Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
Investment Opportunities in the GCC-India Corridor Continue to Grow, Says Alpen Capital

Dubai, 19th September, 2017: Alpen Capital, an investment banking advisory firm, announced the publication of its research report titled “GCC-India corridor – Investment opportunities and challenges”. This report presents the state of economic relations between the GCC and India by analyzing the trend in investment flows and the strategic government initiatives to strengthen ties. It assesses the competitiveness of countries in ease of doing business and further identifies and discusses the potential sectors for cooperation and investment in both the regions. It also outlines the investment drivers and challenges in the regions. Lastly, the report profiles some of the prominent companies in the regions. “The GCC nations and India are strengthening historic ties across cultural, trade, economic, defense and ......read more

Alliance 2022: New Plan Targets Annual Synergies of €10 Billion and Forecasts Unit Sales of 14 Million & Combined Revenues of $240 Billion

RENAULT, NISSAN & MITSUBISHI MOTORS TO STRENGTHEN COOPERATION AND ACCELERATE USE OF COMMON PLATFORMS, POWERTRAINS & NEW TECHNOLOGIES   New six-year plan set to achieve the following objectives: More than 9 million vehicles to share four common platforms Proportion of common powertrains to rise from a third to three-quarters of total volumes Additional synergies expected from electrification, connectivity and autonomous technologies 12 pure electric models to be launched, utilizing common EV platforms and components 40 vehicles to be launched with autonomous drive (AD) technology To become an operator of robo-vehicle ride-hailing services Alliance 2022, a six-year plan announced today, has set a new target to double annual synergies to €10 billion by the end of the plan.   Carlos ......read more

Swych Closes Series a Funding Round with Lead Investment from UAE Exchange Group

UAE Exchange Group leads Series A investment round and will leverage the award-winning Swych platform to offer digital gifting services to its global consumer base, enabled through purpose-based remittances. Abu Dhabi, 17 September 2017:  Swych, Inc., the pioneer of the revolutionary Swych™ digital gifting platform, today announced the successful completion of its Series A round, with a major strategic capital investment by UAE Exchange Group, a leading global money transfer, foreign exchange and payment solutions provider.  Through this partnership, the two brands seek to tap into their collective strengths and customer base to develop a symbiotic relationship that will deliver a convenient and enriched digital gifting experience, unrestricted by borders.  Gift cards have become the de facto choice among ......read more

AL-Thiqa Islamic Bank Selects ICS BANKS® ISLAMIC System from ICSFS

September, 2017 Dubai, UAE: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that AL-Thiqa Islamic Bank a newly established bank in Iraq, has selected the multi-awards winning system ICS BANKS® ISLAMIC System. AL-Thiqa Islamic Bank is a newly registered Iraqi bank that will be offering banking and financial services in Iraq.  It will be implementing ICSFS’ universal Islamic flagship, ICS BANKS ISLAMIC Core Banking, Murabaha, Musharaka, Ijara,  Mudaraba, Al Qard  Al Hasan, Time Deposit, Profit Distribution Trade Finance Module, Credit Facilities & Risk Groups, Remittances. The signing ceremony took place at ICSFS’ regional office in Amman, Jordan. Attending the ceremony were  the Executive Representative of ......read more

NBK Capital Partners Closes NBK Capital Partners Mezzanine Fund II with $160 Million in Capital Commitments, invests in Saudi and Turkey

Dubai, UAE, September 18, 2017:  NBK Capital Partners announced today that it has successfully closed its second mezzanine fund, NBK Capital Partners Mezzanine Fund II, with US $160 million in capital commitments, driven by strong demand from institutional investors and family offices. NBK Capital Partners’ experienced team of investment professionals in Dubai, Istanbul and Kuwait will manage the Fund, which will maintain its predecessor’s (Mezzanine Fund I) proven investment strategy of providing capital to middle market companies in consumer-centric sectors in the MENA region by way of mezzanine investments. The team’s track record has been one of the most consistent in the region, having fully exited seven investments and thus, achieving top quartile returns for their first fund relative to global and ......read more

AL-Thiqa Islamic Bank selects ICS BANKS ISLAMIC System from ICSFS

Dubai, UAE, September 18, 2017: April, 2017 Amman, Jordan: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that AL-Thiqa Islamic Bank a newly established bank in Iraq, has selected the multi-awards winning system ICS BANKS ISLAMIC System. AL-Thiqa Islamic Bank is a newly registered Iraqi bank that will be offering banking and financial services in Iraq.  It will be implementing ICSFS’ universal Islamic flagship, ICS BANKS ISLAMIC Core Banking, Murabaha, Musharaka, Ijara,  Mudaraba, Al Qard  Al Hasan, Time Deposit, Profit Distribution Trade Finance Module, Credit Facilities & Risk Groups, Remittances. The signing ceremony took place at ICSFS’ regional office in Amman, Jordan. Attending the ceremony were the ......read more

30 Senior Economists Will Take Stage at Sharjah FDI Forum 2017

Experts to address the fundamentals of ‘The Fourth Industrial Revolution’ at forthcoming investment event taking place September 19-20 Sharjah, September, 17, 2017:  Sharjah FDI Forum 2017 - the prestigious investment conference held under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah - has announced that more than 30 senior economists from the public and private sectors will participate in the event, which takes place September 19-20, 2017 at the Jawaher Reception and Convention Centre in Sharjah. Organisers of the forum, Sharjah Investment and Development Authority (Shurooq) and Sharjah FDI Office (Invest in Sharjah), have revealed that the host of invited experts include high ranking government officials, senior CEOs, top decision-makers ......read more

Prosperity in UK Cities Gains Momentum as Wider Regional Growth Lags Behind

Third edition of UK Prosperity Map from Barclays ranks UK regions and cities according to their current affluence 1 in 79 Brits is now a millionaire, up from 1 in 84 last year  Regions aren’t seeing the boost in prosperity they enjoyed last year – but the picture is much brighter for cities, with Birmingham and Newcastle emerging hotspots of growth    16  September 2017: The UK saw uneven rates of prosperity growth over the last year, according to the third edition of the annual UK Prosperity Map from Barclays. Against a backdrop of fluctuating economic conditions and Brexit negotiations, the 2017 UK Prosperity Map shows that, while most areas of the country are more prosperous overall than last year, in many cases cities are outpacing their wider region, with clear disparities opening up ......read more

Global Cashback Mart – Mashreq's newest e-commerce platform

Dubai, UAE – 14 September 2017:  Mashreq Bank, the leading financial institution across the Middle East & North Africa, has launched an exclusive e-commerce platform for its credit card customers in the UAE: Global Cashback Mart. The Global Cashback Mart is currently accessible at zero cost to customers who hold the Mashreq SmartSaver Global Credit Card and enables customers to shop online, choosing from over 2,500 global brands including Amazon, Macy’s, Bloomingdale’s, Hotels.com, Flipkart, Marks & Spencer and Mothercare; it also gives them an additional cashback of up to 6% on purchases made through the platform. And that’s not all, to complete the last-mile on the purchase experience, Mashreq has partnered with Shop & Ship to offer its customers 15% off on delivery charges. Pankaj ......read more

Abu Dhabi Fund for Development Allocates US$50 Million for UAE Companies Investing in Chad

Fund delegation attends UAE-Chad Investment Forum  His Excellency Mohammed Saif Al Suwaidi: “ADFD is proud of the UAE’s US$150 million contribution to support Chad’s National Development Plan 2017-2021” Abu Dhabi-UAE: 13 September, 2017:  Abu Dhabi Fund for Development (ADFD) announced the allocation of US$50 million for UAE companies wishing to invest in the Central African nation of Chad. The announcement came during the participation of an ADFD delegation at the UAE-Chad Investment Forum that took place today in Abu Dhabi.   Several ministers and senior officials from the public and private sectors of the two countries attended the event, organised by the Abu Dhabi Chamber of Commerce and Industry in collaboration with the Chadian Ministry of Industrial Development, Trade and ......read more

EcoSys™ Rebrands to Hexagon PPM, Signaling an Even Stronger Future for the Industry Standard in Enterprise Project Controls

Dubai, United Arab Emirates, September 12, 2017:   EcoSys, the industry standard for enterprise project control software, announces a corporate rebrand to Hexagon PPM. The change comes days after Intergraph Process, Power, and Marine rebranded to Hexagon PPM – the software division of Hexagon focused on empowering customers to visualize, build, and manage structures and facilities of all types of complexities. Hexagon acquired its PPM division (formerly known as Intergraph Process, Power & Marine) in July of 2010 to leverage and expand the efficiencies of PPM’s end-to-end information technology solutions from design, construction and operation of industrial facilities to any large-scale construction project, an industry Hexagon knows well. Being the definitive solution for addressing the time and cost ......read more

Ras Al Khaimah Wastewater Agency announces new AED25 million sewerage connection project

Nearly 600 plots in Al Maarid to be added to the existing network AED65million Al Feliyah Wastewater Treatment plant nears completion  Ras Al Khaimah, 11 Sept 2017:  Ras Al Khaimah Waste Water Agency (RAKWA) has announced a project to connect residences and businesses in the Al Maarid area to the sewerage network as part of its ongoing programme to expand the wastewater infrastructure in the Emirate. 565 plots are due to be connected to the local wastewater grid between now and June 2018.  When the project is complete residents will no longer have to operate their own septic tanks or put up with the odours that are associated with their regular emptying. Septic tanks can also become hazardous during the rains when there is a danger of overflow and health risks can increase, and are attractive to flies and insects. A ......read more

Huge Strides: UPC Reveals 2016 Annual Report

Report highlights key projects and achievements in national housing, infrastructure planning, sustainable living and training and development.  ABU DHABI, 10 September, 2017:  The Abu Dhabi Urban Planning Council (UPC) has published its 2016 Annual Report, detailing some of its most impressive achievements, which have kept the Emirate on course to reach objectives outlined in the Abu Dhabi Plan. Last year, the UPC made huge strides in important projects for national housing, infrastructure planning, sustainable living and spatial data, while also offering more opportunities for Emiratis to build a rewarding career in urban planning and providing training on the latest industry techniques to hundreds of employees and external partners.  In July this year, Abu Dhabi was ranked by Ipsos* as the second-best city in ......read more

Abu Dhabi Commercial Properties Wins Best Property Management Team – UAE 2017

Abu Dhabi, UAE, September 10, 2017:  Abu Dhabi Commercial Properties (ADCP), a subsidiary of Abu Dhabi Commercial Bank (ADCB) announced today that it has been recognised with the ‘Best Property Management Team – UAE 2017’ Award for the second year in a row by the Capital Finance International (CFI). CFI, an international print journal and online resource; reporting on business, economics and finance, identifies individuals and organisations that contribute significantly to the convergence of economies and truly add value for all stakeholders. Speaking on the occasion, Mohamed Binbrek the General Manager of ADCP emphasised “We are honored once again to be a recipient of this recognition and are committed to continuous improvement in the quality of our service standards through ongoing staff training and an ......read more

SOUQ.com to acquire Wing.ae to enhance fast shipping options for customers

Wing.ae poised to grow and support even more businesses  September 6, 2017 – DUBAI:  SOUQ.com today announced it has entered into a definitive agreement to purchase Wing.ae, a marketplace for merchants and couriers in the UAE, providing innovative mobile and web-based user-friendly delivery solutions for businesses and individual consumers. SOUQ.com previously invested in Wing.ae and will be acquiring 100% of the company.  Wing.ae now has the full backing of SOUQ.com, a subsidiary of Amazon.com, and this investment demonstrates the continued commitment of all three companies to provide SOUQ.com customers with a world class experience. Wing.ae will continue to invest in growing its same and next day delivery service in the region, enabling greater convenience for Wing.ae’s customers, including ......read more

Mashreq's Back2School Promotion: Free smart device, when you pay school fees on your Card

UAE – Dubai 06 September 2017:  As the new academic year begins in September, Mashreq - the UAE’s leading institution is supporting parents’ aspirations for their children with its unique Back-to-School promotion that offers a free smart device when school fees are paid using a Mashreq credit or debit card. No lucky draws, no games of chance; Mashreq cardholders get guaranteed rewards in the form of smart devices ranging from the HP Sprocket photo printer on the one hand to the Apple Watch, iPad Pro and XBox One console on the other, when they make school payments as low as AED 10,000 between 10th August and 15th September. Mashreq is also giving its customers a chance to win a Mashreq Millionaire certificate for every AED 5,000 payment of school fees, so the more they spend the better their chances of ......read more

CESI rolls out second phase of Oman's smart metering project

Oman; September 5, 2017:  CESI, world-leading technical consulting and engineering company, has been awarded the second phase of the Automated Meter Reading (AMR) technology implementation project by Nama Group (NG) Oman.   Closely monitored by the Authority for Electricity Regulation and in line with their vision, the AMR implementation project for high value customers was made to serve the distribution companies in Oman (Muscat Electricity Distribution Company (MEDC), Mazoon Electricity Company (MZEC), Majan Electricity Company (MJEC), Rural Areas Electricity Company (RAECO) & Dhofar Power Company (DPC)) to create a higher level of interconnectivity, engagement and sustainability. With a goal of enhancing the quality and speed of processing metering data, this AMR rollout will work towards improving billing accuracy, ......read more

Mashreq Bank to Deploy NCR Tablet and Video Banking Technology

The bank is United Arab Emirates’ first financial institution to implement NCR Interactive Teller, Banker solutions to better engage customers  DUBAI, UAE, September 05, 2017 – NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions today announced that Mashreq Bank, one of the largest banks in the UAE, will revamp its banking services in the country with a host of innovative technologies from NCR over the next six months. Mashreq Bank will be the first in the region to deploy NCR’s tablet-based Interactive Banker, targeted to help financial institutions to transform their branches by converting branch tellers into financial advisors. Aided by this innovative solution, tellers can come out from behind their counters to help customer’s complete transactions faster. “Ensuring ......read more

The Lombard Odier Group reports results for the first half of 2017

Total client assets rose by 4% to CHF 242 billion in the first half, of which assets under management were CHF 164 billion, with growth in all three business lines Consolidated net profit amounted to CHF 69 million, up 13% versus half year 2016  Strong fully-loaded Basel III CET1 ratio of 28.7%  Increased client assets and positive net new money Client assets grew across all three of our business lines: private clients, asset management, and technology for banking. Net new money flows were positive and market performance lifted assets, as global protectionist threats and European political risks diminished, resulting in a “risk-on” investment environment.  As a result, total client assets stood at CHF 242 bn at end-June 2017, up from CHF 233 bn at end-December 2016. Within this, client assets ......read more

300 Chinese investors to discover growth opportunities at RAKEZ

RAS AL KHAIMAH, 4 September 2017:  Ras Al Khaimah Economic Zone (RAKEZ) announces its sponsorship of the 3rd annual Free Trade and Special Economic Zone Summit set to take place from 13 to 14 September 2017 in Shanghai Marriott Hotel City Centre, China. The two-day event is one of the major international business summits, which is expected to gather over 300 senior executives from China’s most influential enterprises as well as representatives from global free zone and economic zone authorities.   “Thousands of Chinese companies are supplying goods and services to the rest of the world. What’s interesting is that 60% of China’s export to the Middle East goes through the United Arab Emirates (UAE) according to Thomson Reuters,” said Ramy Jallad, Group CEO of RAKEZ, RAK Free Trade Zone and RAK ......read more

Exclusive Cashback Offer for Mashreq's Business Customers

Dubai- UAE, 04 September 2017:  Mashreq, one of the UAE’s leading Financial Institutions, is celebrating its 50th year now. As part of the bank’s endeavour to keep offering more rewarding banking relationships to customers, the bank is offering its Business Banking customers an attractive cashback offer, giving them an opportunity to earn rewards up to AED 25,000.  The offer requires these customers to grow their Business Account Balances by AED 50,000 or more to get a guaranteed cashback; the cashback amount shall be  AED 350 for every AED 50,000 grown over the campaign month. The Campaign period is July – September 2017.   Rohit Garg, Head of Business Banking at Mashreq, said, “We have an attractive Business Account proposition for SMEs that offers strong transactional capabilities ......read more

GFG Alliance completes landmark acquisition of Arrium

Dubai, UAE, September 4, 2017:  Global metals, industrials and energy group, the GFG Alliance, today completed the acquisition of Australia’s leading integrated mining, recycling, steel manufacturing and steel distribution business, creating a new future for thousands of workers and their communities.   Executive Chairman of the GFG Alliance, Sanjeev Gupta, and his team, working closely with management and the workforce, will now embark on a 100-day review of the business and finalise a transformation plan to put the 6,000-worker enterprise, on a competitive, sustainable footing.   This will include finalisation of plans for major capital investments across several sites, utilisation of excess production capacity, reduction in raw material costs, greater energy efficiency, the development of new high ......read more

Henkel Reports Robust Performance in Q2, Confirms Guidance for Fiscal Year 2017

Company records significant nominal sales growth of 9.6% to €5,098 million, with organic growth of 2.2%  Africa / Middle East region posts sales growth of 1.1 % Operating profit* increases by 11% to €909 million  EBIT margin* improves by 20 basis points to 17.8% Earnings per preferred share (EPS)* surges 10.7% to €1.55  Dubai, UAE, August 29, 2017:  In Q2 2017, Henkel delivered a strong performance in a highly challenging market environment. The company reached new highs in quarterly sales, adjusted operating profit and EBIT margin, and increased earnings per preferred share.    “All three of our business units contributed to the positive growth we witnessed in Q2,” said Henkel CEO Hans Van Bylen. “Sales grew significantly to around €5.1 billion. We ......read more

Dubai Land Department reveals the top 10 nationalities that invested in Dubai's real estate market over the past 18 months

AED 151 billion invested by 217 nationalities Dubai, United Arab Emirates, 28 August 2017:  Dubai Land Department has revealed a list of the top 10 nationalities that invested in Dubai’s real market between January 2016 and the end of June 2017. The new list confirms that UAE nationals are in the lead, outperforming all other nationalities.  His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department, commented: "217 nationalities have invested a total of AED 151 billion in Dubai’s real estate market. This demonstrates the confidence that the world has in our real estate environment, which is characterised by a strong regulatory system that provides safety and security for all parties.”  The recent research found that Emiratis made close to 12,000 investment ......read more

Intercoil Commences Operations at its New 20 Million SAR Manufacturing Facility in Saudi Arabia

Expansion into the Kingdom Strengthens Two Decade Long Relationship with Home Centre 27 August, Dammam – KSA:  Intercoil International, UAE’s leading manufacturer, distributor and retailer of total sleep solutions across the MENA region, recently commenced operations at its new manufacturing facility in Dammam, Saudi Arabia. The firm’s entry into the Kingdom with an investment of 20 million SAR, marks a major milestone in the company’s growth outside the UAE. The new state-of-the-art facility which, spans over a gross area of 7,000 sq. meters and mirrors its UAE facility, will manufacture a comprehensive range of orthopaedic mattresses. The facility will begin production with a daily capacity of 500 mattresses with plans to gradually double mattress capacity over the next three years. ......read more

Other Top Stories from Banking and Investments
 
Telecommunications Regulatory Authority to host RIPE 75 in October 2017…

August 13, 2017 - The Telecommunications Regulatory Authority (TRA) of the United Arab Emirates has begun preparations to host the 75th RIPE Meeting, an event that gathers Internet Service Providers (ISPs), network operators, and other parties to discuss important issues that face the internet community. RIPE 75 will take place from October 22 to 26, 2017 in Dubai, and supports TRA’s ......read more

Jebel Ali Free Zone trade reaches $80.2 billion in 2016…

China maintains its position as Jafza's largest trading partner with $ 11.3 billion  Dubai, United Arab Emirates, 13 August 2017:  Dubai-based Jebel Ali Free Zone (Jafza), a subsidiary of global trade enabler DP World, has consolidated its position as a major trading and logistics hub by growing its non-oil foreign trade by 17 per cent from 23.9 million to 27.9 million tonnes in ......read more

Credit FAQ Discusses Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns…

LONDON (S&P Global Ratings) Aug. 9, 2017:  In a Credit FAQ titled "Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns," published today, S&P Global Ratings responds to questions that have surfaced in recent discussions with issuers and investors about the implications of the Qatar boycott by a group of states for the Gulf Cooperation Council ......read more

UBS CIO: Egypt's economic growth could accelerate to 5 to 6 percent per year…

Social factors will prove decisive for Egypt's development, according to the latest report by UBS Wealth Management's Chief Investment Office. Encouraging economic prospects end years of deteriorating credit ratings across Africa, report finds. Dubai, UAE, August 8, 2017:  UBS Wealth Management's Chief Investment Office (CIO) launched a new report on Africa's ......read more

Amlak Releases First Half 2017 Results…

Amlak H1 2017 Net Profit stands at AED 15.5 million Revenue from financing business activities stands at AED 96 million Drop in Operating Cost by 18% compared to H1 2016   Drop in Financing Cost by 5% compared to the same period last year Total Assets stand at AED 6.6 billion Dubai, UAE 8 August 2017:   Amlak Finance PJSC, a leading specialized real estate ......read more

Barclays ‘Compass': Developed and Emerging Markets Equities Maintain Their Growth Momentum…

Nominal yeilds weigh down investment grade and developed governrnent bonds’ attractiveness  Strength of the structural growth in technology as well as a cyclical recovery in the financial industry should be important drivers for further gains in Emerging Markets  Dubai, UAE, August 8, 2017:  Barclays’ Private Bank released its Q3 2017 “Compass” ......read more

“Misr Um El Donia” Account launched in UAE…

Mashreq launches unique account for Egyptians living in the Emirates United Arab Emirates - Dubai, 08 August 2017:  Mashreq Bank - the UAE’s leading financial institution announces the latest addition to the banks’ roster of successful offerings - “Misr Um El Donia”. “Misr Um El Donia” is a bouquet of benefits and services that enables Egyptian ......read more

E-archiving is an enabler in prepping for VAT…

January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly ......read more

ENBD REIT Acquires First Education Asset in Dubai…

ENBD REIT to develop South View School for AED 55 million  The acquisition grows ENBD REIT’s total portfolio value to USD 367 million  The school will be Interstar Education’s fifth Dubai campus Dubai, United Arab Emirates, 6th August 2017:  ENBD REIT (CEIC) Limited (“ENBD REIT”), the Nasdaq Dubai-listed Shari’a compliant real estate ......read more

AlJeel Capital signs an exclusive UAE franchise with Shakey's…

AlJeel Capital LLC Capital is pleased to announce its latest Food & Beverage venture by launching Shakey’s in the UAE, an American leading operator in casual Pizza fast food, adopted in the Philippines, following a joint venture deal with Shakey’s Pizza Asia Ventures, Inc. (SPAVI) Dubai, United Arab Emirates, August 3, 2017:  AlJeel Capital LLC Capital is pleased to ......read more

Earnings Release and Financial Results Siemens Q3 FY 2017: Fully on track for another strong year…

Our global team delivered a solid quarter with revenue up 8% and net income growing by 7%. Our digital enterprise business impressively underscored its leading position in the market. We  are  fully  on  track  with  Vision  2020  and  for  another  strong year,« said Joe Kaeser, President and Chief Executive Officer of Siemens ......read more

Mohammed Bin Rashid Fund and Metis Management Consultancy up for post-fund monitoring of SMEs…

Dubai, 2 August 2017:   Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector – has appointed Metis Management Consultancy to conduct post-fund monitoring services for all the companies supported by the Fund.   The partnership will enable SMEs assisted by Mohammed Bin Rashid ......read more

Tejar Dubai workshop series highlights innovative strategies for entrepreneurs…

Workshops provided aspiring entrepreneurs with practical advice and best practices in adopting innovative business strategies Dubai, UAE, August 2, 2017:  Tejar Dubai, an initiative of the Dubai Chamber of Commerce and Industry, recently hosted a five-day workshop series held under the theme “Entrepreneurship and Innovation 360”, which provided aspiring entrepreneurs with ......read more

Brazil posts robust trade with Arab region as imports grow 27 percent & export share rises to 15.4 ...…

UAE, August 2, 2017 -The Arab-Brazil Chamber of Commerce (ABCC) Brazil has announced that Brazilian average daily exports to the Arab region continue to soar, reporting a robust performance during the first half of 2017. Brazil’s total export market share in the Arab region rose to 15.4 per cent during the first half of 2017, in comparison with the total export market share recorded in ......read more

ENBD REIT Announces NAV of USD 292 Million…

Total Property Portfolio Value stands at USD 352 million (AED 1.291 billion), an increase of 11.5% following the Uninest student accommodation acquisition in May 2017  Interim dividend of USD 0.0382 per share paid for the 6-month period ending 30th June 2017 Portfolio occupancy at 86%, rising by 1% on the previous quarter    Dubai, United Arab Emirates, 1st August ......read more

Regional banks urged to consider assurance of capital numbers…

Dubai, UAE, August 1, 2017:  The Institute of Chartered Accountants in England and Wales (ICAEW) has urged banks in the Middle East to follow its newly published framework for assuring bank capital numbers. The framework aims to deliver confidence in the resilience measures being undertaken by regional banks. Drawn up in consultation with banks, auditors and regulators, the framework can be ......read more

Mashreq Bank appoints new head of Private Banking…

UAE, Dubai - 31 July 2017:  Mashreq Bank today announced the appointment of Vipul Kapur as its new Head of Private Banking. Vipul replaces Rajesh Malkani who left the bank to pursue an external opportunity. Rajesh was a valued member of the senior management team of Retail Banking and made good contribution to driving the business. Vipul Kapur comes with a distinguished 25-year track ......read more

Dubai Chamber and Google host joint workshop to boost members' online reach…

Workshop aims to strengthen online presence of Dubai Chamber members through the Google My Business solution Members get the chance to verify their business on Google My Business and take advantage of the solution’s value-added features  Dubai, UAE, July 31, 2017:  The Dubai Chamber of Commerce and Industry recently hosted a workshop in partnership with Google to assist ......read more

Continued Financial Growth for Majid Al Futtaim as Business Prepares for Future of Retail…

Story of Growth Note:  The following information is a trading statement based on unaudited management accounts for Half Year ended 30 June 2017. Delivered increased group revenue and EBITDA by 4% year-on-year Acquired Retail Arabia to complement, consolidate and expand Carrefour’s network to more than 210 hypermarkets and supermarkets across 15 countries and gained market ......read more

UAE business to have representation on the global board of Entrepreneurs' Organisation…

Dubai, July 30, 2017:  As Entrepreneurs' Organisation (EO) celebrates 30 years, a UAE-based businessman has been appointed for the first time to the global board of the organisation. A global business network of entrepreneurs, EO is one of the most prestigious business clubs worldwide. Sanjay Raghunath, Chairman and Managing Director of Centena Group, a Dubai-based group of companies, ......read more

Mashreq announces MashreqPay, the most advanced banking wallet in the UAE…

UAE- Dubai, 30 July 2017:  The UAE’s market leader in innovation, Mashreq Bank, has announced the launch of MashreqPay - a digital mobile wallet providing secure easy-to-use payment for purchases, anywhere in the world where cards are accepted and the merchant terminal has NFC (near-field-communication) capability. Since 2014, when Mashreq launched the first mobile contactless ......read more

Drake & Scull appoints Mohammad Atatreh as its Board Member…

UAE, July 30, 2017 - Drake & Scull International PJSC, a regional market leader in engineering and related services, has announced today the appointment of seasoned UAE entrepreneur Mohammad Atatreh as its Board Member during the Company’s Board meeting. Atatreh replaces Khalaf Sultan Al Daheri who resigned from his seat on the Board.  Atatreh was a Board Member of several ......read more

Arab Bank Group reports first half 2017 net income after tax of USD 415.2 million…

Amman, Jordan, 30 July, 2017:   Arab Bank Group announced its results for the first half of 2017 reporting net income after tax of USD 415.2 million as compared to USD 424.9 million for the corresponding period of 2016. The results were driven by solid growth in underlying core revenues and were achieved despite the impact of the translation effect of foreign currency devaluations. Net ......read more

Shurooq Completes 60% of Fossil Rock Lodge Project…

As part of a new "Sharjah Collection" addition opening in 2017 “Fossil Rock Lodge” to introduce a memorable and authentic tourism experience on nature and culture in the heart of Mleiha Al Sarkal: "Shurooq continues to develop unique and outstanding tourism destinations which supports the highest standards of sustainability" Sharjah, 29 July 2017: ......read more

UOWD and Australian Institute of Company Directors (AICD) announce partnership…

AICD to offer International Company Director Course to governance and business leaders in Dubai Dubai, July 27, 2017:  University of Wollongong in Dubai (UOWD) and Australian Institute of Company Directors (AICD) have signed a Memorandum of Understanding (MoU) with the aim of achieving mutually beneficial objectives and setting out a framework for promotion and collaboration on ......read more

Dubai Science Park Business Breakfast Unveils Opportunities in Healthcare as Identified by Dubai ...…

Dubai Science Park co-hosts event with Al Tamimi & Company as part of business series  Dubai-UAE: 27 July, 2017:  Dubai Science Park (DSP), the Middle East region’s first science-focused business community, hosted a business breakfast this week at its Laboratory Complex in partnership with leading regional law firm Al Tamimi & Company.  Attended by a delegation ......read more

UAE Exchange Gives Away Home to Lucky Summer Promotion Winner…

Ubaidulla Neralakatte from India walks away with life-changing grand prize of a home in Dubai. 25 lucky participants, from Egypt, Kenya, Philippines and the Indian subcontinent, each win AED 10,000 in cash.  Dubai, 26 July 2017:  The door to good fortune opened for 26 lucky participants as UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, ......read more

DuPont Reports Second-Quarter and First-Half Results…

UAE, July 26, 2017 – DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced second-quarter 2017 GAAP1 earnings from continuing operations of $0.97 per share and operating earnings2 of $1.38 per share.  Prior year GAAP1 and operating earnings2 were $1.16 per share and $1.24 per share, ......read more

Business confidence improves in Dubai during Q3-2017…

Dubai Chamber survey shows improvement in Dubai business leaders’ expectations for access to financing, manpower quality 39% of respondents expect business conditions to improve and 45% expect business confidence to strengthen in Q3-2017 SMEs were more optimistic than large companies in their expectations on business conditions and confidence  Dubai, UAE, July 25, 2017: ......read more

BOND Goes Live on ICS BANKS from ICS Financial Systems…

Dubai, UAE, July 24, 2017:  Ghana, Africa: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that BOND Savings & Loans Ltd, has gone live on its awards winning universal banking solution ICS BANKS. BOND Savings & Loans Ltd, selected ICS BANKS in February,2017 and has successfully gone live in the 20th ......read more

Malta's favourable tax climate and burgeoning tourism sector attractive to developers, says DAMAC's ...…

DAMAC Chairman meets Maltese PM Dr. Joseph Muscat during first of several planned visits to explore investment opportunities Dubai, United Arab Emirates – 24 July 2017:  DAMAC International Chairman, Hussain Sajwani, sees Malta as a favourable investment destination, following a tour of the island-nation and a private meeting with Maltese Prime Minister Dr. Joseph Muscat. The two ......read more

US technology stocks most popular for UAE investors in H1 2017…

Dubai, UAE. July 23, 2017:  UAE stock investors aligned with global investment trends during the first of half of 2017, according to Saxo Bank, the online multi-asset trading and investment specialist, which has published results announcing the most traded stocks on SaxoTraderGO – the trading platform that provides instant access to global financial markets – between January and ......read more

Supreme Legislation Committee reveals Integrated Legislative System's updated strategic plan to ...…

UAE, July 22, 2017- The Supreme Legislation Committee (SLC) has revealed the released an updated version of its strategic plan of the year 2019, which incorporates all the key guidelines and standards aimed at addressing and meeting all the goals and objectives of Dubai, its government agencies and stakeholders concerned with the development and implementation of legislation in the emirate. The ......read more

Digital Shadows lifts the lid on credit card fraud gangs cashing in on $24 billion a year…

Reveals step up in sophistication with Russian language e-learning courses, allowing aspiring criminals to make $12k in monthly earnings A snapshot of just two of the most popular criminal forums finds 1.2 million card holder details are on sale Dubai, UAE, July 20, 2017:   Digital Shadows, the industry leader in digital risk management, today reveals the findings of an in-depth ......read more

Dubai Islamic Bank Group 1st Half 2017 Financial Results…

Robust profitability growth continues with net profit rising by 7% YoY to AED 2.143 billion Financing assets grew by 9% YoY to AED 125.4 billion Deposits increased by 16% YoY to AED 141.4 billion Dubai, July 19, 2017:  Dubai Islamic Bank (DFM: DIB), the first Islamic bank in the world and the largest Islamic bank in the UAE by total assets, today announced its first half results ......read more

32,801 businesses registered in Ras Al Khaimah by the Chamber of Commerce in the first half of 2017…

Ras Al Khaimah – 19 July 2017:  The Ras Al Khaimah Chamber of Commerce has announced that Chamber membership numbers reached 32,801, and that 10,093 members had renewed their membership by the end of the first half of current year. The number of new private members registered during the first half of current year came to 970, 130 of which were in free zones along with 54 new branches ......read more

Jumeirah Zabeel Saray Appoints Director of Marketing and Communications…

Dubai, 18 July2017:  Jumeirah Zabeel Saray, the Ottoman inspired resort located on Palm Jumeirah, has announced the appointment of Ms. Raziena Cajee, the new Director of Marketing and Communications. A South African national, Raziena has over 12 years’ of corporate Marketing Communications experience and has been working with Jumeirah Group since May 2005. Prior to joining ......read more

Dabur International inaugurates its first ever robotics for plant operations …

July 17, 2017: H.E. Navdeep Suri, India’s Ambassador to the UAE, has recently inaugurated Dabur International’s first industrial robot to be used in its manufacturing plants globally. The ABB Robotic Palletizer Model IRB-460, a leading automation technology that will increase the speed, reach and payload in Dabur’s production process, will operate in the company’s facility ......read more

Oman Insurance Company employees support patients in need of blood…

Dubai, UAE, July 17, 2017:  As a leading and trusted healthcare insurer in the region, Oman Insurance Company recognizes the fact that hospitals are in constant need of blood to treat their patients. According to statistics, an organ transplant can require up to 18 litres of blood, which is equal to total blood in 3 – 4 adults. Arranging for such large ......read more

United Arab Bank Announces Financial Results for H1 2017…

H1 2017 Highlights  AED55m Net Profit in H1 2017 50% Y-o-Y reduction in Impairment Losses ‘Non-Core’ portfolio managed down to 3% of Total Loans Robust liquidity profile with UAB comfortably above regulatory requirements  Loan : Deposit Ratio managed to 97% Capital Adequacy stable at 13%   Sharjah, UAE, 17July 2017:  United Arab Bank P.J.S.C ......read more

Abu Dhabi National Takaful's Osama Abdel-Raouf Abdeen named among GCC's Top CEOs…

Abu Dhabi, July 16, 2017- Osama Abdel-Raouf Abdeen, CEO of Abu Dhabi National Takaful Co. PSC (ADNTC), the leading Takaful operator in the GCC. He has been named among the GCC’s 100 Best CEOs at the Top CEO Awards for 2017 organized by Mediaquest. The elite roster of top-performing CEOs in the Gulf is compiled annually by Mediaquest’s TRENDS magazine, the leading magazine on Arab ......read more

Brazilian dairy companies export USD 15 million worth of product to Arab region in first 5 months ...…

UAE,  July 10, 2017 - The Arab region is the second largest importer of Brazilian dairy products after South America, and successfully imported over USD 15 million worth of product during the first five months of 2017. Dairy companies affiliated with Viva Lácteos - Associação Brasileira de Laticínios earned 30 per cent of their total export revenues from the Arab region during ......read more

UAE-IAA organises series of activities during International Internal Audit Awareness Month…

Abdulqader Obaid Ali: Internal auditing plays key role in enhancing UAE’s competitiveness UAE ranked among world’s 10 most competitive economies DUBAI, July 10, 2017:  Joining the global internal auditors’ fraternity to promote the internal audit profession, the UAE Internal Auditors Association (IAA) organised a series of awareness activities in Dubai and Abu Dhabi ......read more

Lombard Odier Named Western Europe's Best Bank For Wealth Management At Euromoney Excellence Awards ...…

Dubai, UAE, July 10, 2017:  Lombard Odier has been named Western Europe's Best Bank for Wealth Management for 2017 by Euromoney, the leading global financial publication, at its prestigious annual Awards for Excellence. “We are honoured to have received this award for our longstanding commitment to accompany families, entrepreneurs and private individuals on their wealth ......read more

Named as One of the Biggest Deals in the Industry:Empower Seals Deal with Trane® Commercial for ...…

with total RT of 200,000 at the end of the IDEA Annual Conference 2017 in the USA “New line of chillers is highly efficient and eco-friendly,” says Empower Chief Dubai, UAE, 9th July 2017: Emirates Central Cooling Systems Corporation (EMPOWER), the world's largest district cooling services provider, has announced a partnership with Trane Commercial for purchase of new ......read more

FX: Peak Goldilocks and Then More Volatility…

05 July 2017 By John. J. Hardy, Saxo Bank's Head of FX Strategy STANDFIRST: The predominant Q3 risk in forex markets is rising volatility. At present, the “Goldilocks combination” of weakening inflation and a softer USD reigns, but this will weaken as central banks retreat from their hyper-accommodative stance. PULL QUOTE  1: “The most significant risk to ......read more

Al-Futtaim Engineering Appointed Exclusive Distributor for York Air Conditioners…

Dubai, July 04, 2017: Al-Futtaim Engineering, a multi-disciplinary engineering organisation, has been appointed exclusive distributor for York Air Conditioners by Johnson Controls – a Fortune 100 company.  The Al-Futtaim company’s Air Conditioning division will distribute the 2- and 3-star rated Emirates Authority for Standardization and Metrology (ESMA) compliant products ......read more

PSA Group reinforces its Sales and Marketing Division in MEA region…

Dubai, UAE, July 4, 2017:  Samir Cherfan is appointed Senior Vice President Sales and Marketing for Middle East and Africa at PSA Group effective July 1st 2017. This new role has been created to support the achievement of the strategic plan Push to Pass in the Middle East and Africa region aiming at delivering 1 Million units by 2025.  The role covers the Peugeot, Citroën and DS ......read more

Oromia International Bank Opts for ICS BANKS ISLAMIC System from ICSFS…

July 03, 2017 Dubai, UAE: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that Oromia International Bank (OIB) which is a massively growing  bank in Ethiopia, has selected the multi-awards winning system ICS BANKS ISLAMIC. Oromia International Bank (OIB) will be implementing ICSFS’ universal Islamic ......read more

Black & Veatch Transforms Project Delivery for the Energy Industry…

July 03, 2017: In a multi-year plan jointly developed with Bentley, Black & Veatch’s Power and Oil and Gas businesses migrated from an in-house, proprietary plant design system to Bentley technology and transformed the company’s processes for engineering, procurement, and construction of power generation and oil and gas projects. Black & Veatch evaluated and modified current ......read more

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