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Featured in Banking and Investments
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 study carried out by its team of multilingual analysts assessing the changing habits and tactics of organized credit card fraud gangs. It points to increased sophistication of a professional ecosystem as fraudsters seek to up-skill themselves and novice would-be cyber criminals.   By analyzing hundreds of criminal forums, Digital Shadows discovered a new trend in the form of remote learning ‘schools’. Available to Russian ......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 for the period ended June 30, 2017.   H1 2017 Results Highlights: Sustained profitability and growth on the back of managed expenses Group Net Profit increased to AED 2,143 million, up 7% compared with AED 2,004 million for the same period in 2016. Total income increased to AED 4,865 million, up 15% compared with AED 4,235 million for the same period in 2016. Net Operating Revenue increased to AED 3,676 million, up 10% ......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 for establishments inside and outside the emirate. Dr. Ahmed Rashid Al Shemaili, Assistant General Manager Commercial Services and Business Development at Ras Al Khaimah Chamber, said that the results of the first half of 2017 reflect the vision that targets facilitating business for businessmen and investors, as well as enhancing the emirate's position in providing a supportive environment for economic growth, which showed continued ......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 Jumeirah Zabeel Saray, Raziena previously represented Corporate Brand Marketing at Jumeirah Group, leading Brand Strategy, Brand Development and Management in Dubai.  Hakan Petek, General Manager of the resort said “I am pleased to welcome Raziena to the team and am confident she will deliver continued success to the marketing function at the resort”.   Raziena will work with Katja Graf, Director of Sales and Marketing, ......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 quantities can become challenging especially if it is a rare group like AB negative.  Understanding that supplies depend on voluntary contributions, the company has been extending its support to the people in need, by organizing a blood donation event in its premises since 2015. More than 100 employees volunteer every year to donate blood. Onkar Shukla, Head of Wellness at Oman Insurance said, “We ......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 ("UAB" or “the Bank”) announces its Financial Results for the six months ended 30th June 2017.   UAB continues to record tangible progress against its Transformation Strategy set out in H2 2015 to become a safer, stronger and sustainable Bank. Solid performance is evidenced across H1 2017 with the Bank reporting a Net Profit of AED55m, with UAB continuing to: strengthen its core businesses; run-down ......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 during the International Internal Audit Awareness Month.  The activities included roundtables, workshops and seminars, conducted across government and private sectors throughout the UAE.  Abdulqader Obaid Ali, Chairman, UAE-IAA, said: “UAE’s ranking among the world’s top 10 most competitive economies indicates the economy’s strength in terms of business efficiencies and productivity and internal audit plays ......read more

Lombard Odier Named Western Europe's Best Bank For Wealth Management At Euromoney Excellence Awards 2017

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 management journeys,” said Lombard Odier Senior Managing Partner Patrick Odier. “This acknowledgment inspires us to continue to cultivate our 221-year-old tradition of servicing our clients in a secure, innovative way in each and every aspect of their financial lives”. The award recognises Lombard Odier’s leading position in wealth management, with the judging panel highlighting Lombard Odier’s understanding of the ......read more

Named as One of the Biggest Deals in the Industry:Empower Seals Deal with Trane® Commercial for Purchase of New Chillers

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 chillers for the company. The agreement is considered the biggest deal in the district cooling industry worldwide and was signed at the end of the IDEA Annual Conference&Tradeshow 2017 held in Arizona, USA. In accordance with the agreement, Trane Commercial will supply Empower with 30 advanced, eco-friendly chillers, with total RT of 100,000. By Virtue of the deal, Empower has the right to buy additional 30 chillers with a total RT of 100,000 in ......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 global growth and near-record levels of global complacency is the policy tightening out of China” PULL QUOTE 2: “EM currencies face the greatest risk of downside in Q3” BANNER QUOTE: “The Goldilocks narrative will likely prove increasingly difficult to maintain” The second quarter of 2017 was one of declining volatility across global markets, especially once Europe got beyond the French presidential election. ......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 with 12,000 to 36,000 BTU range to the retail-dealer’s segment in the UAE.  Dr. Hayan Sayed, CEO of Al-Futtaim Engineering & Technologies, said: “We are extremely pleased to continue our association with Johnson Controls. York Air Conditioners are known for their innovative design and user-friendly features that help save energy, ensure sustainability and simplify maintenance. With our strong service track record and the ......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 brands. Samir Cherfan joins with 25 years of experience spanning across the full automotive value chain with with increasing responsibilities. Graduated from Polytech Paris engineering school in 1992, Samir joint Renault Group and spent the first 11 years of his career in vehicle engineering. Then he was appointed Program Director for mid-range sedan and hatchback models. He was instrumental in leading the development of this strategic segment ......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 flagship, ICS BANKS ISLAMIC in its head quarter and its 200+ branches;  this mile stone project will  provide Oromia International Bank with world-class fully integrated banking solutions which are designed and developed following the principles of Shari’a of which; ICS BANKS ISLAMIC Core Banking, Murabaha, Musharaka, Ijara, Istisna’a Tawaruq, Mudaraba, Salam, Qard Hasan, Salam Islamic,  Deposit, Profit Distribution, ......read more

Chairman of Metito Joins in Eradicating Malnutrition in Support of the United Nations Sustainable Development Goals

Mutaz Ghandour, Chairman and CEO of Metito Holdings accepts his appointment as IIMSAM Goodwill Ambassador Dubai, 03 July 2017: The Intergovernmental Institution for the use of micro-algae spirulina against malnutrition (IIMSAM), the Intergovernmental Observer to the United Nations Economic and Social Council has appointed Mr Mutaz Ghandour, Chairman and CEO of Metito Holdings as a Goodwill Ambassador.     Commenting on this appointment, H.E. Mutaz Ghandour said: “The objective of this institution is to eradicate malnutrition in Africa by 2030 in support of the United Nations Sustainable Development Goals.  Human access to basic nutrients, be it food or water, is a basic right yet 1 out of 6 people lack access to safe drinking water, and 1 in 3 people suffer from malnutrition. With 60 years of experience ......read more

QNET Extends Partnership With Manchester City Football Club

United Arab Emirates, Dubai, 2 July 2017:  Prominent Asian direct selling company, QNET, has extended its partnership with English Premier League team, Manchester City Football Club for a further three years.  The partnership extension sees QNET remain the Official Direct Selling Partner of the Club until 2020.   QNET, the flagship international direct selling subsidiary of the QI Group of Companies, said that the partnership allows the company to expand its global brand presence further and establish more diverse marketing platforms.   “We are absolutely thrilled with this on-going partnership with Manchester City. This is a significant relationship between two brands that are both keen on taking on any challenges for the taste of success. With this renewed relationship, we get to engage and ......read more

National Bonds Corporation Announces Results of 2016 Savings Index for GCC Region

61% of savers in Saudi Arabia plan to save more in 2017 Upsurge in Savings Index score for Oman (+15.91) and Bahrain (+13.73) 48% of non-savers in Saudi Arabia and 39% of non-savers in other GCC countries intend to start saving 79% of respondents in Saudi Arabia and 88% in other GCC countries expect to be financially stable in 2017 39% of respondents in Saudi Arabia and 43% in other GCC countries foresee higher income in 2017 Dubai-UAE: 1 July, 2017:  National Bonds Corporation (National Bonds), the leading sharia-compliant savings and investments company in the UAE, has announced the results of its 2016 Savings Index for select GCC countries based on a survey conducted across Saudi Arabia, Bahrain, Kuwait and Oman.    The results showed that the UAE recorded the highest percentage of regular savers ......read more

Heathrow and Travelex Launch New Appointment Service for VAT Refunds

New booking system provides enhanced service in Heathrow Terminal 5 Travelex has partnered with Heathrow to launch VAT Refund by Appointment, a new service for customers reclaiming their tax when leaving the UK. Customers flying from Heathrow Terminal 5 can now book private refund appointments for a fast, efficient service at a time convenient to them. John Rayment, UK Commercial Director, Travelex explains: “Tax-free shopping is one of the great benefits of coming to the UK. But we recognise that our customer’s time is precious. This new, exclusive experience will ensure customers can complete their VAT Refund in a relaxed environment, safe in the knowledge that their refund will be completed in a timely fashion.”  The appointment service offers: Private, one-to-one consultations at a screened ......read more

UAE's Dh522 Billion Islamic Banking Assets Will Boost the Country's Halal Sector

Islamic banks’ gross credit increased 8.4 per cent to Dh343 billion in the first quarter of 2017, including Dh325 billion domestic credit that grew 7.4 per cent that will help the UAE’s Halal Economy to grow faster than non-Halal sectors  Dubai, UAE, June 29, 2017  Key Announcements:  Islamic banking assets grew 3.2 per cent in the UAE to Dh522 billion quarter-on-quarter in the first quarter of 2017, up from Dh506 billion in the fourth quarter of 2016, UAE Central Bank report says  Islamic banks’ gross credit increased 8.4% to Dh343 billion in the first quarter of 2017   Islamic banks’ domestic credit grew 7.4% to Dh325 billion in Q1, 2017, which is expected to fuel the growth of the Halal sector  UAE’s Islamic banking assets are growing faster than that ......read more

Xpress Money sees 12% rise in remittances in the first two weeks of Ramadan

Season of generosity translates to more remittances to friends and family back home  Dubai, June 24, 2017:  Xpress Money, one of the world’s most dependable money transfer brands has recorded a 12% increase in remittances in the first two weeks of Ramadan as compared to the same period last year (first 2 weeks of Ramadan last year). The increase is reflected in outward remittances to South Asia, the Levant and other parts of the MENA region.  “Ramadan is the month of giving, and we traditionally witness that remittances back home to friends and loved ones increase during the month. This year, we have registered a 12% increase in remittances in the first two weeks of the holy month, and this figure may change once we tabulate data for the entire month after Eid-al-Fitr. The increased remittances are a ......read more

ENBD REIT Announces First Dividend Payment of USD 0.0382 per Share

Annualised equivalent dividend yield is 7.1%  Dividends will be paid to shareholders on 12th July 2017  Dubai, United Arab Emirates, 22 June 2017: ENBD REIT (CEIC) Limited (“ENBD REIT” or the “REIT”), the Nasdaq Dubai-listed Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management, has announced its first dividend payment since listing on Nasdaq Dubai in March. The REIT will pay an interim dividend of USD 9,713,207, or USD 0.0382 per share. Shareholders must own shares in ENBD REIT before market close on 2nd July 2017 to be entitled to claim a dividend. The dividend record date will be 5th July 2017.  The dividend payment represents an annualized dividend yield of 7.13%, based on ENBD REIT’s closing share price of USD 1.08 on 21 June 2017 and ......read more

Mashreq wins big at Global Gallup Awards

For the 4th consecutive year since 2014, Mashreq receives the Great Workplace Award again in 2017 United Arab Emirates, Dubai, 20 June 2017:  Mashreq, one of the leading financial institutions in the UAE, proudly announces that it has won the Gallup Great Workplace Award in 2017, thus winning this award for the 4th consecutive year. This is an exceptional milestone win, as no other bank in the region has achieved this status to date. This win places Mashreq in a pool of 37 global companies who have won this award in 2017, recognising the bank as a world-class employer. Gallup has surveyed millions of employees around the world to determine what sets great workplaces apart regardless of company size, location, or industry. The very best organizations all share one trait – their intentional focus on engaging their employees. ......read more

Crescent Enterprises' 2016-2017 Sustainability Report Demonstrates Positive Impact on Society, Environment

Company’s corporate citizenship programme impacted 34,476 community members in 2016 Achievements include creating 406 jobs bringing total employee count to 4,585 across operating businesses Company enables long-term growth through ethical business practices, socioeconomic development, nurturing talent, and environmental stewardship while ensuring profitability  Dubai-UAE: 19 June, 2017 – Crescent Enterprises, the UAE-based diversified conglomerate, has released its 2016-17 Sustainability Report that examines year two of the company’s three-year sustainability roadmap (2015-2017) and outlines a long-term vision for addressing social, governance, and environmental goals across all aspects of its operations. The report evaluates a wide variety of sustainability indicators that are aligned with the ......read more

ADNOC Distribution Signs Agreement with Abu Dhabi Police to Enhance Technical Inspection Services for Light Vehicles

Abu Dhabi, 17 June, 2017:  The General Headquarters of Abu Dhabi Police (ADP) has signed an agreement with ADNOC Distribution, to diversify and enhance the services of light Vehicle Inspection Centres (VICs) provided by ADNOC Distribution in the Emirate of Abu Dhabi. The agreement will strengthen the strategic partnership between both sides with the aim of promoting sound traffic safety practices in the emirate. The agreement was signed by General Maktoum Ali Al Sharifi, Director General of Abu Dhabi Police, and Saeed Mubarak Al Rashdi, Acting Chief Executive Officer of ADNOC Distribution, in the presence of their senior officials. ADNOC Distribution currently provides light vehicle inspection services in 21 locations across Abu Dhabi emirate: these include eight centres in Abu Dhabi and its suburbs, six in Al Ain region and ......read more

Regional Banking and Financial Institutions are Well on their Way to Raising Cyber Resilience, Though Fall Short on Board Level Representation

  Results from a survey recently conducted by DarkMatter indicate that cyber security awareness within banking and financial services institutions is reaching new heights, with over 70% of respondents to the survey reporting that their organisations possessed a Chief Information Security Officer or equivalent senior management position. However, the objective for banks and financial institutions to embrace cyber security at an organisational level and have it permeate across all areas of the business is still some way off with only approximately half of respondents saying they possessed a Board-level representative with a cyber security focus.  Oversight for cyber security at Board-level is a significant step toward combating growing threats within organisations as it showcases an important shift in outlook to embracing ......read more

National Bonds Reveals Results of Financial Health Check for H1 2017

  73% of married couples save regularly, marking a 27% increase over previous results 62% of UAE residents, 43% of UAE nationals in 41-55 age group are committed to retirement saving plans 53% of families with children do not save for emergencies Dubai-UAE: 14 June, 2017 - National Bonds Corporation, the leading sharia-compliant savings and investment company in the UAE, announced the results of its financial health check for H1 2017 (from January until June 2017). The National Bonds financial health check spans four main categories – monthly saving for married couples, retirement saving for people aged 41 to 55 years old, on time payment of credit liabilities, and emergency savings for families with children. The latest survey included a sample size of 341 participants across different nationalities, of ......read more

Other Top Stories from Banking and Investments
 
Siemens wins EUR790 million substation contract in Qatar…

Biggest-ever contract for Siemens in Qatar Contract for 35 substations received from KAHRAMAA    Project supports country’s ambitions for a reliable power transmission network  Dubai, UAE, May 8, 2017:  State-owned utility Qatar General Water & Electricity Corporation (KAHRAMAA) has awarded Siemens the largest contract to-date in Qatar for the expansion ......read more

Menacorp receives recognitions & certificates of appreciation from UAE Securities & Commodities ...…

May 08, 2017: Menacorp, the UAE’s largest financial services firm, was recently recognized and awarded Certificates of Appreciation by the UAE Securities and Commodities Authority (SCA) during the 7th Awarding Ceremony of the Brokers Licensing Qualifications Program for year 2016 – 2017. The ceremony, held at the SCA premises in Dubai, gathered several market participants and ......read more

Ajman DED adopts Trade Names Booking system to promote emirate's economic & investment ...…

UAE, May 8, 2017- To significantly boost the promotion of the competitiveness and attractiveness of the local business and investment sectors, the Department of Economic Development - Ajman recently adopted the ‘Trade Names Booking’ system. The unified and integrated platform for regulating the booking of trade names, economic records and economic licenses is fully integrated with ......read more

Alawwal bank wins 'Best Retail Bank' in Saudi Arabia at the Asian Banker awards…

Riyadh, Kingdom of Saudi Arabia – 08 May 2017:  Alawwal bank was named the 'Best Retail Bank' in Saudi Arabia 2017 at the Asian Bankers, International Finance Excellence Awards held at the Ritz Carlton in Dubai on 20 April.  The award recognises Alawwal bank's customer centric approach and focus on innovation in products, services and its digital ......read more

Mashreq and Germany's Commerzbank Agree on a Strategic Cooperation for Multinational & Corporate ...…

  •    New products and services offering for Commerzbank’s clients •    Establishment of a German Desk within Mashreq in Dubai United Arab Emirates, Dubai, 08 May 2017: Mashreq Bank, the leading financial institution in the UAE, proudly announces its partnership with Commerzbank to enable multinational & corporate clients to utilise ......read more

Falconcity of Wonders commended by Dubai Police for road safety advocacy…

UAE, May 8, 2017– Falconcity of Wonders LLC, the developer of the Falconcity of Wonders (FCW) multipurpose mega project arising in Dubai, was recently honored by the Dubai Police for its outstanding support of local and national efforts to enhance road safety awareness and best practices. Major General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, handed over the Diamond ......read more

Zurich and Standard Chartered Sign 10-Year Exclusive UAE Distribution Agreement…

Landmark deal will help to deliver quality life insurance solutions to customers in the UAE Dubai, United Arab Emirates, 8th May, 2017:  Zurich International Life Limited (Middle East) (Zurich) and Standard Chartered announced today the signing of an exclusive distribution agreement. As part of it, Standard Chartered will offer Zurich’s comprehensive life insurance solutions to its ......read more

DAFZA participates as Lead Freezone Partner at Automechanika Dubai 2017 …

UAE, May 7, 2017- The Dubai Airport Freezone Authority (DAFZA) is the lead freezone partner to Automechanika Dubai 2017 which kicked off today (Sunday May 7, 2017) to be held until May 9, 2017, the leading international trade fair for the automotive service industry gathers more than 2000 exhibitors from all over the globe. The partnership between DAFZA and Automechanika underscores the role of ......read more

Globe Express Services recognised at Maersk Line Platinum Awards for 6th successive year…

May 07, 2017: Globe Express Services has once again been honoured at the Maersk Line Platinum Awards, the annual awards that honours Maersk’s outstanding logistics solution providers and top customers. This is the sixth consecutive win for the global supply chain solutions company. John C. George, Branch Manager – Jebel Ali, Globe Express Services, received the award at the gala ......read more

Darlie Global opens manufacturing facility for personal care products in Dubai…

May 06, 2017 - Darlie Global FZC, owner and manufacturer of natural wellness products, has opened a manufacturing plant in the UAE as part of its initiative to pioneer a range of products catering to a growing number of consumers looking for healthier and more natural alternatives in personal care. The facility will locally produce global personal and oral care brands – Dr. Neem and Mr. ......read more

SABIC Partners with DuPont to Enhance EHS Performance…

May 04, 2017– SABIC is collaborating with DuPont Sustainable Solutions (DSS) to accelerate progress towards becoming a world leader in environment, health and safety (EHS) performance.   “SABIC’s EHS achievements in recent years have been impressive,” said Ahmed Al-Shaikh, Executive Vice President, Corporate Manufacturing, SABIC. “And yet, there is a strong ......read more

Good start to the year: Bosch improves sales in all business sectors and regions…

New conceptions of mobility, new perceptions of technology First-quarter sales in 2017 up 12 percent Target sales growth for 2017 between 3 and 5 percent Sales in 2016: 73.1 billion euros EBIT from operations in 2016: 4.3 billion euros Research and development expenditure: 7 billion euros Bosch CEO Denner: “Bosch is shaping tomorrow’s world.” Dubai, UAE, May ......read more

GPCA Announces Winners of 2nd Supply Chain Excellence Awards…

Supply chain influencers awarded for industry leadership and creating shared value Dubai, UAE, May 4, 2017:  Gulf Petrochemicals and Chemicals Association (GPCA), has announced the winners of the second edition of the Supply Chain Excellence Awards sponsored by SABIC that was held on the sidelines of the Supply Chain Conference at the Rosewood Hotel in Abu Dhabi on May 3. ALFRED TALKE ......read more

Ahli United Bank B.S.C. Reports a Q1/2017 Profit of US$ 159.4 Million Attributable to the Equity ...…

Dubai, UAE, May 4, 2017:  Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 159.4 million for the quarter ended 31 March 2017. The net profit reflected an increase of 3.1% in Q1/2017 as compared to the comparative net profit figure of US$ 154.6 million achieved in Q1/2016. The Q1/2017 net profit also represents a 24.0% improvement over the ......read more

Free Trade Agreement (FTA) Can Give a Boost to GCC- Uk Bilateral Relationships…

Dubai, May 03, 2017: The Union of Arab Banks hosted the International Banking Summit “IABS 2017” on 2nd May 2017 at London Hilton, London, UK. The theme of the event is “Finance in an Unpredictable World”. The Senior Staff of various Central Banks across Middle East and Senior Staff of Middle-east Banks were present at the event.  Dr. R. Seetharaman, CEO of Doha ......read more

A.T. Kearney's Mergers and Acquisitions in the Middle East and North Africa…

The quest for competitiveness is driving record-breaking levels of activity. Despite a drop in the number of transactions, megadeals drove M&A value to a new high The first half of 2016 was a record semester for mergers and acquisitions (M&A) in the Middle East and North Africa (MENA) since 2013 with $30.5 billion in deals—almost three times the first half of the year (see ......read more

DED –Ajman reports growth in issuance & renewal of business licenses during Q1 2017…

UAE, May 2, 2017- The Department of Economic Development - Ajman (DED - Ajman) has posted a significant growth in the number of business licenses and permits issued by its Registration and Economic Licensing Department for new economic facilities. This was revealed in the ‘Business License Indicator Q1 of 2017’ report showing a 7% average increase in the number of issued licenses in ......read more

HBMSU receives visiting learners from UK's Coventry University…

UAE, May 02, 2017- The Hamdan Bin Mohammed Smart University (HBMSU) recently welcomed 13 accounting and finance undergraduate learners from Coventry University, UK, who visited the country as part of their educational field trip designed to help them better understand Arab business and culture. Representatives from the Dubai Center for Islamic Banking and Finance and HBMSU School of Business gave ......read more

More than 1,100 guests to celebrate 30 years of France UAE collaboration in Dubai!…

1st edition of French Tech Award, won by a Dubai based Entrepreneur Middle East unveiling of PSA new vehicle, 3008 Peugeot  Dubai, United Arab Emirates, May 1st 2017 - Under the Patronage of His Highness Sheikh Hasher bin Maktoum bin Juma Al Maktoum, Director General of Dubai Information Department and His Excellency Michel Miraillet, Ambassador of France to the UAE, Gala Dinner ......read more

Experts at Emirates Institute for Banking and Financial Studies Discuss Impact of VAT on UAE ...…

Dubai-UAE: 1 May, 2017 – Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, hosted a high-level conference to discuss the implications of value-added tax (VAT) on businesses in the UAE. The tax will kick in on January 1, 2018. The event convened more than 200 senior bankers, management consultants and experts ......read more

UAE Banks Federation Announces the Launch of Cyber Threat Intelligence Initiative 2017…

New intelligence sharing platform will enable banks to seamlessly collect and share data on cyber threats – heralding a new era of collaboration in the cyber space May 01, 2017 Acting on its commitment to combat the threat of cybercrime and create a safe and secure banking environment for customers, the UAE Banks Federation (UBF), a professional body representing 49 member banks ......read more

17th Middle East Network Operators Group conference concludes on high note in Oman…

May 1, 2017- The 17th Middle East Network Operators Group (MENOG) conference recently ended on a high note in Muscat, Oman, with international participants tackling the most pressing issues facing the Internet and communications industry today. This regional forum brought together 210 key players in the region’s Internet network operations (along with 460 remote participants) for two ......read more

GCC Exchange Certified with Dun & Bradstreet Ratings…

GCC Exchange is keen to announce that we have successfully received the Dun & Bradstreet rating; this rating adds an extra star to our credibility.  The quality control measures taken to provide exceptionally well services have been paid off. In fact, it has uplifted our determination to perform even better. “Achieving these ratings was one of our goals. Since our objective ......read more

Gemalto Supports Middle East Banks with New Visa and Mastercard-Certified Card Personalization ...…

•    New card personalization center will enable region’s banks to offer enhanced and highly responsive customer service •    One-stop solution for EMV card personalization, fulfilment and associated services  •    Abu Dhabi Islamic Bank is first to benefit from Gemalto’s fully integrated and tailored ......read more

Arab Bank Group Reports First Quarter 2017 Net Profits of $ 218.2 Million…

Arab Bank Group announced its results for the first quarter of 2017 reporting a net profit after tax of $218.2 million as compared to $218.3 million.  Net operating income before provisions and taxes reached $290 million driven by growth in the underlying core banking revenue. Excluding the effect of foreign currency devaluations, the Bank’s net operating income would have shown a ......read more

Abu Dhabi Commercial Bank PJSC Reports First Quarter 2017 Net Profit of AED 1.105 Billion, an ...…

Abu Dhabi, 30 April 2017 – Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”) today reported its financial results for the first quarter of 2017 (“Q1’17”). Financial highlights (31 March 2017)  Strong operating performance and disciplined cost management –    Net profit of AED 1.105 billion was 10% higher ......read more

Standard Chartered Bank Partners with Transguard for Smart Cash Transaction…

Agreement allows the bank to offer its corporate clients new smart cash management services which will help them save time and cut handling costs   30 April 2017, Dubai - Standard Chartered Bank has signed a partnership agreement with leading UAE-based business support provider Transguard Group, which will enable the bank to offer its corporate clients a smarter and more convenient cash ......read more

Senior managers failing to foster a culture of ethical behavior, finds EY Fraud Survey…

43% of MENA respondents still perceive that corrupt practices happen in their country 57% of MENA respondents do not believe that management has emphasized the importance of high ethical standards  Only 21% of respondents are aware their company has a whistleblowing hotline Dubai, 30 April 2017:  Despite sporadic progress in tackling bribery and corruption across Europe, the ......read more

House of Comms launches experiential division…

Dubai, UAE – 27 April 2017:  Once known as a small PR outfit, House of Comms has continued to smash all growth expectations, with 2017 being no exception to the rule.  Now known for its integrated offering across PR, digital, social and creative, with a 40+ strong team across the region, today it has announced the launch of its experiential division, headed up by Laura ......read more

Department of Land & Real Estate Regulation in Ajman concludes successful participation at Restatex ...…

Ajman, April 27, 2017- In line with its commitment to promote the competitiveness of Ajman's real estate segment, the Department of Land and Real Estate Regulation in Ajman has concluded its successful participation at this year's edition of the Riyadh Real Estate & Urban Development Exhibition 2017 (Restatex Riyadh 2017), the largest annual Real Estate event of its kind in the ......read more

DIB Hosts UAE's Top Sharia Leaders to Layout the Future Direction of Industry's Compliance…

•    2nd UAE Sharia Departments Forum focuses on Sharia review processes and solutions to meet market challenges •    Discussion centered around innovation and evolution of Shariah compliance and ensuring alignment to the fast moving business dynamics in the country   Dubai, 27 April 2017: Dubai Islamic Bank (DIB), the largest Islamic ......read more

Johnson & Johnson Middle East FZ-LLC awards Gulf International ‘Best Distributor of the Year 2016' ...…

April 26, 2017: Gulf International (part of the Albatha Group), a leading FMCG Sales and Distribution company in the Middle East region, has been awarded the 'Best Distributor of the Year 2016’ for the MENAP (Middle East, North Africa and Pakistan) region by Johnson & Johnson Middle East FZ-LLC, the world’s most diversified health care company. The company was also given the ......read more

To Celebrate Mashreq Bank's 50 Year Anniversary Bank Executives Plant 50 UAE National Trees to ...…

Initiative supports Year of Giving inaugurated by UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan Dubai, 26 April 2017:  Mashreq Bank, the oldest privately owned bank in the UAE, is celebrating its 50 year anniversary alongside the local community. In association with Goumbook, the leading social enterprise promoting sustainability in the UAE, senior executives from the ......read more

Colombia hosts World Free Zones Organization's third meeting…

UAE, April 26, 2017- The international free zone community will converge in Colombia’s iconic Cartagena de Indias Convention Centre this May 3 to 5, 2017 for the World Free Zones Organization’s 3rd annual meeting where stakeholders will collaborate on shaping the free zones of the future.  Headquartered in Dubai, the World Free Zones Organization (World FZO) is a non-profit ......read more

DuPont Reports First-Quarter Results…

April 25, 2017– DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced first-quarter 2017 GAAP1 earnings of $1.52 per share and operating earnings2 of $1.64 per share.  Prior year GAAP1 and operating earnings2 were $1.39 per share and $1.26 per share, respectively.   First-quarter ......read more

Genetec Inc. announces Middle East roadshow across six countries in the region…

DUBAI, UAE, April 25, 2017 – Genetec Inc. (“Genetec”), a leading provider of open architecture security and public safety solutions today announced that it is embarking on a six-country roadshow in the Middle East. Genetec will showcase its latest security systems and applications that provide collaborative insight for security professionals in many vertical markets. ......read more

‘Business for Better' attracts participation from 19 UAE-based universities…

UAE, April 25, 2017- Students and graduates from nineteen different universities in the UAE have confirmed their participation in the Business for Better competition, an initiative supported by The Western Union Company and Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, to support young people with knowledge, experience and resources necessary to launch ......read more

Brazil Minister of Agriculture, Livestock & Food Supply to visit UAE & KSA to boost confidence in ...…

UAE, April 25, 2017- In response to the ‘Operation Carne Fraca’ (‘Operation Weak Flesh’) organized by the Federal Police of Brazil to investigate some of the country’s largest meat processing companies and subsequently leading to a ban on the import of meat and poultry products by some countries, Brazil’s Minister of Agriculture, Livestock and Food Supply, ......read more

DAFZA participates at Hannover Messe 2017…

UAE, April 25, 2017- The Dubai Airport Freezone Authority (DAFZA) announced its participation with the UAE pavilion at the latest edition of Hannover Messe, the world's largest manufacturing industry trade fair which kicked off on Monday, April 24, 2017 and will continue until April 28, 2017 in Hannover, Germany. DAFZA is holding bilateral meetings with top automotive and digital companies ......read more

City of Helsinki Advances 3D City Initiative with Bentley's Reality Modeling…

April 25, 2017: The City of Helsinki is mid-way through an initiative to capture the city and create a new 3D city model that is scheduled to be completed in 2017. Helsinki has a long tradition of 3D city modeling, dating back to the 1980s. Helsinki wanted to update its current 3D city model with new, innovative applications that could provide entire city modeling capabilities in order to improve ......read more

Milaha Reports Net Profit of QR 236 Million for Q1 2017…

April 25, 2017. Dubai, UAE- Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the three months ended March 31, 2017.   Key financial highlights: •    Operating revenues of QR 648 million for the three months ended March 31, 2017, compared to QR 767 million for the same period in 2016 •    Operating profit of QR 185 million for the three ......read more

Darlie Global launches Dr. Neem and Mr. Darlie brands in MENA…

April 24, 2017- Darlie Global FZC, a Dubai-based owner and manufacturer of natural wellness products, has unveiled Dr. Neem and Mr. Darlie, two new personal and oral care brands to the GCC and the Middle East and North Africa (MENA) market during a launch celebration held recently at the Westin Mina Seyahi Beach Resort & Marina, Dubai, UAE. Dr. Neem, a global pioneering brand of natural care ......read more

Doha Bank Hosts Its Annual ‘Beach Clean-up' Event to Celebrate the Earth Day in Collaboration with ...…

Dubai, April 24, 2017: Continuing its efforts to spread the message of environmental protection and sustainable living, Doha Bank joined hands with Qatar’s Ministry of Municipality and Environment (MME) and the Al Wakra Municipality to host a ‘Beach Clean-up’ event at Al Wakra Beach, under the theme ‘Save The Beaches For The Future’ to show its commitment to the ......read more

Hisense forecasts 20% growth in TV Business across MENA region in 2017…

April 24, 2017- Following the announcement of sponsoring the 2018 FIFA World CupTM, Hisense, the world No 3 TV brand and leading Chinese white goods and electronics manufacturer forecasts greater steps in 2017 with an expected 20 per cent revenue growth. Adding on a remarkable 2016, the company will continue to achieve exceptional results, attributed to the ongoing support of its key retail ......read more

Wealth protection and creation are integral part of growing banking business models…

Dubai, April 23, 2017:  Doha Bank hosted a knowledge sharing session “enhancing customer value through wealth management” on 19th April 2017 at its Doha Bank Auditorium in Doha Qatar. The Guest of honour at the event was Qatar Exchange CEO, Rashid Bin Ali Al Mansoori. The Speakers at the event include Mr. James' Robertson, Head of Corporate and Wealth Managing Partner Taylor ......read more

Doha Bank achieves 2.9% profit growth with impressive ratios…

Dubai, April 19, 2017: His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced Doha Bank's financial results for the first quarter of 2017. Net profit for the first quarter of 2017 recorded an impressive QAR 364 million as compared to QAR 354 million for the same period in 2016 showing an increase of 2.9%. H.E. Sheikh Fahad said ......read more

UBF Hosts Meeting with SWIFT's Regional Chief Executive to Discuss Key Payments and Cybersecurity ...…

April 20, 2017 - Dubai, UAE: The UAE Banks Federation (UBF), a professional body representing 49 member banks operating in the UAE, today hosted a high-level delegation from SWIFT, the global provider of secure financial messaging services. The delegation – led by Mr. Alain Raes, Chief Executive for Europe, Middle East and Africa and Asia Pacific for SWIFT – met with UBF’s ......read more

GCC Islamic Banks Stay On Course Through Glum Operating Conditions, Says S&P Global Ratings Report…

•    We think GCC Islamic banks' financial profiles will continue to falter in 2017-2018.  •    We foresee weaker growth prospects, higher cost of risk, and lower liquidity for GCC Islamic banks.  •    Still, most of these banks have built sufficient capital buffers to weather the sluggish operating environment. DUBAI ......read more

Third Edition of TOP CEO Awards 2017 Announces Winners…

The rankings are finalised on the basis of listed statistics and numbers, making it the most credible system in the Gulf Dubai, UAE, 19 April 2017:  The winners of the Top CEO Awards 2017 have been announced, following the successful conclusion of the Top CEO Conference on April 11. The awards ceremony was hosted at the Bay La Sun Hotel & Marina, King Abdullah Economic City, where the ......read more

Mashreq Launches Quick Remit to Pakistan…

Free of charge transfers with zero remittance fees  Dubai, UAE – 19th April 2017: Mashreq, one of UAE’s leading financial institutions, announced the exclusive launch of Quick Remit service to Pakistan. Mashreq customers can transfer Pakistani rupees free of charge either - via MashreqOnline or Snapp and enjoy instant credit to all bank accounts in Pakistan.  The new ......read more

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