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

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

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

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

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

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

- 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

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 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

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

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

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

• 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

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

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

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

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

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

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

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

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

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

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

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

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