Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
APC Connected Smart-UPS Just Got Smarter: Enabling UPS management through the cloud

“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 Chamber and Ghana to Discuss the Cooperation Opportunities

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

How Middle East E-commerce has changed in last 5 years?

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

Management Change at Grohe AG

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 Launches First Smart Factory in Mexico Implementing Innovative EcoStruxure Solutions'

• 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 Launches First Smart Factory in Mexico Implementing Innovative EcoStruxure Solutions

•      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

Pottery Barn Kids launches new ‘Back-to-School' collection'

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 M&A transactions US$112 billion in first half of 2019

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

Beyontec Partners with AJMS to Develop Comprehensive IFRS 17 Solution for MEA Region

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

Ras Al Khaimah to Host the 7th Arab conference of Investment in Food Security

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

SHUAA Capital shareholders approve transformational transaction with ADFG at General Meeting today

• 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

Union Coop Reports 20% Growth in Net Profit for the First half of 2019

 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

Empower launches “Intelligent Delta- T Analyzer and Detector”

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

Robotics and Automation to the Fore at Materials Handling Middle East

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

Union Coop Releases ‘First' Update of Its Electronic Share Trading Platform

“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

Corporations' long-term success hinges on their business model supporting humanity's prosperity'

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

Ajman Bank Launches New Branch in Dalma Mall and with it Introduces Another Digital Initiative

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

Dr. P.A. Ibrahim Haji, Co Chairman Malabar Group and Chairman PACE Group has been given the 10 year Golden Visa

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

Foreign Trade recorded 4 billion Dirhams with the GCC Countries during the 2018

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

A Sharp Increase In Geopolitical Risk Could See GCC Banks Require Sovereign Support

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

Union Coop opens the ceiling of shareholders' purchases

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

Commodity market heats up

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

BIOS Middle East only regional player in Gartner's Magic Quadrant on DRaaS

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

EITC Women Council Kick-Starts Gender Diversity Agenda with Exclusive EITC Jump Event

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

wasl properties reveals grand-prize winner of its Ramadan Competition

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

Other Top Stories from Banking and Investments
 
Evonik more robust as strategy takes effect…

Key Financial Data: January 1 to December 31, 2018 Promised and delivered: adjusted EBITDA climbs to €2.6 billion Sales rise 4 percent to €15 billion Outlook for 2019: adjusted EBITDA to decline slightly or to remain stable, free cash flow to rise significantly  Dubai, UAE, March 13, 2019:  Evonik grew again strongly in 2018. Adjusted EBITDA increased 10 percent ......read more

Joyalukkas Exchange is now open at Dubai Investment Park 2,UAE…

Dubai, UAE, March 12, 2019:  Joyalukkas Exchange, the money exchange arm of Joyalukkas Group, further enhanced its presence in the UAE region with a new branch in Dubai Investment Park 2.  With the new branch, Joyalukkas now has a strong presence of 11 branches spread across various parts of the UAE. To celebrate the newly opened branch, a special offer was announced for patrons ......read more

Dubai Islamic Bank recognized with nine distinctive honors at the 2019 Islamic Finance News Awards…

DIB named  “Best Overall Islamic Bank” and “Best Islamic Bank in the UAE” for a fourth consecutive year The bank also won “Best Islamic Retail Bank”, “Best Islamic Bank (Kenya)”, in addition to top deals accolades which capped five landmark transactions.  Dubai, 12 March 2019:   Dubai Islamic Bank (DIB), the ......read more

Pearson Middle East calls for nominations for the 9th BTEC Awards…

Recognising and celebrating inspiring students, teachers, schools & colleges from around the world 11th March 2019, Dubai, UAE −   Pearson, the digital learning company, is inviting nominations for the BTEC Awards 2019. BTEC is a highly regarded career-focused qualification, studied in over 60 countries, and every year Pearson celebrates outstanding BTEC students, teachers, ......read more

Deloitte Global mining report explores key trends in 2019…

As the industry shifts into a new stage of growth, miners must take an ever-expanding range of issues—from stakeholder engagement, to talent, geographic risk, and dwindling access to key input commodities—into account when setting corporate strategy. Leveraging analytics to manage risk and optimize the supply chain, going beyond compliance to positively impact communities and ......read more

Dubai Islamic Bank hosts Annual General Meeting…

Dubai, UAE, March 7, 2019:   Following the conclusion of its Annual General Meeting (AGM), Dubai Islamic Bank (DIB) announced that the assembly has approved the bank’s 2018 financial statements and other tabled resolutions closing another year of growth and success for the bank. The strong financial performance has placed DIB amongst the top 3 most profitable banks in the UAE ......read more

Ajman Bank's year ended 31 December 2018 Net Profit Up by 28.2% compared to year ended 31 December ...…

Year ended 2018 net profit up by 28.2% to reach AED 170.0 million compared to year ended 2017 Balance sheet growth of 13.1% to AED 22.6 billion compared to December 2017. Distribution of 3.5% cash dividend approved by the general assembly and central bank. AED 419.7 million share capital increase through right share issuance Ajman, UAE; March 6, 2019: Ajman Bank, the award-winning ......read more

Dubai Property Market Shows Signs of Positive Growth in 2019…

The start of 2019 has seen positive growth in a selection of key Dubai developments, the head of the most advanced property portal in the market has revealed.    United Arab Emirates - 5, March 2019:  Haider Ali Khan, CEO of Bayut.com, said that while there was a general prediction of an across the board negative start to the year in the property market, there are a range of ......read more

Deloitte's Corporate Finance practices recognized by Mergermarket as the most active M&A advisor in ...…

04 March, 2019 – United Arab Emirates:  Mergermarket, an Acuris company and a leader in M&A intelligence, has ranked Deloitte's global Corporate Finance practices as the number one most active M&A advisor in the world, based on deal volume, in its latest Global & Regional M&A Report 2018.  According to Elizabeth Lim, Research Editor, Americas at ......read more

Deloitte's Corporate Finance practices recognized by Mergermarket as the most active M&A advisor in the world 04 March 2019 - United Arab Emirates:  Mergermarket, an Acuris company and a leader in M&A intelligence, has ranked Deloitte's global Corporate Finance practices as the number one most active M&A advisor in the world, based on deal volume, in its latest Global ......read more

Takaful Emarat reports financial results for the twelve-month period ended 31st December 2018…

Dubai, UAE 4th of March 2019: Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant Life and Health Takaful provider, announced its full year financial results for the twelve-month period ended 31st December 2018 which has been approved by the Board of Directors.    Key Financial Highlights  • Net profit for the 12 months ended 31st December ......read more

ICSFS & PBZ Celebrates Successful Go Live of ICS BANKS ISLAMIC and ICS BANK…

March 04, 2019 - Dubai, UAE: The People’s Bank of Zanzibar (PBZ), a state-owned and one of the oldest commercial banks in Tanzania, has successfully deployed and gone live on ICS BANKS ISLAMIC and ICS BANKS universal software suites from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions. The People’s Bank of ......read more

Trade Bank of Iraq wins two top titles at the EMEA Finance Awards…

TBI named the ‘Best local Bank in Iraq 2018’ and ‘Best Investment Bank in Iraq in 2018’ at annual awards ceremony  Dubai, United Arab Emirates, March 3, 2019: Trade Bank of Iraq (TBI) has been presented with two prestigious financial industry awards in recognition of its ongoing work to expand and develop the banking services landscape for its private and business ......read more

UAB Reports Financial Results for the Twelve Months to 31 December 2018…

Financial Results –FY 2018   FY 2018 Highlights  Net Profit of AED77mwhich represents an increase of 345% compared to prior year Total Operating Income of AED647m Interest Income increased by 11% compared to prior year Operating Expenses decreased by 11% vs. 2017 Provisions for Credit Losses decreased by 16% vs. 2017 Loans : Deposits ratio improved to ......read more

Visa and PayMate Team Up to Expand Regional B2B Payments…

Collaboration will help Visa’s commercial financial institution clients extend PayMate’s proprietary platform to their Enterprise & SMB customers to help make faster payments United Arab Emirates, Dubai – 03 March 2019:  Visa (NYSE: V) and PayMate, a leader in India’s Business-to-Business (B2B) payments landscape, announced an expanded collaboration to provide ......read more

Emirates Development Bank successfully closes first Fedral entity issuance of USD 750 million bond…

ABU DHABI, United Arab Emirates, 02nd March 2019: Emirates Development Bank, rated AA- by Fitch has successfully closed a USD750 million 5-year Senior Bond. Emirates Development Bank (EDB), a development bank fully owned by the UAE federal government launched its debut $750m five-year bond issue at 3.516 per cent coupon in the Regulation S markets. The inaugural USD transaction was issued ......read more

Saxo Bank announces 2018 results…

Saxo Bank reports a record profit following the sale of its shareholding in Saxo Payments, while the number of new clients for both direct and wholesale businesses reaches new highs.   Dubai, United Arab Emirates - February 28, 2019:  Saxo Bank Group (“The Group”) reported a positive net profit of DKK 955.8 million for 2018, a record profit for the Group, an increase ......read more

Nine companies were awarded winner trophies at the UAE Innovation Award Ceremony 2nd cycle…

Under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum The 4 star winners are Dubai Taxi Corporation, Global Food Industries LLC and SAP MENA The 3 star winners are Abu Dhabi Health Services Company – SEHA, ASGC Construction LLC, Emirates NBD and Mashreq Bank The 2 star winners are British Orchard Nursery and Tafkeer - Institute of Vocation Innovation   Dubai 28 ......read more

Trade Bank of Iraq promotes investment opportunities in Iraq at Global Trade Review MENA 2019 summit…

TBI reiterated their commitment towards the reconstruction of Iraq through its activities in the trade finance sector   Dubai, United Arab Emirates - February 27 2019:  Investment opportunities in Iraq was one of the hot topics at the Global Trade Review (GTR) MENA 2019 summit held in Dubai where Trade Bank Iraq (TBI) was on hand to give its expert advice and opinion on the ......read more

Agriculture Investment Forum to Highlight Multi-Billion Dollar Regional Opportunities…

Leading regional investment heads set to take part in the one-day forum  27 February 2019 - Dubai, UAE:  Following on from the success of last year’s investment gathering, the organisers of AgraME, one of the region’s leading exhibitions focusing on the burgeoning Agriculture industry, will once again be hosting a number of government investment heads from across the ......read more

UAE's Etisalat and Emirates Global Aluminium Among BCG's 100 Global Challengers…

UAE’s Careem is the only tech unicorn to emerge from the Middle East Dubai, February 26, 2019— Thirteen companies from the Middle East are among a new class of ‘global challengers’ that are leapfrogging their developed market counterparts to achieve global leadership positions according to Boston Consulting Group’s (BCG) report, Global Challengers 2018: Digital ......read more

MENA Sovereign Borrowing To Increase By 25%To $136 Billion In 2019, Says Report…

Dubai, United Arab Emirates - Feb. 24, 2019:  S&P Global Ratings believes sovereign long-term commercial borrowing in the Middle East and North African (MENA) could increase by 25% this year after falling 38% in 2018. See the report "Sovereign Debt 2019: MENA Borrowing To Increase By 25% To $136 Billion, " published today. This is chiefly because higher oil prices and fiscal ......read more

Procter & Gamble Announces Newest Commitment to Gender Equality Across the Indian Subcontinent, ...…

P&G’s declaration came as part of the P&G and UN Women co-hosted regional #WeSeeEqual Summit with equality advocates  Mary Kom, Bonang Matheba, Amina Khalil, Neha Dhupia, Angad Bedi & Richa Chadha   Dubai UAE, 21 February 2019: Procter & Gamble (P&G) today announced a new commitment around a number of initiatives that will promote gender equality ......read more

International Holdings Company (IHC) marks major strengthening and diversification with PAL ...…

The acquisition sees IHC enter one of the region’s core utility sectors, with attractive margins and high growth potential  Abu Dhabi, UAE, 21 February 2019: International Holdings Company (IHC) (ADX:IHC), one of the UAE’s foremost holding companies with investments in diversified operating businesses, signed today an Implementation agreement to acquire PAL Cooling Holding LLC ......read more

Ahli United Bank B.S.C. reports a 12.7% surge in 2018 net profit…

ATTRIBUTABLE TO OWNERS OF THE BANK TO US$ 697.5 MILLION  20 February 2019 - Dubai, UAE Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 697.5 million for the year 2018, representing a rise of 12.7% as compared to the net profit of US$ 618.7 million in 2017. The net profit in Q4/2018 was US$ 169.3 million as compared to US$ 150.0 million ......read more

Emirates NBD partners with noqodi to facilitate electronic payments for businesses.…

Business customers can make electronic payments through the platform for various government services   Dubai, United Arab Emirates - 20 February 2019:  Emirates NBD has tied up with noqodi, a leading payment gateway and financial service provider in the UAE, engineered by emaratech, to enable businesses to make electronic payments for a range of government ......read more

Ahli United Bank B.S.C. Reports A 12.7% Surge In 2018 Net Profit Attributable To Owners Of The Bank ...…

19 February 2019: Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 697.5 million for the year 2018, representing a rise of 12.7% as compared to the net profit of US$ 618.7 million in 2017. The net profit in Q4/2018 was US$ 169.3 million as compared to US$ 150.0 million in Q4/2017.  Operating income increased from US$ 1,119.4 million to US$ ......read more

CPA Australia opens branch in UAE…

CPA Australia, one of the world’s largest accounting bodies, today opened its new branch in the United Arab Emirates (UAE). Located in Dubai, the branch is within the Dubai Multi Commodities Centre (DMCC) Free Zone. CPA Australia CEO Andrew Hunter said opening the branch is an important milestone for local members.  “CPA Australia is very proud to be opening our new branch ......read more

KSA survey identifies security as top concern in adopting effective intelligent workspace strategies…

IDC Survey commissioned by Citrix analyzes the Kingdom’s readiness to build the future workplace   Riyadh, Saudi Arabia – 19 February 2019: An IDC survey commissioned by Citrix (NASDAQ:CTXS) found security and data leaks to be a key concern in adopting intelligent workplace strategies. The survey results were presented at an event at the Riyadh Four ......read more

ICS Financial Systems Ltd.'s ICS BANKS gains 4.5x Faster Batch Processing & 27x Increase on Digital ...…

ICS Financial Systems Ltd.’s ICS BANKS gains 4.5x Faster Batch Processing & 27x Increase on Digital Banking Transactions Running with Oracle Exadata Database Machine February 18, 2019 - Dubai, UAE   ICS Financial Systems Ltd. today announced it has earned Oracle Exadata Optimized status through Oracle PartnerNetwork (OPN), demonstrating that ICS BANKS 6.0 has been tested and ......read more

Julphar Announces 2018 Preliminary Results…

Drop in revenue due to slowdown in certain markets Company putting strategy in place to help strengthen financial health February 16, 2019, Ras Al Khaimah (UAE) - Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has announced its preliminary 2018 results. The company reported non-audited 2018 net sales of AED 863 million and a net loss of AED ......read more

The French Tech takes centre stage at the Mobile World Congress 2019 (MWC) in Barcelona (Spain)…

The MWC is a key event for global mobile, services and content that brought together over 2400 exhibitors and 107 000 visitors from 208 countries in 2018. United Arab Emirates: February 14th 2019- For the 13th consecutive year, from 25 to 28 February 2019, Business France, national agency supporting the international development of the French economy, will be organizing a French Tech pavilion ......read more

RAK Ceramics Announces FY 2018 Financial Results…

Board announces cash dividend payment of 15 fils per share and 5% bonus shares Total revenue was AED2.78 billion, -2.8% YoY, slightly decreasing due to a lower non-core revenue contribution Total gross profit margin reached an all-time high of 33.2%, an increase of +160bps YoY Reported net profit was AED225.1 million, -28.7% YoY, a decline due to an increase in energy costs and a ......read more

Dubai Financial Services Authority hosts 10th Annual Audit Outreach for Registered Auditors…

Dubai, UAE; February 13, 2019: The Dubai Financial Services Authority (DFSA) hosted today the tenth Annual Audit Outreach for registered auditors. The DFSA provided an overview of the Audit Monitoring Findings from 2018, and a range of updates that are intended to strengthen audit quality.    In his opening address, Bryan Stirewalt, Chief Executive of the DFSA, underlined the growth ......read more

RAKBANK proposes dividend for 2018…

February 12, 2019 - Dubai UAE RAKBANK proposes a dividend of 30% of the paid-up capital for the financial year ended 31 December 2018. The proposed dividend will be presented for approval by the shareholders in the Annual General Meeting (AGM) to be held on 20 March 2019 at the Bank’s headquarters in the emirate of Ras Al Khaimah. ...read more

WCU: Commodity markets roll over as macroeconomic concerns weigh…

February 10, 2019 - Dubai, UAE The US dollar, which has been strengthening every day since the dovish shift by the Federal Open Market Committee on January 30, only added to the market’s unease.  The index, which tracks a basket of 22 major commodities, was being dragged lower by continued losses in natural gas and renewed weakness in crude oil. Despite the deteriorating growth ......read more

UPS Achieves EPS Target on Strong Revenue Yields…

   4Q18 EPS of $0.52; Adjusted 4Q EPS up nearly 17% to $1.94   Pricing and Mix Strategies Lift 4Q Revenue Quality  U.S. Domestic Revenue up 6.3% on 4Q Yield Growth   International 4Q Achieves Record Profits; Margin Rises above 20%   Supply Chain & Freight Revenue Rises, driven by Forwarding and Logistics  2018 Full-year Cash ......read more

UAE to host Middle East's biggest facilities management event in March…

February 10, 2019: The UAE will host the biggest facilities management (FM) event in the region this year after the Middle East Facility Management Association (MEFMA) announced that it is holding the 9th edition of its MEFMA CONFEX in the country in March. Happening from March 10 to 12, 2019 at the Address Hotel – Dubai Marina under the theme ‘Business Intelligence & ......read more

Dubai Investments acquires stake in Globalpharma for 100% ownership…

Dubai, February 7, 2019: Dubai Investments PJSC [DFM: DIC], the diversified leading company listed on the Dubai Financial Market, today announced the acquisition of an additional 66% stake in Globalpharma. Following the acquisition, made through Dubai Investments Industries, the pharmaceuticals company will now be a wholly owned subsidiary of Dubai Investments. In 2014, Dubai Investments ......read more

Central Bank of Iraq signs investor partnership agreement with Dubai Quality Group (DQG)…

Dubai, 05th February 2019, UAE; Central Bank of Iraq has signed an investor partnership agreement with Dubai Quality Group (DQG). This partnership aims at enabling the transfer and exchange of expert knowledge, experiences, best practices, ideas, and the expansion of optimal & productive cooperation, to activate fruitful cooperation between both parties to foster quality, business excellence, ......read more

Emirates Development Bank launches AED 100 million ‘Credit Guarantee Scheme' for SMEs in ...…

February 04, 2019: Emirates Development Bank (EDB) held a signing ceremony on February 4th in the presence of H.E. Obaid Humaid El Tayer, Minister of State for Financial Affairs and Chairman of Emirates Development Bank, and members of the EDB Board of Directors for the launch of the new Credit Guarantee Scheme, amounting to AED 100 million in support of SMEs. The new scheme aims to boost ......read more

Unexpected child reaction wins UAE-based family a dream trip worth AED20,000…

RSA announces winner of the Unluckiest Traveller most epic travel photo competition Dubai, UAE, 03 February 2019: Following the launch of the UAE’s Unluckiest Traveller, the search for the most epic travel photo fail is now over. RSA, leading provider of insurance services in the region, announces the winning entry which won its owner a dream trip valued at AED20,000 to redeem ......read more

Arab Bank Group reports net profits of $820 million for 2018…

45% cash dividends [Dubai, United Arab Emirates, February 02, 2019] Arab Bank Group closed 2018 with solid results reporting net income after tax of $820.5 million as compared to $533 million in 2017 with net income before tax reaching $ 1.1 billion. The Group’s equity grew to reach $8.7 billion while the return on equity increased to reach 9.5%. In view of the solid results, the Board ......read more

Tabreed's 2018 Full Year Net Profit Increases 7% During its 20th Year of Operation…

Board of Directors recommends increasing dividend by 19% to 9.5 fils per share   31 January, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional cooling provider today released its audited financial results for 2018. Tabreed reported a 7% increase in net profit to AED 427.6 million for the full year by ......read more

12 winners of the 5th Annual RAKEZ Business Excellence Awards revealed…

Ras Al Khaimah, 30 January 2019:   Twelve outstanding free zone and non-free zone businesses have been named as the winners of Ras Al Khaimah Economic Zone (RAKEZ) Business Excellence Awards 2018. In collaboration with RAK Department of Economic Development (RAK DED), RAKEZ has given away a total of AED 200,000 worth of cash prizes to the winners during the awarding ceremony held at ......read more

A statement launching “Aber” project, the common digital currency between Saudi Arabian Monetary ...…

Abu Dhabi – 29th January 2019:   The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) clarified in a joint statement that one of the objectives of launching the common digital currency project " Aber" is for use in financial settlements between the Kingdom of Saudi Arabia and UAE through Blockchains and Distributed Ledgers ......read more

TBI NAMED ‘BEST TRADE FINANCE BANK IN IRAQ 2019'…

Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, received the award from ‘Global Finance’ magazine at a ceremony held in London recently. Abu Dhabi, January 28, 2019: Trade Bank of Iraq (TBI) has been recognised for its continued commitment to accelerating economic growth with the award of ‘Best Trade Finance Bank in Iraq 2019’ at the Global Finance ......read more

CBUAE to Showcase Career Opportunities at Tawdheef 2019…

CBUAE highlights ‘Future Leaders Programme’    Dubai, UAE, January 28, 2019:  The Central Bank of the UAE (CBUAE) will be showcasing the exciting range of career opportunities it has available at one of the UAE’s leading career fairs, Tawdheef, on the 28th – 30th January 2019 at the Abu Dhabi National Exhibition Centre. CBUAE has an ambitious program ......read more

The Higher Sharia Authority at the Central Bank held its first meeting of the year 2019…

Dubai, UAE, January 27, 2019:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its first meeting for the year 2019 on 13-14 January 2019. The meeting was chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, and attended by Their Eminences the members of the HSA:  Sheikh Prof. Dr. Jasim Ali Al ......read more

ICAEW: region's investment management industry must evolve…

Dubai, UAE, January 27, 2019:  New savings and investment products that are easy to understand and available to everyone are urgently needed, according to a new report by ICAEW. In ‘Audit Insights: Investment Management’, the accountancy and finance body warns that indecipherable statements, high fees and a perception of exclusivity mean many feel alienated from the investment ......read more

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