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    Featured in Banking and Investments
    Make it in the Emirates Forum Concludes with Signing of 32 Industrial Partnership Agreements

    1,800 industrial stakeholders, investors and 24 Prominent Exhibitors participated in the forum AED 110 billion of offtake agreements unveiled Event witnessed the announcement of promising opportunities across 11 industrial sectors Forum identified 300 products to be manufactured locally, contributing AED 6 billion to GDP annually Agreements set to leverage purchasing power of 12 leading national companies   Abu Dhabi, UAE. 23 June 2022 - The Make in the Emirates Forum, organized by the Ministry of Industry and Advanced Technology (MoIAT) in cooperation with the Abu Dhabi Department of Economic Development (AD DED), has concluded with the signing of 32 agreements between government entities, industrial companies, and financing institutions. 1,800 stakeholders from the industrial sector and investors and 24 leading companies ......read more

    TCL Joins Hands with Retail Giant Jashanmal to bring Top-of-the-Range Home Appliances in GCC

    Jashanmal will become the strategic partner of TCL and distributor of its wide range of home appliances and ACs in the region.  Dubai – June 23, 2022: TCL Electronics (1070.HK), the global No.2 LCD TV brand and a pioneer in consumer electronics and home appliances, has entered into a strategic alliance with Jashanmal, one of the leading retail groups in the GCC. The partnership will enable TCL to reach a wider customer base with its top-of-the-line home appliances and air conditioners (AC) for the first time in the UAE, Oman, and Bahrain. The partnership with Jashanmal is part of TCL’s expansion strategy in the Middle East and Africa (MEA) region. Jashanmal will be a key partner for TCL in the region, launching their extensive range of home appliance products and newest FreshIN ACs as well as handling end-to-end ......read more

    Burgan Bank Convenes its 57th Ordinary General Meeting

    Mr. Masoud M. J Hayat and Mr Raed Abdullah Al Haqhaq during the 57th AGM  Attendees at the AGM Kuwait- June 23d, 2022:  Burgan Bank has convened its 57th Annual General Assembly meeting on Wednesday 22nd of June at KIPCO Tower with a quorum of 85.138%. During the meeting, all the items on the Assembly’s agenda were approved, including the nomination of the Board of Directors for the 2022-2024 board cycle. In conformity with the Central Bank of Kuwait’s mandate on independent Board membership, Burgan Bank shareholders have elected five independent board members with proven leadership and extensive expertise.  Following its first meeting, the new Board of Directors announced that it has elected Sheikh Abdullah Nasser Sabah Al Ahmad Al Sabah as a new Chairman to succeed Mr. Majed Essa Al Ajeel, who ......read more

    Infracorp Reports $6.2m Profit in Q1 2022

    • Infracorp generates  $17.4 million revenue during first three months of 2022 • Infracorp brings sustainable social infrastructure development platform to investors around the world   23, June 2022:  Infracorp, the social infrastructure group recently announced by GFH Financial Group, achieves a net profit of $6.2 million on a revenue of $17.4 million during the first three months of 2022. Making its first financial disclosure since launching earlier this year, Infracorp reported it currently has $3 billion of assets under management.   Infracorp was established in January 2022 to bring sustainable social infrastructure development products to investors around the world, generating long-term returns and adding lasting value to communities. Eventually managing a portfolio of around $3 billion ......read more

    ADQ Launches ‘ADQ Growth Lab' to Accelerate Innovation and R&D Across Key Sectors of the UAE Economy

    • New community of innovators spanning ADQ’s broad portfolio aims to deliver real-world value and sustainable impact  • The community will drive innovation in products, services, processes, technologies and business models to enhance ADQ portfolio companies that operate across key sectors of the UAE’s diversified economy • Investments of more than AED 100 million to fund R&D testbed projects and AI and automation    Abu Dhabi, UAE – 23, June 2022: ADQ, an Abu Dhabi-based investment and holding company, has launched the ADQ Growth Lab, a community of innovators spanning ADQ’s broad portfolio. The ADQ Growth Lab represents the company’s commitment to innovation and R&D with a direct focus on creating value and sustainable impact across priority sectors of ......read more

    Mahzooz Grand Draw Celebrates AED 10 Million Winner!

    The winner of the 81st weekly draw is the 23rd Mahzooz multi-millionaire  United Arab Emirates, Dubai, 22 June 2022: In just a short amount of time, Mahzooz, the leading weekly draw in the UAE, has created 23 multi-millionaires.  Last week’s Grand Draw saw another lucky top prize winner.  On Saturday 18 June 2022, Engin, an ecstatic Dubai expat who is originally  from Turkey, scooped up the top prize of 10 Million Dirhams. To put the win into perspective, this prize money, could buy him a lifetime that is devoid of financial anxiety.  Engin was invited to the premises of EWINGS, Managing Operator of Mahzooz,  to celebrate the win and to receive the  cheque that will change his life immensely. At the media event, Farid Samji, CEO of EWINGS, said  after presenting the cheque to the ......read more

    Elon Musk Speaks on Tesla Supply Chain and Twitter Aspirations at ‘Qatar Economic Forum, Powered by Bloomberg'

    Elon Musk, leader of SpaceX, Tesla, Neuralink and The Boring Company, sat down with John Micklethwait, Editor-in-Chief at Bloomberg, at the second ‘Qatar Economic Forum, Powered by Bloomberg’, which opened yesterday under the high patronage of His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar.   As part of session one of the Forum on ‘Equalizing the Global Recovery’, Musk highlighted:   • “My aspiration for Twitter is to be as inclusive as possible. That it is an appealing system to use. Ideally, I would like to get 80 percent of North America and half the world on Twitter; that means it must be something appealing. Generally, the approach of Twitter should be to let people say what they want within the bounds of the law. […] I would drive the product, ......read more

    Burgan Bank Sponsors and Participates in Al Ahmadi Governorate's Blood Donation Campaign

    As part of its social responsibility program supporting the community’s health and wellbeing    Kuwait - 21, June 2022:  Burgan Bank announced its sponsorship and participation in the third Al Ahmadi Governorate Blood Donation Campaign, that will be held at Al Kout Mall on the 24th of June 2022, under the auspice of His Excellency Sheikh Fawaz Khaled Al-Hamad Al-Sabah, Al Ahmadi Governor. This year’s campaign is organized under the slogan “A Drop of Your Blood…A Life for Others” and aims at highlighting the importance of donating blood throughout the year to help supply the blood bank’s stock with all blood types.  On this occasion, Burgan Bank invites all able and healthy individuals to take lead with a selfless, generous act of social responsibility and donate ......read more

    ADX Launches FADX 15 Futures, The Exchange's First Index Derivatives

    FADX 15 Futures offer investors a new way of investing on the ADX market    ABU DHABI, June 21, 2022:  The Abu Dhabi Securities Exchange (ADX) has launched FADX 15 futures contracts trading on its derivatives platform. The futures, based on the FTSE ADX 15 (FADX 15) Index, are the first index derivatives to be listed on the ADX as the exchange accelerates efforts to bolster market liquidity and attract more global investors.    FADX 15 futures are cash-settled contracts that will replicate the price performance of the benchmark FADX 15 index, which comprises the most liquid and the largest 15 companies listed on the ADX main market.  Each FADX 15 Index futures contract is equivalent to the dirham (AED) value of the FADX 15 index.    Launched in March 2022 with the aim of ......read more

    Snoonu Launched Chill Spots to Ensure Riders' Health and Safety during the Summer

    “Chill Spots” around Doha enable all delivery bike drivers to rest and cool down between deliveries  Doha, Qatar - 19 June 2022:  Qatar's leading tech start-up, Snoonu, launched Snoonu-branded “Chill Spots” for bike riders to rest and rehydrate in areas covering all Doha as part of its commitment to staff welfare and ensuring the bikers’ comfort and safety during the summer months and throughout the year.  In line with its continuous innovative efforts in improving working conditions for its “superheroes” during the summer, Snoonu developed indoor and airconditioned “Chill Spots” for bike drivers to rest and rehydrate in between deliveries. Spread around Doha. Designed and operated by Snoonu, each Chill Spot is equipped with seats, charging stations, water ......read more

    Sharjah FDI Office Taps into Investment Opportunities in High-Growth Competitive Sectors at Budapest Meet

    Panel discussion titled ‘Investment Opportunities in Sharjah’ organised during ‘Sharjah Business Day in Hungary’ steps up economic cooperation between the two sides June 19, 2022:  The Sharjah FDI Office (Invest in Sharjah), an affiliate of the Sharjah Investment and Development Authority (Shurooq), has strengthened ties with potential investors and businesses from across Hungary and members of the Hungarian and Budapest Chamber of Commerce and Industry in a bid to expand commercial, industrial and investment cooperation in several high-priority sectors during a networking event hosted in Budapest. Invest in Sharjah organised the ‘Sharjah Business Day in Hungary’ at the Matild Palace in the Hungarian capital to promote investment opportunities in competitive sectors and to highlight the ......read more

    Arab Bank “Best Bank in the Middle East 2022”

    DUBAI, UNITED ARAB EMIRATES - 18, June 2022: Arab Bank has recently received the “Best Bank in the Middle East 2022” award by New York-based international publication “Global Finance”, for the seventh year in a row.  This global recognition came as part of Global Finance’s 29th Annual Best Bank Awards and was made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world. In selecting top banks, Global Finance considered several factors that included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Winning criteria also included the banks that attended carefully to their customers’ needs in difficult markets ......read more

    Mena CSR Report 2021: UAE, KSA Retain Regional CSR Leadership

    • Cicero & Bernay Communication Consultancy and 3Gem Research and Insights launch the second edition of the annual regional corporate social responsibility survey report. • The UAE and Saudi Arabia lead the way in adopting, understanding, and working towards making CSR a way of life for businesses   Dubai, UAE, 17 June 2022: The UAE and KSA have emerged as regional leaders in the awareness and adoption of corporate social responsibility (CSR) practices based on the findings of the second edition of the MENA CSR Survey Report. The survey was conducted by Cicero & Bernay Communication Consultancy (C&B), a leading MENA agency headquartered in Dubai, in partnership with 3Gem Research and Insights, a global research partner.  The annually conducted survey studies the understanding and impact of CSR ......read more

    ADX and Al Maryah Community Bank sign agreement to facilitate IPO subscriptions

    ABU DHABI, 16 June 2022 – Abu Dhabi Securities Exchange and Al Maryah Community Bank (MBank), the UAE’s first digital bank, signed an agreement today to facilitate IPO subscriptions and streamline the process for obtaining a National Investor Number (NIN).  As part of the agreement, MBank customers will be able to digitally create a NIN and self-subscribe to IPOs on the Abu Dhabi Securities Exchange through the mobile app and online channels of MBank. The partnership follows recent ADX initiatives to encourage market participation, including an initiative to provide ADX access to investors registered on other UAE financial markets and updates to the exchange’s SAHMI application.    Commenting on the partnership, Saeed Hamad Al Dhaheri, Managing Director and Chief Executive Officer of ADX, said: ......read more

    Hussain Sajwani Gears up for Qatar Economic Forum 2022

    • Qatar Economic Forum to gather heads of state, global CEOs, leading global investors, influential voices from the worlds of culture, sports, and entertainment  • DAMAC Founder and Chairman Hussain Sajwani to speak at the Forum on where the smart money in the real estate is going    Qatar / UAE  -16 June 2022:   Equalising the global economic recovery will come under the spotlight as the world convenes in Doha during the second annual Qatar Economic Forum to be held from June 20-22 at the Ritz Carlton, Doha.  Global business leaders and heads of state are set to tackle some of the world’s most pressing challenges, disruptions and solutions in the backdrop of what will be the stage of one of the region’s most exciting events.   Hussain Sajwani, Founder and ......read more

    Arabian Centres Furthers Progress of Pioneering Retail Projects Jawharat Al-Riyadh and Jawharat Jeddah Malls with Riyadh Capital

    • Arabian Centres will work with Riyadh Capital to establish two funds worth SAR6.2 billion to secure funding for projects  • The malls will offer unique lifestyle destinations bringing together luxury retail, dining and extensive entertainment offerings in brand new concept for the Kingdom • The 235.6 thousand sqm of GLA boosts the company’s ambitious expansion strategy     Dubai, United Arab Emirates - June 16, 2022: Arabian Centres, the largest owner, developer and operator of contemporary lifestyle centres in Saudi Arabia, has launched its next-generation retail experience, brought to life through two new locations Jawharat Al-Riyadh and Jawharat Jeddah malls, collectively bringing more than 235.6 thousand square metres (sqm) of GLA.    The company has signed two ......read more

    Al-Futtaim Group Organizes Open Day to Recruit Young Emirati Talent

    Outstanding success with more than 800 participants offered the opportunity to work in the Private Sector Dubai, UAE, 15 June 2022: With the goal of contributing to the UAE Government’s private sector Emiratisation strategy and in line with the pillars of its Emiratisation strategy (Sinyar), yesterday the Al-Futtaim Group hosted an Open Day to recruit young Emirati talent. The event, which was attended by hundreds of young Emiratis, was dedicated to attracting promising, passionate, and ambitious Emirati talent looking for job opportunities in the private sector to build a successful future for the UAE.  The event witnessed a large turnout of male and female applicants, with the Al-Futtaim Group HR representatives welcoming around 814 job seekers. All attendees were interviewed to work across all departments of the group ......read more

    Burgan Bank Appoints Hameed Abdul as Chief Consumer Banking Officer

    Mr. Hameed Abul, Chief Consumer Banking Officer at Burgan Bank   Mr. Raed Abdullah Al-Haqhaq, Deputy Group Chief Executive Officer & CEO – Kuwait at Burgan Bank Kuwait, 15 June 2022:  Burgan Bank recently announced the appointment of Mr. Hameed Abul as Chief Consumer Banking Officer, following the approval of the Central Bank of Kuwait in June 2022. In his new position, Abul is responsible for formulating and implementing comprehensive strategies for the Bank’s Consumer Banking Group, in addition to leading and directing the Bank’s consumer arms towards achieving growth, increasing profits, and reducing potential risks. On this occasion, Mr. Raed Abdullah Al-Haqhaq, Deputy Group Chief Executive Officer & CEO - Kuwait at Burgan Bank said “We are delighted to have Mr. Hameed Abul join the ......read more

    ADX's Successful London Roadshow Showcases the Growth and Strength of Abu Dhabi Capital Markets

    ADX’s successful London roadshow showcases the growth and strength of Abu Dhabi capital markets as international institutional investor participation and demand continues to increase Abu Dhabi, UAE - 14 June 2022: Abu Dhabi Securities Exchange (ADX) has successfully completed a London investor roadshow which saw ADX host a delegation of over 25 senior executives from 9 listed companies and the exchange. The sizeable Abu Dhabi capital market representation reinforces the strong focus on investor relations and continuous dialogue that ADX and its listed companies continue to foster with international and institutional investors. Over the course of the two-day event, ADX’s delegation hosted 204 investor meetings across 47 one-on-one meetings and 37 group meetings, meeting a total of 89 institutional investors including ......read more

    Central Trading Company Appointed as the Sole Distributor of Davanti Tyres for UAE

    Central Trading Company, a member of Al Rostamani Group, is appointed as the Sole distributor for British tyre brand Davanti across all UAE territories. Al Rostamani Group is one of the largest and oldest conglomerates in the United Arab Emirates. The Group has grown steadfastly and conscientiously over the last 65 years with the guiding principles of Commitment, Care and Vision. Launched in 2015, Davanti Tyres combines expert engineering, advanced manufacturing processes, extensive testing and progressive development. Advanced silica compounds combined with innovative tread designs ensure that every Davanti tyre delivers excellent quality, high durability, safety, efficiency and driving comfort for good value within the mid-range market. Mr. Mohammed Aqel, General Manager of Central Trading Company, has expressed his enthusiasm ......read more

    Lenovo Celebrates Channel Success in Gulf

    June 14, 2022 – Dubai, United Arab Emirates: Building on its 100% channel-led approach, Lenovo has celebrated its annual channel awards in the United Arab Emirates. The ceremony was held to celebrate the success of Lenovo’s channel partners in supporting and delivering on key digital transformation projects in the GULF region across both its intelligent device (IDG) group and infrastructure solutions divisions (ISG). 28 award winners were named in acknowledgement of the achievements demonstrated by Lenovo’s network of distributors, partners, resellers as well as individual awards. During the awards, Mohammed Hilili, General Manager, Lenovo IDG, GULF said “As an industry, we have faced shared challenges – seeing unprecedented demand for PCs and smart devices as remote working an e-learning took hold. On ......read more

    Ogilvy Promotes Elaine Grell to Chief People Officer across EMEA

    June 14, 2022 – Ogilvy has promoted renowned People leader Elaine Grell to the position of Chief People Officer across EMEA. While now responsible for the EMEA region,  Elaine will continue to work closely with Fiona Gordon, CEO Ogilvy UK, to strategically drive the UK People agenda. Elaine will lead the agency network’s People teams and drive its "people first" strategy, ensuring Ogilvy continues to be  the best place for people to grow their careers.  Before coming to Ogilvy, Elaine worked in the hospitality, leisure and real-estate industries in the UK and US for IHG, British Airways and The Collective. She is a fellow of the Chartered Institute of Personnel Development and holds an MBA from the Open University.  Elaine has also been a trustee of The Springboard Charity for the last ......read more

    Philip Morris International Releases 2021 Integrated Report, Introducing New Sustainability Strategy and Sustainability Index

    Report communicates progress toward achieving sustainability targets and gives stakeholders an update on the company’s transformation to accelerate the end of smoking.     Dubai, United Arab Emirates -- June 13, 2022: Today, Philip Morris International Inc. (PMI) (NYSE: PM) released its third annual Integrated Report, which includes an updated Statement of Purpose, a new environmental, social, and governance (ESG) framework, as well as detailed information about PMI’s strategic vision, performance, governance, and value creation model. The content was informed by a formal sustainability materiality assessment conducted in 2021.   “Sustainability and business performance are fully interrelated and mutually reinforcing. Our actions—grounded in data, science, and facts—speak ......read more

    Empower Showcases Effective Strategies to Achieve Sustainable Global Urban Growth at IDEA Conference 2022

    The Conference highlighted Dubai's global leadership in district cooling industry    Dubai, UAE - 13, June 2022: Ahmad bin Shafar, CEO of Empower, Board Member Emeritus of International District Energy Association (IDEA) and the Chairman of Dubai's District Cooling Operators Association, showcased effective strategies for achieving sustainable global urban growth through modern technologies that increase energy efficiency, reduce carbon emissions and protect natural resources, during his participation in the most prominent panel discussion, ‘Building Connections’, of the IDEA annual conference, held in Toronto, Canada.    He stressed the importance of district cooling services and highlighted Empower's experience as a leader of this vital industry globally, in addition to its ......read more

    Bluechip Token: The Promising Game Changers Set To Rising High In The Crypto Sky

    With the promise of building sky for the foundation of the society, the common man. A vision of providing wings to reach the limitless and beyond to acquired wealth and richness, Mr. Ravinder Soni, the CEO and Mr. Suraj Jumani, the COO of Bluechip Group of Companies had grand inauguration of the “Bluechip Token” and “Acre N Yard” at the grand Palazzo Versace Hotel on 11th June 2022. “Everyone should get the wealth and live their dreams, we are here to make their dreams into reality” with passionate and optimistic welcoming words from the CEO Mr. Soni, the stage was set for the questionnaires. With the strong belief in Bluechip’s dream, the modern messiah, the Covid soldier and the brand ambassador of the company, actor Sonu Sood spoke about his association with the company as he connected ......read more

    QNET Bags an Incredible Double Win at the 2022 MENA Stevie® Awards

    The Middle East & North Africa Stevie® Awards recognizes innovation in all fields in 17 countries in the MENA region. Dubai – June 13, 2022: After an immensely successful awards season in 2021, QNET, the leading e-commerce based direct selling platform continued its winning streak in 2022 with an incredible double win at the third annual, Middle East & North Africa Stevie® Awards. Earlier this year, QNET swept five trophies at the 2022 AVA Digital Awards. The company was named the Bronze winner in the categories of ‘Innovation in the Use of Social Media’ and ‘Innovation in Corporate Social Responsibility (CSR) Videos’. QNET representatives collected the awards in the presence of their stakeholders at the Gala.   Commenting on this spectacular achievement, QNET CEO, ......read more

    MENA ISC 2022 to Spotlight Risks of Cyberattacks on Critical Network Infrastructure: IT, OT, and IoT

    Riyadh:  The Middle East and North Africa Information Security Conference #MENAISC2022 by VirtuPort, themed “Cyber Fusion - Converging Cyber Intel: Critical Network Infrastructure IT, OT, and IoT,” will be convened in-person this year – after being successfully held virtually for the past two years due to the COVID-19 pandemic. Mr. Samir Omar, CEO of VirtuPort in Saudi Arabia, United Arab Emirates, and USA said the 10th edition of the MENAISC2022 addresses important topics aligned with Vision 2030 including enabling secure digital transformation and a focus on the human capital development of nationals as well as the women empowerment in Cybersecurity.  It will focus on supporting companies and government agencies tasked with the protection of critical network infrastructure to reduce the risks of ......read more

    Zoho to Kick Off its First MENA Low-Code Technology Conference in Dubai

    Dubai, June 9, 2022:  Zoho, a leading global technology company, is set to bring its global ‘Zoho Creator Roadshow’, a low code user conference, to Dubai in its debut in the MENA. The event aims to help organizations and IT teams tap into low-code technology’s full potential and empower more citizen developers in the region. The event will take place from June 12-13,2022 at the Conrad Dubai Hotel.    Bringing together a community of low-code enthusiasts, IT professionals and Zoho Creator’s product experts for the first time, the event will showcase Zoho's latest, best-in-class features and tooltips in its low-code platform, Creator. The unified platform helps businesses automate custom processes as well as build complex, deployable and scalable solutions to accelerate their digital ......read more

    LG's Journey Towards ‘Better Life for All'

    • Open share list   Jeddah, Saudi Arabia, June 9, 2022: The 5th of June marks the annual celebration of World Environment Day, an occasion to focus on what each of us can do to preserve the natural world for future generations. Fully dedicated to the cause, LG strives to foster a better environment for all lives to thrive by means of combating climate change, facilitating circular economies and achieving energy efficiency.   An Inspiring Message About Climate Change LG’s iconic ultra-high-definition digital billboard in New York City’s Times Square is one of the few screens in the world seen by hundreds of thousands of passersby each day.   Making use of these impactful channels for this year’s World Environment Day, LG presented a poignant short film calling on united ......read more

    Dukhan Bank First in Qatar to join Mastercard's Global Digital First Card Program

    Next-Generation card continues Bank’s digital transformation Safe, convenient, and accepted wherever customers shop  Get a new digital card in minutes and pay in seconds Doha, Qatar – 09 June 2022: Dukhan Bank has become the first partner in Qatar to join Mastercard’s global Digital First Card program. Through the program, Dukhan Bank is now issuing digital prepaid cards as part of the bank's efforts to provide seamless digital banking solutions to enhance customers' experience. Mastercard’s Digital First Card program is leading the way in the payments industry with a new approach to cards in line with the growth of digital commerce, the proliferation of digital devices, and growing consumer expectations for digital cards. The Mastercard Digital First Card program aims to continue ......read more

    ‘‘Qatar Economic Forum, Powered by Bloomberg' to Focus on efforts on Equalizing Global Economic Recovery

    Under the high patronage of His Highness the Amir Sheikh Tamim bin Hamad Al-Thani, The Amir of the State of Qatar Doha, 8 June 2022: Under the high patronage of His Highness the Amir Sheikh Tamim bin Hamad Al-Thani, the Amir of the State of Qatar, the second “Qatar Economic Forum, Powered by Bloomberg” will take place from June 20-22, 2022, in Doha, convening heads of state and more than 500 business leaders to discuss ways to equalize the global economic recovery. The 2022 program will spotlight solutions to some of the most pressing global challenges, including the misalignment between jobs of the future and the workforce of today; tangled supply chains; a looming debt crisis; and widening global inequalities. The discussions aim to contribute to a clear roadmap for the next phase of global economic ......read more

    ADQ and Jordan's Ministry of Digital Economy and Entrepreneurship Launch $100 million Tech Fund

    • Fund will invest in high-growth technology companies and funds in sectors including healthcare and life sciences; food and agriculture, mobility and logistics • Capital will be primarily invested in Jordan to help advance its vibrant technology ecosystem  • Partnership reflects ADQ’s commitment to being a long-term investor in the Jordanian economy   Abu Dhabi, UAE – 08 June 2022: ADQ, an Abu Dhabi-based investment and holding company, today announced the launch of a $100 million technology-focused venture capital fund (the Fund) with the Ministry of Digital Economy and Entrepreneurship (MoDEE) of Jordan, in the presence of His Excellency the Prime Minister of Jordan, Bisher Al Khasawneh. The Fund aims to support high-growth technology companies and the continued growth of the ......read more

    Invest in Sharjah to expand Economic and Trade Horizons with Hungary

    ‘Sharjah Business Day in Hungary’ on June 17 will explore trade and investment opportunities in key sectors poised for promising business growth   Sharjah, June 08, 2022 The Sharjah FDI office (Invest in Sharjah), an affiliate of the Sharjah Investment and Development Authority (Shurooq), is organising the ‘Sharjah Business Day in Hungary’ led by H.E. Sheikh Fahim Bin Sultan Al Qasimi, Chairman of the Department of Government Relations in Sharjah on June 17, 2022, at the Matild Palace, Budapest. With an aim to promote investment opportunities in competitive sectors to potential investors and businesses from across Hungary and to highlight the range of services and facilities offered by various government organisations in the emirate. The highlight of the Budapest meet, is a panel discussion held ......read more

    METRO, Capillary Technologies Team-Up to Helm Multi-Country B2B Loyalty In 24 Countries Across Europe

    The Landmark Deal Marks Bangalore-based Capillary’s First European Client Dubai – June 8, 2022: METRO, a leading international wholesale company, and Capillary Technologies, a B2B SaaS platform for customer loyalty and engagement, today announced a long-term partnership to create a multi-country B2B loyalty program reaching METRO’s 17 million customers worldwide. This landmark deal with METRO also marks Capillary’s debut in the European market. With a high number of recurring customers, large shopping baskets, and elevated productivity, wholesale businesses are typically powered by a robust, loyal customer base. By using Capillary’s Loyalty+, METRO will build closer and more trusted relationships with its vast network of international hotels, restaurants, catering businesses, and distributing grocery ......read more

    Applabs Expands its Operations in MENA; Appoints Sanjeev Bankira as Country Head

    Dubai, 8, June 2022: Singapore-based Ad-tech platform and solutions company, Applabs today announced its expansion plan in MENA region, appointing Sanjeev Bankira as Country Head. Sanjeev will be spearheading the company’s operations in MENA and will be responsible for the strategic growth of Applabs in the region. He will be responsible for strengthening the local team, creating partnerships and new business opportunities while establishing strong client relationships.   With 12+ years of work experience, Sanjeev worked as Head, Growth Marketing, Monetisation and Partnerships in his last role with Fork Media Group. He has successfully handled a number of impactful marketing campaigns on Fork Media’s content platforms - CurlyTales, Mashable IN and IGN IN for well-known brands such as Samsung, Accenture, ......read more

    Red Hat Roundtable Spotlights Qatar's Digital Transformation Journey

    Doha, Qatar, June 7, 2022: Qatar has accelerated its digital transformation journey through continued investment in the latest technology, as highlighted in an exclusive media roundtable hosted by Red Hat, the world's leading provider of open source solutions. The session titled “Open Source: The Digital Transformation Journey” took place on June 7, 2022 at the Ritz Carlton in Doha. Philip Andrews, Vice President - CEMEA at Red Hat, led the roundtable about the future of the open source industry and its role as a potential catalyst to Qatar’s digital vision. The event explored how open source can help Qatari companies across various industrial sectors to overcome business challenges. The convergence of new digital technologies, including mobility, big data analytics, Artificial Intelligence (AI), blockchain, ......read more

    Introducing the Vision Behind Samsung's Bespoke Home 2022 and the Expansion of Home Life Possibilities

    Over the past 2 years, as the central axis of life has shifted towards the home, the concept of spending time at home has changed significantly. Accordingly, home appliances have also evolved from being just mere products to being true companions in our everyday lifestyle and routines. According to a recent survey on the reason for purchasing home appliances in 2022, over 60% of Millennial and Gen Z respondents noted that their most recent purchase of a major appliance was driven by needs other than just replacing a broken product. This figure has increased by 10% over the past three years alone, indicating that home appliances need to go beyond mere functionality and should offer real, practical value that is based on the consumers’ own needs and experiences while using the product. And so, we are now scaling up the Bespoke ......read more

    Abu Dhabi Securities Exchange (ADX) Hits Historic AED 2 Trillion Market Capitalization Milestone

    As a result of this landmark milestone, ADX is now the second largest exchange in the Middle East in terms of market capitalization   Abu Dhabi, UAE - 07 June 2022: The Abu Dhabi Securities Exchange (ADX)’s market capitalization opened above AED 2 trillion (USD 545 billion) on Monday 6th June for the first time in its history, marking a landmark milestone that has made the region’s youngest exchange, the second largest in the Middle East in just two decades.    The 25% year-to-date spike in the exchange’s market capitalization was bolstered by a spate of IPOs and listings over the past year, including Abu Dhabi Ports, Fertiglobe, ADNOC Drilling, Alpha Dhabi and Multiply Group. Most recently, petrochemicals company Borouge raised USD 2 billion in an IPO and listed last week, while ADQ and ......read more

    Multiply Group added to FTSE Global Equity Index Series

    Abu Dhabi, UAE - 6 June 2022: Multiply Group (ADX: Multiply or the “Group”), a technology-focused holding company based in Abu Dhabi, has been added to the FTSE Global Equity Index Series (FTSE GEIS) Mid Cap Index in its June quarterly review. The inclusion comes into effect on Monday 20 June 2022.  FTSE GEIS is part of the FTSE Russell, a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. The FTSE GEIS provides a robust global equity index framework and includes over 16,000 large, mid, small and micro-cap securities across 48 developed and emerging markets globally, with a wide range of modular indexes available to target specific markets and market segments. Samia Bouazza, CEO and Managing Director at Multiply Group, said: “Joining the FTSE ......read more

    ADX and 9 listed Companies to meet Major Institutional Investors in London as Strong market Performance Raises International Profile

    Abu Dhabi, UAE - 6 June 2022:  Abu Dhabi Securities Exchange (ADX) and 9 ADX-listed companies will meet major institutional investors in London on June 9-10 as part of a strong Abu Dhabi capital market representation aiming to further increase portfolio investment into the country’s capital markets.   ADX will showcase its robust progress in its strategy to significantly increase liquidity and market capitalization. Achievements over the last year include the launch of a derivatives market and ETFs (exchange traded funds) as well as the introduction of a regulatory framework for SPACs (special purpose acquisition companies).  ADX has experienced a 25% year-to-date increase in market capitalization to close to AED 2 trillion (USD 545 billion), bolstered by a series of IPOs and listings over the past year ......read more

    Other Top Stories from Banking and Investments
     
    Ajman Free Zone witnesses 33 per cent increase in corporate tax companies

    Demand for services expected to grow as UAE prepares to impose Federal Corporate Tax June 22, 2022: Ajman Free Zone continues to witness an influx in corporate tax companies, as the UAE gears up for the implementation of corporate tax in 2023. The free zone has recorded a significant increase of 33 per cent in the number of corporate tax institutions, offering a wide range of financial and tax consultancy services. H.E. Eng. Ali AlSuwaidi, Director General of Ajman Free Zone, stated: “The Federal Corporate Tax will become applicable in 2023, and is believed to propel the country ......read more

    Japanese Ambassador to the UAE visits Noor Abu Dhabi - one of the largest solar plants in the world

    June 13, 2022: H.E Akio Isomata, the Ambassador Extraordinary and Plenipotentiary of Japan to the United Arab Emirates, visited Noor Abu Dhabi solar photovoltaic (PV) power plant, located in Sweihan just an hour and a half from Abu Dhabi city. The plant is one of the world’s largest single-site solar PV plants, generating 1.2 GW of clean solar power for the Abu Dhabi grid.  The visit came as part of a tour hosted by officials from Noor Abu Dhabi and Marubeni Corporation, a major Japanese integrated trading and investment business conglomerate and one of the leading global energy ......read more

    Future of Knowledge Foresight Report outlines four recommendations to enhance readiness in the face of future challenges

    Dubai, UAE, 09 June 2022 – ‘The Future of Knowledge: A Foresight Report’ released by the Mohammed Bin Rashid Al Maktoum Knowledge Foundation (MBRF) and the United Nations Development Program (UNDP), has outlined four recommendations for policy makers to support countries in developing their collaborative and innovative capabilities. These recommendations also serve as guidelines to executing deep structural repairs that address the current challenges and gaps in their development approach and aim to help achieve higher levels of readiness in the face of future challenges and ......read more

    AFZ highlights the significance of Special Economic Zones in driving business growth

    In line with its participation in the Mediterranean and Africa Special Economic Zones Summit in Spain June 6, 2022: Ajman Free Zone (AFZ) participated in the Mediterranean and Africa Special Economic Zones Summit in Spain, which was held between May 31 and June 2. The Summit came in line with the MedaLogistics Week, which was part of SIL Barcelona. The Free Zone was represented by Bashayer Ali AlKumaiti AlShamsi, Strategy and Business Development Executive Director, and Sheikha Abdulla Alnuaimi, Commercial Operations Executive Director of AFZ. While participating in a panel discussion ......read more

    Lenovo Group: Full Year Financial Results 2021/22

    • Lenovo delivers another record year – crossing the US$70 billion revenue milestone on a global scale • Lenovo maintains Note Book Market Share leadership in Gulf region for three consecutive years   • Lenovo is exceeding the expectations of customers in the Gulf by advancing the workplace market, gaming industry and forming strategic partnerships   Dubai, United Arab Emirates, June 2, 2022:   Lenovo Group (HKSE: 992) announced record fiscal year results for the Group, with historic highs for both profit and revenue. Annual net ......read more

    Chalmers University of Technology Selects Lenovo and NVIDIA Technology for Swedish National Supercomputer

    Using national computer resource Alvis, the university is powering innovative research using Artificial Intelligence and Machine Learning with Lenovo and NVIDIA      Dubai, United Arab Emirates, June 2, 2022– Lenovo has today announced that Chalmers University of Technology is using Lenovo and NVIDIA’s technology infrastructure to power its large-scale computer resource, Alvis. The project has seen the delivery and implementation of a clustered computing system for artificial intelligence (AI) and Machine Learning (ML) research, in what is Lenovo’s ......read more

    Ajman Free Zone reported a strong growth of 45 per cent in e-commerce sector in 2022

    Announcement was made during AFZ’s participation in the Seamless ME 2022 event June 1, 2022: Ajman Free Zone (AFZ) announced a remarkable growth of 45 per cent in its e-commerce sector, for 2022. The announcement, which reaffirms AFZ’s position as a global business hub with advanced solutions and state-of-the-art facilities, was made during its attendance in the Seamless Middle East 2022 conference. The latest results can be attributed to AFZ's diverse set of offerings, primarily warehouse solutions, as well as the evolving e-commerce sector in the UAE. Warehousing ......read more

    Gulf Islamic Investments fully Acquires Digital Bank Anglo-Gulf Trade Bank from Mubadala

    Dubai, United Arab Emirates, June 01, 2022 – Gulf Islamic Investments (GII), a leading private equity, real estate and venture capital company based in the United Arab Emirates, has acquired 100% of Anglo-Gulf Trade Bank (AGTB) from Abu Dhabi’s sovereign wealth fund Mubadala in line with GII’s objective of providing the best financial services solution to its investors and clients.    AGTB is a Category 1 Digital Bank licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), the international finance centre in the ......read more

    Zoho Announces Arabic E-Commerce Store Builder and Integration with Tap Payments for MENA Businesses

    ● Zoho announced a partnership with Tap Payments to enable MENA businesses to accept payments securely and seamlessly. ● The Zoho Commerce platform is among the few global vendors to offer a built-in right-to-left website builder.    DUBAI—May 31,2022: Today, Zoho Corporation, a leading global technology company, announced a right-to-left (RTL) Arabic website builder for its e-commerce platform, Zoho Commerce. In addition, Zoho announced its integration with Tap Payments, a leading payment solutions provider in the MENA region, to empower businesses ......read more

    ERRA Gains Membership of International Federation of Reproduction Rights Organisations

    Membership enables the Emirates Reprographic Rights Management Association to bolster its role in protecting publishers’ rights       Sharjah, May 31, 2022:  The Emirates Reprographic Rights Management Association (ERRA) has become the first entity in the region to become a member of the International Federation of Reproduction Rights Organisations (IFRRO), marking a significant achievement in the entity’s efforts to protect rights of publishers at the regional and international levels. The membership announcement was made during a recent IFRRO board ......read more

    Emirates Development Bank to Support Integrated Industrial Partnership for Sustainable Economic Growth

    CEO Ahmed Mohamed Al Naqbi – The vision of the partnership closely matches the strategic objectives of Emirates Development Bank and its role as the key financial engine of this economic diversification and industrial transformation agenda.   Abu Dhabi, UAE - 30, May 2022 – Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, has announced its support for the Integrated Industrial Partnership for Sustainable Economic Growth, the three-nation initiative between the UAE, Joran and ......read more

    Hotpack Grows its Foothold in Morocco, joins Hands with Retail Holding in Regional Expansion

    The north-western African country is a part of company’s goals to increase its pan regional presence Dubai, May 25, 2022:  Hotpack Global, the world’s leading manufacturer of disposable food packaging products, announced a regional expansion in Morocco, joining hands with the retail leader of the African nation, Retail Holding through its investment arm, Best Financiers.  The partnership agreement was signed by Mr. Abdul Jebbar P.B, Hotpack Global Managing Director, Mr. Zouhair Bennani, Chairman of Best Financiers, Mr. Abdellatif Merzaq, Director of Samaz ......read more

    National Biosecurity Committee Convenes First Meeting of 2022

    Dubai-UAE: 24 May, 2022 – The National Biosecurity Committee held its first session of 2022 to examine multiple relevant issues and review the status of the deliverables and recommendations of its second meeting of 2021. Her Excellency Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, presided over the meeting. The Committee discussed the preparations for the fifth UAE International Biosecurity Conference. Set to run in December 2022 under the theme ‘Vision of Tomorrow to Achieve Sustainable Biosecurity’, the conference will convene ......read more

    Iman Developers Announces the Launch of its Sixth Residential Development – Oxford Terraces

    Worth AED 72 million, the project will offer studios, one BHK and two BHK apartments Dubai – May 23, 2022:  Iman Developers, one of the leading luxury residential developers based in Dubai announced the launch of their latest project, the Oxford Terraces in Jumeriah Village Circle (JVC). Valued at approximately AED 72 million, the Oxford Terraces will be the sixth addition to Iman Developers’ residential development project portfolio. The firm has two other projects in the pipeline that are currently in the development stage.  This latest project will add a total ......read more

    Latest E-Commerce Financial News

    When the pandemic was restricting us to our homes in 2020, e-commerce companies found themselves with an abundant and captive audience, as did companies offering electronic trading platforms. Amazon’s net profit jumped up by a massive 84% in 2020 and their revenue for the year was as much as $386 billion. The company turned e-commerce into an art, expertly managing their supply chain and combining digital platforms. Refusing to remain passive, they increased the Boeing 767s in their fleet to 85 by early 2021 and quickened their click-to-door time from 3.4 days to 2.2 ......read more

    GROHE becomes new Global Partner of WorldSkills

    • Professional skills critical for the sanitary industry • GROHE to support WorldSkills Shanghai 2022 as part of extended partnership • Another important building block in the brand’s efforts to counteract the shortage of skilled labor in sanitary industry   19 May, Dubai, United Arab Emirates, 2022 – GROHE has joined WorldSkills International, a global platform to raise the profile and recognition of skilled people, as its newest Global Partner.    GROHE first supported the skill competition, Plumbing and Heating, in WorldSkills ......read more

    Panasonic Announces FY22 Business Strategy for Middle East and Africa

    The brand unveiled its new global motto ‘Live Your Best’ in the region and aims to grow its market share with locally-focused innovative solutions that boost consumer ‘wellbeing’ by aiding healthy and hygienic living    Dubai, United Arab Emirates:  Panasonic Marketing Middle East & Africa (PMMAF) restated its commitment to MEA market expansion and consumer wellbeing at its regional convention, held in Dubai, that unveiled the brand’s new global motto - “Live Your Best”. The new slogan embodies Panasonic’s commitment to ......read more

    BCC Group International Announces Diversification into Property Development

    BCC Group International, one of the largest manpower services companies in the UAE, has embarked on a major expansion into Real Estate development and Facility Management after successfully diversifying its activities into construction, interior fit-out, transport services etc. BCC, operating in the UAE, Qatar, Saudi Arabia, and India, is also looking at expanding operations to other parts of the Middle East and Northern Africa (MENA) region. “The real estate industry is in for another boom after the Covid-19 pandemic-induced slowdown and we want to take advantage of the conducive ......read more

    Fashinza Raises $100m Series B to Create Sustainable Supply Chain for Global Fashion Industry

    • Fashinza suppliers experienced a 200% YoY increase in earnings in 2021 from increased capacity utilization  • Fashinza customers reported a 25% reduction of costs in inventory and a 20% increase in top-line with faster TATs and lower minimums • The company experienced 10x growth in 12 months along with increasing their global footprint    Dubai, May 17, 2022 – Fashinza, the AI-driven B2B marketplace and real-time global supply chain platform for fashion brands and retailers, today announced a Series B funding round totaling USD 100M (AED ......read more

    Amlak Finance announces First Quarter 2022 Financial Results

    • Amlak Q1 2022 net group profit up by 116% compared to the same period last year • Total assets stand at AED 4 billion • Debt settlement arrangements yielded AED 26 million gain and contributed in total debt reduction of AED 65 million (including Mudaraba instrument of AED 14 million).   Dubai, UAE: 12 May 2022: Amlak Finance PJSC today announced its Q1 2022 financial results. Amlak reported a net profit of AED 13 million for Q1 2022 as compared to net profit of AED 6 million for Q1 2021. The company focused on prudently managing its UAE operations and balance ......read more

    Procter & Gamble Announces New Commitments and shares progress on actions to Strengthen Equality & Inclusion across Asia Pacific, the Middle-East, and Africa

    P&G is committed to achieving gender balance at all levels with 51% women in senior management roles in the UAE and 25% of its leadership team comprising of female nationals in Saudi Arabia.   Dubai, UAE, May 11, 2022 - Procter & Gamble (P&G) today announced new commitments aimed toward advancing Equality & Inclusion across Asia Pacific, the Middle East, and Africa, at its fourth annual #WeSeeEqual summit for the region. The event saw participation from distinguished advocates and personalities from the private and public sectors who came together to discuss the ......read more

    New Survey Reveals Global Industry is Accelerating Investment in Energy Efficiency

    • Global survey commissioned by ABB highlights current and future plans of companies to invest in energy efficiency to achieve Net Zero • 90 percent will increase spending over the next five years while 52 percent plan to achieve Net Zero within the same period • Growing impact of energy costs on profitability means that energy efficiency is receiving a higher priority, yet cost and downtime are major barriers to investment   Dubai, May 11, 2022: Global industry is accelerating its investment in energy efficiency in the next five years as the crucial race ......read more

    Fashinza to Empower Apparel Manufacturing SMEs with AED 55 Million Supplier-Financing Program

    Dubai - May 11, 2022:  Fashinza, a new-age product development and production management platform enabling fashion brands and manufacturers, has joined hands with Stride One and SaraLoan and other fintech lenders to empower apparel manufacturing Small and Medium Enterprises (SMEs) with USD 15 million (AED 55.1 million) supplier-financing program.  The supplier finance program from Fashinza as a Business to Business (B2B) platform in partnership with the fintech lenders will help SMEs to receive their payments on due dates or early payments. This will help these enterprises ......read more

    Sharjah-Europe Businesswomen Forum Concludes with Fruitful Regional and international Participation

    • The event was organized by the SCCI in cooperation with European Women’s Association • The event featured several workshops and panel discussions with the goal of empowering and supporting women entrepreneurship   Sharjah, 11th May 2022: The Sharjah-Europe Businesswomen Forum concluded at the Sharjah Chamber of Commerce and Industry (SCCI) headquarters on Tuesday, bringing together an elite group of high-profile CEOs, experts, entrepreneurs, and renowned speakers to encourage women to start their own businesses, promote an entrepreneurial culture, and increase ......read more

    Abu Dhabi Distribution Company Partners with Carrefour to Expand Green Corner Initiative

    A Green Corner pilot at Carrefour Al Saqr will help guide customers towards the most efficient and sustainable household products Initiative supports Abu Dhabi’s Demand Side Management (DSM) and Energy Rationalization Strategy 2030 to reduce electricity and water consumption in the Emirate   Abu Dhabi, UAE– 10 May, 2022: Abu Dhabi Distribution Company, a subsidiary of the Abu Dhabi National Energy Company (TAQA), today signed a Memorandum of Understanding (MoU) with Carrefour, owned by Majid Al Futtaim in the UAE, to expand its Green Corner initiative to include a ......read more

    Zoho Announces New Unified Marketing Platform for Businesses to Deliver Improved Customer Experience

    An all-in-one platform that enables marketers to orchestrate day-to-day tasks and improve campaign management, reporting, and deliver improved personalized customer experience   Dubai - UAE 10 May, 2022: Zoho Corp, a leading global technology company, today announced Zoho Marketing Plus, a new unified software that combines a powerful mix of marketing capabilities to provide stakeholders across the entire marketing organization with a single, shared view of critical information for improved collaboration and results.    The new software packs an innovative mix of marketing ......read more

    Lumenore Appoints a New EMEA Sales Director

    Simon Karacinski has versatile experience in the technology spectrum to lead the company's regional expansion and growth. Dubai, May 10, 2022 — Lumenore, a cloud-based Business Intelligence (BI) and advanced analytics solutions provider, announced that it had appointed a new EMEA Sales Director to lead the expansion and growth of the company in the region through increased client acquisitions. In a statement, Lumenore said that Simon Karacinski, who will now lead the EMEA sales team, comes from a versatile background of expertise and experience across the technology ......read more

    DAE Announces Financial Results for the Three Months ended March 31, 2022

    Dubai, U.A.E. - 6 May 2022 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the three months ended March 31, 2022. T   1. 2021 results are adjusted to exclude one-time bond redemption costs of US$16.1 million incurred during the three months ended March 31, 2021.   Selected Business Highlights: • Net Income before exceptional items increased by 91% to US$46.6 million • Cash flows from operating activities increased by 64% to US$357 million • Liquidity Ratio exceptionally strong at 486% • Net ......read more

    Ogilvy EMEA Chairman Paul O'Donnell Announces Retirement, Ending Distinguished Four-Decade Career at Ogilvy

    NEW YORK- MAY 5, 2022:  Ogilvy today announced that Paul O’Donnell, Chairman of Ogilvy EMEA, will be retiring after 37 years with the agency. Throughout his tenure, O’Donnell has held a range of leadership positions spanning clients, geographies, and businesses. “It has been an honour to have worked with thousands of Ogilvy colleagues and clients across the globe during my career. It has been a rich and fulfilling experience in which I have travelled the world and helped grow brands and businesses in just about every market you can imagine,” ......read more

    Arab Bank Group Reports first Quarter 2022 Net Profit of $166 Million

    DUBAI, UNITED ARAB EMIRATES:   Arab Bank Group reported net income after tax for the first quarter of 2022 of $166 million as compared to $128.3 million for the prior period, recording an increase of 29.4%. The Group loan portfolio grew by 5% to reach $35.2 billion as of March 31, 2022 compared to $33.5 billion for the same period last year, while customer deposits grew by 3% to reach $47.3 billion compared to $45.8 billion for the same period last year. The increase in loans and deposits in most areas of operations are in line with the Bank’s sustainable growth strategy to ......read more

    LG Announces First-Quarter 2022 Financial Results

    Highest Quarterly Revenue in Company’s History Reflect Strong Demand for Premium LG Home Appliances and Auto Parts Dubai, April 29, 2022 — LG Electronics Inc. (LG) today announced first-quarter 2022 consolidated sales of KRW 21.11 trillion (USD 17.53 billion) – the highest quarterly revenue in company history. Operating profit of KRW 1.88 trillion (USD 1.56 billion) was positively impacted by royalty income, partially offset by a one-time workforce restructuring cost.   Compared with the first quarter a year ago, revenues grew by 18.5 percent and ......read more

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