Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
Dubai Investments distributes 10% cash dividend

Dubai, United Arab Emirates, 18 April 2019:  Dubai Investments PJSC [DFM: DIC], the leading diversified investments conglomerate listed on the Dubai Financial Market, has decided to distribute 10% cash dividend to its shareholders for the financial year ending 31 December 2018. A proposal to this effect was approved by shareholders at the Group’s 23rd Annual General Meeting (AGM) on April 17, 2019. The Company’s shareholders also approved all other resolutions presented by Dubai Investments Board of Directors.  The Company presented its 2018 financial results, which revealed a net profit of AED 651.4 million for 2018. Total assets of the Group increased by AED 2.55 billion to reach AED 19.6 billion as of 31 December 2018. At the AGM, Hussain Mahyoob Sultan Al Junaidy, Vice-Chairman of the Board of Directors ......read more

5 Rules to Keep your cryptocurrency safe in 2019

April 18, 2019 - Dubai, UAE   A cardinal rule with cryptocurrency is that you, the investor, has to take ownership of your holdings. Unlike traditional banks where you can just store your money and leave it up to them to protect your finances, cryptocurrency is the complete opposite. Here are 5 rules to keep your cryptocurrency safe in 2019: 1. Use cryptocurrency exchanges to exchange coins not store them While most cryptocurrency exchanges offer an online wallet, this is not where you should be storing your holdings. Most of the time, they store your private keys leaving you vulnerable to hacks. Transfer your holdings to an offline wallet or keep the private keys on you. 2. Best cryptocurrency wallets 2019 Choosing the best wallet really comes down to what sort of transactions you make. Online wallets If ......read more

97% of Gemalto shares have been tendered to the Thales offer

 Following the Post-Closing Acceptance Period, which ended yesterday, approximately 97.02% of Gemalto shares have now been tendered to the Thales offer   Settlement of Shares tendered during the Post-Closing Acceptance Period will take place on 18 April 2019  Thales will initiate the statutory buy-out proceedings as soon as possible in order to obtain 100% of the Shares  Thales and Gemalto will ask Euronext to delist the Gemalto Shares shortly after Gemalto’s 2019 annual general meeting, to be held on 28 May 2019 Dubai United Arab Emirates - April 16, 2019:  Reference is made to the joint press release by Thales (Euronext Paris: HO) and Gemalto (Euronext Amsterdam and Paris: GTO) dated 29 March 2019 on the results of the recommended all-cash offer by Thales for all the issued and ......read more

Mashreq raises the bar on premium card payment experience with IDEMIA

Mashreq Bank selects IDEMIA’s smart metal cards to  provide an elite experience to its premium customers, becoming the largest issuer of metal cards in the UAE Dubai, UAE, April 16, 2019:  Mashreq Bank, one of the leading financial institutions in the UAE, boasts a proud tradition of introducing cutting-edge banking products for its customers. It was the first bank to introduce “Portrait”, the UAE’s first “selfie” credit card, which allowed card holders to upload a photo of their choice from their cell phone and receive a customized credit card.  Driven by its innovative culture, Mashreq was also one of the early adopters of metal cards in the UAE. Leveraging IDEMIA’s smart metal technology, Mashreq introduced personalized metal cards as a premium payment instrument, ......read more

The UAE's Minister of Economy Welcomes Italy's Deputy Prime Minister During Italy-UAE Business Forum

 The forum held earlier today focused on trade opportunities between the two countries for the Infrastructure, Energy and ITC sectors  UAE, Dubai, 15 April 2019:   Hundreds of VIPs and guests attended the Italy-UAE Business Forum this morning, including a 200 company-strong delegation from Italy led by H.E. Luigi Di Maio, Deputy Prime Minister and Minister of Economic Development, Labour and Social Policy of the Italian Republic. H.E. Luigi Di Maio was welcomed by H.E. Sultan Bin Saeed Al Mansouri, Minister of Economy of the UAE, ahead of three panel discussions on Infrastructure, Energy, Water and Environment and ITC held earlier today at the Grand Hyatt Hotel, Dubai. The Italy-UAE Business Forum is part of a three-day business mission taking place from 14 and 16 April, that’s giving Italian companies ......read more

Cisco 2019 CISO Benchmark Study Reports Increased Vendor Consolidation

Survey of 3200 security leaders shows increased investment in defense technologies, security training, risk analysis and risk mitigation, as the unknown in users, data, devices, and apps are a major concern for CISOs   Dubai, UAE, April 15, 2019:  Cisco recently published its annual CISO Benchmark Study. Now in its fifth year, the comprehensive global survey provides an annual health check on the state of the CISO for more than 3000 security leaders across 18 countries.   This year’s results show security professionals are placing higher priority on vendor consolidation, collaboration between networking and security teams, and security awareness exercises to strengthen an organizations security posture and reduce the risk of breaches. To further address complexity challenges, many CISOs are increasingly ......read more

Afghanistan Opens New Mining Areas to International Investment

Ministry of Mines and Petroleum Announces 14 New Projects for Tender Dubai, UAE: 15 April 2019 –   In a keynote address at the Afghanistan Mining Investment Forum convened by INVEST, a global initiative of the U.S. Agency for International Development (USAID) to mobilize private investment in partner countries, H.E. Minister of Mines and Petroleum Nargis Nehan announced 43 new large and small-scale mining projects available for private sector investment and development. The projects span a number of commodities and are situated in 16 of the country’s 34 provinces. After anticipated tendering, an estimated $100 million will likely be spent on initial assessments, exploration and evaluation work for these projects over the next 12 months with investments increasing significantly in following years as projects ......read more

Network International Holdings plc

Dubai, UAE, April 14, 2019:  Following Emirates NBD Bank PJSC's announcement on the subject matter dated 10 April, 2019 and the agreement of the Selling Shareholders on 12 April, 2019 for Citigroup Global Markets Limited to exercise the "Over-allotment Option" of 15pct of the offer size, Emirates NBD Bank PJSC confirms that the Greenshoe option has been exercised on behalf of the Selling Shareholders. As a result, Emirates NBD Bank PJSC has finalised the sale of 15.3 mn Over-allocated shares at 435 Pence per share. Gross proceeds from the sale are GBP 66.55mn.  

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Tally Solutions to host latest edition of SMB Pulse in Dubai to help boost SMEs' efficiency

Aims to reach maximum SMBs to focus on need to shift to automated accounting solutions Dubai, United Arab Emirates, 11  April 2019:   Tally Solutions, a leading international accounting and compliance software provider, is bringing another edition of its successful SMB Pulse to Dubai. The event is a continuation of its business-focused event series designed to increase the productivity, efficiency, and profitability of small- and medium-sized businesses in the UAE and the rest of the MENA region.        The gathering will feature CA Manu Nair, CEO of the Emirates Chartered Accountants Group, who will shed light on modern challenges affecting business efficiency and how best to tackle them.  A Chartered Accountant and Management Accountant, CA Manu has more than 20 years of extensive ......read more

Emirates NBD announcement

Dubai, UAE, April 11, 2019:  Emirates NBD Bank PJSC confirms the sale of 127,474,500 Ordinary Shares from its shareholding in Network International through a secondary listing of Network International’s shares on the London Stock Exchange and to MasterCard as a part of the cornerstone investment at an offer price of 435 Pence per share. Gross Proceeds from the sale amount to GBP554.5 mn.   Emirates NBD Bank PJSC continues to have a relationship going forward with Network International as a 25.5 % shareholder and as a long-standing customer.

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Teads Reports Banner Year, Announces $430 Million in Revenue Driven by Adoption of Its Full-funnel Advertising Solutions, the Company Registered 35% Top Line Growth Yoy

Dubai, UAE, April 02, 2019:   Teads, The Global Media Platform, today announced record results for 2018, reporting a revenue of $430 million and 35%organic growth year-over-year (YOY). The company was EBITDA-positive for the sixth year in a row and now reaches 1.4 billion users every month globally according to comScore, and 87 million users in the MENA region.  “There is a growing need in the industry for brand safe alternatives to user generated content giants like Facebook and YouTube. We’re excited that both advertisers and publishers have partnered with Teads as a trusted and powerful alternative.” said Pierre Chappaz, executive chairman, Teads. “Our massive reach, new strategic partnerships and expanded vision are a testament to the evolution of premium advertising in ......read more

VFS Global successfully attains the prestigious PCMM Level 5 rating

Achieved rating after a rigorous appraisal performed by KPMG PCMM is a business excellence model recognised as a gold standard in people practices worldwide Dubai, UAE, March 31, 2019:  VFS Global is pleased to announce the successful completion of the PCMM Level 5 rating appraisal and awarded this rating within two and a half years after being appraised at PCMM Level 3 (People Capability Maturity Model) in mid 2016. Achieving this rating has been a two-year process involving a project team and multiple VFS Global cross functional teams across geographies and functions. The appraisal was conducted by KPMG.     VFS Global is the only visa services company to have achieved a People Capability Maturity Model (PCMM) rating. The appraisal is a validation of VFS Global’s long-standing commitment to ......read more

Azizi Developments ramps up action as Partner of Dubai World Cup 2019

Dubai, United Arab Emirates, 31 March 2019:   Azizi Developments, one of the leading private developers in the UAE, was proud partner of the Dubai World Cup 2019, the world’s richest day of horseracing and a global stage where the best horses from around the world compete.  Azizi Developments sponsored the Group 1 Al Quoz Sprint, a key part of the Dubai World Cup and one of the richest of its kind in the world, with a prize money of USD 2 million — doubled by Azizi Developments from last year’s prize purse of USD 1 million.  A 1,200-metre (6 furlongs) grass dash that ran the length of a straight chute in front of the tracks, Al Quoz Sprint offered the closest action point for spectators. A nail-biting race, equivalent to the popular 100m dash of the Olympics, it featured some of the ......read more

The AMF Reveals Central Bank Governors' Commitment to a Regional Payment Platform in a Two-day High-level Conference in Abu Dhabi

A forum for dialogue and exchange between industry leaders on the latest regional and global cross-border payment challenges Governor Al Mansoori stresses the UAE’s support for the Arab Regional Payment System highlighting the system’s prominent role in promoting reginal financial integration and strengthening trade and investment relations with all economic partners     Abu Dhabi 31 March 2019:   On Thursday, 28th of March, the Chairman of the Arab Monetary Fund (AMF) concluded the high-level conference under the overarching theme of “The Role of Cross-Border Payments in Fostering Regional Financial Integration”. The conference, organized in collaboration with the German development agency GIZ, gathered over 350 industry leaders from around the world on the 27th and 28th of ......read more

Abu Dhabi Global Market Boao Forum for Asia 2019 in Hainan, China

27 March 2019, Abu Dhabi, UAE:   Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, is pleased to support and participate in the 2019 Boao Forum for Asia (BFA) Annual Conference which is currently taking place in Boao, Hainan Province, China, starting on 26 to 28 March 2019.  Reinforcing the strong economic ties and collaborations between the Chinese governmental entities and Abu Dhabi, ADGM has been invited to be part of this global dialogue that will shape the development, growth and future of Asian economies and cross-border collaborations.  Themed “Shared Future, Concerted Action, Common Development”, the 2019 BFA will welcome H.E Li Keqiang, the Premier of the People’s Republic of China, to deliver the keynote address at the Opening Ceremony on 28 March ......read more

United Arab Bank hosts the Annual General Assembly Meeting

Sharjah, UAE (March 26, 2019) –   United Arab Bank P.J.S.C. (“UAB”) held its Annual General Assembly Meeting (AGA) on Monday, 25 March  2019, at Coral Beach Hotel in Sharjah, chaired by H.E. Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors.  The AGA adopted all ordinary and extraordinary resolutions set forth in the meeting, including the approval of the consolidated financial statements for the year ended 31 December 2018, and the Board’s recommendation to appoint Ernst and Young (E&Y) as the external auditors of the Bank for the year 2019. The meeting was managed by Abu Dhabi Securities Exchange (“ADX”), under a Registrar Agreement that the Bank has signed with ADX and attended by Members of the Board of Directors and Ahmad Mohammad Abu ......read more

Amanat AGM approves dividends distribution for the fourth year in a row

Dubai, UAE, March 25, 2019:   Amanat Holdings PJSC (“Amanat”), the GCC’s largest healthcare and education investment company, today announced that it has concluded its annual general meeting (“General Meeting”) on March 24, 2018.  The Board report for the Company’s activities and financial position, balance sheet and the profit and loss account for the fiscal year ending 31 December 2018 were approved.  The General Meeting approved a cash dividend distribution of 1.50% of the nominal value for each share (1.5 fils per one share). This implies a total payout of AED 37.5 million for the year 2018, as Amanat continues to distribute dividends to its shareholders since inception and for the fourth year in a row. Additionally, the General Assembly Meeting approved the ......read more

DFSA and Standard Chartered Bank focus on curbing illicit wildlife trade

The engagement highlights how financial institutions and regulators can contribute to the well-being of humanity and the natural environment It also reinforces how tackling financial crime and the flow of illegal funds can support such collaboration  Dubai, United Arab Emirates, 24 March 2019:   The Dubai Financial Services Authority (DFSA) recently hosted senior executives from Standard Chartered Bank to discuss how financial institutions and regulators can work together to help curb illegal wildlife trade and disrupt the flow of illegal funds arising from this predicate crime.   David Fein, Group General Counsel at Standard Chartered and Vice-Chair of the Financial Taskforce of the UK Royal Foundation of ‘United for Wildlife’ campaign  which is under The Duke of Cambridge’s ......read more

SENAAT 's Revenues Increase to AED 16.3 Billion in 2018

Earnings growth of 20% to top AED 2.5 billion Abu Dhabi, UAE, 24 March 2019:   SENAAT (“SENAAT” or “the Group”), one of the largest industrial investment holding companies in the UAE, today announced financial results for 2018 demonstrating year-on-year growth and improved profitability.  SENAAT achieved steady revenue growth in 2018 to reach AED 16.3 billion, a 3.5% increase over the previous year (2017 revenue: AED 15.7 billion). More notably, EBITDA increased to more than AED 2.5 billion in 2018, a 20% increase compared to 2017, reflecting margin enhancement realised by capitalising on market opportunities and through cost control initiatives implemented across the Group.    These outstanding results complement the sustained growth in the company's industrial assets ......read more

WCU: Gold lifted by Fed dove while oil pauses

By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, March 24, 2019:  Commodities traded higher for a second week, albeit at a slower pace, with gains being driven by precious metals and – for a change – the agriculture sector. Precious metals received a boost from a sharp drop in bond yields after the US Federal Reserve signalled no further rate hikes this year while also slowing its balance sheet reduction.  The dollar initially dumped on the news before once again being pumped higher on Friday when dismal PMI data from both Germany and France provided some renewed support for the greenback. Stocks, and with that the general level of risk appetite, initially rose before pausing in response to ongoing concerns about the outlook for economic growth.  The energy sector saw WTI and Brent ......read more

The Fed has surrendered, and here's what comes next

By Steen Jakobsen, Chief Economist & CIO at Saxo Bank Dubai, UAE, March 23, 2019:  Summary:  FOMC meeting made it official: the Fed has thrown in the towel, and central banks are committed to defying the business cycle. But where does this leave us in terms of positioning for 2019, 2020 and beyond? If you are familiar with my research over the last 20 years, you know that I am no fan of central banks; they are glorified bureaucrats with an academic sense of infallibility who believe they have a supreme power’s insight into the economy and markets. But yesterday marked a new low for world central bankers as the US Federal Open Market Committee completely threw in the towel. Anyone who ever thought the Fed or other central banks are truly ‘independent’ should spend $20 on the great 2018 Paul Volcker ......read more

Oman Insurance Company wins Medical Insurance Company of the Year at 2019 Annual Health Awards

Dubai, March 20, 2019:  Oman Insurance Company was awarded Medical Insurance Company of the Year at the recent 2019 Health Award. Jointly organized by Dubai Health Authority and Health Magazine, the award aims to recognize outstanding contributions of healthcare organizations and professionals in the region.    With a clear focus on exceptional customer experience, strong underwriting capabilities and digital solutions, Oman Insurance was a clear winner among the 10 nominations received in the Medical Insurance category. Some of the customer focused initiatives by the company include the launch of reimbursement and policy servicing portal, the linking of member eligibility verification to Emirates ID, the simple online portal to buy DHA medical insurance and the award winning corporate wellness program ......read more

Standard Chartered UAE participates in first-ever global running event along the Belt and Road

21 March 2019, Dubai – Standard Chartered recently announced the launch of the Standard Chartered Belt & Road Relay, the first-ever global running event spanning the Belt and Road initiative. The Relay aims to highlight the Bank’s continued commitment to Belt and Road, and the positive impact of the initiative to communities and businesses globally. The Relay will be led by eight staff athletes from Standard Chartered, selected from the Bank’s diverse footprint across Asia, Africa, the Middle East, and Europe and the Americas. These athletes will participate in running events across 44 Belt and Road markets within a 90-day period.  The Standard Chartered Belt & Road Relay kicked off in Hong Kong on 17 February, in conjunction with the Standard Chartered Hong Kong Marathon. Followed by the UAE stop on ......read more

Empower saves 305 million gallons of potable water in 2018, equivalent to the amount of water in 555 Olympic swimming pools

Dubai, UAE, 20 March 2019:   Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, highlighted on the occasion of World Water Day, that it has saved 305 million gallons of potable water in 2018 which is equivalent to the amount of water in 555 Olympic swimming pools. This has achieved by using treated sewage water in its district cooling operations instead of fresh water, in line with the 2008 Executive Council resolution approved by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, that directs to lower the usage of fresh water and use other water alternatives in order to conserve the water resources in UAE.  This is as part of company’s ongoing efforts to ensure water ......read more

Citi launches next generation mobile app in the UAE

More than 80% of its customers are enrolled in digital channels Mobile usage has surged 35 % in the past 12 months UAE, Dubai, March 20, 2019 –   Citi UAE announced today the launch of its next generation Citi Mobile® App for Citi’s credit card customers in the UAE.  The next generation Citi Mobile® App will significantly change the way credit card customers manage their finances as Citi introduces a new and comprehensive set of mobile app features and experiences. The new Citi Mobile® App experience promises a new look and feel, more intuitive navigation and smart functionalities.   According data compiled by the Citi, more than 80 % of Citi UAE’s customers are already enrolled in digital channels, with most subscribed to electronic statements and advices. Mobile banking ......read more

Other Top Stories from Banking and Investments
 
Agriculture Investment Forum to Highlight Multi-Billion Dollar Regional Opportunities…

Leading regional investment heads set to take part in the one-day forum  27 February 2019 - Dubai, UAE:  Following on from the success of last year’s investment gathering, the organisers of AgraME, one of the region’s leading exhibitions focusing on the burgeoning Agriculture industry, will once again be hosting a number of government investment heads from across the ......read more

UAE's Etisalat and Emirates Global Aluminium Among BCG's 100 Global Challengers…

UAE’s Careem is the only tech unicorn to emerge from the Middle East Dubai, February 26, 2019— Thirteen companies from the Middle East are among a new class of ‘global challengers’ that are leapfrogging their developed market counterparts to achieve global leadership positions according to Boston Consulting Group’s (BCG) report, Global Challengers 2018: Digital ......read more

MENA Sovereign Borrowing To Increase By 25%To $136 Billion In 2019, Says Report…

Dubai, United Arab Emirates - Feb. 24, 2019:  S&P Global Ratings believes sovereign long-term commercial borrowing in the Middle East and North African (MENA) could increase by 25% this year after falling 38% in 2018. See the report "Sovereign Debt 2019: MENA Borrowing To Increase By 25% To $136 Billion, " published today. This is chiefly because higher oil prices and fiscal ......read more

Procter & Gamble Announces Newest Commitment to Gender Equality Across the Indian Subcontinent, ...…

P&G’s declaration came as part of the P&G and UN Women co-hosted regional #WeSeeEqual Summit with equality advocates  Mary Kom, Bonang Matheba, Amina Khalil, Neha Dhupia, Angad Bedi & Richa Chadha   Dubai UAE, 21 February 2019: Procter & Gamble (P&G) today announced a new commitment around a number of initiatives that will promote gender equality ......read more

International Holdings Company (IHC) marks major strengthening and diversification with PAL ...…

The acquisition sees IHC enter one of the region’s core utility sectors, with attractive margins and high growth potential  Abu Dhabi, UAE, 21 February 2019: International Holdings Company (IHC) (ADX:IHC), one of the UAE’s foremost holding companies with investments in diversified operating businesses, signed today an Implementation agreement to acquire PAL Cooling Holding LLC ......read more

Ahli United Bank B.S.C. reports a 12.7% surge in 2018 net profit…

ATTRIBUTABLE TO OWNERS OF THE BANK TO US$ 697.5 MILLION  20 February 2019 - Dubai, UAE Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 697.5 million for the year 2018, representing a rise of 12.7% as compared to the net profit of US$ 618.7 million in 2017. The net profit in Q4/2018 was US$ 169.3 million as compared to US$ 150.0 million ......read more

Emirates NBD partners with noqodi to facilitate electronic payments for businesses.…

Business customers can make electronic payments through the platform for various government services   Dubai, United Arab Emirates - 20 February 2019:  Emirates NBD has tied up with noqodi, a leading payment gateway and financial service provider in the UAE, engineered by emaratech, to enable businesses to make electronic payments for a range of government ......read more

Ahli United Bank B.S.C. Reports A 12.7% Surge In 2018 Net Profit Attributable To Owners Of The Bank ...…

19 February 2019: Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 697.5 million for the year 2018, representing a rise of 12.7% as compared to the net profit of US$ 618.7 million in 2017. The net profit in Q4/2018 was US$ 169.3 million as compared to US$ 150.0 million in Q4/2017.  Operating income increased from US$ 1,119.4 million to US$ ......read more

CPA Australia opens branch in UAE…

CPA Australia, one of the world’s largest accounting bodies, today opened its new branch in the United Arab Emirates (UAE). Located in Dubai, the branch is within the Dubai Multi Commodities Centre (DMCC) Free Zone. CPA Australia CEO Andrew Hunter said opening the branch is an important milestone for local members.  “CPA Australia is very proud to be opening our new branch ......read more

KSA survey identifies security as top concern in adopting effective intelligent workspace strategies…

IDC Survey commissioned by Citrix analyzes the Kingdom’s readiness to build the future workplace   Riyadh, Saudi Arabia – 19 February 2019: An IDC survey commissioned by Citrix (NASDAQ:CTXS) found security and data leaks to be a key concern in adopting intelligent workplace strategies. The survey results were presented at an event at the Riyadh Four ......read more

ICS Financial Systems Ltd.'s ICS BANKS gains 4.5x Faster Batch Processing & 27x Increase on Digital ...…

ICS Financial Systems Ltd.’s ICS BANKS gains 4.5x Faster Batch Processing & 27x Increase on Digital Banking Transactions Running with Oracle Exadata Database Machine February 18, 2019 - Dubai, UAE   ICS Financial Systems Ltd. today announced it has earned Oracle Exadata Optimized status through Oracle PartnerNetwork (OPN), demonstrating that ICS BANKS 6.0 has been tested and ......read more

Julphar Announces 2018 Preliminary Results…

Drop in revenue due to slowdown in certain markets Company putting strategy in place to help strengthen financial health February 16, 2019, Ras Al Khaimah (UAE) - Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced its preliminary 2018 results. The company reported non-audited 2018 net sales of AED 863 million and a net loss of AED ......read more

The French Tech takes centre stage at the Mobile World Congress 2019 (MWC) in Barcelona (Spain)…

The MWC is a key event for global mobile, services and content that brought together over 2400 exhibitors and 107 000 visitors from 208 countries in 2018. United Arab Emirates: February 14th 2019- For the 13th consecutive year, from 25 to 28 February 2019, Business France, national agency supporting the international development of the French economy, will be organizing a French Tech pavilion ......read more

RAK Ceramics Announces FY 2018 Financial Results…

Board announces cash dividend payment of 15 fils per share and 5% bonus shares Total revenue was AED2.78 billion, -2.8% YoY, slightly decreasing due to a lower non-core revenue contribution Total gross profit margin reached an all-time high of 33.2%, an increase of +160bps YoY Reported net profit was AED225.1 million, -28.7% YoY, a decline due to an increase in energy costs and a ......read more

Dubai Financial Services Authority hosts 10th Annual Audit Outreach for Registered Auditors…

Dubai, UAE; February 13, 2019: The Dubai Financial Services Authority (DFSA) hosted today the tenth Annual Audit Outreach for registered auditors. The DFSA provided an overview of the Audit Monitoring Findings from 2018, and a range of updates that are intended to strengthen audit quality.    In his opening address, Bryan Stirewalt, Chief Executive of the DFSA, underlined the growth ......read more

RAKBANK proposes dividend for 2018…

February 12, 2019 - Dubai UAE RAKBANK proposes a dividend of 30% of the paid-up capital for the financial year ended 31 December 2018. The proposed dividend will be presented for approval by the shareholders in the Annual General Meeting (AGM) to be held on 20 March 2019 at the Bank’s headquarters in the emirate of Ras Al Khaimah. ...read more

WCU: Commodity markets roll over as macroeconomic concerns weigh…

February 10, 2019 - Dubai, UAE The US dollar, which has been strengthening every day since the dovish shift by the Federal Open Market Committee on January 30, only added to the market’s unease.  The index, which tracks a basket of 22 major commodities, was being dragged lower by continued losses in natural gas and renewed weakness in crude oil. Despite the deteriorating growth ......read more

UPS Achieves EPS Target on Strong Revenue Yields…

   4Q18 EPS of $0.52; Adjusted 4Q EPS up nearly 17% to $1.94   Pricing and Mix Strategies Lift 4Q Revenue Quality  U.S. Domestic Revenue up 6.3% on 4Q Yield Growth   International 4Q Achieves Record Profits; Margin Rises above 20%   Supply Chain & Freight Revenue Rises, driven by Forwarding and Logistics  2018 Full-year Cash ......read more

UAE to host Middle East's biggest facilities management event in March…

February 10, 2019: The UAE will host the biggest facilities management (FM) event in the region this year after the Middle East Facility Management Association (MEFMA) announced that it is holding the 9th edition of its MEFMA CONFEX in the country in March. Happening from March 10 to 12, 2019 at the Address Hotel – Dubai Marina under the theme ‘Business Intelligence & ......read more

Dubai Investments acquires stake in Globalpharma for 100% ownership…

Dubai, February 7, 2019: Dubai Investments PJSC [DFM: DIC], the diversified leading company listed on the Dubai Financial Market, today announced the acquisition of an additional 66% stake in Globalpharma. Following the acquisition, made through Dubai Investments Industries, the pharmaceuticals company will now be a wholly owned subsidiary of Dubai Investments. In 2014, Dubai Investments ......read more

Central Bank of Iraq signs investor partnership agreement with Dubai Quality Group (DQG)…

Dubai, 05th February 2019, UAE; Central Bank of Iraq has signed an investor partnership agreement with Dubai Quality Group (DQG). This partnership aims at enabling the transfer and exchange of expert knowledge, experiences, best practices, ideas, and the expansion of optimal & productive cooperation, to activate fruitful cooperation between both parties to foster quality, business excellence, ......read more

Emirates Development Bank launches AED 100 million ‘Credit Guarantee Scheme' for SMEs in ...…

February 04, 2019: Emirates Development Bank (EDB) held a signing ceremony on February 4th in the presence of H.E. Obaid Humaid El Tayer, Minister of State for Financial Affairs and Chairman of Emirates Development Bank, and members of the EDB Board of Directors for the launch of the new Credit Guarantee Scheme, amounting to AED 100 million in support of SMEs. The new scheme aims to boost ......read more

Unexpected child reaction wins UAE-based family a dream trip worth AED20,000…

RSA announces winner of the Unluckiest Traveller most epic travel photo competition Dubai, UAE, 03 February 2019: Following the launch of the UAE’s Unluckiest Traveller, the search for the most epic travel photo fail is now over. RSA, leading provider of insurance services in the region, announces the winning entry which won its owner a dream trip valued at AED20,000 to redeem ......read more

Arab Bank Group reports net profits of $820 million for 2018…

45% cash dividends [Dubai, United Arab Emirates, February 02, 2019] Arab Bank Group closed 2018 with solid results reporting net income after tax of $820.5 million as compared to $533 million in 2017 with net income before tax reaching $ 1.1 billion. The Group’s equity grew to reach $8.7 billion while the return on equity increased to reach 9.5%. In view of the solid results, the Board ......read more

Tabreed's 2018 Full Year Net Profit Increases 7% During its 20th Year of Operation…

Board of Directors recommends increasing dividend by 19% to 9.5 fils per share   31 January, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional cooling provider today released its audited financial results for 2018. Tabreed reported a 7% increase in net profit to AED 427.6 million for the full year by ......read more

12 winners of the 5th Annual RAKEZ Business Excellence Awards revealed…

Ras Al Khaimah, 30 January 2019:   Twelve outstanding free zone and non-free zone businesses have been named as the winners of Ras Al Khaimah Economic Zone (RAKEZ) Business Excellence Awards 2018. In collaboration with RAK Department of Economic Development (RAK DED), RAKEZ has given away a total of AED 200,000 worth of cash prizes to the winners during the awarding ceremony held at ......read more

A statement launching “Aber” project, the common digital currency between Saudi Arabian Monetary ...…

Abu Dhabi – 29th January 2019:   The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) clarified in a joint statement that one of the objectives of launching the common digital currency project " Aber" is for use in financial settlements between the Kingdom of Saudi Arabia and UAE through Blockchains and Distributed Ledgers ......read more

TBI NAMED ‘BEST TRADE FINANCE BANK IN IRAQ 2019'…

Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, received the award from ‘Global Finance’ magazine at a ceremony held in London recently. Abu Dhabi, January 28, 2019: Trade Bank of Iraq (TBI) has been recognised for its continued commitment to accelerating economic growth with the award of ‘Best Trade Finance Bank in Iraq 2019’ at the Global Finance ......read more

CBUAE to Showcase Career Opportunities at Tawdheef 2019…

CBUAE highlights ‘Future Leaders Programme’    Dubai, UAE, January 28, 2019:  The Central Bank of the UAE (CBUAE) will be showcasing the exciting range of career opportunities it has available at one of the UAE’s leading career fairs, Tawdheef, on the 28th – 30th January 2019 at the Abu Dhabi National Exhibition Centre. CBUAE has an ambitious program ......read more

The Higher Sharia Authority at the Central Bank held its first meeting of the year 2019…

Dubai, UAE, January 27, 2019:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its first meeting for the year 2019 on 13-14 January 2019. The meeting was chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, and attended by Their Eminences the members of the HSA:  Sheikh Prof. Dr. Jasim Ali Al ......read more

ICAEW: region's investment management industry must evolve…

Dubai, UAE, January 27, 2019:  New savings and investment products that are easy to understand and available to everyone are urgently needed, according to a new report by ICAEW. In ‘Audit Insights: Investment Management’, the accountancy and finance body warns that indecipherable statements, high fees and a perception of exclusivity mean many feel alienated from the investment ......read more

NY Koen Group (Dubai) to invest in and construct a $500 million trade and exhibition center near ...…

Dubai, UAE, January 26, 2019:  Naum Koen, Founder and CEO of NY Koen Group, has recently announced the news that his well established holding group will be funding and constructing a large complex to be used for exhibitions and trade shows, with the development process starting in January 2019. The multipurpose space, named NY Trade Centre Kiev, that will cost $500 million, is located on a ......read more

Summary Report: Monetary & Banking Developments – December 2018…

Dubai, UAE, January 26, 2019:  The Central Bank announced that the Money Supply aggregate M1 increased by 1.3%, from AED 479.5 billion at the end of November 2018 to AED 485.6 billion at the end of December 2018.  The Money Supply aggregate M2 increased by 1.6%, from AED 1288.4 billion at the end of November 2018 to AED 1308.4 billion at the end of December ......read more

Saudi Finance Minister to Bloomberg: 2.6% GDP Growth In 2019…

January 24, 2019:   Speaking to Bloomberg Television’s Francine Lacqua and Haslinda Amin, Saudi Arabia Finance Minister Mohammed Al-Jadaan said he expects 2.6% GDP growth in 2019.    Other highlights include: • Saudi may issue non-USD bonds this year • Looking at Euro or other currencies for bond ...read more

Report Sees Overcast 2019 Outlook For Banks In The Middle East, North Africa, And Turkey…

Dubai (UAE) Jan. 23 2019- After a difficult 2018, banks in the Middle East, North Africa, and Turkey are likely to face more of the same this year due to tighter global liquidity conditions, a stronger U.S. dollar, and geopolitical as well as local instability, S&P Global Ratings said in a report published today, "Banks In Emerging Markets: The Overcast 2019 Outlook For Banks In The ......read more

Emirates Islamic announces winner of AED 1 million cash prize for award-winning Kunooz Savings ...…

Dubai, 22 January 2019:   Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Ms. Armaz Abdullah Fadel Mohamed, a citizen of St. Kitts-Nevis-Anguilla. Commenting on her win, Ms. Armaz Abdullah Fadel Mohamed said: “I was overjoyed when I ......read more

Financial Institutions Can Out-Innovate Fintechs Through Greenfield Approach, According to Oliver ...…

Annual State of Financial Services Report “Time to Start Again” Released at Davos   Dubai, United Arab Emirates, January 22, 2019 –   The next big wave of innovation in financial services will be driven by incumbents starting with a blank canvas, according to Oliver Wyman’s 2019 State of Financial Services report titled “Time to Start ......read more

Emirates NBD encourages UAE citizens and residents to ‘give in to giving'…

Dubai, 21 January 2019:   Emirates NBD, a leading banking group and a pioneer in private sector volunteering in the UAE, is calling on citizens and residents to ‘give in to giving’ by sharing videos of themselves giving to friends, family or community members.   Inspired by the UAE’s Year of Tolerance, which will promote philanthropic behaviour across the ......read more

Barclays: Equities to Outperform Bonds as Global Economy Expected to Continue Growing…

Dubai, UAE- January 21,2019:   Barclays has released its Q1 2019 “Compass” report, which examines major asset classes globally, and provides tactical recommendations on portfolio asset allocations. The report outlines that carefully calibrated risks can help investors steady their ships after a turbulent 2018. In particular, the report highlighted how investors will be well ......read more

Double Win for Trade Bank of Iraq at the International Finance Awards…

Trade Bank of Iraq awarded the ‘Best Retail Bank’ and ‘Best Priority Bank’ in Iraq in 2018 Dubai, United Arab Emirates, January 20, 2019:   Trade Bank of Iraq’s (TBI) has been recognised for their outstanding performance and service, taking home two awards at the International Finance Awards 2018. London based ‘International Finance’ ......read more

Central Bank of the UAE Holds its 1st Board of Directors Meeting for 2019…

Dubai, UAE, January 17, 2019:  The Board of Directors of the Central Bank of the UAE, held its first meeting for 2019 following its restructuring, on 14th January 2019, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Hareb Masood Al Darmaki, the Chairman of the Board. The meeting was attended by H.E. Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board ......read more

Al Habtoor Group denies any link or relationship with Al Habtoor Trading Enterprises…

Dubai, UAE, January 16, 2019:  In an official statement, released to the media, Al Habtoor Group announced its wish to clarify that the Group and all its divisions, including Habtoor Hospitality (AKA Habtoor Hotels) have no link or relationship of any kind with Al Habtoor Trading Enterprises (HTE) and its owner Rashid Al Habtoor.   This is following news released in major ......read more

Statement for “Abu Dhabi Sustainable Finance Declaration”:…

Dubai, UAE, January 16, 2019: We are [/ the Central Bank is] committed to supporting the UAE’s Green Agenda 2015 – 2030 and the National Climate Change Plan 2017 – 2050 as well as helping the UAE to meet the United Nations Sustainable Development Goals and the climate change objectives of the Paris Climate accord.  To do this we need to create a financing ecosystem ......read more

Indian wins ‘Dream Home' grand prize from Al Ansari Exchange…

Dubai, UAE, January 16, 2019:  Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, announced Donson Michael from India as the winner of the ‘Dream Home’ grand prize of Al Ansari Exchange’s Winter Promotion 2018. The draw, which was streamed live on the company’s social media platforms, was attended by Al Ansari Exchange’s ......read more

Citi UAE opens Citigold lounge in Abu Dhabi.…

Abu Dhabi, UAE, January 14, 2019:  Citi UAE announced the opening of its Citigold Lounge in Abu Dhabi designed to provide enhanced professional wealth management services across the UAE. The centre was inaugurated at a ribbon cutting ceremony attended by: Gonzalo Luchetti, Citi EMEA and Asia Head of Consumer Banking; Elissar Farah Antonios, Citi UAE Chief Country Officer; Dinesh Sharma, ......read more

Alawwal bank becomes first Middle East firm to offer AI training for all staff…

Dubai, UAE, January 13, 2019:  Alawwal bank has partnered with leading global tech firm Reaktor to train its entire workforce on the basics of artificial intelligence (AI). Through the AI training, Alawwal bank hopes to lead the region’s financial services industry in adopting a technology estimated to contribute $320bn (11%) to the Middle East’s GDP by 2030*.  The bank ......read more

Trade optimism drives commodities higher…

By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, January 13, 2019:  The early January recovery across key commodities extended into a second week with the Bloomberg Commodity index rallying by more than 4% since touching a near three-year low on the first trading day of year.  From an historical perspective we have often found that the initial direction financial ......read more

The Commemorative Silver Coin…

Dubai, UAE, January 08, 2019:  Central Bank of the UAE announced that it will be issuing a commemorative silver coin and a commemorative one Dirham coin, on the occasion of hosting the Asian Cup - UAE 2019, with effect from Wednesday 09/01/2019.   First: The Commemorative Silver Coin:-   Following are the general specifications of the commemorative silver ......read more

Morison Menon strategically integrates with Kreston International and rebrands itself as Kreston ...…

Dubai, UAE, January 07, 2019:  After 25 years of professional service in the region, Morison Menon has made a strategic alignment with the 12th top global accounting network Kreston International. Announcing this progression to Kreston Menon in a press conference, Raju Menon, Chairman and Managing Partner, Kreston Menon said that with this strategic movement, the organization is all set ......read more

Dubai Investments confirms AED 460 million Fujairah Business Centre project ahead of schedule…

Dubai, 05 January 2019:   Dubai Investments PJSC has announced that work on the AED 460 million Fujairah Business Centre project, developed by its joint venture entity Al Taif Investment, is 20.5% complete and on track to finish in June 2020, well ahead of its scheduled completion date of Q4 2020. The joint venture between Al Taif Investment and Fujairah Investment Establishment will ......read more

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