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 153m. Consequently, the company’s management has focused on cost reductions and has taken several actions to strengthen the organization and maximize cash flows.
Jerome Carle, General Manager of Julphar said, “We saw a decline in our revenue and profitability due to the headwinds in Saudi Arabia, but we continued to work hard on new products launches and building new alliances, which will have a positive impact on our long-term ......read more
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 at the Mobile World Congress (MWC) in Barcelona with the support of Orange, BNP Paribas and Vivatech. Over 100 innovative SMEs and start-ups will exhibit at the French Tech pavilion this year.
The French Tech pavilion will be one of the largest national pavilions at the show, with an exhibition space of 630 sq m spread over Hall 5 (5B41 / 5B61) & Hall 8.1 (8.1D41 / 8.1E49) “APP PLANET and hosting companies belonging ......read more
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 decrease in a one-off extraordinary net gain
Tableware revenue was AED264m, +11.0% YoY, supported by growth in US, European and Asian markets
Announces plans for manufacturing expansion in Saudi Arabia
Ras Al Khaimah, United Arab Emirates, 13 February 2019
Stable performance in line with expectations
RAK Ceramics PJSC (Ticker: RAKCEC: Abu Dhabi), one of the largest ceramics’ brands in the world, announced its ......read more
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 of the Dubai International Financial Centre (DIFC) and expressed his satisfaction with the quality of audit results achieved by the registered auditors in 2018. “DFSA teams worked closely with registered auditors in the DIFC to help reduce any audit deficiencies.
We have seen discrete instances where auditors have not exercised full professional skepticism in their work, but the overall results of Audit Monitoring Findings from 2018 ......read more
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.
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 outlook, industrial metals managed to stay in the black with support being provided by the metals with a tight supply outlook, such as copper and nickel.
Palladium, another metal with tight supply, maintained support despite some profit taking in gold, and not least, platinum. Following the post-FOMC rally to $1,326/oz gold traded lower in response to the stronger dollar before once again finding support amid lower stocks on concerns that the ......read more
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 from Operations was $12.7B
Free Cash Flow in 2018 topped $6B, Exceeding Expectations
2019 Total Adjusted Operating Profit Growth* in the Low-teens with all Segments up Double-digits
Announces Full-Year 2019 Adjusted EPS Guidance* Range of $7.45 to $7.75
February 10, 2019 United Arab Emirates: UPS (NYSE:UPS) today announced fourth-quarter 2018 earnings highlighted by high-quality revenue initiatives that ......read more
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 divested a 66% stake and had continued to hold a minority 34% equity in the subsidiary.
Khalid Bin Kalban, Managing Director and CEO of Dubai Investments PJSC, said: “Our original investment in Globalpharma was well timed and good for the growth of the healthcare sector in the UAE and region. We see the strategic benefit for making this acquisition. It forms part of the Dubai Investments growth strategy, and underscores our ......read more
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, innovation, technology performance, and leadership in the Banking sector in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, by making the UAE the most innovative country in 2021.
The agreement signing ceremony was during the annual general meeting of DQG attended by senior officials from both parties. The delegation from DQG was headed by Eng. Hassan ......read more
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 themselves. Launched in its second edition, the two-week long campaign called on UAE residents to send across their worst travel photos tagging the campaign’s official hashtag #RSATravelPhotoFails, giving people across the UAE the chance to submit their unluckiest travel photos to win a dream.
In just two weeks, the campaign received hundreds of entries from photos travelers who would normally be hidden away from social media. The entries ......read more
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 of Directors has recommended to the shareholders the distribution of 45% cash dividends for the financial year 2018.
The Group’s net operating income grew by 8% driven by growth in net interest and commission income. Credit facilities increased by 3% to reach 25.8 billon while customer deposits increased to reach $34.3 billion.
Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group ......read more
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 adding 39,061 RT of new connections resulting in the delivery of over 1.1 million refrigeration tons (RTs) of cooling capacity. Based on such results, Tabreed’s Board of Directors recommended a cash dividend for 2018 of 9.5 fils per share, up from 8 fils per share paid in 2018.
Tabreed announced a number of significant achievements during 2018, in addition to celebrating its 20th anniversary. During the year, Tabreed acquired 50% of ......read more
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 Rixos Bab Al Bahr, Al Marjan Island.
On its fifth year, RAKEZ Business Excellence Awards saw a remarkable 95% increase in submissions, from over 360 entries in 2017 to more than 700 in 2018. The award winners and runners-up were selected through a systematic evaluation process by an independent judging committee from the International Performance Excellence (IPE).
“Since its launch in 2014, a total of 44 companies ......read more
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 technologies. This is in the framework of "Proof-of- concept", which can be summed up in closely understanding and studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of technical risks and how to deal with them. This is in addition to the qualification of cadres that will deal with ......read more
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 designed to attract and retain top Emirati talent which has allowed the organisation to grow its Emiratisation rate by an incredible four percent in the last 12 months alone.
Over the past four decades, CBUAE has created a unique culture with a multinational team that spans diverse backgrounds and experiences. During the career fair, candidates will have the opportunity to meet some of CBUAE’s talented and passionate ......read more
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 Shamsi,
Sheikh Esam Muhamad Ishaq,
Sheikh Dr. Aznan Hasan, and
Sheikh Dr. Osaid Muhammad Adeeb Al Kailani.
His Eminence Sheikh Dr. Ahmed Abdul-Aziz Al-Haddad started the meeting by highlighting the achievements of the HSA in 2018 particularly the adoption of the Sharia standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the adoption of best practices in the Islamic Sharia governance for Islamic ......read more
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 management industry when they need it most.
Based on the collective insights of investment management audit specialists from BDO, Deloitte, EY, Grant Thornton, KPMG and PwC; the new ICAEW report says people find investing too complicated, or see it as just something for the wealthy, and this is contributing to a savings time-bomb.
“Despite its simple business model, most people find investment management complicated and so they ......read more
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 plot of 105 hectares and just 13 kilometers from the the Ukrainian capital on the Odessa highway. The sizeable space will include within its area, 10,000 selling bays for the wholesale market and an exhibition center, which will be comprised of hotels, restaurants and showcase halls.
The inaugural opening is anticipated for January 2021, which will involve opening the space to the wholesale market, with the exhibition center opening ......read more
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 2018.
Consequently, the Money Supply aggregate M3 also increased by 0.6%, from AED 1593.5 billion at the end of November 2018 to AED 1602.3 billion at the end of December 2018.
The increase in M1 was mainly due to an increase of AED 6.2 billion in Monetary Deposits, overshadowing an AED 0.1 billion reduction in Currency in Circulation outside Banks. The rise in M2 was brought about by the increase in M1 and an AED 13.9 billion increase in ......read more
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
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 Middle East, North Africa, And Turkey."
The region's prospects for economic growth will be dampened, notably by Turkey's expected contraction. We expect -0.5% real GDP growth for the country in 2019. Much of the lira's depreciation has passed through into higher inflation. A 26% minimum wage hike scheduled for this year is likely to push prices up further, cutting into consumers' already weakened purchasing power. On a ......read more
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 received a call from Emirates Islamic informing me that I had won a cash prize of a million dirhams. My experience has encouraged me to continue saving and recommend my friends and family to do the same.”
Voted Banker Middle East Product Award’s Best Savings Account in 2017, Emirates Islamic’s Kunooz Savings Account is the bank’s flagship account that offers customers a chance to win grand prizes of AED 1 million or a ......read more
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 Again” launched today at the World Economic Forum Annual Global Meeting in Davos.
The report describes an emerging new approach – “Greenfield” – where existing firms break free from the constraints of their legacy systems, business and talent models. It is based on new subsidiaries, new technology, and new customer solutions.
“For an industry whose product - the movement and storage of money ......read more
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 country throughout 2019, Emirates NBD aims to persuade UAE citizens and residents to invest in their community by giving their skills and time to worthwhile causes.
The bank is encouraging UAE residents to film themselves engaged in simple acts of giving, such as helping a neighbour or colleague, volunteering at a local charity or offering food to a stray animal. The videos can be uploaded on Instagram Stories, tagging Emirates NBD ......read more
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 served by leaning towards a diverse pool of developed and emerging market equities, while considering the importance of maintaining a well-diversified long-term core investment portfolio.
The report, prepared by Barclays, shares the latest views on their long- term Strategic Asset Allocation (SAA). It also highlights short-term tactical adjustments recognising investment opportunities emerging from shorter-term cyclical views ......read more
H1 2018 Highlights
AED81m Net Profit, up 46% vs. H1 2017
Operating Expenses decreased 4% vs. H1 2017
Provision for Credit Losses decreased 20% vs. H1 2017
Robust liquidity profile with UAB comfortably above regulatory requirements
Loan : Deposit Ratio managed to 92%
Common Equity Tier-1 (CET1) ratio comfortably in excess of regulatory requirements at ......read more
Partnership aligns with DIB’s strategy to offer customers innovative, value added solutions
Card available in three variants offering up to 2 Skywards Miles on every equivalent US dollar spent
Earn up to 75,000 bonus Skywards Miles* and receive unlimited access to airport lounges worldwide via LoungeKey
Dubai, UAE; July 22, 2018: Dubai Islamic Bank (DIB), the ......read more
UAE, July 21, 2018 - In line with the nationwide celebrations of UAE-China Week, and in honor of the Chinese President Xi Jinping's visit to the UAE, Hamdan Bin Mohammed Smart University (HBMSU) has reaffirmed its commitment to building bridges of knowledge, cultural, and economic exchange with China by organizing the China-UAE Conference on Islamic Banking and Finance (CUCIBF III) for the ......read more
July 18, 2018: More than 20 senior leaders from Bank Al Bilad recently participated in an Ashridge Executive Education Leadership Development Program in Riyadh. With a focus on building 21st Century Leadership capabilities, this highly experiential and practical learning approach helped leaders communicate their strategic vision, set direction and develop high performing teams to ......read more
Dubai, 17 July 2018: In response to the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to create stronger and improved engagement with investors, while also creating a better understanding of their current and future needs and helping ease the investment process, Dubai FDI, the investment development agency ......read more
Customer friendly and cost effective package to set up a new business in the free zone
An easy and convenient process to own a business in the United Arab Emirates
World class infrastructure hub focuses on SME and entreprenuers
Dubai, UAE, July 16, 2018: Ajman Media City Free Zone, a world class free zone hub for the creative, media and entertainment ......read more
Dubai, UAE, July 16, 2018: Many businesses in the GCC still do not comply with the EU’s General Data Protection Regulation (GDPR) and must act immediately or risk falling behind and potentially facing fines of 20 million euros or four percent of global annual turnover, according to ICAEW. The global accountancy and finance body has put together a GDPR checklist to facilitate ......read more
The flag carrier airline, who announced the traffic results for June 2018, has now reached the highest first-half Load Factor (LF) rate of its history with 80.4%.
Dubai, United Arab Emirates – 15 July 2018 : Turkish Airlines, that announced the results of June 2018 passenger and cargo traffic, achieved the highest rate of Load Factor (LF) in the first six months of ......read more
Overall increase in profitability due to higher return on equity (RoE) and return on assets (RoA)
Deposits and loans & advances showed similar growth levels to Q4 2017
Stable liquidity and loan to deposit (LDR) ratio
Dubai, UAE, July 15, 2018: Leading global professional services firm Alvarez & Marsal (A&M) today released its latest UAE Banking Pulse for Q1 2018, ......read more
Dubai, United Arab Emirates, July 10, 2018: Al-Futtaim, one of the most diversified and progressive privately held regional businesses headquartered in Dubai, and PVR Limited, the largest and most premium film exhibition company in India have signed a Memorandum of Understanding to explore opportunities for jointly developing a cinema business in the MENA region. The joint venture ......read more
Annual growth of 35% in number of new companies at the Business Park
Dubai, UAE, July 09, 2018: The Business Park at Dubai South has revealed it has witnessed a 400% growth in the number of companies operating in the park since its inception in early 2015. The number of companies that have set up operations in Business Park has increased from 900 in 2015 to 4500 in ......read more
Riyadh, 5th July 2018: More than 100 senior industry leaders from the private and public sectors as well as noted KSA academia attended the graduation ceremony of the inaugural class of 50 Qimam Fellows yesterday. They commended the quality of Saudi talent represented by Qimam’s inaugural fellowship and the rigorous program that helped develop their leadership skills and build ......read more
July 04, 2018: The Middle East Facilities Management Association (MEFMA) recorded major milestones and key achievements during the first half of 2018 in its continuing efforts to provide a dedicated platform for facilities management (FM) professionals and stakeholders as well as support the regional industry’s sustainable growth and acceleration in the 21st century. The association’s ......read more
btikari is a six-month incubator aimed at helping technology startups advance their businesses
The new partnership will offer chosen teams an updated version of Ibtikari, which will mark its fourth edition this year
Abu Dhabi, July 4, 2018: startAD, the innovation and entrepreneurship platform anchored at NYU Abu Dhabi, has partnered with Khalifa Fund for Enterprise ......read more
UAE, July 2, 2018- The Department of Economic Development in Ajman (DED Ajman) has achieved a remarkable business confidence index score of 116 in the first half of 2018, up from 109 points in the first half of 2016. The high score, which reflects the positive prospects within the local business and investment environment, is due in part to the department’s efforts to attract more regional ......read more
Dubai, UAE, July 02, 2018: As you grow in life, you write a list of accomplishments for yourself, of which the one that probably tops the list for many is – buying a house!
As you dive into this decision, you may consider whether you want to buy to live or buy to let?
Do you want a home or do you want to buy a property, not to live in immediately, but ......read more
Dubai, UAE, July 02, 2018: The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its forth meeting on 24th -25th June 2018. The meeting was chaired by His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman Higher Sharia Authority, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Issam ......read more
UAE, 29 June 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, have won the ‘UAE Superbrands’ award for the 13th consecutive year. The award is granted by the UAE Superbrands Council, the internationally-acclaimed independent authority for branding excellence. Ali Al Najjar, Assistant General Manager and Head of Operations Department ......read more
Dubai, UAE, June 26, 2018: The Board of Directors of the Central Bank of the UAE held its 5th meeting for 2018 at 10:00am on Sunday, 24th June 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, ......read more
UAE, Dubai, June 24, 2018: Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has announced the ninth winner of its “Double Your Salary” monthly campaign, held at DIB’s City Center Sharjah branch, officiated by a representative of Sharjah Economic Development Department “SEDD”.
DIB launched its “Double Your Salary” promotion in ......read more
NAMA Women Advancement Establishment and UN Women sign MoU in New York
Dubai, UAE, June 25, 2018: UN Women and the UAE-based non-profit NAMA Women Advancement Establishment (NAMA) signed a Memorandum of Understanding in New York recently, to consolidate their efforts in implementing the UN Women Flagship Programme “Stimulating Equal Opportunities for Women Entrepreneurs” in ......read more
Dubai, June 23, 2018: Dubai Investments PJSC [DFM: DIC], the leading, diversified investments company listed on the Dubai Financial Market, has announced that its joint venture Emirates Insolaire LLC, a pioneer in new solar technologies, has received strong response for its sustainable, energy-efficient coloured solar panel technology at Intersolar Europe exhibition, the leading solar ......read more
Group invests more than AED 5 million in the expansion of Sleep Fine mattresses’ product line
Dubai, UAE, June 23, 2018: In light of the growing volume of exports to the MENA region, Salim & Sons Group has announced expansion plans by capitalizing on the emerging presence of business opportunities. The Group, which unifies and streamlines the operations of its various ......read more
Five ready-made portfolios to invest simply with ZAP funds
Each fund created with 6,000 to 20,000 underlying holdings
One-stop access to the world’s equity and bond markets
Full range of sectors including technology, media and energy
Low-cost, easy to maintain, scalable solution that is rebalanced regularly
Dubai, UAE, June 21, 2018: Zurich International Life Ltd. ......read more
5 SBWC members in Milan explore Italian supply chains in fashion, jewellery, furniture and F&B
Sharjah, June 21, 2018: Through several trade missions and strategic matchmaking, the Sharjah Business Women Council (SBWC) has been supporting new and established female entrepreneurs in the UAE by taking them to key overseas markets and showcasing their capabilities to potential buyers, ......read more
Dubai, UAE, June 20, 2018: The global sukuk market experienced a significant slow down in issuance in the first half of 2018, as we predicted in January. Total sukuk issuance dropped by 15.3% compared with the same period last year, reaching $44.2 billion compared with $52.2 billion first half of 2017. This drop was even more pronounced for foreign currency sukuk issuance a t45%. We believe ......read more
Abu Dhabi – 19 June 2018: UAE Central Bank (CBUAE) announces that it has published an Amendment to ‘Annexure 2’ of the Regulations Regarding Bank Loans & Services Offered to Individual Customers (2011). This Amendment sets out the new maximum limits or ‘fee caps’ for fees or commissions charged on retail customer service. The fee caps apply to banking ......read more
DIB’s new website focused around the theme “tech that helps”
Customer First concept core to the enriched user experience
Dubai UAE, 18 June, 2018: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, has launched a new and completely revamped website (www.dib.ae), which offers a vastly enriched and superior experience to its fast growing customer ......read more
Dubai, 17 June 2018: Dubai FDI, the investment development agency of the Dubai Economy, is organising one of the largest economic delegations from Dubai in recent years for an official economic mission to Australia as part of its continuing efforts to strengthen existing economic cooperation and attract investments into the emirate. The mission, which will take place from June 25 to 29, ......read more
Dubai, UAE, June 14, 2018: The Central Bank of the UAE (CBUAE) announced that, effective Thursday, 14 June 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
Crowe Horwath, the eighth largest global accounting network, has announced that the network and its member firms have rebranded to “Crowe”.
Dubai, UAE, June 11, 2018: The rebrand has seen over 220 member firms globally adopt the name, Crowe, reflecting the increasingly integrated and seamless nature of the network as well as its shared values and core ......read more
Dubai, United Arab Emirates, June 11, 2018: Central Bank of the UAE announced that it has decided to downgrade the license of the following exchange houses to deal in sale and purchase of foreign currencies and travelers cheques only:
1. Taher Exchange Est.
2. Al Hadha Exchange LLC
3. Al Hemriya Exchange Company ......read more
Dubai, UAE, June 6, 2018: Leading provider of compliance, payment and cloud solutions, EastNets has announced its partnership with Kuwait’s Boubyan Bank to roll out SWIFT’s global payments innovation (gpi) service for its customers across the country.
With the introduction of SWIFT gpi, Boubyan Bank will offer its customers high-speed cross-border payments with end to end ......read more
UAE Exchange Summer Promotion ‘Win Big. Win More’ offers $100,000 grand prize to one winner
6 winners to win $5,000 and 45 to walk away with $2,500 each
Dubai, 05 June 2018: This Ramadan, UAE Exchange, a leading money transfer, foreign exchange and payment solutions brand in the country, launched its summer promotion ‘Win Big. Win More’. During this ......read more
Dubai, 03 June 2018, United Arab Emirates: UAE Exchange, the leading money transfer, foreign exchange and payment solutions brand in the country, announced that it has started accepting Value Added Tax (VAT) payments on behalf of the Federal Tax Authority (FTA).
All entities registered with the FTA who have a valid Tax Registration Number (TRN) and a GIBAN account number can now ......read more
Dubai, UAE, June 2, 2018: The strategic and dynamic location of the Ajman Free Zone (AFZ) plays a significant role in driving the commercial and industrial sectors in the emirate in particular and in the UAE in general, with the AFZ management stepping up efforts to maintain its investment-conducive environment as a leading business hub in the region.
The number of companies registered ......read more
UAE, May 30, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, is rolling out the fifth edition of its much-awaited Al Ansari Exchange Rewards – Summer Promotion 2018 starting from June 1st to July 31st. Several major prizes - the biggest in the industry - are up for grabs this year, with a whopping AED 1 million in cash once again awaits one ......read more
Dubai, UAE, May 30, 2018: The Board of Directors of the Central Bank of the UAE held its 4th meeting for 2018 at 10:00am on Sunday, 27th May 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman, H.E. Mubarak Rashed Al Mansoori, the ......read more
Dubai, UAE, May 30, 2018: Deloitte has just issued its 2018 edition of the Middle East Tax handbook. The handbook is a comprehensive guide to help businesses keep abreast of the Middle East tax rates and to guide businesses through the important changes to tax regimes across the Middle East region.
Changes in regulation and tax reform continue to be on the increase in the Middle ......read more
Dubai, UAE, May 29, 2018: No one wants to be wasteful with money, but with our busy schedules it's often challenging to pause and reflect on those little changes we can make to save or protect our hard-earned cash. The introduction of Value Added Tax (VAT) in the United Arab Emirates this year and the rising cost of inflation especially have drawn attention to the impact on ......read more
Dubai, UAE, May 27, 2018: Shuraa bestowed with World’s Greatest Brands & Leaders Asia & GCC 2017-18 award at India UAE Business & Social Forum 2018. The award and business summit organized jointly by URS Media Consulting PL and AsiaOne magazine was recently held at J W Marriot Marquis Dubai. The award was presented by H.E.Saud Salim Al Mazrouei, Director, Hamriya Free Zone ......read more
Dubai Islamic Bank’s HR - Learning and Development Centre is the first to achieve ISO 29990 certification in the region.
Sharia Department becomes the first to receive ISO 9001 QMS certification in the UAE.
Dubai UAE, 27 May, 2018: Two key departments of Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, received ISO certifications, making it the first ......read more
Dubai – United Arab Emirates, 27 May 2018: INDEX Holding announces the opening of its new branch in Singapore, due to its strategic location in the Asia-Pacific region and its strong economic and commercial ties with the United Arab Emirates. Through its new branch, INDEX Holding aims to keep up its constant endeavor of supporting the UAE vision and strengthening its position in ......read more
Three-year collaboration with law enforcement confirms Trend Micro’s leading role in global cybercrime fight
May 27, 2018 - Dubai, United Arab Emirates
Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global leader in cybersecurity solutions, today announced details of its close cooperation with the FBI to identify, arrest and bring to trial the individuals linked to the infamous ......read more
Promotes Abhijeet Vijayvergiya as President & Managing Director, Global Accounts and Asia Pacific
Global brands such as Pizza Hut, VF Brands, KFC, Bata, Asics, Unilever, Siam Makro leverages Capillary solutions across multiple countries
DUBAI – May 23, 2018: Capillary Technologies, with presence in 30+ countries and helping consumer businesses achieve digital transformation, using ......read more
Appreciation Award for Representative Entities during the DED Business Excellence Awards Ceremony
Dubai, UAE, May 22, 2018: The French Business Council Dubai and Northern Emirates (FBC) has received the Dubai Quality Appreciation Award for Representative Entities, presented by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and HH Sheikh Ahmed bin ......read more
Abu Dhabi, UAE – 22, May 2018: The Central Bank of the UAE (CBUAE) today publishes the Financial Stability report for the year 2017. The Financial Stability Report provides information on the strengths and vulnerabilities of the UAE financial system and the regulatory and policy measures introduced by the Central Bank. The Financial Stability Report also includes an ......read more
Islamic Finance: Scalable and sustainable source of funding social infrastructure
Dubai, UAE, May 21, 2018: Policy makers, the private sector and governments continue to find ways to bridge gaps in infrastructure funding, with social infrastructure landscape climbing to the top of agendas in importance. Deloitte Middle East continues to bring the latest insights on this ......read more
Middle East accounts for 4.75% of global ransomware numbers in Q1 of 2018, finds Trend Micro report;
Free tools ideal for businesses who do not use Trend Micro endpoint solution
May 21, 2018 - Dubai, United Arab Emirates
The Middle East and North Africa in Q1 of 2018, have accounted for 4.75% and 1.75% respectively of global ransomware threats, and Trend Micro ......read more
DUBAI – May 20, 2018: Euromax Personal Care, a division under Dubai-headquartered Eurostar Group, has initiated a campaign titled ‘Bring your own razor’ (BYOR) to salons, aimed to educate consumers about raising the bar on personal hygiene and safety. The campaign focuses on ‘one man, one razor’ theme about using own shaving products in salons in line with the ......read more