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Featured in Banking and Investments
MBR Establishment for SME Development Emerges the Regions' Happiest Workplace

Winners of the 2009th edition of Happiness @ Work Award include organizations from both public and private sectors of countries in the region. Dubai, August 13, 2020: Happiest workplaces in the region have been revealed and honored at the third edition of Happiness @ Work Award virtual ceremony. The winners included government and private sector organizations that have taken steps to increase the happiness quotient of its workforce.  Mohammed Bin Rashid Establishment for SME Development (Dubai SME) has emerged as the happiest workplace in the public sector. The same honor in the private sector went to Paramount Computer Systems; and Xworks Interiors won the title in Small and Medium Enterprises (SME) sector category, which is new this year.   Sustainable Mindz, a Dubai-headquartered expert center for ......read more

Jean-Christophe Gerard Appointed CEO, Barclays Private Bank

Barclays has appointed Jean-Christophe Gerard as CEO, Barclays Private Bank with immediate effect, subject to regulatory approval. Dubai, United Arab Emirates, 13 August 2020:  Jean-Christophe joined Barclays in 2017, initially heading up Investments for Barclays Private Bank and has almost 30 years’ of experience in private banking, asset management and investment banking. His previous roles also include Head of Private Bank Europe, Monaco and Switzerland, and CEO of Barclays Monaco. Barclays Private Bank is well-established as a quality private bank and partner to Global Ultra-High Net Worth Individuals (UHNWIs) and Family Offices looking for a full range of specialised services across international booking platforms. Jean-Christophe’s appointment also follows a series of recent announcements that has seen the ......read more

Nuwa Capital Makes First Investment in Eyewa, MENA's Largest Online Eyewear Retailer

Recently established Nuwa Capital has made its first investment in MENA-focused eyewa as part of its US$2.5 M pre-Series B bridge round which includes Wamda Capital and EQ2 Ventures.   August 13, 2020, Dubai, United Arab Emirates:   Nuwa Capital has announced its first investment since its launch in February 2020. The firm has joined Wamda Capital and EQ2 Ventures in eyewa's pre-Series B bridge round. Since the company's launch in 2017, eyewa has raised a total of US$11.1 million.   Nuwa Capital’s vision is to support financially, strategically and operationally, founders reshaping the markets they operate in, with a specific focus on retail in the form of DTC (Direct-to-Consumer), Rapidly Digitizing Industries (RDI) such as healthcare, proptech, fintech, as well as SaaS ......read more

Global Commercial Insurance Pricing Increased 19% in Second Quarter COVID-19 Among Range of Losses Impacting Pricing

August 13, 2020:  Global average commercial insurance prices increased 19% in the second quarter of 2020, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk adviser. The increase, the largest since the index was launched in 2012, follows year-over-year average increases of 14% in the first quarter and 11% in the fourth quarter of 2019.    As with the first quarter, average price increases were driven principally by increases in property insurance rates and financial and professional lines. Among other findings, the survey noted:   • Global property insurance was up 19% and global financial and professional lines were up 37%, while global casualty pricing was up 7% on average. • Composite pricing in the second quarter ......read more

Greenpeace Statement: Open Letter to the UN Regarding the FSO SAFER

13 August 2020:  Commenting on the publication of an open letter to the UN Secretary-General urging them to take action to deal with the FSO SAFER oil tanker and stop a humanitarian and environmental catastrophe off Yemen, Greenpeace MENA Executive Director Zeina Alhajj said: “Time has run out on doing nothing to avert the looming social and ecological disaster that is the FSO SAFER oil tanker. Inaction is no longer an option. “The UN is our last, best hope of averting a catastrophic oil spill in the Red Sea. It has all the influence and expertise to solve the problem and Greenpeace urge the Secretary-General to make repairing the tanker and removing the million barrels of oil on board a priority. “Unless the UN act we risk sleepwalking into a disaster of international significance that will heap even more ......read more

HMD GlobalTM – The Home of Nokia Phones – Raises $230 Million Investment From Strategic Partners

One of the largest growth financings raised in Europe in 2020   Dubai, UAE, 12 August 2020: HMD Global, the home of Nokia phones, today announces it has successfully closed 230 million USD in the first closing of its current funding round from some of its top global strategic partners. As well as establishing itself as a leading feature phone manufacturer by value , HMD Global has been successful in clearly differentiating its Android™ smartphone offering. Nokia smartphones come with premium Nordic design that is inspired by the company’s European heritage, superior product quality, premium ZEISS imaging experience, and market-leading reliability, as well as security features including a three-year monthly security update promise and two-year Android software upgrade commitment with the Android One promise. ......read more

Mezzan Holding Reports H1'2020 Financial Results

August 12, 2020 - Mezzan Holding KSC, one of the largest manufacturers and distributors of food, beverage, FMCG and healthcare in the Gulf, today announced the company’s financial results for Q1 and Q2 2020.   ● Revenue: KD134.3 million, up 16% ● EBITDA: KD 15.8 million, up 23% ● Net Profit: KD 9 million, up 24% ● Net Profit to Parent Company  Shareholders: KD 8.1 million, up 11%   Mezzan managed to achieve healthy revenue growth driven by both food and non-food segment activity, from organic and inorganic activities.   The group's strong revenue growth was also accompanied by enhancing profitability margins such as gross profit margin, EBITDA margin and net income margin. These were achieved due to higher volumes, economies of scale, and operating ......read more

Mo'asher - Overall Dubai Sales Price Index Rises 0.79% in Q2

● Dubai has moved up the ranks in JLL’s Global Real Estate Transparency Index 2020 from 40th to 36th. According to the report, the most significant initiative launched in 2019 was the creation of an official transaction-based index, Mo’asher, by Dubai Land Department, in partnership with Property Finder. ● In June, real estate sales transactions grew by 64%, with an average of around 570 properties sold in Dubai every seven days. ● In Q2 2020, the Dubai overall index rose by 0.79%, the Dubai apartment index rose by 0.58%, and the Dubai villa/ townhouse index remained unchanged.      Dubai, UAE, 11 August 2020 - Dubai Land Department, in cooperation with Property Finder, launched the fourth edition of Mo’asher, Dubai’s official sales price index. The base year for ......read more

BofA: Global Energy Weekly: Great Wall of Plastic Meets Covid-19

Key takeaways    •        Covid has not been all bad news for plastics demand. Packaging which accounts for >1/3rd of plastics use has benefitted... •        ...yet the plastics market faces a wave of new capacity, which should keep pressure on margins up and down the PE value chain •        Declining NGL supply, cheap oil dented the US NGL feedstock advantage. An oil rally could help US NGLs regain their edge       United Arab Emirates, August 11, 2020:     Covid has been both boon and bane for plastics demand…     The pandemic's impact on plastic demand has been sector-dependent thus far. The rapid shift to online shopping boosted demand for plastic packaging, ......read more

Emicool Announces 7% Discount on Bills for the Next 3 Months Across All Sectors

• 2nd phase of the stimulus package reflects Company’s continuous commitment to enhance customer service • Discount extended across Company’s commercial, residential and industrial sectors   Dubai, UAE, 11th Aug 2020: Emirates District Cooling (Emicool) LLC, a leading district cooling service provider in the region and a wholly owned subsidiary of Dubai Investments, has announced a 7% discount on declared load for the three months period from August to October 2020, across the Company’s commercial, residential and industrial sectors.    With the current total operating capacity of 355,000 RT, the 2nd phase of the stimulus package will be applicable for customers’ falling under identified concession areas amongst Emicool’s portfolio.   Dr Adib Moubadder, CEO, ......read more

Oman Insurance reports a Net Profit of AED 110.2 million in the first half of 2020

The company maintained top position vis-à-vis earned premium, the highest in the UAE market   Dubai, August 11, 2020: Oman Insurance Company, one of the leading insurance providers in the Middle East, announced it has posted a Net Profit of AED 110.2 million in the first half of 2020, a four percent increase on the same period last year while having increased its solvency above 250%.  Total Gross Premium Written (GPW) at the end of 1H 2020 is AED 2.1 Billion (+3% versus prior year) whilst the Net Investment Income increased 5% to AED 57.6 Million.  Jean-Louis Laurent Josi, CEO of Oman Insurance, said, “We have passed the first half of a very challenging year with robust financial strength and strong operating performance. Our current results clearly reflect our leading position as a primary insurer ......read more

Bank of America Expands Commercial Contact-Free Payments

First Commercial Bank Issuer to Offer Mobile Wallet Globally Following EMEA and APAC Launch     United Arab Emirates, August 11, 2020:  Bank of America has expanded its mobile wallet capabilities for corporate clients in EMEA and APAC. The bank first launched mobile wallet in the United States and Canada in 2018, and this expansion makes it the first commercial bank issuer to offer the technology to corporate clients worldwide.   The bank’s clients who use its Corporate Travel and Purchasing cards in EMEA and APAC are now able to use Apple Pay® and Google Pay® to make and manage card purchases. This makes its clients’ lives easier through faster, more secure and efficient business transactions, while providing the same convenience they experience in their personal banking. With social ......read more

Zoho Launches BackToWork

Free for all organizations, the app enables companies to return to the office safely and securely   Dubai — August 10, 2020:   Zoho Corporation, a global technology company offering an extensive suite of business software applications, today announced BackToWork, a fully comprehensive modular solution enabling businesses and organisations to safely transition back into the workplace.    Free for the remainder of 2020, BackToWork, powered by Zoho Creator, is the latest programme to be introduced as part of the company's ongoing relief efforts, which support businesses impacted by the Covid-19 crisis. The app supports Arabic language, and right to left orientation.   "We've seen tremendous successes in our existing initiatives aimed at helping organisations through ......read more

Unprecedented Number of Start-Ups Apply for DIFC Fintech Hive's Latest Pioneering Accelerator Programme

• 620 global, regional and local applications received for the fourth cohort of the annual accelerator programme • Concepts and solutions presented include FinTech, InsurTech, RegTech and Islamic FinTech   Dubai, UAE, 10th August 2020: DIFC FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, has attracted an unprecedented 620 global, regional and local applications for the signature programme.     The 620 applications for the intake, exceeds the previous record of 425 applications, received in 2019. The applications represent an exceptionally broad range of concepts, submitted by an impressive pool of talent which reflects DIFC’s reputation for nurturing financial innovation.    Specialisms include ......read more

Axalta Releases 2018-2019 Sustainability Report

Company continues to reduce environmental footprint and develop innovative and sustainable coatings technologies while operating safely Dubai – August 10, 2020 — Axalta (NYSE: AXTA), a leading global supplier of liquid and powder coatings, issued its 2018-2019 Sustainability Report, highlighting the company’s advancements in sustainable business practices, including technology, operations and responsible sourcing.    “Sustainability is fundamental to our core values, our business and is embedded in everything we do,” said Robert Bryant, Axalta’s Chief Executive Officer. “From Axalta’s innovative technologies that help customers save energy and increase productivity, to the ways we are making our operations safer and lowering our environmental impact, to our unwavering ......read more

“Dubai Trade” Launches “ZADI” Unified Platform to Support Food Security and Facilitate Food Import in Dubai

The Platform Aims to Simplify Transactions of Over 18,000 Food-Trading Companies by Unifying the Inspection Process of Dubai Municipality and Dubai Customs at Jebel Ali Port, Ensuring the Highest Safety and Quality of Food Shipments Dubai, United Arab Emirates – 9th of August 2020: Dubai Trade — DP World, UAE Region’s single window platform for cross-border trade — has announced the launch of ZADI, a unified food import platform aimed at facilitating the import and re-export of food shipments throughout Dubai ports. The first-of-its-kind platform in the Middle East is part of Dubai Trade’s plan to be the leading integrated platform in all import and re-export services. It also aligns with the UAE plan for the post-COVID-19 era that will ensure the country’s robust recovery and ......read more

Strategic Deal to Streamline Licensing Processes for Courier Companies

• Emirates Post Group and Ras Al Khaimah Department of Economic Development sign agreement to reduce licensing time and increase the ease of doing business   Dubai, United Arab Emirates; 09 August 2020: Emirates Post Group has signed a partnership agreement with the Ras Al Khaimah Department of Economic Development (RAK DED), to put into place processes to expedite the issuance of licenses for courier and delivery companies. With the agreement, the service period for the license delivery process will be reduced to 1-2 working days, from the previous processing time of 10 working days.    The partnership reflects the ongoing move by UAE’s leadership to streamline government processes and increase efficiencies across all government departments. The move is expected to help increase the ease of doing ......read more

Sharjah Launches New Fund to Help Finance Export Operations

Sharjah, August 9, 2020:  The Sharjah Chamber of Commerce & Industry, SCCI, has recently launched the “Sadder” (export) Fund, the first of kind fund across the Emirate Sharjah for financing export operations.  “Sadder” Fund falls under the Sharjah Exports Development Center (SEDC) of the SCCI and it aims to increase the rate of exports, open new markets, expand the export map of the SEDC’s affiliates, provide liquidity to exporters, and reduce the risk ratio in export operations through credit insurance. This comes as part of the SCCI’s relentless efforts to provide the support and boost the UAE’s exports by providing export finance services to local companies, expanding the scope of export business, and penetrating new markets. Speaking on the launch of the new fund, H.E. ......read more

Minhaj Advisory and TAIF Digital Institute Sign an MOU to Promote Digital Learning for Islamic Finance

Dubai, 8 August 2020:  It is proudly announced that a memorandum of understanding has been signed between Minhaj Advisory and TAIF Digital Institute for strategic collaboration in various aspects of digital learning solutions for Islamic finance. The MOU was signed by General Manager of Minhaj Advisory Dr. Amin Fateh and Chief Executive Officer of TAIF Digital Institute Mr. Muhammad Ziaullah Siddiqui, in UAE. The MOU will facilitate collaboration between the two institutions to promote and develop outstanding digital learning solutions to facilitate dissemination of knowledge of Islamic finance digitally, undertaking research and capacity building and conducting various digital courses together. In addition, Minhaj Advisory and TAIF Digital will also jointly provide Islamic finance digital learning solutions to various ......read more

Four UAE startups among the 12 Fintech Companies Selected for Village Capital's Finance Forward MENA 2020 Accelerator

Top five peer-selected startups will split $150,000 in grant funding from MetLife Foundation   Dubai, UAE; August 06, 2020: Village Capital today announced the twelve early-stage fintech startups selected to take part in Finance Forward MENA 2020. An accelerator, Finance Forward MENA will provide the startups with five weeks of online and in-person training focused on improving their business models and making their financial health solutions available to those who need them most in the current economic climate.   Each startup selected for the accelerator will work closely with mentors, potential clients and partners, as well as investors they need to scale their impact, using tools developed to help their self-evaluation, such as Village Capital’s Abaca. The top five peer-selected companies will be eligible ......read more

Automechanika Dubai Moves to June 2021

New dates announced for Middle East and Africa’s largest automotive service industry exhibition   Dubai, United Arab Emirates, August 05, 2020:   New dates have been announced for Automechanika Dubai, with the Middle East and Africa’s largest trade fair for the automotive service industry, now scheduled for June 2021.   Organiser Messe Frankfurt Middle East confirmed Automechanika Dubai’s 18th edition, which was originally postponed to run in October 2020, will instead take place from 7-9 June 2021 at the Dubai World Trade Centre.   The three-day event in 2019 featured 1,880 exhibitors from 63 countries, while drawing in 32,750 trade visitors from 146 countries, underlining its international scope; more than 90 percent of exhibitors and 50 percent of visitors come from outside ......read more

Make Your Back To School Preparations Easy, Safe and Affordable with Champion Cleaners!

** It’s time to destroy any bacteria and viruses on your kid’s school essentials in time for school**   Dubai, United Arab Emirates, August 05, 2020:  With schools set to reopen in September following a long season of homeschooling, many of us are starting to consider the long list of ‘back to school’ preparations before the school holidays end. A top priority for most parents nowadays is hygiene, and that means clean bags, shoes and uniforms. One sure and easy way to deal with it is to entrust a cleaning agency who can put your concerns to rest. Champion Cleaners, the regions favourite 5-star premium dry cleaning and laundry providers, is a favourite. They will ensure that your kid’s school supplies are germ-free while also saving you some money!  With school backpacks only ......read more

RAKEZ Welcomes 100% Foreign Ownership in Mainland with FDI Company Set-Up

Ras Al Khaimah, 4 August 2020:  Ras Al Khaimah Economic Zone (RAKEZ) announced its latest addition to company set-up offerings, Foreign Direct Investment (FDI). The new formation structure allows a 100% foreign ownership of companies in Ras Al Khaimah’s mainland, enabling investments in various booming sectors, such as industrial, agricultural, and service sectors, while owning and controlling all shares in non-free zone companies. Companies setting-up under this FDI structure will be considered national companies, and will have full confidentiality of technical, economic and investment information. FDI companies will also be eligible to make financial transfers outside the country for project returns, and will have their assets protected from being claimed by the state for public use or benefit through a guaranteed no ......read more

DAFZA Strategy Mitigates Challenges and Ensures Continued Growth in the First Half of 2020

• AED 3.1 billion surpluses in merchandise across various industries  • 54 percent increase in exports during the first quarter  • Around 19 percent growth in the number of registered companies  • 39 percent increase in office package offerings  • Growth of 2.10 percent in the total leased area  • His Highness Sheikh Ahmed bin Saeed: The free zone showcased the most effective, efficient and flexible methods to support and protect the investment environment and business landscape • His Excellency Mohammed Al Zarooni: Despite challenging economic conditions and we remain on our path of continued success    Dubai, United Arab Emirates – August 04, 2020: Dubai Airport Freezone Authority (DAFZA) achieved positive financial and operational ......read more

Abu Dhabi Securities Exchange (ADX) announces listing of Mamoura Diversified Global Holding's bonds

 ADX’s strong trading and regulatory infrastructure becoming increasingly attractive to major corporations   Abu Dhabi, August 4th 2020: Abu Dhabi Securities Exchange (ADX) announced today that it has listed US$4 billion Fixed Rate Notes issued by MDGH GMTN B.V. and guaranteed by Mamoura Diversified Global Holding PJSC (MDGH). MDGH is the debt issuing entity of Mubadala Investment Company, and the MDGH bonds have their primary listing on the London Stock Exchange.  H.E. Khalifa Al Mansouri, Chief Executive of ADX said: “Today we extend a warm welcome to Mubadala as it joins ADX. The listing of its MDGH bonds is further evidence of ADX’s appeal to a broader base of investors and issuers, and is in line with our strategy of increasing the number of products available to them. When we see global ......read more

Other Top Stories from Banking and Investments
 
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 ......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 ......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 ......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 ......read more

Ras Al Khaimah's Department of Economic Development Completes 1,219 Remote Transactions During ...…

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

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

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 ......read more

Ajman Finance Department Awarded Payment Card Industry Data Security Standard Certification for its ...…

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

Covid-19 Impact on Emerging Market Debt…

Brett Diment, Head of Global Emerging Market Debt at Aberdeen Standard Investments Dubai, United Arab Emirates, May 05, 2020:   Covid-19 has rapidly become an economic shock for the global economy. Initially rocking China, global economic expectations changed dramatically in early March, and have continued to evolve just about daily since. Against this backdrop of broadening ......read more

Oman Insurance partners with Arte Generali to launch a new product for High Net Worth Individuals ...…

Dubai, May 5, 2020:  Oman Insurance Company has partnered with Arte Generali to offer a new home insurance product for high net-worth individuals in the UAE.   The product has been launched as part of Oman Insurance’s existing ‘Privilege Club’ offering that provides a wide range of coverage options to high net-worth clients in the UAE. Arte Generali will provide ......read more

Dubai Government Workshop Women's Committee organizes virtual session titled ‘Hope'…

Virtual interactive session designed to spread spirit of optimism, happiness and positivity among female employees UAE, 05 May 2020 – The Women's Committee at Dubai Government Workshop (DGW) organized a virtual interactive session titled ‘Hope,’ with an aim to enhance interaction among all female employees who are currently working remotely and to drive the success of ......read more

Al Ansari Exchange becomes the UAE's first exchange house to integrate UAE Pass into its mobile app ...…

May 05, 2020 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has announced the successful integration of the ‘UAE Pass’ into its mobile app and online portal, making it the first exchange house in the UAE to incorporate the pioneering national digital identity platform into its Digital Channels. In line with this development, customers will ......read more

UAE's first virtual signing takes place to signify partnership and announce new finance solutions ...…

Dubai, 3rd May 2020: Noor Takaful | Ethical Insurance and Deem, a digitally-led financial services provider, have signed a partnership that brings the best of insurance and personal finance together. In light of the impact caused by the COVID-19 pandemic, this partnership will create new solutions for corporates and SMEs to access Insurance products online while they are working remotely and ......read more

Q1 Gold Demand Supported as Covid-19 Fuelled Safe-Haven Investment…

Dubai, United Arab Emirates, April 30, 2020:   Global gold demand held firm at 1,083.8t in Q1 2020, a rise of 1% on the same period last year, according to the World Gold Council’s latest Gold Demand Trends report.   The global COVID-19 pandemic fuelled safe-haven investment demand for gold, with gold-backed ETFs attracting huge inflows (+298t) to push global holdings ......read more

Dubai Islamic Bank 1st Quarter 2020 Group Financial Results…

• Total asset now at AED 276 billion, up by 19% from year end 2019. • Financing and sukuk investments grew by 17% to nearly AED 216 billion. • Deposits jump by 22% to nearly AED 200 billion with FDR at 90% depicting healthy liquidity. • Net profit of over AED 1.1 billion has been achieved despite creating additional provision and buffers of nearly AED 1.5 ......read more

Oman Insurance Launches an All-inclusive Home Insurance Product…

Dubai, April 29, 2020:  Oman Insurance Company has launched Home Umbrella, a comprehensive home insurance product that provides cover for homeowners and tenants. The product offers protection for contents such as household items, precious belongings and legal liabilities, on top of the regular property insurance.   In the UAE, home insurance is not usually considered an essential ......read more

Oxford Business Group Launches Latest Analysis of Country's Economy…

SHIFT TO GAS AND MEGAPROJECT PIPELINE TAKE CENTRE STAGE IN 2020 REPORT ON QATAR   Doha, May 2020 - April 29, 2020:  Qatar’s bid to continue diversifying its economy, while introducing a QR75bn ($20.6bn) stimulus package to ease the impact of the Covid-19 pandemic, is explored in detail in a new report by the global research and advisory firm Oxford Business Group ......read more

Invesco Press Release Inflation Post Bailout Final…

• Latest expansionary monetary policies do not have to lead to a high inflationary period, says Invesco’s Chief Economist • Money supply in the banking system is critical to economic growth  • Money in the hands of the public creates inflation, not money on the books of the central bank       Dubai, United Arab Emirates, 29 April ......read more

Dubai Gold & Jewellery Group Announces High Safety Measures in Dubai Gold Souk Area…

The Group expects increased visitation to the gold souk, as gold price is up by 35% and expected to further increase Dubai, United Arab Emirates, April 28, 2020:    Dubai Gold & Jewellery Group (DGJG), the trade body for the gold and diamond jewellery sector in Dubai, announced the re-opening of iconic Deira Gold Souk, in accordance with the directives by the Supreme ......read more

Mashreq Launches Initiative to Bring in #positivechange This Ramadan…

• A movement to raise awareness, support local businesses and individuals, and engage the wider community     Dubai, UAE, 28 April 2020:  Mashreq, one of the leading financial institutions in the UAE, today announced its commitment to bring in #PositiveChange this Ramadan by encouraging a message of solidarity and positive action across the wider ......read more

DAFZA Launches Incentive Packages to Support Companies Operating in the Free Zone…

His Highness Sheikh Ahmed bin Saeed: Companies’ registered in the free zone are our partners and we work to ensure their business continuity by providing exceptional incentives     Dubai, United Arab Emirates, 26 April 2020:   The Dubai Airport Freezone Authority (DAFZA) has launched a set of economic incentive packages, which aim to support companies based in ......read more

Emirates Post Resumes International Postal Services to 12 Destinations…

Dubai, United Arab Emirates; 23 April 2020:   Emirates Post resumed its standard and express international postal services to 12 European destinations. The destinations include Austria, Belgium, Denmark, France, Germany, Ireland, United Kingdom, The Netherlands, Norway, Portugal, Sweden and Switzerland, in addition to existing services in Saudi Arabia and Sudan. Emirates Post had ......read more

Netflix Disappoints; Oil Collapse Puts Focus on Banks; Europe's Dividend Abyss…

By Peter Garnry, Head of Equity Strategy, Saxo Bank   Dubai, United Arab Emirates, April 22, 2020:   Netflix delivered its first positive free cash flow quarter but the Q2 guidance on net additions of subscribers was disappointing suggesting less positive impact on Netflix relative to the existing trajectory before the COVID-19 outbreak. The oil price collapse due to the lack ......read more

ADX Grants Al Ramz Short Term Margin Trading License and Opens New Investment Opportunities…

In Alignment with the Application of its Business Development Strategy, Abu Dhabi Securities Exchange (ADX) Grants Al Ramz Short Term Margin Trading License and Opens New Investment Opportunities   Abu Dhabi, 22nd April 2020:   Abu Dhabi Securities Exchange (ADX), granted Al Ramz PJSC, a leading financial institution in the UAE, short-term margin license thus becoming one of ......read more

Juniper Networks Provides Deutsche Telekom with a Managed SD-WAN Platform to Deliver End-to-End ...…

Integrated hardware and software solution underpins rollout of Software-Defined managed services offering     Dubai, United Arab Emirates, April 22, 2020:    Juniper Networks (NYSE: JNPR), a leader in secure, AI driven networks, has partnered with T-Systems, one of the world-leading cross-manufacturer digital service providers, to create and deliver a managed SD-WAN ......read more

Jebel Ali Port and Jafza Lead With the Region's First Transition to ISO 45001:2018 Certification…

Lloyd’s Register Recognition for Excellence in Health and Safety Systems Boosts DP World, UAE Region Drive Against COVID-19   Dubai, United Arab Emirates, 22nd of April 2020:  DP World, UAE Region has received a timely, boost to its efforts to combat the COVID-19 challenge by becoming the first Port and Free Zone operator in the Middle East to attain the updated transition ......read more

ESG Makeover for Investment Industry…

By David Smith, Head of Corporate Governance, Asia Pacific, Aberdeen Standard Investments   Dubai, United Arab Emirates, April 21, 2020:   The COVID-19 pandemic has heightened our expectations of environment, social and governance (ESG) investing across the globe. Although it has been a mainstream topic for asset managers in Europe for some time, a growing concern for ......read more

Union Insurance Company Offers One Month Motor Insurance Free…

Providing financial relief amid COVID-19   Dubai, United Arab Emirates, April 20, 2020:    Union Insurance Company, one of the leading providers of innovative customer-focused insurance solutions to individuals and organizations in the region, has announced that is offering one month free motor insurance for its retail motor customers amid COVID-19 pandemic.  The ......read more

The Great Reset is Upon Us and Ends When the USD Tops…

By John Hardy, Head of FX Strategy at Saxo Bank  A great reset of the global debt bubble is upon us.  Dubai, United Arab Emirates, April 19, 2020:   The first steps washed over the currency market with the usual patterns of risk-off behaviour and squaring of crowded speculative positions. EM currencies have collapsed, the smaller G10 currencies are universally ......read more

‘One World: Together At Home' Global Special to Air on National Geographic and National Geographic ...…

National Geographic and National Geographic Abu Dhabi Amplification Efforts Will Support “One World: Together at Home” Special by Reaching Millions of Viewers across MENA Broadcast to Celebrate and Support of Healthcare Workers, to Feature Real Experiences from Doctors, Nurses and Families Around the World  Special will Include Performances and Appearances by the ......read more

NEC holds No. 1 Position in Global Call Control Markets Powered by Blue Ocean Global Group…

Blue Ocean Global Group, a master distributor of NEC for SMB communications in the UAE, has played a crucial role in promoting the global fixed business phones            1. Worldwide fixed-phone subscription base is expected to grow from 1.55 billion in 2019 to 1.66 billion by 2025, according to the International Telecommunication ......read more

Gold Pauses Above $1700 but Bullish Outlook Remains…

By Ole Hansen, Head of Commodity Strategy, Saxo bank Following the dash-for-cash sell off last month gold has rallied strongly to a seven-year high above $1700/oz. Despite the need to consolidate, and with that the risk of another mini correction, our long term view remains firmly bullish. The level of stimulus currently going into the global economy is likely to support gold over the coming ......read more

Mashreq Posts AED 450 Million Net Profit for 1Q 2020…

Dubai, UAE - 16th April 2020:   Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first quarter ending 31st March 2020.   Key highlights [1Q 2020 vs 1Q 2019]:   • Stable Revenues  o Operating Income for 1Q 2020 stood at AED 1.5 billion, slight decline compared to last year.  o Net ......read more

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

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