Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
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 published by Vikas Bhargava and named as ‘Icons generation next’. The official release was done by the Consul General of India in Dubai Mr Vipul. With a mission to bring together a diverse group of personalities on a single platform to inspire many life’s, the book focuses on the older generation of successful NRIs and the new generation of entrepreneurs who reinforced the spirit of enterprise. Mr Rizwan Sajan, Founder and ......read more

Lenovo Achieves Record Revenue for Fy18/19 Driven by Success of Intelligent Transformation Strategy And Strong Operational Performance

• 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 growth (10.1% YOY) on revenue to US$11.7 billion, revenue and profit up across all businesses for the first time since x86 and Motorola acquisitions, and improved profitability: PTI at US$180 million, up 389% YOY; net income up 261% YOY to US$118 million • Management highlights strong foundation positioned for future growth, based on a customer-centric, multi-business operating system that can thrive in a transforming ......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 and culture for the future. Taylor will take on a hybrid role as North American creative lead of Publicis Communications, the creative communications hub of Publicis Groupe. She will partner with Publicis Groupe Chief Creative Officer Nick Law and Chief Strategy Officer Carla Serrano to help drive transformative creative solutions for North-American based Power of One collaborations. "I've followed and admired Liz and her work for ......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 Corporation (ITOCY), Bouygues Construction (BOUY.PA) and a French web entrepreneur entering Dawex’s capital, also joined by the historical investor Caisse des Dépôts (via its Banque des Territoires).   Total funds raised from inception tops €12 million, including the recent €2.5M grant from Horizon 2020, the biggest European Union Research & Innovation program. Dawex co-founders Fabrice Tocco and Laurent Lafaye remain ......read more

Schneider Electric Worldwide Employee Share Ownership Plan (WESOP) wins the ‘Best Plan Effectiveness' at the Global Equity Organization annual meeting'

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 Plans. WESOP is one of the Group key annual Rewards Programs, open to employees across 38 countries, that gives employees the opportunity to become shareholders of Schneider Electric by subscribing to shares at a 15% discount of the reference price, supported by employer matching contributions where applicable. The awards category was designed to highlight companies that “spent time and resources developing share plans that work well towards ......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 to the previous year’s US$77.04 billion (¥8.54 trillion). For the first time in history, income before income taxes exceeded a trillion yen reaching US$9.12 billion (¥1.11 trillion).  The steady growth in Sony’s business is exemplified by its product focus on efficiency and the brisk performance of key segments including Game & Network Services (G&NS), Home Entertainment & Sound (HE&S), and Imaging ......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 shipping company, has announced its financial results for the first quarter of 2019. During Q1 2019 the Company achieved operating revenue of AED 45 million compared to AED 37.7 million during the same period of 2018, a YoY increase of 19%. The Company reported net loss of AED 11 million in Q1 2019 compared to profits of AED 5 million during the same period last year.   During the quarter, Company’s petrochemical tanker Gulf Deffi ......read more

Qualys Releases Innovative Extension to its Groundbreaking Cloud Agent Platform with New Cloud Agent Gateway (CAG) Service

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 its new Cloud Agent Gateway (CAG), a major extension of its Cloud Agent Platform that drastically simplifies large-scale deployments across on-prem and hybrid cloud environments.    Qualys Cloud Agent Gateway (CAG) Service is a cluster of virtual appliances managed from the Qualys Cloud Platform to securely connect agents deployed anywhere, including OT environments and restricted on-premises networks, to the Qualys Cloud Platform. ......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 deliverable pilot boats has been completed. Moreover, the remaining four boats that were already launched prior, will be delivered in June 2019 after full inspection and testing for sailing performance. The new “MESKAN” boat, which was specifically designed to meet the needs of KOC, was launched ahead of schedule as per the contract between Grandweld and KOC. In accordance with the classification standards of Lloyd's Register, ......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 environmentally conscious practices are key to engaging future workforce • HP invests $2 million to sustainable supplies and promoting a circular economy   Dubai, United Arab Emirates - May 19, 2019:   HP unveiled a new study underscoring the importance of sustainable business practices in recruiting, hiring and retaining top talent. It finds employees are more productive, motivated and engaged when working for an employer who is ......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 designation of 2019 as the Year of Tolerance. Jafza’s decision to waive fines is an initiative that aligns strongly not only with the UAE government’s goals for promoting tolerance but also with the company’s broader goals to support the communities it serves. Sultan Ahmed Bin Sulayem Chairman of the Ports, Customs and Free Zone Corporation and the Jebel Ali Free Zone Authority said: “His Highness Sheikh Khalifa bin ......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 Protection Programme initiative that is set to roll out in September of this year. The move will provide added benefits to employees and infuse AED 1.3 billion back into Dubai’s economy that companies can invest in their operations and strengthen their businesses. The decision is geared towards supporting goals set by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to ......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 confirms it is progressing with its potential transaction with ADFG through a strategic investment structure where-in the combined entity will continue to operate as a publicly listed company. The Company is going through final stages before regulatory and shareholder approvals will be sought.   SHUAA Capital today announces its Q1 2019 financial results, with revenues increasing to AED 55.4 million (Q1 2018: AED 33.2 million). The ......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 implementation of the best industry practices and their contributions to the FM community at large.  MEFMA’s Strategic Corporate Member Emrill won the ‘Gold Award of Excellence in FM 2019’ for its entry titled 'Driving Innovation, Knowledge, and Experience to Deliver Excellence in FM,’ while MEFMA’s Corporate Member  Adeeb was one of the three recipients of the ‘Highly Commended Global FM Award of ......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 held from 11 to 14 November 2019 at the Dubai World Trade Centre, and will bring together experts from around the world in the space industry, especially from the Arab world. Those wishing to attend can apply on www.his2019.com His Excellency, Yousuf Hamad AlShaibani, Director General of MBRSC, said, “MBRSC continues its consistent approach and sustainable efforts to make the UAE a leading hub for space science and research in the ......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 Swissport’s business volume was up 6.7 percent yearover year (10.4 percent on constant currency). The airport ground services business contributed 2.43 billion euros, up 6.8 percent. In air cargo handling, total revenue amounted to 0.56 billion euros, up 6.5 percent. Swissport’s EBITDA result improved to 273.2 million euros, an increase of 24.1 percent over 2017 (28.7 percent on constant currency). Operating cash flow climbed to 182.5 ......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, received the award on behalf of the company at a ceremony held at the Intercontinental Hotel in Dubai’s Festival City. The Supply Chain Sustainability Award recognises organisations that initiate best practices in supply chain management through programmes or projects that have a noticeable impact on the economy, environment, or society.  DP World has introduced numerous initiatives towards building a sustainable supply chain in recent ......read more

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

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 informing me that I had won AED 1 million, and I feel immensely grateful and blessed to win this cash prize. I have my business and personal accounts with Emirates Islamic and a Kunooz account since 2013. I would like to extend my heartfelt thanks to Emirates Islamic for their constant support, and I will be sure to recommend the bank’s services to others.” Voted Banker Middle East Product Award’s Best Savings Account in 2017, ......read more

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

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 informing me that I had won AED 1 million, and I feel immensely grateful and blessed to win this cash prize. I have my business and personal accounts with Emirates Islamic and a Kunooz account since 2013. I would like to extend my heartfelt thanks to Emirates Islamic for their constant support, and I will be sure to recommend the bank’s services to others.” Voted Banker Middle East Product Award’s Best Savings Account ......read more

The French Business Council Dubai & Northern Emirates rallies its business community to support the French Pavilion at Expo 2020'

 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 Olama,  Minister of State for Artificial Intelligence in the United Arab Emirates, the French Minister of Transport, Elisabeth Borne,  and H.E. Ludovic Pouille, French Ambassador to the UAE, the annual gala dinner of the French Business Council in Dubai & Northern Emirates, held on May 2nd at the iconic venue of Dubai Opera, celebrated United Arab Emirates and France common vision of building knowledge-based economy that harness innovation ......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 its workforce.   Dubai Police was declared the happiest workplace in the public sector category. The same honour in the private sector category went to Aafaq Islamic Finance.   Dubai Police, Department of Economic Development of Ras Al-Khaimah, Sharjah City Municipality and Aafaq Islamic Finance won the Happiness @ Work Award in the Best Employee Engagement category.   Fujairah Natural Resources Corporation, TIME ......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 world’s largest independent ACH network.  Currently, Visa enables payments to be sent to or from Visa cards. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilize Visa to send and/or receive money through bank accounts around the world. With the acquisition of Earthport, Visa expects to be able to reach the vast majority of the world’s banked population and allow ......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 organisation primarily responsible for development and issuance of standards for the global Islamic finance industry.   The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the AAOIFI 17th annual Shari’ah conference on Sunday and Monday 02-03 Sha’ban 1440H, 07-08 April 2019 at the Gulf Hotel in the Kingdom of Bahrain.   This influential event discussed an array of key and ......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 associates and subsidiaries rose by 127% YOY to reach AED 30.2 million in Q1 2019. Amanat is well placed for continued growth driven by its investments in healthcare and education companies.   Dubai, UAE 12 May 2019:  Amanat Holdings PJSC (“Amanat”), the GCC’s largest healthcare and education investment company, today announced its results for the first quarter ending 31 March 2019. Amanat realized a Net ......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 revenues.       Evolution of Net Revenues and Profit (2017-2018) In millions of euros       2017 2018 Y18/Y17 (1) Net Revenues 1,935 1,933 0%  5% Profit Before Tax  310  326   5%    Corporate ......read more

Other Top Stories from Banking and Investments
 
Emirates NBD partners with noqodi to facilitate electronic payments for businesses.…

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

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

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

CPA Australia opens branch in UAE…

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

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

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

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

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

Julphar Announces 2018 Preliminary Results…

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

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

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

RAK Ceramics Announces FY 2018 Financial Results…

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

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

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

RAKBANK proposes dividend for 2018…

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

WCU: Commodity markets roll over as macroeconomic concerns weigh…

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

UPS Achieves EPS Target on Strong Revenue Yields…

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

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

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

Dubai Investments acquires stake in Globalpharma for 100% ownership…

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CBUAE to Showcase Career Opportunities at Tawdheef 2019…

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

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

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

ICAEW: region's investment management industry must evolve…

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

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

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

Summary Report: Monetary & Banking Developments – December 2018…

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Statement for “Abu Dhabi Sustainable Finance Declaration”:…

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

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

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

Citi UAE opens Citigold lounge in Abu Dhabi.…

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

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

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

Trade optimism drives commodities higher…

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

The Commemorative Silver Coin…

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

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

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

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

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

Visa brings exciting deals to help cardholders find their escape during this Dubai Shopping Festival…

Visa on board as the official partner and key sponsor for Dubai Shopping Festival for the 24th consecutive year Cardholders can take advantage of exclusive discounts and spend offers for hotel stays, retail, dining, entertainment, and more, through promotions with Jumeirah Hotels & Resorts, Dubai Pass, Majid Al Futtaim Leisure and Entertainment, and Meraas Dubai, UAE; 30 December ......read more

High-level Chinese delegation of leading construction experts explores investment potential in UAE…

Dubai, December 27, 2018:   A delegation of 16 senior Chinese business executives attended a workshop entitled “UAE Investment Landscape” to explore investment potential in the UAE recently. The group included CEOs, CFOs, Vice Presidents and Senior Managers from the China State Construction Engineering Corporation (CSCEC), China’s largest international contractor ......read more

Sharjah Chamber organizes a workshop on the Balanced Scorecard system…

Sharjah - 25 December 2018:  The Sharjah Chamber of Commerce and Industry (SCCI) has organized a workshop entitled "Strategic Planning and the Balanced Scorecard for Leaders and Decision-makers," which reviewed the chamber’s new strategic goals, the Balanced Scorecard system, and the initiatives and activities that are related to the chamber’s operational plans for the ......read more

TBI Participates in Conference Hosted by the American Chamber of Commerce to Discuss Investment ...…

Dubai, UAE, December 24, 2018:  Trade Bank of Iraq (TBI) officials met with Douglas A. Silliman, the United States Ambassador to the Republic of Iraq, and a delegation of American companies at a conference hosted by the U.S. Chamber of Commerce held recently at the Babylon Warwick Hotel in Baghdad.   The meeting delegates discussed several solutions to help enhance the Iraqi economy ......read more

Noor Takaful reports double-digit percentage profit growth in 2018…

Celebrates 10 years of growing customer base as Takaful insurance gains ground in the country Closed the year with eight awards for ethical product excellency and customized services Dubai, UAE; December 23, 2018:   Noor Takaful - amongst the first Takaful insurance companies to be established in the UAE - has reported significant double-digit percentage profit growth for 2018 ......read more

Central Bank Of The UAE Announces New Interest Rates.…

Dubai, UAE, December 20, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective, Thursday 20 December 2018, it will raise interest rates applied to the issuance of its Certificates of Deposits in line with the increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points at its meeting of ......read more

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