Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
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 transformation in the financial industry in the spotlight and reinforced the significance of pursuing a forward-thinking approach with respect to integrating new technologies into existing business models and strategies.  Euromoney Conferences and the Bahrain Economic Development Board (EDB) were honoured to welcome HE Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, HE Mr Zayed R. Alzayani, the Minister of Industry, Commerce and ......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 Cash & Carry has revolutionized the FMCG wholesale market in the region. Jaleel Holdings introduced the popular cash-and-carry concept of the European and US markets to the Middle East region with due consideration to the unique characteristics and requirements of the region. Jaleel Cash & Carry stocks products in categories like foodstuff, non-food, cosmetics, home appliances and other FMCG items. The Jaleel Cash & Carry unit at ......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, Chairman.  Prof. Dr. Jasim Ali Al Shamsi, Board Member.  Dr. Issam Muhammad Ishaq, Board Member.  Dr. Oznan Hasan, Board Member.  Dr. Usaid Muhammad Adeeb Al Kilani, Board Member. In addition to a group of Central Bank’s senior officials.   H.E. Mubarak Rashed Al Mansoori, Central Bank Governor, welcomed the Chairman and the Board Members of the Higher Sharia Authority in his opening remarks where he highlighted the ......read more

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

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 1.18 million individual users, according to “2017 Global Co-Working Survey” Dubai, United Arab Emirates, 21 February 2018:   Servcorp, an originator and innovator in serviced offices, virtual offices and co-working environments, has said that the investment of over USD 16 million in its global product offering will have a direct impact on the co-working market in the GCC and Middle East. The investment has already seen ......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 portfolio of businesses, today. This year, the Group is commemorating its 60th anniversary milestone with a year-long celebration, themed ’60 Years of Excellence’.  Saeed & Mohammed Al Naboodah Group’s 60th anniversary coincides with the Year of Zayed, underscoring the vision and foresight of the UAE’s founding father, Sheikh Zayed bin Sultan Al Nahyan. In setting the foundations of modernity, the late Sheikh ......read more

WGS 2018: Global Policy Platform Panel Considers Supporting Female Entrepreneurs Essential for Society Advancement

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 support and empower women to become entrepreneurs and contribute to the economy on day two of the sixth World Government Summit in Dubai today.    Conducted by the UAE Ministry of Foreign Affairs and International Cooperation in collaboration with the World Bank and its sister organization, the International Finance Corporation (IFC), the ‘Women Entrepreneurs Rising Worldwide’ session introduced a new financing ......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 to the Purchase Agreement, dated as of October 27, 2016, by and between Qualcomm River Holdings B.V. and NXP. The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on February 23, 2018, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement.  American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has advised Qualcomm River Holdings B.V. ......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 UAE Exchange branch to Groupe Banque Populaire or third-party bank accounts in Morocco, while also providing the beneficiaries with an option for cash pay-out at all Banque Populaire branches.    Promoth Manghat, Chief Executive Officer, UAE Exchange Group, said: “Our strategic partnership with Groupe Banque Populaire aims at bridging the growing demand for instant remittances among the Moroccan customers. The bank’s ......read more

Central Bank launches an initiative to Develop a Pioneering and Customer-Centric National Payment Systems Strategy for the U.A.E.

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 initiative will enable the U.A.E. in transitioning to a cashless society, reducing the cost of domestic and cross-border payments, promoting innovation and positioning the country as a global leader in payment systems in line with the U.A.E. Vision 2021. H.E. Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE, said “In recent years, countries across the world have harnessed technology to accelerate economic development and ......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 citizens were recognised for excellence, achievement and commendable service and contributions in various fields such as sports, science, performing arts and media, in the 2018 Australia Day Honours List. Mr Robson was appointed to the UOWD Board in 2003 and has been the Chairman since 2010. He has made a significant and long-standing contribution to the growth and development of quality Australian higher and vocational education both domestically ......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 the banking sector. Central Bank also aims to build capabilities and develop leadership in the sector through selective Emiratization and to attract talented nationals to work at local and international banks and financial institutions.  During its participation, Central Bank is announcing over 100 job opportunities across several departments in both specialized and administrative roles. H.E Mubarak Rashid Al Mansoori, Governor of the ......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. Effective immediately, Yves Morieux, and Andreas Kyrilis will each serve as Partner for their respective practice.  BCG welcomes Yves Morieux to Dubai. He is transferring from Washington DC, as Senior Partner and Managing Director, and he will be helping to simultaneously increase productivity and employee satisfaction in the region. Andreas Kyrilis was promoted from within BCG’s Middle East system and will play a prominent role in ......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 last year, an increase of 6% over 2016. Some 19,680 licenses were renewed during 2017. According to Dr. Ahmed Rashid Al Shemaili, Assistant General Manager, Commercial Services and Business Development at Ras Al Khaimah Chamber, memberships were spread through the Chamber’s various membership grades which are classified by market capitalization.  Memberships of registered establishments were spread as follows: 2,965 establishments were ......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 expenses lower by almost 2% on the back of effective cost management High proportion of non-interest income Mashreq’s best-in-class non-interest income to operating income ratio remained high above 40%  Investment income up by 84.9% YoY Strong balance sheet Total Assets increased by 1.9% and stood at AED 125.2 billion while Loans and Advances grew by 2.9% in the year to reach AED 62.7 billion Customer ......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 with Hindi, Malayalam, Arab and Pakistani cinema, FILMFARE Middle East will be catering predominantly to the large Asian expatriate population in the UAE and the GCC, as well as a significant Arab population who love their Bollywood cinema and celebrities. Rizwan Sajan, Founder and, Chairman Danube Group said: “Filmfare re-launch was an ambitious dream but I was confident that my team and I would get the best result possible. We took some ......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 USD 25.1 billion.In view of the results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2017.  Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group’s prudent operating policies.Mr. Nemeh ......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 Rochelle Education Group, France to promote Emirati women entrepreneurs. The program commemorates the Year of Zayed initiative honouring the UAE founding father's vision, achievements as well as his inspiring values and principles.  A ceremony to mark the launch of the program was held at the French Embassy in Abu Dhabi in the presence of His Excellency Ludovic Pouille, the French Ambassador to the UAE and representatives from Union ......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), showcases its latest product innovations serving the packaging industries at the 15th edition of the Saudi Print, Pack, Plastics, and Petrochem Exhibition. MEPCO participate alongside its wholly-owned waste management arm, WASCO, which is responsible for supplying MEPCO roughly 90% of its raw material.  Commenting on MEPCO’s participation at the exhibition, Eng. Sami Safran CEO of MEPCO said: “MEPCO is a KSA-based entity with ......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 business in the Emirate. The total number of members increased by 6.8% year on year to 69,108 members by the end of 2017, compared to 64,688 in 2016, reinforcing the Chamber's position as the main reference for business in the country. The exports and re-exports of the Chamber members reached to 20 billion dirhams in a natural reflection of the advanced infrastructure provided by the Emirate to its merchants willing to expand their trade ......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 & Resorts) and was among the top three companies on all nine attributes, including global competitiveness, people management, financial strength and long-term investment.  “Our continued recognition as a Fortune Most Admired Company reflects our people’s deep commitment to excellence and producing great outcomes for our clients every day.  We are very proud of their accomplishments,” said Bob Sulentic, president ......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 events schedule for the year. The first in a series of meetings for the year, has taken place at the DP World Head Quarters in Jebel Ali Port, where senior executives have gathered to learn about the benefits of using EMAC to resolve maritime disputes, and what this means for all maritime stakeholders. Present at the meeting, Mr. Majid Obaid bin Bashir, Acting Chairman and Secretary General from EMAC and Mr. Mohamed Yousef Al Muallem, Senior ......read more

UOWD's Master of Quality Management students celebrate 5th World Quality Day

Dubai, UAE, January 21, 2018:   Master of Quality Management students from the University of Wollongong in Dubai (UOWD) along with American Society of Quality LMC (ASQ) recently celebrated the 5th World Quality Day at the University’s campus with the aim to engage students and quality professionals in dialogue regarding quality challenges, opportunities and the value it adds to businesses worldwide. Around 100 quality professionals from all levels and students attended the one-day event which included various engagement activities, presentations by industry experts and panel discussions focussing on topics such as Future Insights on Quality and Business Excellence Frameworks, Employee Engagement and Customer Experience Management.  “Celebrating World Quality Day provides a great platform for quality ......read more

Dubai's Star Business Centre becomes the first commercial centre to accept cryptocurrency as mode of payments

Dubai, UAE, January 17, 2018:  The Star Business Centre, offering state of the art fully furnished offices for new investors, business people and those international companies seeking suitable ready-made fully furnished plug-and-play workplaces, has announced that it is now ready to accept cryptocurrencies – especially Bitcoin – as a mode of payment for its services.  The company’s commercial tenants are now able to pay rents and service charges by using digital currency along with the traditional payment systems, which saves time and effort.  The digital payment system will allow Star Business Centre customers – who are multinationals and SMEs – from various industries, to focus on their business growth and expansion, without having to go through the time-consuming manual processes. ......read more

Renault-Nissan-Mitsubishi Launches a Venture Capital Fund to Invest Up to $1 Billion Over Five Years

Alliance Ventures to Prioritize Next-generation Mobility With $200 Million Year-one Funding  New entity to act as main interface for start-ups, investors and the venture capital ecosystem Fund prioritizes open innovation in new mobility, including electrification, autonomous systems, connectivity and artificial intelligence First deal to be a strategic investment in Ionic Materials, a US company developing cobalt-free solid-state battery materials Dubai, UAE, January 10, 2018:  Renault-Nissan-Mitsubishi, the world’s leading automotive alliance, today announced the launch of Alliance Ventures, a new corporate venture capital fund that plans to invest up to $1 billion to support open innovation over the next five years.    In its first year, the fund expects to invest up to $200 million in ......read more

Mashreq Bank offering credit cards for every passion

Credit Card holders to also benefit from instantly redeemable rewards  Dubai, UAE—10 January, 2018:  Mashreq Bank, the UAE’s leading financial institution, is offering a range of credit cards that cater to the diverse passions and lifestyle of a broad range of customers. Commenting on the credit cards, Pankaj Kundra, Head of Payments at Mashreq said, “Research has shown that the majority of consumers choose a credit card based on the reward points program or based on the discounts and benefits offered by the card. The UAE is a multicultural market with residents from various walks of life, and Mashreq would like to start the New Year by focusing on the UAE consumers and their passions. Be it dining, travel, shopping, fitness, or golf, Mashreq has a perfect Credit Card for every individual. ......read more

Other Top Stories from Banking and Investments
 
Sharjah FDI Forum 2017 Explores the Role of Foreign Direct Investment in the Fourth Industrial ...…

Event addresses vital technological advances that could determine the future of economies Sharjah, 23 August, 2017:  The second and concluding day of the Sharjah FDI Forum 2017, scheduled to take place on 20 September, 2017 under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah, will address current dominant economic ......read more

Bentley Announces Finalists in 2017 Be Inspired Awards Program Recognizing BIM Advancements in ...…

Dubai, United Arab Emirates; August 22 2017 – Bentley Systems, Incorporated, a leading global provider of comprehensive software solutions for advancing infrastructure, today announced the finalists in the 2017 Be Inspired Awards program. The annual awards honor the extraordinary work of Bentley users advancing infrastructure design, construction, and operations throughout the world. Ten ......read more

DAFZA issues guide on ‘Dubai: The Global Gateway to Halal Industries'…

UAE, 21 August, 2017– The Dubai Airport Freezone Authority (DAFZA) recently issued a comprehensive halal industries guide as part of its initiatives to contribute to Dubai’s vision of becoming the capital of the Islamic economy for 2017-2021. The first-of-its-kind guide titled ‘Dubai: The Global Gateway to Halal Industries’ describes Halal products in different sectors, ......read more

Invest Group Overseas Commits Investment of over AED2 Billion by 2020 Starting with Launch of IGO ...…

AED500 million tower to offer more than 440 family-friendly residential units at competitive prices in Jumeirah Lakes Towers Dubai-UAE: 21 August, 2017:  Invest Group Overseas (IGO), a Dubai-based developer of superior residential assets, today launched the mega residential development IGO 101 and announced its commitment to invest in projects valued at more than AED2 billon leading up to ......read more

Drake & Scull secures AED 175 million deal in Dubai…

UAE, August 21, 2017 - Drake & Scull International PJSC, a regional market leader in engineering and related services, has confirmed that its general contracting subsidiary, Gulf Technical Construction Company (GTCC), has been awarded an AED 175 million contract by Orion Real Estate Development L.L.C. to build the latter’s latest project, the West Bay residential tower located at ......read more

AED 200,000 awaits Business Excellence Awards Winners…

RAS AL KHAIMAH, 20 August 2017:  Ras Al Khaimah Economic Zone (RAKEZ) today opens its doors for entries for the RAKEZ Business Excellence Awards 2017. The awards recognises companies for their outstanding excellence, which played a key role in the economic development of the emirate of Ras Al Khaimah. On its fourth year, the prominent awards programme comes back with exciting addition for ......read more

Premier Global Business Leaders and Entrepreneurs to Gather in Ras Al Khaimah for the Young Global ...…

Essam Al Tamimi from Al Tamimi & Company to moderate panel on ‘Leadership, the Youth and Entrepreneurship’ during the 27 September conference Silicon Valley venture capitalist Guy Kawasaki to provide keynote speech Ras Al Khaimah, UAE, 20 August 2017:  The founder of the UAE’s largest law firm, Essam Al Tamimi, and Silicon Valley venture capitalist, Guy Kawaski, ......read more

MyUS launches initiative to tap into increase in e-commerce sales during Eid Al-Adha …

Dubai, 20 August, 2017- After witnessing a significant spike in sales during Eid Al-Adha in 2016, international shipping company MyUS is launching a local competition to capitalize on sales during this year’s Islamic holiday. The move also aims to attract new members in the region and encourage the further use of its service among existing members all over the Gulf.  During the six ......read more

Sharjah Summer Campaign continues to offer major discounts & exciting mall events…

August 20, 2017- The ongoing Sharjah Summer Campaign organized by the Sharjah Commerce and Tourism Development Authority (SCTDA) continues to offer a wide range of prizes, discounts and special shopping mall events to provide a unique experience for residents and visitors alike. The campaign aims to promote Sharjah as a leading regional and international summer destination in line with Sharjah ......read more

Sharjah FDI Forum to Discuss Future Direction of Global Investments…

Annual foreign investment conference taking place in September 19th-20th will host an array of international economic experts and renowned industry figures Sharjah, August 19, 2017:  Sharjah FDI Forum 2017, the annual foreign direct investment (FDI) event held under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah, will ......read more

Jafza attracts 267 new companies during the first half of 2017…

Dubai, UAE, August 16, 2017:  The Dubai-based Jebel Ali Free Zone (Jafza) has maintained its position as a preferred investment destination for large-scale industrial and commercial projects coming into the UAE. During the first half of 2017, Jafza attracted 267 new companies from 48 countries around the world, marking a growth of 6 percent compared to the same period last year. Jafza ......read more

Baume & Mercier and Indian Motorcycle Announce Partnership…

Dubai, UAE, August 15, 2017:   Baume & Mercier, major Swiss luxury watchmaking company part of the Richemont Group and Indian Motorcycle®, America’s First Motorcycle Company®, today announced an exclusive partnership. The historic Bonneville Salt Flats served as the venue to unveil this unique brand alliance, as Indian Motorcycle and Baume & Mercier honored the ......read more

InfoFort drives digital transformation at Sohar Port and Freezone…

Port’s digital transformation and automation to facilitate and boost global trade Dubai, UAE, August 15, 2017:  InfoFort, an Aramex company and a leading information management solution provider in the Middle East and Africa, today announced the successful implementation of an electronic document management system and digitisation of the physical records at the Sohar Port and ......read more

UAE is likely to see increased cashless transactions by 2020: Xpress Money's Strategy & Digital ...…

Regulatory frameworks and foundations being laid for rapid transition to cashless payments Dubai, August 14, 2017:  Cash is still the reigning king, but that is likely to change rapidly given the UAE’s thrust towards cultivating smart economies, says Xpress Money’s Associate Vice President – Strategy, Digital & BIA, Arundhoti Banerjee. Xpress Money – ......read more

Al Ansari Exchange named the ‘Preferred Remittance Centre of the Year' for a third consecutive time ...…

UAE, August 14, 2017- Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has once again been named as the 'Preferred Remittance Centre of the Year' in this year's edition of The Filipino Times (TFT) Awards. The distinction, which the company has won for three consecutive years now, was given in recognition of Al Ansari Exchange's provision of ......read more

Genetec Achieves Top Global Market Share Rankings across VMS, Access Control, and ALPR technologies…

Dubai, UAE, August 13th 2017—Genetec Inc. (“Genetec”), has emerged as the only security and public safety solutions developer to hold a place in the top-10 global rankings for video management software (VMS), access control software, and automatic license plate recognition (ALPR) software, according to recently published market research reports by IHS Markit, a world leader in ......read more

Abu Dhabi National Takaful Co. PSC reports solid rise in Q2 2017 results with combined net profit ...…

UAE, August 13, 2017 - Abu Dhabi National Takaful Co. PSC (ADNTC), the leading takaful operator in the MENA region and one of the most progressive insurance companies in the UAE, kept the momentum of its strong Q1 2017 performance to achieve a combined net profit of AED 40.9 million (Policyholders & Shareholders before release of Qard Hasan) and an underwriting profit of AED 34.1 million in ......read more

Sharjah calls on entrepreneurs to participate in flagship Sheraa Accelerator program…

Sheraa Accelerator will leverage Sharjah’s role as a leading hub for entrepreneurship and attract innovative startups   Second edition of Sheraa Accelerator is held in partnership with Air Arabia, Bee’ah and Crescent Enterprises Registrations open online, with deadline for application on August 31st 2017 Sharjah, UAE: (August 13, 2017):  Sharjah has taken its ......read more

Telecommunications Regulatory Authority to host RIPE 75 in October 2017…

August 13, 2017 - The Telecommunications Regulatory Authority (TRA) of the United Arab Emirates has begun preparations to host the 75th RIPE Meeting, an event that gathers Internet Service Providers (ISPs), network operators, and other parties to discuss important issues that face the internet community. RIPE 75 will take place from October 22 to 26, 2017 in Dubai, and supports TRA’s ......read more

Jebel Ali Free Zone trade reaches $80.2 billion in 2016…

China maintains its position as Jafza's largest trading partner with $ 11.3 billion  Dubai, United Arab Emirates, 13 August 2017:  Dubai-based Jebel Ali Free Zone (Jafza), a subsidiary of global trade enabler DP World, has consolidated its position as a major trading and logistics hub by growing its non-oil foreign trade by 17 per cent from 23.9 million to 27.9 million tonnes in ......read more

Credit FAQ Discusses Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns…

LONDON (S&P Global Ratings) Aug. 9, 2017:  In a Credit FAQ titled "Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns," published today, S&P Global Ratings responds to questions that have surfaced in recent discussions with issuers and investors about the implications of the Qatar boycott by a group of states for the Gulf Cooperation Council ......read more

UBS CIO: Egypt's economic growth could accelerate to 5 to 6 percent per year…

Social factors will prove decisive for Egypt's development, according to the latest report by UBS Wealth Management's Chief Investment Office. Encouraging economic prospects end years of deteriorating credit ratings across Africa, report finds. Dubai, UAE, August 8, 2017:  UBS Wealth Management's Chief Investment Office (CIO) launched a new report on Africa's ......read more

Amlak Releases First Half 2017 Results…

Amlak H1 2017 Net Profit stands at AED 15.5 million Revenue from financing business activities stands at AED 96 million Drop in Operating Cost by 18% compared to H1 2016   Drop in Financing Cost by 5% compared to the same period last year Total Assets stand at AED 6.6 billion Dubai, UAE 8 August 2017:   Amlak Finance PJSC, a leading specialized real estate ......read more

Barclays ‘Compass': Developed and Emerging Markets Equities Maintain Their Growth Momentum…

Nominal yeilds weigh down investment grade and developed governrnent bonds’ attractiveness  Strength of the structural growth in technology as well as a cyclical recovery in the financial industry should be important drivers for further gains in Emerging Markets  Dubai, UAE, August 8, 2017:  Barclays’ Private Bank released its Q3 2017 “Compass” ......read more

“Misr Um El Donia” Account launched in UAE…

Mashreq launches unique account for Egyptians living in the Emirates United Arab Emirates - Dubai, 08 August 2017:  Mashreq Bank - the UAE’s leading financial institution announces the latest addition to the banks’ roster of successful offerings - “Misr Um El Donia”. “Misr Um El Donia” is a bouquet of benefits and services that enables Egyptian ......read more

E-archiving is an enabler in prepping for VAT…

January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly ......read more

ENBD REIT Acquires First Education Asset in Dubai…

ENBD REIT to develop South View School for AED 55 million  The acquisition grows ENBD REIT’s total portfolio value to USD 367 million  The school will be Interstar Education’s fifth Dubai campus Dubai, United Arab Emirates, 6th August 2017:  ENBD REIT (CEIC) Limited (“ENBD REIT”), the Nasdaq Dubai-listed Shari’a compliant real estate ......read more

AlJeel Capital signs an exclusive UAE franchise with Shakey's…

AlJeel Capital LLC Capital is pleased to announce its latest Food & Beverage venture by launching Shakey’s in the UAE, an American leading operator in casual Pizza fast food, adopted in the Philippines, following a joint venture deal with Shakey’s Pizza Asia Ventures, Inc. (SPAVI) Dubai, United Arab Emirates, August 3, 2017:  AlJeel Capital LLC Capital is pleased to ......read more

Earnings Release and Financial Results Siemens Q3 FY 2017: Fully on track for another strong year…

Our global team delivered a solid quarter with revenue up 8% and net income growing by 7%. Our digital enterprise business impressively underscored its leading position in the market. We  are  fully  on  track  with  Vision  2020  and  for  another  strong year,« said Joe Kaeser, President and Chief Executive Officer of Siemens ......read more

Mohammed Bin Rashid Fund and Metis Management Consultancy up for post-fund monitoring of SMEs…

Dubai, 2 August 2017:   Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector – has appointed Metis Management Consultancy to conduct post-fund monitoring services for all the companies supported by the Fund.   The partnership will enable SMEs assisted by Mohammed Bin Rashid ......read more

Tejar Dubai workshop series highlights innovative strategies for entrepreneurs…

Workshops provided aspiring entrepreneurs with practical advice and best practices in adopting innovative business strategies Dubai, UAE, August 2, 2017:  Tejar Dubai, an initiative of the Dubai Chamber of Commerce and Industry, recently hosted a five-day workshop series held under the theme “Entrepreneurship and Innovation 360”, which provided aspiring entrepreneurs with ......read more

Brazil posts robust trade with Arab region as imports grow 27 percent & export share rises to 15.4 ...…

UAE, August 2, 2017 -The Arab-Brazil Chamber of Commerce (ABCC) Brazil has announced that Brazilian average daily exports to the Arab region continue to soar, reporting a robust performance during the first half of 2017. Brazil’s total export market share in the Arab region rose to 15.4 per cent during the first half of 2017, in comparison with the total export market share recorded in ......read more

ENBD REIT Announces NAV of USD 292 Million…

Total Property Portfolio Value stands at USD 352 million (AED 1.291 billion), an increase of 11.5% following the Uninest student accommodation acquisition in May 2017  Interim dividend of USD 0.0382 per share paid for the 6-month period ending 30th June 2017 Portfolio occupancy at 86%, rising by 1% on the previous quarter    Dubai, United Arab Emirates, 1st August ......read more

Regional banks urged to consider assurance of capital numbers…

Dubai, UAE, August 1, 2017:  The Institute of Chartered Accountants in England and Wales (ICAEW) has urged banks in the Middle East to follow its newly published framework for assuring bank capital numbers. The framework aims to deliver confidence in the resilience measures being undertaken by regional banks. Drawn up in consultation with banks, auditors and regulators, the framework can be ......read more

Mashreq Bank appoints new head of Private Banking…

UAE, Dubai - 31 July 2017:  Mashreq Bank today announced the appointment of Vipul Kapur as its new Head of Private Banking. Vipul replaces Rajesh Malkani who left the bank to pursue an external opportunity. Rajesh was a valued member of the senior management team of Retail Banking and made good contribution to driving the business. Vipul Kapur comes with a distinguished 25-year track ......read more

Dubai Chamber and Google host joint workshop to boost members' online reach…

Workshop aims to strengthen online presence of Dubai Chamber members through the Google My Business solution Members get the chance to verify their business on Google My Business and take advantage of the solution’s value-added features  Dubai, UAE, July 31, 2017:  The Dubai Chamber of Commerce and Industry recently hosted a workshop in partnership with Google to assist ......read more

Continued Financial Growth for Majid Al Futtaim as Business Prepares for Future of Retail…

Story of Growth Note:  The following information is a trading statement based on unaudited management accounts for Half Year ended 30 June 2017. Delivered increased group revenue and EBITDA by 4% year-on-year Acquired Retail Arabia to complement, consolidate and expand Carrefour’s network to more than 210 hypermarkets and supermarkets across 15 countries and gained market ......read more

UAE business to have representation on the global board of Entrepreneurs' Organisation…

Dubai, July 30, 2017:  As Entrepreneurs' Organisation (EO) celebrates 30 years, a UAE-based businessman has been appointed for the first time to the global board of the organisation. A global business network of entrepreneurs, EO is one of the most prestigious business clubs worldwide. Sanjay Raghunath, Chairman and Managing Director of Centena Group, a Dubai-based group of companies, ......read more

Mashreq announces MashreqPay, the most advanced banking wallet in the UAE…

UAE- Dubai, 30 July 2017:  The UAE’s market leader in innovation, Mashreq Bank, has announced the launch of MashreqPay - a digital mobile wallet providing secure easy-to-use payment for purchases, anywhere in the world where cards are accepted and the merchant terminal has NFC (near-field-communication) capability. Since 2014, when Mashreq launched the first mobile contactless ......read more

Drake & Scull appoints Mohammad Atatreh as its Board Member…

UAE, July 30, 2017 - Drake & Scull International PJSC, a regional market leader in engineering and related services, has announced today the appointment of seasoned UAE entrepreneur Mohammad Atatreh as its Board Member during the Company’s Board meeting. Atatreh replaces Khalaf Sultan Al Daheri who resigned from his seat on the Board.  Atatreh was a Board Member of several ......read more

Arab Bank Group reports first half 2017 net income after tax of USD 415.2 million…

Amman, Jordan, 30 July, 2017:   Arab Bank Group announced its results for the first half of 2017 reporting net income after tax of USD 415.2 million as compared to USD 424.9 million for the corresponding period of 2016. The results were driven by solid growth in underlying core revenues and were achieved despite the impact of the translation effect of foreign currency devaluations. Net ......read more

Shurooq Completes 60% of Fossil Rock Lodge Project…

As part of a new "Sharjah Collection" addition opening in 2017 “Fossil Rock Lodge” to introduce a memorable and authentic tourism experience on nature and culture in the heart of Mleiha Al Sarkal: "Shurooq continues to develop unique and outstanding tourism destinations which supports the highest standards of sustainability" Sharjah, 29 July 2017: ......read more

UOWD and Australian Institute of Company Directors (AICD) announce partnership…

AICD to offer International Company Director Course to governance and business leaders in Dubai Dubai, July 27, 2017:  University of Wollongong in Dubai (UOWD) and Australian Institute of Company Directors (AICD) have signed a Memorandum of Understanding (MoU) with the aim of achieving mutually beneficial objectives and setting out a framework for promotion and collaboration on ......read more

Dubai Science Park Business Breakfast Unveils Opportunities in Healthcare as Identified by Dubai ...…

Dubai Science Park co-hosts event with Al Tamimi & Company as part of business series  Dubai-UAE: 27 July, 2017:  Dubai Science Park (DSP), the Middle East region’s first science-focused business community, hosted a business breakfast this week at its Laboratory Complex in partnership with leading regional law firm Al Tamimi & Company.  Attended by a delegation ......read more

UAE Exchange Gives Away Home to Lucky Summer Promotion Winner…

Ubaidulla Neralakatte from India walks away with life-changing grand prize of a home in Dubai. 25 lucky participants, from Egypt, Kenya, Philippines and the Indian subcontinent, each win AED 10,000 in cash.  Dubai, 26 July 2017:  The door to good fortune opened for 26 lucky participants as UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, ......read more

DuPont Reports Second-Quarter and First-Half Results…

UAE, July 26, 2017 – DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced second-quarter 2017 GAAP1 earnings from continuing operations of $0.97 per share and operating earnings2 of $1.38 per share.  Prior year GAAP1 and operating earnings2 were $1.16 per share and $1.24 per share, ......read more

Business confidence improves in Dubai during Q3-2017…

Dubai Chamber survey shows improvement in Dubai business leaders’ expectations for access to financing, manpower quality 39% of respondents expect business conditions to improve and 45% expect business confidence to strengthen in Q3-2017 SMEs were more optimistic than large companies in their expectations on business conditions and confidence  Dubai, UAE, July 25, 2017: ......read more

BOND Goes Live on ICS BANKS from ICS Financial Systems…

Dubai, UAE, July 24, 2017:  Ghana, Africa: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that BOND Savings & Loans Ltd, has gone live on its awards winning universal banking solution ICS BANKS. BOND Savings & Loans Ltd, selected ICS BANKS in February,2017 and has successfully gone live in the 20th ......read more

Malta's favourable tax climate and burgeoning tourism sector attractive to developers, says DAMAC's ...…

DAMAC Chairman meets Maltese PM Dr. Joseph Muscat during first of several planned visits to explore investment opportunities Dubai, United Arab Emirates – 24 July 2017:  DAMAC International Chairman, Hussain Sajwani, sees Malta as a favourable investment destination, following a tour of the island-nation and a private meeting with Maltese Prime Minister Dr. Joseph Muscat. The two ......read more

US technology stocks most popular for UAE investors in H1 2017…

Dubai, UAE. July 23, 2017:  UAE stock investors aligned with global investment trends during the first of half of 2017, according to Saxo Bank, the online multi-asset trading and investment specialist, which has published results announcing the most traded stocks on SaxoTraderGO – the trading platform that provides instant access to global financial markets – between January and ......read more

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