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    Featured in Banking and Investments
    Ericsson announces changes to the Executive Team

    • Fadi Pharaon is appointed Senior Vice President, and Head of Market Area Middle East & Africa, effective September 1, 2019 • Member of Ericsson's Executive Team, reporting to CEO   Dubai, United Arab Emirates -  22, August 2019:  Effective September 1, 2019, Fadi Pharaon is appointed Senior Vice President and Head of Market Area Middle East & Africa at Ericsson (NASDAQ: ERIC), and member of Ericsson’s Executive Team, reporting to the CEO. Fadi Pharaon currently holds the position as Vice President, Networks & Managed Services within Ericsson’s Market Area Europe & Latin America.   Börje Ekholm, President and CEO of Ericsson, says: "With the introduction of 5G we are at an exciting time in the industry. Our customer relationships are key to build ......read more

    Al-Futtaim Engineering and Technologies signs up as strategic corporate partner for Middle East Facility Management Association

    Dubai, UAE, August 22, 2019:  Al-Futtaim Engineering and Technologies Facilities Management division has signed on as a strategic corporate partner with the Middle East Facility Management Association (MEFMA).  The agreement was signed by Darko Macura, Chief Executive Officer of Al-Futtaim Engineering and Technologies and Ms. Alaa AlBoali MEFMA Director. MEFMA is a non-profit professional organization, formed under The Dubai Association Centre (DAC) which has been established by the Dubai Chamber of Commerce & Industry, Dubai Business Events (part of Department for Tourism and Commerce Marketing) and the Dubai World Trade Centre. MEFMA aims at unifying the facility management industry in the Middle East, by conducting research, providing educational programs and assisting corporate organizations in creating ......read more

    Red Hat Recognized as a Leader by Independent Research Firm in Infrastructure Automation Platforms Evaluation

    Red Hat Ansible Automation cited among leaders based on its scores in the strategy, market presence and current offering categories   Dubai, United Arab Emirates -  22, August 2019:   Red Hat, Inc., the world's leading provider of open source solutions, today announced that Red Hat Ansible Automation has been named a Leader by Forrester Research in the Forrester Wave™: Infrastructure Automation Platforms, Q3 2019.   Red Hat was evaluated for the Forrester Wave based on 31 criteria grouped into three categories: current offering, strategy and market presence. In the evaluation, Red Hat received the highest possible score in the criteria of  planned enhancements, vision, consulting, training and support, community support, and market approach. According to Forrester’s ......read more

    Biggest Japan buying of Italian bonds since 2014

    By Christopher Dembik, Head of Macro Analysis, Saxo Bank Dubai, United Arab Emirates -  22, August 2019:    Japanese investors bought into Italian government debt in a big way in June according to the latest figures released by the Japanese government. They increased their portfolio holding by 327bn JPY (roughly 2.6bn euros), which is the largest net monthly increase since the series began five years ago. The Italian bond market remains attractive for investors. As a matter of fact, the risk of Italy leaving the EU is extremely low. Based on July Sentix survey of 1000 investors, only 4% of institutional investors and 9% of private investors consider that there is a real risk of Italexit within one year. In other words, the risk is virtually close to zero. Adding to that expectations of further ECB stimulus from ......read more

    Empower: 16% rise in transactions through E-services

    Dubai, UAE, 21st August 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, reported that the number of online transactions performed through its e-payment channels  showing a significant growth of 16% during January to July 2019 compared to the same period of 2018.  Empower is providing it’s e-services to more than 100,000 customers through company’s own platforms and other channels provided by its partners, banks and financial organisations, to ease the payment of district cooling bills. As per the records, around 290,000 transactions performed through e-payment channels in the first seven months of 2019, compared to 250,000 in the same period of 2018.  Customers have used Empower’s e-Services and m-Pay platforms, in ......read more

    3 Back-to-School Promotion Campaigns from Union Coop

    UAE’s largest Consumer Cooperative invests AED 10 Million for price cuts on more than 10,000 products of Stationery.    Dubai, United Arab Emirates -  21, August 2019:   Retail Pioneer, Union Coop in Dubai has announced its three consecutive ‘Back to school’ promotions with discounts reaching up to 75% on more than 10,000 products, which will benefit parents of children resuming school.  Mr. Harib Mohammed Bin Thani, Director of Operations division, Union Coop explains that Union Coop has invested AED 10 Million towards price reductions and discounts to benefit the consumers. He says, “Union Coop has allocated AED 10 Million to reduce the prices of school stationery and supplies in addition to the reduction of prices of a selection of Food and Non-Food products. School ......read more

    Lenovo Kick-starts Fy19/20 With Industry Leading Growth, Doubling Year-on-year Income Through Strong Customer Focus and Acceleration of Intelligent Transformation Strategy

    • Group revenue grew year-on-year for eight consecutive quarters, reaching US$12.5B in Q1 FY19/20 • PTI more than doubled to US$240M year-on-year, up US$127M • Net income was US$162M, up US$85M year-on-year, also more than doubling • One in every four PCs built worldwide is a Lenovo PC, thanks to record market share of 24.9%   Dubai, United Arab Emirates -  19, August 2019:   Lenovo Group (HKSE: 992) (ADR: LNVGY) announced that its revenue in the first quarter of 2019 reached US$12.5 billion, resulting in the eighth consecutive quarter of growth. Pre-tax income more than doubled year-on-year, growing by US$127 million to reach US$240 million. Net income also more than doubled, up US$85 million to US$162 million.    Basic earnings per share for the first quarter were ......read more

    Harris Pye UAE strengthens its footprint in Egypt

    As per the company’s strategic growth plan, Harris Pye is effectively stabilizing its presence within the Egyptian market through its contractual contributions to the Canal Sugar (S.A.E)refinery project. Dubai – United Arab Emirates –18th of August 2019:  Harris Pye Engineering Group UAE, a global service provider supplying the offshore, marine and industrial sectors, recently signed a contract with Egyptian Joint Stock company, Canal Sugar. As per the terms of the agreement, Harris Pye will supply five 40tph, horizontal, three-pass, and multi-tubular smoke tube boilers to what is expected to be one of the largest beet sugar production facilities in the world. Harris Pye’s involvement with this mega project builds upon the UAE’s reputable business standing by contributing to the country’s ......read more

    Gold reigns as global bond yield collapse continues

    By Ole S. Hansen, Head of Commodity Strategy, Saxo Bank | August 18, 2019 Global growth concerns and ample supply of key commodities have been the main drivers behind the weakness seen across the sector so far this quarter. Precious metals remain the exception with gold responding strongly to the ongoing collapse in global bond yields.  The trade war between the US and China remains one of the main drivers behind global growth concerns. This in turn impacts the demand prospects for growth-dependent commodities ranging from crude oil and industrial metals to some agricultural products. As a result, the market has been “pumping and mostly dumping” as news from Washington and Beijing continued to alternate between hope and despair. Such volatile market conditions have not been helped by lower liquidity during the peak ......read more

    Saxo Bank completes acquisition of BinckBank

    Dubai, United Arab Emirates -  15, August 2019:  Saxo Bank and BinckBank announce that Saxo Bank has completed the acquisition of BinckBank. The acquisition of BinckBank marks an important milestone for the Saxo Bank Group that now services approximately 860,000 clients and holds approximately EUR 46 bn in client assets. By gaining scale and reducing cost and complexity, the Group can continue its ambitious investments in the digital client experience and expand its product offering, delivering more relevant and intuitive platforms and services. Clients and partners will significantly benefit from being serviced by a much larger Group with enhanced resources and capabilities for innovation and development. Saxo Bank and BinckBank will now start working on the integration of the two companies to share technology ......read more

    Ajman Free Zone signs MoU with Dubai Insurance Company

    The new service will replace the current bank guarantee Ajman, United Arab Emirates - August 14, 2019:  Ajman Free Zone has signed a Memorandum of Understanding and associated documents with Dubai Insurance to provide insurance services to workers employed by companies operating within the Free Zone.  The new service will replace the current bank guarantee system and will cover all workers’ dues including the end of service gratuity, annual leave unpaid salaries and the cost of a return ticket home.   Mohammad Tahsin Al Ali, Chief Operating Officer at Dubai Insurance Company attended the signing ceremony, with Fatma Salem, Acting General Manager of Ajman Free Zone and senior representatives from both parties.  Acting General Manager of Ajman Free Zone, Fatma Salem commented: “This ......read more

    UK: The power of credit impulse at work

    By Christopher Dembik, Head of Macro Analysis, Saxo Bank Dubai, United Arab Emirates -  14, August 2019:  The negative Q2 growth print is the perfect example of the power of credit impulse. However, contrary to an increasing number of market participants that consider the UK economy is already in recession that began in April, we think that Q3 GDP growth bounce is on the cards. We explain you why.  The UK growth is like a bouncing ball: in the first quarter, it grew by 0.5%, higher than the average of the G7 countries, and in the second quarter, it went into negative territory at minus 0.2%, rising fears that recession has started. This downturn resulted from factory shutdowns and the fallout from pre-Brexit stockpiling. However, more fundamentally, the disappointing Q2 growth print reflects the lack of new ......read more

    Evonik sticks to full-year outlook despite cooling economy

    • Outlook for 2019 confirmed: Sales and adjusted EBITDA to remain at least stable • Second-quarter sales and earnings below year-ago period • Compared with the first quarter all three chemical segments increase earnings      Dubai, United Arab Emirates -  08, August 2019:    Evonik is sticking to its full-year outlook despite an increasingly gloomy economic environment. The company expects sales and adjusted EBITDA from continued operations to remain at least stable compared with last year. In 2018 Evonik generated - not including the divested Methacrylates business - sales of €13.3 billion and adjusted EBITDA of €2.15 billion.   In the second quarter of this year sales declined 3 percent to €3.31 billion compared with the prior-year quarter. While ......read more

    FireEye Identifies Prolific Chinese Cyber Threat Group

    APT41 – a dual espionage and cyber crime threat actor – is responsible for targeted operations against organizations in 15 jurisdictions, across multiple industries including healthcare, gaming, high-tech and the media.   Dubai, United Arab Emirates -  08, August 2019:    FireEye, Inc. (NASDAQ: FEYE), the intelligence-led security company, today released the details of its newly named Advanced Persistent Threat group – APT41.   “APT41 is unique among the China-nexus actors we track in that it uses tools typically reserved for espionage campaigns in what appears to be activity for personal gain. They are as agile as they are skilled and well-resourced,” said Sandra Joyce, SVP of Global Threat Intelligence at FireEye. “Their aggressive and persistent operations for ......read more

    Sharjah Exports Development Center Achieves Record Results in First Half of 2019

    Sharjah, 8 August 2019:  The Sharjah Exports Development Center (SEDC), one of the Sharjah Chamber of Commerce & Industry’s (SCCI’s) initiatives, said that it has achieved record results during the first half of 2019, adding that the center has managed to accomplish the various aspects of its operational plan and objectives. “This is evident in the center’s effective results in terms of bolstering and promoting services for domestic companies and opening new channels to connect local companies with global markets. In addition to the initiatives launched by SEDC to connect Sharjah’s trade sector with new markets through a series of events involving exhibitions and trade missions to new markets,” added SEDC. Providing Perfect Environment for Exports HE Mohammad Ahmed Amin Al Awadi, ......read more

    New Mimecast Report Reveals Analysis of 67 Billion Rejected Emails

    Report Discovers Trojans Made up 71% of Opportunistic Attacks, and Education as the Most Targeted Sector   Dubai, United Arab Emirates -  08, August 2019:   Mimecast Limited (NASDAQ: MIME), a leading email and data security company, today launched its first Threat Intelligence Report: Black Hat Edition 2019. The report provides technical analysis of emerging threats identified as attempts to get through the security environment of Mimecast customers.   Within the report, Mimecast Threat Center researchers outline tactics and techniques of emerging threats, active threat campaigns observed, primary threat categories and volume, and the top targeted sectors. Researchers also offer their insights into how the threat landscape may change over the next 6-18 months based on observations made during this ......read more

    Three Bangladeshi businessmen from same family awarded UAE Gold Visa – a first in the country

    M. Oliur Rahman, Vice-Chairman of Al Haramain Group and M. Emadur Rahman, Deputy Managing Director of Al Haramain Group, receives UAE Gold Visa, following M. Mahtabur Rahman, Chairman and Managing Director of Al Haramain Group – making the first businessmen trio from the same family and same company to receive the coveted UAE Gold Visa    Dubai, United Arab Emirates -  08, August 2019:   Three Non-Resident Bangladeshi (NRB) businessmen – M. Mahtabur Rahman, M. Oliur Rahman and M. Emadur Rahman – from the same family and same company, Al Haramain Group of Companies, have been awarded the UAE Gold Visa – a first in the country’s history.   M. Oliur Rahman, Vice-Chairman of Al Haramain Group and M. Emadur Rahman, Deputy Managing Director of Al Haramain Group, received UAE ......read more

    9th Muslim World Business and Investment Zone to host Jewels of the Muslim World Award and The Muslim World Rania Award

    Dubai, United Arab Emirates -  08, August 2019:   Time is getting closer to the much awaited OIC International Business Centre’s 9th Muslim World Business and Investment Zone annual trade exhibition and conference with preparations to welcome local and international participants from 4-6 September 2019 at Kuala Lumpur Convention Centre, Malaysia. Organised in collaboration with the Islamic Centre for Development of Trade (ICDT) in Morroco, a subsidiary organ of the Organisation of Islamic Cooperation (OIC) in Saudi Arabia, together with the Association of Muslim World Business Malaysia, the 9th Muslim World Biz will be introducing new activities and involving more participants. Exhibitors, trade visitors, speakers and delegates from over 35 countries have confirmed their participation in the event. The profile ......read more

    Eyes of the World on Expo 2020 Dubai

    India home to greatest number of global Expo 2020 Dubai searches  Dubai, United Arab Emirates -  08, August 2019:    With a little over a year until Expo 2020 Dubai, international sentiment remains overwhelmingly positive with global interest in the emirate’s six-month long trade fair at an all-time high, according to the latest research from SEMrush, the award-winning digital marketing suite. Online research conducted by SEMrush, the all-in-one marketing toolkit for digital marketing professionals, shows India leading the country-specific rankings in search volumes related to Expo 2020 Dubai, which runs for 173 days from 20 October 2020. India was closely followed by Italy, with the USA and UK tied in third place and Germany ranked fourth. Pakistan, Canada, France, Spain, Saudi Arabia all followed with ......read more

    Oman Insurance Retains Its Positive Business Momentum

    75% Net Profit growth and over 225% solvency recorded in 1H2019  Oman Insurance retains its positive business momentum as the Net Profit grew by 75% to AED 105.6 Million in 1H 2019, as compared to AED 60.2 million for the same period last year.    Oman Insurance retains its positive business momentum as the Net Profit grew by 75% to AED 105.6 Million in 1H 2019, as compared to AED 60.2 million for the same period last year.  This growth is supported by strong underwriting results, increased investment income, accelerated collections and leaner operating expenses. The company has posted the highest half yearly net profit over 5 years that marks a key milestone for the company. The solvency ratio now stands above 225%, more than double the minimum regulatory requirement of 100%.     While the Gross ......read more

    Schneider Electric is Founding Member of ISA Global Cybersecurity Alliance

    • New levels of industry collaboration will protect and secure people, processes and technology • Extends ability to help customers establish and adhere to standards-based best processes, practices and policies  • Fulfills commitment to fostering open, transparent knowledge sharing, education and advocacy; drives needed change   August 6, 2019:   Schneider Electric, the leader in the digital transformation of energy management and automation, has joined the newly formed ISA Global Cybersecurity Alliance as a Founding Member.    The International Society of Automation created the Global Cybersecurity Alliance to advance cybersecurity readiness and awareness in worldwide manufacturing and critical infrastructure facilities and processes. Bringing together end-user ......read more

    Beware of fraud! Protect yourself from falling victim to job and immigration scams

    By Vinay Malhotra, Regional Group COO - Middle East, South Asia & China, VFS Global   Dubai, United Arab Emirates -  06, August 2019:   Going hand in hand with the number of people aspiring to work or settle abroad, are the scams that prey on this aspiration. One often hears about cases of people being defrauded on false promises of jobs or immigration abroad by fraudulent entities, which impacts applicants not just financially and emotionally, but also put them at a risk of their personal data being misused.   In 2018, VFS Global, the world’s largest visa processing service provider for governments, received more than 560 complaints, via emails from affected parties, about fraudulent entities posing as company representatives and making bogus job and immigration offers, in exchange for ......read more

    GIAS 2020 to feature investment opportunities for participating countries

    $600 billion needed to meet regional aircraft demands by 2038   • Regional markets will be in need of 10,550 new aircrafts by 2038 • Asia Pacific accounts for the biggest market share of 28% • UAE maintains its regional aviation leadership  • More than 200 investors expected at GIAS 2020   Dubai, United Arab Emirates -  05, August 2019:   Regional aircraft markets will need $600 billion in investments to meet the demand for 150-seat 10,550 aircrafts by 2038 due to rise in air travellers, according to a report by aerospace company Embraer.  Market growth will drive 65 per cent of this demand for the aircrafts, while the remaining 35 per cent will replace ageing aircrafts, the report adds.   These developments will be one of the highlighted investment ......read more

    Empower enhances the professional performance of its employees

    Bin Shafar: Our human resources are our local and global ambassadors Dubai, UAE, 4 August 2019:   Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, organised various training courses for its employees during the period January to July 2019. These courses were conducted as part of its annual training and development agenda, and benefitted to more than 200 employees in its workforce.  The training courses and programs represent a major part of Empower's annual strategy to raise the performance level of its staff to the highest international standards and to motivate them to continue gaining more knowledge and skills in district cooling. The employee training workshops included various technical, safety and soft skill courses such as; supervisory ......read more

    Giorgio Stock Named President, Warnermedia Entertainment Networks, Distribution and Advertising Sales, Emea & Apac

    Dubai, United Arab Emirates -  04, August 2019:   WarnerMedia Chief Revenue Officer Gerhard Zeiler today announced the appointment of Giorgio Stock to the new role of President, WarnerMedia Entertainment Networks, Distribution and Advertising Sales, EMEA and APAC. With immediate effect, Stock, previously President Turner EMEA, takes on responsibility for all entertainment networks, distribution of all networks, advertising sales and the kids networks operations in Europe, Middle East, Africa and the Asia Pacific region. He will continue to report into Zeiler. In his new role, Stock will be supported by the leadership team of Ricky Ow, President Turner Asia Pacific, Hervé Payan, CEO HBO Europe, and Jonathan Spink, CEO HBO Asia, all of whom now report into him. He continues to be based in London. Announcing the ......read more

    Other Top Stories from Banking and Investments
     
    Trade Bank of Iraq Continues Strong Annual Growth and Records Impressive Financial Results

    The bank is upgrading its license in Abu Dhabi to an asset management company from a representative office TBI ranked first in the BIS Capital Ratio (Global) by The Banker Annual audit of TBI’s performance, complied by Ernst and Young, show a 20% increase in net operating income and a 30 % increase in funds held in customer accounts Dubai, United Arab Emirates, 04 August 2019:   Trade Bank of Iraq (TBI) achieved another consecutive year of expansion and growth with an increase in revenues and major growth recorded in key financial areas, according to an audit of ......read more

    Union Coop Distribute 1000 gifts packs to Hajj pilgrims

    Union Coop – The largest Consumer Cooperative in the UAE distributed 1000 gift packs consisting of travel essentials to people performing the Hajj pilgrimage to the Holy City of Mecca, Kingdom of Saudi Arabia  Dubai, United Arab Emirates -  03, August 2019:   Retail Pioneer ‘Union Coop’ distributed 1000 gift packs to people performing the Hajj pilgrimage, at Dubai International Airport, Terminal – 3 for the fourth consecutive year. This initiative comes as a service to the community and contributes to the promotion of good values among its ......read more

    ENBD REIT announces Q1 NAV of USD 255 million; active leasing strategy protects occupancy

    Ex-dividend NAV at USD 255 million or USD 1.02 per share Cum-dividend NAV of USD 260 million or USD 1.04 per share prior to final dividend of USD 5.4 million approved by shareholders on 24th June 2019 and subsequently paid on 15th July 2019  Active leasing strategy boosts Burj Daman occupancy to 77%, Binghatti Terraces to 89% Blended occupancy steady at 82%, down by just 4% despite loss of significant tenant    Dubai, United Arab Emirates, 1st August 2019: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust ......read more

    Silah Gulf is Official Customer Experience Partner of the Saudi Emerging Technologies Forum

    August 01, 2019:   Bahrain, Riyadh- Silah Gulf a leading, multi award winning Customer Experience solutions provider becomes the official customer experience partner of the  Saudi Emerging Technologies Forum to be held in Riyadh, KSA from 11-13th of November, later this year.   Billed as the largest R&D event in the region focused on the disruptive technologies of what has been labelled the Fourth Industrial Revolution, the Saudi Emerging Technologies Forum will welcome over 50 government officials and senior-level executives, more than 50 speakers, leading 12 ......read more

    New Business Ventures on the Rise in UAE as Economic Initiatives Pay Off

    U.A.E – 1st August 2019 - A range of initiatives such as new visa regulations has led to a major spike in entrepreneurs deciding to set up businesses in the UAE. Flying Colour, a company which opens both free zone and onshore businesses, say the growth covers a range of sectors such as hospitality, IT and retail and that it covers the whole of the country.   In the first half of 2019, enquiries to start-up a new business are up by around 20% and show no signs of stopping.   Flying Colour CEO, Meet Joshi, said: “The introduction of new licensing and visa ......read more

    Dubai Investments reports 17% increase in second quarter profits

    Dubai, Aug 1st, 2019: Dubai Investments PJSC [DFM: DIC], the leading, diversified investment company listed on the Dubai Financial Market, reported profit of AED 151 million for the second quarter of 2019, an increase of 17% when compared to the same period last year.  Profit for the first six months of the year was AED 353 million as compared to AED 491 million in the previous year. These included gains on M&A transactions of AED 64 million and AED 333 million for the respective periods. Profits for H1 2019 without considering these exceptional items has increased by AED 131 ......read more

    UAB reports Net Profit of AED36m for H1 2019

    Financial Results    H1 2019 Highlights  Interest income increased by 6% compared to prior year Operating Expenses decreased by 6% vs. H1 2018 Provisions for Credit Losses decreased by 5% vs. H1 2019 Capital Adequacy at 16.5%  CET1 ratio at 15.4% Coverage ratio increased to 93.6% compared to 91.5% in December 2018 Sharjah, UAE, 31 July 2019 - United Arab Bank P.J.S.C ("UAB" or “the Bank”) announces its Financial Results for the six months ended 30th June 2019.   UAB reported a Net Profit of AED36m in H1 2019 as ......read more

    Corum: Back to basics!

    Dubai, United Arab Emirates -  30, July  2019:   Corum considers creativity and daring to be its driving force, with its DNA shaped through the history, product launches and partnerships of the brand. Today, this core identity has become the focus of the watchmaking pioneer. For Corum, going back to basics is a way of moulding and shaping its future, all while staying true to course and maintaining its stability.  With a history built around innovation and the avant-garde, the brand has now decided to concentrate on its DNA, which is based on the creativity and ......read more

    “Balance for Better” Book … An Inspiring Journey with Women Leaders Towards Gender Equality

    Dubai, 30th July 2019:  Under the title “Balance for Better”, this outstanding book, has showcased realistic leadership experiences for 19 businesswomen in Dubai, who spoke about their professional experiences and the gender equality efforts within the business environment.  The book which was recently issued by the Dubai Business Women Council (DBWC) collaboratively with the University of Wollongong in Dubai (UOWD) and the United Nations (UN), is an outcome of extensive research led by Professor (Dr) Payyazhi Jayashree, Acting Dean, and Associate Dean (Education), ......read more

    Lenovo Jumps 28 Spots on 2019 ‘FORTUNE Global 500' List

    Dubai, United Arab Emirates -  28, July  2019:   Lenovo announces that FORTUNE ranked it #212 in this year’s FORTUNE Global 500 list of the world’s largest companies by revenue, up from #240 on the 2018 annual list.  Jumping 28 spots in the rankings, Lenovo’s $51 billion in annual revenue puts the company ahead of well-known global companies such as Cisco Systems, at #225 and American Express at #270. Lenovo has appeared on the Global 500 list for nine consecutive years, steadily moving in rankings year-over-year and more than 200 spots since ......read more

    Abu Dhabi Commercial Bank Pjsc Reports First Half 2019 Pro-forma Net Profit of Aed 2.782 Billion

    Abu Dhabi, 28 July 2019 –   Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”) today reported its half-year financial results for 2019 (“H1’19”). The results below are based on the six-month pro-forma financial statements for the combined entity, following the merger between ADCB and Union National Bank (UNB), and the subsequent acquisition of Al Hilal Bank on 1 May 2019.   The combination, which reinforced ADCB Group’s position as the third largest bank by assets in the UAE, has created a resilient platform for ......read more

    Pakistan's US$ 500 Million Syndicated Financing Attracts 40% Oversubscription

    July 28, 2019 - Dubai, UAE Pakistan successfully concluded its US$ 500 Million Syndicated Term Loan and Murabaha Financing Facility (the “Facility”) on July 25th 2019. The global syndication of Facility attracted more than 40% oversubscription driven by strong demand from local, regional and international investors.  Emirates NBD Capital Limited acted as the Global Coordinator on the Facility. The transaction was fully subscribed by 12 banks. Commercial Bank of Dubai, Emirates NBD, Noor Bank, Allied Bank, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq Bank and ......read more

    Abu Dhabi Securities Exchange (ADX) Creates Environmental Social & Governance (ESG) Disclosure Guidance for Listed Companies

    To support a shift towards long-term investment horizons, the 31 Guiding Principles will Enhance Companies Corporate Governance Rules for Regional & Global Investors Abu Dhabi, 27th July 2019:  Abu Dhabi Securities Exchange (ADX) announced today that it has issued an Environmental Social & Governance (ESG) disclosure guidelines for listed companies. The launch of this set of 31 KPIs is aligned with ADX strategy which is designed to support economic growth, while providing a sustainable trading environment and encouraging the business community to adopt societal ......read more

    3D Printed Robot Can Help Save Human Lives

    Dubai, United Arab Emirates -  25, July  2019:  Fully-operated robots could soon replace humans in dangerous operations thanks to new research developed by researchers at the College of Information Technology at the United Arab Emirates University. The project was established by Dr Fady Najjar, Principal investigator of the AI and Robotics Lab and Assistant Professor at the College of Information Technology (CIT), in collaboration with Abu Dhabi-based security company Etimad R&D. Its aim was to build a fully-operated robot to replace humans in dangerous ......read more

    Emirates Integrated Telecommunications Company PJSC (“du”) Announces 2.5% (5.5% excluding impact of changes in accounting standards) Growth in Q2 2019 Net Profit after Royalty to A

    • Q2 2019 Net profit after royalty increased by 2.5% to AED 464 million (5.5% like-for-like[1]) • The Board of Directors approved the distribution of AED 589 million of interim dividends to its shareholders for the first half of 2019 resulting in 13 fils per share • EITC continues its strategic investments in the business, as it launches 5G and rolls out more sites nationwide. Q2 2019 Capex increased by 93%, compared to the same period last year, to AED 286 million. H1 2019 total capex spend was AED 467 million   • Q2 2019 fixed revenues ......read more

    Eshraq Investments achieves AED 4 mn net profit for H1 2019, awards construction contract for Jumeirah Rise project

    • Net profit of AED 4 million for H1 2019; continuing the profitable operations trend • Hospitality and Leasing businesses continue their market leading performances • Construction contract awarded for Jumeirah Rise project in JVC, Dubai • Board proposed removal of foreign ownership limit on Eshraq shares   Abu Dhabi, UAE; July 24 2019:  Eshraq Investments PJSC (“Eshraq” or “Company”), the Abu Dhabi based investment company listed on Abu Dhabi Securities Exchange (“ADX”), reported a net profit of AED 4 million ......read more

    Ajman Free Zone Visits Indonesian Consulate to Explore Investment Opportunities

    Ajman, United Arab Emirates (July 2019):   Representatives of Ajman Free Zone (AFZ) visited the Indonesian Consulate recently to explore new investment opportunities with the Indonesian business community. The meeting was held prior to the upcoming Trade Expo Indonesia hosted by the Ministry of Trade of Indonesia, providing an exclusive opportunity for Ajman Free Zone to project its dynamic services it continues to offer foreign businessmen and investors coming to the UAE.  Fatma Salem, Acting General Manager, along with other officials and representatives of Ajman Free Zone ......read more

    Mohamed bin Zayed and Xi Jinping Witness Signing of ADNOC and CNOOC Strategic Framework Agreement

    ADNOC and CNOOC to explore multiple new opportunities for collaboration across the upstream and downstream sectors in the UAE and China Agreement further demonstrates ADNOC’s ambition to expand downstream portfolio and international market access as part of its 2030 growth strategy Agreement deepens the strong bilateral and economic relationships between the UAE and the world’s second largest economy, China Abu Dhabi, UAE – July 22, 2019: The Abu Dhabi National Oil Company (ADNOC) signed, today, a Strategic Framework Agreement with China National Offshore Oil ......read more

    UAE climbs three spots in KPMG's Growth Promise Indicators report, demonstrating potential on the world's economic stage

    Dubai, 22 July 2019: The UAE ranked as high as 22nd from among 180 countries overall, and ahead of other Middle Eastern countries. The nation’s macroeconomic stability, openness, quality of institutions and infrastructure, and human development informed the overall score, earning it recognition in KPMG’s 2019 Growth Promise Indicators (GPI) report.  The UAE has moved up three places in the rankings since last year, largely due to advances in infrastructure development, particularly in transport. The nation’s Vision 2021 program has been a key driver of growth, as it ......read more

    HE Saeed Mohammed Al Tayer launches Smart Response Service for technical notifications

    Dubai, UAE, 21 July 2019:  HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), launched today the Smart Response Service for electricity and water technical notifications, in line with DEWA’s strategy of continuously developing its operations and services through innovation. The Smart Response Service includes several features that empowers customers, such as early self-diagnosis of technical interruption within homes, reducing the necessary steps to deal with complaints and follow-ups, while resolving issues through DEWA’s smart ......read more

    Empower award contracts worth more than AED 100 million for network extension at Dubai Production City

    Dubai, UAE, 21 July 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, announced that it has awarded contracts worth over AED 100 million to extend its cooling service pipeline network with a length of about 10 km to connect the various plants located in Dubai Production City. Empower highlighted that the extension of its network is part of its strategy to develop its infrastructure using advanced technologies to achieve customer happiness and satisfaction. The project consists of two network extensions to ......read more

    The IKEA New Store In Dubai South Will Be Bigger, and Feature Digital And Sustainable Innovations For Best Customer Experience

    Second store in Dubai, third store in UAE, opening December 2019 The UAE’s biggest store will include home planning projectors, self-service food ordering, a living wall and much more  United Arab Emirates, 21st July 2019:  Swedish Furniture giant IKEA today announced details of its new store that will open in December 2019, becoming the biggest IKEA in the UAE. Spread across 35,000 square metres including a 5,000 square metres training area for IKEA employees, the store will embrace digital integration to allow for a more intuitive shopping experience for its ......read more

    Tashkeel announces open call for affordable design range Tanween

    UAE-based designers must submit their proposals by August 25   Dubai, UAE – July 18, 2019:  Resident designers are invited to participate in the second edition of Tanween+ by submitting their design proposal for affordable and functional products that are inspired by and manufactured in the UAE.   Tanween+ is an offshoot of the Tanween Design Programme, a professional development initiative by Tashkeel for emerging designers, makers and artisans living and working in the UAE. Tanween+ was launched in 2018 to establish a range of small, functional items that ......read more

    APC Connected Smart-UPS Just Got Smarter: Enabling UPS management through the cloud

    “To enable businesses to proactively and effectively manage the health of their UPS systems, Schneider Electric has introduced Connected Smart-UPS™ with APC™ SmartConnect, the first cloud-enabled UPS for distributed IT environments.”   Dubai, United Arab Emirates -  17 July  2019:   Every IT manager fears a power outage on a busy workday. The office is humming with critical transactions happening at every workstation when the power goes out unexpectedly. To buy time and allow for the safe shutdown of devices, uninterruptible power ......read more

    Ras Al Khaimah Chamber and Ghana to Discuss the Cooperation Opportunities

    Ras Al Khaimah, United Arab Emirates -  17 July  2019:   H.E Mohamed Ali Musabbeh Al Nuaimi, Chairman, Ras al Khaimah Chamber of Commerce and Industry and Her Excellency Samata Gifty Bukari, Consul-General of the Republic of Ghana in Dubai, discussed strengthening the bilateral business cooperation and the investment opportunities in the different sectors.  Al Nuaimi underscored the importance of the enhancing the bilateral trade with Ghana, and the private sector in both countries through facilitating meetings of the business communities from both Ras Al Khaimah ......read more

    How Middle East E-commerce has changed in last 5 years?

    July 17, 2019 - Dubai, UAE   The global e-commerce sector has seen several changes in the past five years, especially in the MENA region. According to research, it is estimated that the Middle East e-commerce market could experience an exponential growth of US$69 billion by the year 2020. Though that sounds impressive, it is to be noted that only 15% of regular businesses in the Gulf have an online presence while the majority of online shopping is done from foreign brands. Despite the disheartening fact, there is no doubt that the e-commerce in the MENA (the Middle East and North ......read more

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