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Featured in Banking and Investments
Danube Group Chairman Files Case With Dubai Police Against Scam Star for Faking Facebook Account to Get Donation

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

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

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

SALAMA Announces AED 13.65 Million Profit for Q1 2020

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

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

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

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

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

UAE Banks Among Top Performing in GCC, KPMG Report Finds

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

ENEC Completes Significant Test for Unit 4 at Barakah

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

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

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

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

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

Commodity Weekly: Gold and Silver Pop as Economic Clouds Darken

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

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

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

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

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

COVID-19 Triggers Marked Decline in Global Trade: UNCTAD

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

Saxo Bank Market update: Copper and Silver Focus

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

Grundfos Marks 75 Years of Pioneering Sustainable Water Solutions

Dubai, United Arab Emirates, May 13, 2020:   Grundfos, a global leader in innovative water solutions, this week celebrated its 75th anniversary paying tribute to the people and valued partners all over the world who have helped to drive the company’s efforts in sustainability.  From humble origins and the production of its very first pump in 1945 through to today’s global workforce of 19,280 and its advanced digital solutions, Grundfos is known worldwide as an innovator and leader, providing energy efficient pumping solutions across diverse segments including domestic, commercial buildings, industries, water utilities and pumps running on renewable energy.  Kostas Poulopoulos, Area Managing Director, Gulf, Levant and Pakistan, said: “We celebrate the pioneering, collaborative and socially ......read more

Ras Al Khaimah's Department of Economic Development Completes 1,219 Remote Transactions During March and April

Dubai, United Arab Emirates, May 13, 2020:   The Department of Economic Development in Ras Al Khaimah (RAK DED) has revealed that it completed 1,219 electronic transactions during March and April. The department, which is responsible for creating an environment in Ras Al Khaimah where trade and commerce can flourish, says that its Smart Services make it easier for customers to conduct their business, as well as strengthen its efforts to support business continuity in the emirate. The electronic transactions accomplished by RAK DED during the two-month period covered an array of services it provides to the business sector, most notably the issuance of new licenses,  including those covering on-line retailers and mobile retail stalls; the renewal, amendment, cancellation and issuance of permits; the registration of ......read more

Pinza Announces Extension of Its ‘Win a Luxury Apartment' Contest Till 1 June

Dubai, United Arab Emirates, 12, May 2020:  Pinza, the Dubai-born modern ‘pinzeria,’ has announced an extension on its offer, where customers can win a luxury home in MAG 5 Boulevard - Dubai South, until 1 June. All Dubai and Abu Dhabi customers have to do is order their favourite blend of the healthiest, hand-kneaded pizza crust directly from the website (www.pinza.com), Pinza’s Instagram page (@itspinza), or from Deliveroo or Chatfood.  Foodies looking to own or move into a brand-new apartment in one of Dubai’s up-and-coming areas are eligible for the draw with every AED 50 spent at Pinza using the above-mentioned mediums. The winner will be rewarded the apartment via a raffle.  The partnership comes as part of a contest that was conceived to celebrate Pinza’s key milestones since ......read more

A Sneak Peek Into an Italian Escape in Dubai – the Emirate's Best-kept Secret

Visitors to the Portofino Hotel will be greeted in Italian language where the currency will be Euro and food will be Italian cuisine – offering a complete Italian experience to local, regional and international tourists       Date: Dubai, UAE; May 11, 2020     1. Islands remain safe haven from the Coronavirus outbreak due to their isolated location 4 kilometres offshore   2. More than 1,200 construction workers, technicians, engineers and environmental experts are working full time with a healthy and safe environment.   3. Portofino Hotel to open in the fourth quarter of 2020 – to greet local, regional and international tourists Kleindienst Group, developer of The Heart of Europe – the US$5 billion (Dh18.3 billion) master-planned leisure tourism ......read more

RAKEZ Holds Open Dialogue with Clients During its ‘Customers Come First' Webinar

Ras Al Khaimah, 11, May 2020:    Ras Al Khaimah Economic Zone (RAKEZ) has recently organised its ‘Customers Come First’ webinar, one of the RAKEZ digital events that are intended to provide valuable information and platform for discussions between the RAKEZ and its clients during social distancing times. Presented by Ryanne Van Der Eijk, RAKEZ Chief Customer Experience Officer, the webinar walked SME and industrial clients through the stimulus provided by RAKEZ to help them pivot their businesses in the face of the pandemic. These include waivers, discounts and flexible instalment plans. Furthermore, RAKEZ also shared its new procedures that push towards improved ‘ease of doing business’, such as reducing physical presence and required documents thanks to its digitised services. A Q&A ......read more

SAIF Zone Announces the Completion of Development Works on U2 Area, Adding Another World-Class 70 Warehouses

Sharjah, 11 May 2020:  The Sharjah Airport International Free Zone (SAIF Zone) has announced the completion of development works on “U2 Area”, a new dedicated district for stores and warehouses. The “U2” area features 70 world-class and mergeable stores with each of which spreading over an area of 600 square meters. They were designed this way to enhance the absorptive capacity and the overall area to suit the investors’ and customers’ needs.  The new area will help attract new investors in key sectors and support the existing investors to expand their operations and add new warehouses for their businesses It  also represents a qualitative addition to the privileges that SAIF Zone delivers to its customers and is an added value to the activities of companies and their operational, ......read more

Ajman Finance Department Awarded Payment Card Industry Data Security Standard Certification for its Ajman Pay Platform

Dubai, United Arab Emirates, May 11, 2020:    • Ajman Finance Department has recently been awarded the world-renowned Certification of Compliance in Payment Card Industry Data Security Standard (PCI DSS) for its Ajman Pay Platform, a smart digital payment platform with groundbreaking technologies set to rapidly and securely transform the areas of payment and government revenue collection & control. The certificate has been granted by ValueMentor, a leading global cybersecurity certification provider    • The PCI certification, considered the best way to safeguard sensitive data and information, is a global compliance scheme that secures credit and debit card transactions against data theft and fraud    • The granted certification covers diverse services and infrastructure ......read more

DLD Stresses Need to Adhere to Real Estate Advertising Laws

RERA imposes AED 50,000 fine on a company that violated the permit legislation     Dubai, United Arab Emirates, May 11, 2020:  The Real Estate Regulatory Agency (RERA) imposed a AED 50,000 fine on a real estate company that was found to have violated the laws related to the escrow account and permits of real estate advertisements, specifically Law No. (8) for 2007. RERA calls on all real estate companies and brokers to abide by laws and regulations that regulate real estate advertising and marketing mechanisms. To ensure the highest levels of transparency and safeguard the rights of all parties, including investors and developers, RERA regularly launches awareness campaigns across various channels and is in constant communication with all parties to inform them about the systems and share with them the latest ......read more

DAFZA Prepares for Future Following Successful Roll Out of Remote Working

Dubai, United Arab Emirates - 7 May 2020:   Dubai Airport Freezone Authority (DAFZA) has launched a set of initiatives for its employees during the remote working period aimed at ensuring the continuity of business operations and enabling co-workers to effectively communicate, collaborate and share their achievements during this period. As part of the ongoing initiatives, the People Management Department at the free zone has launched a ‘Virtual DAFZA Staff Forum’. The weekly forum provides a space for employees to discuss their experiences and recommendations and paves the way for attendees to share achievements, ideas and moments. The forum comes as part of DAFZA efforts to instill a sense of community amongst the staff, whilst preserving normality and positivity in everyday life. In an effort to keep ......read more

Fedora 32 Now Generally Available

Latest version of the Fedora operating system delivers improved performance and optimization for users     Dubai, United Arab Emirates, May 06, 2020:   The Fedora Project, a Red Hat, Inc., sponsored and community-driven open source collaboration, today announced the general availability of Fedora 32, the latest version of the fully open source Fedora operating system. Fedora 32 includes new features aimed at addressing issues facing modern developers and IT teams. Highlights include key updates to Fedora’s desktop-focused edition, Fedora 32 Workstation, and a new computational neuroscience lab image, aimed at bringing those working in science fields to open source software.    Matthew Miller, Fedora project leader at Red Hat said: “The Fedora Project has continued to help advance ......read more

Parmigiano Reggiano Records Growth in GCC Markets

2019: a record year for value at production and for exports of Parmigiano Reggiano     • The Consortium announces the data of a sound supply chain ready to take on the after-Covid19 with concerns for relapse in exports • Parmigiano Reggiano Consortium sees a growth of 2.9% in Arab markets • Parmigiano Reggiano confirmed as number one PDO product with 1.56 billion turnovers at production and 2.6 billion euro at consumption, an export share exceeding 41% (+4.3% growth volume vs 2018) and 3.75 million wheels produced (+1.47% vs 2018)     Dubai, UAE: May 05: 2020:  2019 was a record year for Parmigiano Reggiano PDO production, which saw a total increase of 1.47% over the previous year. Figures released by Parmigiano Reggiano Consortium reveal that 3.75 million wheels of cheese ......read more

Other Top Stories from Banking and Investments
 
Memac Ogilvy Announces New Regional Leadership Team…

Dubai, United Arab Emirates, April 16, 2020:     The integrated creative network Memac Ogilvy has announced a new regional leadership team in its Public Relations and Influence capability. The appointments include a new regional director and three new country leads who will run operations across the GCC.  Ashraf Shakah, former Saudi Arabia lead for the network, steps up ......read more

Kleindienst Shifts Operations to the Heart of Europe as the Islands Remain Free From Coronavirus ...…

More than 1,200 professionals, management team members and workers putting all-out efforts to complete Phase I of the US$5 billion Heart of Europe project, as the island remains free from Coronavirus      Date: Dubai, UAE; April 15, 2020     1. Islands remain safe haven from the Coronavirus outbreak due to their isolated location 4 kilometres ......read more

“Atmah” Program to Increase Employment Opportunities for People of Determination in Abu Dhabi…

• The Authority of Social Contribution – Ma’an will work with Department of Community Development, Aldar Properties, Aldar Education and Zayed Higher Organization for People of Determination to deliver the first Social Impact Bond in the GCC. • The five partners will collaborate on a pilot program to support people of determination into permanent employment. • ......read more

Dp World, UAE Region Implements Rapid, Resolute Measures to Ensure Safety of Its People and Secure ...…

Focus is on Critical Movement of Food and Medicines, Improving Operational Resilience, Segregation of Staff, Remote Working, Sanitisation and Thermal Cameras Dubai, United Arab Emirates, 13 April 2020:  DP World, UAE Region has implemented a rapid, resolute action plan to secure the health and safety of its people and its services across all its business, logistics and supply chain ......read more

Emicool Starts Testing its Command Control Centre, Controls Plants Remotely…

Dubai, United Arab Emirates, April 13, 2020:    Emirates District Cooling (Emicool) LLC, a leading district cooling service provider in the region and a wholly-owned subsidiary of Dubai Investments, has commenced testing its Command Control Centre (CCC), which provides operations and performance data from all its district cooling plants. The company also started testing its unmanned ......read more

Let's Act Responsibly - Mr. Khalid Anib…

Abu Dhabi, 5 April 2020:   Giant hotel groups operate in different countries, some with strong social security systems while others offering weak or totally inexistent support, leaving employees at risk when forced out of work.   During my career, this is the third time when employees are being either made redundant or forced to take unpaid leave on a large ......read more

Oman Insurance to Provide Financial Relief to Motor Clients…

Dubai, April 12, 2020:   Oman Insurance Company has announced its retail motor customers will receive 30% of their monthly premium for April and May as a discount when they renew their policy. As the public stays home to reduce the spread of COVID-19 within the UAE population, Oman Insurance has witnessed a drop in accident claims, compared to the same period last year. “In ......read more

The COVID-19 Coronavirus is the Catalyst That Reveals the Fragility of Our Financial System and the ...…

By Steen Jakobsen, Chief Investment Officer at Saxo Bank  The virus outbreak has set three major macro impulses in motion: a global demand shock, a global supply shock and an oil war that has forced prices to multi-year lows. This final development will result in an enormous destruction of capital and, soon, structural unemployment. In over 30 years of doing this job I have never ......read more

Enhanced Digital Transformation and Regulatory Compliance Will Boost Profitability of UAE Banks, ...…

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 ......read 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 ......read 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 ......read 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 ......read 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 ......read more

Air Liquide, Groupe PSA, Schneider Electric, Valeo Rise to the Challenge of Producing 10,000 Air ...…

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 ......read 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 ......read 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 ......read 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 ......read more

ADX Achieves 93% in Disclosure Compliance of the Annual Financial Statements 2019, for Public and ...…

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 ......read 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 ......read 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, ......read 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 ......read 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 ......read 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 ......read 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, ......read 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 ......read 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 ......read 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 ......read 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 ......read 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 ......read 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 ......read 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 ......read 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 ......read 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 ......read more

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, ......read more

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

• Ras Al Khaimah International Airport, GMR Hyderabad International Airport and SpiceJet Ltd. signed a tri-partite MoU  • To promote export of Agro Products from India to United Arab Emirates via Ras Al Khaimah and neighboring countries from Hyderabad  • To create a dedicated freight corridor  • To leverage the agro and farming sector potential from ......read more

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

Through accurate tracking and secure data sharing, shipping times could be cut in half GENEVA – 15 March 2020 – SITA and trade association ULD Care hope to bring new efficiency to the air cargo industry by exploring the use of blockchain to digitally track and record change of custody of airline cargo containers or Unit Load Devices (ULDs) across their journey.  By ......read more

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

The Exchange will continue to provide comprehensive access to trading services through its Sahmi digital platform. The preventive measure is effective from Sunday 15th March and aims to ensure and maintain maximum health protection Abu Dhabi, 15th March 2020:  Abu Dhabi Securities Exchange (ADX) announced to the investor community that the Exchange is temporarily closing its trading hall ......read more

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

Dubai – March 15, 2020:   Sharaf Exchange, one of the leading remittances and financial solutions providers in the UAE and a part of Sharaf Group, opened four new branches, aimed at enhancing its branch network covering all the seven emirates. The newly opened branches are located in Dubai’s Al Qusais and International City areas, Sharjah Industrial Area, and Jurf Industrial ......read more

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

Dubai, United Arab Emirates, March 14, 2020:   The United Arab Emirates’ (UAE) online marketing space is set for a major disruption following the entry of India-based data-led digital marketing powerhouse, PivotRoots.   PivotRoots’ entry into the Middle East comes against the backdrop of a ballooning active social media usage, which currently stands at a ......read more

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

March 11, 2020:   Refinitiv today released a report on the latest development in the Oil market. According to Ranjith Raja, Oil Research Manager, Middle East and North Africa, Refinitiv, the Benchmark crude prices went into a tailspin on Monday morning trade following OPEC and its allies including Russia failing to agree on extending and deepening the output cut which expires at the end ......read more

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

• 2019 results, impacted by slowing economic growth and increased investments in consumer businesses and digitalization across the company:  Sales rise by 1.1% to 20,114 million euros, organic sales stable  Adjusted* EBIT margin at 16.0% (-1.6 pp)  Adjusted* earnings per preferred share (EPS) reach 5.43 euros,  nominal -9.7%, at constant exchange ......read more

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

Dubai, 8th March 2020: Century Financial is proud to announce that they have been certified as a Great Place to Work® in the United Arab Emirates, after a thorough and independent analysis conducted by Great Place to Work®, the global authority for workplace culture in the Middle East. This certification is based on direct feedback from employees, provided as part of an extensive and ......read more

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

Timely Confidence Building Measure will benefit more than 7,500 existing companies as well as newcomers   Dubai, United Arab Emirates, 10th of March 2020:   DP World, UAE Region, the region’s premier logistics and business hub operator, has announced across-the-board reductions in licence registration and administration costs for companies operating in its flagship ......read more

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

Refinitiv’s World-Check will help Iraqi financial institutions comply with the FATF recommendations and global sanctions legislation IRAQ  – Refinitiv is partnering with Iraqna IBTS, an anti-financial crime training and technology consultancy in Iraq, to provide Iraqi financial institutions with risk screening and compliance services in order to strengthen their risk programs ......read more

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

StraitsBridge Advisors designed and developed the high-performance AI-enabled real-time credit application scorecard system   Dubai, United Arab Emirates, March 9, 2020:   Deem, the UAE-based digitally-led financial services provider, in partnership with Singapore-headquartered StraitsBridge Advisors, has implemented a high performance artificial intelligence (AI) enabled ......read more

Ajman Bank Appoints New Chief of Audit…

Ajman Bank has announced the appointment of Mr. Majdi H. Darwish as its new Chief of Audit. Mr. Darwish has over 22 years of outstanding experience in the industry working with some of the most prestigious organizations including multi-national financial corporations. Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, stated, “We are delighted to welcome Mr. Darwish to our team. In ......read more

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

United Arab Emirates, 9 March 2020:  Yummy Junction, a fast-growing Dubai-based Food & Beverage company, has recently announced AED 20 million as part of its investment and expansion strategy for its most popular restaurant chain brand Malak Al Tawouk. The company will be looking to expand its operations for Malak Al Tawouk across the UAE.  Yummy Junction, with an aim to expand ......read more

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

Dubai, United Arab Emirates, March 08, 2020:   Dubai National Insurance & Reinsurance PSC (DNIR) presented a strong financial performance for the year 2019 at its Annual General Meeting held at the Al Habtoor Group (AHG) headquarters on Sunday, 8 March 2020. Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, DNIR, who presided over the AGM, told shareholders that the ......read more

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

•         ADEX provides financial solutions to promote UAE products and services in international markets •         ADEX to focus on supporting UAE export growth to strategic emerging markets in Africa and Asia   Abu Dhabi-UAE: 08 March, 2020 – The Executive Committee of the Abu Dhabi Exports Office(ADEX) approved the ......read more

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

Kuwait – 7 March 2020:   As part of its continuous support to empowering youth and local athletes, Burgan Bank announced its latest sponsorship of Wheelchair Fencing Titleholder, Tareq Al-Qallaf, for the sixth consecutive year. Established as a role model among the aspiring special needs segement and young Kuwaiti athletes, Tareq Al-Qallaf will once again be representing ......read more

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