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Enhanced Digital Transformation and Regulatory Compliance Will Boost Profitability of UAE Banks, KPMG UAE Banking Perspectives Report Finds

Dubai, UAE, 8 April 2020:   Financial institutions that leverage technology and data to deliver fully integrated services may be in a better position to drive business growth and overcome disruption caused by the global COVID-19 pandemic, according to KPMG’s fifth annual UAE Banking Perspectives report. The publication, which offers an overview and analysis of the banking industry in the country, found that rapidly evolving customer expectations and increasing regulatory scrutiny are putting pressure on UAE banks to modernize every facet of their operations. Many are structuring their businesses in new and exciting ways and are recognizing customer experience as a source of commercial value rather than as a differentiator versus their competition. The report also observed a healthy trend of increasing banking more

Winners of the 2020 Arabian & Global Islamic Markets Refinitiv Lipper Fund Awards Announced

Dubai, United Arab Emirates, April 08, 2020:    Refinitiv today announces the winners of the Arabian & Global Islamic Markets Refinitiv Lipper Fund Awards 2020. These highly-respected awards recognize funds and fund management firms that have excelled in providing consistently strong risk-adjusted performances relative to their industry peers – the merit of the winners is based on objective, quantitative criteria.   As to the Arabian Markets Awards, Societe Generale won the Bond Asset Class Award, Banque Centrale Populaire the Equity Asset Class Award, HSBC the Mixed Assets Class Award, while CDG Capital won the Overall Asset Class Award.    As to the Arabian Markets Domestic Awards, Societe Generale won the Bond Asset Class Award, Banque Centrale Populaire the Equity Asset Class Award, CDG more

GROHE Brand Adjusts Production Across Europe Amidst Coronavirus Crisis

• German manufacturing sites run adjusted production schedules and set ups to ensure strict hygiene and safety measures  • Manufacturing site in Albergaria (Portugal) to suspend production from 30 March to 12 April 2020  • Measures under constant review according to latest developments   Wednesday, 8 April 2020:   GROHE, a leading global brand for full bathroom solutions and kitchen fittings, has implemented a next step in taking action to protect its employees across the European manufacturing sites.    For its three German manufacturing sites, production schedules and set ups were adjusted to implement the latest official recommendations and guidelines with regards to hygiene measures and safety of its staff.    Production in Albergaria, Portugal, more

AED 50 Million Support Fund Allocated by RAKEZ to Boost Its Clients' Business Continuity

Ras Al Khaimah, 8 April 2020:   Ras Al Khaimah Economic Zone (RAKEZ) has launched customised bundles of incentives with a total value of AED 50 million to ease the impact of the current global situation to its family of over 15,000 companies and reinforce their business continuity.   “Our clients are at the heart of everything we do, and now more than ever, we are here for them,” said His Highness Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAKEZ. “We understand that these uncertain times present unique challenges to different businesses, so we decided not to rush and launch unevaluated incentives. Instead, we took the time to study the situation from our clients’ perspective – what challenges each sector is facing and how we can lessen their burdens. With the allocation of this more

SAIF Zone Launches Disinfection Drive Across Its Facilities

The move comes as part of ongoing precautionary measures    Sharjah, United Arab Emirates - 7 April 2020:   The Sharjah Airport International Free Zone (SAIF Zone) has launched a disinfection drive to sterilise all its facilities in cooperation with the Sharjah Environment Company LLC (Bee'ah). The sterilization campaign covered the head office, customs and security building, and Saif Zone Mall as well as main and service roads, various internal and external facilities using highly efficient materials. The drive comes in line with SAIF Zone’s precautionary measures being taken to prevent the spread of coronavirus (Covid-19) and to safeguard the health and safety of its employees and customers. Pre-emptive measures   “SAIF Zone has always been keen to ensure the safety more

Air Liquide, Groupe PSA, Schneider Electric, Valeo Rise to the Challenge of Producing 10,000 Air Liquide Medical Systems Respirators in Response to the French Government Request

Dubai, United Arab Emirates, April 06, 2020:    Faced with the compelling need for more respirators on its national territory, the French government has asked, on March 22, a group of French industrial companies led by Air Liquide to study the possibility of increasing the production of respirators so as to provide 10,000 respirators in 50 days, between the beginning of April and mid-May.    In response, Air Liquide, Groupe PSA, Schneider Electric and Valeo have set up a Task Force composed of about 30 purchasing and industrialization experts in order to define an action plan to increase the production of Air Liquide Medical Systems respirators, which are already referenced by a great number of hospitals in France and abroad.    To meet this industrial challenge, the exceptional contribution of more

World Cyber Protection Week Survey Reveals 42% of Organizations

Suffered Data Loss Resulting in Downtime Last Year   Organizations and individuals continue using outdated solutions and strategies despite  increase in zero-day ransomware, cryptojacking, hacking, and social engineering attacks    Dubai, UAE 6 April 2020:   Acronis, a global leader in cyber protection, marked the inaugural World Cyber Protection Week by revealing that 42% of companies experienced a data loss event that resulted in downtime last year. That high number is likely caused by the fact that while nearly 90% are backing up the IT components they’re responsible for protecting, only 41% back up daily – leaving many businesses with gaps in the valuable data available for recovery.   The figures revealed in Acronis’ 2020 World Cyber Protection more

Support Plan for French Exporters

Dubai, United Arab Emirates, April 05, 2020:   Bruno Le Maire, Minister for the Economy and Finance, and Jean-Baptiste Lemoyne, Minister of State reporting to the Minister for Europe and Foreign Affairs, have unveiled an extraordinary support plan for French exporters to address the economic slowdown due to the COVID-19 pandemic.   This emergency plan will provide support for exporter companies having to contend with the immediate repercussions of the crisis by, inter alia, securing their cash-flow and ensuring their international recovery once the pandemic is over. It focuses on SMEs and mid-tier companies which are crucial drivers for industry throughout France. It supplements the emergency support measures for French companies rolled out by the government.   The plan contains four one-off support more

Internal Comms Guidelines Post Corona Virus by Mr. Tarek Sakik CEO Sash & Company

Dubai, United Arab Emirates, April 02, 2020:   Internal comms post corona virus. One of the key issues facing the world today is the impact of Covid19 on businesses, almost all industries except for a few, have seen dramatic change in how they do business and obviously in their operations, financial returns and forecasts.    While we have very little control over external factors affecting businesses, we remain to have full control over employees and how management communicates with them.  Change and uncertainty is what’s storming through businesses and their employees simultaneously. While businesses are facing uncertainty in terms of bottom line, revenues, return on investments, forecast, employees are still faced with questions like school fees, rents, food on the table, safety and wellbeing of more

ADX Achieves 93% in Disclosure Compliance of the Annual Financial Statements 2019, for Public and Private Listed Companies

Abu Dhabi, UAE – 02 April 2020:   Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate 93% regarding the disclosure of the annual financial statements 2019 of its listed public joint stock companies and private listed Companies within the deadline of 90 days from the end of the financial period annual  60 out of 64, local and foreign, public listed companies disclosed their annual financial statements for 2019 within the 90 days period given.  4 out of 5, private listed companies disclosed their annual financial statements for 2019 within the 90 days period given.  It is worthy to note that the combined net profit of all public listed companies as of 31th Dec. 2019 has shown an increase of 1.23% in comparison to the same period in 2018. The highest more

Central Bank Gold Demand Eases, but Purchases Pick Up at Start of 2020

Dubai, United Arab Emirates, April 02, 2020:   Krishan Gopaul, Market Intelligence Manager at World Gold Council comments: “Central banks’ monthly net purchases picked up in January and February following December’s five-month low. However, central bank gold demand has eased significantly, with net gold purchases down 44% compared to strength of demand we saw in January and February 2019.   “Looking ahead, what we do know is that recent market instability and uncertainty stemming from the COVID-19 pandemic will be at the forefront of central bankers’ minds, with a number of unprecedented interventions already proving this point. Nonetheless, we will have to wait and see how this impacts their outlook in the coming months.”   The World Gold Council today releases its more

Saxo Bank Q2 Outlook: Commodities Look to Fiscal Bazooka for Support

By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, United Arab Emirates, April 02, 2020:   The coronavirus outbreak has set three major macro impulses in motion. They will all have a major impact on commodities, especially the energy sector, over the coming months. The global economy is currently dealing with the biggest demand shock since the global financial crisis, plus a global supply shock and an oil price war which is driving a destruction of capital. The lockdowns in China at the beginning of the outbreak have now spread to the rest of the world, most noticeably Europe and the US. The short to medium term result is going to be a slump in global growth, rising unemployment, rising mortgage rates and lower consumer confidence.  The second quarter is likely to begin with the focus squarely on the more

Properties Investment Announces 3 Month Rent Relief for ‘The Market' Retailers

Announcement in line with respite measures adopted as part of the global pandemic impact offering support to tenants   Dubai, United Arab Emirates, April 02, 2020:     Properties Investment (PI) - a Dubai Investments joint-venture company engaged in the investment and development of real estate properties, has announced a 3 month rent relief as a goodwill gesture for all retailers within ‘The Market’ – a dedicated retail avenue, located in the Green Community, Dubai Investments Park.   In the wake of ongoing efforts to control the COVID-19 pandemic and with mall managements across the country stepping up efforts with various initiatives, Properties Investments has temporarily advised retailers to close shutters, adhering to preventive measures adopted by the more

Trade Bank of Iraq Announces Capital Increase to USD 3 Billion Under New Three Year Strategic Vision

Baghdad / Abu Dhabi,  31 March 2020:  Trade Bank of Iraq (TBI) has announced a new capital increase that aims to raise the bank’s financial strength in line with the new strategic vision for 2020-23.  The bank has increased its capital to USD 3 billion (3.5 Trillion Iraqi Dinar) for the year 2020 from USD 2.3 billion (2.7 Trillion Iraqi Dinar) in 2019.   The step has been taken with the approval of the Prime Minster of Iraq on the back of TBI’s promising 2019 financial results audited by E&Y Ernst & Young. The increased capital is aimed at reinforcing the bank’s status in Iraq and its position as a leading Iraqi bank with global reach. TBI achieved a robust growth in revenues and in key financial areas during the financial year 2019. The financial results shows that TBI more

COT: Commodities See Demand for Metals and Agriculture

By Ole Hansen, Head of Commodity Strategy at Saxo Bank   Dubai, United Arab Emirates, March 31, 2020:   The below summary highlights futures positions and changes made by hedge funds across 24 major commodity futures up until last Tuesday, March 24. During this period the dash-for-cash phenomenon slowed and individual commodities began reaction to the shocks currently hitting both supply and demand. Funds increased bullish bets for the first time in five weeks by 36% to 361k lots. In demand were natural gas, soybeans, wheat and coffee while selling hit Brent, silver, corn, sugar and cocoa.   Despite suffering another week of steep price losses, the energy sector only saw modest changes. WTI crude oil was bought for a third week to the tune of 7k lots while selling of Brent crude oil extended to a fourth more

Why Managing and Measuring Brand Reputation Matters in 2020

By Firas Sleem, CEO, Virtue Consulting    Dubai, United Arab Emirates, March 30, 2020:   Consumers are choosing everything from cars to chicken sandwiches based on corporate values. Understanding an array of customer personas can guide tactics for landing and keeping them. Studies have long shown that your conviction to do good will lead customers to spend more, recommend you more, and remain loyal. Yet they seldom describe the mechanisms that brand managers can use to benchmark and track reputation.  A recent global study found that 62% of consumers want companies to take a stand on pressing issues such as fair employment practices, immigration, data privacy and climate change. In the same study, nearly half of consumers (48%) would publicly complain about their disappointment with a company whose more

SCCI Achieves Remarkable Results in New Memberships and Certificates of Origin During Q1 2020

Sharjah, March30, 2020:  The Sharjah Chamber of Commerce & Industry, SCCI, has recently announced the statistics of Q1 2020 which showed a remarkable spike in the number of new and renewed memberships and certificates of origin, something which underlines the Emirate of Sharjah’s reputation as a perfect business environment capable of coping with the changing demands of the business sector. These positive outcomes come amid the challenging times facing the global economy in view of the latest developments related to the new coronavirus (COVID-19) pandemic. The total number of the new and renewed memberships reached 7176 with a growth rate of 2% compared to Q1 2019, while the number of the certificates of origin released in Q1 2020 reached 10716 certificates, with a growth rate of 3% in comparison to Q1 2019. More more

RAKEZ Launches Spring Packages With Online Set-Up Process for Hassle-Free Business Registration

Ras Al Khaimah, 29 March 2020:   Taking a step further towards easier and faster company registration, Ras Al Khaimah Economic Zone (RAKEZ) goes digital with its Spring Packages, allowing investors to set up their business online from A to Z at the convenience of their home. Alongside the remote-friendly feature, the packages are designed to fully support SMEs, industrialists and investors at their stage of development without putting a high cost.  With RAKEZ’s recently-launched Portal 360, investors can easily set up their business with just a few clicks. Investors only need to complete the online registration form, upload the necessary documents, e-sign the Memorandum of Association, and the licence will be issued electronically.  Entrepreneurs, SMEs and startups keen to explore the market can take more

A Vast Majority of UAE Working Professionals Claim the Coronavirus Has Impacted Their Business

Dubai, United Arab Emirates, March 24, 2020:   Although cancelled or delayed business trips emerged as the most visible initial impact of the virus, declining sales is expected to be the greatest commercial woe in the future  As Coronavirus takes a toll on global and regional economies, YouGov ran a survey among 220 working professionals belonging to the senior management in various companies (senior business managers and above) between 9th- 15th March to understand the impact of the pandemic on their business and the overall economy.  Four in five (79%) of the surveyed business professionals claimed the Coronavirus had a large or moderate impact on their business. 13% said the impact was minor and only 6% claimed to have no impact at all. Working residents within the income bracket of AED 20,001- 40,000 were more

Airbus Announces Measures to Bolster Liquidity and Balance Sheet in Response to COVID-19

•         New € 15 billion credit facility •         Withdrawal of 2019 dividend proposal with cash value of € 1.4 billion •         Suspension of top up pension funding  •         2020 guidance withdrawn •         Strong focus on support to customers and delivery   Dubai, United Arab Emirates, March 23, 2020:   Airbus SE (stock exchange symbol: AIR) announces measures to bolster its liquidity and balance sheet in response to the COVID-19 pandemic as it continues to assess the ongoing situation and the impact on its business, customers, suppliers and the industry as a whole.   “Our first priority is protecting people while more

Zoho Offers Emergency Financial Relief to Its Small Business Customers

Will provide up to 20,000 of its small business customers free access to their existing Zoho applications for up to 3 months   Dubai, UAE - March 21, 2020:  Zoho Corporation, a global company that offers the most comprehensive suite of business software applications in the industry, has launched its Small Business Emergency Subscription Assistance Program (ESAP) to help Zoho customers worldwide weather this global crisis. ESAP is one way Zoho is helping its small business customers. For up to 20,000 qualified paying customers with 25 employees or less, Zoho is waiving the cost of every single application they currently use, for up to 3 months. "Businesses are hurting. They already face tremendous pressure on revenue and cash flows. Not knowing when things will get back to normal is making the situation more

A CEO Plan for Coronavirus: Actions to Take Now

By Tom De Waele, Middle East Managing Partner, Bain     Dubai, United Arab Emirates, March 19, 2020:   As the novel coronavirus outbreak has upended businesses around the world at alarming speed, one thing has become clear to executives grappling with the crisis: doing nothing is not an option. COVID-19 is unlike any previous crisis and taking traditional crisis-response approaches will not be enough. With our operations running smoothly and business running effectively amidst the COVID-19 pandemic, we share the steps that CEOs need to take today to mitigate the effects of the outbreak.   I. The situation   The process of containment and slowing the spread of COVID-19 in each country will create major disruption, irrespective of the seriousness of the virus spread. This should not cause more

Lebanese Banks Face Risk of Another Lehman-Type Failure

By Firas Sleem, CEO, Virtue Consultancy Dubai, United Arab Emirates, March 18, 2020:   September 2008 marked the collapse of the Lehman Brothers and a subsequent global financial crisis that shook the world.  The bankruptcy of Lehman Brothers did not only affect the United States but 23 other countries around the world according to the International Monetary Fund. These countries endeavored to rescue their failed banks and boost their economies by raising their public debt to more than 30 percent of their GDP. For one thing, the 2008 credit crunch and recession resulted from years of deeply rooted weak spots in the global economy. At that time, economists were not able to foresee what was going to happen. But speaking about Lebanon nowadays, local banks are not excused for their reckless risk-taking and not more

Promoting a Secure Approach to Working From Home

Organizations around the globe are working to ensure service delivery and business continuity amid the COVID-19 crisis. KPMG Lower Gulf has put together the checklist below to guide organizations on providing secure remote access to their staff members, without contributing to security weaknesses.   1 Share the organization’s teleworking/mobile device access policy   2 Share the organization’s Business Continuity policy and Health and Safety policy   3 Remind staff not to use organization-owned devices for personal activities or personal devices for work purposes   4 Reiterate the importance of avoiding public/untrusted internet access   5 Remind your staff to avoid or be careful when working in public areas   6 Use a company provided or commercial VPN for more

Shuraa Management & Consultancy LLC Forms Strategic Partnership with IFZA

Collaboration aimed to facilitate establishment of business for entrepreneurs in Fujairah Dubai, UAE - March 17, 2020: Shuraa Management & Consultancy LLC (Shuraa) is proud to announce its partnership with International Free Zone Authority (IFZA), that aims to help entrepreneurs seeking to establish a business in the Northern Emirate of Fujairah. The partnership brings together Shuraa, a business setup consultancy with nearly 20 years of experience, and IFZA, one of the region’s leading Free Zone Authorities. Operating a business-to-business model, IFZA’s network of Professional Partners - spanning all corners of the globe - support the Authority’s vision of solidifying the UAE’s mark as a top business and investment destination. IFZA’s assortment of scalable business set-up solutions, more

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Al Wifaq International Islamic Bank Selects ICS BANKS ISLAMIC from ICSFS to Maximise its Financial ...…

Dubai, United Arab Emirates, March 15, 2020:  Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to start its Islamic operations in Baghdad, more

Ras Al Khaimah International Airport Signs Tripartite MoU During Wings India 2020 to Boost Agro ...…

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Tracking of ULDS Through Blockchain to Save Industry $400m…

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Abu Dhabi Securities Exchange (ADX) Temporarily Closing Trading Halls…

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Sharaf Exchange Opens Four New Branches in UAE, Set for Major Expansion…

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PivotRoots Sets Up Shop in UAE as Part of its Global Expansion Strategy…

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Refinitiv Media Report: Saudi Arabia Sets the Stage for a High Stake Market Share Battle…

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Henkel Reports Mixed Business Performance in 2019 and Gives Outlook for 2020…

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Century Financial Becomes the First Finance & Investment Company in the UAE to Be Certified as a ...…

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Dp World, UAE Region Announces Up to 70% Reduction in Business Set-up Costs for Jafza-Based ...…

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Refinitiv Partners with Iraqna IBTS to Enhance Regulatory Compliance Efficiency in Iraq…

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Deem Finance Brings New Dimension to Real-Time Credit Quality Using Ai-Enabled Scorecards…

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Ajman Bank Appoints New Chief of Audit…

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Yummy Junction Announces AED 20 Million as Its Investment Plan For Malak Al Tawouk Chain in the UAE…

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Dubai National Insurance & Reinsurance PSC Produces Strong Full-year Results at AGM; Approves 35% ...…

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Abu Dhabi Exports Office (Adex) Approves AED 550 Million to Finance UAE Exports in 2020…

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Burgan Bank Continues its Support of World Champion Wheelchair Fencing Titleholder, Tareq Al-Qallaf…

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Female Traders Trending Upwards in UAE and MENA…

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Government of Ras Al Khaimah Awards Banks Legal With the 2019 Julphar Finance Award for Excellence…

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New speakers announced for Brazil & Arab Countries Economic Forum…

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Oxford Business Group Launches Global CEO Survey…

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Citadines Metro Central Dubai Receives Green Key Award for the Fourth Consecutive Year…

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Ericsson Spectrum Sharing Now Commercially Available…

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