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Featured in Banking and Investments
Ericsson announces changes to the Executive Team

• Fadi Pharaon is appointed Senior Vice President, and Head of Market Area Middle East & Africa, effective September 1, 2019 • Member of Ericsson's Executive Team, reporting to CEO   Dubai, United Arab Emirates -  22, August 2019:  Effective September 1, 2019, Fadi Pharaon is appointed Senior Vice President and Head of Market Area Middle East & Africa at Ericsson (NASDAQ: ERIC), and member of Ericsson’s Executive Team, reporting to the CEO. Fadi Pharaon currently holds the position as Vice President, Networks & Managed Services within Ericsson’s Market Area Europe & Latin America.   Börje Ekholm, President and CEO of Ericsson, says: "With the introduction of 5G we are at an exciting time in the industry. Our customer relationships are key to build ......read more

Al-Futtaim Engineering and Technologies signs up as strategic corporate partner for Middle East Facility Management Association

Dubai, UAE, August 22, 2019:  Al-Futtaim Engineering and Technologies Facilities Management division has signed on as a strategic corporate partner with the Middle East Facility Management Association (MEFMA).  The agreement was signed by Darko Macura, Chief Executive Officer of Al-Futtaim Engineering and Technologies and Ms. Alaa AlBoali MEFMA Director. MEFMA is a non-profit professional organization, formed under The Dubai Association Centre (DAC) which has been established by the Dubai Chamber of Commerce & Industry, Dubai Business Events (part of Department for Tourism and Commerce Marketing) and the Dubai World Trade Centre. MEFMA aims at unifying the facility management industry in the Middle East, by conducting research, providing educational programs and assisting corporate organizations in creating ......read more

Red Hat Recognized as a Leader by Independent Research Firm in Infrastructure Automation Platforms Evaluation

Red Hat Ansible Automation cited among leaders based on its scores in the strategy, market presence and current offering categories   Dubai, United Arab Emirates -  22, August 2019:   Red Hat, Inc., the world's leading provider of open source solutions, today announced that Red Hat Ansible Automation has been named a Leader by Forrester Research in the Forrester Wave™: Infrastructure Automation Platforms, Q3 2019.   Red Hat was evaluated for the Forrester Wave based on 31 criteria grouped into three categories: current offering, strategy and market presence. In the evaluation, Red Hat received the highest possible score in the criteria of  planned enhancements, vision, consulting, training and support, community support, and market approach. According to Forrester’s ......read more

Biggest Japan buying of Italian bonds since 2014

By Christopher Dembik, Head of Macro Analysis, Saxo Bank Dubai, United Arab Emirates -  22, August 2019:    Japanese investors bought into Italian government debt in a big way in June according to the latest figures released by the Japanese government. They increased their portfolio holding by 327bn JPY (roughly 2.6bn euros), which is the largest net monthly increase since the series began five years ago. The Italian bond market remains attractive for investors. As a matter of fact, the risk of Italy leaving the EU is extremely low. Based on July Sentix survey of 1000 investors, only 4% of institutional investors and 9% of private investors consider that there is a real risk of Italexit within one year. In other words, the risk is virtually close to zero. Adding to that expectations of further ECB stimulus from ......read more

Empower: 16% rise in transactions through E-services

Dubai, UAE, 21st August 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, reported that the number of online transactions performed through its e-payment channels  showing a significant growth of 16% during January to July 2019 compared to the same period of 2018.  Empower is providing it’s e-services to more than 100,000 customers through company’s own platforms and other channels provided by its partners, banks and financial organisations, to ease the payment of district cooling bills. As per the records, around 290,000 transactions performed through e-payment channels in the first seven months of 2019, compared to 250,000 in the same period of 2018.  Customers have used Empower’s e-Services and m-Pay platforms, in ......read more

3 Back-to-School Promotion Campaigns from Union Coop

UAE’s largest Consumer Cooperative invests AED 10 Million for price cuts on more than 10,000 products of Stationery.    Dubai, United Arab Emirates -  21, August 2019:   Retail Pioneer, Union Coop in Dubai has announced its three consecutive ‘Back to school’ promotions with discounts reaching up to 75% on more than 10,000 products, which will benefit parents of children resuming school.  Mr. Harib Mohammed Bin Thani, Director of Operations division, Union Coop explains that Union Coop has invested AED 10 Million towards price reductions and discounts to benefit the consumers. He says, “Union Coop has allocated AED 10 Million to reduce the prices of school stationery and supplies in addition to the reduction of prices of a selection of Food and Non-Food products. School ......read more

Lenovo Kick-starts Fy19/20 With Industry Leading Growth, Doubling Year-on-year Income Through Strong Customer Focus and Acceleration of Intelligent Transformation Strategy

• Group revenue grew year-on-year for eight consecutive quarters, reaching US$12.5B in Q1 FY19/20 • PTI more than doubled to US$240M year-on-year, up US$127M • Net income was US$162M, up US$85M year-on-year, also more than doubling • One in every four PCs built worldwide is a Lenovo PC, thanks to record market share of 24.9%   Dubai, United Arab Emirates -  19, August 2019:   Lenovo Group (HKSE: 992) (ADR: LNVGY) announced that its revenue in the first quarter of 2019 reached US$12.5 billion, resulting in the eighth consecutive quarter of growth. Pre-tax income more than doubled year-on-year, growing by US$127 million to reach US$240 million. Net income also more than doubled, up US$85 million to US$162 million.    Basic earnings per share for the first quarter were ......read more

Harris Pye UAE strengthens its footprint in Egypt

As per the company’s strategic growth plan, Harris Pye is effectively stabilizing its presence within the Egyptian market through its contractual contributions to the Canal Sugar (S.A.E)refinery project. Dubai – United Arab Emirates –18th of August 2019:  Harris Pye Engineering Group UAE, a global service provider supplying the offshore, marine and industrial sectors, recently signed a contract with Egyptian Joint Stock company, Canal Sugar. As per the terms of the agreement, Harris Pye will supply five 40tph, horizontal, three-pass, and multi-tubular smoke tube boilers to what is expected to be one of the largest beet sugar production facilities in the world. Harris Pye’s involvement with this mega project builds upon the UAE’s reputable business standing by contributing to the country’s ......read more

Gold reigns as global bond yield collapse continues

By Ole S. Hansen, Head of Commodity Strategy, Saxo Bank | August 18, 2019 Global growth concerns and ample supply of key commodities have been the main drivers behind the weakness seen across the sector so far this quarter. Precious metals remain the exception with gold responding strongly to the ongoing collapse in global bond yields.  The trade war between the US and China remains one of the main drivers behind global growth concerns. This in turn impacts the demand prospects for growth-dependent commodities ranging from crude oil and industrial metals to some agricultural products. As a result, the market has been “pumping and mostly dumping” as news from Washington and Beijing continued to alternate between hope and despair. Such volatile market conditions have not been helped by lower liquidity during the peak ......read more

Saxo Bank completes acquisition of BinckBank

Dubai, United Arab Emirates -  15, August 2019:  Saxo Bank and BinckBank announce that Saxo Bank has completed the acquisition of BinckBank. The acquisition of BinckBank marks an important milestone for the Saxo Bank Group that now services approximately 860,000 clients and holds approximately EUR 46 bn in client assets. By gaining scale and reducing cost and complexity, the Group can continue its ambitious investments in the digital client experience and expand its product offering, delivering more relevant and intuitive platforms and services. Clients and partners will significantly benefit from being serviced by a much larger Group with enhanced resources and capabilities for innovation and development. Saxo Bank and BinckBank will now start working on the integration of the two companies to share technology ......read more

Ajman Free Zone signs MoU with Dubai Insurance Company

The new service will replace the current bank guarantee Ajman, United Arab Emirates - August 14, 2019:  Ajman Free Zone has signed a Memorandum of Understanding and associated documents with Dubai Insurance to provide insurance services to workers employed by companies operating within the Free Zone.  The new service will replace the current bank guarantee system and will cover all workers’ dues including the end of service gratuity, annual leave unpaid salaries and the cost of a return ticket home.   Mohammad Tahsin Al Ali, Chief Operating Officer at Dubai Insurance Company attended the signing ceremony, with Fatma Salem, Acting General Manager of Ajman Free Zone and senior representatives from both parties.  Acting General Manager of Ajman Free Zone, Fatma Salem commented: “This ......read more

UK: The power of credit impulse at work

By Christopher Dembik, Head of Macro Analysis, Saxo Bank Dubai, United Arab Emirates -  14, August 2019:  The negative Q2 growth print is the perfect example of the power of credit impulse. However, contrary to an increasing number of market participants that consider the UK economy is already in recession that began in April, we think that Q3 GDP growth bounce is on the cards. We explain you why.  The UK growth is like a bouncing ball: in the first quarter, it grew by 0.5%, higher than the average of the G7 countries, and in the second quarter, it went into negative territory at minus 0.2%, rising fears that recession has started. This downturn resulted from factory shutdowns and the fallout from pre-Brexit stockpiling. However, more fundamentally, the disappointing Q2 growth print reflects the lack of new ......read more

Evonik sticks to full-year outlook despite cooling economy

• Outlook for 2019 confirmed: Sales and adjusted EBITDA to remain at least stable • Second-quarter sales and earnings below year-ago period • Compared with the first quarter all three chemical segments increase earnings      Dubai, United Arab Emirates -  08, August 2019:    Evonik is sticking to its full-year outlook despite an increasingly gloomy economic environment. The company expects sales and adjusted EBITDA from continued operations to remain at least stable compared with last year. In 2018 Evonik generated - not including the divested Methacrylates business - sales of €13.3 billion and adjusted EBITDA of €2.15 billion.   In the second quarter of this year sales declined 3 percent to €3.31 billion compared with the prior-year quarter. While ......read more

FireEye Identifies Prolific Chinese Cyber Threat Group

APT41 – a dual espionage and cyber crime threat actor – is responsible for targeted operations against organizations in 15 jurisdictions, across multiple industries including healthcare, gaming, high-tech and the media.   Dubai, United Arab Emirates -  08, August 2019:    FireEye, Inc. (NASDAQ: FEYE), the intelligence-led security company, today released the details of its newly named Advanced Persistent Threat group – APT41.   “APT41 is unique among the China-nexus actors we track in that it uses tools typically reserved for espionage campaigns in what appears to be activity for personal gain. They are as agile as they are skilled and well-resourced,” said Sandra Joyce, SVP of Global Threat Intelligence at FireEye. “Their aggressive and persistent operations for ......read more

Sharjah Exports Development Center Achieves Record Results in First Half of 2019

Sharjah, 8 August 2019:  The Sharjah Exports Development Center (SEDC), one of the Sharjah Chamber of Commerce & Industry’s (SCCI’s) initiatives, said that it has achieved record results during the first half of 2019, adding that the center has managed to accomplish the various aspects of its operational plan and objectives. “This is evident in the center’s effective results in terms of bolstering and promoting services for domestic companies and opening new channels to connect local companies with global markets. In addition to the initiatives launched by SEDC to connect Sharjah’s trade sector with new markets through a series of events involving exhibitions and trade missions to new markets,” added SEDC. Providing Perfect Environment for Exports HE Mohammad Ahmed Amin Al Awadi, ......read more

New Mimecast Report Reveals Analysis of 67 Billion Rejected Emails

Report Discovers Trojans Made up 71% of Opportunistic Attacks, and Education as the Most Targeted Sector   Dubai, United Arab Emirates -  08, August 2019:   Mimecast Limited (NASDAQ: MIME), a leading email and data security company, today launched its first Threat Intelligence Report: Black Hat Edition 2019. The report provides technical analysis of emerging threats identified as attempts to get through the security environment of Mimecast customers.   Within the report, Mimecast Threat Center researchers outline tactics and techniques of emerging threats, active threat campaigns observed, primary threat categories and volume, and the top targeted sectors. Researchers also offer their insights into how the threat landscape may change over the next 6-18 months based on observations made during this ......read more

Three Bangladeshi businessmen from same family awarded UAE Gold Visa – a first in the country

M. Oliur Rahman, Vice-Chairman of Al Haramain Group and M. Emadur Rahman, Deputy Managing Director of Al Haramain Group, receives UAE Gold Visa, following M. Mahtabur Rahman, Chairman and Managing Director of Al Haramain Group – making the first businessmen trio from the same family and same company to receive the coveted UAE Gold Visa    Dubai, United Arab Emirates -  08, August 2019:   Three Non-Resident Bangladeshi (NRB) businessmen – M. Mahtabur Rahman, M. Oliur Rahman and M. Emadur Rahman – from the same family and same company, Al Haramain Group of Companies, have been awarded the UAE Gold Visa – a first in the country’s history.   M. Oliur Rahman, Vice-Chairman of Al Haramain Group and M. Emadur Rahman, Deputy Managing Director of Al Haramain Group, received UAE ......read more

9th Muslim World Business and Investment Zone to host Jewels of the Muslim World Award and The Muslim World Rania Award

Dubai, United Arab Emirates -  08, August 2019:   Time is getting closer to the much awaited OIC International Business Centre’s 9th Muslim World Business and Investment Zone annual trade exhibition and conference with preparations to welcome local and international participants from 4-6 September 2019 at Kuala Lumpur Convention Centre, Malaysia. Organised in collaboration with the Islamic Centre for Development of Trade (ICDT) in Morroco, a subsidiary organ of the Organisation of Islamic Cooperation (OIC) in Saudi Arabia, together with the Association of Muslim World Business Malaysia, the 9th Muslim World Biz will be introducing new activities and involving more participants. Exhibitors, trade visitors, speakers and delegates from over 35 countries have confirmed their participation in the event. The profile ......read more

Eyes of the World on Expo 2020 Dubai

India home to greatest number of global Expo 2020 Dubai searches  Dubai, United Arab Emirates -  08, August 2019:    With a little over a year until Expo 2020 Dubai, international sentiment remains overwhelmingly positive with global interest in the emirate’s six-month long trade fair at an all-time high, according to the latest research from SEMrush, the award-winning digital marketing suite. Online research conducted by SEMrush, the all-in-one marketing toolkit for digital marketing professionals, shows India leading the country-specific rankings in search volumes related to Expo 2020 Dubai, which runs for 173 days from 20 October 2020. India was closely followed by Italy, with the USA and UK tied in third place and Germany ranked fourth. Pakistan, Canada, France, Spain, Saudi Arabia all followed with ......read more

Oman Insurance Retains Its Positive Business Momentum

75% Net Profit growth and over 225% solvency recorded in 1H2019  Oman Insurance retains its positive business momentum as the Net Profit grew by 75% to AED 105.6 Million in 1H 2019, as compared to AED 60.2 million for the same period last year.    Oman Insurance retains its positive business momentum as the Net Profit grew by 75% to AED 105.6 Million in 1H 2019, as compared to AED 60.2 million for the same period last year.  This growth is supported by strong underwriting results, increased investment income, accelerated collections and leaner operating expenses. The company has posted the highest half yearly net profit over 5 years that marks a key milestone for the company. The solvency ratio now stands above 225%, more than double the minimum regulatory requirement of 100%.     While the Gross ......read more

Schneider Electric is Founding Member of ISA Global Cybersecurity Alliance

• New levels of industry collaboration will protect and secure people, processes and technology • Extends ability to help customers establish and adhere to standards-based best processes, practices and policies  • Fulfills commitment to fostering open, transparent knowledge sharing, education and advocacy; drives needed change   August 6, 2019:   Schneider Electric, the leader in the digital transformation of energy management and automation, has joined the newly formed ISA Global Cybersecurity Alliance as a Founding Member.    The International Society of Automation created the Global Cybersecurity Alliance to advance cybersecurity readiness and awareness in worldwide manufacturing and critical infrastructure facilities and processes. Bringing together end-user ......read more

Beware of fraud! Protect yourself from falling victim to job and immigration scams

By Vinay Malhotra, Regional Group COO - Middle East, South Asia & China, VFS Global   Dubai, United Arab Emirates -  06, August 2019:   Going hand in hand with the number of people aspiring to work or settle abroad, are the scams that prey on this aspiration. One often hears about cases of people being defrauded on false promises of jobs or immigration abroad by fraudulent entities, which impacts applicants not just financially and emotionally, but also put them at a risk of their personal data being misused.   In 2018, VFS Global, the world’s largest visa processing service provider for governments, received more than 560 complaints, via emails from affected parties, about fraudulent entities posing as company representatives and making bogus job and immigration offers, in exchange for ......read more

GIAS 2020 to feature investment opportunities for participating countries

$600 billion needed to meet regional aircraft demands by 2038   • Regional markets will be in need of 10,550 new aircrafts by 2038 • Asia Pacific accounts for the biggest market share of 28% • UAE maintains its regional aviation leadership  • More than 200 investors expected at GIAS 2020   Dubai, United Arab Emirates -  05, August 2019:   Regional aircraft markets will need $600 billion in investments to meet the demand for 150-seat 10,550 aircrafts by 2038 due to rise in air travellers, according to a report by aerospace company Embraer.  Market growth will drive 65 per cent of this demand for the aircrafts, while the remaining 35 per cent will replace ageing aircrafts, the report adds.   These developments will be one of the highlighted investment ......read more

Empower enhances the professional performance of its employees

Bin Shafar: Our human resources are our local and global ambassadors Dubai, UAE, 4 August 2019:   Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, organised various training courses for its employees during the period January to July 2019. These courses were conducted as part of its annual training and development agenda, and benefitted to more than 200 employees in its workforce.  The training courses and programs represent a major part of Empower's annual strategy to raise the performance level of its staff to the highest international standards and to motivate them to continue gaining more knowledge and skills in district cooling. The employee training workshops included various technical, safety and soft skill courses such as; supervisory ......read more

Giorgio Stock Named President, Warnermedia Entertainment Networks, Distribution and Advertising Sales, Emea & Apac

Dubai, United Arab Emirates -  04, August 2019:   WarnerMedia Chief Revenue Officer Gerhard Zeiler today announced the appointment of Giorgio Stock to the new role of President, WarnerMedia Entertainment Networks, Distribution and Advertising Sales, EMEA and APAC. With immediate effect, Stock, previously President Turner EMEA, takes on responsibility for all entertainment networks, distribution of all networks, advertising sales and the kids networks operations in Europe, Middle East, Africa and the Asia Pacific region. He will continue to report into Zeiler. In his new role, Stock will be supported by the leadership team of Ricky Ow, President Turner Asia Pacific, Hervé Payan, CEO HBO Europe, and Jonathan Spink, CEO HBO Asia, all of whom now report into him. He continues to be based in London. Announcing the ......read more

Other Top Stories from Banking and Investments
 
How Middle East E-commerce has changed in last 5 years?…

July 17, 2019 - Dubai, UAE   The global e-commerce sector has seen several changes in the past five years, especially in the MENA region. According to research, it is estimated that the Middle East e-commerce market could experience an exponential growth of US$69 billion by the year 2020. Though that sounds impressive, it is to be noted that only 15% of regular businesses in the Gulf ......read more

Management Change at Grohe AG…

Thomas Fuhr, born in 1965, took over the position of CEO of Grohe AG in July 2019.    Dubai, United Arab Emirates -  16 July  2019:  Since joining GROHE in 2012, he was responsible for Production, Procurement, Logistics, Quality, Technology, Research & Development and Sustainability as Executive Director Operations. In addition, he was responsible for the ......read more

Schneider Electric Launches First Smart Factory in Mexico Implementing Innovative EcoStruxure ...…

• Schneider Electric’s smart factory in Monterrey, the first one in Mexico, has comprehensively deployed a wide range of EcoStruxure solutions • The Smart Factory also serves as a showcase for digital transformation in Mexico, empowering operators to gain visibility into operations, maintenance and energy use, helping to reduce up to 20% maintenance costs and increase overall ......read more

Schneider Electric Launches First Smart Factory in Mexico Implementing Innovative EcoStruxure ...…

•      Schneider Electric’s smart factory in Monterrey, the first one in Mexico, has comprehensively deployed a wide range of EcoStruxure solutions •      The Smart Factory also serves as a showcase for digital transformation in Mexico, empowering operators to gain visibility into operations, maintenance and energy use, helping to reduce up to 20% ......read more

Pottery Barn Kids launches new ‘Back-to-School' collection'…

United Arab Emirates, 15 July 2019:   Pottery Barn Kids has unveiled its ‘Back-to-School’ Collection with a creative line-up of must-have school accessories – including backpacks, lunchboxes and water bottles for the little ones. Popular collections include the ‘Disney Frozen’ collection featuring best-loved characters from the film, including Anna, ......read more

MENA M&A transactions US$112 billion in first half of 2019…

MENA Investment banking fees US$504.8 million in first half of 2019  MENA equity and equity-related issuance reached US$1.1 billion while debt issuance totalled US$53.1 billion in first half of 2019   July 15, 2019:   Refinitiv today released the 2019 Q2 investment banking analysis for the Middle East.   According to the report, Middle Eastern ......read more

Beyontec Partners with AJMS to Develop Comprehensive IFRS 17 Solution for MEA Region…

Dubai, July 14, 2019:  Beyontec Solutions, a global insurance technology solutions provider, and AJMS, a leading accounting, tax and governance, risk & compliance (GRC) consulting firm, have entered into a strategic partnership to develop a comprehensive IFRS 17 solution for the Middle East and African insurance industries. The new reporting standard under IFRS 17 will ......read more

Ras Al Khaimah to Host the 7th Arab conference of Investment in Food Security…

With participation of 250 countries and Institutions July 14, 2019: Ras Al Khaimah, UAE:  H.E Mohamed Ali Musabbeh Al Nuaimi, Chairman, Ras al Khaimah Chamber of Commerce and Industry said that hosting the 7th Arab Conference of Investment in Food Security in Ras Al Khaimah offers a unique opportunity to enhance the investment in the agriculture and fish resources sectors in UAE, and ......read more

SHUAA Capital shareholders approve transformational transaction with ADFG at General Meeting today…

• 100% of SHUAA Capital’s shareholders in attendance at the General Meeting have voted in favour of the proposed combination with ADFG • Transaction implies that ADFG’s shareholders will own 58% of the enlarged entity, with SHUAA’s existing shareholders owning 42%  • This combination makes compelling strategic sense, bringing together a unique ......read more

Union Coop Reports 20% Growth in Net Profit for the First half of 2019…

 AED 284.6 Million Reported as Net Profit for the first half of 2019 Dubai, United Arab Emirates -  13July  2019:   Union Coop, reported a 20% growth in net profit for the first half of 2019, compared to the previous year. The net profit for 2018 was AED 237.7 Million, whereas 2019 reported AED 284.6 Million net profit, which is a surge of AED 46.9 ......read more

Empower launches “Intelligent Delta- T Analyzer and Detector”…

Dubai, UAE, 10th July 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, announced launching an intelligent system to detect lost energy, and receiving the Innovation Award Honorable Mention for its “Intelligent Delta — T Analyzer & Detector” technology, This supports Empower’s continuous ......read more

Robotics and Automation to the Fore at Materials Handling Middle East…

Region’s logistics market set to reach US$ 66.3bn by 2020, according to industry leaders Swisslog   Dubai, United Arab Emirates -  11 July  2019:    Materials Handling Middle East, the region’s dedicated trade show for warehousing, intralogistics and supply chain solutions, has evolved into a futuristic showcase of robotics and automation for its 2019 ......read more

Union Coop Releases ‘First' Update of Its Electronic Share Trading Platform…

“The new update will allow shareholders to access the best ‘Buy and Sell’ orders…” Dubai, United Arab Emirates -  11 July  2019:   Union Coop, the largest Consumer Cooperative in the UAE launched the first update of its electronic share trading platform, which will allow shareholders to view the best ‘buy’ and ......read more

Corporations' long-term success hinges on their business model supporting humanity's prosperity'…

Ahead of Earth Overshoot Day 2019 (July 29) one-planet compatibility emerges as a powerful compass to gauge corporate strategies against ecological resource constraints   Dubai, United Arab Emirates -  11 July  2019:   Ahead of Earth Overshoot Day this July 29, Schneider Electric, the leader in digital transformation of energy management and automation, announces ......read more

Ajman Bank Launches New Branch in Dalma Mall and with it Introduces Another Digital Initiative…

Installation of Automated Teller Services in the branch is one step forward in digitalization of cash transactions and making the customer experience completely paperless.   9 July 2019 - Dubai, UAE   Ajman Bank has announced the launch of its latest branch in Dalma Mall that boasts state-of-the-art design and cutting-edge digital banking and payment solutions. With it comes ......read more

Dr. P.A. Ibrahim Haji, Co Chairman Malabar Group and Chairman PACE Group has been given the 10 year ...…

Dubai, United Arab Emirates -  09 July  2019:    Dr. P.A. Ibrahim Haji, Co – Chairman, Malabar Group and Chairman OF PACE Group has been given the 10 year Golden Visa by Lieutenant Colonel Omar Matar Khamis Al Mezaina, Director of Establishment Department, General Directorate of Residency and Foreigners Affairs, Dubai Granting 10 year visa is the great initiative by ......read more

Foreign Trade recorded 4 billion Dirhams with the GCC Countries during the 2018…

Ras Al Khaimah, 8th July, 2019:  The GCC countries came on the top of countries in terms of the foreign trade with Ras Al Khaimah. The trade with the GCC Countries increased between 2010-2018 with 45%, rising from 2 billion and 852 million dirhams to reach 4 billion and 149 million dirhams. “The GCC countries represent the top trade partners with 29% of the total foreign trade of Ras ......read more

A Sharp Increase In Geopolitical Risk Could See GCC Banks Require Sovereign Support…

Key Takeaways   - GCC banking systems should be able to absorb foreign funding outflows without government support in a hypothetical modest stress scenario.   - However, in our more severe hypothetical stress scenario, we see potential funding gaps in all banking systems aside from Kuwait's, with Qatari and Bahraini banks requiring the most support as a proportion of ......read more

Union Coop opens the ceiling of shareholders' purchases…

The move comes from its strategic objectives to encourage shareholders to invest with Union Coop and ensure a high return on their investment Dubai, United Arab Emirates -  08 July  2019:    Union Coop, the largest Consumer Cooperative in the UAE has publicised that it has opened its purchasing ceiling to its shareholders to offer them the highest possible returns on ......read more

Commodity market heats up…

By Ole S. Hansen | July 7, 2019 Dubai, United Arab Emirates -  07 July  2019:   Commodities with a few exceptions failed to hold onto the gains that were seen following the G-20 meeting in Osaka. During a holiday-shortened week the market first reacted positively to renewed hopes that the US and China would return to the negotiation table. A relief that was soon overtaken ......read more

BIOS Middle East only regional player in Gartner's Magic Quadrant on DRaaS…

For the 3rd consecutive year BIOS Middle East is recognized as the only regional player in Gartner's 2019 Magic Quadrant for Disaster Recovery as a Service (DRaaS) Dubai, UAE, July 7, 2019: BIOS Middle East, UAE’s leading Managed Cloud Provider, announced that it has been included in the latest Gartner Magic Quadrant report on Disaster Recovery as a Service (DRaaS), for the third ......read more

EITC Women Council Kick-Starts Gender Diversity Agenda with Exclusive EITC Jump Event…

100 EITC employees including executives gathered to discuss the development and implementation of initiatives to promote workplace inclusiveness and harmony  Dubai, United Arab Emirates -  06 July  2019:  ​ The Emirates Integrated Telecommunications Company (EITC) Women Council has recently organised a full-day workshop for female and male professionals in the ......read more

wasl properties reveals grand-prize winner of its Ramadan Competition…

A scholarship tuition of AED 25,000 granted to the grand winner Dubai, United Arab Emirates, 2 July 2019:  wasl properties has announced the winners of its Ramadan Competition. The competition took place throughout Ramadan and aimed to celebrate children’s creativity, highlight their innovation, and reward their artistic talents and celebrate the “Year of ......read more

Get in Colour for the Summer with a Whiter, Brighter Smile…

Dubai, United Arab Emirates -  01 July  2019:    With Dubai Summer Surprises 2019 in full swing, you are bound to find great offers to celebrate.  The Smile Bar joins the celebration with a special offer that will give you sparkling smiles for less to last you all summer! What better time and reason to take advantage of The Smile Bar’s advanced technology that makes ......read more

Empower wins three global awards at IDEA 2019, USA…

Dubai, UAE, 30th June 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, received three global awards at the 110th IDEA Annual Conference & Tradeshow 2019, which was held in Pittsburgh, USA, from 24 to 27 June. Two are IDEA gold awards, for the number of buildings committed and for the total Building area committed. ......read more

Does transformation depend on technology or people?…

Going forward technologies will become simpler and more intuitive to use, shifting the critical success factors back to business leaders and employees, explains Sami Esber, President – MIDIS System Integration Group & Board Member MIDIS Group. Dubai, United Arab Emirates -  30 June 2019:    Across the Middle East, the word digital transformation, is becoming ......read more

Redtag's Ramadan Bonanza Winners…

Dubai, United Arab Emirates - 29 June 2019:  We had reached out to you pre Ramadan Bonanza campaign announcing REDTAG’s giveaway prizes for Ramadan. 14 people across the GCC have won the mega draw AED/SAR 100,000 each and the details are as below.   We would like you to cover this mega giveaway done by REDTAG.   "REDTAG’s Ramadan Bonanza brought joy to ......read more

Start of production at the Groupe PSA Kenitra plant…

• Implementation of the project announced in June 2015 to round off the Group’s ecosystem in Morocco • Production capacity of 200,000 vehicles from mid-2020 to serve customers in 80 markets, meeting Groupe PSA’s highest standards • Introduction of the latest-generation CMP platform, with the new Peugeot 208 the first vehicle to go into ......read more

Trade Bank of Iraq celebrates grand opening of new headquarters in Baghdad…

• Grand opening with guests representing government and the business community including Iraqi Prime minster representative and Adviser Dr Ihssan Al Hakim • The building features modern working environment and will house 670 employees • The new HQ is located in the heart of Baghdad on Al Rasheed Street, which holds a strong cultural and historic ......read more

Mimecast Names Top Channel Performers at Middle East Partner Connect…

Mimecast focuses on working effectively with partners to help improve customers’ cyber resilience    Dubai, United Arab Emirates - 26 June 2019:   Mimecast (NASDAQ: MIME), a leading email and data security company, today announced the winners of its Middle East Partner Awards 2019. Five channel partners from the UAE were recognised across six categories for their ......read more

Schneider Electric hosts ‘Innovation Talk' series for Regional Utilities…

• Improved EcoStruxure grid to reinforce digital transformation of the distribution utilities augmenting operational profitability and topline growth • Ensures operational efficiency by optimizing asset costs and investment planning using predictive maintenance • Schneider Electric supports the Tarsheed initiative enabling reduced energy consumption with its digital ......read more

United Arab Bank named CX Innovator at Genesys G-Summit Middle East 2019…

UAB wins CX Innovator – Best Omnichannel Experience award, as the only banking institution to be recognized at the event this year. UAB offers true omnichannel to enrich customer experience    Sharjah, 26 June 2019:  The United Arab Bank P.J.S.C. (UAB) has won the CX Innovator award for Best Omnichannel Experience at Genesys G-Summit Middle East 2019 held in Dubai. ......read more

Joyalukkas Exchange opens branches in 3 new locations in Kuwait…

June 26,  2019: Joyalukkas Exchange, the money exchange arm of Joyalukkas Group, further enhanced its presence in the Kuwait region with the inauguration of 3 new branches.  The new branches were inaugurated by Mr. Antony Jos, Director, Joyalukkas Exchange in the presence of other dignitaries and customers. “Kuwait is a key market for Joyalukkas Exchange, we have a strong ......read more

Dubai Tourism Launches Hotel Emission Analysis Report…

Industry report to provide an overview of individual hotel’s carbon emissions, enabling hospitality establishments to benchmark their sustainability performance against their peers Dubai, UAE, 25 June 2019:   Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) has announced it will provide Dubai hotels with an individual Hotel Emission Analysis Report, ......read more

Mohammed bin Rashid Space Centre & Federal Youth Authority adopt logo for first Emirati mission ...…

Dubai, UAE, 24 June 2019:   The Mohammed bin Rashid Space Centre (MBRSC), in cooperation with the Federal Youth Authority (FYA), adopted the logo for the first Arab and Emirati mission to the International Space Station (ISS) on 25 September. The mission is part of the UAE Astronaut Programme, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime ......read more

Dex Secures in Principle Approval for Crypto Asset Exchange From Adgm's Financial Services Regulator…

ABU DHABI, UAE, 24th June 2019:   DEX (Digital Assets Exchange) has secured in principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate a Crypto Asset Exchange as part of the wider digital asset regulatory ecosystem developed over the past year by the FSRA.  CEO and Founder of DEX Leon Smith said: “This is ......read more

MaK eco-friendly power solutions ensure less emissions and more fuel savings…

LNG engines and digital power optimization The company’s environmentally friendly solutions are also cutting clients’ costs by driving down fuel consumption   Dubai, United Arab Emirates - 24 June 2019:   MaK Middle East LLC, established in Dubai in 2017 as the factory direct parts and service arm of parent Caterpillar Motoren has announced the next level ......read more

Visa Prevents Approximately $25 Billion in Fraud Using Artificial Intelligence…

Since pioneering AI in payments, continuous evolution of the technology in Visa Advanced Authorization helps drive commerce and consumer confidence   Dubai, United Arab Emirates – June 23 2019:   Visa Inc. (NYSE: V) today announced new analysis showing Visa Advanced Authorization (VAA) using artificial intelligence (AI) helped financial institutions prevent an estimated ......read more

CAFU to Llaunch a Research & Development Centre in Sharjah…

Dubai Sharjah, UAE, June 23,  2019:   CAFU, the MENA region’s first fuel on-demand mobile application, today announced plans to launch its Research and Development (R&D) Centre in Sharjah. The move comes in line with the UAE’s vision of driving innovation within the region, and CAFU’s goals of being a key local contributor to the fields of technology, ......read more

Khalifa Fund grants Emirati Entrepreneurs Association with financial and technical support…

Abu Dhabi, 22 June 2019:  The Khalifa Fund for Enterprise Development (KFED) has recently awarded the Emirati Entrepreneurs Association (EEA) with a package of quality support programs, including financial and technical support, to be used for Emirati entrepreneurs’ skills and capacity development and creation of a suitable environment where their business projects could ......read more

Global Cinema Chain, Cinépolis, Announces Six New Cinema Locations in the Kingdom of Saudi Arabia…

Cinépolis has announced that it will open 63 screens in six new cinemas across the Kingdom of Saudi Arabia The Cinemas will open in the cites of Riyadh, Jeddah, Dammam, Jazan and Najran The first of the six cinemas will open in Lulu Mall, Dammam in early 2020 Cinépolis will invest USD 300million+ in the Kingdom of Saudi Arabia over the next 3 years   Dubai, United Arab ......read more

Alvarez & Marsal Releases UAE Banking Pulse Report for Q1 2019…

Sector continues to perform well with higher profitability  Bank loan growth picks up pace even as deposits fall  Tightening liquidity expected in near to medium term over shrinking net interest margins (NIMs)   Dubai, United Arab Emirates - 20 June 2019:  Leading global professional services firm Alvarez & Marsal (A&M) today released its latest UAE ......read more

Better Connected: How smart packaging is changing the way we live and do business…

By Dr. Paul Smith, Vice President, Xerox Research Centre of Canada Labels. We see them every day on routine items we depend on to get through life. Dubai, United Arab Emirates - 20 June 2019:  There are labels on our food, medicine, clothes and technology. They tell us crucial information to help guide our decisions: nutritional information about the food we consume; how to wash ......read more

HPE Advances Hybrid Cloud Strategy by Extending AI, Composability and Partnerships Across Portfolio…

Empowers customers to build digital transformation with automation, more choice, optimized workloads, and a consistent cloud experience   Dubai, United Arab Emirates - 20 June 2019:  Hewlett Packard Enterprise (HPE) recently announced the continued expansion of its hybrid cloud portfolio with enhanced automation, more choice, workload-optimized solutions, and a consistent ......read more

Blueair Wins ‘Superbrands' Award in the UAE…

Blueair voted by the Superbrands Council UAE and marketing professionals as one of the country’s strongest and trustworthy brands Dubai, UAE, June 19, 2019:  Blueair, a world leader in air purification solutions, today announced that it has been recognised as one of UAE’s strongest and most trusted brands by the Superbrands organisation, an independent authority and ......read more

Trade Bank of Iraq and Esds Software Solution Sign Mou for Developing Fintech and a Cloud Platform…

Dubai, June 19, 2019: Trade Bank of Iraq (“TBI”) has entered into a Memorandum of Understanding (MoU) with ESDS SOFTWARE SOLUTION PVT. LTD, India (“ESDS”) to develop financial technology and a cloud platform in Iraq.    Alpen Capital (ME) Limited acted as the sole financial advisor for the transaction between the two firms, which aims to establish a long-term ......read more

Al Haramain Group Chairman Mohammed Mahtabur Rahman awarded UAE Gold Visa…

Mr Mahtabur Rahman, President of Bangladesh Business Council in Dubai, Chairman of Al Haramain Group and Chairman NRB Bank, is the first Non-Resident Bangladeshi (NRB) businessman to receive the UAE Gold Visa Dubai, United Arab Emirates - 17 June 2019:  Mr Mohammed Mahtabur Rahman, Chairman and Managing Director of Al Haramain Group of Companies, Chairman of NRB Bank Ltd (Bangladesh) ......read more

Dubai Parks and Resorts hosts Consul General of the Philippines in Dubai on the occasion of 121st ...…

Dubai, United Arab Emirates - 17 June 2019:  Randy Helou, Vice President Sales & Marketing, DXB Entertainments hosted Consul General of the Philippines Paul Raymund Cortes on the occasion of the 121st Philippine Independence Day for a celebration at Dubai Parks and Resorts. Dubai Parks and Resorts celebrated Philippine Independence Day with numerous activities including traditional ......read more

Vatika Awarded Superbrands Status in UAE 2019…

Dabur’s Vatika range has received industry-wide brand recognition  Dubai, United Arab Emirates - 17 June 2019:   Dabur Vatika, the leading natural hair care brand has been recognised as a Superbrand for 2019 by the UAE Super brands Council.    Dabur Vatika is renowned for its wide range of natural hair care products which have been developed with a deeper ......read more

Al-Futtaim Engineering & Technologies Sponsor annual Genesys G-Summit Middle East 2019…

Dubai, United Arab Emirates - 17 June 2019:   Al-Futtaim Engineering & Technologies sponsored G-Summit Middle East 2019, in Dubai. Hosted by Genesys, the global leader in omnichannel customer experience and contact centre solutions, the event gathered over 300 thought leaders, industry experts, partners and customers.  G-Summit is an annual Genesys roadshow event offered in ......read more

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