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Featured in Banking and Investments
Doha Bank Hosts Its Annual ‘Beach Clean-up' Event to Celebrate the Earth Day in Collaboration with the Ministry of Municipality and Environment and the Al Wakra Municipality

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 environment and in celebration of the Earth Day global event on 22nd April 2017. Aimed at creating greater community awareness about the need to protect and preserve the natural environment and keep the marine habitat safe and trash-free, the Beach Clean-up event was led by Doha Bank’s Management and volunteer staff members who actively picked up litter and trash collected along the shoreline.  Commenting on the event, Dr. R. ......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 Wessing LLP, Mr. Fahmi Algussein, CEO, Amwal, Mr. Rami Jamal, Portfolio Manager, Amwal and Mrs. Nicole Perry Associate Director of Investment, Grant property. Dr. R. Seetharaman, CEO of Doha Bank gave the concept note. He said “According to IMF April 2017, Global growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017. Advanced economies are now projected to grow by 2 percent in 2017. Emerging and developing economies ......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 “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.” The Bank increased net operating income by 1.0% to QAR 724 million. Total assets increased by QAR 6.1 billion, a growth of 7.2%, from QAR 84.6 billion as at 31 March 2016 to QAR 90.7 billion as at 31 March 2017. Net loans and advances increased to QAR 59.5 billion as at 31 March 2017 from QAR 56.8 billion for the same ......read more

UBF Hosts Meeting with SWIFT's Regional Chief Executive to Discuss Key Payments and Cybersecurity Issues Facing the UAE

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 executive management and chairmen of concerned technical committees to discuss key issues and challenges facing the UAE’s banking industry including cybersecurity and the future of cross-border payments. During the meeting, Mr. Raes updated UBF members on the SWIFT 2020 Strategy which aims at ensuring continued operational excellence in its core financial messaging services, as well as the recently-introduced Customer Security Program, a ......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 (S&P Global Ratings) April 19, 2017--The weak economic environment will continue to dampen the financial performance of Islamic banks in Gulf Cooperation Council countries in 2017 and 2018, said S&P Global Ratings in a report published today, "GCC Islamic Banks Stay On Course Through Glum Operating Conditions."  The end of the commodities super-cycle has sparked a fall in the economic growth and prospects of the Gulf ......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 event made its Saudi Arabian debut. It is is organised by TRENDS magazine in collaboration with expert auditors and leading business organisations.  The Top CEO Awards celebrate the region’s 100 best-performing CEOs based on an evaluation of their companies’ listings on GCC stock exchanges across different categories – a meticulous and transparent process that sets the flagship event apart as an industry-leading ......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 service is unique as it offers immediate transfers as opposed to the regular remittance transfer which could take up to 2 days.  Quick Remit offers convenience and fast services to Mashreq customers using its award winning mobile application – SNAPP available 24/7 with zero remittance fees and through MashreqOnline available on www.mashreq.com. Customers can send money to their respective beneficiaries with the benefit of “instant ......read more

Maktoum bin Mohammed reviews Dubai Holding's new strategic direction aimed at boosting Group's future growth

New organisational structure and debt management programme to deliver stronger balance sheet Seeks to enhance Dubai Holding’s role in Dubai’s economic diversification Dubai, April 18, 2017:  His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai reviewed Dubai Holding’s new strategic direction aimed at boosting the Group’s future growth as a stand-alone entity in a meeting held at Dubai Holding Offices in Jumeirah Emirates Towers. In a meeting attended by His Excellency Abdulla Al Habbai, Chairman of Dubai Holding and Edris Alrafi, Chief Executive Officer of Dubai Holding, the new business model was presented that focusses on a new organisational structure and debt management programme to achieve a stronger balance sheet.   Under the directives of His Highness ......read more

Mashreq Bank and Daman Investments Successfully Conclude One of the Largest Family Business LBO Transaction in the Gulf

18 April 2017 - Dubai, UAE: Mashreq and Daman Investments have successfully advised Gargash Family to acquire 100% equity in Gargash Enterprises LLC for an undisclosed amount. Gargash Enterprises is the largest independent Distributor for Mercedes Benz Passenger Cars and Commercial Vehicles in the world.  Commenting on the deal, H.E. Abdulaziz Al Ghurair, CEO at Mashreq said, “We are delighted to have partnered with the Gargash Family to make this transaction possible. Gargash Enterprises are a respected pioneer in the premium car segment and our ability to enable this successful transaction reflects the strength of our Investment Banking capabilities, deep knowledge of the automobile industry, and strong client relationship.” Mr. Shehab Gargash, Director at Gargash Enterprises added:  "We ......read more

Senior Regional Emissaries Map Out pan-Arab Business Strategy

Business roundtable organised by Invest in Sharjah in conjunction with Jordan Business Council attracts over 100 stakeholders from across the region Sharjah, April 17, 2017 The rich array of investment opportunities to be leveraged from effective pan-Arab collaboration was the topic under discussion at a high level business event held yesterday (Monday) in Sharjah. Hosted by the Sharjah FDI Office (Invest in Sharjah) in conjunction with the Jordan Business Council, the event saw the participation of senior consul generals from across the region and more than 100 stakeholders keen to explore potentially lucrative areas of business engagement.  Conceived by Invest in Sharjah - the Foreign Direct Investment (FDI) office operating under the government of Sharjah - the Sharjah-Arab Business Roundtable was held to identify areas ......read more

S&P Global Ratings: Sukuk Accounting Proposal Takes The Standardization Debate To A New Level

Dubai, April 17, 2017 S&P Global Ratings believes the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)'s proposal for accounting and classification guidelines for sukuk issued by Islamic financial institutions, if implemented, represents a boost for proponents of standardization. In our view, this--coupled with AAOIFI's recent proposal on centralized Sharia boards--could help the market move forward with standardizing the legal structure of sukuk and Sharia interpretation. In the recent past, we've observed some ambiguity in how legal obligations of sukuk sponsors are worded, which according to our understanding was primarily in response to some Sharia scholars' requests. However, if the AAOIFI's proposal is adopted, lawyers and sukuk structurers could have a basis for ......read more

Dubai International Financial Centre Calls on Applicants for FinTech Hive at DIFC

Online application process goes live on 17 April 2017  Applications will be evaluated by Dubai International Financial Centre, Accenture and participating Financial Institutions Dubai, UAE: 17 April 2017 - Dubai International Financial Centre (DIFC) has today announced that applications for its ‘FinTech Hive at DIFC’ accelerator programme will open on 17 April 2017, following registered interest from over 200 companies since its launch in January. The 12-week programme helps early and growth-stage financial technology (FinTech) companies accelerate product and business development by gaining exposure to top financial institution executives.   Successful applicants will be offered the opportunity to develop, test and modify their innovations in collaboration with senior representatives from DIFC Authority, ......read more

Mashreq Bank and Daman Investments Successfully Advised Gargash Family for one of the Largest Leveraged Buyout Transaction in the Automobile Industry

UAE – Dubai, 16 April 2017 - Mashreq and Daman Investments have successfully advised Gargash Family to acquire 100% equity in Gargash Enterprises LLC for an undisclosed amount. Gargash Enterprises is the largest independent Distributor for Mercedes Benz Passenger Cars and Commercial Vehicles in the world.  Commenting on the deal, H.E. Abdulaziz Al Ghurair, CEO at Mashreq said, “We are delighted to have partnered with Gargash Family to make this transaction possible. Gargash Enterprises are a respected pioneer in the premium car segment and our ability to enable this successful transaction reflects the strength of our Investment Banking capabilities, deep knowledge of the automobile industry, and strong client relationship.” Mr. Shehab Gargash, Director at Gargash Enterprises added:  "We are ......read more

Doha Bank Re-ignites Qatar's Property Market with New Loan Offer at 3.99% with 12 Months Payment Holiday

Dubai, April 13, 2017 – Doha Bank announced the launch of its new retail home loan offer which now features an interest rate of 3.99% for the first year. What makes this offer so irresistible is also the 12 months payment holiday offered to customers with a an option to get up to QAR 20,000 to offset the early settlement fees whenever you are transferring your home loan from another bank to Doha Bank.  With this limited time offer you will also get a free fire insurance for the first year, free management and mortgage fees, free mortgage saver account which pays you 1.25% p.a. interest rate up to QAR 2 million and free for life VISA Infinite or Platinum credit card. The bank will provide loans of up to 70% of property value for Qataris and Expats, with mortgage repayment periods of up to 20 years. Now is the time to get ......read more

Mashreq posts a 3% increase in Net Profit for first quarter 2017

Dubai, UAE; April 13, 2017:  Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first quarter ending 31st March 2017.  Key highlights [1Q 2017 vs 1Q 2016]: Stable growth in Net Profit  Net profit increased by 2.7% year-on-year to AED 546 million primarily due to a 15% decrease in impairment allowance  Net Interest Income & Net Income from Islamic Products down by 3.6% year-on-year, on the back of flat loan growth Consistently high proportion of net fee and commission income Mashreq’s best-in-class non-interest income to operating income ratio remained high at 41.6% Investment income, FX & Other income increased by 17.9% YoY  Healthy balance sheet composition  Total Assets decreased by ......read more

ICS Financial Systems Successfully Participates at Sub-Saharan Africa Islamic Finance Convention

  13 April, 2017  Dubai UAE: ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions, showcased its multiple award winning Islamic banking software, ICS BANKS® ISLAMIC, at Sub‐Saharan Africa Islamic Finance Convention which was held in Uganda at the Sheraton Kampala Hotel on the 6th of April 2017. The event was attended by more than 250 industry players representing over 75 international organizations. A powerful line-up of international speakers and industry thought leaders & financial institutions with leading financial technology vendors from across the globe such as ICSFS where they discussed topics focused on the theme of: Accelerating Financial Deepening & Inclusion, Bridging Funding Gaps & Mobilizing Investments for New Growth ......read more

Danube Group Chief hosts Lavish Four-Day Wedding on Cruise

The UAE-based Indian business tycoon Rizwan Sajan exclusively booked a whole ship from the Costa fleet, to celebrate the wedding of his son Adel Sajan There are over 1,000 guests, among them numerous Bollywood stars, who were on board during a Mediterranean cruise which touched Italy, Spain and France.  Dubai, April 12, 2017 – Rizwan Sajan, Chairman and Founder of Danube Group recently chartered an entire cruise ship to celebrate the fairy-tale wedding of his son Adel Sajan. For the first time ever, a ship from was reserved exclusively for the celebration of the sumptuous wedding which is valued at USD 30 million. From the 6th to the 9th April 2017, the Costa Fascinosa (114,500 gross tonnage and maximum guest capacity of 3,800) set sail on the Mediterranean as venue for the nuptials of Adel Sajan and Sana Khan, ......read more

National Bonds Boosts Financial Happiness, Registers 75% Increase in Regular Savers in 2016

  Up to 4% Annualized Returns Distributed to Sukuk Holders Dubai-UAE: 12 April, 2017 – National Bonds Corporation PJSC (National Bonds), the unique sharia-compliant investments company in the UAE licensed by the UAE Central Bank and owned by the Investment Corporation of Dubai, Dubai Government’s principal investment arm, today announced that its consistent message of encouraging a savings discipline has resulted in a staggering 75% increase in its regular savers in the UAE in 2016 compared to the previous year, clearly reflecting the growing confidence in its popular sharia-compliant savings and investment scheme. Attributed to its low-risk responsible investment, balanced assets portfolio and income diversification mechanism, National Bonds’ customers have earned annual returns of up to 4% in ......read more

UAE IAA to host the Annual Regional Audit Conference on April 19-20

Sheikh Nahayan Mabarak Al Nahayan to present ‘Lifetime Achievement Awards’ to internal auditors Decision-makers, internal auditing professionals to attend two-day conference in Abu Dhabi Largest smart conference and a premier internal audit event DUBAI, April 12, 2017: Key decision-makers, thought-leaders and eminent global internal auditing professionals will converge at the 18th Annual Regional Audit Conference on April 19 and 20, 2017, being organised by the UAE Internal Auditors Association, in Jumeirah at Ettihad Towers, Abu Dhabi. To be held under the patronage and presence of His Excellency Sheikh Nahayan Mabarak Al Nahayan, UAE Minister of Culture and Knowledge Development, the two-day conference is the largest “Smart” conference and a premier Internal Audit event in the Middle East and will be ......read more

Changing dynamics make financial markets more volatile, says Doha Bank Group CEO

Dubai, April 11, 2017: Doha Bank hosted a knowledge sharing event titled “New world order and opportunities” at Jumeirah at Etihad Towers in Abu Dhabi recently. The speakers at the event were Mr. Craig Wing, Partner and Future Strategist at Future World and Mr. Kamal Sharma, Director & G10 FX Strategist, Bank of America Merrill Lynch Global Research. Speaking at the event Dr. R. Seetharman, CEO of Doha Bank, gave insight on global economy. He said, “According to IMF Jan 2017 global growth is expected to be at 3.1 percent. Advanced economies are now projected to grow by 1.9 percent in 2017. Emerging and Developing economies growth is currently estimated at 4.5 percent for 2017. Recently we have seen Britain has triggered Article 50 and we need to see how Brexit negotiations shape up. We are yet to see progress on ......read more

Dubai Islamic Bank 1st Quarter 2017 Net Profit reaches AED 1.042 Billion

Net profit up by 4% compared to same period in 2016 Financing assets up by 6% to AED 121.4 billion Deposits up by 12% to AED 137.2 billion Dubai, April 11, 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 quarter results for the period ended March 31, 2017. 1st Quarter Results Highlights: Sustained profitability and growth Group Net Profit increased to AED 1,042 million, up 4% compared with AED 1,001 million for the same period in 2016. Total income increased to AED 2,378 million, up 13% compared with AED 2,102 million for the same period in 2016. Net Operating Revenue increased to AED 1,804 million, up 7% compared with AED 1,690 million for the same period in 2016. Impairment losses stood at AED 169 ......read more

Intesa Sanpaolo expands corporate & investment banking in the UAE and Qatar

New offices opened in Doha and Abu Dhabi  The new offices, alongside its existing Dubai presence, will be part of the Intesa Sanpaolo Corporate and Investment Banking Division (CIB) which has a growing footprint in 29 countries. The increased presence and commitment to the Gulf region will help support the international growth plans of Italian businesses, as well as strengthen the bank’s ties with its Gulf-based clients. Abu Dhabi & Doha, April 11, 2017:   Intesa Sanpaolo continues to strengthen its growing international network and increase its presence in the Arabian Gulf with the establishment of two new branches in Abu Dhabi, United Arab Emirates and Doha, Qatar.    In the presence of a delegation led by Mauro Micillo, Head of the Corporate & Investment Banking Division of Intesa ......read more

New IBPC Board Announces Plans to Help Boost India-UAE Strategic Relations

IBPC announces line-up of year-long events and plans to offer strategic advisory to investors and stakeholders to help strengthen bilateral relations between India and the UAE as new Board takes charge following unanimous election of the Office Bearers IBPC will increase the number of events to promote India-UAE relations in the UAE As UAE-India relations reach a strategic level, following Indian Prime Minister Narendra Modi’s historic visit to the UAE in 2015 and the historic visit by His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Deputy Supreme Commander of the UAE Armed Forces and Crown Prince of Abu Dhabi to India as the Chief Guest on India’s Republic Day in 2017 The UAE is investing Dh275 billion (US$75 billion) into Indian economy that will help the country to accelerate its economic growth Indian ......read more

ICAI Dubai Felicitates Doha Bank CEO

Dubai, April 11, 2017: The ICAI – Dubai Annual Conference was held on 7th and 8th April 2017 at the Emirates Institute of Banking and Financial Studies, Academic City, Dubai. The Theme of the Conference was: "FUTURE OF FUTURE” H.H. Sheikh Nahyan Bin Mubarak Al Nahyan, Honourable Cabinet Member & Minister of Culture & Knowledge Development, Government of UAE inaugurated the event. The ICAI – Dubai felicitated Dr. R Seetharaman, CEO of Doha Bank on his being awarded Pravasi Bharatiya Samman (PBS) 2017. The dignitaries at the function were HE Navdeep Singh Suri, Indian Ambassador for UAE, CA Naveen Gupta, Vice President, ICAI, India, CA Pankaj Mundra, The Chairman, ICAI - UAE (Dubai) Chapter and the Board members of ICAI UAE Dubai Chapter.  Thanking the ICAI Dubai Chapter for the felicitation Dr. R. ......read more

World Retail Congress Celebrates the Global Leaders of Retail

Amazon wins Retailer of The Year Award   Zyda Rylands, CEO of Woolworths South Africa, wins the inaugural Woman of The Year award Fashion Retail Academy, London, wins the Future Retail Challenge Award Terry Lundgren, Martha ‘Marty’ Wikstrom, Micky & Renuka Jagtiani inducted into The World Retail Hall of Fame. Dubai, UAE, April 11, 2017:   The 11th edition of the World Retail Congress concluded with its annual World Retail Awards, held at Madinat Jumeirah under the Patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The Congress was hosted in the Emirate for the second consecutive year in partnership with the Dubai Chamber of Commerce & Industry. Many outstanding brands, individuals and campaigns were competing for ......read more

Other Top Stories from Banking and Investments
 
Empower achieved LEED Gold Certification for its 3rd plant in Business Bay…

Awarded by US Green Building Council Bin Shafar: ‘Empower’s strategy focuses on further efficient use of eco-friendly technologies’ Dubai, UAE, 16 March 2017:  Emirates Central Cooling Systems Corporation (EMPOWER), the world’s largest district cooling services provider, has achieved LEED Gold Certification from the US Green Building Council for its 3rd ......read more

Mashreq launches the first Green Energy mobile ATM on wheels in the region…

Dubai – UAE, 15 March 2017 - Mashreq Bank, the leading financial institution in the UAE, strengthens its position as a pioneer in customer centric innovations, by launching the first ever green energy mobile ATM vehicle in the region.  The new mobile vehicle is the perfect solution to access ATM related services by customers during events and trade shows. The vehicle has a custom ......read more

Paris Gallery Group announces five-year expansion plan…

Group to open 30 stores in 5 years 5000 employees from 260 nationalities will work with Paris Gallery Total projected retail areas to reach 3.2 million square feet by 2021 Dubai, UAE, March 14, 2017:  The Paris Gallery Group of Companies has announced its five-year plan (2017-2021) aimed at strengthening its retail presence in the GCC region in particular and the Middle East ......read more

Great Place to Work and Fortune Name VMware One of the 2017 Fortune Best Companies to Work For…

Dubai, United Arab Emirates, 14 March 2017:  For the third year in a row, VMware, Inc. (NYSE: VMW) is one of the 2017 Fortune 100 Best Companies to Work For, according to global research and consulting firm Great Place to Work and Fortune. The list, which is based on employee ratings of their workplace culture, including the level of trust they feel towards leaders, the pride they take in ......read more

72% of UAE Residents Foresee Improvements in Business Conditions, According to a Survey by Bayt.com ...…

Bayt.com Survey Reveals the Latest Economic and Financial Conditions in the Middle East Dubai, UAE, 13 March 2017:  The latest results from the Middle East Consumer Confidence Index survey carried out by Bayt.com, the Middle East’s number one job site, and YouGov, research and consulting organisation, indicates that nearly three quarters of UAE respondents expect the business ......read more

Great Place to Work® recognizes the UAE's top 24 employers for 2017…

Dubai, UAE, March 13, 2017:  Splash has been officially once again recognized as one of the ‘Top Companies to Work for in the UAE’ in 2017 by Great Place to Work®, a global research, training and consultancy firm that identifies the best workplaces in over 50 countries worldwide.  The official list, which was announced during an awards ceremony on 7 March 2017 at the ......read more

US$8.7 billion invested in MENA power and utilities green solutions in 2016…

Saudi Arabia plans to cut electricity and water subsidies by US$ 53 billion and by 2020, and have further plans to unbundle the state-controlled Saudi Electricity Company to eventual privatization Dubai launched a US$27 billion green fund to support global sustainability projects Qatar General Electricity and Water Corporation is partnering with Belgian consultancy Elia Grid to develop ......read more

GWM Outlines UK Budget Impact on British Expats' Pensions…

Overseas pension transfers will be subject to a new 25% tax from March 9th Guardian Wealth Management highlights possible ramifications to British expats in GCC March 13th 2017, Dubai, UAE:  The UK’s spring budget 2017 has major implications for British pension holders living in the GCC, taxation experts at Guardian Wealth Management have warned. UK Chancellor Phillip ......read more

Joyalukkas launches loyalty rewards partnership with Bahrain's national carrier Gulf Air…

Dubai, UAE, March 12, 2017:  Global jewellery retail chain Joyalukkas has added Bahrain’s national carrier, Gulf Air, to its roster of rewards partners giving the airline’s Falconflyer (loyalty programme) members an opportunity to earn points/miles with every Joyalukkas jewellery purchase and, as a launch offer, giving them the chance to earn double Falconflyer miles on any ......read more

4th GPCA Research and Innovation Summit: Regional Petrochemical Industry Must Boost Innovation ...…

Dubai, United Arab Emirates, March 12 2017:  Speakers at the 4th GPCA Research and Innovation (R&I) Summit, which took place on March 7-9 in Bahrain, called on regional chemical and petrochemical producers to create an innovation culture that nurtures the development of local innovation capabilities to sustain the industry’s global cost leadership in an increasingly competitive ......read more

Will the AFC US$150 Million Sukuk Transaction Affect Dubai Forex Trading?…

Africa Finance Corporation (AFC) carried out its first Sukuk and the highest ever issuance from an African institution in early 2017. The US$150 million transaction was the first ever US dollar Sukuk to be issued by a multilateral African institution and to use the Nasdaq Dubai Murabaha platform to do so. This represents a milestone in the AFC’s financing activities and cross-border ......read more

Doha Bank Announces the Launch of the New ‘Doha Bank My Book Qatar' Co-branded Mobile App…

Amazing Buy 1 Get 1 Free Offers Savings Up to QAR 250000  Feature-packed mobile app brings hundreds of irresistible offers at the fingertips of Doha Bank’s credit cardholders at more than 300 outlets in Qatar Dubai, 09 March, 2017:  Doha Bank, one of the largest commercial banks in the State of Qatar, has unveiled a new co-branded mobile application ‘Doha Bank My Book ......read more

The Lombard Odier Group Reports 2016 Result…

Total client assets on 31 December 2016 reached CHF 233 billion, of which assets under management represented CHF 159 billion Net inflows of client assets were CHF 5.2 billion Consolidated net profit for the full year was CHF 124.5 million Basel III CET1 ratio stood at 29.3% Increased client assets Client assets rose by 4% to CHF 233 billion in 2016, from CHF 224 billion in 2015, ......read more

MoTC and Accenture Sign MOU to Power Smart Qatar Program ‘TASMU' with Digital Innovation…

Doha, Qatar; 9 March, 2017:  At Qatar's biggest digital event, the QITCOM Exhibition and Conference, the Ministry of Transport and Communications (MoTC) and Accenture (NYSE: ACN), a leading global professional services company, signed an MOU to develop an Innovation Management Capability to source and apply digital technologies and social innovations. The MOU is part of the ambitious ......read more

Why Immigrants From The Middle East Are Proving Vital For Germany's Startup Scene…

Germany has taken in a record number of immigrants from the Middle East since 2015, with over a million new people coming into the country in the past two years. This has fuelled a real boom in entrepreneurship, with 44% of new businesses started in 2015 created by people who held passports other than German. To give an idea of how much immigrant entrepreneurship has grown, the same stat was at ......read more

Successful Implementation of ICS BANKS® Finance Lease System from ICSFS at Etihad Leasing Company…

Dubai, UAE, March 9, 2017:  ICS Financial Systems Limited (ICSFS), the global leading provider of financial software solutions and services to banks and financial institutions, is pleased to announce the successful implementation of ICS BANKS® Finance Lease System at Al Etihad Leasing Company, a newly formed finance company owned by Bank al Etihad.  Before selecting ICS BANKS ......read more

Women Customers on the Rise at UAE Exchange Branches…

6% of the remittance volume contributed by women customers 72% of women customers prefer account credit while 28% prefer instant money transfer Dubai, 09 March 2017:  Global remittance, foreign exchange and payment solutions brand UAE Exchange has released figures showing a year-on-year increase in the number of women customers at their branches.  In 2015, 8% of the ......read more

Amlak Announces Full Year Results for 2016…

Robust Revenue  growth of 46%  compared to 2015  Drop in Operating Cost by 6% compared to 2015  Net profits of AED 107 Million for the year ended December 2016 Total Assets stand at AED 6.5 Billion  Dubai, UAE 08 March 2017:  Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, today announced its Full Year Financial ......read more

Tabreed Shareholders Approve 6.5 fils Dividend per Share for 2016 8% higher cash dividend than 2015…

March 08, 2017 - Abu Dhabi, United Arab Emirates:  Shareholders of National Central Cooling Company PJSC (DFM: Tabreed), the regional UAE-based district cooling utility company, yesterday approved a dividend of 6.5 fils per share for the 2016 financial year.  This represents an 8% increase on the dividend paid out in 2015, driven by the company’s strong performance throughout ......read more

Zain Kuwait enters three-year application development and modernization contract with Ericsson…

Agreement will see Zain Kuwait benefit from all end to end services provided by Ericsson as part of ADM. Ericsson will provide the latest offering in Application Development and Maintenance to transform the operator’s business outcomes Dubai, UAE, March 8, 2017:  During the 2017 Mobile World Congress in Barcelona, Zain Kuwait and Ericsson have entered a three-year agreement ......read more

Great Place to Work® reveals UAE's ‘Top Companies to Work For'…

DHL named ‘Top Company to Work For in the UAE’ for fourth consecutive year Mr. Elie Khouri recognized as ‘Leader of the Year for 2016-2017’ Dubai, UAE, 8 March 2017:  Great Place to Work® - a global research, training and consultancy firm that recognizes the best workplaces in over 50 countries worldwide - has revealed its seventh annual list of ......read more

SNC-Lavalin awarded five-year commissioning framework agreement by Petroleum Development Oman…

Abu Dhabi: March 8, 2017:  SNC-Lavalin (TSX: SNC) is pleased to announce that its wholly owned subsidary Kentz Overseas Company WLL has been awarded a five-year commissioning support services framework agreement by Petroleum Development Oman (PDO). Under the agreement, the company will provide a variety of systems completions, commissioning and start-up service activities on a portfolio of ......read more

Eros Group awarded Great Place to Work in the UAE, 2nd year consecutively.…

Dubai, United Arab Emirates, 8th March 2017:  Eros Group, UAE’s trusted distributor for consumer electronics with a portfolio of world renowned brands Samsung, Hitachi, Linksys, TCL, Midea and many more, has been officially recognized as one of the ‘Top Companies to Work for in the UAE’ in 2017 by Great Place to Work®, a global research, training and consultancy firm ......read more

ICAEW: GCC financial organisations must speed up their efforts and get ready for IFRS 9…

GCC banks and financial institutions must speed up their efforts in preparing for International Financial Reporting Standards (IFRS) 9 or risk non-compliance when the new financial instruments standard is introduced on 1st January 2018, according to accountancy and finance body ICAEW. Dubai, UAE, March 8, 2017:  This was the narrative of a recent joint briefing session organised by Dubai ......read more

UAE's Hotpack to foray in the UK with an investment of GBP 50 million…

DUBAI - March 8, 2017:  Hotpack Packaging Industries, a leading producer and wholesaler of quality disposable food packaging materials in the UAE, has recently announced an investment of GBP 50 million to develop a facility in Wrexham – Wales, England. The facility will be equipped with the latest in packaging and manufacturing technologies. The announcement was made when Ms. Lesley ......read more

The Resolutions of the General Assembly Meeting of the Shareholders…

Doha Bank to increase capital by 20% to QR 3,100,467,024 Dubai,UAE,March 07, 2017: H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of Doha Bank, announced that the EGM has agreed in its meeting held on 06 March 2017 to increase the bank’s capital from QR 2,583,722,520 to up to QR 3,100,467,024 (representing an increase of 20% from the current paid-up share capital) by ......read more

Xpress Money is providing full cash payments in India after remonetisation…

Dubai, March 7, 2017:  With the Indian government’s decision to relax daily account withdrawal limits, Indian expats in UAE can now send money to India through Xpress Money without any worry.  With the availability of cash returning to normal, recipients can instantly collect the full amount in cash across the 55,000 outlets of Xpress Money in India.  Remittance recipients ......read more

UBF Board of Directors reviews 2016 achievements, outline priorities for year ahead…

UAE banking sector has been able to adapt and remain resilient to the headwinds faced in 2016 Dubai, UAE, March 7, 2017:  The Board of Directors of the UAE Banks Federation (UBF), a professional representative body comprising 49 member banks operating in the UAE, held its first meeting of the year today, Tuesday (7 March, 2017) in Dubai, to review the achievements and key highlights of ......read more

Emirates Institute for Banking and Financial Studies Hosts High-level Bankers Workshop to Discuss ...…

UAE banking sector is aligning itself with new International Financial Reporting Standard, which becomes effective in 2018 Dubai-UAE: 7 March, 2017:  Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, hosted a high-level interactive workshop attended by more than 60 senior bankers and finance officers to discuss ......read more

National Bonds Collaborates with Smart Dubai Government via DubaiID To Boost Savings Culture…

Dubai-UAE: 6 March, 2017:  National Bonds Corporation (National Bonds), the leading sharia-compliant savings and investments company in the UAE, has signed a Memorandum of Understanding (MoU) with Smart Dubai Government Establishment (SDG) to enable seamless access to all National Bonds’ products and services via DubaiID. Mohammed Qasim Al Ali, CEO of National Bonds, and His ......read more

FERG: Fintech unlocking value for consumers and remittance brands…

Digital and in-app transactions can reach unbanked audiences with convenient, fast and low-overhead services Dubai, UAE, March 6, 2017:  The Foreign Exchange and Remittance Group (FERG), comprising businesses engaged in the money exchange and remittance industry, believes the rise of fintech in the GCC can help the remittance sector serve wider audiences faster through digital-first ......read more

DAFZA achieves 16% net profit growth in 2016…

UAE – March 5, 2017 - The Dubai Airport Freezone Authority (DAFZA) performed strongly in 2016, achieving 16 per cent net profit growth and posting a 2 per cent growth in its total revenue and a 28 per cent increase in its total assets and a 3% rise in EBID. According to official reports, the total leasable area of multinational companies occupying the Freezone rose by 44 per cent, while ......read more

Emirates Environmental Group hosts annual gala to celebrate achievements of 2016…

UAE, March 5, 2017- Emirates Environmental Group (EEG), the country’s pioneer in community programmes for the environment, recently organised an annual gala for its members at the Hilton Dubai, Jumeirah Beach to mark the celebration of EEG’s work in 2016 and highlight the major milestones achieved. Among the distinguished guests who graced the occasion were H.E. Eng. Sheikh Salem bin ......read more

UAE Banks Federation, Emirati Entrepreneurs Association to host seminar discussion on SME-Bank ...…

Event chaired by H.E. Abdul Aziz Al Ghurair will provide UAE national entrepreneurs with practical insights on how to deal with challenges Dubai, UAE, March 5, 2017:  More than 100 Emirati entrepreneurs will attend a seminar discussion hosted and organized by the Emirati Entrepreneurs Association (EEA), in partnership with the UAE Banks Federation (UBF). Taking place on 12 March 2017 in ......read more

WLF Honours Over 150 Middle East Leaders from Academic and Corporate Sectors…

Dubai-UAE: 5 March, 2017:  World Leadership Federation (WLF), a global platform that celebrates excellence in leadership capabilities across various industry domains, opened its Middle East chapter by honouring top performing professionals in the region. The inaugural Middle East Asia Leadership Summit & Awards was held at The Address Marina, Dubai, in the presence of several ......read more

Dabur International wins at Ras Al Khaimah Free Zones Business Excellence Awards 2016…

Dubai, UAE, 4 March, 2017- Dabur International, has been recognised as the ‘Best Industrial Company’ and the ‘Fastest Growing Company’ at the recently concluded Ras Al Khaimah Free Zones Business Excellence Awards 2016. Naturelle LLC, a subsidiary of Dabur International, was honoured for delivering value to its clients and the community through its products and services as ......read more

Lloyd's CEO discusses 2017 Middle East insurance challenges and opportunities…

Cyber threats are the most critical and rapidly evolving risk facing business in 2017 Dubai, UAE, March 1, 2017:  Inga Beale, CEO, Lloyd’s, met with H.E Essa Kazim, Governor of the Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM) earlier this week. The executives discussed 2017 business outlook, new growth opportunities and means to further ......read more

The Pearl Initiative, BNY Mellon Announce Partnership to Advance Best Governance among Family ...…

Dubai-UAE: 1 March, 2017:  The Pearl Initiative, the leading Gulf business-led non-profit organisation promoting a corporate culture of accountability and transparency as a key driver of competitiveness across the region, today announced that it has joined hands with BNY Mellon Wealth Management, to advance best practices among the region’s family-run businesses. A leading wealth ......read more

For third consecutive year, Empower is awarded Dubai Chamber CSR Label…

Bin Shafar: “Empower’s annual agenda has many initiatives that target the whole society” Dubai, UAE, 1 March 2017:  Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has been awarded the Dubai Chamber CSR Label for the third consecutive year, in recognition of the company’s social initiatives which ......read more

Dhofar Global reinforces presence in Qatar via opening of new office…

UAE, Feburary 28, 2017 – Dhofar Global, a leading supplier of hygiene care products in the Middle East, has further strengthened its presence in Qatar following the recent opening of its new state-of-the-art headquarters in the country in line with its comprehensive expansion plan and full commitment to better address the needs of the thriving local market. Dhofar Global’s move also ......read more

RAK SME and RAKBANK Sign Agreement for Financing Solutions…

Ras Al Khaimah – UAE: 28 February 2017:  Saud bin Saqr Establishment for Small and Medium Enterprises (RAK SME) and National Bank of Ras Al Khaimah (RAKBANK) signed a memorandum of understanding to provide financing services at competitive prices for entrepreneurs from the establishment members, as the bank is considered one of the supportive organizations of commercial business and it ......read more

tajawal collaborates with Visa Checkout…

tajawal becomes the first online travel agency across MENA to opt for convenient payment solutions Dubai, UAE February 28, 2017: tajawal, the Dubai-based online travel startup, has collaborated with Visa Checkout to provide easy payment solutions to its customers. This move makes it the first online travel agency in the MENA region to integrate quick digital payment solutions on their ......read more

Department of Economic Development – Ajman holds meeting with Ministry of Economy and local trading ...…

UAE, February 28, 2017- The Department of Economic Development - Ajman (DED-Ajman) recently held a joint meeting with the Ministry of Economy and representatives of local outlets and trading establishments to discuss and coordinate the joint activities and initiatives to be implemented during the coming 12th edition of Gulf Consumer Protection Day, which is scheduled to be celebrated on March 1, ......read more

Pakistan's Test Cricket Captain Misbah-ul-Haq honored by Al Ansari Exchange and JS Bank…

UAE, February 27, 2017- Islamabad United’s Captain, Misbah ul Haq, visited the Head Office of Al Ansari Exchange recently upon the invitation of JS Bank Pakistan, to show solidarity with Pakistanis remitting money back home and contributing to Pakistan’s economic growth. The test cricket captain was welcomed by Rashed Ali Al Ansari, General Manager, Al Ansari Exchange and Worldwide ......read more

First Forum to Build HR in the Insurance Sector Takes Place in Dubai…

Willis Towers Watson and Emirates Insurance Association address the challenges of the Insurance sector Dubai, United Arab Emirates – 27 February 2017:  Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, and Emirates Insurance Association have hosted today the first HR forum for the Insurance sector in the Middle East. The ......read more

DAFZA supports Dubai's economic diversification strategy at Gulfood 2017…

UAE, February 27, 2017 –As part of its efforts to meet the current and emerging needs of the regional and global food and beverage (F&B) sectors, the Dubai Airport Freezone Authority (DAFZA) has announced its participation at Gulfood Exhibition 2017. Taking place from February 26 to March 2, 2017 at the Dubai World Trade Centre, the trade exhibition will provide DAFZA with a global ......read more

Department of Economic Development – Ajman successfully organizes monitoring campaigns to help ...…

UAE, February 27, 2017 - The Department of Economic Development - Ajman (DED-Ajman) has successfully implemented an intensive inspection campaigns aimed towards combating the proliferation of unauthorized roaming vendors across Ajman, particularly in key areas like Alhilliu, Mowiahat, Rowdha and Tella. The efforts are part of a continuing control campaign supervised by the Directorate of Control ......read more

Ajman Chamber of Commerce & INDEX Conferences & Exhibitions Sign a Memorandum of Understanding (MoU)…

“To Develop a Study for Ajman International Convention & Exhibition Centre Project” Dubai - United Arab Emirates, 27th of February 2017:  The Ajman Chamber of Commerce & Industry and INDEX Conferences & Exhibitions, a member of INDEX Holding, have signed a Memorandum of Understanding (MoU) to develop a preliminary study for Ajman International Convention & ......read more

IBPC has honoured Mr. Kamal Vachani with “Business Excellence Award 2016”…

The Indian Business & Professional Council (IBPC), Dubai has honoured Mr Kamal Vachani, Group Director, Al Maya Group, Regional Director, Electronics and Computer Software Export Promotion Council (ESC), President, Dubai Chapter, Global Organization of People of Indian Origin (GOPIO) with “Business Excellence Award 2016”. The award was given by H.E. Mr Abdulla A. Al Saleh, ......read more

People's Bank of Zanzibar Selects ICS BANKS and ICS BANKS ISLAMIC System…

Dubai, UAE, February 26, 2017:  Zanzibar, Tanzania: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that People’s Bank of Zanzibar (PBZ), a state-owned and one of the oldest commercial banks in Tanzania has selected the multi-awards winning systems ICS BANKS and ICS BANKS ISLAMIC Systems. Under the ......read more

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