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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
 
AED 50 Million Support Fund Allocated by RAKEZ to Boost Its Clients' Business Continuity…

Ras Al Khaimah, 8 April 2020:   Ras Al Khaimah Economic Zone (RAKEZ) has launched customised bundles of incentives with a total value of AED 50 million to ease the impact of the current global situation to its family of over 15,000 companies and reinforce their business continuity.   “Our clients are at the heart of everything we do, and now more than ever, we are ......read more

SAIF Zone Launches Disinfection Drive Across Its Facilities…

The move comes as part of ongoing precautionary measures    Sharjah, United Arab Emirates - 7 April 2020:   The Sharjah Airport International Free Zone (SAIF Zone) has launched a disinfection drive to sterilise all its facilities in cooperation with the Sharjah Environment Company LLC (Bee'ah). The sterilization campaign covered the head office, customs and ......read more

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

Dubai, United Arab Emirates, April 06, 2020:    Faced with the compelling need for more respirators on its national territory, the French government has asked, on March 22, a group of French industrial companies led by Air Liquide to study the possibility of increasing the production of respirators so as to provide 10,000 respirators in 50 days, between the beginning of April and ......read more

World Cyber Protection Week Survey Reveals 42% of Organizations …

Suffered Data Loss Resulting in Downtime Last Year   Organizations and individuals continue using outdated solutions and strategies despite  increase in zero-day ransomware, cryptojacking, hacking, and social engineering attacks    Dubai, UAE 6 April 2020:   Acronis, a global leader in cyber protection, marked the inaugural World Cyber ......read more

Support Plan for French Exporters…

Dubai, United Arab Emirates, April 05, 2020:   Bruno Le Maire, Minister for the Economy and Finance, and Jean-Baptiste Lemoyne, Minister of State reporting to the Minister for Europe and Foreign Affairs, have unveiled an extraordinary support plan for French exporters to address the economic slowdown due to the COVID-19 pandemic.   This emergency plan will provide support for ......read more

Internal Comms Guidelines Post Corona Virus by Mr. Tarek Sakik CEO Sash & Company…

Dubai, United Arab Emirates, April 02, 2020:   Internal comms post corona virus. One of the key issues facing the world today is the impact of Covid19 on businesses, almost all industries except for a few, have seen dramatic change in how they do business and obviously in their operations, financial returns and forecasts.    While we have very little control over ......read more

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

Abu Dhabi, UAE – 02 April 2020:   Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate 93% regarding the disclosure of the annual financial statements 2019 of its listed public joint stock companies and private listed Companies within the deadline of 90 days from the end of the financial period annual  60 out of 64, local ......read more

Central Bank Gold Demand Eases, but Purchases Pick Up at Start of 2020…

Dubai, United Arab Emirates, April 02, 2020:   Krishan Gopaul, Market Intelligence Manager at World Gold Council comments: “Central banks’ monthly net purchases picked up in January and February following December’s five-month low. However, central bank gold demand has eased significantly, with net gold purchases down 44% compared to strength of demand we saw in ......read more

Saxo Bank Q2 Outlook: Commodities Look to Fiscal Bazooka for Support…

By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, United Arab Emirates, April 02, 2020:   The coronavirus outbreak has set three major macro impulses in motion. They will all have a major impact on commodities, especially the energy sector, over the coming months. The global economy is currently dealing with the biggest demand shock since the global financial crisis, ......read more

Properties Investment Announces 3 Month Rent Relief for ‘The Market' Retailers…

Announcement in line with respite measures adopted as part of the global pandemic impact offering support to tenants   Dubai, United Arab Emirates, April 02, 2020:     Properties Investment (PI) - a Dubai Investments joint-venture company engaged in the investment and development of real estate properties, has announced a 3 month rent relief as a goodwill gesture for all ......read more

Trade Bank of Iraq Announces Capital Increase to USD 3 Billion Under New Three Year Strategic Vision…

Baghdad / Abu Dhabi,  31 March 2020:  Trade Bank of Iraq (TBI) has announced a new capital increase that aims to raise the bank’s financial strength in line with the new strategic vision for 2020-23.  The bank has increased its capital to USD 3 billion (3.5 Trillion Iraqi Dinar) for the year 2020 from USD 2.3 billion (2.7 Trillion Iraqi Dinar) in 2019.   The ......read more

COT: Commodities See Demand for Metals and Agriculture…

By Ole Hansen, Head of Commodity Strategy at Saxo Bank   Dubai, United Arab Emirates, March 31, 2020:   The below summary highlights futures positions and changes made by hedge funds across 24 major commodity futures up until last Tuesday, March 24. During this period the dash-for-cash phenomenon slowed and individual commodities began reaction to the shocks currently ......read more

Why Managing and Measuring Brand Reputation Matters in 2020…

By Firas Sleem, CEO, Virtue Consulting    Dubai, United Arab Emirates, March 30, 2020:   Consumers are choosing everything from cars to chicken sandwiches based on corporate values. Understanding an array of customer personas can guide tactics for landing and keeping them. Studies have long shown that your conviction to do good will lead customers to spend more, ......read more

SCCI Achieves Remarkable Results in New Memberships and Certificates of Origin During Q1 2020…

Sharjah, March30, 2020:  The Sharjah Chamber of Commerce & Industry, SCCI, has recently announced the statistics of Q1 2020 which showed a remarkable spike in the number of new and renewed memberships and certificates of origin, something which underlines the Emirate of Sharjah’s reputation as a perfect business environment capable of coping with the changing demands of the ......read more

RAKEZ Launches Spring Packages With Online Set-Up Process for Hassle-Free Business Registration…

Ras Al Khaimah, 29 March 2020:   Taking a step further towards easier and faster company registration, Ras Al Khaimah Economic Zone (RAKEZ) goes digital with its Spring Packages, allowing investors to set up their business online from A to Z at the convenience of their home. Alongside the remote-friendly feature, the packages are designed to fully support SMEs, industrialists and ......read more

A Vast Majority of UAE Working Professionals Claim the Coronavirus Has Impacted Their Business…

Dubai, United Arab Emirates, March 24, 2020:   Although cancelled or delayed business trips emerged as the most visible initial impact of the virus, declining sales is expected to be the greatest commercial woe in the future  As Coronavirus takes a toll on global and regional economies, YouGov ran a survey among 220 working professionals belonging to the senior management in ......read more

Airbus Announces Measures to Bolster Liquidity and Balance Sheet in Response to COVID-19…

•         New € 15 billion credit facility •         Withdrawal of 2019 dividend proposal with cash value of € 1.4 billion •         Suspension of top up pension funding  •         2020 guidance withdrawn •         Strong ......read more

Zoho Offers Emergency Financial Relief to Its Small Business Customers…

Will provide up to 20,000 of its small business customers free access to their existing Zoho applications for up to 3 months   Dubai, UAE - March 21, 2020:  Zoho Corporation, a global company that offers the most comprehensive suite of business software applications in the industry, has launched its Small Business Emergency Subscription Assistance Program (ESAP) to help Zoho ......read more

A CEO Plan for Coronavirus: Actions to Take Now…

By Tom De Waele, Middle East Managing Partner, Bain     Dubai, United Arab Emirates, March 19, 2020:   As the novel coronavirus outbreak has upended businesses around the world at alarming speed, one thing has become clear to executives grappling with the crisis: doing nothing is not an option. COVID-19 is unlike any previous crisis and taking traditional ......read more

Lebanese Banks Face Risk of Another Lehman-Type Failure…

By Firas Sleem, CEO, Virtue Consultancy Dubai, United Arab Emirates, March 18, 2020:   September 2008 marked the collapse of the Lehman Brothers and a subsequent global financial crisis that shook the world.  The bankruptcy of Lehman Brothers did not only affect the United States but 23 other countries around the world according to the International Monetary Fund. These ......read more

Promoting a Secure Approach to Working From Home…

Organizations around the globe are working to ensure service delivery and business continuity amid the COVID-19 crisis. KPMG Lower Gulf has put together the checklist below to guide organizations on providing secure remote access to their staff members, without contributing to security weaknesses.   1 Share the organization’s teleworking/mobile device access policy   2 ......read more

Shuraa Management & Consultancy LLC Forms Strategic Partnership with IFZA…

Collaboration aimed to facilitate establishment of business for entrepreneurs in Fujairah Dubai, UAE - March 17, 2020: Shuraa Management & Consultancy LLC (Shuraa) is proud to announce its partnership with International Free Zone Authority (IFZA), that aims to help entrepreneurs seeking to establish a business in the Northern Emirate of Fujairah. The partnership brings together Shuraa, a ......read more

Al Wifaq International Islamic Bank Selects ICS BANKS ISLAMIC from ICSFS to Maximise its Financial ...…

Dubai, United Arab Emirates, March 15, 2020:  Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to start its Islamic operations in Baghdad, ......read more

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Ajman Bank Appoints New Chief of Audit…

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

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

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

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

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

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

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

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

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

Female Traders Trending Upwards in UAE and MENA…

Saxo Bank reveals behavioural changes as female traders rise 65% year-on-year in MENA over decade  Saxo Bank, the leading fintech and regtech specialist focused on multi-asset trading and investment, has released new business data to mark International Women’s Day on Sunday March 8, outlining a major upswing in the number of females trading on its platforms in the UAE and wider MENA ......read more

Government of Ras Al Khaimah Awards Banks Legal With the 2019 Julphar Finance Award for Excellence…

• The award was honoured by the Department of Finance, Ras Al Khaimah for Excellence as a supplier of legal services to the Government of Ras Al Khaimah • Banks Legal takes pride in themselves for providing excellent service to all their clients and are particularly pleased with Government of Ras Al Khaimah for recognizing and rewarding their ......read more

New speakers announced for Brazil & Arab Countries Economic Forum…

Egypt Ministry of Commerce and Industry, Arab League Secretary General and President of the Council of Arab Businesswomen to speak at event March 4, 2020- The Arab Brazilian Chamber of Commerce (ABCC) has announced the confirmation of new speakers for the coming Brazil & Arab Countries Economic Forum, which will take place on April 14, 2020 at the Hotel Unique in Sao Paulo. ABCC has ......read more

Protiviti and ISACA IT Audit Survey Highlights Cyber Security and Privacy as Key Challenges for ...…

Increasing number of regional companies assigning IT Auditors to cybersecurity risk assessment function   Dubai, UAE; March 04, 2020:  Protiviti in partnership with ISACA, a global association helping individuals and enterprises in the IT audit/assurance, governance, risk and information security space, conducted the 8th Annual IT Audit Benchmarking survey that had participation ......read more

Oxford Business Group Launches Global CEO Survey…

New research tool charts opportunities and challenges in high-growth markets   Dubai, United Arab Emirates, March 04, 2020:    Executives from around the world shared their views on risk versus reward in emerging markets against a challenging economic backdrop in the first Global CEO Survey carried out by Oxford Business Group (OBG).  OBG began producing its CEO ......read more

Citadines Metro Central Dubai Receives Green Key Award for the Fourth Consecutive Year…

Dubai, United Arab Emirates, March 04, 2020:   Citadines Metro Central Dubai, part of The Ascott Limited chain of hotels, has been awarded the Green Key global standard of environmental excellence within the hospitality sector, for another year running.   Since 2016, the team at the 210-units hotel apartments, located in Barsha Heights, have been incorporating and maintaining ......read more

Comcast and Ciena Achieve 600G Milestone Across 1,600-Kilometer Connection…

Record-breaking performance from Newark to Pittsburgh demonstrates the future of network capabilities      Dubai, United Arab Emirates – March 3, 2020:   With the number of 4K content, gaming and augmented and virtual reality applications continuing to increase, Comcast is advancing its network to provide better immersive digital experiences to ......read more

Ericsson Spectrum Sharing Now Commercially Available…

• Ericsson Spectrum Sharing (ESS) will expand 5G coverage for global service providers including Swisscom, Telstra, Ooredoo and Play • More than 80 percent of service providers testing Ericsson Spectrum Sharing plan to deploy it in the coming 12 months • Ericsson Spectrum Sharing software can run on any of the five million 5G-ready radios delivered since ......read more

Champion Cleaners Integrate Further Sustainability Principles Throughout Their Headquarters and ...…

**Champion Cleaners continue their ecological and sustainable efforts to become the UAE’s cleanest dry-cleaning company **    Dubai, United Arab Emirates, March 03, 2020:   Champion Cleaners’ Head Office and Central Operation Plant was purposely designed to execute precision and quality, with minimal consumption and the opportunity to recycle where possible. ......read more

With Almost USD 1 Trillion of Investments at Stake in Megaprojects, GCC Countries Must Get the ...…

 A key enabler of any successful megaproject is having the right institutional setup   Strategy& report recommends project sponsors think of the institutional setup near the beginning of a megaproject   The structure a megaproject begins with is not necessarily permanent. As the mandate grows, and the number of entities increases, the structure can ......read more

Revenue of start-up firm ITCAN set to hit AED 100 million in 2020…

GCC’s growing e-commerce sector estimated to reach USD 20 billion by 2020 March 3, 2020: Start-up company ITCAN, a full-service Technology and Digital Marketing company that brings insights, information, and expertise to create exponential growth, has announced that it is close to earning AED 100 million this year since its launch in Dubai. The milestone is about to be reached against ......read more

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