Winners of the 2009th edition of Happiness @ Work Award include organizations from both public and private sectors of countries in the region.
Dubai, August 13, 2020: Happiest workplaces in the region have been revealed and honored at the third edition of Happiness @ Work Award virtual ceremony. The winners included government and private sector organizations that have taken steps to increase the happiness quotient of its workforce.
Mohammed Bin Rashid Establishment for SME Development (Dubai SME) has emerged as the happiest workplace in the public sector. The same honor in the private sector went to Paramount Computer Systems; and Xworks Interiors won the title in Small and Medium Enterprises (SME) sector category, which is new this year.
Sustainable Mindz, a Dubai-headquartered expert center for ......read more
Barclays has appointed Jean-Christophe Gerard as CEO, Barclays Private Bank with immediate effect, subject to regulatory approval.
Dubai, United Arab Emirates, 13 August 2020: Jean-Christophe joined Barclays in 2017, initially heading up Investments for Barclays Private Bank and has almost 30 years’ of experience in private banking, asset management and investment banking. His previous roles also include Head of Private Bank Europe, Monaco and Switzerland, and CEO of Barclays Monaco.
Barclays Private Bank is well-established as a quality private bank and partner to Global Ultra-High Net Worth Individuals (UHNWIs) and Family Offices looking for a full range of specialised services across international booking platforms. Jean-Christophe’s appointment also follows a series of recent announcements that has seen the ......read more
Recently established Nuwa Capital has made its first investment in MENA-focused eyewa as part of its US$2.5 M pre-Series B bridge round which includes Wamda Capital and EQ2 Ventures.
August 13, 2020, Dubai, United Arab Emirates: Nuwa Capital has announced its first investment since its launch in February 2020. The firm has joined Wamda Capital and EQ2 Ventures in eyewa's pre-Series B bridge round. Since the company's launch in 2017, eyewa has raised a total of US$11.1 million.
Nuwa Capital’s vision is to support financially, strategically and operationally, founders reshaping the markets they operate in, with a specific focus on retail in the form of DTC (Direct-to-Consumer), Rapidly Digitizing Industries (RDI) such as healthcare, proptech, fintech, as well as SaaS ......read more
August 13, 2020: Global average commercial insurance prices increased 19% in the second quarter of 2020, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk adviser. The increase, the largest since the index was launched in 2012, follows year-over-year average increases of 14% in the first quarter and 11% in the fourth quarter of 2019.
As with the first quarter, average price increases were driven principally by increases in property insurance rates and financial and professional lines. Among other findings, the survey noted:
• Global property insurance was up 19% and global financial and professional lines were up 37%, while global casualty pricing was up 7% on average.
• Composite pricing in the second quarter ......read more
13 August 2020: Commenting on the publication of an open letter to the UN Secretary-General urging them to take action to deal with the FSO SAFER oil tanker and stop a humanitarian and environmental catastrophe off Yemen, Greenpeace MENA Executive Director Zeina Alhajj said:
“Time has run out on doing nothing to avert the looming social and ecological disaster that is the FSO SAFER oil tanker. Inaction is no longer an option.
“The UN is our last, best hope of averting a catastrophic oil spill in the Red Sea. It has all the influence and expertise to solve the problem and Greenpeace urge the Secretary-General to make repairing the tanker and removing the million barrels of oil on board a priority.
“Unless the UN act we risk sleepwalking into a disaster of international significance that will heap even more ......read more
One of the largest growth financings raised in Europe in 2020
Dubai, UAE, 12 August 2020: HMD Global, the home of Nokia phones, today announces it has successfully closed 230 million USD in the first closing of its current funding round from some of its top global strategic partners.
As well as establishing itself as a leading feature phone manufacturer by value , HMD Global has been successful in clearly differentiating its Android™ smartphone offering. Nokia smartphones come with premium Nordic design that is inspired by the company’s European heritage, superior product quality, premium ZEISS imaging experience, and market-leading reliability, as well as security features including a three-year monthly security update promise and two-year Android software upgrade commitment with the Android One promise. ......read more
August 12, 2020 - Mezzan Holding KSC, one of the largest manufacturers and distributors of food, beverage, FMCG and healthcare in the Gulf, today announced the company’s financial results for Q1 and Q2 2020.
● Revenue: KD134.3 million, up 16%
● EBITDA: KD 15.8 million, up 23%
● Net Profit: KD 9 million, up 24%
● Net Profit to Parent Company Shareholders: KD 8.1 million, up 11%
Mezzan managed to achieve healthy revenue growth driven by both food and non-food segment activity, from organic and inorganic activities.
The group's strong revenue growth was also accompanied by enhancing profitability margins such as gross profit margin, EBITDA margin and net income margin. These were achieved due to higher volumes, economies of scale, and operating ......read more
● Dubai has moved up the ranks in JLL’s Global Real Estate Transparency Index 2020 from 40th to 36th. According to the report, the most significant initiative launched in 2019 was the creation of an official transaction-based index, Mo’asher, by Dubai Land Department, in partnership with Property Finder.
● In June, real estate sales transactions grew by 64%, with an average of around 570 properties sold in Dubai every seven days.
● In Q2 2020, the Dubai overall index rose by 0.79%, the Dubai apartment index rose by 0.58%, and the Dubai villa/ townhouse index remained unchanged.
Dubai, UAE, 11 August 2020 - Dubai Land Department, in cooperation with Property Finder, launched the fourth edition of Mo’asher, Dubai’s official sales price index. The base year for ......read more
• Covid has not been all bad news for plastics demand. Packaging which accounts for >1/3rd of plastics use has benefitted...
• ...yet the plastics market faces a wave of new capacity, which should keep pressure on margins up and down the PE value chain
• Declining NGL supply, cheap oil dented the US NGL feedstock advantage. An oil rally could help US NGLs regain their edge
United Arab Emirates, August 11, 2020:
Covid has been both boon and bane for plastics demand…
The pandemic's impact on plastic demand has been sector-dependent thus far. The rapid shift to online shopping boosted demand for plastic packaging, ......read more
• 2nd phase of the stimulus package reflects Company’s continuous commitment to enhance customer service
• Discount extended across Company’s commercial, residential and industrial sectors
Dubai, UAE, 11th Aug 2020: Emirates District Cooling (Emicool) LLC, a leading district cooling service provider in the region and a wholly owned subsidiary of Dubai Investments, has announced a 7% discount on declared load for the three months period from August to October 2020, across the Company’s commercial, residential and industrial sectors.
With the current total operating capacity of 355,000 RT, the 2nd phase of the stimulus package will be applicable for customers’ falling under identified concession areas amongst Emicool’s portfolio.
Dr Adib Moubadder, CEO, ......read more
The company maintained top position vis-à-vis earned premium, the highest in the UAE market
Dubai, August 11, 2020: Oman Insurance Company, one of the leading insurance providers in the Middle East, announced it has posted a Net Profit of AED 110.2 million in the first half of 2020, a four percent increase on the same period last year while having increased its solvency above 250%.
Total Gross Premium Written (GPW) at the end of 1H 2020 is AED 2.1 Billion (+3% versus prior year) whilst the Net Investment Income increased 5% to AED 57.6 Million.
Jean-Louis Laurent Josi, CEO of Oman Insurance, said, “We have passed the first half of a very challenging year with robust financial strength and strong operating performance. Our current results clearly reflect our leading position as a primary insurer ......read more
First Commercial Bank Issuer to Offer Mobile Wallet Globally Following EMEA and APAC Launch
United Arab Emirates, August 11, 2020: Bank of America has expanded its mobile wallet capabilities for corporate clients in EMEA and APAC. The bank first launched mobile wallet in the United States and Canada in 2018, and this expansion makes it the first commercial bank issuer to offer the technology to corporate clients worldwide.
The bank’s clients who use its Corporate Travel and Purchasing cards in EMEA and APAC are now able to use Apple Pay® and Google Pay® to make and manage card purchases. This makes its clients’ lives easier through faster, more secure and efficient business transactions, while providing the same convenience they experience in their personal banking. With social ......read more
Free for all organizations, the app enables companies to return to the office safely and securely
Dubai — August 10, 2020: Zoho Corporation, a global technology company offering an extensive suite of business software applications, today announced BackToWork, a fully comprehensive modular solution enabling businesses and organisations to safely transition back into the workplace.
Free for the remainder of 2020, BackToWork, powered by Zoho Creator, is the latest programme to be introduced as part of the company's ongoing relief efforts, which support businesses impacted by the Covid-19 crisis. The app supports Arabic language, and right to left orientation.
"We've seen tremendous successes in our existing initiatives aimed at helping organisations through ......read more
• 620 global, regional and local applications received for the fourth cohort of the annual accelerator programme
• Concepts and solutions presented include FinTech, InsurTech, RegTech and Islamic FinTech
Dubai, UAE, 10th August 2020: DIFC FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, has attracted an unprecedented 620 global, regional and local applications for the signature programme.
The 620 applications for the intake, exceeds the previous record of 425 applications, received in 2019. The applications represent an exceptionally broad range of concepts, submitted by an impressive pool of talent which reflects DIFC’s reputation for nurturing financial innovation.
Specialisms include ......read more
Company continues to reduce environmental footprint and develop innovative and sustainable coatings technologies while operating safely
Dubai – August 10, 2020 — Axalta (NYSE: AXTA), a leading global supplier of liquid and powder coatings, issued its 2018-2019 Sustainability Report, highlighting the company’s advancements in sustainable business practices, including technology, operations and responsible sourcing.
“Sustainability is fundamental to our core values, our business and is embedded in everything we do,” said Robert Bryant, Axalta’s Chief Executive Officer. “From Axalta’s innovative technologies that help customers save energy and increase productivity, to the ways we are making our operations safer and lowering our environmental impact, to our unwavering ......read more
The Platform Aims to Simplify Transactions of Over 18,000 Food-Trading Companies by Unifying the Inspection Process of Dubai Municipality and Dubai Customs at Jebel Ali Port, Ensuring the Highest Safety and Quality of Food Shipments
Dubai, United Arab Emirates – 9th of August 2020: Dubai Trade — DP World, UAE Region’s single window platform for cross-border trade — has announced the launch of ZADI, a unified food import platform aimed at facilitating the import and re-export of food shipments throughout Dubai ports. The first-of-its-kind platform in the Middle East is part of Dubai Trade’s plan to be the leading integrated platform in all import and re-export services. It also aligns with the UAE plan for the post-COVID-19 era that will ensure the country’s robust recovery and ......read more
• Emirates Post Group and Ras Al Khaimah Department of Economic Development sign agreement to reduce licensing time and increase the ease of doing business
Dubai, United Arab Emirates; 09 August 2020: Emirates Post Group has signed a partnership agreement with the Ras Al Khaimah Department of Economic Development (RAK DED), to put into place processes to expedite the issuance of licenses for courier and delivery companies. With the agreement, the service period for the license delivery process will be reduced to 1-2 working days, from the previous processing time of 10 working days.
The partnership reflects the ongoing move by UAE’s leadership to streamline government processes and increase efficiencies across all government departments. The move is expected to help increase the ease of doing ......read more
Sharjah, August 9, 2020: The Sharjah Chamber of Commerce & Industry, SCCI, has recently launched the “Sadder” (export) Fund, the first of kind fund across the Emirate Sharjah for financing export operations.
“Sadder” Fund falls under the Sharjah Exports Development Center (SEDC) of the SCCI and it aims to increase the rate of exports, open new markets, expand the export map of the SEDC’s affiliates, provide liquidity to exporters, and reduce the risk ratio in export operations through credit insurance.
This comes as part of the SCCI’s relentless efforts to provide the support and boost the UAE’s exports by providing export finance services to local companies, expanding the scope of export business, and penetrating new markets.
Speaking on the launch of the new fund, H.E. ......read more
Dubai, 8 August 2020: It is proudly announced that a memorandum of understanding has been signed between Minhaj Advisory and TAIF Digital Institute for strategic collaboration in various aspects of digital learning solutions for Islamic finance.
The MOU was signed by General Manager of Minhaj Advisory Dr. Amin Fateh and Chief Executive Officer of TAIF Digital Institute Mr. Muhammad Ziaullah Siddiqui, in UAE.
The MOU will facilitate collaboration between the two institutions to promote and develop outstanding digital learning solutions to facilitate dissemination of knowledge of Islamic finance digitally, undertaking research and capacity building and conducting various digital courses together. In addition, Minhaj Advisory and TAIF Digital will also jointly provide Islamic finance digital learning solutions to various ......read more
Top five peer-selected startups will split $150,000 in grant funding from MetLife Foundation
Dubai, UAE; August 06, 2020: Village Capital today announced the twelve early-stage fintech startups selected to take part in Finance Forward MENA 2020. An accelerator, Finance Forward MENA will provide the startups with five weeks of online and in-person training focused on improving their business models and making their financial health solutions available to those who need them most in the current economic climate.
Each startup selected for the accelerator will work closely with mentors, potential clients and partners, as well as investors they need to scale their impact, using tools developed to help their self-evaluation, such as Village Capital’s Abaca. The top five peer-selected companies will be eligible ......read more
New dates announced for Middle East and Africa’s largest automotive service industry exhibition
Dubai, United Arab Emirates, August 05, 2020: New dates have been announced for Automechanika Dubai, with the Middle East and Africa’s largest trade fair for the automotive service industry, now scheduled for June 2021.
Organiser Messe Frankfurt Middle East confirmed Automechanika Dubai’s 18th edition, which was originally postponed to run in October 2020, will instead take place from 7-9 June 2021 at the Dubai World Trade Centre.
The three-day event in 2019 featured 1,880 exhibitors from 63 countries, while drawing in 32,750 trade visitors from 146 countries, underlining its international scope; more than 90 percent of exhibitors and 50 percent of visitors come from outside ......read more
** It’s time to destroy any bacteria and viruses on your kid’s school essentials in time for school**
Dubai, United Arab Emirates, August 05, 2020: With schools set to reopen in September following a long season of homeschooling, many of us are starting to consider the long list of ‘back to school’ preparations before the school holidays end. A top priority for most parents nowadays is hygiene, and that means clean bags, shoes and uniforms. One sure and easy way to deal with it is to entrust a cleaning agency who can put your concerns to rest. Champion Cleaners, the regions favourite 5-star premium dry cleaning and laundry providers, is a favourite. They will ensure that your kid’s school supplies are germ-free while also saving you some money!
With school backpacks only ......read more
Ras Al Khaimah, 4 August 2020: Ras Al Khaimah Economic Zone (RAKEZ) announced its latest addition to company set-up offerings, Foreign Direct Investment (FDI). The new formation structure allows a 100% foreign ownership of companies in Ras Al Khaimah’s mainland, enabling investments in various booming sectors, such as industrial, agricultural, and service sectors, while owning and controlling all shares in non-free zone companies.
Companies setting-up under this FDI structure will be considered national companies, and will have full confidentiality of technical, economic and investment information. FDI companies will also be eligible to make financial transfers outside the country for project returns, and will have their assets protected from being claimed by the state for public use or benefit through a guaranteed no ......read more
• AED 3.1 billion surpluses in merchandise across various industries
• 54 percent increase in exports during the first quarter
• Around 19 percent growth in the number of registered companies
• 39 percent increase in office package offerings
• Growth of 2.10 percent in the total leased area
• His Highness Sheikh Ahmed bin Saeed: The free zone showcased the most effective, efficient and flexible methods to support and protect the investment environment and business landscape
• His Excellency Mohammed Al Zarooni: Despite challenging economic conditions and we remain on our path of continued success
Dubai, United Arab Emirates – August 04, 2020: Dubai Airport Freezone Authority (DAFZA) achieved positive financial and operational ......read more
ADX’s strong trading and regulatory infrastructure becoming increasingly attractive to major corporations
Abu Dhabi, August 4th 2020: Abu Dhabi Securities Exchange (ADX) announced today that it has listed US$4 billion Fixed Rate Notes issued by MDGH GMTN B.V. and guaranteed by Mamoura Diversified Global Holding PJSC (MDGH). MDGH is the debt issuing entity of Mubadala Investment Company, and the MDGH bonds have their primary listing on the London Stock Exchange.
H.E. Khalifa Al Mansouri, Chief Executive of ADX said: “Today we extend a warm welcome to Mubadala as it joins ADX. The listing of its MDGH bonds is further evidence of ADX’s appeal to a broader base of investors and issuers, and is in line with our strategy of increasing the number of products available to them. When we see global ......read more
The Evaluation is Based on Ability to Execute and Completeness of Vision
Dubai, United Arab Emirates – August 04, 2020: Blue Prism (AIM: PRSM), a global leader in intelligent automation, has again been positioned by Gartner, Inc. in the Leaders quadrant of the “Magic Quadrant for Robotic Process Automation (RPA).”1
In the 2020 report, Gartner evaluated 16 ......read more
Dubai, 4 August, 2020: Trade Bank of Iraq (TBI) was ranked among the Top 1,000 World Banks 2020 for the third consecutive year by the UK’s prestigious Banker magazine in recognition of its efforts in providing excellent services and developing its trade offering on par with global standards and matching market expectations.
The Banker is the world’s premier banking and finance ......read more
BofA Global Research Media Relations
Refer to important disclosures at the end of this report (see link below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a BofA Global Research report. All other copying, redistribution, retransmission, republication and any ......read more
Gold and copper – twins in rallies
• Base and precious metals correlations +0.5 since 1990. Loose monetary and loose fiscal policy reinforce co-movement.
• Financial repression & inflation take 18m gold to $3000/oz; green stimulus may push silver to sustained deficit; upside ......read more
The conference discusses real estate challenges and solutions post COVID-19 and cements cooperation between the UAE and KSA
3 August 2020: The Dubai Real Estate Institute (DREI) in Dubai Land Department (DLD) is organising the first virtual real estate conference titled ‘Real Estate post-COVID-19 – Challenges and Solutions,’ in cooperation with a number of ......read more
Frequent Screenings, Effective Measures, Aligned Policies and International Standards Were Endorsed at the Webinar
Dubai, United Arab Emirates, August 02, 2020: The leading business and logistics hub, Jebel Ali Free Zone (Jafza), organised the ‘Collaboration for a Safe and Sustainable Growth’ webinar to kick-start a mega awareness ......read more
Dubai, United Arab Emirates, August 02, 2020: The COVID-19 pandemic impacted the consumer sectors of the gold market in H1 2020, with total demand dropping by 6% to 2,076t versus the same period in 2019, according to the World Gold Council’s latest Gold Demand Trends report.
However, while overall gold demand fell, H1 saw record flows into gold-backed ETFs of 734t. The ......read more
Company effortlessly addresses more than 15 per cent increase in market demand for bottled water
Mai Dubai increases production capacity to over 1.5 million units per day
29 July 2020 - Mai Dubai, a bottled water company fully owned by the Dubai Electricity and Water Authority (DEWA), revealed that it has been able to successfully address more than 15 per cent increase in demand for ......read more
BofA Global Research Media Relations
Dubai, United Arab Emirates, July 29, 2020: Refer to important disclosures at the end of this report (see link below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a BofA Global Research report. All other copying, ......read more
• Recent Dubai Chamber webinar attended by Panamanian Minister of Private Investment and 58 public and private sector stakeholders from the UAE and abroad
• Through its representative office in Panama, Dubai Chamber identifies high-potential business opportunities in Latin America.
• Dubai-Panama non-oil trade increased 10% over the 2017-2019 period, ......read more
Frequent Screenings, Effective Measures, Aligned Policies and International Standards Were Endorsed at the Webinar
Dubai, United Arab Emirates, 29 July 2020: The leading business and logistics hub, Jebel Ali Free Zone (Jafza), organised the ‘Collaboration for a Safe and Sustainable Growth’ webinar to kick-start a mega awareness campaign.
Distinguished speakers ......read more
• First facility of its kind in the GCC to produce critical N95 masks to help limit the spread of the COVID-19 virus
DUBAI, United Arab Emirates, July 28, 2020 – Honeywell (NYSE: HON) and Mubadala Investment Company’s wholly-owned subsidiary, Strata Manufacturing, today reached the manufacturing landmark of producing one million N95 masks in Strata’s Al Ain ......read more
Bilateral trade between UAE and Brazil now worth over USD 3 billion
July 27, 2020- The Arab Brazilian Chamber of Commerce (ABCC) and the Khalifa Industrial Zone Abu Dhabi (KIZAD) are collaborating to host a webinar on Wednesday 29 July 2020 to discuss the changing dynamics of business in a post-COVID-19 world and the opportunities available to Brazilian companies seeking to establish their ......read more
Dubai, United Arab Emirates, July 27, 2020:
• Dubai’s new ......read more
27th July 2020: Instinctif Partners and Advert One have completed their role in providing strategic communications counsel and public relations to Saudi Arabia’s leading non-bank real estate lender, Amlak International, for its IPO on the Saudi Stock Exchange. Established in 2007 and headquartered in Riyadh, Amlak offered 30% of its equity at a price of SAR 16, raising approximately ......read more
Dubai, UAE, 27 July 2020: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region has announced that Startupbootcamp, one of the world’s most active global industry-focused startup accelerators and investors has established its regional headquarters at DIFC.
The establishment of the new regional ......read more
Research Centered Around BCG’s Proprietary Digital Acceleration Index Framework Illustrates That Digital Maturity Is Essential For Middle East Businesses During Unprecedented Challenges
Dubai, July 27 2020— Today’s COVID-19 crisis demands a rapid, comprehensive response and Bionic Champions are better positioned to take decisive and effective action, according to a new report ......read more
• Invesco as a supporter of the Task Force on Climate-related Financial Disclosures (TCFD) launches its inaugural Climate Change Report
• Invesco introduces its climate scenario analysis to address climate change at the investment level
• Report highlights the impact of Invesco’s approach to climate change on its operations and investment
• Invesco aims to ......read more
Market Quick Take - July 27, 2020
By Steen Jakobsen, Chief Investment Officer at Saxo Bank
Gold ratcheted sharply higher again overnight, reaching a new all-time high beyond $1921 per ounce, with silver notching a more than six percent gain at one point as well. This came amidst US dollar weakness and ongoing US-China tensions, though equity markets were steady overnight ......read more
July 26, 2020- The Arab-Brazilian Chamber of Commerce (ABCC) has released the results of a landmark survey on Arab immigration to Brazil as part of its 68th-anniversary celebration. The Chamber shared the remarkable findings of its first-of-its-kind survey with the attendees of a webinar it organized to commemorate the special occasion.
Carried out in three phases by IBOPE and ......read more
Dubai, United Arab Emirates, July 26, 2020: Arab Bank Group reported net income after tax of $ 152.1 million for the first half of 2020 as compared to $453.2 million for the prior period, recording a drop of 66%.
The fall in the profits is attributable to the build up of higher provisions, driven by current and forecasted economic conditions, and reflect the deterioration in the ......read more
BofA Global Research Media Relations
Dubai, United Arab Emirates, July 26, 2020: Refer to important disclosures at the end of this report (see link below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a BofA Global Research report. All other copying, ......read more
• Successful 1st closing in Q2 2020 with an investment capacity close to 4.2 billion euros
• Bpifrance is open to more partnerships in the GCC to reach a targeted investment capacity of 10 billion euros at final closing
• A unique fund to support French listed multinationals
United Arab Emirates, July 22, 2020 – Bpifrance, the French national ......read more
By Steen Jakobsen, Chief Investment Officer at Saxo Bank
Dubai, United Arab Emirates, July 22, 2020: Over the past three decades, after the end of the Cold War and especially with China’s momentous admission into the WTO in 2001, the world has become ever more connected and integrated through technology and globalisation. But starting with the Trump presidency – and ......read more
• Sovereigns are using cash reserves to capitalise on ‘unprecedented buying opportunity’ presented by COVID-19 pandemic
• Middle East investors cool on equities prior to COVID-19, instead favouring fixed income – particularly in alternatives - and infrastructure projects
• Sovereigns in the Middle East look towards Europe for bargains
• Gold ......read more