Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
Dubai Investments Announces 10% Cash Dividend to Shareholders

Abdulrahman Ghanem Al Mutaiwee is the new Chairman and Khalid Bin Kalban is the new Vice-Chairman   Dubai, UAE, June 4th 2020:  Dubai Investments, the leading Middle East investment and a public joint stock company listed on the Dubai Financial Market (DFM), has announced distribution of 10% cash dividend to the shareholders for the financial year ending December 31, 2019. A proposal to this effect was approved by the shareholders at the company’s virtually held 24th Annual General Meeting [AGM] on June 3rd, 2020. Abdulrahman Ghanem Al Mutaiwee was elected as the company’s new Chairman and Khalid Bin Kalban as its new Vice-Chairman. The other board members comprise of Ali Fardan Ali Al Fardan, Mohamed Saif Darwish Al Ketbi, Khaled Mohammad Ali Al Kamda and two new members, Abudulrahman Mohamed Rashed ......read more

Crude oil's continued recovery challenged by quota-cheating

Dubai, United Arab Emirates, June 03, 2020:   Brent crude oil’s return to a $40/b handle has so far proved to be short-lived. During the past week the oil market has continued to move higher in the belief that the OPEC+ group of producers would extent a deal to curb production. Thereby continuing their support for the market while demand slowly recover.  Saudi Arabia and Russia, the leaders of the group, have preliminary agreed on a one month extension of existing OPEC+ cuts. The problem however is once again what to do with countries that fail to deliver the promised cuts. Moscow, usually a laggard in previous deals, has almost reached its target of 8.5 million barrels/day. That has left the group in a stronger position to demand compliance from others.  Among the OPEC producers Saudi Arabia and the UAE ......read more

With the Global Crisis being Experienced, France does not lose Sight of Success

Business France announces Record High Investments and Jobs Generated in 2019’s annual Foreign Invest in France Report    o International investment in France last year reached a record high thanks to an annual investment increase of 11 per cent and nearly 40,000 jobs being created or maintained.   o France was the leading European destination for industrial investment projects whereby production and manufacturing activities are the leading contributors to employment.   United Arab Emirates: June 3rd , 2020:   Business France, the national agency supporting the international development of the French economy, has released its Foreign Investment Report for 2019 highlighting how France, has once again become the country to which international investors turn to for international ......read more

DHL Partners With Tabby to Offer Online Retailers a Simpler Alternative to Cash on Delivery

Tabby offers shoppers the option to ‘buy now and pay later’  Dubai, United Arab Emirates, June 03, 2020:   DHL Express, the world’s leading international express services provider, has partnered with Tabby, the first Buy Now Pay Later business in the GCC region, to provide DHL’s customers with payment solutions that address the region’s dependence on cash.  DHL’s e-commerce customers can now provide a simpler and viable alternative to cash on delivery (COD) to their customers in the UAE by offering Tabby’s “Pay Later” option on their website.   This will allow shoppers to instantly checkout, without having to provide a credit card when they make a purchase, thereby addressing the main concerns customers consider when choosing COD for online ......read more

REPORT: Consumers See Tech Innovation as Critical for Future Sustainability

Dubai, United Arab Emirates, June 02, 2020:   The latest Ericsson ConsumerLab report reveals fresh insights on consumer attitudes toward sustainability challenges - and how technology could help them to make a greater positive impact. From governments and businesses, to millions of school children going on strike as part of Fridays for Future - the question of how to lead more sustainable lives has become more prevalent across society. But where do everyday consumers stand in this? Do their habits and actions reflect their perceptions? And do they consider ICT as a tool for helping them address their potential impact? Ericsson’s latest ConsumerLab report: ‘Consumers, sustainability and ICT’ looks deeper into these topics. Based on a quantitative study of 12,000 internet users from across the ......read more

ESG Funds on the Radar for MENA Based Investors

• Companies with better ESG ratings outperformed the broader market during turbulent first quarter • Strong performance could continue as the world aims to ‘build back better’ following Covid-19 pandemic • ESG investments strongly aligned to GCC government visions on sustainability     Dubai, 1 June 2020: The performance of environmental, social and governance (ESG) funds during the Covid-19 pandemic and their alignment with government visions in the GCC make them a compelling choice for investors in the Middle East, according to Aberdeen Standard Investments (ASI).     In the first quarter of this year, the Covid-19 pandemic prompted the most severe stock-market crash since the global financial crisis. But for investors who focus on ESG issues, there was some ......read more

The Canada Visa Application Centre reopens in Dubai from 31 May 2020

 Provides limited visa services from Sunday to Thursday between 1000 to 1800 hrs   Dubai, United Arab Emirates, June 01, 2020:   Under the  directives received from the Immigration, Refugees and Citizenship Canada (IRCC), VFS Global, the world's largest visa outsourcing and technology services specialist for governments and diplomatic missions worldwide, has reopened its Canada Visa Application Centre in Dubai with strict health and safety guidelines in place.    Located at the Wafi Mall, 3rd Floor, 2 Umm Hurair 2, Dubai, the centre restarts operations from 31 May 2020 and will initially limit its visa services to:    1. Accepting biometric collection from customers who have prior appointment and biometric instruction letter (BIL).   2. Return of ......read more

Allocations to Emerging Markets Debt and ESG-Related Bonds on the Rise

• Allocations to EMD have surged, driven by EMEA and APAC investors • ESG adoption rockets in EMEA and APAC; EMEA investors most bullish on ESG performance and future prospects  • Majority concerned about bond market liquidity, even before Covid-19     DUBAI, 31 MAY 2020 – Invesco recently released findings from its third annual Global Fixed Income Study an in-depth report outlining sentiments discerned from interviews with 159 CIOs and fixed income asset owners globally. The study offers insights into asset allocation decisions, strategies, and methods of implementation, as well as future intentions of fixed income investors and reveals how they were positioned in the leadup to the market turmoil arising from the COVID-19 pandemic.   Highlights from the study reveal: 72% of ......read more

Blue Ocean for Islamic Finance Industry

 By Miljan Stamenkovic, Regional Director, Mambu   Dubai, United Arab Emirates, May 31, 2020:   Islamic finance is going digital. Muslims around the world are looking for alternative Shariah-compliant solutions to manage their daily finances. New fintechs offering Islamic banking products and services are on the rise and there is a blue ocean for established Islamic banks and challengers in the underbanked segments of Islamic countries. Digitisation is helping Islamic banks reach these populations and provide them with products that are more aligned with their ethical codes.   Challenges that drive the adoption of fintech in Islamic banking The fact that millennials make up a large chunk of the customers of Islamic banking means that they will also direct its growth. A recent study conducted by  Alvarez ......read more

Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce

Dubai, United Arab Emirates, May 31, 2020:   Commodities trading was mixed during the final week of May. A month that turned out to be the come-back month for many markets following the Covid-19 related collapse seen during Q1. The continued easing of lockdowns around the world have, despite dismal economic data, raised hopes that a V-shaped recovery may occur over the coming months.  This is optimism we unfortunately do not share - with millions of workers unlikely to return to work, together with the risk of the virus re-emerging as some economies attempt to open-up too soon. The Bloomberg Commodity Index traded lower, with the energy sector giving back some of their record gains seen after the April collapse. Industrial metals also traded softer on rising US-China tensions despite the National People’s Congress ......read more

SCCI, SIB Hold Virtual Meeting to Discuss Banking Sector Trends to Face the Current Challenges

Sharjah, May 30, 2020:  The Sharjah Chamber of Commerce & Industry, SCCI, and Sharjah Islamic Bank (SIB) recently held a virtual joint meeting to discuss the latest developments of the impact of the new coronavirus (COVID-19) on the economy and explore avenues of the mutual cooperation to stimulate businessmen, especially within the most affected sectors, as well as to learn closely about banking sector trends in finding the proper mechanisms for supporting the governmental efforts to face the repercussions of the current stage. The meeting was held in the presence of His Excellency Abdullah Sultan Al Owais, Chairman, SCCI, the meeting was attended by His Excellency Mohammed Abdullah, CEO of Sharjah Islamic Bank, His Excellency Waleed Bu Khatir, SCCI Second Vice Chairman, His Excellency Ziad Mahmoud Khairallah Al-Hajji, SCCI ......read more

Danube Group Chairman Files Case With Dubai Police Against Scam Star for Faking Facebook Account to Get Donation

Cybercriminals created a fake Facebook account allegedly to swindle money by raising donations from friends of Mr Rizwan Sajan, Founder and Chairman of Danube Group  Date: Dubai, UAE, May 27, 2020  Rizwan Sajan, Founder and Chairman of Danube Group, has filed a complaint with Dubai Police’s cybercrime unit against impersonating him through a fake Facebook account to allegedly swindle money by seeking donations from his friends.  A cybercriminal last week created a clone Facebook account in Mr Sajan’s name and started seeking donations in his name. One of Mr Sajan’s friends then notified him out of suspicion, when the scam came to his notice that prompted him to take legal action.  “Please note that someone has again created a fake account under my name and is sending random ......read more

Trina Solar Publishes Its Vertex Module Technology White Paper, Unveiling a Brand New Technology Platform

Dubai, UAE - May 23, 2020:  Trina Solar Co., Ltd (“Trina Solar” or the “Company”), the world’s leading PV and smart energy total solution provider, has published a technology white paper on its 500W-plus Vertex ultra-high power modules (the “Vertex”).  According to the white paper, the Vertex has built up a brand new product technology platform by breaking the inherent impression and conclusion of the module, and holds great potential for realizing 600W and higher power output based on its optimized solutions in terms of product design, manufacturing, transportation, system compatibility, etc.  Considering the impact of high current output on the junction box and inverter, module size on the installation, handling, transportation and logistics, Trina Solar has taken the lead ......read more

SALAMA Announces AED 13.65 Million Profit for Q1 2020

Dubai - United Arab Emirates, May 23, 2020:  Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest and oldest Takaful provider, has announced its reviewed financial results for the quarter ending March 31, 2020, reporting a net profit attributable to shareholders of AED 13.65 million compared to AED 14.96 million in Q1 2019. The Gross Written Contribution grew by 26% to reach AED 441 million in Q1 2020 compared to AED 351 million in Q1 2019. SALAMA continues to maintain its leading position in the Takaful segment of the UAE market. Despite global uncertainty due to COVID-19, SALAMA continued on its growth trajectory, achieving a substantial increase in its Gross Written Contribution. All lines of business and subsidiaries performed as per expectations, except SALAMA Algeria, which reported decreased ......read more

Made in Italy, ICSA® Issues a Notification of Counterfeit Products Found in the Kingdom of Saudi Arabia

Counterfeits of door hinges are found in the KSA Concesio, Italy - (EMAILWIRE.COM) - The following is a notification from ICSA Serrature Srl that the door hinge identified below bears a counterfeit UL Certification Mark.  The door hinge has not been evaluated by UL to the appropriate Standards for Safety and it is unknown if they comply with any safety requirements.   Although the door hinges are marked ICSASRL, the door hinges were not manufactured or labeled by ICSA Serrature Srl.   Name of Product: Ball Bearing Hinge   Remedy: ICSA Serrature Srl recommends that these products be immediately removed from service and be replaced with UL Certified door hinges.   Identification on the Product: The product is marked with a counterfeit UL Listing Mark and the ......read more

VFS Global Joins Nation's Biggest Community Campaign; Donates to the 10 Million Meals Initiative

Dubai, UAE 21 May 2020:  Supporting government’s efforts to strengthen the country during crises, VFS Global, the world's largest visa outsourcing and technology services specialist for governments and diplomatic missions worldwide, made a conscious decision of donating meals to the less fortunate people in the UAE through the 10 Million Meals initiative. Instead of customary hampers, the donation was company’s way of giving a meaningful gift on the occasion of Eid Al Fitr to its business partners. Described as the “nation’s biggest community campaign”, 10 Million Meals is launched under the umbrella of the Mohammed bin Rashid Al Maktoum Global Initiatives in response to the COVID-19 pandemic. The initiative aims at reaching out to vulnerable individuals and families in the UAE by providing them ......read more

UAE Banks Among Top Performing in GCC, KPMG Report Finds

21 May 2020: KPMG recently released its fifth edition of the ‘GCC listed banks’ results’ report, which analyzes the published results of listed commercial banks across the region for the year ended 31 December 2019. The report, titled ‘New Age Banking’, demonstrates that the UAE’s top ten banks reported positive results in 2019, with an average 13.9 percent growth in net profit, the highest among GCC countries, driven by an increase in the overall loan book and inorganic growth.  The local banking sector continues to show strength and resilience as top UAE banks reported the region’s highest growth in their asset base of 19.5 percent. UAE-based Emirates NBD reported the highest net profit across the GCC, at USD 3.94 million, and the highest return on equity at 21.8 ......read more

ENEC Completes Significant Test for Unit 4 at Barakah

- Cold Hydrostatic Testing successfully completed at Unit 4 of the Barakah Nuclear Energy Plant     19 May 2020, Abu Dhabi, UAE:  The Emirates Nuclear Energy Corporation (ENEC) has successfully completed Cold Hydrostatic Testing (CHT) at Unit 4 of the Barakah Nuclear Energy Plant, the Arab world’s first nuclear energy plant being built in the Al Dhafra region of Abu Dhabi, UAE. The testing incorporated the lessons learned from the previous three units and is a crucial step towards the completion of Unit 4, the final unit of the Barakah plant.   As a part of CHT, the pressure inside Unit 4’s systems was increased to 25% above what will be the normal operating pressure, demonstrating the quality and robust nature of the Unit’s construction. Prior to the commencement of CHT, Unit ......read more

Matrix Public Relations to Support Local Companies with Free PR Services as COVID-19 Continues to Bite

Dubai, UAE, May 18, 2020:  In a move to cushion local businesses in the wake of the dreaded COVID-19 pandemic, boutique communication agency, Matrix Public Relations, has signed on three companies on a pro bono basis. The companies were nominated by members of the public following the agency’s nationwide social media campaign held in April in search of local success stories from homegrown businesses that needed to be told. As part of the deal, Matrix Public Relations will offer free strategic communications support to the winning companies for a period of two months. This gesture, according to the agency’s spokesperson, will help the companies to create awareness and generate publicity for their activities during the pandemic and most importantly highlight the impact these actions have had on the ......read more

Orient's Premium, Profit and Equity Grow in Quarter 1, 2020

Orient announced its first quarter results of 2020.     Dubai, United Arab Emirates, May 17, 2020:   Despite the challenging times facing businesses across the world, Orient continues its growth trajectory in all areas of insurance operation such as Premium, Technical Profit, Net Profit, Shareholders’ Equity, Assets, Cash and Bank Deposits.   Compared with the same period of last year, the profit has increased from AED 166 million  to AED 171 million,  with the Gross Written Premium going up from AED 1.3 billion to AED 1.5 billion, an increase of 15%.    The Equity has crossed the 3 billion mark, the only company in the country to achieve this feat and reached AED 3.1 billion from AED 2.8 billion, an increase of 11%.   Orient’s assets increased from ......read more

Commodity Weekly: Gold and Silver Pop as Economic Clouds Darken

By Ole S. Hansen | May 17, 2020 With parts of the world beginning to emerge from Covid-19 lockdowns the financial markets have tried to strike an optimistic note, not least supported by a wall of money and rock-bottom interest rates. Just like when a hurricane or natural disasters strike havoc, the longer-term impacts are first seen in the aftermath. During the past few weeks we have started to see the horrendous damage done to the global economy from many weeks of inactivity.  The coming months are likely to see a wave of bankruptcies, major negative corporate earnings revisions and with that, the risk that unemployment will remain stubbornly high. Self-imposed social distancing will keep the whole experience industry from travelling and exhibitions, to restaurants and cinemas under pressure for months to come. The need to keep ......read more

World Finance Names ICS Financial Systems as Best Islamic Banking & Finance Technology Provider at 2020 Islamic Finance Awards May, 2020

Dubai, United Arab Emirates, May 16, 2020:    The latest edition of World Finance magazine is out now and has confirmed ICS Financial Systems (ICSFS) as Best Islamic Banking & Finance Technology Provider as part of its Islamic Finance Awards. The Islamic banking sector has been growing rapidly in recent times and it is certainly an area of the market that ICSFS has been supporting through its Shari’a compliant solutions.     One of the products that particularly caught the eye of the World Finance judges was ICS BANKS, a fully integrated banking application developed by ICSFS that enables banks to automate and streamline their services. ICS BANKS comes with a bespoke Islamic service that has helped financial institutions to achieve a competitive edge by offering a comprehensive suite of Islamic ......read more

Arab Bank Group Reports First Quarter 2020 Net Profit of $147.6 Million

Dubai, United Arab Emirates, May 14, 2020:   Arab Bank Group reported net income after tax for the first quarter of 2020 of $147.6 million as compared to $231.8 million for the prior period, recording a decrease of 36%. Total loans amounted to $26.2 billion as of March 31, 2020 compared to $25.8 billion for the same period in the previous year, with a growth rate of 2%, while customer deposits grew by 5% to reach $35.2 billion compared to $ 33.7 billion for the same period in the previous year. The Group maintained its strong capital base with equity of $9.2 billion and a capital adequacy ratio of 16.5%. Mr. Sabih Masri, Chairman of the Board of Directors remarked that the performance of Arab Bank confirms the success of the diversified business model of the Group regionally and globally. He also pointed out that the next ......read more

COVID-19 Triggers Marked Decline in Global Trade: UNCTAD

• Global trade values fell 3% in the first quarter of 2020 • An estimated quarter-on-quarter decline of 27% is expected in the second quarter • Commodity prices fell by a record 20% in March, driven by steep drops in oil prices    13 May 2020:  The coronavirus pandemic cut global trade values by 3% in the first quarter of this year, according to the latest UNCTAD data published in a joint report by 36 international organizations.   The downturn is expected to accelerate in the second quarter, with global trade projected to record a quarter-on-quarter decline of 27%, according to the report by the Committee for the Coordination of Statistical Activities (CCSA).   The report is a product of cooperation between the international statistics community and national statistical ......read more

Saxo Bank Market update: Copper and Silver Focus

Dubai, United Arab Emirates, May 13, 2020:    Market update: Copper and silver focus By Ole Hansen, Head of Commodity Strategy, Saxo Bank Industrial metals such as copper started the week on a firm footing, reaching a seven-week high, before retracing lower. Silver meanwhile has followed more or less the same recovery trajectory since hitting a multi-year low in March. We take a closer look at the current drivers impacting both metals and what may lie in store over the coming weeks What is our trading focus? COPPERUSJUL20 - HG Copper SILVERJUL20 - Silver XAUXAG - Spot Gold-silver ratio Industrial metals such as copper started the week on a firm footing, reaching a seven-week high, before retracing lower. Just like crude oil and growth and dependent commodities it has now established an uptrend with rising ......read more

Other Top Stories from Banking and Investments
 
GCC insurance industry to witness growth revival, forecasts Alpen Capital…

Dubai, UAE - November 25, 2019:     Alpen Capital (ME) Limited, Dubai-headquartered investment banking advisory firm, announced the publication of its latest report on the GCC Insurance Industry for the year 2019. The report provides a comprehensive overview of the GCC insurance sector and outlines the recent trends, growth drivers and challenges in the sector. It also ......read more

DAFZA discusses future collaboration with Bank of China Delegation…

Dubai, UAE - November 24, 2019:   Dubai Freezone Authority (DAFZA), represented by Director General, His Excellency (H.E.) Dr. Mohammed Al Zarooni, and a number of officials this week welcomed a delegation from the Bank of China, led by Executive Director of the Board Mr. Lin Jingzhen and senior delegates. The meeting took place at DAFZA Square Business Center to discuss future ......read more

WCU: Commodities caught between weak data and trade hopes…

Dubai, UAE - November 24, 2019:  The Bloomberg Commodity Index traded lower for a third week with macro-economic data continuing to signal further weakness ahead. Losses in energy, led by natural gas and not least industrial metals, courtesy of a nickel drubbing, were only partly off-set by gains in precious and platinum group metals. The agriculture sector was mixed with soybeans and cotton ......read more

Mimecast Threat Intelligence Report Analyzes 99 Billion Rejected Emails…

Transportation, Legal and Banking Sectors Hit the Hardest by Cyberattacks, According to New Mimecast Report     Dubai, UAE – November 20, 2019:   Mimecast Limited (NASDAQ: MIME), a leading email and data security company, today announced the availability of its quarterly Threat Intelligence Report: Risk and Resilience Insights. The report provides technical ......read more

Wethaq launches first ‘fintech' Sukuk on its market infrastructure using SWIFT gpi Link…

Dubai, 19 November 2019:   Today, Wethaq announced that it has issued the first pilot Sukuk on its securities market infrastructure for the Islamic capital markets under the supervision of the Dubai Financial Services Authority.   Al Ghurair Investments LLC (AGI) acted as the issuer, advised by Mashreqbank PSC acting as lead arranger, R3 as protocol provider, ......read more

Ahmad Bin Shafar receives global recognition for his efforts in district cooling…

Dubai, UAE, 18th November 2019:   Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, attended a Gala Dinner organized by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) at Westin Dubai Mina Seyahi Beach Resort & Marina, Dubai. A delegation from ......read more

Saudi Aramco's Debut IPO Could Support The Sovereign's Net Asset Position…

November 17, 2019:    S&P Global Ratings said today that Saudi Aramco's forthcoming IPO on the Saudi Stock Exchange (the Tadawul) could enable the sovereign to further strengthen its net asset position. And, if subsequently effectively deployed, the funds raised could be used to support longer-term economic growth in Saudi Arabia (unsolicited; A-/Stable/A-2). Saudi Arabia ......read more

More than 700 insurance certificates issued for AFZ workers in cooperation with Dubai Insurance…

AFZ is the first free zone in the country to introduce the new system Ajman, United Arab Emirates (November 16, 2019):   Ajman Free Zone has confirmed the effectiveness of the new insurance umbrella launched several months ago in cooperation with Dubai Insurance to protect workers' rights and reduce the burden on investors of the free zone, as well as contribute to the ......read more

Empower develops AI based technology for TES operation saving…

Annual Saving of 6,880 megawatt-hours electricity    Dubai, UAE, 14 November 2019:   Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, announced developing of a new system that uses Artificial Intelligence (AI) to operate Thermal Energy Storage (TES) tanks at its district cooling plants. As per the ......read more

SmartCrowd, MENA's Only Regulated Real Estate Investments Platform Graduates from DFSA's ITL and ...…

Dubai, UAE, November 12, 2019:  SmartCrowd Limited, a Dubai-based company and MENA’s first financially regulated real estate investments platform (REIP) has announced today that the company has fulfilled all regulatory requirements and graduated to a full license from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services based in the Dubai ......read more

Beyond Compare: Craft and Culture Combine in Luxurious New Pen Collection…

 Bentley Motors and Graf von Faber-Castell launch an exclusive new collection of writing instruments  New Ebony series combines natural luxury materials with finest quality craftsmanship  Incomparable design appeals to automotive lovers and connoisseurs of fine writing culture   Three distinctive writing instruments unite opulence and ......read more

Western Motors signs MOU with Emirates Driving Company…

Agreement seeks to promote off-road safety & sand dune adventures in the UAE Exclusive training course to be offered to new Western Motors Jeep Wrangler Abu Dhabi, 10 November 2019: Western Motors, Jeep authorized distributor in the Emirate of Abu Dhabi and member of ALFAHIM Group, has signed a Memorandum of Understanding (MOU) with Emirates Driving Company (EDC) to jointly promote ......read more

P&O Marinas and Fabulous Yachts Announce the 3rd Edition of the International Superyacht Summit…

Top Superyacht Marinas Developers, Superyacht Builders, Experts and Enthusiasts Will Gather in Dubai to Discuss the Impact of Superyacht Marina Developments in Lifestyle and Tourism, And The Emerging Trends in The GCC and Worldwide   Dubai, United Arab Emirates, 10 November 2019:  The third edition of The International Superyacht Summit has been confirmed to take place on March 11 ......read more

Metito's policy on water reuse identified as ‘progressive and disruptive' by global awarding body…

Metito received the ‘Progressive Disruptive Policy in Water Reuse’ award at this year’s International Desalination Award World Congress 2019     Dubai, United Arab Emirates - November 10, 2019:    The International Desalination Association (IDA) World Congress 2019, which recently took place during the celebration of Green Week, has recognised a ......read more

Evonik confirms full-year earnings outlook despite ongoing weakness in global economy…

• 2019: Adjusted EBITDA to remain at least stable • Free cash flow outlook for full year confirmed and specified: around €700 million • Q3: Sales and operating earnings below year-ago period • Stricter cost discipline supports earnings       Dubai, United Arab Emirates - November 10, 2019:   Essen, Germany. Evonik is sticking ......read more

Brazil-Arab ties soars to greater heights with Year-on-Year trade balance growth of 50.57 percent…

Brazil’s exports to Arab states from January to October reached USD 10.34 billion UAE investments in Brazil currently stand at approximately USD 5 billion November 9, 2019- Trade relations between Brazil and Arab countries continue to soar to greater heights as seen in the recording of a Year-on-Year (YoY) growth of 50.57 per cent in trade balance from USD 3.1 billion from January ......read more

DuPont Announces 2030 Sustainability Goals…

Nine Goals Focus on Innovation, Operations and People to Deliver Business Growth with Societal and Environmental Benefits November 7, 2019 – DuPont (NYSE: DD) recently announced its 2030 Sustainability Goals, underscoring the importance of sustainability in fulfilling its purpose of delivering essential innovations to help societies thrive. The nine long-term goals are based on a ......read more

Jafza – First Free Zone to Roll Out Workforce Protection Programme…

Thousands of Workers to Benefit as DP World, UAE Region’s Parks and Zones Sign Up with Dubai Insurance Company to Provide Wide-Ranging Cover   Dubai, United Arab Emirates, 06 November 2019: DP World, UAE Region’s flagship Jebel Ali Free Zone (Jafza), signed an agreement with Dubai Insurance Company (DIC) to roll out the Workforce Protection Programme that will cover the ......read more

Dubai FDI signs MoU with Standard Chartered Bank…

Partnership to enable support & collaboration across global initiatives and projects related to attracting more investments into Dubai November 5, 2019: Dubai FDI, the investment development agency of Dubai Economy, announced the signing of a memorandum of understanding (MoU) with Standard Chartered Bank, to facilitate consultation, cooperation and exchange of information in areas of ......read more

Ajman Free Zone Sponsors Fifth Edition of the UAE-India Economic Forum…

The Forum, in Dubai, provided an opportunity to further the bi-lateral trade relationship existing between the UAE and India   Sheikha Al Nuaimi of Ajman Free Zone offered comment on the importance of business start-ups for the UAE economy     Ajman, United Arab Emirates (November 5, 2019):   Ajman Free Zone was a main sponsor of the Fifth Edition of ......read more

The ITC and SOFRECOM partnership to deploy fiber network in the Kingdom of Saudi Arabia: Main ...…

November 5th, 2019:   Almost two years after the announcement of their partnership to pilot the implementation and management of Outside Plant (OSP) across Saudi Arabia's regions by 2020, the Integrated Telecom Company (ITC), leader in information and communication technologies in Saudi Arabia and Sofrecom, a subsidiary of the Orange Group, specialized in Consulting and ......read more

Saxo Banks Marks a Decade in the Middle East…

Regional Assets Under Management Rise 25% on an annualized basis and client numbers grow five-fold over decade    Dubai, United Arab Emirates - November 04, 2019:    Saxo Bank, the leading fintech and regtech specialist focused on multi-asset trading and investment, is celebrating 10 years of operations in the Middle East, reporting a 25% annualized growth rate for ......read more

Dubai Dialogue 2019 examines business benefits of embracing sustainable innovation…

• Dubai Chamber’s largest sustainability conference brought together public and private sector stakeholders to discuss how businesses can harness sustainable innovation to tackle global challenges • Buamim: Technological advancements and growing consumer demand for sustainable products are leading more companies to make sustainable innovation a top ......read more

TBI Receives ‘safest Bank in Iraq 2019' by Global Finance…

Abu Dhabi, November 3, 2019:   Trade Bank of Iraq (TBI) has been named "Safest Bank in Iraq" by Global Finance magazine in an exclusive survey as part of the publication's annual ranking of the World's Safest Banks. The award, in its 28th edition, evaluates the long-term foreign currency ratings from global ratings agencies Moody’s, Standard & Poor’s ......read more

Tabreed Reports Net Profit of AED 329.1 Million in the Third Quarter of 2019…

Moody’s reaffirms Tabreed’s Credit Rating     03 November, 2019:  Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in UAE, released today its consolidated financial results for the first nine months of 2019, reporting an increase of 3.1% in the net profit to AED ......read more

Tilal Properties spurs investment growth in Sharjah with promising opportunities…

Dubai, United Arab Emirates - November 02, 2019:    The Emirate of Sharjah represents an investment-conducive, business-friendly destination for many investors from all over the world for its robust infrastructure, streamlined procedures in addition to consistent, reliable and performant services. The business landscape in Sharjah is characterised by security, diversity and ......read more

Virgin Hyperloop One and Saudi Arabia's KAUST Partner to Spur Country's Technology and Transport ...…

World’s leading hyperloop company and Saudi’s renowned King Abdullah University of Science and Technology (KAUST) sign agreement during Future Investment Initiative    NOVEMBER 02, 2019:  Virgin Hyperloop One (VHO), the world’s leading hyperloop company, today announced the signing of a Memorandum of Understanding with the Kingdom’s renowned King ......read more

Peru trade relations to scale new heights with Expo Peru in Dubai…

Waiting for starring participation at Expo 2020 Dubai, the first Peru Expo in Dubai will feature a delegation led by Mr. Edgar Vásquez, the Minister of Foreign Trade and Tourism; Mr. Luis Torres, the Executive President of PROMPERÚ.    Dubai – October 31, 2019:   Peru, the highest ranking Latin American nation, presents a constellation of ......read more

GCC's USD 80 Billion Investment in Water Sustainability Takes Centre Stage at Water Expo in Abu ...…

UAE Water Security Strategy 2036 and Saudi Arabia’s Qatrah Initiative Illustrate Shift from Desalination to Water Demand and Reuse;  Water Expo & Forum at World Future Energy Summit to Showcase Water Tech, and Bring Together Regional and Global Customers and Investors;  Abu Dhabi Sewerage Services Company, as the Water Expo Strategic Partner, will Showcase UAE ......read more

ADDED Undersecretary H.E. Al Balooshi leads opening of IREIS 2019 in Abu Dhabi…

Leading show attracts investors, industry experts, professionals, stakeholders, and visitors from all over the globe Abu Dhabi, October 30, 2019: H.E. Rashed Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development (ADDED), today (Wednesday, October 30, 2019) led the inauguration of the much anticipated 11th International Real Estate & Investment Show ......read more

Gemini Chairman Sudhakar Rao feted for Lifetime Achievement at Indian Excellence Awards…

Sudhakar R. Rao, Chairman of Gemini Group has been honoured with an award of Best Entrepreneur for his excellence in the real estate sector Dubai, UAE, October 30, 2019:  Dubai-based Non-Resident Indian (NRI) entrepreneur Sudhakar Raghvendra Rao, Chairman of Gemini Property Developers, has been honoured with the prestigious lifetime achievement award as Best Entrepreneur at the Indian ......read more

Pfizer beats expectations,Beyond Meat top IPO performer of 2019…

Pharmaceutical giant Pfizer alongside Merck both beat Wall Street’s expectations for third quarter results on Tuesday, and raised their full year guidance. This comes after both of the powerhouses announced oncology segments outperformed during the period. Sales in Pfizer’s bio pharma unit rocketed up 7% to breach the $10 billion mark during the quarter. This segment of the company ......read more

Emirates Integrated Telecommunications Company PJSC (“du”) Announces 3.7% growth in its first 9 ...…

Dubai, UAE, 30 October 2019:   Emirates Integrated Telecommunications Company PJSC (“du”) published today its financial results for the nine-month period ended 30 September 2019, reporting Revenues of AED 9.4 billion, an EBITDA of AED 4.22 billion and a Net Profit after royalty of AED 1.29 billion.   For Q3 2019, EITC reported Revenues of AED 3.07 billion, ......read more

Liberty Steel plants to merge into one global group, setting sights on carbon-neutral operations by ...…

• A single global company – Liberty Steel Group – to be created, consolidating GFG Alliance’s steel businesses into one legal entity • GREENSTEEL strategies to be at the heart of the combined group, including exploration of new environmentally friendly technology such as hydrogen based steel making • Liberty Steel Group aims to be the world’s first ......read more

Ajman Bank Wins ‘Best Home Finance Institution' Award…

Ajman Bank has been declared the winner of the ‘Best Home Finance Institution’ at the Islamic Business & Finance Award 2019. The coveted awards recognise the pioneers in the Islamic finance and laud their many achievements that are integral to the industry’s continued growth. Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We are delighted to receive ......read more

Dubai external trade with Brazil makes AED 5.6b in 2018…

Dubai – 29 October 2019:   Dubai mutual trade with Brazil in 2018 made around AED 5.6 billion, with AED 5.2 billion in imports, AED 136 million in exports and AED 234 million in re-exports.  Statistics, released by Dubai Customs in conjunction with the visit of the Brazilian President, Jair Bolsonaro to the UAE, showed that trade with Brazil touched AED 3.6 billion in ......read more

Mohammed bin Rashid Space Centre receives organising committee flag for IAC 2020…

Dubai, United Arab Emirates - October 29, 2019:    Washington D.C, USA, 29th October 2019: The UAE, represented by His Excellency Yousuf Hamad AlShaibani, Director General of the Mohammed bin Rashid Space Centre (MBRSC), received the organising committee flag for the 71st International Astronautical Congress (IAC), which is set to be held in Dubai in 2020. AlShaibani and Pascale ......read more

Arab Bank Group profits grow by 4% to $669 million for nine month 2019…

Dubai, UAE, 29 October 2019:    Arab Bank Group reported net income after tax for the nine month period ended 30 September 2019 of $668.9 million compared to $643.2 million in the prior period, recording a growth of 4%. The Group’s net income before tax grew by 6% to reach $912 million with net operating income reaching $ 1,040 million and recording a growth of ......read more

Merck to establish its Sustainability Centre at District 2020, Dubai…

A world-leading German science and technology company is the most recent organisation to announce its collaboration with District 2020 in Dubai   Dubai, UAE 28 October 2019  – Merck KGaA Germany, a leading science and technology company, announced today the establishment of its Sustainability Centre in District 2020, Dubai. With a special focus on countries of the Global ......read more

Airbus showcases its state-of-the-art technology during the Bahrain International Defence ...…

Dubai, UAE - 28 October 2019 –   Airbus, a leading provider of secure communication and collaboration solutions, is showcasing their diverse portfolio of mission-critical offerings at the 2nd edition of Bahrain International Defense Exhibition & Conference. Being held under the patronage of His Majesty King Hamad bin Isa Al Khalifa, and endorsed by the Bahrain Defense Force; ......read more

Jafza Partners With Amer to Deliver Family Visa Services to Employees in the Free Zone Area…

One-Stop Centre Will Provide Comprehensive Range of Visa and Other Documentation Services   Dubai, United Arab Emirates, 28 October 2019:   Jebel Ali Free Zone (Jafza), the leading business and logistics hub signed an agreement with Amer, to deliver services relating to the sponsorship of family visas to people employed in companies operating in Jafza and National Industries ......read more

France to Reinvent the Art of Design through an Innovative Approach at Downtown Design from ...…

• French Exhibition under the theme “Expression of French Design… Just Beautiful” • 17 French exhibitors   United Arab Emirates, October 27, 2019:    Business France, the national agency supporting the international development of the French economy is gathering 17 artists, design experts and innovation specialists on the French pavilion ......read more

ASI Sharpens Emerging Market Debt Focus in Middle East, Enhances Its on-the-ground Expertise…

Dubai, United Arab Emirates - October 27, 2019:   Aberdeen Standard Investments (ASI) is expanding and strengthening its capabilities in Emerging Markets Debt (EMD) in the Middle East, with a mix of initiatives ranging from multi-channel, multi-media marketing to new arrivals in its Abu Dhabi office. Globally, the firm manages around US$15 billion in EM bonds, of which over US$2 ......read more

PCFC signs mutual trade agreement with Vietnam and expands scope of World Logistics Passport…

Dubai – 27 October 2019:  Dubai has recently launched the World Logistics Passport, and Customs World, a subsidiary of the Ports, Customs and Free Zone Corporation (PCFC), has been working hard ever since to expand the role of the leading initiative and raise awareness around it among businesses.  The World Logistics Passport offers a set of unique operational and financial ......read more

UAE has potential to double exports to Africa: analysis…

• Plastics and rubber, sugar and metal identified as top products with highest value of untapped export potential of $867.9 million, $457.9 million and $291.7 million, respectively • The UAE's exports to African countries have recorded strong growth over the past decade, driven by expanding trade links and improving economic conditions across the continent   Dubai, ......read more

WCU: Gold and silver resume climb ahead of FOMC rate cut…

Dubai, United Arab Emirates - October 27, 2019:    The Bloomberg Commodity Index, which tracks the performance of 22 futures markets across energy, metals and agriculture rose to a one-month high this week. The gains were led by crude oil and metals, both industrial and precious. The agriculture sector rally paused following a recent run of gains driven by trade optimism. An indication ......read more

Empower awards contract worth AED 197 million to construct new plant in Dubai Production City…

First phase to be complete by the end of 2020 Dubai, UAE, 27th October 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, announced the start of construction work for its new plant in Dubai Production City, worth AED 197 million. The project will be implemented in two phases, with the first phase is expected to be ......read more

Dp World, UAE Region Sets Maritime Standard With Terminal Operator of the Year Award…

Honour Bestowed for Exemplary Work to Improve Efficiency and Productivity Using Technology   Dubai, United Arab Emirates, 26 October 2019:  DP World, UAE Region, the leading trade enabler has been recognised as the Terminal Operator of the Year at The Maritime Standard Awards 2019. The awards were held under the patronage of His Highness Sheikh Ahmed Bin Saeed Al Maktoum, ......read more

Malabar Gold & Diamonds - Mayankutty C - Golden Visa - PR…

Today (24.10.19), Mr. Mayan Kutty Cholakkal, Senior Director - Malabar Group and Chairman of Hashim Group of Companies has been given the 10 year Golden Visa by Colonel Hazeem Khalifa Al Suwaidi, Chief Director of Residence Visa Section, General Directorate of Residency & Foreigners Affairs – Sharjah.   Granting 10 year visa is the great initiative by the Government of UAE. This ......read more

The journey of a rare carpet, an artistic collaboration with a purpose…

Hands and Senses create ‘carpet of tolerance’   Dubai, United Arab Emirates - October 26, 2019:    Hands, the creators of exquisite handmade carpets since 1881, has once again collaborated with the Senses Centre for Special Needs, in celebration of the Year of Tolerance in the UAE.      In June 2019, the children at Senses displayed their ......read more

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