Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
Dubai Investments distributes 10% cash dividend

Dubai, United Arab Emirates, 18 April 2019:  Dubai Investments PJSC [DFM: DIC], the leading diversified investments conglomerate listed on the Dubai Financial Market, has decided to distribute 10% cash dividend to its shareholders for the financial year ending 31 December 2018. A proposal to this effect was approved by shareholders at the Group’s 23rd Annual General Meeting (AGM) on April 17, 2019. The Company’s shareholders also approved all other resolutions presented by Dubai Investments Board of Directors.  The Company presented its 2018 financial results, which revealed a net profit of AED 651.4 million for 2018. Total assets of the Group increased by AED 2.55 billion to reach AED 19.6 billion as of 31 December 2018. At the AGM, Hussain Mahyoob Sultan Al Junaidy, Vice-Chairman of the Board of Directors ......read more

5 Rules to Keep your cryptocurrency safe in 2019

April 18, 2019 - Dubai, UAE   A cardinal rule with cryptocurrency is that you, the investor, has to take ownership of your holdings. Unlike traditional banks where you can just store your money and leave it up to them to protect your finances, cryptocurrency is the complete opposite. Here are 5 rules to keep your cryptocurrency safe in 2019: 1. Use cryptocurrency exchanges to exchange coins not store them While most cryptocurrency exchanges offer an online wallet, this is not where you should be storing your holdings. Most of the time, they store your private keys leaving you vulnerable to hacks. Transfer your holdings to an offline wallet or keep the private keys on you. 2. Best cryptocurrency wallets 2019 Choosing the best wallet really comes down to what sort of transactions you make. Online wallets If ......read more

97% of Gemalto shares have been tendered to the Thales offer

 Following the Post-Closing Acceptance Period, which ended yesterday, approximately 97.02% of Gemalto shares have now been tendered to the Thales offer   Settlement of Shares tendered during the Post-Closing Acceptance Period will take place on 18 April 2019  Thales will initiate the statutory buy-out proceedings as soon as possible in order to obtain 100% of the Shares  Thales and Gemalto will ask Euronext to delist the Gemalto Shares shortly after Gemalto’s 2019 annual general meeting, to be held on 28 May 2019 Dubai United Arab Emirates - April 16, 2019:  Reference is made to the joint press release by Thales (Euronext Paris: HO) and Gemalto (Euronext Amsterdam and Paris: GTO) dated 29 March 2019 on the results of the recommended all-cash offer by Thales for all the issued and ......read more

Mashreq raises the bar on premium card payment experience with IDEMIA

Mashreq Bank selects IDEMIA’s smart metal cards to  provide an elite experience to its premium customers, becoming the largest issuer of metal cards in the UAE Dubai, UAE, April 16, 2019:  Mashreq Bank, one of the leading financial institutions in the UAE, boasts a proud tradition of introducing cutting-edge banking products for its customers. It was the first bank to introduce “Portrait”, the UAE’s first “selfie” credit card, which allowed card holders to upload a photo of their choice from their cell phone and receive a customized credit card.  Driven by its innovative culture, Mashreq was also one of the early adopters of metal cards in the UAE. Leveraging IDEMIA’s smart metal technology, Mashreq introduced personalized metal cards as a premium payment instrument, ......read more

The UAE's Minister of Economy Welcomes Italy's Deputy Prime Minister During Italy-UAE Business Forum

 The forum held earlier today focused on trade opportunities between the two countries for the Infrastructure, Energy and ITC sectors  UAE, Dubai, 15 April 2019:   Hundreds of VIPs and guests attended the Italy-UAE Business Forum this morning, including a 200 company-strong delegation from Italy led by H.E. Luigi Di Maio, Deputy Prime Minister and Minister of Economic Development, Labour and Social Policy of the Italian Republic. H.E. Luigi Di Maio was welcomed by H.E. Sultan Bin Saeed Al Mansouri, Minister of Economy of the UAE, ahead of three panel discussions on Infrastructure, Energy, Water and Environment and ITC held earlier today at the Grand Hyatt Hotel, Dubai. The Italy-UAE Business Forum is part of a three-day business mission taking place from 14 and 16 April, that’s giving Italian companies ......read more

Cisco 2019 CISO Benchmark Study Reports Increased Vendor Consolidation

Survey of 3200 security leaders shows increased investment in defense technologies, security training, risk analysis and risk mitigation, as the unknown in users, data, devices, and apps are a major concern for CISOs   Dubai, UAE, April 15, 2019:  Cisco recently published its annual CISO Benchmark Study. Now in its fifth year, the comprehensive global survey provides an annual health check on the state of the CISO for more than 3000 security leaders across 18 countries.   This year’s results show security professionals are placing higher priority on vendor consolidation, collaboration between networking and security teams, and security awareness exercises to strengthen an organizations security posture and reduce the risk of breaches. To further address complexity challenges, many CISOs are increasingly ......read more

Afghanistan Opens New Mining Areas to International Investment

Ministry of Mines and Petroleum Announces 14 New Projects for Tender Dubai, UAE: 15 April 2019 –   In a keynote address at the Afghanistan Mining Investment Forum convened by INVEST, a global initiative of the U.S. Agency for International Development (USAID) to mobilize private investment in partner countries, H.E. Minister of Mines and Petroleum Nargis Nehan announced 43 new large and small-scale mining projects available for private sector investment and development. The projects span a number of commodities and are situated in 16 of the country’s 34 provinces. After anticipated tendering, an estimated $100 million will likely be spent on initial assessments, exploration and evaluation work for these projects over the next 12 months with investments increasing significantly in following years as projects ......read more

Network International Holdings plc

Dubai, UAE, April 14, 2019:  Following Emirates NBD Bank PJSC's announcement on the subject matter dated 10 April, 2019 and the agreement of the Selling Shareholders on 12 April, 2019 for Citigroup Global Markets Limited to exercise the "Over-allotment Option" of 15pct of the offer size, Emirates NBD Bank PJSC confirms that the Greenshoe option has been exercised on behalf of the Selling Shareholders. As a result, Emirates NBD Bank PJSC has finalised the sale of 15.3 mn Over-allocated shares at 435 Pence per share. Gross proceeds from the sale are GBP 66.55mn.  

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Tally Solutions to host latest edition of SMB Pulse in Dubai to help boost SMEs' efficiency

Aims to reach maximum SMBs to focus on need to shift to automated accounting solutions Dubai, United Arab Emirates, 11  April 2019:   Tally Solutions, a leading international accounting and compliance software provider, is bringing another edition of its successful SMB Pulse to Dubai. The event is a continuation of its business-focused event series designed to increase the productivity, efficiency, and profitability of small- and medium-sized businesses in the UAE and the rest of the MENA region.        The gathering will feature CA Manu Nair, CEO of the Emirates Chartered Accountants Group, who will shed light on modern challenges affecting business efficiency and how best to tackle them.  A Chartered Accountant and Management Accountant, CA Manu has more than 20 years of extensive ......read more

Emirates NBD announcement

Dubai, UAE, April 11, 2019:  Emirates NBD Bank PJSC confirms the sale of 127,474,500 Ordinary Shares from its shareholding in Network International through a secondary listing of Network International’s shares on the London Stock Exchange and to MasterCard as a part of the cornerstone investment at an offer price of 435 Pence per share. Gross Proceeds from the sale amount to GBP554.5 mn.   Emirates NBD Bank PJSC continues to have a relationship going forward with Network International as a 25.5 % shareholder and as a long-standing customer.

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Teads Reports Banner Year, Announces $430 Million in Revenue Driven by Adoption of Its Full-funnel Advertising Solutions, the Company Registered 35% Top Line Growth Yoy

Dubai, UAE, April 02, 2019:   Teads, The Global Media Platform, today announced record results for 2018, reporting a revenue of $430 million and 35%organic growth year-over-year (YOY). The company was EBITDA-positive for the sixth year in a row and now reaches 1.4 billion users every month globally according to comScore, and 87 million users in the MENA region.  “There is a growing need in the industry for brand safe alternatives to user generated content giants like Facebook and YouTube. We’re excited that both advertisers and publishers have partnered with Teads as a trusted and powerful alternative.” said Pierre Chappaz, executive chairman, Teads. “Our massive reach, new strategic partnerships and expanded vision are a testament to the evolution of premium advertising in ......read more

VFS Global successfully attains the prestigious PCMM Level 5 rating

Achieved rating after a rigorous appraisal performed by KPMG PCMM is a business excellence model recognised as a gold standard in people practices worldwide Dubai, UAE, March 31, 2019:  VFS Global is pleased to announce the successful completion of the PCMM Level 5 rating appraisal and awarded this rating within two and a half years after being appraised at PCMM Level 3 (People Capability Maturity Model) in mid 2016. Achieving this rating has been a two-year process involving a project team and multiple VFS Global cross functional teams across geographies and functions. The appraisal was conducted by KPMG.     VFS Global is the only visa services company to have achieved a People Capability Maturity Model (PCMM) rating. The appraisal is a validation of VFS Global’s long-standing commitment to ......read more

Azizi Developments ramps up action as Partner of Dubai World Cup 2019

Dubai, United Arab Emirates, 31 March 2019:   Azizi Developments, one of the leading private developers in the UAE, was proud partner of the Dubai World Cup 2019, the world’s richest day of horseracing and a global stage where the best horses from around the world compete.  Azizi Developments sponsored the Group 1 Al Quoz Sprint, a key part of the Dubai World Cup and one of the richest of its kind in the world, with a prize money of USD 2 million — doubled by Azizi Developments from last year’s prize purse of USD 1 million.  A 1,200-metre (6 furlongs) grass dash that ran the length of a straight chute in front of the tracks, Al Quoz Sprint offered the closest action point for spectators. A nail-biting race, equivalent to the popular 100m dash of the Olympics, it featured some of the ......read more

The AMF Reveals Central Bank Governors' Commitment to a Regional Payment Platform in a Two-day High-level Conference in Abu Dhabi

A forum for dialogue and exchange between industry leaders on the latest regional and global cross-border payment challenges Governor Al Mansoori stresses the UAE’s support for the Arab Regional Payment System highlighting the system’s prominent role in promoting reginal financial integration and strengthening trade and investment relations with all economic partners     Abu Dhabi 31 March 2019:   On Thursday, 28th of March, the Chairman of the Arab Monetary Fund (AMF) concluded the high-level conference under the overarching theme of “The Role of Cross-Border Payments in Fostering Regional Financial Integration”. The conference, organized in collaboration with the German development agency GIZ, gathered over 350 industry leaders from around the world on the 27th and 28th of ......read more

Abu Dhabi Global Market Boao Forum for Asia 2019 in Hainan, China

27 March 2019, Abu Dhabi, UAE:   Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, is pleased to support and participate in the 2019 Boao Forum for Asia (BFA) Annual Conference which is currently taking place in Boao, Hainan Province, China, starting on 26 to 28 March 2019.  Reinforcing the strong economic ties and collaborations between the Chinese governmental entities and Abu Dhabi, ADGM has been invited to be part of this global dialogue that will shape the development, growth and future of Asian economies and cross-border collaborations.  Themed “Shared Future, Concerted Action, Common Development”, the 2019 BFA will welcome H.E Li Keqiang, the Premier of the People’s Republic of China, to deliver the keynote address at the Opening Ceremony on 28 March ......read more

United Arab Bank hosts the Annual General Assembly Meeting

Sharjah, UAE (March 26, 2019) –   United Arab Bank P.J.S.C. (“UAB”) held its Annual General Assembly Meeting (AGA) on Monday, 25 March  2019, at Coral Beach Hotel in Sharjah, chaired by H.E. Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of the Board of Directors.  The AGA adopted all ordinary and extraordinary resolutions set forth in the meeting, including the approval of the consolidated financial statements for the year ended 31 December 2018, and the Board’s recommendation to appoint Ernst and Young (E&Y) as the external auditors of the Bank for the year 2019. The meeting was managed by Abu Dhabi Securities Exchange (“ADX”), under a Registrar Agreement that the Bank has signed with ADX and attended by Members of the Board of Directors and Ahmad Mohammad Abu ......read more

Amanat AGM approves dividends distribution for the fourth year in a row

Dubai, UAE, March 25, 2019:   Amanat Holdings PJSC (“Amanat”), the GCC’s largest healthcare and education investment company, today announced that it has concluded its annual general meeting (“General Meeting”) on March 24, 2018.  The Board report for the Company’s activities and financial position, balance sheet and the profit and loss account for the fiscal year ending 31 December 2018 were approved.  The General Meeting approved a cash dividend distribution of 1.50% of the nominal value for each share (1.5 fils per one share). This implies a total payout of AED 37.5 million for the year 2018, as Amanat continues to distribute dividends to its shareholders since inception and for the fourth year in a row. Additionally, the General Assembly Meeting approved the ......read more

DFSA and Standard Chartered Bank focus on curbing illicit wildlife trade

The engagement highlights how financial institutions and regulators can contribute to the well-being of humanity and the natural environment It also reinforces how tackling financial crime and the flow of illegal funds can support such collaboration  Dubai, United Arab Emirates, 24 March 2019:   The Dubai Financial Services Authority (DFSA) recently hosted senior executives from Standard Chartered Bank to discuss how financial institutions and regulators can work together to help curb illegal wildlife trade and disrupt the flow of illegal funds arising from this predicate crime.   David Fein, Group General Counsel at Standard Chartered and Vice-Chair of the Financial Taskforce of the UK Royal Foundation of ‘United for Wildlife’ campaign  which is under The Duke of Cambridge’s ......read more

SENAAT 's Revenues Increase to AED 16.3 Billion in 2018

Earnings growth of 20% to top AED 2.5 billion Abu Dhabi, UAE, 24 March 2019:   SENAAT (“SENAAT” or “the Group”), one of the largest industrial investment holding companies in the UAE, today announced financial results for 2018 demonstrating year-on-year growth and improved profitability.  SENAAT achieved steady revenue growth in 2018 to reach AED 16.3 billion, a 3.5% increase over the previous year (2017 revenue: AED 15.7 billion). More notably, EBITDA increased to more than AED 2.5 billion in 2018, a 20% increase compared to 2017, reflecting margin enhancement realised by capitalising on market opportunities and through cost control initiatives implemented across the Group.    These outstanding results complement the sustained growth in the company's industrial assets ......read more

WCU: Gold lifted by Fed dove while oil pauses

By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, March 24, 2019:  Commodities traded higher for a second week, albeit at a slower pace, with gains being driven by precious metals and – for a change – the agriculture sector. Precious metals received a boost from a sharp drop in bond yields after the US Federal Reserve signalled no further rate hikes this year while also slowing its balance sheet reduction.  The dollar initially dumped on the news before once again being pumped higher on Friday when dismal PMI data from both Germany and France provided some renewed support for the greenback. Stocks, and with that the general level of risk appetite, initially rose before pausing in response to ongoing concerns about the outlook for economic growth.  The energy sector saw WTI and Brent ......read more

The Fed has surrendered, and here's what comes next

By Steen Jakobsen, Chief Economist & CIO at Saxo Bank Dubai, UAE, March 23, 2019:  Summary:  FOMC meeting made it official: the Fed has thrown in the towel, and central banks are committed to defying the business cycle. But where does this leave us in terms of positioning for 2019, 2020 and beyond? If you are familiar with my research over the last 20 years, you know that I am no fan of central banks; they are glorified bureaucrats with an academic sense of infallibility who believe they have a supreme power’s insight into the economy and markets. But yesterday marked a new low for world central bankers as the US Federal Open Market Committee completely threw in the towel. Anyone who ever thought the Fed or other central banks are truly ‘independent’ should spend $20 on the great 2018 Paul Volcker ......read more

Oman Insurance Company wins Medical Insurance Company of the Year at 2019 Annual Health Awards

Dubai, March 20, 2019:  Oman Insurance Company was awarded Medical Insurance Company of the Year at the recent 2019 Health Award. Jointly organized by Dubai Health Authority and Health Magazine, the award aims to recognize outstanding contributions of healthcare organizations and professionals in the region.    With a clear focus on exceptional customer experience, strong underwriting capabilities and digital solutions, Oman Insurance was a clear winner among the 10 nominations received in the Medical Insurance category. Some of the customer focused initiatives by the company include the launch of reimbursement and policy servicing portal, the linking of member eligibility verification to Emirates ID, the simple online portal to buy DHA medical insurance and the award winning corporate wellness program ......read more

Standard Chartered UAE participates in first-ever global running event along the Belt and Road

21 March 2019, Dubai – Standard Chartered recently announced the launch of the Standard Chartered Belt & Road Relay, the first-ever global running event spanning the Belt and Road initiative. The Relay aims to highlight the Bank’s continued commitment to Belt and Road, and the positive impact of the initiative to communities and businesses globally. The Relay will be led by eight staff athletes from Standard Chartered, selected from the Bank’s diverse footprint across Asia, Africa, the Middle East, and Europe and the Americas. These athletes will participate in running events across 44 Belt and Road markets within a 90-day period.  The Standard Chartered Belt & Road Relay kicked off in Hong Kong on 17 February, in conjunction with the Standard Chartered Hong Kong Marathon. Followed by the UAE stop on ......read more

Empower saves 305 million gallons of potable water in 2018, equivalent to the amount of water in 555 Olympic swimming pools

Dubai, UAE, 20 March 2019:   Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, highlighted on the occasion of World Water Day, that it has saved 305 million gallons of potable water in 2018 which is equivalent to the amount of water in 555 Olympic swimming pools. This has achieved by using treated sewage water in its district cooling operations instead of fresh water, in line with the 2008 Executive Council resolution approved by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, that directs to lower the usage of fresh water and use other water alternatives in order to conserve the water resources in UAE.  This is as part of company’s ongoing efforts to ensure water ......read more

Citi launches next generation mobile app in the UAE

More than 80% of its customers are enrolled in digital channels Mobile usage has surged 35 % in the past 12 months UAE, Dubai, March 20, 2019 –   Citi UAE announced today the launch of its next generation Citi Mobile® App for Citi’s credit card customers in the UAE.  The next generation Citi Mobile® App will significantly change the way credit card customers manage their finances as Citi introduces a new and comprehensive set of mobile app features and experiences. The new Citi Mobile® App experience promises a new look and feel, more intuitive navigation and smart functionalities.   According data compiled by the Citi, more than 80 % of Citi UAE’s customers are already enrolled in digital channels, with most subscribed to electronic statements and advices. Mobile banking ......read more

Other Top Stories from Banking and Investments
 
Tabreed Raises USD 500 million With New 7 Year Sukuk…

Also arranges new bank facilities of AED 1.5bn  30 October, 2018 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today announces it has successfully raised US$500 million (AED 1.8 billion) with a fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. ......read more

The Central Bank of the United Arab Emirates Latest News…

Abu Dhabi, October 29, 2018:  The Central Bank of the United Arab Emirates announced that it will introduce into circulation, on Tuesday 30/10/2018, a currency note of AED One Hundred (AED100( denomination, reprinted with new security features, all on the front side of the   note as follows:-   1.  SPARK® Live:- A colour changing security feature printed at ......read more

National Bonds launches savings drive to celebrate World Savings Day…

28 October 2018, Dubai, UAE: National Bonds will celebrate World Savings Day 2018 with a savings initiative to stimulate savings in the UAE.  World Savings Day was created to increase the public’s awareness of the importance of savings. Celebrated around the world, the day aims to promote the virtues of putting money aside. For more than 90 years, the World Savings and Retail ......read more

Arab Bank Group profits grow by 7% to $643 million for nine month 2018…

Dubai, UAE, October 28, 2018:  Arab Bank Group reported net income after tax for the nine month period ended 30 September 2018 of $643 million compared to $601 million in the prior period, recording a growth of 7%. The Group’s net income before tax grew by 8% to reach $865 million with net operating income reaching $ 988 million and recording a growth of 9%. Mr. Sabih Masri, ......read more

AED 6 billion worth of RAK Chamber members' exports during 9 months…

12931 renewed licenses in RAK Chamber within 9 months Dubai, UAE, October 27, 2018:  Eiman Alhayyas, Assistant General Manager, Business Services and Business Development at RAK Chamber, said that the number of new establishments registered with the Chamber during the first nine months of current year was 1,199 and 12,931 licenses were renewed. The total number of certificates of ......read more

Transguard Group to Digitally Transform the UAE's USD $1 Billion Outsourcing Market…

Current estimates indicate a 22% growth in outsourcing by 2020 DUBAI, United Arab Emirates – October 24, 2018 Aimed at fostering a digital connection between the UAE’s complicated ecosystem of managers, suppliers, Transguard Group, one of the nation’s largest employers, has announced a partnership with SAP that is aimed at digitally transforming the country’s USD $1 ......read more

CINCO and Global Event Management Group Sign Partnership at the World CEO Forum 2018…

United Arab Emirates, Dubai, 24 OCTOBER 2018 – One of the Middle East’s largest events company, GEM, and North American agency CINCO, experts in sponsorship and experiential marketing, announced an official partnership at this year’s World CEO Forum in Dubai. GEM, a well-established and highly successful key player in the United Arab Emirates’ events industry, has turned ......read more

Saudi HR leaders to explore macro trends in human development…

Ashridge to coach HR Leaders on maximizing company business value and their strategic impact October 23, 2018:   Saudi Arabia’s Vision 2030 challenges HR leaders in Saudi to take progressive steps to bring about organizational changes aimed at ensuring greater business success.  Ashridge Executive Education has launched a five-day transformational programme aimed at ......read more

Pharmaceutical companies need to act local and invest in the right talent to succeed in the META ...…

A diversified portfolio tailored to the market, key partnerships with ministries of health and regulators, and thinking long-term are key to securing share of US$40 billion market 22 October, Dubai: “Global, regional and local pharmaceutical firms operating in the Middle East, Turkey and Africa (META) region need to be able to ‘change the tires while driving’ if they are to ......read more

ICAEW: Firms must be reimagined to survive digital era…

ICAEW says accountancy firms need to thoroughly re-think their organisational structure, culture, people and practices to be fit and ready to compete in a digital world. In its latest report Reimagining the Firm , the accountancy and finance body urges transformation to go beyond digital tools or services to ensure accountancy firms remain relevant in a digital era. Dubai, UAE, October 22, ......read more

L'oréal Among the Top 10 of Thomson Reuters Diversity & Inclusion Index…

Dubai, UAE, October 18, 2018:   For the third consecutive year, L’Oréal has been named one of the world’s leading companies by Thomson Reuters that ranks over 7,000 international organizations on a set of Diversity and Inclusion metrics. In 2018, Thomson Reuters ranked L’Oréal 8th place ex-aequo with Natura worldwide, among top players such as Accenture or ......read more

Press Statement from the Central Bank of the UAE about the new Federal Government debt law…

Dubai, UAE, October 15, 2018:   H.E Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE: “The new Federal Government debt law lays the foundations for the development of a bond market in dirham denomination in the UAE. This is important as it will create deeper, more resilient financial markets, benchmark the yield curve, provide more diversified sources of ......read more

Trade Bank Iraq named Best Iraqi Bank by Global Finance Publication…

Abu Dhabi, United Arab Emirates, October 15, 2018:   Trade Bank of Iraq’s (TBI) continued commitment to accelerating economic growth and providing modern banking service in its home country have been recognised as it was named Best Iraqi Bank by a leading global financial publication. New York-based ‘Global Finance’ magazine rewarded TBI’s strong financial ......read more

UAE Exchange Enters the Prestigious Platinum Class of Tawteen Partners Club…

Tawteen, the National Program for Emiratization, supports UAE Nationals to work in the private sector    Abu Dhabi, 15 Oct 2018:   Her Excellency Farida Abdullah Al Ali, Assistant Undersecretary, Ministry of Human Resources and Emiratisation (MOHRE), bestowed the Tawteen Club Trophy to UAE Exchange, a leading global remittance, foreign exchange and payment solutions ......read more

FBN Next Generation Lombard Odier Award 2018 champions the next generation of entrepreneurs…

The Family Business Network (FBN) and Lombard Odier have rewarded three exceptionally promising young family business entrepreneurs as finalists in the 10th FBN NxG Lombard Odier Award. The finalists had the opportunity to pitch their projects to over 500 family business leaders at the FBN 29th Global Summit in Venice on 12th October, where the overall winner was revealed.   Dubai, ......read more

Dubai Islamic Bank Group 9 Month Financial Results…

For the period ended September 30, 2018 Total Income reaches AED 8.5 billion, up by 13.6% YoY.  Group Net Profit at AED 3.7 billion in the nine months of 2018, up 12.1% YoY. Balance sheet grows by 7.4% in the nine months of 2018 reaching AED 222.8 billion. Dubai, October 10, 2018:  Dubai Islamic Bank (DFM: DIB), the first Islamic bank in the world and the largest Islamic ......read more

Deloitte Middle East tax professionals recognized in 2018 Guide to the World's Leading Tax Advisers…

-2018 Guide to the World's Leading Tax Advisers recognizes Deloitte professionals for the eighth consecutive edition Dubai, UAE, October 09, 2018:  Euromoney listed 176 Deloitte professionals from 54 jurisdictions in its 2018 Guide to the World's Leading Tax Advisers. More than ten percent of the leaders in the guide are from Deloitte, making this the eighth consecutive edition ......read more

Monetary & Banking Developments – August 2018…

Dubai, UAE, October 07, 2018:  The Central Bank announced that the Money Supply aggregate M1 decreased by 1.7%, from AED 496.4 billion at the end of July 2018 to AED 488.1 billion at the end of August 2018.    The Money Supply aggregate M2 also decreased by 1.8%, from AED 1302.3 billion at the end of July 2018 2018 to AED 1278.9 billion at the end of August ......read more

MENA region must come together to capitalize on entrepreneurial ecosystem's momentum…

Dubai, UAE, October 06, 2018:  Although entrepreneurship in the MENA region is booming, greater and more comprehensive cooperation between local governments is necessary in order to capitalize on recent momentum within the ecosystem, according to a senior World Bank representative. Ali AbuKumail, a Senior Private Sector Specialist at the World Bank, recently worked on the Arab World ......read more

New Worker's Insurance Scheme Forthcoming…

Dubai, UAE, 4 October 2018:   The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system.    The Ministry of Human Resources and Emiratisation announced that effective 14 October, a worker’s insurance scheme will replace the existing bank guarantees system. ......read more

Mohammed bin Rashid Innovation Fund announces AED 5.5 million Disbursement in UAE start-up Pure ...…

Disbursement to unlock growth opportunities and expansion across the region, aligned with UAE National Innovation Strategy  Dubai, 02 October 2018 –   The Mohammed bin Rashid Innovation Fund (MBRIF), operated by the Emirates Development Bank (EDB), today announced a disbursement of AED 5.5 million to UAE headquartered Pure Harvest.  A regional innovator in ......read more

A flying economy – the economic powerhouse above the clouds…

Research by HSBC has identified a country-sized, thriving and cosmopolitan population of almost 12 million people in the air every day.  This country, Flyland, has a Gross Domestic Product valued at $400.5 billion – just larger than that of Norway. Dubai, UAE, October 1, 2018:  For the people of Flyland – the 11.9 million individuals from around the world who ......read more

ABLF dedicates its 11th Anniversary edition to the late Sheikh Zayed…

Dubai, UAE, October 01, 2018:   The Asian Business Leadership Forum (ABLF) marks its 11th anniversary, on October 6, 2018, at the Armani Hotel, Dubai, with a special edition of the ABLF Awards dedicated to the Father of the Nation, the late Sheikh Zayed bin Sultan Al Nahyan, under the theme 'Leadership Legacies: Honouring the past. Shaping the future'. The ABLF has been ......read more

CBUAE Hosts UAE – Japan SME Seminar…

Abu Dhabi, UAE – 30th September 2018:   The Central Bank of the UAE (CBUAE) Governor H.E. Mubarak Rashed Al Mansoori welcomed H.E. Kanji Fujiki, Japan’s Ambassador to the UAE and a delegation of high ranking officials from the Japanese Government and banking sector, for a seminar to learn about the support systems and regulatory measures that make up the foundations for a ......read more

Leading European Insurance Brokers Alpha Lloyds & MSH International Choose Dubai as the Main Hub ...…

Branches of Paris-based Siaci Saint-honore Group Dubai, UAE, September 27, 2018:  SIACI SAINT HONORE, provider of insurance brokerage and consulting services, known locally under the name of Alpha Lloyds & MSH, inaugurated their offices yesterday in the heart of Business Bay (One by Omniyat tower), Dubai, under the patronage of the Consul General of France in Dubai & Northern ......read more

CBUAE Raises Interest Rates in Line With US Federal Reserve:…

Dubai, UAE, September 27, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective Thursday, 27 September 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

DIB's Double your Salary Promotion Brings Joy to more than 100 New Customers…

UAE, Dubai, September 26, 2018: Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has today marked the end of a hugely successful promotion with the announcement of the twelfth and final grand winner of its “Double Your Salary. Double Your Joy” monthly campaign, held at DIB’s Mall of the Emirates branch.  Launched in September 2017, the campaign saw new ......read more

Friends Provident International survey reveals that brand preference and price are key ...…

Friends Provident International (FPI) releases protection survey results for the fourth consecutive year   Dubai, UAE, September 25, 2018:  FPI’s fourth annual protection survey results show that brand reputation and price have the greatest influence on people’s decision to buy life and critical illness insurance in the UAE. These factors were considered more important ......read more

Japan's Leading Industrial Company Asahi Yuzikai Launches Middle East Operations at Dafza…

Dubai, UAE, 19 September 2018: Asahi Yukizai Corporation – Japan’s leading company in industrial resins and plastic valves –  successfully held the opening ceremony for its Middle East operations at Dubai Airport Freezone – DAFZA. The new office will play a key role in expanding the company’s business across the Middle East and North Africa region. The ......read more

Malaysia Eyes Dubai to Explore Markets in the MENA Region…

Dubai – United Arab Emirates, 19 September 2018: The Malaysian Franchise Association (MFA), which aims to promote entrepreneurship through franchising, has chosen Dubai – a global business and financial destination and the 3rd edition of ‘The Global Franchise Market Exhibition’, to explore the emerging and lucrative markets in the Middle East North Africa region, ......read more

UAE Residents Should be Aware of the Circumstances in which Personal Bank Accounts can be Frozen…

Debt and visa changes are the most common reason for not being able to access funds short term September 2018, Dubai: According to the experts at Guardian Wealth Management, most residents are not aware of the various reasons as to why bank accounts in the U.A.E can be frozen. When people are denied access to their bank account, even if it is just for a short period of time, it can ultimately ......read more

Mobility MEA becomes the first approved Android zero-touch enrollment partner for the region…

16th September, Dubai, United Arab Emirates: Mobility MEA, a leading systems integrator, enterprise managed mobility service provider and a GEMA alliance partner, is now the first approved Android zero-touch enrollment partner for the MEA region. The company will serve to accelerate automated deployments, reducing dependency on internal IT support, simplifying setup and management of Android ......read more

The Higher Sharia Authority at the Central Bank Held A Consultation Meeting with The Members of the ...…

Dubai, UAE, September 16, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held a Consultation meeting with the members of the internal sharia control committees (ISCC) of Islamic financial institutions operating in the UAE on 9 September 2018. Islamic Banks, commercial banks’ Islamic windows and Islamic finance companies, represented by the ......read more

FDI flow in to Bangladesh jumps 22.52% last year to US$2.45 billion that prompts UAE businesses to ...…

More and more Bangladeshi entrepreneurs are opening companies in the UAE as economic relations between the two countries grow   News Highlights FDI in to Bangladesh jumped 22.52% to US$2.45 billion (Dh9 billion) in 2016-17 fiscal year Bangladesh is the world’s 32nd largest economy with US$687.14 billion Gross Domestic (GDP) based on Purchasing Power Parity ......read more

New drops mean more good news for gold investors…

As the US dollar continues to hold strong in international markets, gold prices fall as investors search out safe bets elsewhere. As the week started, UAE 24-karat gold fell from Dh147.25 per gram to Dh146.75 per gram as Monday played out. You can check the live rates on business24-7.ae   Other karats are also available at bargain prices -  22K at Dh137.75, 21K gold at Dh131.50 ......read more

Central Bank of the UAE Holds its 7th Board of Directors Meeting for 2018…

Dubai, UAE, September 03, 2018:  The Board of Directors of the Central Bank of the UAE held its 7th meeting for 2018 at 9:30am on Sunday, 2nd September 2018, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Khalifa Al Kindi, the Chairman of the Board. The meeting was attended by H.E. Khalid Juma Al Majid, Deputy Chairman of the Board and H.E. Mubarak Rashed ......read more

The Central Bank warns consumers against disclosure of their credit information…

Dubai, UAE, August 29, 2018:  The Central Bank of the UAE (CBUAE) reminds consumers of their responsibility to protect their credit information and credit/debit cards from fraud and unauthorized use. CBUAE also directs consumers not to disclose their PIN to any persons or institution. If somehow this information is disclosed, it is the consumer’s responsibility to immediately contact ......read more

Al Ansari Exchange announces the fifth millionaire of ‘Al Ansari Exchange Rewards – Summer ...…

UAE, August 28, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has announced that Gina Realuyo Soriano from Philippines is the fifth millionaire of its popular ‘Al Ansari Exchange Rewards - Summer Promotion.  The name of Gina was picked during the draw held at the Metropolitan Hotel in Dubai. The single lucky winner of Mercedes Benz 2018 ......read more

Central Bank of the UAE Celebrates Emirati Women's Day…

Abu Dhabi, UAE, 28th August 2018:  In line with H.H. Sheikha Fatima bint Mubarak’s “Mother of the Nation” declaration to celebrate Emirati Women’s Day on the 28th of August each year, the Central Bank of the UAE (CBUAE), has organized a special event to mark the day and join the nation in celebrating the achievements of women in the UAE. To mark this occasion, H.E. ......read more

Debate about auditor scepticism must address public concerns, says ICAEW…

Debate about auditor scepticism needs to be more substantial and constructive, according to ICAEW’s latest report Scepticism: The Practitioners’ Take. The report captures fresh insights from auditors, and those who train and regulate them. It highlights what auditors are doing and recognises that they have lessons to learn, but also says that it is unhelpful to use ‘lack of ......read more

WCU: Commodities await the greenback's fate…

Dubai, UAE, August 26, 2018:  Most major commodities were headed for weekly gains as the short-term focus on growth and demand risks related to emerging markets faded. This was helped by the dollar, which was heading for a second weekly loss. Overall, commodities have had a very bumpy ride this month that at one stage saw the Bloomberg Commodity Index hit a one-year low before ......read more

NetApp Reports First Quarter Fiscal Year 2019 Results…

August 23, 2018—NetApp (NASDAQ: NTAP) reported financial results for the first quarter of fiscal year 2019, which ended July 27, 2018. “We delivered a very strong first quarter with revenue, gross margin, operating margin, and earnings per share all above our guidance. In Q1, we introduced substantial innovation across our portfolio, expanding our industry-leading cloud data ......read more

LIC International expands into the UAE to tap into local insurance and investments from 2.5 million ...…

IBMC to promote life insurance, reinsurance and Takaful products to support NRIs and corporations in the UAE Abu Dhabi, August 25, 2018:  India’s state-run Life Insurance Corporation (LIC) is expanding in the region with key partnerships and tie-ups as it targets to tap the growing Non-Resident Indian (NRI) market for insurance coverage and investments. The India-based ......read more

Hong Kong Trade Fairs from September to November…

Strengthening bilateral trade between Hong Kong and the UAE   Dubai, UAE, August 15, 2018:  The bilateral trade relations among Hong Kong and the UAE have long been robust. Adding to the Hong Kong’s business advantages, Hong Kong Trade Development Council (HKTDC) organises more than 30 exhibitions each year to bring together buyers and suppliers from both economies to ......read more

WIBC announces landmark 25th edition in strategic partnership with the Central Bank of Bahrain…

Under the patronage of HRH Prince Khalifa bin Salman Al Khalifa, The Prime Minister of the Kingdom of Bahrain, World Islamic Banking Conference (WIBC) announces landmark 25th edition in strategic partnership with the Central Bank of Bahrain  Over 1200 global industry powerhouses, policy makers, innovators and stakeholders will converge for the three-day long forum. Dubai, UAE, ......read more

WCU: Commodities struggle to navigate sanctions and tariffs…

By Ole Hansen , Head of Commodity Strategy / Saxo Bank Dubai, UAE, August 12, 2018:  August is normally a quiet month for markets, but this year it has so far been anything but. The markets have been rattled by a continued escalation of the trade war rhetoric between the US and China, with investors concerned this increases the future risk to global growth and demand.  We see ......read more

Emircom reaps new awards during Cisco Regional Partner Summit…

Abu Dhabi, August 11, 2018: Emircom, one of the UAE’s leading systems integrators, bagged new awards during the Cisco Regional Partner Summit held recently at The Ritz Carlton in Dubai. Being recognized as the ‘Service Provider Partner of the Year,’ ‘Commercial Partner of the Year,’ ‘Highest Adoption at a Customer for Collaboration EA,’ in UAE and ......read more

MEFMA reaffirms commitment to promote entrepreneurship & innovation across local thriving FM ...…

Association successfully organizes workshop on ‘Entrepreneurship in Facilities Management’  Dubai, UAE, August 07, 2018:  The Middle East Facility Management Association (MEFMA), a non-profit association that provides a dedicated platform for facilities management (FM) professionals, wider construction industry stakeholders, and owner associations, reaffirmed its ......read more

Promoth Manghat wins first ever NRI Professional of the Year Award instituted by Dhanam…

Dubai, UAE, August 01, 2018:  Promoth Manghat, Chief Executive Officer of UAE Exchange Group, has won the first ever Dhanam NRI Professional of the Year Award. The award was presented by the Minister for Industries- Kerala, A C Moideen at a function held at the Le Meridien Convention Centre in Kochi on the 26 of July in the presence of many business and political luminaries. Promoth is an ......read more

Barclays: Global Economy likely to continue rewarding Stock Tilted Investment Portfolios…

Dubai, UAE, July 29, 2018:  Barclays announced today the findings of its Q3 2018 Compass Report, which outlines the Private Bank’s tactical recommendations on portfolio asset allocations for investors around the world. The report’s key takeaways note that the global economy is likely to continue to reward investment portfolios titled toward stocks. Barclays’ investment ......read more

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