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    Featured in Banking and Investments
    Crypto Mining in Dubai: Legal or Banned Business?

    Crypto Mining in Dubai: Legal or Banned Business? The illegal trade in digital money has been on the rise recently. Such countries like India and Dubai are still deciding if they want people to mine or buy this new digital money. The United States allows it whereas others such as the UK haven't made their decision yet. But so far there are positive signs that show how much potential cryptocurrencies hold: in 2017 alone coins were valued at over 500 billion US dollars. That is a lot considering most businesses only bring profit margins within 10%. At the moment, no UAE law restricts crypto mining. It means that miners have the right to produce cryptocurrencies in Dubai. Some people are making a lot of money from crypto mining in UAE with Minery.io. This company has opened access to many people whose hobby with currency has ......read more

    UAE Banks Federation Audit Committee Holds Its Sixth Meeting (and second for 2022)

    Abu Dhabi, United Arab Emirates; 29 September 2022: The Audit Committee of the Board of Directors of UAE Banks Federation, the representative and unified voice of the UAE banks, held its sixth meeting (and second for 2022) remotely on the 7th of September to discuss a number of important topics and review the financial statements and internal audit reports of the Federation. The meeting, which was chaired by His Excellency Abdullah Salem Al-Turifi, Member of the Board of Directors of UAE Banks Federation, reviewed and approved the minutes and action items of the last Audit Committee meeting held on the 9th of June 2022. In addition, the internal audit report for the second quarter (April to June) of this year and the audited financial statements and budgetary control reports for the first half of 2022 were presented and reviewed at ......read more

    Salik Debuts Listing and Trading Of Its Shares On The Dubai Financial Market

    The third listing of its kind in 2022: • The listing underscores the significance of Dubai’s financial markets development strategy and the efficiency of its markets • The enormous demand is a clear testament on investors’ interest to participate in the accelerating economic growth in Dubai   Dubai, 29 September 2022: Dubai Financial Market (DFM) today welcomed the listing of shares of Salik Company (PJSC), the leading company in the field of traffic tariff systems at the regional level and the exclusive toll gates operator in Dubai. This is the third public offering and listing on the DFM in 2022 to date, as part of the accelerated steps to implement Dubai’s strategy to develop financial markets, which includes offering shares in ten leading entities.   His Excellency Mattar Al ......read more

    ADQ and OIA Identify AED 30 Billion Worth of Investment Opportunities in Oman

    • On the sidelines of the President’s visit, H.H. Sheikh Mohamed Bin Zayed Al Nahyan, ADQ and OIA, discussed areas of joint investment collaboration    • ADQ and OIA recently entered into an AED 10 billion partnership to facilitate investments in the Sultanate of Oman   • ADQ and Oman Information, Communication and Technology Group (ITHCA) sign an MoU to establish an AED 592 million venture capital fund to invest in the Sultanate of Oman   Abu Dhabi, UAE – 28 September 2022: On the sidelines of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE’s, visit to Oman, ADQ, an Abu Dhabi-based investment and holding company, discussed a range of investment opportunities with Oman Investment Authority (OIA), across a variety of sectors aimed at ......read more

    Burgan Bank Sponsors Omar Khairat's Concert at The Arena Kuwait

    Kuwait, 27th September 2022: Burgan Bank is sponsoring the concert of the legendary musician Omar Khairat at The Arena Kuwait (TAK), set to take place on the 7th of October, in an initiative that reaffirms Burgan’s commitment to actively take part in enriching Kuwait’s art and culture scene. This sponsorship is part of the Bank’s comprehensive social responsibility program, which includes patronizing the most prestigious and high-profile cultural events in Kuwait.  Ms. Hessa Hussain Al-Najadah, Senior Manager – Corporate & CSR Communications at Burgan Bank, expressed her joy at sponsoring an icon of music in the Arab world and hosting him once more in Kuwait after a four-year-long hiatus. Al-Najadah further confirmed the Bank’s commitment to supporting creative artistic endeavors for the purpose ......read more

    QLM Life & Medical Insurance Company (Q.P.S.C.) Participates in Sidra's Annual Flagship Research Conference

    Doha, Qatar, September 2022: QLM is pleased to announce its participation with Sidra Medicine in the annual Flagship Research Conference titled ‘Precision Medicine & Functional Genomics 2022’ (PMFG 2022), took place in September 23-26 in Doha, Qatar. The conference was a four-day in-person, on-site event and revolved around two major themes:  i) How cellular, organoid, and animal models are being used to facilitate the discovery of basic disease mechanisms and potential cures and ii) The development of advanced therapies to treat diseases. The conference assembled a unique and highly interdisciplinary international community to provide novel insights on the molecular mechanisms underlying genetic diseases and the strategies used to develop advanced therapies. As a diamond sponsor, QLM had its own booth ......read more

    Department Of Statistics And Community Development Launches Sharjah Census 2022 Reminding Every National And Resident ‘You Count'

    DSCD’s biggest public census to date will provide Sharjah’s policy making and developmental strategies with latest statistical data on families, workforce, housing and other infrastructure       ● Mohammed bin Humaid Al Qasimi: Census will help identify segments supported by the government which would enhance planning to support all community components   ● Sultan bin Abdullah bin Salem Al Qasimi: Sharjah has a comprehensive statistical ecosystem and a solid infrastructure that guarantee the accuracy of the census     Sharjah,26 September 2022: In line with the vision and directives of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, to continually enhance quality of life in the emirate by fulfilling the ......read more

    95th Mahzooz Draw Sees 1,381 Participants Take Home A Total Prize Money Of Aed 1,774,600

      • Lucky numbers are 5, 6, 11, 34, 39 • 22 winners shared 2nd prize of AED 1,000,000   United Arab Emirates, Dubai, 25 September 2022: More fortunes changed at the 95th Mahzooz weekly draw, which took place on Saturday 24 September, and witnessed 1,381 participants take home AED 1,774,600 in prize money. Operated by EWINGS, Mahzooz, the leading weekly draw in the UAE has created 28 multi-millionaires and over 190,000 winners in a span of two years.   As many as 22 participants matched four out of five numbers and shared the second prize of AED 1,000,000 securing AED 45,454 each. 1,356 other winners matched three out of five numbers and received the third prize of AED 350 each.   As always, the weekly raffle draw saw three participants share AED 300,000 among them. The lucky winners ......read more

    MEEZA and QDB Sign Partnership Agreement to Advance Qatar's Fintech Ecosystem

    DOHA, Qatar, 22 September, 2022: MEEZA, Qatar’s prominent end-to-end managed IT services and solutions provider and Qatar Development Bank (QDB) have signed a partnership agreement with the aim of contributing to the advancement of the FinTech industry in the State of Qatar.  Through the partnership, MEEZA and QDB, through Qatar FinTech Hub (QFTH) - a QDB incubator - intend to collaborate on joint initiatives relating to the FinTech industry and foster a strong relationship as part of efforts to build a reliable FinTech ecosystem in Qatar.  To bolster the collaboration, MEEZA and QDB have signed a Memorandum of Understanding (MoU) that will enable QFTH to explore further opportunities with MEEZA in the form of joint projects, and the two parties will cooperate with each other in areas of mutual interest, organise ......read more

    Rise Every Day: Mashreq redefines its role with historic new identity and customer proposition

    Mashreq shifts strategic purpose with the adoption of ‘Rise Every Day’ brand identity Rise Every Day is an invitation to everyone, everywhere, to embrace the spirit of grit they need to unlock the glory, and reach their unique vision of success New strategic focus underpinned by Mashreq’s immersive participation in the digital economy and innovation ecosystem   Dubai, UAE, 21 September 2022: Through an invitation to ‘Rise Every Day’, Mashreq Bank - one of the leading financial institutions in the UAE - has revealed a historic brand evolution with a transformation of its corporate identity and overarching strategic purpose as an enabler of inclusive financial, personal and professional development.    Rise Every Day talks directly to people all over the world who look to ......read more

    Dubai Industrial City to Participate in the Global Manufacturing and Industrialisation Summit 2022

    • Dubai Industrial City will be part of the UAE Ministry of Industry and Advanced Technology delegation set to travel to the United States • Hosted in Pittsburgh, Pennsylvania, GMIS 2022, will better promote cross-border opportunities between the UAE and the US for the benefit of both nations   Dubai-UAE, 21 September 2022: Dubai Industrial City, a member of TECOM Group PJSC, announced its participation in the Global Manufacturing and Industrialisation Summit (GMIS) 2022, convening in Pittsburgh, Pennsylvania from 28th to 30th September 2022. Aiming to strengthen cross-border trade opportunities between the UAE and the United States, Dubai Industrial City, alongside other organisations and government entities, will be joining the UAE delegation invited by the Ministry of Industry and Advanced Technology ......read more

    Dukhan Bank Launches Special Edition of FIFA World Cup™ Visa Infinite Credit Card Featuring La'eeb, Thanks to Partnership with Visa

    DOHA, QATAR – 21 September, 2022: As part of its efforts to reward its customers and enable them to celebrate the highly anticipated FIFA World Cup Qatar 2022TM in a unique way, Dukhan Bank has partnered with Visa to unveil the special edition FIFA World Cup 2022™ Visa Infinite credit card featuring La’eeb, the Official Mascot for FIFA World Cup 2022TM.  La’eeb is an Arabic word meaning ‘super-skilled player’, he belongs to a parallel mascot-verse that is indescribable. La’eeb encourages everyone to believe in themselves as ‘Now is All’. La’eeb will be everywhere – welcoming the world, inspiring young fans and cheering the action during the tournament, which will take place from November 20th, to December 18th, 2022.   Launched in partnership with ......read more

    Burgan Introduces the “Electronic Know Your Customer” Feature

    In line with its ongoing digital transformation strategy Kuwait, 20th September 2022: Burgan Bank recently launched its latest digital service, the “Electronic Know Your Customer” (eKYC) form, which allows customers to seamlessly update their personal information through Burgan Bank’s digital platform in their own comfort without the need to visit the branches physically. This step comes in line with the Bank’s strategy to develop innovative digital solutions for customers that respond to their needs and make their banking transactions more convenient than ever before. Under this new eKYC service, Burgan Bank customers will be able to update their personal information simply via internet banking (online.burgan.com) a safer and faster alternative to completing the form physically at the Bank’s ......read more

    IHC Acquires 15% Stake in Burjeel Holdings

    Abu Dhabi, UAE; Sep 19 2022: International Holding Company (ADX: IHC), the diversified Abu Dhabi-based conglomerate, has announced today a direct acquisition of a 15% stake in Burjeel Holdings, the leading regional private healthcare group, in one of the biggest deals in the Gulf’s healthcare sector in recent years. The acquisition will aim to continue to scale and diversify IHC’s investment in the healthcare sector locally and regionally, which will create a thriving commercial ecosystem for the healthcare industry for the benefit of broader community and shareholders.  Commenting on the acquisition, Syed Basar Shueb, Chief Executive Officer, IHC said: "We continue to see a tremendous opportunity to invest in mission-driven organizations like Burjeel Holdings. We are very pleased with Burjeel's progress ......read more

    Dubai Customs Organizes 3rd DCCC Meeting 2022 Amid Expectations of More Economic Growth

    Dubai – 18 September 2022: His Excellency Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation said that the economic sectors in the UAE are performing positively and are likely to achieve more growth.  The UAE's foreign trade for the first 6 months of this year exceeded one trillion dirhams, and the tourism sector recorded revenues of more than 19 billion dirhams. Moody's Investors Service forecasts UAE real GDP growth of 6%-7% in 2022, and the non-oil economy of 4% to 5%.  His Excellency stressed during the meeting of the 3rd Dubai Customs Consultative Council (DCCC), in the presence of His Excellency Ahmed Mahboob Musabih, Director General of Dubai Customs, CEO of Ports, Customs and Free Zone Corporation, and business and trade groups in the ......read more

    AED10 million claimed by top prize winner of Mahzooz's 94th draw

    Lucky numbers are 16,27,31,37,42 1,219 new winners now live the good life thanks to AED 11,710,900 won in cash prizes United Arab Emirates, Dubai, 18 September 2022: The 94th Mahzooz weekly draw, which took place on Saturday 17 September 2022, celebrated yet another top prize winner of AED 10,000,000, in addition to 1,218 other winners who collectively took home AED 1,710,900 in prize money.  With this new win, the total number of Mahzooz multi-millionaires jumps to 28, six of which earned the title this summer, between June and September.  While the details of the top prize winner will be revealed shortly at a special press event, as many as 41 participants matched four out of five numbers and shared the second prize of AED 1,000,000 securing AED 24,390 each. 1,174 other winners matched three out of five ......read more

    The UAE Banks Federation Holds its Third CEOs Advisory Council meeting in 2022, with New Members Joining

    Abu Dhabi, United Arab Emirates; 16 September 2022: The CEOs Advisory Council of the UAE Banks Federation, the representative and unified voice of the UAE banks, held its third meeting of 2022 remotely on the 7th of September to discuss developments in the global and local banking and financial sector for the past eight months. The virtual meeting also reviewed the implementation of recommendations made at the last meeting in June 2022. His Excellency Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, said, "Under the direct supervision of The Central Bank of the UAE, the UAE financial sector has proven that it is capable of successfully overcoming various challenges and changes in the global economy. The sector has always been able to strike a balance between providing the best services to customers and creating ......read more

    Sharjah Excellence Award Discusses Latest Developments for Upcoming Edition 2022

    Sharjah, September 15, 2022: The Board of Trustees of the Sharjah Excellence Award has held a meeting to review the latest developments, progress, and work plan as part of its ongoing preparations to organize the 2022 edition. The event will be organized by the Sharjah Chamber of Commerce and Industry (SCCI) under the patronage of His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi is the Crown Prince and the Deputy Ruler of Sharjah. Chaired by Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry (SCCI) and Chairman of the Board of Trustees of the Sharjah Excellence Award, the meeting was held at the SCCI’s headquarters. Other members of the award’s board were also present. The gathering touched on the promotional stages of the award, which included a number of seminars and ......read more

    Pfizer Appoints Parmjot Bains as Gulf Cluster Country Manager

    Dubai, United Arab Emirates, 14 September 2022: Pfizer announced today the appointment of Dr. Parmjot Bains as Gulf Cluster Country Manager within its Emerging Markets business unit. Dr. Bains’ experience spans more than 18 years in various fields with 7 years heading several global roles at Pfizer. Previously, Dr. Bains was the Regional Commercial Lead APAC for Pfizer’s Hospital Business, where she worked cross-culturally with Pfizer’s global teams across the US and Asia Pacific Region to deliver ground-breaking, innovative access solutions and products that transform patient outcomes.  In her new role, Dr. Bains will oversee the Pfizer business in the United Arab Emirates, Bahrain, Kuwait, Oman, Qatar and Yemen. Commenting on her appointment, Dr. Bains said: " It is an exciting time to be here and ......read more

    ADQ Monetizes a Minority Stake in TAQA

    • ADQ monetizes a minority stake in TAQA in line with its strategy of targeting a balanced and diversified portfolio • ADQ remains committed to maintaining a sizeable ownership stake in TAQA  • TAQA is a leading utilities firm in EMEA and a key player in driving the UAE's clean transition   Abu Dhabi, UAE. 13 September 2022: ADQ, an Abu Dhabi-based investment and holding company, today announced that it has entered into an agreement to monetize a stake of 8.6% in Abu Dhabi National Energy Company PJSC (“TAQA”) to Multiply Group PJSC, Abu Dhabi Pension Fund and other prominent investors.    TAQA is a diversified utilities and energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA). TAQA ......read more

    3rd Edition of the Future Banks Summit - KSA

    ICSFS is happy to share that it will be present as a Networking Partner at the 3rd Edition of the Future Banks Summit - KSA. The event will take place at the Marriott Riyadh Airport Hotel -Al Hamra Hall, 27th and 28th September, 2022, where ICSFS will be showcasing its latest digital innovations. 

    ...read more

    Dukhan Bank Announces the September Draw Winners of its Thara'a Savings Account Prize

    Doha, Qatar – 11 September 2022 – Dukhan Bank announced the names of the most recent round of draw winners for Thara’a, its Shariah compliant savings account, at the Bank’s headquarters.  As the draw results showed, the bank clients Sami Shaikh and Mohamed Zumrawi each won a cash prize of 10,000 Qatari Riyals. Also, a cash prize worth 5,000 Qatari Riyals was awarded to Prem Velumani, Baina Al-Marri, Salma Hafiz, Khazana Hussain, Ahmed Elsharabasi, Mohammed Al-Malki, Khalil Al Mukdad, Nayef Al-Tamimi, Khalifa Al Kaabi, Mohamed  Ahamed, Amna Abdulla, Abdulla Alyafei, Mazen Hasna, Mohamed Ayari, Heba Al Hashmi, Usha Kesavan, Abdulla Shaher, Maryam Fakhroo, Ahmad Al-Kuwari, Mylin Cabunillas, Ashraf Kandil, Mohammed Al-Hababi, Khalid Al-Khanji, Sofyan El Rufaie, Maryam Al-Hetmi, Asmaa Al-Suwaidi, Abel ......read more

    Sun Management Inaugurates New DMCC Branch

    Aiming to continuously serve their valued clients with optimum services and to celebrate their unrelenting efforts to broaden their reach within the region and globally, they have officially opened their doors and successfully inaugurated their new branch office at JLT DMCC, Dubai. SUN Management Consultants, led by their Chairman, Mr Sunil Jagetiya, and supported by their Managing Directors, Mr Avinash Jagetiya and Ms Snigdha Jagetiya, are extremely pleased to introduce and amuse their guests about the company's history and its great services over the years. The momentous and historic event were graced by distinguished government officials in the Emirates of Dubai, His Excellency Engr Marwan Ahmed Bin Ghalita - CEO of The Real Estate Regulatory Agency (RERA) as the chief guest who spearheaded the ribbon cutting ceremony with ......read more

    ADNEC Adopts New Corporate Identity to Enhance Its Presence in The Business and Leisure Tourism Sectors and to Support Economic Diversification in Abu Dhabi

    Abu Dhabi, UAE, 7th of September 2022 - The Abu Dhabi National Exhibitions Company (ADNEC) is rebranding and has unveiled a new corporate identity, with the aim of increasing the visibility of the Group’s six main business sectors: Venues, Events, Hotels, Food & Beverage along with Services and Tourism.  Strengthening its position as a leading events and leisure tourism player in Abu Dhabi, ADNEC Group maximises the social and economic benefits to Abu Dhabi’s business and tourism sectors through holistically managing a group of business entities that provide and maintain facilities and services according to the highest standards specialised in these vital sectors. The new corporate identity also reflects the Group’s refreshed vision and mission, as it seeks to expand both in business terms and ......read more

    Sharjah's Robust Economic Pillars and Potential in High-growth Sectors Elevate Emirate's Global Profile, Say Officials

    Public and private sector officials in Sharjah have hailed insights on emirate’s competitiveness in the new 'FDI Future Trends & Sector Potential' report    Sharjah, September 06, 2022: A new report by the Sharjah FDI Office (Invest in Sharjah) which offers key insights into the factors driving high investor confidence in the emirate’s diversified economy and its continued appeal as an attractive destination for foreign direct investment (FDI) has been hailed by high-level officials in both the public and private sectors of the emirate.   Invest in Sharjah’s ‘FDI Future Trends & Sector Potential’ report, published in collaboration with numerous government departments and private sector entities in the emirate and in partnership with PwC Middle East, outlines the robust ......read more

    Seven High-Potential Sectors That Define Sharjah's Future Investment Map

    Ahmed Obaid Al Qaseer: Sharjah has become a premier destination for businesses and a capital of industry in the region.    Mohamed Juma Al Musharrkh: In the post-COVID world, investments in technology are outpacing all other sectors.    ● More than 60,000  SMEs and startups based in Sharjah ● Six specialised free zones, 33 industrial zones, and a strategic geographic location  ● Against the backdrop of a devastating pandemic that swept the world, Sharjah continued to grow ● Attracted FDI worth US$ 220 million in 2020 ● 60 percent growth in FDI projects in Q3 and Q4 of 2020 ● FDI helped with the creation of 1,117 new jobs in 2020 ● Travel and tourism sectors investments to reach US$ 20.3 billion by 2027 ● Investment opportunities ......read more

    SADAFCO Releases First Sustainability Report Reporting its Progress in 2021

    Jeddah, Saudi Arabia, September 6th, 2022: SADFCO announces releasing its first sustainability report disclosing the company’s sustainability performance for the period starting 1st April 2021 and ending 31st March 2022. Developed in accordance with Global Reporting Initiative (GRI) standards and gave due consideration to the guidelines issued by the Tadawul stock exchange. The company’s 2021 sustainability report highlights SADAFCO’s commitment to its people, the communities it operates within, the environment, and its shareholders. The report outlines the significant steps the company has taken to formalize its ESG efforts and put in place a vision for sustainability. The company also reported implementing a sustainability governance structure to improve transparency and accountability. The governance structure ......read more

    Wayout and Alfa Laval Extend Their Partnership in the Middle East With a Pop-up Showroom in Dubai.

    In September 2022, Alfa Laval – a world leader in heat transfer, centrifugal separation, and fluid handling – announced a new partnership with Swedish SustainTech company Wayout to introduce sustainable water production systems in the Middle East, focusing on the United Arab Emirates and the GCC. The two companies can now reveal a joint pop-up showroom launching in Alserkal, Dubai, this fall.   Alserkal has emerged as one of Dubai’s most influential creative enclaves and is a socially responsible and forward-thinking arts and cultural enterprise based in Dubai. Alserkal is in the Al Quoz industrial area, near Dubai's Marina and financial district, where the partner’s pop-up showroom will be for 6 months. Alfa Laval and Wayout will use the pop-up showroom to demonstrate how their clean technology and ......read more

    Once again QIC Group is the Official Insurance Sponsor of S'hail.

    Doha – Qatar , Tuesday – September 6, 2022: Qatar Insurance Group, the leading insurer in Qatar and the MENA region is the Official Insurance Sponsor of the 6th edition of S’hail 2022 – Katara International Hunting & Falcons Exhibition. S’hail is regarded as the largest international exhibitions that specializes in exhibiting Falcons and is dedicated to preserve and promote the art of hunting and falconry.  Over the last few years, the event has made its mark in the industry as the leading destination of choice for falconry, hunting, and heritage lovers and became a dedicated platform for displaying the latest types of weapons, hunting rifles, equipment, supplies and equipment for trips, in addition to a huge selection of rare falcons highly skilled in hunting.   Commenting on the ......read more

    92nd Mahzooz draw sees total prize money of AED 1,803,650 and a lucky winner awarded 1 kilogram of gold in the second Golden Summer Draw!

    Lucky numbers are 2,8,14,16,34 40 winners shared 2nd prize AED 1,000,000 United Arab Emirates, Dubai, 4 September 2022: More fortunes changed at the 92nd Mahzooz weekly draw, which took place on Saturday 3 September, and witnessed 1,482 participants take home AED 1,803,650 in prize money. Operated by EWINGS, Mahzooz, the leading weekly draw in the UAE has created 27 multi-millionaires and over 187,000 winners in a span of two years.   As many as 40 participants matched four out of five numbers and shared the second prize of AED 1,000,000 securing AED 25,000 each. 1,439 other winners matched three out of five numbers and received the third prize of AED 350 each. As always, the weekly raffle draws saw three participants share AED 300,000 among them. The lucky winners who received AED 100,000 each were Jinesh and Binu ......read more

    In the presence of the President of Bulgaria Abu Dhabi hosts the UAE-Bulgarian Business Forum

    The Forum highlighted the importance of enhancing relations and stimulating investments Abu Dhabi, UAE, 4 September 2022: The UAE-Bulgarian Business Forum, organised by Abu Dhabi Chamber of Commerce and Industry, concluded its activities which were held in Abu Dhabi. The Forum emphasised the importance of enhancing bilateral relations, and setting new strategic frameworks that drive economic partnerships by stimulating investment in a number of vital sectors. The Forum was held in the presence of His Excellency Rumen Radev, President of the Republic of Bulgaria; His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; His Excellency Ahmed bin Ali Al Sayegh, Minister of State; Her Excellency Reem Al Hashimi, Minister of State for International Cooperation; His Excellency Abdullah Mohammed Al Mazrui, ......read more

    Burgan Bank Announces the Names of the Monthly Draw Winners of Kanz Account.

    Kuwait, 3rd September 2022: Burgan Bank announced today the names of the Kanz account monthly draw winners, who will each take home a KD 1,000 cash-prize. All Kanz customers who maintain a minimum balance of KD 200 for at least one week before the draw date, are included in the draw, and their chances of winning increase with higher deposits.    The 20 lucky winners are:  • ABBAS HASAN GHADDAR • ABEER SHNAWAH TAHER • AMIR ABDULHAMEED AlSAYEGH • BORHAN ESFANDIYAR  KAMALI • DANIELLE MORRIS • ELIE TAMER DEAIBES • HADI FAHAD ALAJMI • HASAN ALI ALSHATTI • SHAIKHA HESSAH MOHAMMAD ALSABAH • HUSAIN MOHAMMAD ABOU ZRAA • KHALID AHMAD ALAJMI • MAHA ELIAN KARDOUS • MAHDI BADAA AL GHADBAN • MAHER SHAKER ......read more

    Coca-Cola Middle East Offers UAE Football Fans the Chance to Win Once-in-a-lifetime FIFA World Cup 2022 Dream Prize

    • With ticket sales now closed, an all-expenses paid trip from Coca-Cola Middle East could be your best chance to see a big game live • Coca-Cola Middle East teams up with McDonald’s and Careem to offer exciting prizes   Dubai, UAE, 1 September 2022: With regional and international demand for tickets to the FIFA® World Cup 2022 in Qatar at an all-time high, Coca-Cola Middle East is giving football fans in the UAE a once-in-a-lifetime opportunity to watch football’s biggest superstars take to the pitch this winter.   Out of the tens of millions of ticket requests received, over 1.8 million have been sold in the first two batches . With the sale period for tickets now officially closed, fans still have an incredible opportunity to witness the world’s most anticipated sporting event ......read more

    ADX and FTSE Russell Launch Benchmark Growth Market Index

    FTSE ADX Growth Market Index will enable investors to track the performance of the Growth Market ABU DHABI, UAE - 1 September 2022:  The Abu Dhabi Securities Exchange (ADX) and FTSE Russell, under their index partnership, have co-developed a new benchmark, the FTSE ADX Growth Market Index (FADGMI) that will track the performance of the ADX’s recently rebranded Growth Market segment. FADGMI, the new index that went live today, includes the eligible constituents of the Growth Market, will provide investors with the ability to mimic the Growth Market performance that consists of a wide range of emerging and fast-growing companies starting their capital market journey. The launch of FADGMI is a result of ADX’s successful partnership with FTSE Russell and closely follows the launch in March of the FTSE ADX 15 Index ......read more

    Capillary Announces Strategic Alliance Partnership with KPMG in India to Deliver Leading Loyalty and Customer Engagement Solutions

    DUBAI – September 1, 2022: Capillary Technologies (a B2B SaaS platform for customer engagement and loyalty) today announced its strategic partnership with KPMG in India for loyalty and customer engagement solutions. Focused on delivering AI-based cloud native loyalty and customer engagement solutions to businesses, the partnership will include a certified and trained team of KPMG consultants. In an increasingly changing world, brands are looking for new ways to interact and engage with customers by understanding their ever-evolving behaviour, preferences, and expectations. To support them through this navigation, the Capillary-KPMG in India alliance partnership will help businesses to look beyond discounts, offer differentiated customer experience and keep their customers delighted at every touchpoint.  Empowering ......read more

    Innovations Group UAE Bags the Prestigious Global Business Outlook Awards 2022

    • At the coveted Global Business Outlook Awards 2022, Innovations Group was recognised for the ‘The Most Innovative Use of Technology – Human Resources – UAE 2022’   31, August 2022 - Dubai, United Arab Emirates: Innovations Group has won the Global Business Outlook Awards 2022 for its outstanding contribution in the field of technology to redefine the HR sector in the UAE. The Group has been awarded under the category of ‘The Most Innovative Use of Technology – Human Resources – UAE 2022’.   Innovations Group is the UAE’s leading HR consultancy firm specializing in recruitment, temporary staffing, HR outsourcing and payroll outsourcing, among others. The company has been in the HR consultancy business for the past 25 years in the UAE and over time has ......read more

    Hotpack Opens its new Saudi Retail Outlet in Riyadh

    Dubai - August 31, 2022: Hotpack Global, the UAE-based leading food packaging manufacturer, has opened an exclusive Retail Showroom in Riyadh as part of the company’s aggressive growth strategy in the Kingdom. The new showroom is Hotpack’s 45th sales outlet in the MENA region and the company has larger plans to expand its operations across the region. The 3,000-square feet showroom is located at Al Fayez Complex, Umar Ibn Abdul Aziz Road, Ar Rabwa in Riyadh. Mr PB Abdul Jebbar, Managing Director, Hotpack Global, inaugurated the showroom in the presence of senior officials of Hotpack from across the region. Commenting on the new showroom launch, Mr. Abdul Jebbar, said, “We are happy to launch the new retail outlet in Saudi Arabia as a part of our growth plans in Saudi Arabia. The current development in the Kingdom ......read more

    Burgan Bank Rolls Out New Sustainability Initiatives at its Head Office

    As part of the Bank’s ESG strategies   Eng. Saud Abdulaziz Al Hadbah - Head of General Services & Administration at Burgan Bank Kuwait - 31st, August 2022:  Burgan Bank continues to roll out a program of environmentally friendly sustainability initiatives at its head office, adopting a series of new procedures promoting recycling, energy preservation and renewable energy sources. This comes as part of Burgan’s environmental, social, and governance (ESG) strategies and in line with its comprehensive social responsibility mission, as the Bank seeks to take preemptive steps towards overcoming environmental threats.  As part of these initiatives, Burgan Bank General Services & Administration Department distributed recycling bins on all floors in the head office building. Additionally, a ......read more

    Tribal Credit Witnesses Increase in International Business Transfers in the MENA Region

    • MENA region saw a 10% increase from the first quarter to the second half of 2022   Riyadh, August 30, 2022: According to internal data from Tribal, a company that provides comprehensive digital financial solutions, international transfers of companies in MENA for the payment of suppliers, purchase of equipment and raw materials, and corporate services increased 10% from the first quarter to the second quarter of 2022.    The expansion of business across borders is one of the most attractive opportunities for expansion since it opens up commercial prospects in new markets.    The UAE's main export markets in 2020 were India, China, Saudi Arabia, Japan and Iraq, according to the OEC. In 2020, Saudi Arabia exported its products primarily to China, India, Japan, South Korea, and the UAE, ......read more

    His Excellency Dr. Mohammed Al Zarooni Chairman of World FZO meets with UNCTAD to discuss Leadership Growth Strategies

    Dubai, UAE - 30, August 2022: His Excellency Dr. Mohammed Al Zarooni, Chairman of the World Free Zones Organisation (World FZO), a global not-for-profit organization, held a meeting with Rebeca Grynspan, Secretary General of the United Nations Conference on Trade and Development (UNCTAD), in Geneva, as part of its global expansion and leadership growth strategies. The meeting was attended by H.E Dr. Mohammed Al Zarooni, Chairman of the World Free Zones Organization; Samir Hamrouni, CEO, and James Zhan, Director Division of Investment and Enterprise, UNCTAD. During the meeting, the two parties identified areas for collaboration to enhance their economic strengths, and create opportunities for growth and prosperity as part of their joint commitment to strengthening the platforms they provide.  The World FZO and the ......read more

    Other Top Stories from Banking and Investments
     
    Al Ansari Exchange announces 9th millionaire of Summer Promotion

    Dubai, 19 September 2022: Al Ansari Exchange today crowned Sajad Ali Batt Abdul Samad Batt, from India as the 9th millionaire of its annual Summer Promotion. The draw took place in the presence of senior officials of Al Ansari Exchange, the Department of Economy and Tourism in Dubai and members of the media, and was streamed live via the company’s social media platforms. Sajad Ali Batt Abdul Samad Batt, an Indian national, became eligible for the draw after sending AED 2,327 through one of Al Ansari Exchange branches.  In addition to the grand prize winner, Sabri Alozaibi, a ......read more

    Fugro expands its presence in the Middle East with new facility in JAFZA

    Dubai, United Arab Emirates, 15 September 2022:  The leading global Geo-data solutions provider, Fugro has inaugurated a new facility in the Jebel Ali Free Zone (JAFZA) expanding its footprint in the Middle East and India region. With this new facility, Fugro reaffirms its commitment to offering expertise and advanced Geo-data solutions to the rapidly growing energy, infrastructure, and construction industries in the Middle East and India. The new 28,000-square-meter facility will be the new base that advances collaboration between teams and act as a regional base combining expertise ......read more

    Fashinza Appoints Fashion Industry Veterans to Support International Expansion

    Dubai - August 30, 2022: Fashinza, the AI-driven B2B marketplace for fashion brands and retailers, announced the recent appointment of Neil Topiwala as Director in the UK and Pushkar Kumar as Director in the UAE. The latest appointments are a part of Fashinza’s expansion strategy in international markets such as the Middle East, Europe, the UK and the US following a series B round of funding which raised USD 100 million. Neil Topiwala and Pushkar Kumar will be leading Fashinza’s plans to scale its international business. The two will leverage their expertise to help Fashinza ......read more

    ICSFS' Group CEO & Managing Director, Receives Lifetime Achievement in Financial Technology Innovation Awards

    London, UK: World Finance,  the voice of the market magazine, awarded  ICS Financial Systems Limited (ICSFS)’ Group CEO & Managing Director; Robert Hazboun, in its World Finance Summer 2022 edition, under the World Finance - Islamic Finance Awards 2022, for his Lifetime Achievement in Financial Technology Innovation. This award is aimed specifically at business leaders who have achieved a distinguished accomplishment that is presently serving the community and will do so for many years to come. ICSFS’ Group CEO & MD has been recognised for the third ......read more

    Breaking the Mould: Female Investors on the Rise in the Emirates

    • Latest data from Saxo Bank shows an 18% increase in the share of female investors among its new trading clients in the UAE during the past five years   DUBAI, UAE 27 August 2022 - Like many traditionally male-dominated sectors, women have long been perceived as unsuited to managing finances and investing. Tides, however, are turning. In recent years, courtesy of advancements in financial technology and improved accessibility to investment tools and resources, more women than ever are trading and investing.   Saxo Bank, the leading fintech specialist focused on ......read more

    ESAG Announces Launch of Flagship National Development Programme

    Leading UAE conglomerate focusses on providing UAE Nationals a holistic on the job learning experience  August 26, 2022:  Easa Saleh Al Gurg Group (ESAG), a leading Dubai-based multidivisional conglomerate, has announced the launch of their National Development Programme as part of the Nafis initiative in the UAE. The programme is aimed at investing in Emirati talent and providing professional developmental pathways that will support efforts in future-proofing UAE talent. It is tailored to fit the aspirations of UAE nationals who are ready to explore their strengths, obtain ......read more

    Souk Al Marfa Marks One Year Anniversary with Month-long Celebrations

    • Shop, play and win daily giveaways, staycations and more until 17 September   Dubai, 24 August 2022 - Souk Al Marfa, the city’s wholesale waterfront marketplace, is celebrating its one year anniversary with month long activities, daily freebies and incredible staycation giveaways, running until 17 September.  Craving a getaway in Dubai before the summer ends? Souk Al Marfa is offering 62 free staycations for visitors who spend AED150 or more at the marketplace’s retailers. Staycation seekers will enter a draw to win a one-night stay with breakfast at ......read more

    Lenovo Group: First Quarter Results 2022/23

    Lenovo delivers ninth straight quarter of improved revenue and profitability and the largest market share in the Gulf at 27.6%    Dubai, August 18, 2022– Lenovo Group (HKSE: 992) (ADR: LNVGY) today announced strong first quarter results for the Group, improving both revenue and profitability for the ninth consecutive quarter. First quarter net income grew 11% year-on-year to US$516 million and 35% year-on-year to $556 million on a non-HKFRS [1] basis. Revenue grew to US$17 billion, up 5% year-on-year in constant currency.    The Group saw revenue from ......read more

    The Suppliers Complex at Mohammed Bin Rashid Aerospace Hub nears Completion, Seeks to Attract SMEs and Start-ups

    Dubai, United Arab Emirates, 18 August 2022: Mohammed Bin Rashid Aerospace Hub at Dubai South announced that its Suppliers Complex, the first vertical aerospace complex in the region, is scheduled to be completed in September. The facility aims to attract SMEs and start-ups by offering solutions which are designed for multipurpose activities. The Suppliers Complex, which is located in the Supply Chain Cluster, is a G+3 development offering over 12,000m2 of light industrial space, enabling aerospace companies to easily and quickly set-up their facilities. The facility offers 86 leasable ......read more

    Al Saeedi Group Partners with dnata Offering Tyre Solutions at Airports in Dubai

    Over 10,000 dnata assets - fleet of vehicles and equipment - at Dubai International and DWC airports will be covered by Al Saeedi as part of the agreement. Dubai – August 16, 2022:  Al Saeedi Group, a leading specialist in tyre distribution and service solutions in the UAE, has entered a strategic partnership with dnata, the aviation services division of Dubai government-owned Emirates Group. Signing up this multi-million Dirham contract, Al Saeedi Group will provide the complete range of tyre solutions - supply, repair and fitting services – for over 2,300 mortised ......read more

    Plaeto makes its Global Foray with its Entry into the UAE Market

    ● Plaeto, India’s first foot-health focused shoe brand for children launches in UAE. Plaeto partners with Threads, UAE’s premier and largest retailer for school uniforms, shoes and accessories.  ● Plaeto’s black and white school shoes, in three different lacing methods, are available at Threads stores in Dubai, Abu Dhabi, Ras-Al-Khaimah, Sharjah, and Fujairah. The shoes are also available online at www.threadsme.com.   Dubai, 17 August 2022: Plaeto, India’s first footwear brand focused on the foot-health of children, announced its global ......read more

    Al-Ataa Islamic Bank Signs for ICS BANKS Islamic Platform from ICSFS

    Baghdad, Iraq: Al-Ataa Islamic Bank for Investment and Finance has selected ICS BANKS Islamic Platform, a worldwide digital Shari’a compliant software solution, from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions. Al- Ataa Islamic Bank is licensed to offer Islamic banking and investment services by the Central Bank of Iraq. The bank is focused on providing distinctive banking and finance solutions. Al- Ataa Islamic Bank is based in Baghdad and will be providing its Islamic financing products and services through its ......read more

    The Emirates Are Leading the FinTech Revolution

    In 2019, Dubai received the ‘World Capital of Blockchain Award’ at Barcelona’s Smart City Expo. The UAE has always been synonymous with development over the years, but this was not an award for another illustration of architectural excellence. It was a FinTech award. Having identified FinTech as a national priority, the UAE is leading the way in disrupting finance through technology. As it sought to diversify away from an oil-dependent economy, the Emirates succeeded in becoming a leading trading hub, but the third largest economy in the Arab League is now a leading global ......read more

    UAE Research Program for Rain Enhancement Science Visits 4th Cycle Awardee Project

    Visit inaugurates an innovative project entitled “Improving the chemical and physical properties of seeding materials through electric charges” The Program  seeks to build on the ground-breaking results achieved by previous awardees in its efforts to advance rain enhancement research      Abu Dhabi-UAE: 15 August 2022 – A UAE Research Program for Rain Enhancement Science (UAEREP) delegation today visited Dr. Bradley Baker, an awardee of the Program’s 4th Cycle, in Boulder, Colorado in the United States to mark the inception of his innovative new ......read more

    What is an eFoil

    And why have they flooded Dubai? Hotels and watersports centers have been renting out more and more efoils, but what’s the hype? We have known for a while that the future of transport is electric so it comes as no surprise that electric boats have emerged on the market. What we hadn’t expected was the arrival of electric-powered boards on the scene so quickly. The efoil (short for electric hydrofoil), the brainchild of a surfer from Puerto Rico, has been around for several years but is gaining popularity by the dozens these days. Social media has been bombarded with ......read more

    Julphar Announces Robust Q2 2022 Results Marking a Return to Profitability

    • EBITDA remains on a positive upwards performance with strong results for a second consecutive quarter following 2030 strategic turnaround plan  • Q2 2022 EBITDA from continuing operations of AED 44.2m marks a return to a double digit margin of 10.5% of net sales August 12, 2022: Gulf Pharmaceutical Industries PSC (Julphar or the Company), one of the largest pharmaceutical manufacturers in the Middle East and Africa, today reports its financial results for the second quarter. The Company reported robust results achieving AED 419.9million in net sales for Q2 2022, ......read more

    ADNOC Distribution Announces H1 2022 Results, Records Strong Performance

    Company reported EBITDA of AED 1.99 billion and Net Profit of AED 1.56 billion in the first half of 2022 ADNOC Distribution’s fuel volume grew by 9% compared to H1 2021, driven by its commercial and retail businesses In H1, company achieved approximately 60% of its 2022 network expansion target, delivering 38 new stations across the UAE and Saudi Arabia, growing its total network to 538 stations The company further signed an agreement to acquire a 50% stake in TotalEnergies Marketing Egypt, which includes 240 fuel retail stations, wholesale fuel, aviation fuel and lubricants ......read more

    i-PRO Now Adds AI to its PTZ Cameras and Revamps the Range

    New features include AI at the edge of the network enabling auto-tracking, the best low light performance and enhanced cybersecurity.   Dubai, United Arab Emirates:  i-PRO, a global leader in professional security solutions for surveillance along with its regional distributor Panasonic in the Middle East & Africa region, announced the addition of AI to its PTZ (pan, tilt, zoom) cameras and a revamp of the entire PTZ range, adding a total of 35 new cameras.   The new PTZ range was introduced at the launch event recently held in Dubai and attended by 90 dealers, ......read more

    Top Business Leaders and Techies to Share Expertise at 3rd MENA Innovation and Technology Transfer (MITT) Summit at SRTI Park

    To be held on October 13, the one-day event will highlight how best to shape the future of innovation and knowledge sharing in the region Sharjah, UAE, August 4, 2022: A galaxy of business leaders, innovators and techies will take the centre-stage at the 3rd Middle East Innovation and Technology Transfer (MITT) Summit, the region’s biggest specialized event in technology transfer and innovation, to be held at the SRTI  Park, Sharjah, on October 13. Leading experts from the region and across the globe will discuss how to best shape the future of innovation while creating ......read more

    DAE announces Financial Results for the Six Months ended June 30, 2022 Profit before Exceptional items Rises 186% to US$140.1 Million

    Dubai, U.A.E., 4 August 2022 – Dubai Aerospace Enterprise (DAE) Ltd today reported its financial results for the six months ended June 30, 2022. The consolidated financial statements can be found here.    Selected Financial Highlights:   Six Months Ended US$ millions Jun 30, 2022 Jun 30, 2021 Total Revenue 582.8 613.4 Profit for the period before exceptional items (1) 140.1 49.0 Operating Cash Flow 678.5 498.5 Exceptional Items, net of tax (537.9) -     Adjusted Pre-Tax Profit Margin (1)(2) 23.0% 11.0% Adjusted Pre-Tax Return on ......read more

    Nucleus Research Positions Infor as a Leader in its 2022 Enterprise ERP and SMB ERP Technology Value Matrix Reports

    Infor recognized for the functionality and usability of its solutions     DUBAI – August 4, 2022 – Infor®, the industry cloud company, announced that Nucleus Research has positioned Infor as a leader in its June 2022 Enterprise ERP Technology Value Matrix 2022 – and its Small and Midsize Business (SMB) ERP Technology Value Matrix.   Infor was one of only two vendors to be positioned as a leader in both reports. In the SMB ERP Value Matrix, Infor also was positioned furthest to the right in the leader’s quadrant, making it the highest ......read more

    GCC Hospitality Industry to Witness Steady Growth after Sharp Post Pandemic Recovery, says Alpen Capital

    DUBAI – August 3, 2022:  Alpen Capital’s latest hospitality sector report for the GCC projects the industry will return to pre-pandemic levels in 2022, registering a 74.8% year-on-year growth and reaching a revenue of USD 26.3 billion. It adds the industry is expected to grow with a Compounded Annual Growth Rate (CAGR) of 6.6% up to 2026. UAE-based investment banking advisory firm, Alpen Capital, launched its latest GCC Hospitality Industry report on Wednesday, August 3rd featuring detailed studies and forecasts on the hospitality sector, analyzing recent trends, growth ......read more

    Amlak Finance Announces H1 2022 Financial Results

    • Amlak H1 2022 net group profit up by 35% compared to the same period last year • Total assets stand at AED 3.8 billion • Debt settlement arrangements yielded AED 225 million gain and contributed in total debt reduction of AED 565 million (including Mudaraba instrument of AED 120 million).   Dubai, UAE: 03 August 2022: Amlak Finance PJSC today announced its H1 2022 financial results. Amlak reported a net profit of AED 266 million for H1 2022 as compared to net profit of AED 197 million for H1 2021. The company focused on prudently managing its UAE operations ......read more

    LG Announces Second-Quarter 2022 Financial Results'

    Highest Second-Quarter Revenue in Company’s History Reflects Sales Growth for Premium LG Home Appliances and Auto Parts DUBAI - August 2, 2022 — LG Electronics Inc. (LG) announced its highest-ever second- quarter revenues, reflecting strong sales for LG home appliances in key regions and the profitable growth of LG’s vehicle components business as the global automotive industry rebounds.  LG reported revenues of KRW 19.5 trillion in the second quarter of 2022, 15 percent higher than the same quarter the previous year. Operating profit for the second quarter was ......read more

    Emirates Steel Arkan Announces Q2 2022 Results

    • Group Q2 net profit jumped 184% from Q1 to AED 207 million  • Q2 revenues increased to AED 2.57 billion • H1 net profit advanced to AED 280 million on revenue of AED 4.61 billion    Abu Dhabi, United Arab Emirates - 02 August 2022: Emirates Steel Arkan (ADX: EMSTEEL) (the “Group”), the largest publicly traded steel and building materials company in the UAE, today announced its second quarter results.      The Group reported a net profit of AED 207 million in the second quarter compared to a pre-merger loss of AED 24 ......read more

    Arab Bank Group Profits Grow by 38% to $252 Million for the First Half of 2022

    Dubai, July 30th, 2022: Arab Bank Group reported a net income after tax for the first half of 2022 of $252 million as compared to $182.4 million for the same period last year, recording an increase of 38%. The Group loan portfolio grew by 6% to reach $35.7 billion as of June 30, 2022 compared to $33.8 billion for the same period last year, while customer deposits grew by 2% to reach $47.1 billion compared to $46 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 expand and ......read more

    UOWD Innovation Fair 2022 Rewards Young Innovators & Showcases Complex Engineering Projects

    Dubai-UAE: 29July, 2022 – As UAE’s education sector continues to make advancements in innovation in line with the National Innovation Strategy, The University of Wollongong in Dubai (UOWD) played its part through the recently-concluded 15th Annual Innovation Fair 2022.  The Annual Innovation Fair served as an opportunity for senior Bachelor’s students and recent graduates majoring in Engineering or related areas to showcase and demonstrate their projects to other students, academics, industries, and the public in an interactive and competitive ......read more

    CBI Announces Q2 2022 Net Profit of AED 34 Million

    Dubai, UAE, 29th July 2022: Commercial Bank International (‘CBI’ or ‘the Bank’) has announced its second quarter 2022 financial results. Key financial result highlights (quarter-on-quarter changes from Q1 2022 to Q2 2022 respectively):  • Net profit increased by 67% from AED 20.6 million in Q1 2022 to AED 34.4 million in Q2 2022.   • Operating profit increased by 82% from AED 40.3 million to AED 73.2 million.   • Net operating income increased by 42% from AED 110.8 million to AED 157.6 million.   Commenting on ......read more

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