have driven community ......read more
Lenovo delivers solid results as diversified growth engines and operational excellence drive profitability
February 20, 2023 – Dubai, United Arab Emirates: Lenovo Group (HKSE: 992) (ADR: LNVGY) announced third quarter results, reporting Group revenue of US$15.3 billion and net income of US$437 million. Group revenue from non-PC businesses reached a high of 41% and profitability remained solid as Lenovo’s diversified growth engines of Solutions and Services Group (SSG) and Infrastructure Solutions Group (ISG) grew revenue to record highs of US$1.8 billion and US$2.9 billion respectively, up 23% and 48% year-on-year. All main business groups contributed operating profit for the fifth consecutive quarter.
While the industry faces significant macroeconomic pressures, Lenovo sees ......read more
- Co-located events will provide the platform to discover the latest technology and discuss industry trends and insights, including supply chain challenges, sustainability, digitalisation and the latest advancements in connectivity, 5G and more
- Latest edition sees new and enhanced features, including the Go Live! Theater and Onboard Hub with insightful sessions and product demonstrations
DUBAI, United Arab Emirates – 15 February 2023 – The aviation sector is expected to grow significantly over the coming decade. In the Middle East, the MRO demand forecast over the next ten years is the second fastest growing region in the world, behind India. MRO demand will increase from $7.8 billion in 2022 to $12.9 billion in 2031 at a compound annual growth rate of 5.8% . Rapid urbanisation, developing ......read more
• Pioneering UAE district cooling company accelerates international expansion
• Board approves record dividend payment of 13.5 fils per share
Abu Dhabi, United Arab Emirates – 15 February 2023: Tabreed, the UAE’s longest-established district cooling company, today released its consolidated financial results for the year 2022, reporting an EBITDA of AED 1.23 billion – a 19% increase over 2021 and a net profit of AED 600.2 million, representing an increase of 3%.
Additionally, Tabreed’s Board of Directors announces it is recommending a dividend of 13.5 fils per share, to be paid fully in cash – an increase over last year, acknowledging growth of the business while retaining availability of capital for further expansion.
It was an exceptional ......read more
Dubai, United Arab Emirates, 14 February 2023: Forescout’s Vedere Labs has just released its latest research report on the first systematic study into deep lateral movement: how advanced adversaries can move laterally among devices at the controller level – also known as Purdue level 1 or L1 – of OT networks.
Deep lateral movement lets attackers gain deep access to industrial control systems and cross often overlooked security perimeters, allowing them to perform highly granular and stealthy manipulations as well as override functional and safety limitations.
This research demonstrates that there is a lot of ”network crawl space”; that is, space that is not on asset owners’ radars, such as links that run between security zones at deep system levels that might not receive the attention they deserve. ......read more
Febraury 10, 2023: Oman Insurance Company P.S.C. (“Sukoon”) released its 2022 full-year financial results today, reporting a net profit of AED 223.6 million which is an 8.5% growth compared to the prior year. This year’s net profit is one of the highest net profits in the history of the company. It is also the first time the company has crossed the AED 4 billion mark in gross written premiums in a financial year showing a growth of 24% versus last year.
These results are supported by sustainable underwriting income growth in all segments of the business, robust investment income and well-managed expenses. Net receivables ratio has reached an all-time low of 15.4% which is one of the lowest in the UAE insurance market that reflects company’s strong emphasis on generating free cashflows. In ......read more
His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, chaired the meeting of the Board of Directors of Ajman Bank, which was held on February 9, 2023, at the Ruler's Court in the Emirate of Ajman. His Highness was briefed on the bank's financial results for the year ending on December 31, 2022.
Ajman Bank has reported total operating income of AED 942.3 million in 2022 compared to AED 908.4 million in the previous year (up by 4% YoY). Fees, commission and other income for the year ended increased to AED 184.8 million as compared to AED 106.0 million in the previous year (up by 74% YoY).
The net profit in 2022 was reported as AED 162.1 million (up by 40% YoY) compared to AED 116.2 in 2021.
His Highness Sheikh Ammar bin Humaid Al Nuaimi expressed his appreciation ......read more
Dubai, UAE - 9 February 2023: The American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) commended Empower's global leadership and remarkable contributions to achieving significant advances in the environmentally-friendly district cooling industry, in line with its strategic economic, social, environmental and climate goals.
The commendation came during a meeting between Farouk Mahboob, President of ASHRAE and Jeff Littleton, Executive Vice President of ASHRAE, and Empower's delegation participating in the events of the ASHRAE Conference and Expo 2023 in Atlanta, Georgia, USA.
During the meeting, the ASHRAE team discussed various topics and ideas with Empower, such as; how to devise completely new methodologies of cooling that can provide more energy efficiency, improvised thermal energy ......read more
Profit before exceptional items rises 37% to US$258.6 million
Dubai, U.A.E., 8 February 2023 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the year ended December 31, 2022.
1. 2022 results are adjusted to exclude a net exceptional write-off related to the loss of control of 19 aircraft that are currently in Russia which were previously leased to airlines based in Russia. In compliance with applicable sanctions, DAE terminated the leasing of these aircraft. Accordingly, the Group has written-off its net exposure in respect of the 19 aircraft and this resulted in a net exceptional write-off before tax of US$576.5 million (in relation to aircraft held for lease, maintenance reserves and security deposits and other assets and liabilities) during the twelve months ended ......read more
Funding Possibilities will help fund innovative and disruptive new-economy businesses to grow and in turn help the UAE economy to expand fast
Date: Dubai, UAE; January 30, 2023
A group of six professional entrepreneurs across the UAE and India, who have invested in more than 75 start-ups and helped businesses raise US$500 million worth of capital, have joined hands to launch a Fintech Platform called Funding Possibilities, that will connect start-ups with investors, borrowers with lenders and buyers with sellers. The mission of this platform is to bridge the gap between investors and new age businesses.
Funding or access to capital has been a major hindrance to growth of the start-ups, micro, small and medium enterprises (MSMEs) in the UAE. Funding Possibilities will be a sought-after platform for both seekers and providers of ......read more
7, February 2023 - The 2023 Top Employers have been announced and Philip Morris Management Services (Middle East) Limited. (PMMS) has been recognized as a Top Employer in the Middle East.
Being certified as a Top Employer showcases an organization’s dedication to a better world of work and exhibits this through excellent HR policies and people practices.
The Top Employers Institute program certifies organizations based on the participation and results of their HR Best Practices Survey. This survey covers six HR domains consisting of 20 topics including People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity & Inclusion, Well-Being, and more.
Top Employers Institute CEO David Plink said: “Exceptional times bring out the best in people and organizations. And we ......read more
H.E. Dr. Sultan AL-JABER, The UAE Minister of Industry and Advanced Technology and Mr. Patrick POUYANNE, chairman and CEO of TotalEnergies held, this Monday in Abu Dhabi, the first plenary meeting of the UAE - France High-Level Business Council which was also attended by Mr. Bruno LE MAIRE, French Minister of Economy, Finance and Industrial and Digital Sovereignty.
The first plenary meeting underlined the mandate bestowed on the Council by the leadership of both countries and set the framework for a comprehensive approach to significantly broaden and deepen the UAE - France economic ties by fast-tracking pragmatic and result-oriented programs and initiatives with an initial focus on Energy, Clean Energy and Climate Action, Transport & Logistics, Manufacturing, Technology, and bilateral ......read more
Dubai – January 30, 2023: Dropbox, the US-based file hosting service provider, has signed a strategic partnership with TjDeeD Technology, a leading information technology solution provider in the MENA Region to offer Dropbox cloud storage and file-sharing solutions, including Dropbox, Dropbox Sign, and DocSend, to businesses in the MENA Region.
The partnership has been officially announced at the "Dropbox Inspire" event for partners and IT companies with the goal of introducing TjDeeD and expanding the network of partners in the UAE. Both companies are committed to providing comprehensive support and assistance for customers and partners in the UAE to ensure a smooth and successful implementation of the services this includes providing training, guidance, and technical support to partners for Dropbox's ......read more
Dubai, UAE; 30th January 2023: Mashreq, one of the leading financial institutions in MENA, today has reported its financial results for the year ending 31st December 2022.
1. Robust Growth in Operating Income & Net Profit
a) Operating profit at AED 4.4 billion represents a 39.2% increase compared to FY 2021 as a result of healthy operating income growth. Improved efficiency – cost to income ratio stands at 40.9% in FY 2022 compared to 45.2% in FY 2021
b) Mashreq’s non-interest income to operating income ratio continues to remain one of the industry’s best at 39.0%
c) Mashreq posted a strong Net Profit of AED 3.7 billion (US$ 1 billion) in FY 2022
2. Comfortable Liquidity & Capital position
a) Growth of 12.1% YTD in Customer deposits to ......read more
Highest Full-Year Revenue in LG Electronics’ History with Continuous Growth Based on Strong Fundamentals
DUBAI, January 30, 2023 — LG Electronics Inc. (LG) announced full-year 2022 consolidated revenue of KRW 83.5 trillion with operating profit of KRW 3.6 trillion.
In 2022, LG achieved its highest annual revenue ever – surpassing KRW 80 trillion for the first time in its history – increasing 12.9 percent over 2021, when sales exceeded KRW 70 trillion for the first time. The record sales reflect continuous growth based on strong fundamentals, although full-year profitability was impacted by challenging global economic conditions.
The company’s revenue growth 2022 was driven by strong demand for premium home appliances and automotive parts. For the seventh consecutive year, the appliance ......read more
Dubai, UAE, 28th January 2023: Arab Bank Group achieved solid results for the period ending December 31, 2022, with net income after tax of $544.3 million as compared to $314.5 million in 2021. The Group’s performance was driven by robust growth in its core banking business across different markets, as net profit before provisions and tax increased by 23% to reach 1.35 billion US dollars.
Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 5% to reach $35.4 billion and $ 47.7 billion, respectively, despite the volatile operating environment.
In view of these results, the Board of Directors has recommended to the shareholders, the distribution of 25% cash dividends for the financial year 2022.
Mr. Sabih Masri, Chairman of the Board of Directors, commented that Arab ......read more
• All financial outlook metrics met in FY 2022
• Cloud revenue up 33% and up 24% at constant currencies in FY 2022. Q4 S/4HANA cloud revenue further accelerates, up 101% and up 90% at constant currencies
• Current cloud backlog exceeds €12 billion, up 27% and up 24% at constant currencies
• IFRS cloud gross profit up 38%, non-IFRS cloud gross profit up 37% and up 28% at constant currencies in FY 2022
• IFRS operating profit flat, non-IFRS operating profit down 2% and down 7% at constant currencies in FY 2022. Q4 IFRS operating profit up 17%, non-IFRS operating profit up 5% and up 2% at constant currencies
• 2023 outlook anticipates accelerating topline and double-digit non-IFRS operating profit growth
• Targeted restructuring in 2023 reflects focus on strategic growth areas and ......read more
Ras Al Khaimah, 26 January 2023: Ras Al Khaimah Economic Zone (RAKEZ) welcomed over 4,200 new companies to its business community in 2022, recording 18% growth compared to 2021.
Commenting on this economic growth, RAKEZ Group CEO Ramy Jallad shared, “The latest numbers are indicative of how far we have come with our commitment to position the emirate of Ras Al Khaimah as a preferred hub for SMEs and industrial players. The fact that thousands of new companies have chosen us is a testament to our progressive strategies, innovative solutions, and continuous efforts in supporting businesses of various types and sizes. We are marching into 2023 with the same spirit of facilitating the economic goals of Ras Al Khaimah and the UAE, while also catering to the unique needs of new investors and taking care of the existing companies ......read more
With the new brand action tagline, Panasonic reiterates its commitment to develop future-oriented solutions that enrich people’s lives and wellbeing while pushing sustainability to the fore
Dubai, United Arab Emirates: Panasonic Corporation has announced its new brand action slogan, “Create Today. Enrich Tomorrow”. With the new brand motto, Panasonic underscores its commitment to provide innovative products and solutions that help people live their best lives while enriching their well-being. The new tagline also reflects the company’s relentless efforts to make progress towards a greener planet for tomorrow.
Mr. Hiroyuki Shibutani, Managing Director, Panasonic Marketing Middle East and Africa (PMMAF), said: “The introduction of the new slogan highlights our ......read more
February 23, 2023- His Excellency Jamal bin Huwaireb, CEO of the Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF), met with Dr. Abdulaziz Al-Sabeel, Secretary General of the "King Faisal International Prize," to explore bilateral cooperation between the two sides. The meeting was held during the Foundation’s delegation visit to the KFP’s headquarters in ......read more