- Fund launch to support high growth GCC and Indian companies looking to expand in GCC region
Dubai, 29 November 2022. Gulf Islamic Investments (GII), UAE based leading Shari’ah-compliant global alternative investment company is launching a $100million Debt Fund – GII Debt Fund-I (“GDF-I” or the “Fund”).
GDF-I will focus on supporting high growth companies in resilient sectors such as Consumer, Healthcare, Education, Logistics, Technology, and Technology enabled businesses in the GCC region and high growth Indian companies looking to expand in the GCC and internationally.
Total VC funding activity reached record level of $2.6billion in 2021 in GCC region with UAE and KSA leading with major reforms and policy innovations presenting growth ......read more
One-year anniversary celebration spotlighted 49% subscription growth, 35% fleet growth, and offering hybrid and EV vehicles by subscription for the first time in the UAE
Subscription service saw high demand from female drivers, as well as those aged 25-34
Dubai, UAE, 28 November 2022 – Promising mobility with a whole new level of flexibility, MOOV by Al-Futtaim has set a major precedent in the car subscription market and going by its first year of business performance results, the company has clearly struck a chord with the UAE’s modern-day digital-savvy customers. The country’s first subscription-based car hire company revealed an extraordinary 49% month-on-month average growth and a 35% increase in fleet at its recent anniversary celebrations.
A car subscription service of the new era, the success of ......read more
• 5G accounts for more than 60% of the total wireless access
• A key milestone that reinforces Omantel’s regional 5G leadership
Dubai, November 28, 2022: After three years of relentless efforts across the nation, Omantel’s 5G now accounts for more than 60% of the total wireless access traffic on its network - making it the first operator in the Sultanate of Oman to reach such figures in 5G deployment and have positioned the company as a leader among the best 5G network operators in the region.
Commenting on the achievement, Eng. Aladdin Bait Fadhil, Chief Commercial Officer at Omantel, said, “Our sustained efforts are bearing fruits and I am glad that more people throughout the Sultanate of Oman are now connected through our state-of-the-art 5G network. We are keen ......read more
Dubai, United Arab Emirates: 28 November 2022— A new survey conducted in the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE), and Kuwait has spotlighted the influence a company’s sustainability efforts can have on consumers’ behaviour and choice of brands.
The survey, conducted independently by leading Dubai-based market research company 4SiGHT, was commissioned by Phillip Morris Management Services (Middle East) Limited (PMMS) to better understand how an organization’s efforts towards sustainable practices play a role in consumer decisions and which efforts are most important.
Drawing on the findings of more than 2,000 respondents across the three GCC states, the survey revealed that the majority (76%) agree that sustainability efforts of a company ......read more
Sub Heading:- Dubai based renowned e-commerce platform Hozpitality.com, supported by Danube Hospitality, Delta Food Industries and JM Foods, awarded the top hospitality achievers in Dubai
Hozpitality.com, the innovative e-commerce platform that has the largest community of hospitality professionals in the world, hosted its 8th edition of the Hospitality Excellence Awards at the Arabian Ranches Golf Club on the 16th of November.
The grand event was attended by over 500 top hospitality leaders of the region. The achievers were selected by popular choice of the voters and were felicitated by the region’s most reputed brands & distributors.
“I’d like to take this opportunity to thank our sponsors for their unconditional support from the beginning and throughout these years because of ......read more
• Report based on Cigna’s annual 360 Well-being Survey highlights importance of fitness initiatives in the UAE aimed at promoting an active lifestyle
• Physical Well-being index in the UAE is 65.4 compared to global average of 60, covering key markets across the world, says Cigna’s report
Dubai, UAE, November 25, 2022: In line with its commitment to the overall fitness and well-being, Cigna Insurance Middle East [CIME] – the leading global health services company, has issued a whitepaper that underpins the United Arab Emirates as one of the fittest countries in the world.
The Whitepaper corroborates the research findings on ‘physical well-being’ in Cigna’s 360 Well-being Survey, which revealed that the UAE is among the fittest countries in the world, with a ......read more
November 23, 2022 — With 115 statues in total, including 3 Grand, Ogilvy earned the highly sought-after title of LIA Global Network of the Year. Three of the network’s regions were also awarded as Regional Network of the Year: Asia, South America and Europe.
Across EMEA, Ogilvy won 51 statues across six markets, with DAVID Madrid taking home the Regional Agency of the Year accolade. Impactful work from the region was championed with Golds being presented to campaigns for Dove’s ‘Toxic Influence’ and Relate’s ‘The Hornicultural Society’ by Ogilvy UK, Activision’s ‘Scratchboards’ and Burger King’s ‘Even more confusing times’ by DAVID Madrid. Further statues were won by Ogilvy Italy, Greece, Africa and South Africa.
Celebrating the success ......read more
Dubai, November 22, 2022: Dubai Islamic Bank PJSC (“DIB”), rated A3 by Moody's and A by Fitch successfully priced its inaugural Sustainable Sukuk – a landmark USD 750 million 5-year senior issue with a profit rate of 5.493% per annum representing a spread of 155bps over 5-Year US Treasuries. The Sukuk was issued in line with DIB’s Sustainable Finance Framework which was created to facilitate financing of green and social initiatives and projects. This deal achieved several landmarks as the first-ever Sustainable Sukuk from a UAE Financial Institution and the largest issue size (USD 750 million) in the international capital markets from a GCC bank since February 2022.
This deal once again demonstrated DIB’s leadership in Islamic and Sustainable finance, with an established and strong investor following ......read more
• Webinar reviews SME growth opportunities and innovation of banking solutions
• Expanding the scope of banking services for SMEs contributes to sustainable development
Abu Dhabi, United Arab Emirates- 22 November 2022: The UAE Banks Federation, the unified representative and voice of UAE banks, organised a webinar on growth opportunities and innovation of banking solutions for small and medium enterprises (SMEs) under the theme "Changing Landscape of SME Banking in the UAE" on the 3rd of November, as part of its efforts to support this important sector and enhance its role in the economic and social development in the UAE.
The webinar was to discuss ways to support the small and medium enterprise sectors by facilitating their access to banking services and providing them with the necessary funding ......read more
Dubai, U.A.E. - 21 November 2022 – Dubai Aerospace Enterprise (DAE) Ltd announced that it had completed the previously announced acquisition of SKY Fund I Irish, Ltd and its subsidiaries (“SKY Fund I”) on Friday, 18 November 2022.
Sky Fund I owns and is committed to own 36 aircraft on lease to 14 airline customers in 11 countries. Next generation technology aircraft represent more than 90% of the acquired portfolio.
Following the acquisition of SKY Fund I, DAE Capital’s fleet of owned, managed, committed, and mandated-to-manage aircraft will grow to nearly 500 aircraft. The owned portfolio will comprise of nearly 50% of fuel-efficient, next generation aircraft.
DAE’s Chief Executive Officer, Firoz Tarapore, commented, “This acquisition of mainly next generation, ......read more
H.E Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, officially opens Hotpack’s new 500,000 sqft. plant at National Industries Park.
DUBAI - November 18, 2022: H.E Sarah Al Amiri, UAE Minister of State for Public Education and Advanced Technology, officially opened Hotpack Global’s new AED 250 million manufacturing plant at the National Industries Park (NIP) today.
The new facility, spread over 500,000 sqft, is Hotpack Global’s largest plant and is a strategic expansion for the company, which is working on fulfilling its vision to be a global premier food packaging manufacturer by 2030.
Her Excellency said: “Hotpack, which was established as a local company in 1995 and grew to be a major multinational, is one of the UAE’s key industrial success stories. This new ......read more
NBF recognised for regional excellence, service, and leadership in corporate banking sector
18 November 2022: National Bank of Fujairah (NBF) has won three awards at the prestigious MEA Finance Industry Awards 2022, including “Best Commercial Bank – UAE”, “Best SME Bank” and “Best Trade Finance Provider”, further cementing its reputation as a regional banking leader.
With relentless efforts to build meaningful relationships with clients, NBF has created a reputation for itself as the partner of choice for businesses in the UAE. With its multi-disciplinary approach and unmatched sectorial expertise, NBF’s Corporate Banking business is uniquely positioned to recommend and customise financial solutions based on the individual needs of each customer, in addition to helping clients ......read more
Easa Husain Al-Yousifi & Sons Co. recognized as MEA’s top distributor of ventilation fans for 2021 by Panasonic
Panasonic Electric Works Middle East & Africa (PEWMEA), a division of Panasonic Marketing Middle East and Africa FZE (PMMAF), is pleased to announce that it is extending its partnership with local distributor Easa Husain Al-Yousifi & Sons Co. (EHY). This development will see the Japanese manufacturer expanding its Indoor Air Quality (IAQ) business in the country with new product launches designed to make Kuwaiti homes, public premises, and businesses a healthy and convenient ecosystem.
Formalized during a Business Partner Appreciation gathering hosted by Panasonic, the extended alliance builds upon a strong and long-term strategic relationship between the two companies spanning more than 60 ......read more
Dubai, November 15th 2022: Alpen Capital’s latest retail sector report for the GCC projects the industry to surpass pre-pandemic levels in 2022, registering a 15.7% year-on-year growth and reaching a revenue of US$ 296.8 billion. It adds the industry is expected to further grow with a Compounded Annual Growth Rate (CAGR) of 5.7% by 2026.
UAE-based investment banking advisory firm, Alpen Capital, launched its latest GCC Retail Industry report on Tuesday, November 15th featuring forecasts on the sector, analyzing recent trends, growth drivers and challenges facing this dynamic segment. It also profiles some of the renowned retail companies in the region.
“The GCC retail industry is poised to grow at a healthy pace due to favorable demographics, improving macroeconomic factors and revival of the tourism industry. ......read more
- Zoho Books witnessed a regional growth of 80% with UAE recording 71%
- Zoho Books now offers 14 editions
Dubai, 15 November 2022: Zoho Corporation, a leading global technology company, announced today that the Zoho Finance Platform has achieved 70% year-over-year (YOY) revenue growth in the MEA region, supporting more than half a million businesses across more than 160 countries. The suite's flagship accounting application, Zoho Books, has recorded 80% growth in MEA and 71% in UAE in 2021.
Driving the Platform's growth is the global expansion of its cloud-based accounting application, Zoho Books, which now supports 180 currencies, 17 languages, and is backed by a comprehensive global tax engine that solves country-specific tax compliance challenges. The accounting application now supports 14 ......read more
Connected Capacity and profits increase, while Tabreed expands its international presence
Third quarter saw changes to Foreign Ownership Limits and major new deal signing in Egypt
Abu Dhabi, United Arab Emirates – 15 November 2022: Tabreed, the UAE’s leading district cooling provider, yesterday released its consolidated financial results for the first nine months of 2022, reporting an EBITDA of AED 912 million – an 18% increase over the same period last year – and a net profit of AED 400 million, representing a 3% increase.
During the past three months, Tabreed made two significant announcements. On 13 September, it was confirmed that shareholders voted to harmonise with recent UAE changes to commercial law by increasing its Foreign Ownership Limit (FOL) to 100% – a ......read more
• Amlak Q3 2022 net group profit stands at AED 390 million
• Net assets up by 20% in nine months and stand at AED 1.4 billion
• Debt settlement arrangements yielded AED 388 million gain and contributed in total debt reduction of AED 970 million (including Mudaraba instrument of AED 207 million).
Dubai, UAE: 15 November 2022: Amlak Finance PJSC today announced its Q3 2022 financial results. Amlak reported a net profit of AED 390 million in the first 9 months of 2022 as compared to net profit of AED 1,084 million for the same period 2021. The company focused on prudently managing its operations and balance sheet.
Amlak’s total income for Q3 2022 decreased by 16% to AED 504 million as compared to AED 604 million, excluding a one-off arbitration settlement, during Q3 2021. Revenues ......read more
• Top five MENA target countries by deal value were UAE, Egypt, Saudi Arabia, Morocco and Oman
• Domestic deals driving M&A activity in region, making up more than half of deal volume in first nine months of the year
• Deal activity fueled by business-friendly reforms, rising oil prices and the easing of government travel restrictions
14 November 2022: The MENA region witnessed 524 deals worth US$55.2 billion during the first nine months of the year, according to the latest EY MENA M&A Insights report.
Rising inflationary pressures, dampening economic demand and global market disruptions resulted in moderate growth in deal activity of 6% year-on-year (YoY) while deal value slipped by 23% over the same period last year.
According to the report, domestic deals were the ......read more
Hotpack Global invests AED 250 million into the 500,000 sqft facility at one of the most sought-after industrial manufacturing hotspots in the region.
Dubai - November 14, 2022: Hotpack Global, the UAE-based global leader in food packaging products, has launched its largest manufacturing plant in National Industries Park (NIP), Dubai. The company announced that it has invested an estimated AED 250 million into the facility. The new plant marks a significant step in Hotpack’s vision to emerge as the premier global food packaging manufacturer by 2030.
The purpose-built manufacturing plant will produce Hotpack’s high-performance and sustainable PET (Polyethylene terephthalate) packaging products. The facility is also going to function as a centre for various Hotpack arms with manufacturing, e-commerce, ......read more
• Revenue reported for the nine-month period over AED 4.4 billion in 2022 compared to AED 1.96 billion for the similar period in 2021
• On a comparable basis, net profit jumped AED 388 million in 2022 from AED 202 million in 2021
Abu Dhabi, UAE, 13 November 2022 – Invictus Investment Company Plc (ADX: INVICTUS) published its financial results for nine-months ended 30 September 2022. Revenues increased by 125% to AED 4.4 billion and a total net profit of AED 388 million through a continual focus on geographical location expansion, and a sustained rise in trade volume and revenues across all product lines.
Key highlights include:
• Substantial increase in revenue from food grains: the revenue from traded wheat shot up by 158% compared to the same time as 2021, a third ......read more
New subscription service combines machine automation and human expertise to identify high priority threats and risks, and provide recommended remediation
Dubai, United Arab Emirates, 10 November 2022 – Forescout Technologies, Inc., the global leader in automated cybersecurity, today launched Forescout Assist for Healthcare and Forescout Assist for OT/ICS, new subscription services that provide organizations’ IT security and engineering teams access to Forescout security experts and new threat detection, investigation, response and hunting capabilities.
Organizations are grappling with a rapidly evolving digital terrain that requires timely visibility of security risks and threats to their enterprise. However, current staffing, along with financial and technology challenges prevent many from ......read more
Hotpack Global launches its15th production facility worldwide for all its paper products
DUBAI - November 09, 2022: Hotpack Global, the UAE-based global leader in disposable food packaging products, has launched its own manufacturing plant in Qatar. The plant is the 15th Hotpack owned and operated factory worldwide and reflects the company’s global vision – to become a global food packaging brand leader by 2030.
The state-of-the-art manufacturing plant, located in Doha’s new industrial area, is specialized factory that will produce a wide variety of Hotpack’s paper products ranging from folding and corrugated cartons; and paper bags and cups.
Commenting on this inauguration, Mr. PB Abdul Jebbar, Group Managing Director of Hotpack Global, said, “We are happy to foray into the Qatar ......read more
The Friends of Cancer Patients welcome new Director General to their ranks
Sharjah, November 09, 2022: The Friends of Cancer Patients (FOCP) – a UAE-based civil society organisation, has announced Aisha Abdulla Al Mulla as the new Director. In her new role, she will continue FOCP’s journey and goals to provide support for cancer patients and their families, additionally they will raise community awareness of the importance of early cancer detection and leading a healthy lifestyle.
Al Mulla obtained a bachelor’s degree in Finance from the Higher Colleges of Technology (HCT) in Sharjah and held key positions in several associations and government institutions. She has extensive experience in humanitarian work management, including cancer patients and refugees from war-torn and crisis areas. Prior to ......read more
Panasonic joins hands with El Sewedy Electrical Equipment & Cables for the capacity-building workshop for engineers and dealers aimed at introducing the latest innovations in electrical construction materials for the Egyptian market.
Panasonic Electric Works Middle East & Africa (PEWMEA), a division of Panasonic Marketing Middle East and Africa FZE (PMMAF), recently concluded its first-ever electrical business partner seminar in Cairo. Held in partnership with its local distributor in Egypt, El Sewedy Electrical Equipment & Cables, the event was conducted with the aim to introduce Panasonic’s latest range of electrical construction materials and products available in the Egyptian market.
PEWMEA offers living solutions centered on cutting-edge electrical equipment and digital technology, ......read more
Dubai, UAE – November 8, 2022: Direct selling company, QNET, showcased its sustainability initiatives, including its innovative HomePure water filtration system, at the 5th annual Cairo Water Week. The company used the event, which serves as a preparatory platform for COP27 and is one of the biggest national forums in Egypt focused on mitigating water scarcity issues, to engage with key decision-makers and advocate for measures related to climate-water challenges and water security in the Middle East.
QNET's Deputy Regional General Manager for the Middle East and North Africa, Hussam Eldin Elmilliegi, explained that the company's commitment to water resiliency stems from its core values of service, sustainability, and leadership.
"Besides delivering innovative, resource-efficient, and reliable ......read more
The growth of Conares remained on a buoyant trajectory for more than three decades of its operations, helping it cross significant growth milestones in the steel industry.
DUBAI - November 08, 2022: Conares, the second largest steel manufacturer in the UAE, welcomed a high-level delegation from the UAE Ministry of Industry and Advanced Technology at its headquarters in Jebal Ali Free Zone (JAFZA) recently.
This delegation led by HE Abdulla Al Shamsi, Assistant Undersecretary for Industrial Growth Sector, and HE Osama Amir Fadhel, Assistant Undersecretary for Industrial Acceleration Sector, took a tour of Conares’ multiple manufacturing plants in JAFZA.
Mr. Bharat Bhatia, Founder and CEO of Conares, received the delegation, taking them through the journey of Conares, an industrial major working with a ......read more
Organizations can now easily query, investigate and leverage historical data continuously collected about connected assets across their digital terrain.
Dubai, United Arab Emirates, 03 November 2022 – Forescout Technologies, the global leader in automated cybersecurity, today released its latest Continuum platform update which includes Forescout Continuum Timeline, a new cloud-native solution that provides comprehensive long-term retention, search, and analytics of asset data. Timeline enables enterprises to meet compliance and audit requirements, better support incident investigations, and to proactively identify risks and gaps to help prioritize preventative measures.
Today, all organizations need an automated way of maintaining real-time asset intelligence for every connected device. Cybersecurity teams ......read more
Dubai - October 29, 2022: QNET, the prominent e-commerce based direct selling company, participated in a community bicycle ride with over 500 cyclists participating to raise awareness for breast cancer. The ride began at Dubai Silicon Oasis headquarters and ended at Dubai Digital Park.
The 10-kilometre community bicycle ride was held under the theme "Pedal to Fight’ and took place before the ‘We Conquer’ Breast Cancer Awareness event. Organised as a part of the 30x30 Dubai Fitness Challenge, the ride was open to everyone.
Commenting on the achievement, Ms. Malou Caluza, CEO of QNET said, “This is an excellent achievement for everyone who participated in the ride. The enthusiasm with which the cyclists show their solidarity and led support to the efforts of people all around the world who are ......read more
• MoU to focus on developing long-term strategic relationship between entities
Riyadh, Saudi Arabia, 2 November, 2022: The GCC Board Directors Institute (GCC BDI), a not-for-profit organisation that guides board directors of organisations in acquiring the know-how and tools to reach and sustain effective corporate governance, today announced the signing of a Memorandum of Understanding [MoU] with the National Center for Family Business [NCFB], an organisation committed to strengthening the role of family business in the Kingdom of Saudi Arabia and ensuring their sustainability.
The MoU focuses on the development of a long-term strategic relationship between GCC BDI and NCFB as well as strengthening their cooperation to explore collaborative opportunities and enhance standards of corporate and family ......read more
• Group strengthens financial position post-merger and continues successful expansion strategy
• 3Q22 revenues rose 29% year-on-year to AED 2.51bn compared to 3Q21 pro-forma AED 1.94bn
• 3Q22 EBITDA advanced to AED 269m versus pro-forma AED 83m during 3Q21
• 3Q22 net profit increased to AED 103m against pro-forma loss of AED 79m in 3Q21
Abu Dhabi, United Arab Emirates, 1 November 2022: Emirates Steel Arkan (ADX: EMSTEEL) (the “Group”), the largest publicly traded steel and building materials company in the UAE, today announced its third quarter results.
In 3Q22 revenues rose 29% to AED 2.51 billion, compared to pro-forma AED 1.94 billion in the corresponding quarter last year. The Group’s 3Q22 EBITDA gained 224% year-on-year ......read more
UNEP’s International Methane Emissions Observatory reports progress in its mandate for reporting on the powerful greenhouse gas – believed responsible for 1/4 of Earth’s atmospheric warming
Over 80 oil and gas companies have committed to measuring and reducing their methane emissions
Of these, 60 members are on the path to reach the highest level of reporting
Abu Dhabi, 31 October 2022 – A new report launched today at a major gathering of the oil and gas industry finds that many companies are increasing their efforts to tackle methane, one of the biggest and most solvable contributors to the climate crisis, but more needs to be done.
An Eye on Methane: International Methane Emissions Observatory 2022, launched by the UN Environment Programme (UNEP) at Abu Dhabi International Petroleum Exhibition and ......read more
Facilitating the Process of Applying for Bank Accounts
Abu Dhabi, October 31, 2022: Finance House, one of the UAE’s leading financial institutions, has partnered with the Abu Dhabi Department of Economic Development (ADDED) to facilitate the process of applying for business bank accounts through ‘Investor Journey’ portal.
The agreement signed by His Excellency Sameh Al Qubaisi, Director General of Economic Affairs at ADDED and Finance House Chairman Mohammed Abdulla Alqubaisi at the recently concluded GITEX Technology Week promises an enhanced digital experience that provides all the banking needs that business owners and entrepreneurs require.
Finance House is among nine other leading institutions, such as First Abu Dhabi Bank (FAB) and Emirates Development Bank (EDB), to provide this exclusive ......read more
Dubai, UAE, 31st October 2022: Arab Bank Group delivered strong financial performance in the first nine months of this year, reporting net income after tax of $405.8 million as compared to $271.7 million for the same period last year with an increase of 49%.
The Group’s core banking activities kept up the momentum in most areas of operations delivering solid underlying growth in loans and deposits. At the end of September 2022, loans were up by 4% from September 2021 level to reach $35.6 billion, while deposits reached $47.8 billion, up by 3% from the 2021 level.
Mr. Sabih Masri, Chairman of the Board of Directors, stated that the strong performance shows the growth potential and resilience that diversification brings to the Bank despite the challenging economic environment. Mr. Masri expressed his confidence in the ......read more
Strong Demand for Premium LG Home Appliances and Auto Parts
Drives Highest Quarterly Revenue in Company History
October 28, 2022 – LG Electronics Inc. (LG) announced third-quarter 2022 consolidated revenues of KRW 21.2 trillion, an increase of 14.1 percent from the same quarter last year and the highest quarterly revenue in the history of LG Electronics. Operating profit for the third quarter was KRW 746.6 billion, 25.1 percent higher than the same quarter last year.
For the third quarter, the company recorded growth of revenues driven by increased sales of premium home appliances including new appliance categories and automotive parts. However, considering one-off costs incurred last year, operating profit declined due to weak demand caused by the global economic slowdown.
The LG Home Appliance & Air Solution ......read more
In line with Daikin’s Fusion 25 strategic growth plan, the company is firmly committed to driving sustainable growth and localization across Middle East and Africa (MEA)
Dubai, UAE - 27 October, 2022: Daikin Industries, Ltd., the leading global manufacturer of Heating, Ventilation, Air Conditioning & Refrigeration (HVAC-R) solutions, is working on expanding its footprint across the Middle East and Africa (MEA) in line with its Fusion25 five-year growth plan. With a focus on sustainability and localization, Daikin seeks to grow its footprint across residential, commercial, and industrial applications as it supplies the region’s leading hotels, malls, commercial buildings, residential compounds, and stadiums with innovative and sustainable solutions.
In the last 10 years, following MEA HQ in Dubai, Daikin ......read more
26, October 2022: Tetra Pak, the global leader in food processing and packaging solutions, held a signing ceremony with Nuitree Food to establish a specialized plant-based manufacturing facility in the UAE to provide a comprehensive End-to-End processing and packaging solutions delivery.
The collaboration is set to be one of the region’s premier solutions by Tetra Pak, a regional pioneer and Nuitree Food, a UAE based company which is part of Sheikh Mohammed Bin Abdulla AlQasimi Group of Companies. The solution comes in line with both entities’ visions on sustainability. Tetra Pak’s strategic vision is to provide sustainable food packaging that ensures food safety and availability, while reducing the environmental impact on our planet.
According to a Tetra Pak study, by 2032, the market for plant-based ......read more
Dubai, UAE - 25th October 2022: Mashreq, one of the leading financial institutions in MENA, today has reported its financial results for the nine months ending 30th September 2022.
1. Strong Growth in Operating Income & Net Profit
a) Operating Income has increased by 24.3% over the previous year to AED 5.3 billion mainly due to increased Net Interest Income driven by organic growth across all business activities
b) Mashreq’s non-interest income to operating income ratio continues to remain one of the industry’s best at 42.2%
c) Operating profit at AED 3.2 billion represents a 33.2% increase compared to 9M 2021 as a result of healthy operating income and control over operational costs
d) Mashreq posted a healthy Net Profit of AED 2.6 billion in 9M ......read more
Resilient performance supported by strong capital adequacy, sound improvement in asset quality and robust balance sheet management
26 October 2022: NBF is pleased to announce its results today for the nine month period ended 30 September 2022.
NBF recorded year-on-year growth of 155.1% to close the nine month period at a net profit of AED 230.7 million compared to AED 90.4 million in the corresponding period of 2021, up 463.4% for the three month period ended 30 September 2022 over the corresponding period of 2021. This demonstrates NBF’s enhanced focus on quality business, an efficient funding base, continued economic recovery and improving resilience despite the uncertain geopolitical environment.
Underpinned by higher net interest income and net income ......read more
Dubai, UAE: Union Coop signed a Memorandum of Understanding with Smile Train Dubai intending to strengthen the partnership between the two parties through exchanging experiences and harnessing the capabilities available to them to make the best use of these capabilities by both corporates, and to mutually promote projects and initiatives and to work towards providing the services with high quality and effectiveness.
The MoU was signed by Dr Suhail Al Bastaki, Director of the Happiness and Marketing Department at Union Coop, and Mrs. Afaf Meky, Executive Manager, Smile Train Dubai at the headquarters of the Union Coop in Al Warqa City Mall.
Dr Suhail Al Bastaki confirmed that Union Coop is keen to sign MoUs and cooperate with all societal institutions, as it aims through this agreement to strengthen the bonds of cooperation ......read more
Dubai - October 27, 2022 — Zoho Corporation, a leading global technology company, announced today that Zoho One, the operating system for businesses, now supports 50,000 organizations across more than 160 countries. Over the past two years alone, the platform has grown 150 per cent, with 37.5 per cent of new Zoho One customers coming from mid-market and enterprise businesses. License upgrades by customers who adopted Zoho One five years ago have increased by 92 per cent, contributing to this milestone growth. In UAE, Zoho One has witnessed 77 per cent growth since 2021.
These figures reflect the market's move away from static legacy applications and toward end-to-end solutions that empower organizations to be agile, scale, and adapt to changes in their industries.
"Siloed systems cause business silos," ......read more
Dubai-based Erith Group starts production and will start exporting industrial seals and gaskets to international markets from its factory in Ras Al Khaimah that is in line with the UAE’s vision to diversify the economy and ‘Make it in the Emirates’ programme which will make the country self-sufficient
Dubai, UAE; October 26, 2022: Erith Middle East, a leading supplier of high-quality and high-end sealing products and solution to the key players in the energy, power, chemicals, nuclear, metal, mining and other vital sectors, today inaugurated its industrial-scale production plant of sealing products – Erith Industries FZ LLC – at the Al Hamra Industrial Area in Ras Al Khaimah, UAE, which will eliminate import of foreign sealing products and solutions to the UAE and will export to other ......read more
• Webinar on digital banking and financial technology discusses latest global trends
• FinTech innovation to consolidate the leadership of the banking sector in the UAE to provide best services to customers in a safe and seamless environment
Abu Dhabi, United Arab Emirates, 24 October 2022: UAE Banks Federation, the unified representative and voice of UAE banks, organised a webinar on digital banking and financial technology on the 19th of October 2022 in collaboration with RFI Global, which specializes in financial intelligence research and solutions.
The webinar themed ‘Accelerating Digital Banking and Fintech in UAE 2022’, comes as part of the UAE Banks Federation's efforts to promote and accelerate the digital transformation and consolidate the banking sector’s ......read more
Dubai, United Arab Emirates – 21 October 2022: Amazon Alexa announces the launch of its newest feature, which helps Muslims living in the UAE stay reminded of their prayer timings anytime and anywhere with just a voice command.
UAE customers with Amazon devices such as the Echo, Echo Dot, Echo Show10 and 8 can now appreciate an easier and integrated spiritual experience with Alexa’s capabilities to remind customers on prayer timings with just a voice command and personalize this feature to best meet their needs and requirements.
Smart home devices are increasingly being embedded in our lives, not just for consumers who value technology's connectedness, but also for consumers who rely on smart solutions to make their lives, practices, routines, and rituals easier and more integrated.
In the UAE, one of ......read more
• The honor is another global testament to the two free zones’ excellence in providing continuous support to investors.
• Al Mazrouei: The new milestone highlights the quality and distinction of the free zones that have become a global model for the growth and prosperity of businesses.
Dubai, October 20, 2022: Adding yet another milestone to their track record of global achievements, the Sharjah Airport International Free Zone Authority (SAIF Zone) and Hamriyah Free Zone Authority (HFZA) have received the prestigious "Superbrands Award 2022" for the second year in a row.
Superbrands is the world's largest independent arbiter of branding. Superbrands pays tribute to the strongest and most valuable brands in the world.
The new achievement is yet another testament ......read more
Hotpack invests AED100 million in Al Huraiz Packaging, expanding manufacturing capacity globally and retail outlets in the region.
Dubai; October 12, 2022: Hotpack Global, the region’s largest food packaging manufacturer, has acquired Al Huraiz Packaging Industry (AHP), a leading corrugated carton manufacturer in the UAE.
Located in Dubai Investment Park, AHP is a state-of-the-art facility that is one of the most technically advanced packaging plants for corrugated carton products in the UAE.
Hotpack is the packaging products manufacturer with the world’s largest exclusive retail network.
Following the acquisition, Hotpack Global will assume complete control of operations of AHP and the business will be renamed Hotpack Packaging Industries LLC.
Commenting on this, Mr. Abdul Jebbar PB, ......read more
Dubai, 7th October 2022: Commercial Bank International (CBI or “the Bank”), a corporate and retail bank headquartered in Dubai, have announced the official launch of their Metaverse location. CBI is the first UAE bank to have presence in the Metaverse and among the few early adapting banks in the Middle East and the world as well. CBI’s virtual location is now open for visitors and can be found in Decentraland at cbi.dcl.eth or (63, -127) using the Decentraland map coordinates. CBI’s virtual location can also be accessed through Portals.
Next week, CBI will proudly debut their virtual location as they participate in XVERSE, a space in GITEX Global, dedicated exclusively to those embracing Metaverse technology, as an Activation Partner. The event will take place between the 10th and 14th of October at the ......read more
7th October 2022, Dubai, United Arab Emirates: Oman Insurance, a leading insurer in the UAE and GCC, has rebranded itself as Sukoon. The company unveiled the new corporate logo at the iconic Burj Khalifa on October 6, 2022. The grand reveal happened at an event attended by the company’s Chairman, board members, partners and members of the press.
Expressing his opinion on the unique milestone, His Excellency Abdul-Aziz Abdulla Al Ghurair, Chairman of Oman Insurance Company now referred to as “Sukoon”, said “With a vision to develop local expertise and a solution to protect people, my father Abdullah Al Ghurair launched Oman Insurance in 1975, almost half a century ago. A lot has been achieved and much impressive progress has been made in all these years to prepare ourselves for the future of insurance. ......read more
Through the company’s training initiative Tumoohi, aspiring Emirati professionals can be a part of some of the UAE’s biggest private sector firms
Dubai, UAE, 06 October 2022: DP World has always been at the forefront of investing efforts in empowering the communities in which it operates through various initiatives and programmes. One such initiative by the smart trade enabler is the Tumoohi programme, a training initiative launched in 2016, to contribute to the UAE government’s efforts to enable Emirati youth.
Tumoohi provides mentoring from highly experienced industry professionals and practical training for problem-solving and developing other soft skills. As part of the programme, 16 graduates worked with Maersk as apprentices.
The internship gave the graduates an opportunity to enhance their skills ......read more
A joint WBCSD-BCG study highlights key value streams in the GCC to achieve a circular economy by 2040
Dubai, UAE October 3 2022: With the expansion of GCC urban areas, municipalities in the GCC are challenged to handle the ever-increasing waste generation through the existing landfill strategies. However, many GCC countries are already investing to improve their waste management, with deals soaring in volume and value in 2019, according to a new report by Boston Consulting Group (BCG) in collaboration with the World Business Council for Sustainable Development (WBCSD). The report, titled “Recycling in the GCC: Securing Valuable Resources for a Sustainable Future”, finds that securing finite resources for future generations and minimizing environmental impact will depend on further increasing waste collection and ......read more
Crypto Mining in Dubai: Legal or Banned Business?
The illegal trade in digital money has been on the rise recently. Such countries like India and Dubai are still deciding if they want people to mine or buy this new digital money. The United States allows it whereas others such as the UK haven't made their decision yet. But so far there are positive signs that show how much potential cryptocurrencies hold: in 2017 alone coins were valued at over 500 billion US dollars. That is a lot considering most businesses only bring profit margins within 10%.
At the moment, no UAE law restricts crypto mining. It means that miners have the right to produce cryptocurrencies in Dubai. Some people are making a lot of money from crypto mining in UAE with Minery.io. This company has opened access to many people whose hobby with currency has ......read more
Abu Dhabi, UAE, 28 October 2022: Marks an important day for UAE maritime as the region’s first class-built Uncrewed Surface Vessel (USV) entered the water. The 12 m Blue Essence USV was launched at Mugharraq port and sailed to its new home in Al Mirfa, Abu Dhabi, by Fugro’s control and command centre in the UAE. The Al Mirfa port will be the home to the Fugro Pegasus during the ......read more
The alliance aims to provide halal certification for Brazilian companies as well as promote higher value-added exports
According to the agreement, an investment of USD 2.84 million will be made over the course of 30 months to promote trade
October 27, 2022- The Arab Brazilian Chamber of Commerce (ABCC) has signed an agreement with the Brazilian Trade and Investment Promotion Agency or ......read more
Haier Middle East and Africa: Adhere to the three-level brand strategy to create value for consumers
27 October 2022 - As a leading brand in the global home appliance industry, Haier Smart Home, with its three-in-one localization strategy, has achieved multi-regional growth despite many uncertainties such as global inflation and industry downturn this year. Among them, the Middle East and ......read more
Abu Dhabi, October 26, 2022: ‘Masaood Village Facilities Management’, a division of Al Masaood Group that provides cost effective accommodation and catering solutions, has been recertified for ISO 22000:2018 and rewarded ISO 9001:2015 certification, highlighting its commitment to maintaining the highest performance standards in its operations, including food safety and service ......read more