Dubai PR Network, Online Press Release from Dubai and Middle East
Featured in Banking and Investments
March 2024 Brings Vibrant Events to Dubai World Trade Centre: Spotlight on Transport, Healthcare, Maritime and Entertainment Industries

The action-packed events calendar covers a wide range of sectors and provides valuable networking opportunities for exhibitors and attendees Dubai, UAE – 1 March 2024: Dubai World Trade Centre (DWTC) has announced its March events calendar featuring a robust line-up featuring multiple sectors spanning healthcare, transport, maritime, food and beverage, real estate and entertainment, among others. With a focus on encouraging networking, collaboration and fostering business growth, DWTC remains committed to providing a platform for industry professionals to connect and thrive.   Today 1 March is the final day of the UITP MENA Transport Congress and Exhibition 2024, organised by the International Association of Public Transport, a key event focusing on sustainable urban mobility solutions in the MENA region. This ......read more

National Bank of Fujairah wins prestigious Euromoney award

NBF recognised for its contribution to the trade finance sector regionally 29 February 2024: National Bank of Fujairah (NBF) is proud to announce that it has won the award for Best Domestic Trade Finance Service - UAE in the prestigious 2024 Euromoney Trade Finance Survey. The award - voted for by NBF trade finance customers - recognises NBF’s outstanding contribution to the trade finance sector, and is the latest acknowledgement of NBF as a regional leader in this field, after the bank won multiple awards in 2023. NBF has deep sector knowledge and an in-depth understanding of trade finance which enables it to service clients across the UAE with customised solutions. With the flexibility and ability to tailor any solutions to best suit customers’ requirements, NBF regularly provides its customers with intelligence to ......read more

Stellantis Middle East and Africa Reports Strong 2023 Performance – Advancing Fast Toward Dare Forward 2030 Goals

Dubai, United Arab Emirates – February 29TH 2024 – Stellantis Middle East and Africa (MEA) has shown robust performance in 2023, effectively advancing its Dare Forward 2030 objectives despite global challenges. Key achievements include: Net Revenues up 64% versus 2022 to €10.560 billion Shipments up 43% versus 2022 to 616,100 units Adjusted Operating Income (AOI) up by 111% versus 2022 to €2.503 billion Market Share up, reaching 14.9%, a 3-point gain versus 2022 LCV Regional Market Position: ranked 2nd in 2023, 1st in Q4 2023 Customer centricity: Top Level of Performance of the Group with n.1 position in quality of service and n.2 position in quality of product Stellantis MEA's performance in 2023 reflects a steady alignment with the Dare Forward 2030 strategy, focusing on offering ......read more

UAE Participates in BRICS' Finance Ministers and Central Bank Governors Meeting

Discussing international monetary policy and the implementation and development of multilateral financing for infrastructure. São Paulo, Brazil: 28 February 2024 – The United Arab Emirates, represented by the UAE Ministry of Finance and the Central Bank of the UAE, participated in the first BRICS Finance Ministers and Central Bank Governors meeting held on February 27 in São Paulo. The UAE delegation included His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, His Excellency Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE, His Excellency Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at the UAE Ministry of Finance, and Thuraiya Hamid Alhashmi, Director of International ......read more

NBF's new Ramadan campaign provides new financing opportunities for customers

Limited-time Personal Finance and Home Finance offers aim to help turn dreams into a reality   Dubai – 28 February 2024: National Bank of Fujairah PJSC (NBF) announces the launch of its Ramadan campaign for its customers, featuring special offers on personal finance and home finance.   From now until 31st May, both conventional and Islamic banking customers who apply for NBF Personal Finance can enjoy cashback benefits of up to 2% of the finance amount or AED 5,000. Those looking to turn their dreams into a reality will benefit from financing of up to 20 times their monthly income, flexible payment terms up to 48 months and fast processing and easy documentation, among other benefits.   Throughout this period, NBF Islamic customers can also unlock the door to their dream home with a limited-time offer on NBF ......read more

Dubai Islamic Bank Shareholders Approve 45% Dividend for 2023

Dubai, UAE – 28 February 2024: Dubai Islamic Bank (DIB), the UAE's largest Islamic bank, has successfully concluded its Annual General Assembly (AGM) with the approval of the bank’s 2023 financial statements and other tabled resolutions, demonstrating the confidence of the shareholders in the board and management’s strategic agenda and plans to take the bank forward. 2023 saw record growth in profitability including a robust 43% rise in total income to AED 20 billion, which led to the highest ever net profit in the bank’s history of over AED 7 billion – a YoY increase of 26%. Earning assets growth whilst supporting the higher returns also helped the bank’s balance sheet expand to AED 314 billion. With shareholders’ returns always a priority, this record-breaking financial performance led ......read more

DSO and MIT Honour Winner of MIT DesignX Dubai Accelerator's First Cohort

Celebrating Innovation and Global Collaboration, Recognising Sustainability Dubai, UAE: 24 February 2024 – Dubai Silicon Oasis (DSO), and the Massachusetts Institute of Technology (MIT), in collaboration with the Global Growth Hub (GGH), have recently concluded MIT DesignX Dubai Accelerator’s (MDXB) Demo Day at DSO, the special economic zone for knowledge and innovation and a member of the Dubai Integrated Economic Zones Authority (DIEZ). The winning team, Othalo from Oslo, was awarded at an event that celebrated the culmination of an intensive five-week curriculum followed by another month of design and business classes, undergone by the 12 innovative startups that made up the inaugural cohort of MDXB. These visionary teams, hailing from Oslo, London, Jerusalem, Boston, and Dubai, worked collaboratively to ......read more

Global boat builders urged to prioritise sustainable manufacturing to ride the wave of a US13$ billion luxury yacht market

Dubai Boat Show Leisure Yachting Conference 2024 deep dives into cross-sectoral growth strategies as new-age eco-conscious consumers seek more holistic marine experiences   Dubai, UAE – 25 February 2024: The world’s mega-rich and well-heeled luxury consumers are taking to the ocean like never before, but luxury yacht builders and makers of high-end marine crafts should continue to prioritise their eco-credentials if they’re to ride the wave of a US$13 billion market.   Speakers at this week’s Dubai Boat Show Leisure Yachting Conference agree that boatyards which prioritise sustainable manufacturing into yachts that are better for the environment will align with the values of the new-age eco-conscious yacht owner or even first-time buyer.   If they do so, expect to see plenty of ......read more

Hitachi Energy invests over 30 million euros to expand transformer operations in Germany

The expansion and modernization of the power transformer manufacturing facility in Bad Honnef will generate up to 100 new jobs in the region. Set for completion in 2026, the investment expands the company's global footprint and capacity at speed, addressing the accelerating demand for transformers to meet Europe’s energy transition.   Dubai, February 22, 2024 – Hitachi Energy today announced an investment of more than 30 million euros (approx. $32 million) in the expansion and modernization of its power transformer manufacturing facility in Bad Honnef, Germany. Expected to be completed in 2026, the project will generate up to 100 new jobs in the region and address the rising demand for transformers to support Europe's clean energy transition.   Operational since 1906, the facility in Bad ......read more

Monty Capital Achieves Key Regulatory Milestone With The Acquisition Of DFSA Category 4 License In Dubai

Dubai, UAE – February 22, 2024: Monty Capital, the financial and investment advisory division of the Monty Group of Companies, announced today that it has secured the Category 4 license from the Dubai Financial Services Authority (DFSA). DFSA's authorisation enables Monty Capital to broaden its suite of services, enhancing its capabilities in financial empowerment, investment deal-making, and credit management.   This significant achievement marks a major advancement in Monty Group's commitment to innovation and service excellence in the region's rapidly evolving technology and financial sectors as well as providing comprehensive and innovative financial solutions, tailored to meet the diverse needs of clients in a dynamic market environment.   Ahmad Tabbara, CEO of Monty Capital, expressed his enthusiasm ......read more

e& reports record consolidated net profit of AED 10.3 billion growing 3% year-over-year

Consolidated revenues reached AED 53.8 billion, a growth of 8.3 per cent year-over-year, at constant exchange rates Board proposes a total dividend of AED 0.80 per share for FY 2023 Recommends a new progressive dividend policy to bring the DPS to 89 fils by FY2026   Abu Dhabi, 21 February 2024 – e& announced its consolidated financial results for fiscal year 2023 reporting a record consolidated net profit of AED 10.3 billion, a growth of 3 per cent year-over-year. Underlining the Group’s commitment to value creation for its shareholders, e&’s Board of Directors proposes a dividend of AED 0.40 per share for the second half of 2023 representing a total dividend of AED 0.80 per share for FY2023. In addition, the board recommended a new progressive dividend policy with an increment of 3 ......read more

Dubai Department of Economy and Tourism showcases a range of products, services and investment opportunities at Gulfood 2024

DET’s participation aligns with the objectives of the Dubai Economic Agenda D33 to double the size of the emirate’s economy over the next decade and further consolidate its status as one of the top three global cities DET is represented at the international F&B exhibition by Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) and Dubai Economic Development Corporation (DEDC) Dubai, United Arab Emirates, 20 February 2024: Dubai Department of Economy and Tourism (DET) is participating at the 29th edition of Gulfood, the world’s largest food and beverage trade event, to showcase an array of products, services and investment opportunities. DET’s participation at Gulfood 2024, from 19 to 23 February at Dubai World Trade Centre, will further reinforce the pivotal ......read more

Italy's Food and Beverage Exports to UAE Surge, Notching an 8.4% increase in 2023

200 companies, 15 World Class Chefs, Italian Trade Agency Showcases “Made in Italy” Excellence at the Gulfood 2024 17th February 2024, Dubai, United Arab Emirates - The Italian Trade Agency (ITA) is thrilled to present its remarkable showcase at Gulfood 2024, the world's largest annual food and beverage trade exhibition, hosted at the Dubai World Trade Centre from February 19th to 23rd, 2024. With over 200 Italian companies participating in this year's edition of Gulfood 2024, ITA aims to spotlight the unparalleled quality, authenticity, and sustainability of Italian agri-food products. In 2023, Italian food exports to the UAE experienced a remarkable surge, showcasing the enduring appeal of Italian gastronomy. With a notable 8.4% increase up to November 2023, there has been a significant uptick in demand for ......read more

Young UAE-based Climate Tech Angel Investors Favor African and MENA Regions For Growth Potential Over More Established Markets

UAE-based investors are using the MENA region as a base to provide sustainability solutions across the India China Africa corridor, according to the annual Angel Rising Investor Trends Report from startAD and VentureSouq The average age of participants is younger than their global counterparts and features a higher female ratio   Abu Dhabi, UAE, February 16, 2024: Angel investors based in the UAE with a focus on climate tech are more likely to favor Africa and the Middle East and North Africa (MENA) over the more established US, Asian, and European markets, according to the Investor Trends Report 2023. The report was produced by startAD, the Abu Dhabi-based startup accelerator powered by Tamkeen and anchored at NYU Abu Dhabi (NYUAD), and MENA-based venture capital firm VentureSouq.   According to the report's ......read more

UAE AI Office partners with Emirates Global Aluminium to accelerate AI adoption in the industrial sector

UAE, 14 February 2024: The UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications office and Emirates Global Aluminium have signed a memorandum of understanding to promote the adoption of artificial intelligence in the industrial sector. The agreement was signed by His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Abdulnasser Bin Kalban, Chief Executive Officer of EGA, at the World Governments Summit 2024 in Dubai. HE Omar Sultan Al Olama affirmed that digitising various vital sectors by adopting artificial intelligence applications is a fundamental cornerstone in enhancing the UAE's competitive position globally, and accelerate the pace of digital transformation in all industrial sectors. His Excellency ......read more

TAQA Group Reports Full Year 2023 Net Income of AED 16.7 Billion

Net income jumps 107% YoY, supported by recognition of value of TAQA’s stake in ADNOC Gas Strong portfolio growth through organic and inorganic expansion, particularly the planned acquisition of SWS Holding, reinforces TAQA’s position as Abu Dhabi’s fully integrated utility TAQA’s 2030 targets revised upwards significantly, reflecting stronger growth ambitions; Gross power capacity target tripled to 150 GW by 2030 Company to make AED 75 billion investment into power and water capacity expansion and UAE-based transmission and distribution networks by 2030 Board proposes final cash dividend for 2023 of 2.00 fils/share (approx. AED 2.2 billion), including variable dividend of 0.7 fils/share (approx. AED 0.8 billion), bringing the full year dividend to 3.95 fils/share (approx. AED 4.4 billion) Abu ......read more

Awqaf Dubai, Arab Women Authority and National Bonds Launch ‘Women Sukuk' to Drive Impact in Breast Cancer Advocacy and Treatment

Dubai – UAE, 13 February, 2024: Mohammed bin Rashid Global Centre for Endowment Consultancy, an affiliate of the Awqaf and Minors Affairs Foundation in Dubai, Arab Women Authority, the leading Arab organization in the field of supporting women’s empowerment and National Bonds, the UAE’s savings and investment company, has joined forces to introduce the “Women Sukuk” as an integral addition to the esteemed Sukuk Al Waqf endowment initiative. Sukuk Al Waqf, is an innovative endowment that was announced in 2022 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and launched by Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC), in partnership with the Awqaf and Minors Affairs Foundation in Dubai and ......read more

DUBAI WORLD TRADE CENTRE WINS BIG AT IKA/CULINARY OLYMPICS 2024

Representing the UAE's national team - The Emirates Culinary Guild – made up of the country's most prestigious chefs, DWTC's Chef Dwiyanti Cintaningrum brings home three medals after rounds of intense competition with international chefs   Dubai, UAE – 13 February 2024: Dubai World Trade Centre (DWTC) proudly announces big wins following an outstanding performance at the 2024 edition of one of the world's most coveted culinary competitions, the IKA/Culinary Olympics held in Stuttgart, Germany, last week. Representing the United Arab Emirates, along with a team of the country's finest chefs, as part of The Emirates Culinary Guild, Dwiyanti Cintaningrum, Pastry Chef at DWTC, acclaimed for her mastery in pastry arts, clinched a gold medal for Pastry Art and two silver ......read more

Rabee's Iraq Stock Exchange Index increased by 8.8% in January

February 9, 2024: In January, the Rabee Securities Iraq Stock Exchange Index (RSISX Index) experienced a significant 8.8% surge in both USD and Iraqi Dinar (IQD) terms mainly due to the increase in share prices of Fallujah for Construction Materials, National Bank of Iraq, Al-Mansour Bank and Commercial Bank of Iraq. In January, the share prices of 9 out of the 10 RSISX Index companies recorded an increase. Mrs. Tugba Tan Karakaya, an Analyst at the Research Department of Rabee Securities, commented, “We witnessed a good start to the year, and investors are satisfied that the momentum is continuing from last year's positive index performance. Despite some geopolitical incidents during the month, the economic and companies' performance overshadowed such concerns.” The total trading volume of the ISX decreased 29% in ......read more

Commercial Bank International and Fuze Sign Breakthrough Digital Assets MoU

Collaboration will support the development of products to address the burgeoning demand for cryptocurrency services in the UAE   Dubai, UAE – 9 February, 2024: Commercial Bank International PJSC (‘CBI’), a corporate and retail bank headquartered in Dubai, and Fuze, MENA’s leading digital asset infrastructure provider, have announced the signing of a Memorandum of Understanding. The agreement will allow both parties to jointly explore digital assets innovation, under the comprehensive regulatory frameworks of the UAE.   The agreement between CBI and Fuze provides the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments. Leveraging CBI’s extensive and robust track record in business and personal finance, ......read more

Aseer Investment Company launches operations to drive investment in the Aseer region

Riyadh, Saudi Arabia – 6 February 2024: Aseer Investment Company (AIC) has launched operations to support the transformation of the Aseer region into a year-round destination with a focus on tourism, sports and wellness. The company is fully owned by the Public Investment Fund (PIF) and was announced in December 2022 to stimulate local and international investment in the region. ​ ​AIC will unlock a wide array of investment opportunities across 12 sectors including hospitality, entertainment, education, F&B, technology and retail. It aims to create mutually beneficial partnerships with international investors as well as public and private sector entities.​ The company’s vision is to be a regional investment leader with an ability to foster opportunities for everyone and to ......read more

IHC Announces Stellar Preliminary Financial Results for 2023: Record Revenue and EPS Growth

EPS of AED 12.36, indicating robust financial health and investor confidence. Preliminary Net profit remains strong at AED 32,748 million.  Revenue Soars to AED 60,089 million with strategic acquisitions and performance driving a preliminary 18% YoY increase. Abu Dhabi, 5th February 2024: ABU DHABI, UAE – International Holding Company (IHC), a leading investment conglomerate based in Abu Dhabi, has announced its Unaudited Preliminary Financial Results for the year ended December 31, 2023, showcasing a remarkable year of financial growth and strategic achievements. The Group's Preliminary Revenue soared to AED 60,089 million, marking an 18% increase from the previous year's AED 50,946 million. This significant revenue growth is attributed to the company's strategic acquisitions and the enhanced ......read more

Ghitha Achieves 100% Revenue Growth in 2023, Signaling Strong Market Expansion and Operational Success

• The Group reported strong revenue of AED 4.6Bn (+100% YoY) • Operational profit growth of AED 99Mn; +64% YoY • EBITDA growth of AED 79 Mn; +22% YoY (Excluding fair value changes in investments) • Total Assets of AED 7.1 Bn; +32% YoY    Abu Dhabi, UAE; 29 January 2024: Ghitha Holding PJSC (ADX:Ghitha), the Abu Dhabi headquartered  conglomerate that consolidates Food, Agriculture, Fish, Dairy, Poultry, Vegetable Oil, retail, distribution and catering services, and is a subsidiary of International Holding Company (ADX: IHC), has released its financial results for 2023. The group reported an operating profit of AED 254 million, reflecting their commitment to operational excellence and efficiency.   Driven by stellar performance and sustained business momentum, Ghitha achieved a ......read more

Management Discussion & Analysis Report

Mashreq Achieves Historical Financial Milestone in 2023, with its net profit soaring by an impressive 130% to reach an unprecedented AED 8.6 billion amidst Exceptional Income Growth and Significantly Reduced Risk Costs   • Net Interest Income Skyrockets: Witnessed an impressive 69% surge, fuelled by extraordinary growth in the balance sheet and solid client margins. Concurrently, non-interest income witnessed a robust increase of 13% year-on-year. • Dynamic Expansion of Balance Sheet: Marked by a significant 25% year-on-year escalation in Loans and Advances, coupled with a substantial 29% boost in customer deposits, showcasing a strong upward trajectory. • Financial Strength and Efficiency: The Capital Adequacy Ratio stands at a notable 16.5% (excluding proposed dividend), highlighting Mashreq’s ......read more

Arab Bank Group Reports Net Profits of $829.6 Million for 2023, 30% Cash Dividends

Dubai, UAE, 27 January 2024: Arab Bank Group achieved solid results for the year ending December 31, 2023, reporting a growth of 52% in net income after tax of $829.6 million as compared to $544.3 million in 2022. The Group’s performance was driven by sustainable growth in the underlying business across different markets, as net profit before provisions and tax improved by 34% to reach $1.81 billion. Total Assets grew by 6% to reach $68.3 billion, loans grew by 5% to reach $37.1 billion, and deposits grew by 6% to reach $50.6 billion. While total Group equity stood at $11.4 billion. In view of the solid results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2023. Mr. Sabih Masri, Chairman of Arab Bank, commented that the bank's strong ......read more

Wego Unveils WegoPro to Revolutionize Business Travel and Expense Management Across MENA

WegoPro will launch in Saudi Arabia, UAE, Qatar, Bahrain, Oman, Kuwait and Egypt Dubai, 24 January 2024 - Wego, the largest online travel marketplace in the MENA region, announces the launch of WegoPro, a modern platform that simplifies business travel and expense management for companies globally. Formerly known as Travelstop, WegoPro will debut today in 7 key markets in the MENA region, including Saudi Arabia, UAE, Qatar, Bahrain, Oman, Kuwait, and Egypt. The rebranding follows Wego's acquisition of Travelstop in September 2023, reinforcing Wego’s commitment to offer comprehensive travel solutions to businesses in the region. Market research firms predict that the global business travel market will be valued at over US$1.8 trillion by 2027 and will return to the pre-pandemic levels of US$1.4 trillion this year. A ......read more

Zoho Captures UAE's Upmarket Segment and Records 43% Revenue Growth in 2023

Dubai – January 24, 2024: Zoho, a leading global technology company, today announced a revenue growth of 43% and 29% increase in partner network in the UAE in 2023. This growth has been marked by a significant upmarket shift, with an increasing number of mid-and-large enterprises shifting to Zoho's comprehensive and value-driven solutions. Having long dominated the small and medium-sized business (SMB) landscape with its user-friendly, affordable, and secure solutions, Zoho has seen a growing demand in adoption among prominent UAE-based organisations, including Al Rostmani Group, Al Shirawi, IFFCO, CAFU, Masafi, Consulate General of India- Dubai, Sharaf DG, MAF Carrefour, and Jashanmal.  Last year, Zoho recorded a 24% increase in migration by large corporations. The upmarket momentum has been led by adoption of ......read more

Dubai Islamic Bank Full Year 2023 Group Financial Results

 Robust rise in total income by 43% YoY to AED 20 billion.  Net profit of AED 7 billion, stellar growth of 26% YoY.  Expansion continues as Balance Sheet rises to AED 314 billion, up 9% YoY.  Asset quality improved to 5.4% down 110 bps YoY, beating guidance.   Shareholder returns continue to grow with RoTE at 20%, up 300 bps YoY, beating guidance.  Proposed dividend of 45%, subject to shareholder approval in AGM. ​ Dubai, January 23, 2024   Dubai Islamic Bank (DFM: DIB), the largest Islamic bank in the UAE, today announced its results for the period ending December 31, 2023.   FY 2023 Highlights: • Group Net Profit came in at AED 7,010 million, up 26% YoY compared to AED 5,552 million, driven by rising non-funded income and lower impairment ......read more

EDGE Expands its End-to-end Defence Capabilities with the Addition of International Golden Group

• International Golden Group will expand the scope of EDGE’s capabilities as a supplier of defence and service solutions to provide more complete end-to-end offerings to customers   Abu Dhabi, UAE: 23 January, 2024 – EDGE Group PJSC (EDGE), one of the world’s leading advanced technology and defence groups, today announced the addition of International Golden Group (IGG) to the EDGE portfolio of companies. Abu Dhabi-based IGG is the UAE’s leading agent for high-end defence supplies and security solutions. The move will allow EDGE to expand its business and to provide a more complete end-to-end offering to its end-users.   Recognised as a leading supplier to the UAE Armed Forces, Ministry of Interior, and other defence and security authorities, IGG builds alliances and partnerships in the ......read more

Century Financial's ‘Financial Freedom for All' Campaign Achieves Monumental Success, Aligning with UAE's Vision for Financial Literacy

Date: Dubai, UAE; January 23, 2024    The Financial Freedom for All – a campaign launched by Century Financial in collaboration with the United Nations Principles for Responsible Management Education (PRME) Middle East and the Anti-Poverty Working Group, has garnered the backing of leading corporates, pledging to enroll 10,000 blue-collar workers within the very first month of its launch.    This significant milestone underscores the campaign's broad appeal and its profound impact. Furthermore, the initiative has successfully galvanised the support of over 50 prominent corporates and more than 30 esteemed educational institutions, solidifying its crucial role in cultivating a future rich in financial literacy.   This initiative marks a transformative journey towards instilling comprehensive ......read more

Industry contributes a projected AED 197bn to UAE GDP in 2023

• UAE achieves 30% of Operation 300bn’s target since its 2021 launch, with the industrial sector’s contribution to GDP reaching a projected AED 197 billion.   • UAE industrial exports increase by 17% since the launch of Operation 300bn in 2021, reaching projected AED 187 billion in 2023.   • AED 9.3bn value of import substitution projects.   • The value spent by National ICV companies on local products and services increased by 17% to reach AED 61 billion, redirected to the national economy.   • AED 3.3 billion of industrial investments in biotechnology, hydrogen, and electric vehicles.   • AED 5.3 billion in financing provided to the industrial sector, out of which AED 1.5 billion was allocated to advanced technology ......read more

AI Breakthrough Enables Refineries to Self-diagnose Fouling to Reduce CO2 Emissions

Energy efficiency technology can help refineries abate up to 400 million tonnes of CO2 per year Dubai, UAE – 15 January 2024: DecarbonX has concluded groundbreaking research into the use of AI in industry, bringing a new level of autonomy to industrial processes and enabling critical equipment to self-diagnose issues. The milestone marks a major shift in the efficient monitoring and maintenance of refinery infrastructure, empowering the petroleum industry to reduce emissions. HEX Care, a DecarbonX innovation, utilises AI to enable heat exchangers to autonomously identify issues and then verbally communicate with staff at petrochemical plants, alerting them to maintenance needs. Integrating the technology into heat exchangers, a vital cog in petrochemical plants, will ensure the monitoring of fouling is proactive, rather than ......read more

Conares to Spearhead Revolutionary Green Steel Manufacturing in the UAE, Committing to Net Zero by 2050

DUBAI – January 11th, 2024: Conares, the UAE’s second-largest steel manufacturer, has announced its commitment to achieving net zero carbon emissions by 2050. This pledge aligns with the UAE's ambitious 2050 environmental goals and reinforces the company’s role as a trailblazer in sustainable manufacturing. Supported by a strategic roadmap, Conares is set to achieve 50 per cent of its net zero goals by 2040 and net zero by 2050. The manufacturer’s commitment to contribute significantly to the UAE's ambitious target of a 93 per cent reduction in carbon emissions by 2050 underscores its role as a pioneer in the steel industry. Conares has emerged as a leading green steel manufacturer in Dubai, with cutting-edge steel plants in the industrial sector of Jafza.  Central to this sustainability ......read more

Mark Moffat Appointed as CEO of IFS

Darren Roos appointed as IFS’s Chair of the Board Dubai, United Arab Emirates, January 10, 2024 – IFS, the global cloud enterprise software company, today announces that Mark Moffat has been promoted to Chief Executive Officer (CEO). Moffat takes over from Darren Roos who has been appointed as the company’s Chair of the Board. Both appointments are effective immediately. The transition provides great continuity for the business by building on the successful strategy that has seen IFS transform into the leading vendor for Asset & Service Management software. Moffat, Roos and the IFS Executive Team have been working on the transition over the past six months as part of the Board’s succession planning process. Moffat, who was previously IFS’s Chief Customer Officer, is a well-known and respected ......read more

Al-Futtaim Engineering & Technologies Signs a Strategic Partnership with UL Solutions to Elevate Infrastructure Practices in the UAE

From left to right: Murali Serpakkam, Managing Director at Al-Futtaim Engineering & Technologies; Razi Hamada, General Manager of Digital Transformation at Al-Futtaim Engineering & Technologies; Sudhi Ranjan Sinha, Vice President of Ecosystems and New Service Development at UL Solutions; and Ryan Piaskowski, Global Business Leader of Smart Building Ecosystems at UL Solutions Dubai, United Arab Emirates, January 8, 2024: The leading provider of holistic and 360-degree technology solutions in the building industry, Al-Futtaim Engineering & Technologies announced its strategic partnership with UL Solutions, a global leader in safety science. As part of the collaboration, Al-Futtaim will become an official UL Solutions SPIRE-qualified assessment firm and plans on leveraging SPIRE to achieve broader outcomes to help bolster ......read more

Arab Bank Named Bank of the Year 2023 in the Middle East by The Banker Magazine

Dubai, UAE, 06   January 2024: The Banker Magazine, owned by the Financial Times and based in London, named Arab Bank as Bank of the Year in the Middle East for 2023. The announcement came during The Banker’s “Bank of The Year Awards 2023” ceremony held recently in London and attended by several senior representatives from leading banks from all over the world.  The Banker’s judging panel’s decision to honor Arab Bank with this highly coveted regional award was based on criteria assessing a number of different indicators, including the Bank’s financials, strategy and performance, in addition to other specific indicators, a process that takes over 5 months to conduct.   The Banker Magazine, for more than 90 years, has been the world's longest-running international ......read more

DAE Announces Full Year 2023 Business and Operational Highlights

DAE Capital acquired 20 aircraft, sold 30 aircraft, signed 150 lease transactions DAE Engineering booked over 1.4 million man-hours   Dubai, U.A.E., 3 January 2024 – Dubai Aerospace Enterprise (DAE) Ltd, the global aviation services company, today announced its business transactions update for the full year 2023:   DAE Capital:  • Number of aircraft acquired: 20 (owned: 10; managed: 10) • Number of aircraft sold: 30 (owned: 22; managed: 8)*  • Lease agreements, extensions and amendments signed: 150 (owned: 114; managed: 36)   • Fleet Size (Owned, Managed, and Committed): 493 • Customers: 123; Countries: 62 • Owned Fleet Average Age (years): 7.5 • Owned Fleet Average Lease Term Remaining (years): 6.0 • Owned Fleet Portfolio ......read more

UBF and HKAB sign MoU to Enhance Cooperation and Develop Banking and Financial Sector in UAE and Hong Kong

Abu Dhabi, UAE - 2 January 2024:  UAE Banks Federation (UBF), the sole representative and unified voice of banks in the UAE, and Hong Kong Association of Banks (HKAB), the representative association of licensed banks in the Hong Kong Special Administrative Region, have signed a Memorandum of Understanding (MoU) to enhance cooperation and exchange expertise in order to support the banking and financial sector. Mr. Jamal Saleh, Director General of UAE Banks Federation (UBF) and Mr. Stephen Chan, Acting Chairman of Hong Kong Association of Banks (HKAB), have signed the MoU on 28 December 2023, aiming to further enhance cooperation between the two parties, member banks, and the banking and financial sector, under the direct supervision of the Central Bank of the UAE and the Hong Kong Monetary Authority (HKMA).   UAE Banks ......read more

AIWF President & Founder Haifa Al Kaylani appointed an Officer of the Most Excellent Order of the British Empire (OBE) in King Charles' New Year 2024 Honours List

UAE, Dubai, Monday 2nd January 2024: The Arab International Women’s Forum (AIWF) is proud and delighted to announce that AIWF’s President & Founder Haifa Al Kaylani has been appointed an Officer of the Most Excellent Order of the British Empire (OBE) in King Charles’ New Year 2024 Honours List. This honour is in recognition of her services to Women, Young People and to Cultural Relations between the UK and the countries of the Middle East and North Africa (MENA) region. Haifa founded AIWF in London in 2001 and under her leadership, it has become a leading non-profit development organisation devoted to bringing women and young people from the UK and the MENA region together to support economic inclusion for women and young people. Haifa has always worked at the highest levels and in collaboration with global ......read more

UAE and Congo-Brazzaville Finalize Terms of a Comprehensive Economic Partnership Agreement

- UAE and Congo-Brazzaville non-oil trade increased 5% in 2022 to reach US$2.2 billion and has doubled in H1 2023 over H1 2022. - HE Al Zeyoudi: “We look forward to ushering in this new era of cooperation and to further expanding our presence in Africa as a trusted partner and investor.” - HE Jean-Baptiste: “The strategic partnership agreement with the United Arab Emirates that we have just concluded today will greatly contribute to the financing of structuring projects in Congo.”   Abu Dhabi, UAE, 28th December 2023: The United Arab Emirates and the Republic of Congo-Brazzaville have concluded the terms of a Comprehensive Economic Partnership Agreement (CEPA), a deal that will facilitate greater trade and investment flows as the two nations pursue deeper economic ties. The conclusion of ......read more

Emirates Stallions Group Concludes 2023 with a Strategic Move Securing 60% Majority Stake in AFKAR Investments

• AFKAR Financial & Property Investments is a conglomerate with interests in household & office furniture, investments. • The acquisition is part of major expansion for ESG into the real estate and retail sectors in the region.   Abu Dhabi, UAE; December 28, 2023: Emirates Stallions Group (ADX:ESG), the Global investment, engineering, and construction solutions company and a subsidiary of International Holding Company (IHC), has announced today the acquisition of a 60% stake in AFKAR Financial & Property Investments, an Abu Dhabi-based company with diversified interests across the UAE. This significant move marks ESG’s robust expansion in the real estate and retail sector, further solidifying its position as a leading global investment powerhouse in the region.    AFKAR has been ......read more

Finalists Announced for the 10th Annual Light Middle East Awards

Respected industry awards ceremony recognises the brightest talents across MEA and internationally  The prestigious ceremony will take place on the last day of Light + Intelligent Building Middle East, 2024, which takes place from 16-18 January  The main categories for 2024 are ‘Project of the Year’, ‘Product of the Year’ and ‘Partner of the Year’ with nominees including Atlantis The Royal and the Kingdom Centre Tower  Dubai, UAE:  As the 10th edition of the Light Middle East Awards approaches next month, the shortlisted entries for the awards ceremony have been officially announced. Taking place on the final day of Light + Intelligent Building Middle East on 18 January at the Palazzo Versace Dubai, the Light Middle East Awards aim to recognise excellence in the lighting ......read more

Abdulla Al Masaood & Sons Motorcycles appoints Memac Ogilvy & Mather Lebanon as its New Digital Communications Partner

The leading global agency network is joining hands with Abdulla Al Masaood & Sons Motorcycles to deliver innovative digital communications’ solutions Dubai, United Arab Emirates, 26 November 2023: Abdulla Al Masaood & Sons Motorcycles L.L.C has announced the appointment of its new partner, Memac Ogilvy & Mather Lebanon, to provide digital communications solutions for the prestigious Harley -Davidson brand in the UAE market. The collaboration marks an important moment in bolstering the growth of the region’s automotive sector through creative digital strategies. As the world’s leading creative network and an agency with extensive automotive expertise, Memac Ogilvy will support with strengthening and elevating Harley-Davidson®’s UAE market influence through digitally led and social-driven ......read more

Anwar Gargash Diplomatic Academy confirmed as UAE's Education Partner in hosting MC13 in Abu Dhabi

- The agreement was signed between the Ministry of Economy, the Abu Dhabi Department of Economic Development and Anwar Gargash Diplomatic Academy. - HE Al Zeyoudi: “AGDA’s collective experience and expertise in a wide range of geopolitical issues, global trade and climate diplomacy will help to foster and advance constructive discussions on the most pressing issues we seek to resolve.” - HE Al Zaabi: “Our partnership with AGDA enables UAE representatives to reach innovative solutions to global trade challenges at WTO Ministerial Conference in Abu Dhabi.”   Abu Dhabi, UAE –  December 25 2023: The UAE Ministry of Economy and the Abu Dhabi Department of Economic Development (ADDED), have announced Anwar Gargash Diplomatic Academy (AGDA), a globally recognised diplomatic centre ......read more

QNET in 2023: Pioneering a Future of Global Social Responsibility

QNET, a leading lifestyle and wellness company, proudly reflects on its 2023 journey, marked by significant contributions to social responsibility. This year, the company focused on meaningful community engagement and sustainable practices, touching lives globally. QNET’s initiatives this year ranged from environmental sustainability to empowering underprivileged communities – all of which have seen remarkable progress, thanks to collaborative efforts and a deep commitment to making a positive difference. In 2023, QNET marked World Children's Day and World Wellbeing Week with initiatives centered on children's education and holistic health. The company launched the QLearn K-12 curriculum, embracing digital learning to offset school closures, and introduced EDG3 Plus, a daily supplement promoting natural health ......read more

Hotpack Increases Eco-friendly Food Packaging Solutions to 96%, Reveals its Sustainability Report

The GRI certification positions the company as a leader in responsible corporate citizenship and provides stakeholders with reliable and comprehensive insights into ESG impacts DUBAI – December 21, 2023: Hotpack, the UAE-based global leader in sustainable packaging solutions, has unveiled its inaugural Sustainability Report, proudly certified by the Global Reporting Initiative (GRI). This certification serves as a powerful testament to Hotpack's unwavering commitment to transparency, accountability, and sustainable business practices, solidifying its position as a trailblazer in responsible corporate citizenship. The Global Reporting Initiative, an international independent standards organization, plays a pivotal role in helping businesses, governments, and organizations comprehend and articulate their impacts on critical ......read more

Mohammed bin Rashid School of Government Unveils ‘Arab Region SDG Index and Dashboards Report 2023' in Collaboration with the UN Sustainable Development Solutions Network

H.E. Dr. Ali bin Sebaa Al Marri: The launch of the report is instrumental in furthering the objectives of the Year of Sustainability and COP28, fostering collaboration among all stakeholders to pave the way for a sustainable future.  Seven out of the 22 Arab countries have successfully accomplished more than two-thirds of their targets in their journey towards fulfilling the UN SDGs. Dubai, United Arab Emirates, December 19, 2023: The Mohammed bin Rashid School of Government, in partnership with the United Nations Sustainable Development Solutions Network (SDSN), announced the launch of the ‘Arab Region SDG Index and Dashboards Report 2023’, aligning with the UAE Year of Sustainability and building on the momentum from the recent COP28 discussions. This pivotal report serves as a key resource for governments, ......read more

Memac Ogilvy Announces New Leadership Duo to Head UAE Operations

[Dubai, December 20th, 2023] – Memac Ogilvy, the leading award-winning integrated creative network, announces new leadership appointment for its UAE operations. Hadi Ballout and Saad Abu Touq, both long-standing Memac Ogilvy veterans, have been promoted to jointly head the network's largest operation. They will report directly to MENA leadership team. This move reflects Memac Ogilvy's commitment to nurturing talent from its own ranks, and strengthening its position as a modern marketing and communications powerhouse, in line with its philosophy of "Borderless Creativity." Hadi Ballout, who has been with Memac Ogilvy since 2016, will now serve as Managing Director for Advertising, while Saad Abu Touq, who has dedicated more than 13 years to the company across three different markets, takes on the role of ......read more

Philip Morris International Included in Dow Jones Sustainability World Index

The company’s ISS ESG corporate rating was also upgraded to ‘prime’ status  Dubai, United Arab Emirates, December 19, 2023: Philip Morris International Inc. (PMI) (NYSE: PM) has been included in the Dow Jones Sustainability™ World Index for the first time, and for the fourth consecutive year in the Dow Jones Sustainability™ North America Composite Index.1 The Dow Jones Sustainability™ World Index is one of the most reputable benchmarks for measuring the sustainability performance of companies worldwide, as identified by S&P Global through the annual Corporate Sustainability Assessment (CSA). The World Index includes the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index based on long-term economic, environmental, and social ......read more

Sber's Retail Customer Base Grew by 10 Million with its 2021-2023 Strategy, Targets Dividend Disbursements of 50% of Net Profit as part of Strategy 2026

• Sber will spend next 3 years preparing for the transition to a human-centric organization • As a result of the 2021-2023 strategy, Sber's retail customer base grew by 10 million to 108 million, while it picked up 500,000 new corporate clients to reach a total of 3.2 million    December, Dubai: As part of Investor Day, the Sber team reviewed the results of the company's 2021-2023 Strategy and talked about its new Development Strategy to 2026. As a result of the 2021-2023 strategy, Sber's retail customer base grew by 10 million to 108 million, while it picked up 500,000 new corporate clients to reach a total of 3.2 million. The team has provided resilience and innovative development by ensuring technological independence and achieving a breakthrough in AI transformation.    The ......read more

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