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
 
NY Koen Group (Dubai) to invest in and construct a $500 million trade and exhibition center near ...…

Dubai, UAE, January 26, 2019:  Naum Koen, Founder and CEO of NY Koen Group, has recently announced the news that his well established holding group will be funding and constructing a large complex to be used for exhibitions and trade shows, with the development process starting in January 2019. The multipurpose space, named NY Trade Centre Kiev, that will cost $500 million, is located on a ......read more

Summary Report: Monetary & Banking Developments – December 2018…

Dubai, UAE, January 26, 2019:  The Central Bank announced that the Money Supply aggregate M1 increased by 1.3%, from AED 479.5 billion at the end of November 2018 to AED 485.6 billion at the end of December 2018.  The Money Supply aggregate M2 increased by 1.6%, from AED 1288.4 billion at the end of November 2018 to AED 1308.4 billion at the end of December ......read more

Saudi Finance Minister to Bloomberg: 2.6% GDP Growth In 2019…

January 24, 2019:   Speaking to Bloomberg Television’s Francine Lacqua and Haslinda Amin, Saudi Arabia Finance Minister Mohammed Al-Jadaan said he expects 2.6% GDP growth in 2019.    Other highlights include: • Saudi may issue non-USD bonds this year • Looking at Euro or other currencies for bond ...read more

Report Sees Overcast 2019 Outlook For Banks In The Middle East, North Africa, And Turkey…

Dubai (UAE) Jan. 23 2019- After a difficult 2018, banks in the Middle East, North Africa, and Turkey are likely to face more of the same this year due to tighter global liquidity conditions, a stronger U.S. dollar, and geopolitical as well as local instability, S&P Global Ratings said in a report published today, "Banks In Emerging Markets: The Overcast 2019 Outlook For Banks In The ......read more

Emirates Islamic announces winner of AED 1 million cash prize for award-winning Kunooz Savings ...…

Dubai, 22 January 2019:   Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Ms. Armaz Abdullah Fadel Mohamed, a citizen of St. Kitts-Nevis-Anguilla. Commenting on her win, Ms. Armaz Abdullah Fadel Mohamed said: “I was overjoyed when I ......read more

Financial Institutions Can Out-Innovate Fintechs Through Greenfield Approach, According to Oliver ...…

Annual State of Financial Services Report “Time to Start Again” Released at Davos   Dubai, United Arab Emirates, January 22, 2019 –   The next big wave of innovation in financial services will be driven by incumbents starting with a blank canvas, according to Oliver Wyman’s 2019 State of Financial Services report titled “Time to Start ......read more

Emirates NBD encourages UAE citizens and residents to ‘give in to giving'…

Dubai, 21 January 2019:   Emirates NBD, a leading banking group and a pioneer in private sector volunteering in the UAE, is calling on citizens and residents to ‘give in to giving’ by sharing videos of themselves giving to friends, family or community members.   Inspired by the UAE’s Year of Tolerance, which will promote philanthropic behaviour across the ......read more

Barclays: Equities to Outperform Bonds as Global Economy Expected to Continue Growing…

Dubai, UAE- January 21,2019:   Barclays has released its Q1 2019 “Compass” report, which examines major asset classes globally, and provides tactical recommendations on portfolio asset allocations. The report outlines that carefully calibrated risks can help investors steady their ships after a turbulent 2018. In particular, the report highlighted how investors will be well ......read more

Double Win for Trade Bank of Iraq at the International Finance Awards…

Trade Bank of Iraq awarded the ‘Best Retail Bank’ and ‘Best Priority Bank’ in Iraq in 2018 Dubai, United Arab Emirates, January 20, 2019:   Trade Bank of Iraq’s (TBI) has been recognised for their outstanding performance and service, taking home two awards at the International Finance Awards 2018. London based ‘International Finance’ ......read more

Central Bank of the UAE Holds its 1st Board of Directors Meeting for 2019…

Dubai, UAE, January 17, 2019:  The Board of Directors of the Central Bank of the UAE, held its first meeting for 2019 following its restructuring, on 14th January 2019, at the Central Bank Head Office – Abu Dhabi, under the chairmanship of H.E. Hareb Masood Al Darmaki, the Chairman of the Board. The meeting was attended by H.E. Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board ......read more

Al Habtoor Group denies any link or relationship with Al Habtoor Trading Enterprises…

Dubai, UAE, January 16, 2019:  In an official statement, released to the media, Al Habtoor Group announced its wish to clarify that the Group and all its divisions, including Habtoor Hospitality (AKA Habtoor Hotels) have no link or relationship of any kind with Al Habtoor Trading Enterprises (HTE) and its owner Rashid Al Habtoor.   This is following news released in major ......read more

Statement for “Abu Dhabi Sustainable Finance Declaration”:…

Dubai, UAE, January 16, 2019: We are [/ the Central Bank is] committed to supporting the UAE’s Green Agenda 2015 – 2030 and the National Climate Change Plan 2017 – 2050 as well as helping the UAE to meet the United Nations Sustainable Development Goals and the climate change objectives of the Paris Climate accord.  To do this we need to create a financing ecosystem ......read more

Indian wins ‘Dream Home' grand prize from Al Ansari Exchange…

Dubai, UAE, January 16, 2019:  Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, announced Donson Michael from India as the winner of the ‘Dream Home’ grand prize of Al Ansari Exchange’s Winter Promotion 2018. The draw, which was streamed live on the company’s social media platforms, was attended by Al Ansari Exchange’s ......read more

Citi UAE opens Citigold lounge in Abu Dhabi.…

Abu Dhabi, UAE, January 14, 2019:  Citi UAE announced the opening of its Citigold Lounge in Abu Dhabi designed to provide enhanced professional wealth management services across the UAE. The centre was inaugurated at a ribbon cutting ceremony attended by: Gonzalo Luchetti, Citi EMEA and Asia Head of Consumer Banking; Elissar Farah Antonios, Citi UAE Chief Country Officer; Dinesh Sharma, ......read more

Alawwal bank becomes first Middle East firm to offer AI training for all staff…

Dubai, UAE, January 13, 2019:  Alawwal bank has partnered with leading global tech firm Reaktor to train its entire workforce on the basics of artificial intelligence (AI). Through the AI training, Alawwal bank hopes to lead the region’s financial services industry in adopting a technology estimated to contribute $320bn (11%) to the Middle East’s GDP by 2030*.  The bank ......read more

Trade optimism drives commodities higher…

By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, January 13, 2019:  The early January recovery across key commodities extended into a second week with the Bloomberg Commodity index rallying by more than 4% since touching a near three-year low on the first trading day of year.  From an historical perspective we have often found that the initial direction financial ......read more

The Commemorative Silver Coin…

Dubai, UAE, January 08, 2019:  Central Bank of the UAE announced that it will be issuing a commemorative silver coin and a commemorative one Dirham coin, on the occasion of hosting the Asian Cup - UAE 2019, with effect from Wednesday 09/01/2019.   First: The Commemorative Silver Coin:-   Following are the general specifications of the commemorative silver ......read more

Morison Menon strategically integrates with Kreston International and rebrands itself as Kreston ...…

Dubai, UAE, January 07, 2019:  After 25 years of professional service in the region, Morison Menon has made a strategic alignment with the 12th top global accounting network Kreston International. Announcing this progression to Kreston Menon in a press conference, Raju Menon, Chairman and Managing Partner, Kreston Menon said that with this strategic movement, the organization is all set ......read more

Dubai Investments confirms AED 460 million Fujairah Business Centre project ahead of schedule…

Dubai, 05 January 2019:   Dubai Investments PJSC has announced that work on the AED 460 million Fujairah Business Centre project, developed by its joint venture entity Al Taif Investment, is 20.5% complete and on track to finish in June 2020, well ahead of its scheduled completion date of Q4 2020. The joint venture between Al Taif Investment and Fujairah Investment Establishment will ......read more

Visa brings exciting deals to help cardholders find their escape during this Dubai Shopping Festival…

Visa on board as the official partner and key sponsor for Dubai Shopping Festival for the 24th consecutive year Cardholders can take advantage of exclusive discounts and spend offers for hotel stays, retail, dining, entertainment, and more, through promotions with Jumeirah Hotels & Resorts, Dubai Pass, Majid Al Futtaim Leisure and Entertainment, and Meraas Dubai, UAE; 30 December ......read more

High-level Chinese delegation of leading construction experts explores investment potential in UAE…

Dubai, December 27, 2018:   A delegation of 16 senior Chinese business executives attended a workshop entitled “UAE Investment Landscape” to explore investment potential in the UAE recently. The group included CEOs, CFOs, Vice Presidents and Senior Managers from the China State Construction Engineering Corporation (CSCEC), China’s largest international contractor ......read more

Sharjah Chamber organizes a workshop on the Balanced Scorecard system…

Sharjah - 25 December 2018:  The Sharjah Chamber of Commerce and Industry (SCCI) has organized a workshop entitled "Strategic Planning and the Balanced Scorecard for Leaders and Decision-makers," which reviewed the chamber’s new strategic goals, the Balanced Scorecard system, and the initiatives and activities that are related to the chamber’s operational plans for the ......read more

TBI Participates in Conference Hosted by the American Chamber of Commerce to Discuss Investment ...…

Dubai, UAE, December 24, 2018:  Trade Bank of Iraq (TBI) officials met with Douglas A. Silliman, the United States Ambassador to the Republic of Iraq, and a delegation of American companies at a conference hosted by the U.S. Chamber of Commerce held recently at the Babylon Warwick Hotel in Baghdad.   The meeting delegates discussed several solutions to help enhance the Iraqi economy ......read more

Noor Takaful reports double-digit percentage profit growth in 2018…

Celebrates 10 years of growing customer base as Takaful insurance gains ground in the country Closed the year with eight awards for ethical product excellency and customized services Dubai, UAE; December 23, 2018:   Noor Takaful - amongst the first Takaful insurance companies to be established in the UAE - has reported significant double-digit percentage profit growth for 2018 ......read more

Central Bank Of The UAE Announces New Interest Rates.…

Dubai, UAE, December 20, 2018:  The Central Bank of the UAE (CBUAE) announced that, effective, Thursday 20 December 2018, it will raise interest rates applied to the issuance of its Certificates of Deposits in line with the increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase the Federal Funds Rate by 25 basis points at its meeting of ......read more

Marafiq Powers the Growth of Saudi Arabia's Largest Industrial Cities and Initiatives with ...…

Marafiq, a utility business in Saudi Arabia, is embarking on a journey to enhance its intelligent, digital-utility enterprise using SAP SAP’s intelligent enterprise enables customer centricity, growth agility, holistic visibility, and differentiate innovation to digitize utility businesses in the Kingdom  December 17, 2018:  As the Saudi Arabian utility sector undergoes ......read more

SaxoSelect sees 14% increase in AUM despite uncertain economic backdrop in Q3…

Dubai, UAE, December 17, 2018:  SaxoSelect, the digital service that enables Saxo Bank clients to invest in pre-selected investments, saw a 14% increase in total Assets Under Management (AUM) across all its portfolios, with 10% coming from capital inflows and 4% from investment performance.  The increase in AUM in the current market signals a desire from investors to make their money ......read more

Union Insurance signs agreement with DEWA to provide exclusive discounts and offers on DEWA Store…

Dubai, UAE, 17 December 2018: Union Insurance, a leading provider of customer-focused insurance products to individuals and corporations in the Middle East, has partnered with Dubai Electricity and Water Authority (DEWA) to offer DEWA Store customers a tailored motor insurance solution. DEWA Store provides exclusive offers and discounts to customers in cooperation with a number of government and ......read more

The Central Bank of the UAE (CBUAE) is closely monitoring Invest Bank's financial developments…

Dubai, UAE, December 17, 2018:  The Central Bank of the UAE (CBUAE) is closely monitoring Invest Bank's financial developments for some time and has been working with the bank and the Government of Sharjah to develop a plan to strengthen its capital base. In this regard, the Government of Sharjah, is firmly committed to support the bank via a direct equity investment and this plan will ......read more

UAE, Saudi Arabia using fintech for cross-border settlements…

December 15, 2018:  Some media have reported incorrectly that UAE and Saudi Arabia have started using digital currency for cross-border settlements which will be backed by fiat currencies of the 2 nations.  The Central Bank of the UAE (CBUAE) would like to clarify that CBUAE is working with the Saudi Arabian Monetary Authority (SAMA) on a joint project which constitutes a ......read more

Fine hosts visually-impaired mountaineering hero Erik Weihenmayer…

The event is part of a series to empower partners and employees  Dubai, UAE – 13 December 2018: Fine Hygienic Holding (FHH), one of the world’s leading manufacturers of hygienic paper products, hosted Erik Weihenmayer, a visually-impaired mountaineering hero, at an event called ‘No Barriers’ in Dubai last night. Weihenmayer spoke about his perseverance, bravery and ......read more

Oman UAE Exchange Launches Online Money Transfer Service…

Send Money Anywhere Anytime with Oman UAE Exchange’s Mobile App and Website   Dubai, UAE, December 12, 2018:   Tired of standing in queues to transfer money? Worry no more because now with Oman UAE Exchange you can send money online conveniently and easily from the comfort of your own space – be it home, office, the supermarket or anywhere. Oman UAE Exchange, ......read more

HUECK Middle East unveils new office set-up in Dubai for seamless customer interface…

December 12, 2018: HUECK Middle East (ME) Aluminium Systems, one of the leading and trusted aluminium solutions systems provider, has announced its new office set-up in Dubai as it continues to improve customer experience, enhance its profitability prospects, and strengthen its brand in the UAE and the rest of the Middle East region. The announcement was made during a company-organized gala ......read more

CBUAE and Central Bank of China meet to Enhance Renminbi Clearing in the UAE…

Dubai, UAE, December 11, 2018:  Central Bank of the UAE (CBUAE) today hosted a workshop with the People’s Bank of China (Central Bank of China) and the Agricultural Bank of China on “Improving the Renminbi Clearing in the UAE”.    The aim of the workshop is to present the results achieved by the RMB Clearing Centre to date, and to identify the actions to be ......read more

Banks to Assess Credit Worthiness of Customers with Al Etihad Credit Bureau Before Issuing Cheque ...…

Dubai, UAE, December 10, 2018:  Central Bank of the UAE (CBUAE) has issued a circular to banks regarding the issuance of cheque books as part of ongoing efforts by CBUAE to improve responsible lending practices by banks. Before issuing customers with cheque books, banks are now required to carry out checks with the Al Etihad Credit Bureau (AECB) to ensure the creditworthiness of their ......read more

2018 Business Review of Saudi Arabia…

December 10, 2018:   Saudi Arabia has experienced tremendous transformation in 2018, bouncing back from low oil prices with the largest expansionary budget and history-making reforms. King Salman’s Vision 2030 was a guiding principle for many of the country’s reforms along with Crown Prince Mohammed’s leadership has lead Saudi Arabia to modernise the Kingdom. Reviewing ......read more

Dubai Islamic Bank triumphs at Islamic Business and Finance Awards 2018…

Dr. Adnan Chilwan, Group CEO of DIB named Islamic Banker of the Year  DIB wins top recognitions including Best Islamic Bank, Best Islamic Retail Bank, Best Islamic Corporate Bank, Best Islamic Home Finance, and Best Sukuk Arranger in the region. Dubai, UAE, 09 December 2018:   Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE, has once again dominated the ......read more

ICAEW recognises Middle East's best finance professionals…

The region’s best and brightest in accountancy and finance were celebrated yesterday evening (Wednesday, 5th December) at the ICAEW Middle East Annual Honours Ceremony 2018 at the Four Seasons Resort Dubai.   Dubai, UAE, December 06, 2018:  Organised by Institute of Chartered Accountants in England and Wales (ICAEW), the annual gala event recognises and celebrates the ......read more

Voting on UAE Superbrands 2019 Begins…

15th edition of Superbrands UAE to feature local home-grown brands Dubai, UAE, December 5, 2018:  Superbrands, the independent authority and arbiter of branding, announced that the voting process to choose the brands in the UAE which will be recognised and honoured as a Superbrand 2019 has begun.  Speaking on the importance of delivering impactful interactions that deliver a clear ......read more

Dubai's Top Franchise Event Begins Today…

“With the participation of 100 companies from 80 countries”  Dubai – United Arab Emirates, 5 December, 2018:   H.E. Butti Saeed Al Ghandi, Second Vice-Chairman of the Dubai World Trade Centre, today attended the opening of the 3rd edition of The Global Franchise Market Exhibition (TGFM), the official franchise event in Dubai, at the Dubai International ......read more

The UAE Pavilion participates in the first International Defense Exhibition in Egypt…

Dubai, UAE, December 04, 2018:   The United Arab Emirates National Pavilion participates in the International Defense Exhibition 2018, taking place in Cairo Egypt today till December 5.  The participating delegation under the United Arab Emirates National Pavilion included officials and members from Tawazun Economic Council and the Emirates Defense Companies Council ......read more

International supervisory community meets to discuss challenges ahead for global bank supervision ...…

Dubai, UAE, December 01, 2018:  Some 300 central bankers and banking supervisors representing more than 80 jurisdictions met this week in Abu Dhabi, United Arab Emirates, to discuss a range of policy and supervisory topics. Events included a meeting of the Basel Committee on Banking Supervision and the 20th International Conference of Banking Supervisors (ICBS).   At the Basel ......read more

Commemorative Coins and Currency in honor of the Founding Father on the 47th National Day…

In remembrance of UAE’s celebrations of “Zayed Centenary” Dubai, UAE, November 29, 2018:  Central Bank of the UAE (CBUAE) is pleased to announce that it is issuing a commemorative silver coin, a commemorative one Dirham coin and an AED 100 denomination Bank Note with “Year of Zayed” logo coinciding with the 47th National Day of the UAE celebrations. CBUAE ......read more

CBUAE Signs Memorandum of Understanding with the National Bank of the Republic of Belarus…

Dubai, UAE, November 29, 2018:  The Central Bank of the UAE (CBUAE) and the National Bank of the Republic of Belarus (NBRB) have signed the Memorandum of Understanding (MoU) to establish an arrangement for sharing of supervisory information and enhancing of cooperation in the area of banking supervision. The MoU was signed by H.E Mohammed Ali bin Zayed, Deputy Governor of CBUAE and H.E ......read more

INJAZ Al-Arab and Boeing partner to challenge region's youth to solve aviation-themed business ...…

INJAZ Al-Arab and Boeing launch Boeing Business Challenge to find solutions for the aviation industry Over 80 students from across the Middle East will convene in Kuwait for the Boeing Business Challenge Dubai, UAE, November 27, 2018:  Boeing [NYSE:BA] has announced that it will jointly host the first-ever “Boeing Business Challenge” in partnership with INJAZ Al-Arab, ......read more

Two-thirds of businesses in the Middle East don't know why their customers are loyal, finds ...…

Global study conducted by an independent research firm for Collinson reveals that most brands in the UAE and Saudi Arabia do not employ strategies to improve customer relationships Dubai, UAE, November 26, 2018:   A commissioned study conducted by Forrester Consulting on behalf of Collinson, a global leader in customer benefits and loyalty, unearths that a significant proportion ......read more

DIB Crowned World's Strongest Islamic Retail Bank 2018…

UAE, Dubai, 26 November 2018:   Dubai Islamic Bank, the UAE’s largest Islamic bank, received three much sought after awards, including the ‘Strongest Islamic Retail bank in the World’, at the prestigious Islamic Retail Banking Awards (IRBA) 2018, recognizing its outstanding performance amongst the world’s Islamic retail banks. The bank also took home the ......read more

Trade Bank of Iraq, Standard Chartered Bank and General Electric close US$600 million of financing ...…

The financing solution has contributed towards delivering and securing more than 2 gigawatts (GW) of new power, while ensuring the continuity of up to 6.7 GW to Iraq's grid as part of the 'Power Up Plan' Dubai, United Arab Emirates, November 25, 2018:   Trade Bank of Iraq (TBI), Standard Chartered Bank and General Electric closed a $600 million financing agreement that ......read more

INJAZ Al-Arab Gears-up for the 12th Annual Young Arab Entrepreneurs Competition to be held in Kuwait…

Held Under the Patronage of His Highness the Amir of the State of Kuwait Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah 25 November 2018:   INJAZ Al-Arab – member of Junior Achievement Worldwide – is hosting their 12th Annual Young Arab Entrepreneurs Competition in Kuwait between November 26 and 29, 2018. The competition will see 80 students from 11 countries across MENA compete ......read more

Energy trading - Ultimate Guide with RCPro…

If you area an experienced trader looking to diversify your portfolio and add something more than financial products, you have probably contemplated energy trading. Similarly, as a new trader, you may hear of the lucrative and exciting commodity trading markets and wish to become involved. Thanks to the birth of online trading and the existence of top-quality brokers, trading in the energy market ......read more

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