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Featured in Banking and Investments
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 and H.E. Mubarak Rashed Al Mansoori, the Governor, and Board members; Their Excellencies Younis Haji Al Khoori, Khaled Mohammed Salem Balama, Khalid Ahmad Al Tayer and Ali Mohammed Al Madawi Al Remeithi, as well as by Their Excellencies Mohamad Ali Bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.    H.E Chairman of the Board opened the meeting by thanking the ......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 Indian and Middle Eastern media about a potential acquisition of the Leela Group of Hotels in India (Hotel Leela venture) by Rashid Al Habtoor, founder and owner of Al Habtoor Trading Enterprises.   A spokesperson for Al Habtoor Group said: “We feel obligated to clarify that Al Habtoor Group in all its divisions and Al Habtoor Trading Enterprises are two separate entities. Habtoor Hospitality, commonly known as Habtoor Hotels, is ......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 in the UAE that is geared towards not only improving economic efficiency and prosperity but also contributes to the protection of our ecological systems; this in turn will enhance social well-being and create lasting benefit for the people of the UAE (and the world).  Making sustainable financing a reality will require government and the private sectors to work closely together to put concrete measures in place that stimulate investment ......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 senior officials and managers and a representative of the Department of Economic Development (DED) in Dubai.  Donson, won the 'Dream Home' prize worth AED 400,000, in the campaign that ran from November 1, 2018 to December 31, 2018. He qualified after transferring AED 265 to his home country through Al Ansari Exchange Clock Tower branch in Sharjah. Meanwhile, Mohammed Hira Ali from Bangladesh, won 1 kilogram of gold after being ......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, Citi Middle East Head of Consumer Banking; Venkat Mahadevan, Citi Middle East Wealth Management Head; Mohammad Ali Abdulla, UAE Wealth Management, Branch Banking Sales and Distribution Head, Ganapathy, N, Market Head – Abu Dhabi and Kiani Abbas, Branch Manager & Team Leader – Abu Dhabi Branch. Located in Najda Street, Abu Dhabi, the Citigold Lounge covers close to 2,700 square feet and is equipped with private meeting rooms, ......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 took the unusual step of training all staff in the technology so every team could spot opportunities where AI could benefit the business and its customers. Alawwal bank staff will use an online course specially designed by Reaktor for people without a professional digital background, along with workshops exploring how AI could make a difference at the bank.  Commenting on the initiative, Soren Nikolajsen, Managing Director, Alawwal 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 markets take at the beginning of a new calendar year can end up being the wrong one. To avoid a turnaround, the market will be closely watching the current trade negotiations and whether China, the US and Europe manage to steer away from a looming economic slowdown.  Back to the current market, it has been the combination of renewed trade optimism, the US Federal Open Market Committee signalling its willingness to hold back on further ......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 coin:-     1. Diameter  : 40 mm. 2. Weight     : 40 gms. 3. Alloy        : 92.5% Silver.                        7.5% Copper.   4. Issue Size  : 1,000 Coin.   Face:-   The obverse face of the Coin depicts the logo of this occasion.   Back:-   The back depicts the ......read more

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

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 to enhance their service range. “ At Morison Menon we have been providing professional assurance, consulting and business advisory services in the UAE and across the region for the last 25 years. Our commitment and the cherished values have enabled us to successfully expand our footprint in the UAE with 9 offices and over 300 people. We felt an inherent need to associate with one of the top global accounting network and the result is ......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 have a total built-up area of 96,400 square meters, offering a 19-level office tower and 19-level hotel and apartment tower as well as a shopping mall and retail area with parking for over 670 vehicles. Dubai Investments MD and CEO Khalid Bin Kalban recently toured the site with the Board of Directors, and received a status update on the project.    The hotel tower is now 18 floors high, with just two slabs left to cast and complete ......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 2018:   Visa (NYSE:V), the world leader in digital payments, renewed its sponsorship of the Dubai Shopping Festival (DSF) for the twenty-fourth consecutive year. This year again, Visa brings many exciting deals for its domestic and international cardholders to help them find their escape during DSF 2019.    This DSF, Visa cardholders can benefit from attractive deals and promotions across some of UAE’s well-known ......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 listed among the world’s top 225 international contractors. The state-owned mega-enterprise administered by the Central Government of China operates actively in domestic and international markets with construction and real estate as its core business.  The workshop was facilitated by Canadian University Dubai (CUD) in collaboration with Oriental Wise Educational Consulting FZ-LLC and delivered by the Faculty of Management consisted of ......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 year 2019. The workshop, which was held Today (Tuesday) at the chamber’s headquarters, was attended by HE Mohamed Ahmed Amin, Acting Director-General of the SCCI; and the heads of the departments at the SCCI, as well as a large number of employees at the chamber. HE Mohamed Ahmed Amin, Acting Director-General of the SCCI, stated that the chamber is keen to achieve a beneficial partnership between its leadership and all of its ......read more

TBI Participates in Conference Hosted by the American Chamber of Commerce to Discuss Investment Opportunities in Iraq

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 and accelerate the delivery of high-quality services throughout the country.   During his address to the delegation, Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, highlighted the significant role TBI plays in assisting the ongoing reconstruction of Iraq as the bank continues to define its reputation as a competent institution with access to global financial networks.   Mr. Faisal said: “Trade Bank of Iraq ......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 even as early next year it crosses a significant milestone of celebrating 10 years of increasing customer base. With close to 300,000 members, Noor Takaful, a sister company of Noor Bank, provides ethical, Sharia'a compliant, innovative, unique and comprehensive Takaful (Islamic insurance) products aggregating close to AED550 million in business this year.   The company also reported an increase in premium value of 5 percent ......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 today. The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been increased by 25 basis points. Certificates of Deposit, which CBUAE issues to banks operating in the country, are the monetary policy instrument through which changes in interest rates are transmitted to the UAE banking system.

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Marafiq Powers the Growth of Saudi Arabia's Largest Industrial Cities and Initiatives with Utilities Digitization

Marafiq, a utility business in Saudi Arabia, is embarking on a journey to enhance its intelligent, digital-utility enterprise using SAP SAP’s intelligent enterprise enables customer centricity, growth agility, holistic visibility, and differentiate innovation to digitize utility businesses in the Kingdom  December 17, 2018:  As the Saudi Arabian utility sector undergoes digital transformation to optimize its operations, modernize its infrastructure, and reshape offerings, all aligned with Saudi Vision 2030, Saudi Arabian utilities provider, Marafiq, has embarked on enhancing its digital intelligence with SAP.   Marafiq provides power and utility infrastructure to industrial cities within Saudi Arabia, which hosts some of the world’s largest hydrocarbon conglomerates in Yanbu and Jubail. Digital ......read more

SaxoSelect sees 14% increase in AUM despite uncertain economic backdrop in Q3

Dubai, UAE, December 17, 2018:  SaxoSelect, the digital service that enables Saxo Bank clients to invest in pre-selected investments, saw a 14% increase in total Assets Under Management (AUM) across all its portfolios, with 10% coming from capital inflows and 4% from investment performance.  The increase in AUM in the current market signals a desire from investors to make their money work, take calculated risk and look for a differentiated offering to traditional portfolios. Strong performance was also recorded over the third quarter for the range of Managed Trading Strategies, which experienced a 36% increase in AUM.  The two managed equity portfolios of global stocks, which utilise the strategies and research from world leading experts at Morningstar and most recently, Nasdaq, target strong growth over the medium ......read more

The Central Bank of the UAE (CBUAE) is closely monitoring Invest Bank's financial developments

Dubai, UAE, December 17, 2018:  The Central Bank of the UAE (CBUAE) is closely monitoring Invest Bank's financial developments for some time and has been working with the bank and the Government of Sharjah to develop a plan to strengthen its capital base. In this regard, the Government of Sharjah, is firmly committed to support the bank via a direct equity investment and this plan will be presented at the bank's AGM scheduled for the 29th December 2018 for approval.    In the meantime, the CBUAE will support Invest Bank with all the available liquidity facilities, which remain at Invest Bank’s disposal; if, and when, needed.   

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UAE, Saudi Arabia using fintech for cross-border settlements

December 15, 2018:  Some media have reported incorrectly that UAE and Saudi Arabia have started using digital currency for cross-border settlements which will be backed by fiat currencies of the 2 nations.  The Central Bank of the UAE (CBUAE) would like to clarify that CBUAE is working with the Saudi Arabian Monetary Authority (SAMA) on a joint project which constitutes a Proof-of-Concept (PoC) for experimenting with Blockchain technology to facilitate cross-border payments between the two countries.  The PoC is still at an early stage and will help CBUAE gain a deeper understanding of the feasibility of distributed ledger technology in this field and explore the potential opportunities and benefits of a digital currency. CBUAE and SAMA have selected a tech company to support the implementation of this PoC, which ......read more

Fine hosts visually-impaired mountaineering hero Erik Weihenmayer

The event is part of a series to empower partners and employees  Dubai, UAE – 13 December 2018: Fine Hygienic Holding (FHH), one of the world’s leading manufacturers of hygienic paper products, hosted Erik Weihenmayer, a visually-impaired mountaineering hero, at an event called ‘No Barriers’ in Dubai last night. Weihenmayer spoke about his perseverance, bravery and accomplishments, including the ascent of the highest peaks on each of the seven continents during the event, which was co-hosted by James Michael Lafferty, CEO of FHH. FHH is hosting a series of ‘No Barriers’ events in December for Erik’s visit to the Middle East as part of its drive to motivate and empower employees and partners to reach their full potential. As an American adventurer, activist, athlete, author and ......read more

Oman UAE Exchange Launches Online Money Transfer Service

Send Money Anywhere Anytime with Oman UAE Exchange’s Mobile App and Website   Dubai, UAE, December 12, 2018:   Tired of standing in queues to transfer money? Worry no more because now with Oman UAE Exchange you can send money online conveniently and easily from the comfort of your own space – be it home, office, the supermarket or anywhere. Oman UAE Exchange, a renowned money transfer, foreign currency exchange and payment solutions brand in the Sultanate of Oman, today announced the launch of its new money transfer mobile app and website as part of its digital offerings. The new online service offers customers a secure, swift and hassle-free way to send money anywhere anytime from Oman, at preferential exchange rates.    With the introduction of this latest service, Oman UAE Exchange ......read more

CBUAE and Central Bank of China meet to Enhance Renminbi Clearing in the UAE

Dubai, UAE, December 11, 2018:  Central Bank of the UAE (CBUAE) today hosted a workshop with the People’s Bank of China (Central Bank of China) and the Agricultural Bank of China on “Improving the Renminbi Clearing in the UAE”.    The aim of the workshop is to present the results achieved by the RMB Clearing Centre to date, and to identify the actions to be taken to improve the arrangements for Renminbi clearing in the UAE.   This workshop is taking place almost a year and half after the official launch of the Renminbi Clearing Centre in the UAE (Dubai) on May 10, 2017. The Centre represents a major part of the efforts to foster further economic ties between China and the UAE. The importance of Renminbi Clearing has become increasingly important as the UAE and Chinese Government’s ......read more

Banks to Assess Credit Worthiness of Customers with Al Etihad Credit Bureau Before Issuing Cheque Books

Dubai, UAE, December 10, 2018:  Central Bank of the UAE (CBUAE) has issued a circular to banks regarding the issuance of cheque books as part of ongoing efforts by CBUAE to improve responsible lending practices by banks. Before issuing customers with cheque books, banks are now required to carry out checks with the Al Etihad Credit Bureau (AECB) to ensure the creditworthiness of their customers.  Furthermore, for any new customers, banks shall issue a cheque book containing a maximum of 10 individual cheques to their customers. After a period of six months and providing no cheques are returned (unpaid), further cheque books may be issued to customers, as per the approved procedures. Banks should advise their customers that returned cheques due to insufficient funds on the account will be recorded with the AECB and will ......read more

2018 Business Review of Saudi Arabia

December 10, 2018:   Saudi Arabia has experienced tremendous transformation in 2018, bouncing back from low oil prices with the largest expansionary budget and history-making reforms. King Salman’s Vision 2030 was a guiding principle for many of the country’s reforms along with Crown Prince Mohammed’s leadership has lead Saudi Arabia to modernise the Kingdom. Reviewing 2018, we can see major shifts that will impact Saudi Arabia’s future.  One of the major business reforms this year was the introduction of VAT. We also saw other GCC countries undergo the shift with Saudi Arabia. The tax was set at a standard rate of five percent however, there were some exemptions. The exemptions are basic necessities and medical, cultural and educational products, financial and insurance services. The tax helped ......read more

Other Top Stories from Banking and Investments
 
Iron Mountain® acquires Derby Records Management FZ LLC expanding presence in UAE…

Dubai, UAE, April 19th, 2018:  Iron Mountain Incorporated® (NYSE: IRM), the global leader in storage and information management services, today announced the acquisition of Derby Records Management FZ LLC in Dubai, UAE, expanding the company’s presence and scale in the fast-growing Dubai market. The acquisition of Derby Records Management FZ LLC will add two facilities and ......read more

Labuan IBFC Launches Gulf Roadshow Showcasing Unique Shariah-Compliant Solutions and Structures for ...…

Kuala Lumpur, 17 April 2018 – Despite the competitive Shariah-compliant market for financial services structures and solutions in the Gulf Cooperation Council (GCC) region, Labuan IBFC is confident that its omnibus Islamic legislation and its strong Shariah Supervisory Council will continue to keep Labuan IBFC as a key jurisdictional option for Gulf businesses and families. To further ......read more

InfoFort awarded the Dubai Chamber CSR Label…

Recognised for its outstanding efforts for the 5th consecutive year Dubai, UAE, April 16, 2018:   InfoFort, an Aramex company and a leading information management solution provider in the Middle East and Africa, was awarded the Dubai Chamber CSR Label for the fifth consecutive year. The initiative established by Dubai Chamber of Commerce and Industry aims to encourage and ......read more

Mint Middle East to Collaborate with Interac in UAE…

Mint is proud to announce its exclusive partnership with Interac to offer secure contactless and mobile debit solutions for domestic UAE transactions  Dubai, UAE (April 15, 2018):    Mint Middle East (MME) on Sunday signed licensing agreements with Interac Corp. (Interac), Canada’s domestic debit network, granting MME exclusive rights in the United Arab Emirates ......read more

Foreign companies back France more strongly than ever as a European business location…

300 companies from Middle Eastern countries recorded in 2017 employing + 24,000 people United Arab Emirates, April 8, 2018.   “The 2017 Annual Report: Foreign investment in France – The international development of the French economy” just released, provides confirmation of the renewed confidence global foreign investors have in France as a business location. ......read more

TSYS and Mashreq Bank Announce the Successful Implementation of PRIMESM for Acquiring Services…

Award winning financial institution in Dubai successfully deploys TSYS’ payments processing solution  Dubai, United Arab Emirates, 5 April 2018:  TSYS (NYSE: TSS) and Mashreq Bank announced today that Mashreq has successfully implemented TSYS’ PRIME software licensing solution, to enhance the bank’s customer-centric experiences for its merchants. TSYS ......read more

New technologies set to disrupt UAE banking sector in 2018, KPMG banking perspectives report states…

    Artificial intelligence, blockchain and FinTech will drive banks to improve operational efficiency, increase revenue and reduce risk     Implementation of VAT could result in banks increasing their fees to compensate for increase in costs      A strong and positive culture can help UAE banks overcome regulatory and innovation-related ......read more

CISI celebrates 12 years of raising professional standards in the financial services industry by ...…

Outstanding members of the financial services industry were awarded by CISI at the prestigious annual UAE Awards Ceremony 2018 at the Emirates Golf Club Dubai, United Arab Emirates, 28 March 2018:  In celebration of its 12th anniversary in the UAE, leading professional body for securities, investments, wealth and financial planning professionals, Chartered Institute for Securities ......read more

Mashreq named Best Call Centre 2018 at the Service Olympian Awards…

United Arab Emirates, Dubai, 25 March 2018:  Mashreq, one of the UAE’s leading financial institutions, today announced it has received the Service Olympian Award for ‘Best Call Centre 2018’. The prestigious awards are the most coveted customer experience recognition in the Middle East and celebrate excellence in customer service delivery. Sumit Bhatia, Head of Direct ......read more

In partnership with Emirates and Jumeirah Hotels & Resorts…

American Express Middle East connects with key partners and Cardmembers at annual Golf Tournament  Dubai, UAE, 20 March 2018:  Senior management of American Express Middle East and over 70 key business partners and Cardmembers gathered at the company’s Golf Tournament held recently at Jumeirah Golf Estates.  The full-day event was held in partnership with Emirates ......read more

Philips Lighting announces intention to change company name to Signify while keeping the Philips ...…

Abu Dhabi, Dubai, United Arab Emirates March 19, 2018:  Philips Lighting (Euronext: LIGHT), the world leader in lighting, has announced its intention to change its name from Philips Lighting to Signify. The choice of the new company name originates from the fact that light becomes an intelligent language, which connects and conveys meaning. The company will continue to use the ......read more

Axis Bank starts operations in Sharjah…

Sharjah office is Axis Bank’s 3rd representative office in the UAE New office to help service clients in Sharjah and other northern emirates  Sharjah, March 18, 2018:   Axis Bank, India’s third largest private sector bank, today opened a representative office in Sharjah, United Arab Emirates. Shri Vipul, Consul General of India in Dubai, inaugurated the ......read more

Mashreq Bank honored twice at EMEA Finance Middle East Banking Awards…

Dubai, United Arab Emirates, 14  March 2018:  Mashreq Bank, the UAE’s leading financial institution, was honored twice at the 2017 EMEA Finance Middle East Banking Awards. Now in its 10th year, the award ceremony recognizes the achievements of the region’s retail and investment banks, as well as their asset management and brokerage operations. The magazine cover banks ......read more

NREC Earnings Release for Full Year 2017 and Q4 2017…

  FY 2017 (Million KD) FY 2016  (Million KD)     Var (%)    Q4 2017 (Million KD) Q4 2016 (Million KD) Var (%) Operating Revenue    ......read more

Easy Markets Launches Ethereum and Ripple – The New Frontier of Trading…

By its very nature, financial market trading is a fluid and constantly changing entity, and one that has always evolved in relation to social, technological and economic trends. With this in mind, it's little wonder that technology has redefined the boundaries of the financial market in recent times, with cryptocurrency markets in particular representing the next frontier of trading. As ......read more

Mashreq to participate in Careers UAE for the 18th consecutive year…

March 12, 2018 UAE:  Mashreq Bank, the UAE’s leading financial institution, will continue its efforts to foster the growth of Emirati talent through its participation in Careers UAE 2018. Taking place at the Dubai World Trade Centre from 13-15 March, this marks the 18th consecutive year which Mashreq has participated in the event. Mariam Al Ali, Head of Emiratization and Government ......read more

Xpress Money Eyes Africa's Evolving Remittance Market…

Global remittance brand expects next three years to be a game-changer for Africa    Dubai, March 06, 2018:  With the aim of growing in terms of presence and market share in Africa, Xpress Money, one of the world’s most dependable money transfer brands, has got the ball rolling with grand expansion plans in the African market. The brand expects the African corridor to grow ......read more

Dubai non-oil foreign trade with Japan stands at AED 42 billion in 2017…

Dubai, UAE, March 06, 2018:   Dubai's non-oil foreign trade with Japan reached AED 41.82 billion in 2017. Imports totaled AED 38.35 billion, while exports stood at AED 2.69 billion and re-exports at AED 780 million. According to recent data released by Dubai Customs, in parallel with the UAE-Japan Strategic Business Forum, held by the Ministry of Economy in Tokyo from March 6-7, ......read more

Henkel achieves new highs in sales and earnings…

Sales increase to 20,029 million euros, first time above 20 bn euros: nominal growth +7.0%, organic growth +3.1% EBIT margin* reaches new high: +40 basis points to 17.3%  Earnings per preferred share*: +9.1% to new high of 5.85 euros Record dividend** payout: +10.5% to 1.79 euros per preferred share Substantial progress in implementation of strategic initiatives Financial ......read more

The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2018…

Dubai, UAE, March 05, 2018:  The Board of Directors of the Central Bank of the UAE held its 2nd meeting for 2018 at 9:30am on Sunday, 4th March 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

UAE Exchange partners with Kayan Labs for rise mobile application, the world's first migrant wealth ...…

Dubai, UAE, March 01, 2018:   The UAE population comprises of approximately 80% migrant workers, with blue-collared constituting the major segment. The blue-collared workers are also among the underserved and unbanked communities who have no or limited access to the financial services. To bring such workers under the financial realm, UAE Exchange, the leading global money transfer, ......read more

Ithmaar Bank reports 2017 profits…

Dubai, UAE, March 01, 2018:   Ithmaar Bank B.S.C. (c) [“Ithmaar Bank”] [“the Bank”], a Bahrain-based Islamic retail bank and a wholly-owned subsidiary of Ithmaar Holding B.S.C, reported today (ed note: 27/02/18) a net profit of BHD6.24 million for the period ended 31 December 2017. The net profit attributable to equity holders of the Bank for the period ended 31 ......read more

Al Ansari Exchange to accept VAT payments on behalf of corporates…

UAE, February 28, 2018 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, announced that they start accepting Value Added Tax (VAT) payments to the Federal Tax Authority. All entities that are registered under the Federal Tax Authority (FTA) and possess a TAX Registration Number (TRN) and a GIBAN bank account number can visit any of the 180 branches of Al ......read more

AED 878.371 Million Worth Deals Signed during UMEX and SIMTEX 2018…

Deals worth over AED294.225 Million signed on day three of the dual event Abu Dhabi-UAE: 28, February, 2018 –  Major Pilot Saeed Mohammed Al Yamahi, the Official Spokesperson of Unmanned System Exhibition (UMEX) 2018 and Simulation & Training Conference and Exhibition (SimTEX) 2018 announced at a press conference that 10 defence deals worth AED294.225 million were signed on ......read more

FERG Launches the Second Edition of AML Standardisation Manual with updated guidelines for Exchange ...…

Version 2.0 of the manual launched at a high-power conference attended by leading AML and Operations experts from Exchange Houses across the region Dubai, UAE – February 27 2018:   The UAE’s Foreign Exchange and Remittance Group (FERG), comprising of businesses engaged in money exchange and remittances in the country, has officially launched the second edition of the ......read more

FranGlobal seeks over USD 100 million investments from Gulf investors…

Franglobal hosts leading International & Indian brands into the lucrative GCC markets for Master Franchise partnerships   Dubai, UAE, February 26, 2018:  FranGlobal, a market leader enabling successful India market entry for countless Brands over the last 18 years inaugurates the 2nd Edition of Global Investor Meet in Dubai on 3rd February 2018. The event provides an opportunity ......read more

Mashreq Bank Selects Blue Prism to Drive Innovation Across All Banking Functions…

UAE’s leading bank adopts Blue Prism’s Digital Workforce to transform business operations while increasing customer satisfaction Dubai, UAE, February 25, 2018:  In its efforts to continue pioneering innovative banking solutions, UAE’s leading financial institution, Mashreq, announced that it is working with Blue Prism (AIM: PRSM) to increase productivity, improve ......read more

G4S UAE honours outstanding employees at annual awards…

Dubai, UAE – February 25, 2018:  G4S UAE, the world’s leading integrated security solutions provider, held its annual employee award ceremony along with the organization’s 24th year celebration in the UAE. The ceremony was held at the Jebel Ali Golf Resort, where employees were honored in eight categories across various business services.  Since its inception in the ......read more

GCC Financial Forum 2018 Puts Spotlight on Digital Transformation…

Dubai, UAE, February 22, 2018:  Speakers and participants of 7th edition of regional conference discuss the shape of the financial system of the future and unanimously underline the importance of driving technological innovation   Manama, Kingdom of Bahrain; 22nd February 2018: The GCC Financial Forum, held on 20th and 21st February 2018 in Manama, Bahrain, put digital ......read more

Jaleel Cash & Carry to develop AED 100 m facility at Dubai Wholesale City…

DUBAI – February 22, 2018:   Jaleel Cash & Carry, the region’s largest bulk buy outlet chain and a division of UAE-based leading investment company Jaleel Holdings, has announced the development of its biggest facility at Dubai Wholesale City (DWSC) at an investment of AED 100 million. The DWSC is the region’s largest fully integrated wholesale hub.  Jaleel ......read more

Central Bank Hosts first meeting of the new Higher Shari'a Authority…

Abu Dhabi, UAE – 21st February 2018:    The HIGHER SHARI’A AUTHORITY held its 1st meeting of 2018 at 9:00am on Wednesday, 21st February 2018, at the Central Bank Head Office – Abu Dhabi.   The meeting was attended by:  His Excellency Mubarak Rashed Al Mansoori  His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, ......read more

USD 16 million global investment will help drive the growth of co-working in Middle East, says ...…

Substantial investment by Servcorp has already seen the opening of co-working facilities in UAE, Saudi Arabia, Lebanon and London Deployment of funds will see the launch of co-working spaces in Dubai, Riyadh and Bahrain by June 2018 Additional USD 8 million allocated globally to enhance customer experience Estimated growth of 22% for worldwide co-working industry spaces in 2017, with ......read more

Saeed & Mohammed Al Naboodah Group Celebrates 60 Years of Excellence…

Emirati conglomerate has shaped the landscape of the UAE for six decades Dubai, UAE, 19 February 2018 –   Established in 1958 by brothers Saeed and Mohammed Al Naboodah as a modest trading venture with a capital investment of only 2,000 rupees, Saeed & Mohammed Al Naboodah Group comprise one of the UAE’s oldest and most respected Emirati conglomerates with a diverse ......read more

WGS 2018: Global Policy Platform Panel Considers Supporting Female Entrepreneurs Essential for ...…

Her Excellency Reem bint Ebrahim Al Hashimi: UAE was the first Arab country to close the gender gap in the labor force Dr Jim Yong Kim: We need to close a US$300 billion funding gap to support women entrepreneurs Dubai-UAE: 13 February, 2018 –   A special Global Policy Platform panel discussion on the emergence of female entrepreneurs worldwide highlighted ways to ......read more

Forex Broker ADS Securities' New Entity Operating Outside the ADGM…

In December 2017, ADS Securities incorporated a new subsidiary called ADS Investment Solutions Limited (ADSI) in the Abu Dhabi Global Market (ADGM). After immediately applying, by the end of the year ADSI had been granted a Financial Services Permission (FSP) by the Financial Services Regulatory Authority of the ADGM. With the new entity out of the ADGM and fully licensed by the appropriate ......read more

Qualcomm Extends Cash Tender Offer for All Outstanding Shares of NXP…

DUBAI – February 11, 2018 –   Qualcomm Incorporated (NASDAQ: QCOM) today announced that Qualcomm River Holdings B.V., an indirect wholly owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP Semiconductors N.V. (NASDAQ: NXPI). The tender offer is being made pursuant ......read more

UAE Exchange Partners with Groupe Banque Populaire for Remittances to Morocco…

offers account credit and cash payout remittances to customer’s beneficiaries    Dubai, 07 February 2018:   UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has partnered with Groupe Banque Populaire in Morocco, historical leader in the Moroccan Diaspora Market. The partnership will enable remitters to send money from ......read more

Central Bank launches an initiative to Develop a Pioneering and Customer-Centric National Payment ...…

Abu Dhabi, UAE – 6th of February 2018:   The Central Bank of the United Arab Emirates launched an initiative to develop a National Payment Systems Strategy for the U.A.E. The initiative aims to position the U.A.E. at the forefront of innovation and establish a world-class payment system to enable safe, efficient and customer-centric domestic and cross-border payments. This ......read more

UOWD Board Chairman Peter Robson awarded Order of Australia (OA) in Australia Day Honours List…

Dubai, February 1, 2018:   Mr Peter Robson, Chairman of the University of Wollongong in Dubai’s (UOWD) Board, has been awarded the Order of Australia (OA) for his outstanding service to business through research and development in government advisory and leadership roles in the manufacturing and industrial relations sectors, and to engineering.  Nearly 900 Australian ......read more

Central Bank of the UAE Participates in Tawdheef 2018…

As a Strategic Partner Abu Dhabi, UAE – 31st of January 2018:   Central Bank of the UAE is participating as a strategic partner in the Tawdheef Annual Career Fair currently taking place in ADNEC between the 29th and 31st of January. The Banks’ participation comes in line with the UAE Governments’ strategy to develop human capital and enhance Emiratization ratios in ......read more

BCG Expands its Middle East Roster to Tackle the New Year and New Opportunities…

The global management consulting firm expands its roster of partners in the Middle East to bolster its People & Organization and Energy Practices Dubai, 31 January, 2018 —  The Boston Consulting Group’s (BCG) today has announced that it will be joined by two new Partners to its Middle East system, in order to bolster its People & Organization and Energy Practices. ......read more

6% Increase in Total Number of Establishments Registered at Ras Al Khaimah Chamber in 2017…

Ras Al Khaimah, UAE – 30/January/2018:   Ras Al Khaimah Chamber of Commerce and Industry has reported that 1,821 new establishments were registered during 2017. 247 of these were in the free trade zones and 119 were new branches of establishments based inside and outside the Emirate. AS a result the total number of Ras Al Khaimah Chamber members rose to 33,652 by the end of ......read more

Mashreq posts a 6.5% y–o–y growth in Net Profit for 2017…

Dubai, UAE; 28th January 2018: Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the year ending 31st December 2017.    Key highlights [2017 vs 2016]: Healthy growth in Net Profit  Net profit for YE 2017 stood at AED 2.1 billion - a 6.5% increase YoY Impairment Allowance down by 14.2% YoY; Operating ......read more

FILMFARE Middle East is all set to re-launch in March 2018…

28th January/2018; Dubai:  Danube Group, UAE's largest diversified conglomerates with interests in building materials, property, construction and home furnishings is all set to re-launch India's biggest Bollywood film and celebrity magazine ‘Filmfare Middle East’ in March 2018. With a clear focus on films, fashion and lifestyle and in-depth exclusive interviews ......read more

Arab Bank Group reports net profits of $533 million for 201730% cash dividends…

Dubai, UAE, January 27, 2018:  Arab Bank Group closed 2017 with solid results, reporting a growth in net operating income of 8% as compared to prior year. Excluding the effect of foreign currency devaluations, net operating income achieved double digit growth of 12%. Net income after tax is at $533 million as compared to $532.7 million in 2016, whilst loans and advances grew by 6% to reach ......read more

Al Ahli Holding Group's CSR Division Launches Women for Business Initiative…

Partners with Union National Bank and La Rochelle Education Group, France to empower Emirati women in social entrepreneurship   Dubai, UAE (January 27, 2018):  Al Ahli Holding Group (AAHG), the multi-diversified international conglomerate, unveiled the first edition of Women for Business, a multicultural CSR program designed by AAHG, in partnership with Union National Bank and La ......read more

MEPCO and WASCO Attend 15th International Saudi PPPP 2018 Exhibition in Riyadh…

MEPCO showcases its latest product innovations to regional and international audiences at Saudi Arabia’s largest industrial gathering Wholly-owned subsidiary WASCO exhibits its core operations alongside MEPCO   Riyadh, Saudi Arabia; 24 January 2018:  The Middle East and Africa’s leading vertically-integrated paper manufacturer, the Middle East Paper Co. (MEPCO), ......read more

More than 6000 new companies join the Sharjah Chamber in 2017…

6.8% growth in the Chamber membership and the total membership exceeds 69,000 companies Sharjah, 24 January, 2018.  Sharjah Chamber of Commerce and Industry announced that 6000 new companies will be joining the Chamber in 2017, reflecting Sharjah’s continuous attractiveness to foreign investment and a modern business environment capable of adding value to the companies that set up ......read more

CBRE Group, Inc. Named a World's Most Admired Company by Fortune Magazine for Sixth Consecutive Year…

Dubai, UAE, January 23, 2018:  CBRE Group, Inc. (NYSE:CBG) today announced that Fortune magazine has named the company a World’s Most Admired Company in the real estate industry for the sixth consecutive year.  Fortune rates companies on nine attributes related to corporate performance. In 2018, CBRE was ranked second overall in the real estate sector (behind only Host Hotels ......read more

Emirates Maritime Arbitration Centre meets with DP World to explore collaboration…

Dubai, UAE, 22 January, 2018:  Continuing its efforts to boost confidence within the maritime industry for arbitration and mediation, the Emirates Maritime Arbitration Centre (EMAC) has approached 2018 with the intention of visiting leading maritime stakeholders to introduce and explain the benefits of its services. These meetings are scheduled around EMAC’s impressive, yet busy ......read more

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