Dubai, United Arab Emirates, April 06, 2020: Faced with the compelling need for more respirators on its national territory, the French government has asked, on March 22, a group of French industrial companies led by Air Liquide to study the possibility of increasing the production of respirators so as to provide 10,000 respirators in 50 days, between the beginning of April and mid-May.
In response, Air Liquide, Groupe PSA, Schneider Electric and Valeo have set up a Task Force composed of about 30 purchasing and industrialization experts in order to define an action plan to increase the production of Air Liquide Medical Systems respirators, which are already referenced by a great number of hospitals in France and abroad.
To meet this industrial challenge, the exceptional contribution of ......read more
Suffered Data Loss Resulting in Downtime Last Year
Organizations and individuals continue using outdated solutions and strategies despite
increase in zero-day ransomware, cryptojacking, hacking, and social engineering attacks
Dubai, UAE 6 April 2020: Acronis, a global leader in cyber protection, marked the inaugural World Cyber Protection Week by revealing that 42% of companies experienced a data loss event that resulted in downtime last year. That high number is likely caused by the fact that while nearly 90% are backing up the IT components they’re responsible for protecting, only 41% back up daily – leaving many businesses with gaps in the valuable data available for recovery.
The figures revealed in Acronis’ 2020 World Cyber Protection ......read more
Dubai, United Arab Emirates, April 05, 2020: Bruno Le Maire, Minister for the Economy and Finance, and Jean-Baptiste Lemoyne, Minister of State reporting to the Minister for Europe and Foreign Affairs, have unveiled an extraordinary support plan for French exporters to address the economic slowdown due to the COVID-19 pandemic.
This emergency plan will provide support for exporter companies having to contend with the immediate repercussions of the crisis by, inter alia, securing their cash-flow and ensuring their international recovery once the pandemic is over. It focuses on SMEs and mid-tier companies which are crucial drivers for industry throughout France. It supplements the emergency support measures for French companies rolled out by the government.
The plan contains four one-off support ......read more
Dubai, United Arab Emirates, April 02, 2020: Internal comms post corona virus. One of the key issues facing the world today is the impact of Covid19 on businesses, almost all industries except for a few, have seen dramatic change in how they do business and obviously in their operations, financial returns and forecasts.
While we have very little control over external factors affecting businesses, we remain to have full control over employees and how management communicates with them. Change and uncertainty is what’s storming through businesses and their employees simultaneously. While businesses are facing uncertainty in terms of bottom line, revenues, return on investments, forecast, employees are still faced with questions like school fees, rents, food on the table, safety and wellbeing of ......read more
Abu Dhabi, UAE – 02 April 2020: Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate 93% regarding the disclosure of the annual financial statements 2019 of its listed public joint stock companies and private listed Companies within the deadline of 90 days from the end of the financial period annual
60 out of 64, local and foreign, public listed companies disclosed their annual financial statements for 2019 within the 90 days period given.
4 out of 5, private listed companies disclosed their annual financial statements for 2019 within the 90 days period given.
It is worthy to note that the combined net profit of all public listed companies as of 31th Dec. 2019 has shown an increase of 1.23% in comparison to the same period in 2018. The highest ......read more
Dubai, United Arab Emirates, April 02, 2020: Krishan Gopaul, Market Intelligence Manager at World Gold Council comments: “Central banks’ monthly net purchases picked up in January and February following December’s five-month low. However, central bank gold demand has eased significantly, with net gold purchases down 44% compared to strength of demand we saw in January and February 2019.
“Looking ahead, what we do know is that recent market instability and uncertainty stemming from the COVID-19 pandemic will be at the forefront of central bankers’ minds, with a number of unprecedented interventions already proving this point. Nonetheless, we will have to wait and see how this impacts their outlook in the coming months.”
The World Gold Council today releases its ......read more
By Ole Hansen, Head of Commodity Strategy at Saxo Bank
Dubai, United Arab Emirates, April 02, 2020: The coronavirus outbreak has set three major macro impulses in motion. They will all have a major impact on commodities, especially the energy sector, over the coming months. The global economy is currently dealing with the biggest demand shock since the global financial crisis, plus a global supply shock and an oil price war which is driving a destruction of capital. The lockdowns in China at the beginning of the outbreak have now spread to the rest of the world, most noticeably Europe and the US. The short to medium term result is going to be a slump in global growth, rising unemployment, rising mortgage rates and lower consumer confidence.
The second quarter is likely to begin with the focus squarely on the ......read more
Announcement in line with respite measures adopted as part of the global pandemic impact offering support to tenants
Dubai, United Arab Emirates, April 02, 2020: Properties Investment (PI) - a Dubai Investments joint-venture company engaged in the investment and development of real estate properties, has announced a 3 month rent relief as a goodwill gesture for all retailers within ‘The Market’ – a dedicated retail avenue, located in the Green Community, Dubai Investments Park.
In the wake of ongoing efforts to control the COVID-19 pandemic and with mall managements across the country stepping up efforts with various initiatives, Properties Investments has temporarily advised retailers to close shutters, adhering to preventive measures adopted by the ......read more
Baghdad / Abu Dhabi, 31 March 2020: Trade Bank of Iraq (TBI) has announced a new capital increase that aims to raise the bank’s financial strength in line with the new strategic vision for 2020-23.
The bank has increased its capital to USD 3 billion (3.5 Trillion Iraqi Dinar) for the year 2020 from USD 2.3 billion (2.7 Trillion Iraqi Dinar) in 2019.
The step has been taken with the approval of the Prime Minster of Iraq on the back of TBI’s promising 2019 financial results audited by E&Y Ernst & Young. The increased capital is aimed at reinforcing the bank’s status in Iraq and its position as a leading Iraqi bank with global reach.
TBI achieved a robust growth in revenues and in key financial areas during the financial year 2019. The financial results shows that TBI ......read more
By Ole Hansen, Head of Commodity Strategy at Saxo Bank
Dubai, United Arab Emirates, March 31, 2020: The below summary highlights futures positions and changes made by hedge funds across 24 major commodity futures up until last Tuesday, March 24. During this period the dash-for-cash phenomenon slowed and individual commodities began reaction to the shocks currently hitting both supply and demand.
Funds increased bullish bets for the first time in five weeks by 36% to 361k lots. In demand were natural gas, soybeans, wheat and coffee while selling hit Brent, silver, corn, sugar and cocoa.
Despite suffering another week of steep price losses, the energy sector only saw modest changes. WTI crude oil was bought for a third week to the tune of 7k lots while selling of Brent crude oil extended to a fourth ......read more
By Firas Sleem, CEO, Virtue Consulting
Dubai, United Arab Emirates, March 30, 2020: Consumers are choosing everything from cars to chicken sandwiches based on corporate values. Understanding an array of customer personas can guide tactics for landing and keeping them. Studies have long shown that your conviction to do good will lead customers to spend more, recommend you more, and remain loyal. Yet they seldom describe the mechanisms that brand managers can use to benchmark and track reputation.
A recent global study found that 62% of consumers want companies to take a stand on pressing issues such as fair employment practices, immigration, data privacy and climate change. In the same study, nearly half of consumers (48%) would publicly complain about their disappointment with a company whose ......read more
Sharjah, March30, 2020: The Sharjah Chamber of Commerce & Industry, SCCI, has recently announced the statistics of Q1 2020 which showed a remarkable spike in the number of new and renewed memberships and certificates of origin, something which underlines the Emirate of Sharjah’s reputation as a perfect business environment capable of coping with the changing demands of the business sector.
These positive outcomes come amid the challenging times facing the global economy in view of the latest developments related to the new coronavirus (COVID-19) pandemic.
The total number of the new and renewed memberships reached 7176 with a growth rate of 2% compared to Q1 2019, while the number of the certificates of origin released in Q1 2020 reached 10716 certificates, with a growth rate of 3% in comparison to Q1 2019.
More ......read more
Ras Al Khaimah, 29 March 2020: Taking a step further towards easier and faster company registration, Ras Al Khaimah Economic Zone (RAKEZ) goes digital with its Spring Packages, allowing investors to set up their business online from A to Z at the convenience of their home. Alongside the remote-friendly feature, the packages are designed to fully support SMEs, industrialists and investors at their stage of development without putting a high cost.
With RAKEZ’s recently-launched Portal 360, investors can easily set up their business with just a few clicks. Investors only need to complete the online registration form, upload the necessary documents, e-sign the Memorandum of Association, and the licence will be issued electronically.
Entrepreneurs, SMEs and startups keen to explore the market can take ......read more
Dubai, United Arab Emirates, March 24, 2020: Although cancelled or delayed business trips emerged as the most visible initial impact of the virus, declining sales is expected to be the greatest commercial woe in the future
As Coronavirus takes a toll on global and regional economies, YouGov ran a survey among 220 working professionals belonging to the senior management in various companies (senior business managers and above) between 9th- 15th March to understand the impact of the pandemic on their business and the overall economy.
Four in five (79%) of the surveyed business professionals claimed the Coronavirus had a large or moderate impact on their business. 13% said the impact was minor and only 6% claimed to have no impact at all. Working residents within the income bracket of AED 20,001- 40,000 were ......read more
• New € 15 billion credit facility
• Withdrawal of 2019 dividend proposal with cash value of € 1.4 billion
• Suspension of top up pension funding
• 2020 guidance withdrawn
• Strong focus on support to customers and delivery
Dubai, United Arab Emirates, March 23, 2020: Airbus SE (stock exchange symbol: AIR) announces measures to bolster its liquidity and balance sheet in response to the COVID-19 pandemic as it continues to assess the ongoing situation and the impact on its business, customers, suppliers and the industry as a whole.
“Our first priority is protecting people while ......read more
Will provide up to 20,000 of its small business customers free access to their existing Zoho applications for up to 3 months
Dubai, UAE - March 21, 2020: Zoho Corporation, a global company that offers the most comprehensive suite of business software applications in the industry, has launched its Small Business Emergency Subscription Assistance Program (ESAP) to help Zoho customers worldwide weather this global crisis. ESAP is one way Zoho is helping its small business customers. For up to 20,000 qualified paying customers with 25 employees or less, Zoho is waiving the cost of every single application they currently use, for up to 3 months.
"Businesses are hurting. They already face tremendous pressure on revenue and cash flows. Not knowing when things will get back to normal is making the situation ......read more
By Tom De Waele, Middle East Managing Partner, Bain
Dubai, United Arab Emirates, March 19, 2020: As the novel coronavirus outbreak has upended businesses around the world at alarming speed, one thing has become clear to executives grappling with the crisis: doing nothing is not an option. COVID-19 is unlike any previous crisis and taking traditional crisis-response approaches will not be enough. With our operations running smoothly and business running effectively amidst the COVID-19 pandemic, we share the steps that CEOs need to take today to mitigate the effects of the outbreak.
I. The situation
The process of containment and slowing the spread of COVID-19 in each country will create major disruption, irrespective of the seriousness of the virus spread. This should not cause ......read more
By Firas Sleem, CEO, Virtue Consultancy
Dubai, United Arab Emirates, March 18, 2020: September 2008 marked the collapse of the Lehman Brothers and a subsequent global financial crisis that shook the world.
The bankruptcy of Lehman Brothers did not only affect the United States but 23 other countries around the world according to the International Monetary Fund. These countries endeavored to rescue their failed banks and boost their economies by raising their public debt to more than 30 percent of their GDP.
For one thing, the 2008 credit crunch and recession resulted from years of deeply rooted weak spots in the global economy. At that time, economists were not able to foresee what was going to happen. But speaking about Lebanon nowadays, local banks are not excused for their reckless risk-taking and not ......read more
Organizations around the globe are working to ensure service delivery and business continuity amid the COVID-19 crisis. KPMG Lower Gulf has put together the checklist below to guide organizations on providing secure remote access to their staff members, without contributing to security weaknesses.
1 Share the organization’s teleworking/mobile device access policy
2 Share the organization’s Business Continuity policy and Health and Safety policy
3 Remind staff not to use organization-owned devices for personal activities or personal devices for work purposes
4 Reiterate the importance of avoiding public/untrusted internet access
5 Remind your staff to avoid or be careful when working in public areas
6 Use a company provided or commercial VPN for ......read more
Collaboration aimed to facilitate establishment of business for entrepreneurs in Fujairah
Dubai, UAE - March 17, 2020: Shuraa Management & Consultancy LLC (Shuraa) is proud to announce its partnership with International Free Zone Authority (IFZA), that aims to help entrepreneurs seeking to establish a business in the Northern Emirate of Fujairah. The partnership brings together Shuraa, a business setup consultancy with nearly 20 years of experience, and IFZA, one of the region’s leading Free Zone Authorities.
Operating a business-to-business model, IFZA’s network of Professional Partners - spanning all corners of the globe - support the Authority’s vision of solidifying the UAE’s mark as a top business and investment destination.
IFZA’s assortment of scalable business set-up solutions, ......read more
Dubai, United Arab Emirates, March 15, 2020: Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to start its Islamic operations in Baghdad, Iraq.
Al Wifaq International Islamic Bank joined many newly established banks in choosing ICSFS as its software technology partner in Iraq. ICSFS has been servicing the MENA banking sector for over 3 decades now, and has always positioned its customers ahead of their market competition.
Deputy CEO of Al Wifaq International Islamic Bank for Investment and Finance, Zeyad Al-Samarra’ee said:
“We have contacted around five ......read more
• Ras Al Khaimah International Airport, GMR Hyderabad International Airport and SpiceJet Ltd. signed a tri-partite MoU
• To promote export of Agro Products from India to United Arab Emirates via Ras Al Khaimah and neighboring countries from Hyderabad
• To create a dedicated freight corridor
• To leverage the agro and farming sector potential from centrally located Telangana and neighboring regions
• The program is in line with the Government of India and its Ministry of Civil Aviation ‘Krishi Udaan Scheme’ for farmers
• Operations are likely to start from April 2020 onwards
Hyderabad, 15th March, 2020: In line with the Ministry of Civil Aviation (MoCA) of India’s Krishi Udan Scheme to give a boost to agro product exports and to aid ......read more
Through accurate tracking and secure data sharing, shipping times could be cut in half
GENEVA – 15 March 2020 – SITA and trade association ULD Care hope to bring new efficiency to the air cargo industry by exploring the use of blockchain to digitally track and record change of custody of airline cargo containers or Unit Load Devices (ULDs) across their journey.
By eliminating inefficiency, embedding always-on tracking of ULDs and abandoning redundant paper systems, the use of blockchain is expected to save the industry $400m a year in improved efficiency, fewer losses and prevention of damage. The proposed platform also offers a wide range of authentication and trust-based benefits, reducing the risk of tampering, cybercrime, trade-based money laundering, fraud, and illicit trade.
Bob Rogers, Vice ......read more
The Exchange will continue to provide comprehensive access to trading services through its Sahmi digital platform.
The preventive measure is effective from Sunday 15th March and aims to ensure and maintain maximum health protection
Abu Dhabi, 15th March 2020: Abu Dhabi Securities Exchange (ADX) announced to the investor community that the Exchange is temporarily closing its trading hall in its main offices in Abu Dhabi as well as those in the other Emirates starting from today, Sunday 15th March 2020 until further notice. This was taken by ADX as a precautionary measure to protect public health in the United Arab Emirates and ensure the health and safety of visitors.
This decision is in line with the instructions of the World Health Organization (WHO) to restrict public gatherings and has been taken as a ......read more
Dubai – March 15, 2020: Sharaf Exchange, one of the leading remittances and financial solutions providers in the UAE and a part of Sharaf Group, opened four new branches, aimed at enhancing its branch network covering all the seven emirates. The newly opened branches are located in Dubai’s Al Qusais and International City areas, Sharjah Industrial Area, and Jurf Industrial Area in Ajman.
Sharaf Exchange operates across 30 marquee locations in the UAE and has plans to open another five branches in the next few months. The network expansion is driven by the exchange house’s customer-centric approach to create convenience and improve accessibility for customers to make payments to destinations across the world. The branches will function as a one-stop-shop for customers with solutions for all their ......read more
Dubai, United Arab Emirates, March 14, 2020: The United Arab Emirates’ (UAE) online marketing space is set for a major disruption following the entry of India-based data-led digital marketing powerhouse, PivotRoots.
PivotRoots’ entry into the Middle East comes against the backdrop of a ballooning active social media usage, which currently stands at a ......read more
March 11, 2020: Refinitiv today released a report on the latest development in the Oil market. According to Ranjith Raja, Oil Research Manager, Middle East and North Africa, Refinitiv, the Benchmark crude prices went into a tailspin on Monday morning trade following OPEC and its allies including Russia failing to agree on extending and deepening the output cut which expires at the end ......read more
• 2019 results, impacted by slowing economic growth and increased investments in consumer businesses and digitalization across the company:
Sales rise by 1.1% to 20,114 million euros, organic sales stable
Adjusted* EBIT margin at 16.0% (-1.6 pp)
Adjusted* earnings per preferred share (EPS) reach 5.43 euros,
nominal -9.7%, at constant exchange ......read more
Dubai, 8th March 2020: Century Financial is proud to announce that they have been certified as a Great Place to Work® in the United Arab Emirates, after a thorough and independent analysis conducted by Great Place to Work®, the global authority for workplace culture in the Middle East. This certification is based on direct feedback from employees, provided as part of an extensive and ......read more
Timely Confidence Building Measure will benefit more than 7,500 existing companies as well as newcomers
Dubai, United Arab Emirates, 10th of March 2020: DP World, UAE Region, the region’s premier logistics and business hub operator, has announced across-the-board reductions in licence registration and administration costs for companies operating in its flagship ......read more
Refinitiv’s World-Check will help Iraqi financial institutions comply with the FATF recommendations and global sanctions legislation
IRAQ – Refinitiv is partnering with Iraqna IBTS, an anti-financial crime training and technology consultancy in Iraq, to provide Iraqi financial institutions with risk screening and compliance services in order to strengthen their risk programs ......read more
StraitsBridge Advisors designed and developed the high-performance AI-enabled real-time credit application scorecard system
Dubai, United Arab Emirates, March 9, 2020: Deem, the UAE-based digitally-led financial services provider, in partnership with Singapore-headquartered StraitsBridge Advisors, has implemented a high performance artificial intelligence (AI) enabled ......read more
Ajman Bank has announced the appointment of Mr. Majdi H. Darwish as its new Chief of Audit. Mr. Darwish has over 22 years of outstanding experience in the industry working with some of the most prestigious organizations including multi-national financial corporations.
Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, stated, “We are delighted to welcome Mr. Darwish to our team. In ......read more
United Arab Emirates, 9 March 2020: Yummy Junction, a fast-growing Dubai-based Food & Beverage company, has recently announced AED 20 million as part of its investment and expansion strategy for its most popular restaurant chain brand Malak Al Tawouk. The company will be looking to expand its operations for Malak Al Tawouk across the UAE.
Yummy Junction, with an aim to expand ......read more
Dubai, United Arab Emirates, March 08, 2020: Dubai National Insurance & Reinsurance PSC (DNIR) presented a strong financial performance for the year 2019 at its Annual General Meeting held at the Al Habtoor Group (AHG) headquarters on Sunday, 8 March 2020.
Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, DNIR, who presided over the AGM, told shareholders that the ......read more
• ADEX provides financial solutions to promote UAE products and services in international markets
• ADEX to focus on supporting UAE export growth to strategic emerging markets in Africa and Asia
Abu Dhabi-UAE: 08 March, 2020 – The Executive Committee of the Abu Dhabi Exports Office(ADEX) approved the ......read more
Kuwait – 7 March 2020: As part of its continuous support to empowering youth and local athletes, Burgan Bank announced its latest sponsorship of Wheelchair Fencing Titleholder, Tareq Al-Qallaf, for the sixth consecutive year. Established as a role model among the aspiring special needs segement and young Kuwaiti athletes, Tareq Al-Qallaf will once again be representing ......read more
Saxo Bank reveals behavioural changes as female traders rise 65% year-on-year in MENA over decade
Saxo Bank, the leading fintech and regtech specialist focused on multi-asset trading and investment, has released new business data to mark International Women’s Day on Sunday March 8, outlining a major upswing in the number of females trading on its platforms in the UAE and wider MENA ......read more
• The award was honoured by the Department of Finance, Ras Al Khaimah for Excellence as a supplier of legal services to the Government of Ras Al Khaimah
• Banks Legal takes pride in themselves for providing excellent service to all their clients and are particularly pleased with Government of Ras Al Khaimah for recognizing and rewarding their ......read more
Egypt Ministry of Commerce and Industry, Arab League Secretary General and President of the Council of Arab Businesswomen to speak at event
March 4, 2020- The Arab Brazilian Chamber of Commerce (ABCC) has announced the confirmation of new speakers for the coming Brazil & Arab Countries Economic Forum, which will take place on April 14, 2020 at the Hotel Unique in Sao Paulo. ABCC has ......read more
Increasing number of regional companies assigning IT Auditors to cybersecurity risk assessment function
Dubai, UAE; March 04, 2020: Protiviti in partnership with ISACA, a global association helping individuals and enterprises in the IT audit/assurance, governance, risk and information security space, conducted the 8th Annual IT Audit Benchmarking survey that had participation ......read more
New research tool charts opportunities and challenges in high-growth markets
Dubai, United Arab Emirates, March 04, 2020: Executives from around the world shared their views on risk versus reward in emerging markets against a challenging economic backdrop in the first Global CEO Survey carried out by Oxford Business Group (OBG).
OBG began producing its CEO ......read more
Dubai, United Arab Emirates, March 04, 2020: Citadines Metro Central Dubai, part of The Ascott Limited chain of hotels, has been awarded the Green Key global standard of environmental excellence within the hospitality sector, for another year running.
Since 2016, the team at the 210-units hotel apartments, located in Barsha Heights, have been incorporating and maintaining ......read more
Record-breaking performance from Newark to Pittsburgh demonstrates the future of network capabilities
Dubai, United Arab Emirates – March 3, 2020: With the number of 4K content, gaming and augmented and virtual reality applications continuing to increase, Comcast is advancing its network to provide better immersive digital experiences to ......read more
• Ericsson Spectrum Sharing (ESS) will expand 5G coverage for global service providers including Swisscom, Telstra, Ooredoo and Play
• More than 80 percent of service providers testing Ericsson Spectrum Sharing plan to deploy it in the coming 12 months
• Ericsson Spectrum Sharing software can run on any of the five million 5G-ready radios delivered since ......read more
**Champion Cleaners continue their ecological and sustainable efforts to become the UAE’s cleanest dry-cleaning company **
Dubai, United Arab Emirates, March 03, 2020: Champion Cleaners’ Head Office and Central Operation Plant was purposely designed to execute precision and quality, with minimal consumption and the opportunity to recycle where possible. ......read more
A key enabler of any successful megaproject is having the right institutional setup
Strategy& report recommends project sponsors think of the institutional setup near the beginning of a megaproject
The structure a megaproject begins with is not necessarily permanent. As the mandate grows, and the number of entities increases, the structure can ......read more
GCC’s growing e-commerce sector estimated to reach USD 20 billion by 2020
March 3, 2020: Start-up company ITCAN, a full-service Technology and Digital Marketing company that brings insights, information, and expertise to create exponential growth, has announced that it is close to earning AED 100 million this year since its launch in Dubai. The milestone is about to be reached against ......read more
Logitech G’s Design and Engineering Expertise in the Science of Play, combined with Herman Miller’s 100 Years Perfecting the Science of Sitting Will Bring Advanced Solutions for Gamers
Dubai, United Arab Emirates, March 02, 2020: Logitech G, a brand of Logitech (NASDAQ: LOGI) and Herman Miller (NASDAQ: MLHR), today announced an exclusive ......read more
Dubai, United Arab Emirates, March 02, 2020: Al Adil Trading Co LLC, U.A.E.’s leading name for Indian food stuff has introduced a wide range of eco friendly products to make this Holi all the more colourful and memorable. Holi, which is India’s most colorful festival provides a beautiful blend of vibrant colors which makes everyone happy and positive. In keeping with the ......read more