“To enable businesses to proactively and effectively manage the health of their UPS systems, Schneider Electric has introduced Connected Smart-UPS™ with APC™ SmartConnect, the first cloud-enabled UPS for distributed IT environments.”   Dubai, United Arab Emirates -  17 July  2019:   Every IT manager fears a power outage on a busy workday. The office is humming with critical transactions happening at every workstation when the power goes out unexpectedly. To buy time and allow for the safe shutdown of devices, uninterruptible power supplies (UPS) are a standard piece of critical infrastructure in any setting. But what happens when the IT department doesn’t have the bandwidth to proactively maintain and monitor their UPS on an ongoing basis, or if there is no IT staff on site at ......read more

Ras Al Khaimah, United Arab Emirates -  17 July  2019:   H.E Mohamed Ali Musabbeh Al Nuaimi, Chairman, Ras al Khaimah Chamber of Commerce and Industry and Her Excellency Samata Gifty Bukari, Consul-General of the Republic of Ghana in Dubai, discussed strengthening the bilateral business cooperation and the investment opportunities in the different sectors.  Al Nuaimi underscored the importance of the enhancing the bilateral trade with Ghana, and the private sector in both countries through facilitating meetings of the business communities from both Ras Al Khaimah and Ghana, he confirmed that Ras Al Khaimah Chamber of Commerce and Industry shall extend all the support and assistance to establish the business partnerships that achieve the strategic goals.  Al Nuaimi added “Ghana and Ras Al Khaimah ......read more

July 17, 2019 - Dubai, UAE   The global e-commerce sector has seen several changes in the past five years, especially in the MENA region. According to research, it is estimated that the Middle East e-commerce market could experience an exponential growth of US$69 billion by the year 2020. Though that sounds impressive, it is to be noted that only 15% of regular businesses in the Gulf have an online presence while the majority of online shopping is done from foreign brands. Despite the disheartening fact, there is no doubt that the e-commerce in the MENA (the Middle East and North African) region does have potential to grow. Let us explore the reasons for its expansion, the major challenges, the key competitors and the general consumer behaviour in the Middle East region? Why does the e-commerce sector have potential in the ......read more

Thomas Fuhr, born in 1965, took over the position of CEO of Grohe AG in July 2019.    Dubai, United Arab Emirates -  16 July  2019:  Since joining GROHE in 2012, he was responsible for Production, Procurement, Logistics, Quality, Technology, Research & Development and Sustainability as Executive Director Operations. In addition, he was responsible for the Faucet Category within LIXIL Water Technology.    Thomas Fuhr’s focus during the last years was to secure innovation leadership, define new production technologies and extend manufacturing capacities. Thus, since September 2018, the laboratory extension in Hemer, Germany, combines all previously decentralized activities of the research laboratory in one place, enabling even closer interaction within the main departments of research ......read more

• Schneider Electric’s smart factory in Monterrey, the first one in Mexico, has comprehensively deployed a wide range of EcoStruxure solutions • The Smart Factory also serves as a showcase for digital transformation in Mexico, empowering operators to gain visibility into operations, maintenance and energy use, helping to reduce up to 20% maintenance costs and increase overall equipment efficiency by 7%   Dubai, United Arab Emirates -  16 July  2019:   Schneider Electric, the leader in the digital transformation of energy management and automation, opened today its first smart factory in Mexico, a showcase for customers and partners to witness how digital transformation can help them make informed, data-driven decisions that bring about improved profitability, asset management performance, ......read more

•      Schneider Electric’s smart factory in Monterrey, the first one in Mexico, has comprehensively deployed a wide range of EcoStruxure solutions •      The Smart Factory also serves as a showcase for digital transformation in Mexico, empowering operators to gain visibility into operations, maintenance and energy use, helping to reduce up to 20% maintenance costs and increase overall equipment efficiency by 7%   Dubai, United Arab Emirates -  15 July  2019:   Schneider Electric, the leader in the digital transformation of energy management and automation, opened today its first smart factory in Mexico, a showcase for customers and partners to witness how digital transformation can help them make informed, data-driven decisions that bring about improved ......read more

United Arab Emirates, 15 July 2019:   Pottery Barn Kids has unveiled its ‘Back-to-School’ Collection with a creative line-up of must-have school accessories – including backpacks, lunchboxes and water bottles for the little ones. Popular collections include the ‘Disney Frozen’ collection featuring best-loved characters from the film, including Anna, Elsa, Hans and everyone’s favorite snowman Olaf. For kids looking for a slightly different style, the Mackenzie backpacks are the perfect buy for the pre-kindergarten to the pre-teen years. The backpacks come loaded with design details like ergonomic padding, side pockets and sturdy zippers – perfect for rough and tough usage. It also has a reinforced bottom and extra buckles for added convenience and safety. There are also trendy, ......read more

MENA Investment banking fees US$504.8 million in first half of 2019  MENA equity and equity-related issuance reached US$1.1 billion while debt issuance totalled US$53.1 billion in first half of 2019   July 15, 2019:   Refinitiv today released the 2019 Q2 investment banking analysis for the Middle East.   According to the report, Middle Eastern & North African investment banking fees totalled an estimated US$504.8 Million so far during 2019, 12.7% less than the value of fees recorded during the first half of 2018. Debt capital markets underwriting fees totalled US$147.6 million, up 1.7% year-on-year the second highest fee volume for the region since our records began in 2000.   Equity capital markets fees decreased 64.8% to US$24 million, a 10-year low. Fees generated from ......read more

Dubai, July 14, 2019:  Beyontec Solutions, a global insurance technology solutions provider, and AJMS, a leading accounting, tax and governance, risk & compliance (GRC) consulting firm, have entered into a strategic partnership to develop a comprehensive IFRS 17 solution for the Middle East and African insurance industries. The new reporting standard under IFRS 17 will undoubtedly be a significant change for accounting requirements. However, it poses tremendous challenges for insurance companies in grasping the operational impacts on data, systems and processes. “We are delighted to partner with AJMS on developing the IFRS 17 specific software product as we see great synergies in our understanding of the insurance industry, and the combined ability to proactively consult and transition insurers into the new ......read more

With participation of 250 countries and Institutions July 14, 2019: Ras Al Khaimah, UAE:  H.E Mohamed Ali Musabbeh Al Nuaimi, Chairman, Ras al Khaimah Chamber of Commerce and Industry said that hosting the 7th Arab Conference of Investment in Food Security in Ras Al Khaimah offers a unique opportunity to enhance the investment in the agriculture and fish resources sectors in UAE, and Ras Al Khaimah in particular. The conference shall bring together over 250 countries from all over the world, which offers the participants an excellent platform for networking and represent a valuable opportunity to highlight the emirate’s capabilities in this sector and other sectors, while it builds its position as a promising investment destination on regional and international levels. He further noted that the conference shall ......read more

• 100% of SHUAA Capital’s shareholders in attendance at the General Meeting have voted in favour of the proposed combination with ADFG • Transaction implies that ADFG’s shareholders will own 58% of the enlarged entity, with SHUAA’s existing shareholders owning 42%  • This combination makes compelling strategic sense, bringing together a unique full-service product offering for clients via an enhanced distribution network, and benefiting from ADFG’s track record of continuous profitability and returns, thereby creating substantial shareholder value   Abu Dhabi, UAE, 14 July 2019:  SHUAA Capital PSC (SHUAA), a market leader in regional investment banking and capital markets services, today announced that it had concluded its shareholders’ General Meeting to approve the ......read more

 AED 284.6 Million Reported as Net Profit for the first half of 2019 Dubai, United Arab Emirates -  13July  2019:   Union Coop, reported a 20% growth in net profit for the first half of 2019, compared to the previous year. The net profit for 2018 was AED 237.7 Million, whereas 2019 reported AED 284.6 Million net profit, which is a surge of AED 46.9 Million.  Commenting on the latest revelation, the CEO of Union Coop – H.E. Khalid Humaid Bin Diban Al Falasi said, “The increase in net profit was parallel to Union Coop’s effort to reduce the prices of its products. The price reductions on products for the first half of the year amounted to AED 268.5 Million, which is 18.63% more price reductions compared to the same period of the previous year of 2018. It has be achieved as a result ......read more

Dubai, UAE, 10th July 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, announced launching an intelligent system to detect lost energy, and receiving the Innovation Award Honorable Mention for its “Intelligent Delta — T Analyzer & Detector” technology, This supports Empower’s continuous efforts to come up with more sustainable, innovative, environmentally-friendly, and energy-efficient products. Empower highlighted that its Intelligent Delta — T Analyzer & Detector technology automatically searches and detects lost energy from central cooling plants and buildings benefiting from the service, and helps to avoid misuse of district cooling systems. Empower stressed that, through the implementation of this innovative ......read more

Region’s logistics market set to reach US$ 66.3bn by 2020, according to industry leaders Swisslog   Dubai, United Arab Emirates -  11 July  2019:    Materials Handling Middle East, the region’s dedicated trade show for warehousing, intralogistics and supply chain solutions, has evolved into a futuristic showcase of robotics and automation for its 2019 edition, as the 4th Industrial Revolution, or Industry 4.0, continues to reshape the region’s industrial landscape.   Running 3-5 September at Dubai World Trade Centre (DWTC), the 10th edition of the biennial event, which will welcome more than 120 exhibitors to come from 20 countries, will spotlight the latest automated solutions designed to improve operational and cost efficiency, increase production capacity, accelerate customer ......read more

“The new update will allow shareholders to access the best ‘Buy and Sell’ orders…” Dubai, United Arab Emirates -  11 July  2019:   Union Coop, the largest Consumer Cooperative in the UAE launched the first update of its electronic share trading platform, which will allow shareholders to view the best ‘buy’ and ‘sell’ share orders during their daily trading sessions.  As per the CEO of Union Coop, Mr. Khalid Al-Falasi, this latest update is adjacent to the best practices adopted by International Share markets to ensure transparent transactions and secure shareholders' equity.  He said, “Since the launch of Union Coop’s electronic share-trading platform in ‘May’ this year, Union Coop’s share prices have been ......read more

Ahead of Earth Overshoot Day 2019 (July 29) one-planet compatibility emerges as a powerful compass to gauge corporate strategies against ecological resource constraints   Dubai, United Arab Emirates -  11 July  2019:   Ahead of Earth Overshoot Day this July 29, Schneider Electric, the leader in digital transformation of energy management and automation, announces its commitment to promote one-planet compatibility as the necessary framework for long-term business success. Schneider Electric’s breakthrough White Paper, published on July 22*, lays out the detailed approach and supporting metric for one-planet compatibility and humanity’s prosperity. It was developed in partnership with Global Footprint Network, the international sustainability organization that pioneered the Ecological ......read more

Installation of Automated Teller Services in the branch is one step forward in digitalization of cash transactions and making the customer experience completely paperless.   9 July 2019 - Dubai, UAE   Ajman Bank has announced the launch of its latest branch in Dalma Mall that boasts state-of-the-art design and cutting-edge digital banking and payment solutions. With it comes the installation of the first compact cash Automated Teller System (ATS). The solution, provided by the Innovation and technology service provider CNS Middle East (Computer Network systems) will increase the flexibility of bank processes by efficiently simplifying and accelerating cash transactions, thus giving staff more time to focus on customer care.   Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, said, “We are ......read more

Dubai, United Arab Emirates -  09 July  2019:    Dr. P.A. Ibrahim Haji, Co – Chairman, Malabar Group and Chairman OF PACE Group has been given the 10 year Golden Visa by Lieutenant Colonel Omar Matar Khamis Al Mezaina, Director of Establishment Department, General Directorate of Residency and Foreigners Affairs, Dubai Granting 10 year visa is the great initiative by the Government of UAE. This step is in fulfillment of the visionary leadership of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime minister of UAE and Ruler of Dubai to make UAE one of the most investor friendly countries in the world. It has benefited not only the investor residents of UAE but also this is an attraction for more and more businessmen from all over the world to live and establish themselves in UAE. This will ......read more

Ras Al Khaimah, 8th July, 2019:  The GCC countries came on the top of countries in terms of the foreign trade with Ras Al Khaimah. The trade with the GCC Countries increased between 2010-2018 with 45%, rising from 2 billion and 852 million dirhams to reach 4 billion and 149 million dirhams. “The GCC countries represent the top trade partners with 29% of the total foreign trade of Ras Al Khaimah in 2018”. Said Eman Al Hayyas, Assistant Director General of the Commercial Services and Business Development Sector in Ras Al Khaimah Chamber of Commerce and Industry.  Eman Al Hayyas added “the GCC countries came on the top of the countries in terms of Ras Al Khaimah exports, as it increased between 2010 – 2018 with 78% from 1 billion and 626 million to 2 billion and 897 million dirhams to reach 39% of the ......read more

Key Takeaways   - GCC banking systems should be able to absorb foreign funding outflows without government support in a hypothetical modest stress scenario.   - However, in our more severe hypothetical stress scenario, we see potential funding gaps in all banking systems aside from Kuwait's, with Qatari and Bahraini banks requiring the most support as a proportion of GDP.   - Most GCC governments possess sufficient liquid assets and foreign exchange reserves to support banks under our hypothetical stress scenarios, but such support could weigh on some sovereigns' fiscal and external profiles.   July 08, 2019 - Dubai, UAE   Tensions between the U.S. and Iran have increased, but S&P Global Ratings has not changed any bank or sovereign ratings or outlooks in the Gulf ......read more

The move comes from its strategic objectives to encourage shareholders to invest with Union Coop and ensure a high return on their investment Dubai, United Arab Emirates -  08 July  2019:    Union Coop, the largest Consumer Cooperative in the UAE has publicised that it has opened its purchasing ceiling to its shareholders to offer them the highest possible returns on their purchases as of the beginning of 2019, pointing out that this decision comes as a result of its strategic objectives to ensure shareholder happiness and achieve high returns on their investments. H.E. Majid Hamad Rahma Al Shamsi, Chairman of Union Coop explaining the reason behind the vital decision said: "With respect to the continuous efforts of Union Coop's Board of Directors to make its shareholders happy. The Board decided to ......read more

By Ole S. Hansen | July 7, 2019 Dubai, United Arab Emirates -  07 July  2019:   Commodities with a few exceptions failed to hold onto the gains that were seen following the G-20 meeting in Osaka. During a holiday-shortened week the market first reacted positively to renewed hopes that the US and China would return to the negotiation table. A relief that was soon overtaken by a return to reality when weak economic data from Asia to Europe and the US continued to highlight the risks to the global economy and with that demand for key commodities from oil to industrial metals.  To finish off a volatile week the US job report for June ended up topping all estimates with stronger than expected job growth potentially easing calls for a 50bp Federal Reserve rate cut on July 31.    Gold traded in a ......read more

For the 3rd consecutive year BIOS Middle East is recognized as the only regional player in Gartner's 2019 Magic Quadrant for Disaster Recovery as a Service (DRaaS) Dubai, UAE, July 7, 2019: BIOS Middle East, UAE’s leading Managed Cloud Provider, announced that it has been included in the latest Gartner Magic Quadrant report on Disaster Recovery as a Service (DRaaS), for the third year in a row. Gartner's June 2019 Magic Quadrant report on DRaaS, has BIOS Middle East as one of only 11 companies globally and the only company from the Middle East on their 2019 DRaaS Magic Quadrant.    Gartner defines the DRaaS market as offering a productized service for which the provider manages server image and production data replication to the cloud; Disaster recovery run book creation; Automated failover and failback ......read more

100 EITC employees including executives gathered to discuss the development and implementation of initiatives to promote workplace inclusiveness and harmony  Dubai, United Arab Emirates -  06 July  2019:  ​ The Emirates Integrated Telecommunications Company (EITC) Women Council has recently organised a full-day workshop for female and male professionals in the company, marking 100 days since the Council’s inception. Recognising the 100-day milestone, 100 employees participated in the event, which was held at The Retreat Palm Dubai in Palm Jumeirah.    The Council was established at the beginning of 2019 as part of EITC’s commitment to promote gender diversity in a more balanced workplace. It endeavours to create awareness, encourage discussions and drive positive actions towards ......read more

A scholarship tuition of AED 25,000 granted to the grand winner Dubai, United Arab Emirates, 2 July 2019:  wasl properties has announced the winners of its Ramadan Competition. The competition took place throughout Ramadan and aimed to celebrate children’s creativity, highlight their innovation, and reward their artistic talents and celebrate the “Year of Tolerance’ Nine-year old, Inigo Andreas Lara was deemed the Grand winner of the competition, receiving the grand-prize scholarship tuition of AED 25,000 while wasl committee selected Fathima Suraj, Vishaal Chandramohan, Nathan Pinto and Inigo Anrdreas Lara to be the four winners of the year who were all given a Nintendo Switch console. wasl committee also selected Heena Bhatia, Dima Abdulmunem Bitar, Naziha Banu Abdulla Moidin Fathim and a fourth ......read more