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Featured in Banking and Investments
Harris Pye UAE strengthens its footprint in Egypt

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

Gold reigns as global bond yield collapse continues

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

Saxo Bank completes acquisition of BinckBank

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

Ajman Free Zone signs MoU with Dubai Insurance Company

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

UK: The power of credit impulse at work

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

Evonik sticks to full-year outlook despite cooling economy

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

FireEye Identifies Prolific Chinese Cyber Threat Group

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

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

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

New Mimecast Report Reveals Analysis of 67 Billion Rejected Emails

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

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

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

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

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

Eyes of the World on Expo 2020 Dubai

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

Oman Insurance Retains Its Positive Business Momentum

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

Schneider Electric is Founding Member of ISA Global Cybersecurity Alliance

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

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

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

GIAS 2020 to feature investment opportunities for participating countries

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

Empower enhances the professional performance of its employees

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

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

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

Trade Bank of Iraq Continues Strong Annual Growth and Records Impressive Financial Results

The bank is upgrading its license in Abu Dhabi to an asset management company from a representative office TBI ranked first in the BIS Capital Ratio (Global) by The Banker Annual audit of TBI’s performance, complied by Ernst and Young, show a 20% increase in net operating income and a 30 % increase in funds held in customer accounts Dubai, United Arab Emirates, 04 August 2019:   Trade Bank of Iraq (TBI) achieved another consecutive year of expansion and growth with an increase in revenues and major growth recorded in key financial areas, according to an audit of the institution’s annual operations by Ernst and Young. Financial statements for the year ending 31st December 2018 reveal strong results for TBI as a result of year-on improvements across important sectors including net operating income, ......read more

Union Coop Distribute 1000 gifts packs to Hajj pilgrims

Union Coop – The largest Consumer Cooperative in the UAE distributed 1000 gift packs consisting of travel essentials to people performing the Hajj pilgrimage to the Holy City of Mecca, Kingdom of Saudi Arabia  Dubai, United Arab Emirates -  03, August 2019:   Retail Pioneer ‘Union Coop’ distributed 1000 gift packs to people performing the Hajj pilgrimage, at Dubai International Airport, Terminal – 3 for the fourth consecutive year. This initiative comes as a service to the community and contributes to the promotion of good values among its members and the promotion of cohesion and interdependence while instilling positive customs and traditions. Explaining Union Coop’s commitment towards such initiatives every year, Ms. Huda Salem Saif, Communication and Social Service Section ......read more

ENBD REIT announces Q1 NAV of USD 255 million; active leasing strategy protects occupancy

Ex-dividend NAV at USD 255 million or USD 1.02 per share Cum-dividend NAV of USD 260 million or USD 1.04 per share prior to final dividend of USD 5.4 million approved by shareholders on 24th June 2019 and subsequently paid on 15th July 2019  Active leasing strategy boosts Burj Daman occupancy to 77%, Binghatti Terraces to 89% Blended occupancy steady at 82%, down by just 4% despite loss of significant tenant    Dubai, United Arab Emirates, 1st August 2019: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its Net Asset Value for its first quarter ended 30th June 2019. ENBD REIT’s NAV stood at USD 255 million ex-dividend (USD 1.02 per share) at the close of the quarter, which ......read more

Silah Gulf is Official Customer Experience Partner of the Saudi Emerging Technologies Forum

August 01, 2019:   Bahrain, Riyadh- Silah Gulf a leading, multi award winning Customer Experience solutions provider becomes the official customer experience partner of the  Saudi Emerging Technologies Forum to be held in Riyadh, KSA from 11-13th of November, later this year.   Billed as the largest R&D event in the region focused on the disruptive technologies of what has been labelled the Fourth Industrial Revolution, the Saudi Emerging Technologies Forum will welcome over 50 government officials and senior-level executives, more than 50 speakers, leading 12 panel discussions with the participation of 500 attendees, 60 exhibitors, 12 Certified Technical Workshops, 30 Proof of Concepts & Live Demo Sessions, and a dedicated focus day for IIOT. Furthermore, 10 Pioneers in innovation will be celebrated ......read more

New Business Ventures on the Rise in UAE as Economic Initiatives Pay Off

U.A.E – 1st August 2019 - A range of initiatives such as new visa regulations has led to a major spike in entrepreneurs deciding to set up businesses in the UAE. Flying Colour, a company which opens both free zone and onshore businesses, say the growth covers a range of sectors such as hospitality, IT and retail and that it covers the whole of the country.   In the first half of 2019, enquiries to start-up a new business are up by around 20% and show no signs of stopping.   Flying Colour CEO, Meet Joshi, said: “The introduction of new licensing and visa regulations have really eased the process of starting a new business. The UAE is vibrant, but it is also solid and has a proven track record, which is why so many people are attracted to open a business in the country.   “Flying Colour has a ......read more

Dubai Investments reports 17% increase in second quarter profits

Dubai, Aug 1st, 2019: Dubai Investments PJSC [DFM: DIC], the leading, diversified investment company listed on the Dubai Financial Market, reported profit of AED 151 million for the second quarter of 2019, an increase of 17% when compared to the same period last year.  Profit for the first six months of the year was AED 353 million as compared to AED 491 million in the previous year. These included gains on M&A transactions of AED 64 million and AED 333 million for the respective periods. Profits for H1 2019 without considering these exceptional items has increased by AED 131 million when compared to the previous period.  Company’s total assets grew by AED 1.09 billion during H1 2019 and reached AED 20.65 billion as on 30th June 2019. The annualized return on equity for the period was 5.9%. In his comments, ......read more

UAB reports Net Profit of AED36m for H1 2019

Financial Results    H1 2019 Highlights  Interest income increased by 6% compared to prior year Operating Expenses decreased by 6% vs. H1 2018 Provisions for Credit Losses decreased by 5% vs. H1 2019 Capital Adequacy at 16.5%  CET1 ratio at 15.4% Coverage ratio increased to 93.6% compared to 91.5% in December 2018 Sharjah, UAE, 31 July 2019 - United Arab Bank P.J.S.C ("UAB" or “the Bank”) announces its Financial Results for the six months ended 30th June 2019.   UAB reported a Net Profit of AED36m in H1 2019 as the Bank continues its prudent approach to recognize provisions and increase its coverage. The Bank has reported an increase in interest income of 6% and a reduction of 6% in Operating Expenses which provides further evidence that the Bank is well ......read more

Other Top Stories from Banking and Investments
 
Mesrkanloo International Exchange signs an investor partnership agreement with Dubai Quality Group…

Dubai, United Arab Emirates - 13 June 2019:   Mesrkanloo International Exchange has signed an investor partnership agreement with Dubai Quality Group (DQG), to strengthen the quality, business excellence, innovation, technology, and leadership in the exchange sector. In appreciation ceremony for its investment in DQG’s initiatives, a delegation headed by Eng. Hassan Omar, ......read more

Leo Burnett MEA Wins Bee'ah Creative Contract…

Dubai, UAE, 12 June 2019:  Following a multi-agency pitch, Leo Burnett MEA has won the creative services assignment for Bee’ah, the Middle East’s sustainability pioneer, to further establish and strengthen its brand. The agency will develop an integrated re-launch communication strategy and design corporate and brand communications campaigns to forge a deep connection with the ......read more

Intertek awards Almarai ISO 9001:2015 certification across Saudi Arabia…

June 12 2019, Riyadh, Saudi Arabia:  Intertek, a leading Total Quality Assurance provider to industries worldwide, has awarded Almarai Company, Middle East’s leading food and beverage manufacturer and distributor, the ISO 9001:2015 certification for Quality Management Systems. The certification has been obtained for all Almarai’s operations in Saudi Arabia through a series ......read more

Concerns Over Privacy and Security Contribute to Consumer Distrust in Connected Devices…

New research shows privacy, security are frequently key consumer concerns and drive buying decisions 73% of consumers think people using connected devices should worry about eavesdropping, and 63% think connected devices are “creepy” in the way they collect data about people and their behaviors Dubai, United Arab Emirates - 12 June 2019:   A global survey conducted by ......read more

Vincitore Realty sells out 108 homes in the Dh375 million Benessere project in just three weeks!…

1. Vincitore Realty, Dubai’s Finest Bespoke Real Estate Developer, sold out Phase 1 of its new revolutionary project, Vincitore Benessere, in just 3 weeks from launch.    2. Vincitore Benessere, a project worth over Dhs 375 million, becomes one of Dubai’s fastest selling project in QI 2019, bridging the gap between Luxury, quality Lifestyle and Wellness in ......read more

Dp World, UAE Region's Strategic Solutions Boost the Automotive Sector…

Al Muallem: “We Offer Our Customers The Most Robust Infrastructure For Automotive Trade In The Region.” Dubai, United Arab Emirates, 10 June 2019:  DP World UAE Region’s strategic solutions and services have consistently catered to the automotive and spare parts sector, driving forward economic diversification in line with the UAE government goals. The trade ......read more

Schneider Electric Acquires Stake in AutoGrid…

Establishes co-innovation partnership focused on AI and machine learning solutions for distributed energy resources Dubai, United Arab Emirates - 10 June 2019:   Schneider Electric, a leader in the digital transformation of energy management and automation, has announced an investment in AutoGrid, a leader in flexibility management software for the energy industry.  The ......read more

Emirates NBD highlights commitment to preserving marine biodiversity on World Ocean Day…

Bank’s Keep the Creek Clean initiative clears more than 5,400kgs of waste from the ocean Dubai, 08 June 2019: Emirates NBD, a leading financial institution in the region, is celebrating World Ocean Day this year by highlighting its commitment to preserving marine biodiversity, under the bank’s Keep the Creek Clean marine conservation programme. The Keep the Creek Clean ......read more

NRI Businessman Rizwan Sajan becomes one of the first few foreigners to receive the 10-year visa…

The UAE has started issuing 10-year residence visas to select group of investors, professionals and scientists – as the country begins liberalising residency permits to gradually allow permanent residency   Dubai, United Arab Emirates - 01 June 2019:      1. UAE has started issuing 10-year residence visas to select group of investors, entrepreneurs, ......read more

Omega Gets on Board With Alinghi…

OMEGA and ALINGHI have joined forces in a brand new sailing partnership, just days before the launch of the GC32 season in Villasimius. Dubai, United Arab Emirates - May 29, 2019:   For more than 25 years, the prestigious Swiss watchmaker has shown a proud commitment to the world of sailing and it will continue that passion by accompanying the ALINGHI team on its competitive ......read more

Refinitiv report finds global companies to ramp-up innovation as 72% fall prey to financial crime…

 73% across the Middle East, spiking to 85% in KSA, are aware of financial crime in their global operations    85% across the region, rising to 92% in KSA, believe humans are a necessary asset to source trusted data and train algorithms     100% in KSA, 99% in the UAE believe that technology can significantly help with financial crime ......read more

UAE Exchange's Emiratisation Initiative Lauded by Ministry of Human Resources and Emiratisation…

Emerges as one of the top recruiters in the 100-day Emiratisation Accelerator Program Dubai, 28th May 2019:  UAE Exchange, a renowned financial services brand in the United Arab Emirates, received an appreciation award from the Ministry of Human Resources and Emiratisation for their commitment and contribution to the Emiratisation initiative under the Government Accelerators program. The ......read more

MEA region Wealth Expected to Grow at 6 Percent Annually Over Next 5 Years According to New Oliver ...…

Growth in Emerging Markets is Almost Twice the Rate of Developed Markets   Dubai, United Arab Emirates - May 26, 2019:  Oliver Wyman and Deutsche Bank today released their fourth annual Wealth Management report titled “Out of the pit stop - into the fast lane.” In 2018, Wealth Managers faced growing headwinds.    The report finds that global ......read more

Mali Prime Minister hails Khalifa Fund's support model for entrepreneurs and SMEs…

Abu Dhabi, 25 May 2019:  H.E. Hussain Jasim Al Nowais, Chairman of Khalifa Fund Enterprise Development (KFED)  has received  a delegation from the Republic of Mali headed by H.E Dr. Boubou Cisse, Prime Minister of  Mali at the Khalifa Fund headquarters in Abu Dhabi to explore and learn more about the Fund’s experiences in initiating the culture of leadership among UAE ......read more

Algerian delegation visits Dubai Customs for more cooperation…

Dubai, United Arab Emirates - May 25, 2019:    An Algerian delegation has recently visited Dubai Customs to view its experience in the risk engine, K9 Unit, and Riise; the new disruptive project of Customs World.   The Algerian delegation included Boutaleb Redouane, Director of Resource Department, Boudadi Smail, Director of Transport and Information Center, and Samir ......read more

Jafza and Dubai Chamber Team Up to Enhance Business in Dubai…

Dubai, United Arab Emirates, 25 May 2019:  Jebel Ali Free Zone (Jafza), the Middle East’s leading economic zone, and Dubai Chamber of Commerce and Industry have taken a major step forward in promoting ease of doing business in Dubai by introducing a new system that allows Jafza customers to obtain a Dubai Chamber Membership Certificate through its Dubai Trade portal. The integration ......read more

Icons club launched a coffee table book of inspiring stories…

May 23, 2019 - Dubai, UAE The prestigious Icons club launched an iconic coffee table book, which include many inspiring stories of UAE business tycoon’s journey. Present on the occasion were honourable Mr Vipul - Consul General of India, Mr Rizwan Sajan chairman of Danube Group and Icons Club along with other members of the club and creme de la crème of the society.  The book is ......read more

Lenovo Achieves Record Revenue for Fy18/19 Driven by Success of Intelligent Transformation Strategy ...…

• Lenovo posts record fiscal year results with revenue reaching all time high of US$51 billion, up 12.5% year-on-year • Intelligent Transformation strategy drives PTI jump to US$856 million – up more than four times at 459% YOY • Net income is US$597 million, an increase of US$786 million from last year • Strong fourth quarter performance included double-digit ......read more

Liz Taylor Named Chief Creative Officer of Leo Burnett Worldwide…

Dubai, United Arab Emirates - May 23, 2019:    Award-winning creative leader Liz Taylor will join Leo Burnett Worldwide as chief creative officer. Starting July 8, she will sit at the agency's Chicago headquarters leading the creative direction of the global agency network. Taylor will work alongside the network's creative leadership team to help build the agency's offering ......read more

Dawex Raises €5 Million to Accelerate the Development of the Data Economy…

Amadeus, Itochu Corporation, Bouygues Construction and Caisse des Dépôts invest to support innovation and data exchange technology.    Dubai, United Arab Emirates - May 23, 2019:  Dawex, a leading data exchange technology company and the operator of the largest data marketplace, today announced a new round of funding of €5 million with Amadeus (AMS.MC), Itochu ......read more

Schneider Electric Worldwide Employee Share Ownership Plan (WESOP) wins the ‘Best Plan ...…

Dubai, United Arab Emirates - May 22, 2019:    The Schneider Electric Worldwide Employee Share Ownership Plan (WESOP)  won the award for ‘Best Plan Effectiveness’ last week at the Global Equity Organization (GEO) annual meeting in The Netherlands. GEO is an international network meeting for professionals of equity plans, such as WESOP or Long-Term Incentive ......read more

Sony Corporation achieves strong operating income of US$ 8.06 Billion for FY 2018…

Dubai, United Arab Emirates - May 22, 2019:    Sony Corporation registered a strong operating income of US$8.06 billion (¥894.2 billion) in fiscal year 2018 ended March 31, 2019, with a year-on-year growth of 22 per cent compared to the year ago.   The company’s consolidated sales and operating revenue was valued at US$78.14 billion (¥8.65 trillion), compared ......read more

Gulf Navigation Holding announced 19% revenue growth in Q1…

• Achieves Q1 2019 revenue of AED 45mn, a YoY increase of 19% • Q1 net loss at AED 11mn on account of off-hire days for a vessel and additional expenses attributed to 10-year special survey    Dubai, United Arab Emirates, May 20, 2019:  Gulf Navigation Holding PJSC (“GNH” or “Company”), the Dubai Financial Market listed maritime and ......read more

Qualys Releases Innovative Extension to its Groundbreaking Cloud Agent Platform with New Cloud ...…

Strengthening the company’s groundbreaking Cloud Agent Platform, Qualys’ new high-availability proxy appliances simplify and secure connectivity for large-scale Cloud Agent deployments    Dubai, United Arab Emirates - May 20, 2019:    Qualys, Inc. (NASDAQ: QLYS), a pioneer and leading provider of cloud-based security and compliance solutions, today unveiled ......read more

Grandweld Shipyards launches tenth boat of KOC fleet…

May 20, 2019:  The UAE-based, Grandweld Shipyards, recently announced the launch of its sixth pilot boat for Kuwait Oil Company (KOC). As per a contract signed in May 2017, the “MESKAN” is the final boat of ten – four crew transport boats and six pilot boats – that Grandweld was required to build for KOC’s fleet. With this launch, the total number of six ......read more

61 percent of employees believe sustainability is mandatory for modern businesses – global HP study…

Results establish sustainability as a new workplace standard for successful businesses, and identifies opportunities to advance sustainability in the office    • 46 percent of survey respondents globally would only work for companies with sustainable business practices, while 61 percent believe business sustainability is mandatory  • 58 percent said ......read more

Jafza to Waive Aed 35 Million in Fines…

The GCC’s Leading Free Zone Takes a Bold Step to Celebrate Year of Tolerance Dubai, United Arab Emirates, 19 May 2019:  Jebel Ali Free Zone (Jafza), the Middle East’s leading special economic zone and key growth engine of Dubai’s economy, has announced it will waive an estimated AED 35 million in fines owed by its customers, in commemoration of the UAE Government’s ......read more

Jafza to Infuse Aed 1.3 Billion Into Dubai's Economy…

The First Free Zone in the Country to Return Cash and Bank Guarantees  Dubai, United Arab Emirates, 18 May 2019:   To promote ease of doing business and to support its customers Jebel Ali Free Zone (Jafza), the GCC’s largest special economic zone, will become the first free zone in the country to return cash and bank guarantees to its clients through its new Workforce ......read more

SHUAA Capital progressing with potential combination with ADFG; releases Q1 2019 earnings…

• Combination with major shareholder ADFG progressing through final stages, followed by regulatory and shareholder approvals • Q1 reported revenues increase 67% quarter-on-quarter to AED 55.4 million • Net loss in quarter of AED 24.9 million on the back of legacy provisions and one-off items   Dubai, United Arab Emirates - May 18, 2019:   SHUAA Capital ......read more

Two MEFMA members recognized at Global FM Awards of Excellence 2019…

Dubai, United Arab Emirates - May 16, 2019:   Two members of the Middle East Facility Management Association (MEFMA) bagged major awards at the prestigious Global FM Awards of Excellence 2019. UAE-based integrated facilities management (FM) providers Emrill Services and Adeeb Electrical & Electronics Services were honored in the recently concluded competition for their effective ......read more

Mohammed bin Rashid Space Centre opens registration for 22nd IAA Humans in Space Symposium…

It will showcase the first UAE experience in human space flights field Dubai, United Arab Emirates - May 16, 2019:   Mohammed bin Rashid Space Centre (MBRSC) announced opening early registration for the 22nd session of the International Academy of Astronautics (IAA) Humans in Space Symposium, hosted in Dubai for the first time in the Middle East and North Africa. The event will be ......read more

Swissport Increases Its Ebitda Result for 2018 to 273 Million Euros…

Dubai, United Arab Emirates - May 15, 2019:   Swissport achieved an operating EBITDA of 273.2 million euros in 2018, an increase of 24.1 percent over the previous year's result of 220.1 million euros. Total revenue from operating activities increased to 2.99 billion euros, up 6.7 percent from 2.81 billion euros in 2017.    With revenue of 2.99 billion euros for 2018 ......read more

Dp World UAE Region Awarded for Creating Sustainable Supply Chain…

Dubai, United Arab Emirates, 14 May, 2019:  DP World, UAE Region has been recognised for its efforts to create a more efficient and sustainable supply chain when it was awarded the Supply Chain Sustainability Award at this year’s Gulf Petrochemicals and Chemicals Association (GPCA) Supply Chain Conference. Mohammed Sulaiman, Business Development Manager of DP World, UAE Region, ......read more

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

Dubai, 14 May 2019:   Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Indian national Abdul Razak Kalathumkara. Commenting on his win, Mr. Abdul Razak Kalathumkara said: “I was overjoyed to receive the good news from the bank ......read more

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

Dubai, 14 May 2019:     Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Indian national Abdul Razak Kalathumkara. Commenting on his win, Mr. Abdul Razak Kalathumkara said: “I was overjoyed to receive the good news from the ......read more

The French Business Council Dubai & Northern Emirates rallies its business community to support the ...…

 Memorandum of Understanding signed about Expo 2020  Gala diner under the theme of the French Pavilion at Expo 2020: Lights, Enlightenment French Business Council Business Award ceremony Very high levels representatives from both sides among them 2 Ministers    United Arab Emirates – May 6, 2019:  In the presence of H.E. Omar Bin Sultan Al ......read more

Regions' happiest workplaces revealed…

The second edition of Happiness @ Work Award winners include both public and private sector organizations   Dubai, April 24, 2019: The region’s top happy workplaces were revealed and honored at the second edition of the Happiness @ Work Award ceremony. The winners include government and private sector organisations that have taken steps to increase the happiness quotient of ......read more

Visa Acquires Control of Earthport…

Visa’s Ownership of Earthport to Bring More Speed, Simplicity, Transparency and Trust to Global Payments       Dubai, United Arab Emirates - May 13, 2019:   Visa Inc. (NYSE:V) today announced it has acquired control of Earthport (AIM:EPO), a company that provides cross-border payment services to banks, money transfer service providers and businesses via the ......read more

ICS Financial Systems to Participate at AAOIFI's Shari'ah Conference, 17th Edition…

Dubai, United Arab Emirates - May 13, 2019:   Manama, Kingdom of Bahrain: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has participated in the 17th Annual Shari'ah Conference of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading  international not-for-profit ......read more

Amanat Holdings records 43% growth in Net Profit in Q1 2019…

Net Profit in Q1 2019 stood at AED 20.7 million, a 43% increase compared to Q1 2018 as benefits of the AED1.2 Billion deployed in 4 portfolio companies show through. Excluding the Royal Hospital for Women & Children which was only recently opened and still ramping up, Amanat would have recorded an 56% growth in its Net Profit in Q1 2019 compared to Q1 2018. Income from investments in ......read more

Puig Revenues Reach €1,933 Million with Net Income of €242 Million in 2018…

Dubai, United Arab Emirates - May 11, 2019:   In 2018, Puig reported €1,933 million in net revenues, a figure very similar to the previous year, and a reported 5% increase on a like-for-like and constant currency and accounting rules basis.     Profit before tax represented 17% of net revenues. Net income reached to €242 million, or 13% of net ......read more

Chinese bonds sail a sea of uncertainty…

Dubai, United Arab Emirates - May 09, 2019:   Volatility is up across asset classes as markets try and re-price what was long thought to be something approaching a done deal between Beijing and Washington. Just as the market was getting comfortable with better-than-expected economic data and supportive central banks, trade talks took a nasty turn as Trump threatened China with higher ......read more

Emirates NBD Dubai Economy Tracker™…

Dubai’s non-oil private sector growth accelerates in April but prices fall further    Dubai, May 9th 2019:    Overall business conditions in Dubai’s non-oil private sector economy improved at the fastest rate in over four years in April. This mainly reflected the trend in new business, as employment was broadly unchanged during the month. Notably, ......read more

The French Business Council Dubai & Northern Emirates rallies its business community to support the ...…

Memorandum of Understanding signed about Expo 2020 Gala diner under the theme of the French Pavilion at Expo 2020: Lights, Enlightenment French Business Council Business Award ceremony Very high levels representatives from both sides among them 2 Ministers    United Arab Emirates – May 7, 2019 - In the presence of H.E. Omar Bin Sultan Al Olama,  Minister of ......read more

Joyalukkas Exchange is now in Sonapur…

Dubai - UAE, 07 May 2019: Joyalukkas Exchange, the money exchange arm of Joyalukkas Group, further enhanced its presence in the UAE region with a new branch in Sonapur.  Joyalukkas Exchange, Sonapur is now functional and is open to public.  With the new branch, Joyalukkas Exchange now has a strong presence with 12 branches spread across the UAE.The new branch is a part of Joyalukkas ......read more

Fortress energy joins metals to record a weekly loss…

By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, United Arab Emirates - May 05, 2019:  Commodities traded lower for a third consecutive week with metals both industrial and precious, as well as with soft commodities, on the receiving end of investor selling. Fortress energy also showed signs of weakness with crude oil, as highlighted last week, being hit by technical selling ......read more

Tabreed's Q1 2019 Net Profit Increases 3% To AED 80 Million…

02 May, 2019 – Abu Dhabi, United Arab Emirates:  National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today released its 2019 first quarter consolidated financial results. The company continues to deliver strong and consistent performance from its 74 district cooling plants across the GCC, which provide over 1.1 million ......read more

FM company Repair Plus posts over 18 per cent growth in Q1 2019…

New growth percentage higher than Q1 2018  ‘Green Initiatives’ focus on LED lighting, water savers, water-based paints, composting, and a/c energy saver   Dubai, UAE, May 02, 2019:  Repair Plus, one of the leading total facilities management (FM) companies in the UAE, has reported a robust first quarter this year, posting more than 18 per cent growth compared ......read more

UAB reports Net Profit of AED22m for Q1 2019…

Financial Results     Q1 2019 Highlights  Interest income increased by 6% compared to prior year Non interest income recorded an uplift of 3% compared to prior year Operating Expenses decreased by 3% vs. Q1 2018 Provisions for Credit Losses decreased by 9% vs. Q1 2018 Loans: Deposits ratio improved to 90% Capital Adequacy at 15.8%  CET1 ratio at ......read more

Arab Bank Group first quarter profits grow by 5.2% to $ 231.8 million…

Dubai, UAE, April 29, 2019:  Arab Bank Group announced its results for the first quarter of 2019 reporting 5.2% growth in net profit after tax of $231.8 million as compared to $220.3 million in 2018, with net income before tax increasing by 9.1% to reach $312.8 million. Group equity stood at $ 8.5 billion, while loans increased to reach $25.8 billion and deposits increased to $33.7 ......read more

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