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    Featured in Banking and Investments
    Sophos Boosts Intercept X for Server with Endpoint Detection and Response to Help Businesses of all Sizes Battle New Blended Cyberattacks

    Dubai, United Arab Emirates - 16 June 2019:  a global leader in network and endpoint security, today announced Intercept X for Server with Endpoint Detection and Response (EDR). By adding EDR to Intercept X for Server, IT managers can investigate cyberattacks against servers, a sought-after target due to the high value of data stored there. Cybercriminals frequently evolve their methods and are now blending automation and human hacking skills to successfully carry out attacks on servers. This new type of blended attack combines the use of bots to identify potential victims with active adversaries making decisions about who and how to attack. The SophosLabs Uncut article, Worms Deliver Cryptomining Malware to Web Servers, underscores how easy it is for cybercriminals to leverage bots to discover soft targets. The report explains ......read more

    Sharjah Chamber Concludes its Participation in the World Chamber Congress in Brazil

    Rio De Janeiro – Sharjah, 15th June 2019:  The Sharjah Chamber of Commerce & Industry (SCCI) concluded its participation in the 11th edition of the World Chamber Congress (WCC), held in Rio De Janeiro, Brazil on June 12 – 14. Under the theme “Creating a Shared Future”, the event was attended by 1200 participants from more than 100 countries around the globe. The SCCI’s delegation comprised Maryam Saif Al Shamsi Assistant General Director, Support Services Sector and Abdul Aziz Shattaf, Assistant General Director, Members Services Sector, Fatima Khalifa Al Maqrab, Head of International Cooperation Department, Omar Ali Saleh, Economic Advisor to the Chamber, Sara Al Yahya, Executive Director of International Cooperation and Ali Al Jarri, an international exhibitions executive. The SCCI’s ......read more

    Dubai Maritime Cluster Office and the Irish Maritime Development Office Boost Maritime Collaboration

    Two parties sign MoU to help promote trade, identify joint initiatives, and promote research and innovation Dubai, United Arab Emirates - 15 June 2019:  Dubai Maritime Cluster Office (DMCO) of Dubai Maritime City Authority (DMCA) has joined forces with the Irish Maritime Development Office (IMDO) to further boost the maritime collaboration between the two as both work towards strengthening their respective maritime industries by building a smart, vibrant, and sustainable maritime platform of cooperation for maritime operations and businesses. The cooperation is the latest in a string of strategic partnerships of DMCA with international maritime bodies and organizations as part of its bid to create a reliable and vibrant maritime community capable of driving Dubai’s economic development and sustainability in line ......read more

    Jafza to Offer Long Term Visa Services to Customers

    The UAE’s Leading Free Zone Has Announced Plans to Help Customers Leverage New Visa Options  Dubai, United Arab Emirates, 15 June 2019: In its efforts to support the goals of the UAE Government, Jebel Ali Free Zone (Jafza), a key engine of economic diversification and leading source of foreign investment, is offering facilities to obtain long term visas for its customers to attract and retain high caliber talent within the UAE. In accordance with Resolution No. 56 of 2018, passed by the UAE Cabinet and issued as a decree by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, this initiative applies to a range of investors, entrepreneurs, researchers, and other specialists and innovators. The goal is to promote Dubai as a destination for highly skilled ......read more

    Why the Italian bonds rally is overdone

    By Althea Spinozzi is a Fixed Income Specialist at Saxo Bank Dubai, United Arab Emirates - 13 June 2019:  The hunt for yield in the bond market has resumed in earnest as investors bet on dovish policy from global central banks. Be wary, however, of the pronounced rally in Italian sovereigns as Rome's European troubles look set to come back with a vengeance in the latter part of this year.  Last week’s European Central Bank meeting made it clear that the bank will not begin its exit from quantitative easing until the economy stabilises. The ECB also communicated that it remains open to the possibility of further easing in the face of continued, severe macro weakness. The news led to a rally across euro-area debt, with long maturities being the most bid. The euro-area yield curve has flattened as long-term ......read more

    Accelerated growth sees Amazon crowned 2019's BrandZTM Top 100 Most Valuable Global Brand

    • ‘Eco-system’ brands win over consumers as many traditional brand categories crumble • Consumer technology brands pass the $1 trillion brand value mark • Demand grows for ‘mindful marketing’ practices as the consumer voice strengthensin amore ethically-driven world   Dubai, United Arab Emirates - 13 June 2019:   With little sign of a slowdown in growth, Amazon has become the world’s most valuable brand, according to the 2019 BrandZTM Top 100 Most Valuable Global Brands ranking released today by WPP and Kantar at the New York Stock Exchange.   Amazon’s smart acquisitions, that have led to new revenue streams, excellent customer service provision and its ability to stay ahead of its competitors by offering a diverse eco-system of products and ......read more

    Mesrkanloo International Exchange signs an investor partnership agreement with Dubai Quality Group

    Dubai, United Arab Emirates - 13 June 2019:   Mesrkanloo International Exchange has signed an investor partnership agreement with Dubai Quality Group (DQG), to strengthen the quality, business excellence, innovation, technology, and leadership in the exchange sector. In appreciation ceremony for its investment in DQG’s initiatives, a delegation headed by Eng. Hassan Omar, Chairman Dubai Quality Group, handed over the Certificate of Investor Partnership to Mr. Philip George – General Manager, Mesrkanloo International Exchange, in presence of Mr.Biju Ipe – Compliance Manager, Mr.Sathiyamoorthi Sukumar – Operations Manager, Mr.Ulaganathan Dharmalingam – IT Manager, Mr.Aqeel – Accounts General, Ms.Sheby Varghese – HR Officer, Ms.Umamaheswari Sukumar– Compliance Officer,  ......read more

    Leo Burnett MEA Wins Bee'ah Creative Contract

    Dubai, UAE, 12 June 2019:  Following a multi-agency pitch, Leo Burnett MEA has won the creative services assignment for Bee’ah, the Middle East’s sustainability pioneer, to further establish and strengthen its brand. The agency will develop an integrated re-launch communication strategy and design corporate and brand communications campaigns to forge a deep connection with the Bee’ah audience and take its business forward.  As a purpose-led organization, Bee’ah’s vision and ambitions have rapidly evolved to coincide with the growing ambitions of the UAE as it transitions into a greener future. Its forward-thinking approach has not only resulted in a diversified portfolio, but is also a key driver in the company’s transition to become a holding group with a new vision of “pioneering a ......read more

    Intertek awards Almarai ISO 9001:2015 certification across Saudi Arabia

    June 12 2019, Riyadh, Saudi Arabia:  Intertek, a leading Total Quality Assurance provider to industries worldwide, has awarded Almarai Company, Middle East’s leading food and beverage manufacturer and distributor, the ISO 9001:2015 certification for Quality Management Systems. The certification has been obtained for all Almarai’s operations in Saudi Arabia through a series of multi-site certification audits across its various subsidiaries and facilities in the Kingdom. The Intertek ISO 9001 certificate is accredited by the United Kingdom Accreditation Service (UKAS). Intertek has collaborated with Almarai for the certification since 2018, when it began an extensive audit process which involved numerous production facilities and subsidiaries.  As one of the world’s largest dairy companies and the ......read more

    Concerns Over Privacy and Security Contribute to Consumer Distrust in Connected Devices

    New research shows privacy, security are frequently key consumer concerns and drive buying decisions 73% of consumers think people using connected devices should worry about eavesdropping, and 63% think connected devices are “creepy” in the way they collect data about people and their behaviors Dubai, United Arab Emirates - 12 June 2019:   A global survey conducted by Ipsos MORI on behalf of the Internet Society and Consumers International found that 65% of consumers are concerned with the way connected devices collect data. More than half (55%) do not trust their connected devices[1] to protect their privacy and a similar proportion (53%) do not trust connected devices to handle their information responsibly.  The survey was conducted across the US, Canada, Japan, Australia, France and the United ......read more

    Vincitore Realty sells out 108 homes in the Dh375 million Benessere project in just three weeks!

    1. Vincitore Realty, Dubai’s Finest Bespoke Real Estate Developer, sold out Phase 1 of its new revolutionary project, Vincitore Benessere, in just 3 weeks from launch.    2. Vincitore Benessere, a project worth over Dhs 375 million, becomes one of Dubai’s fastest selling project in QI 2019, bridging the gap between Luxury, quality Lifestyle and Wellness in Dubai’s realty arcade.   3. Vincitore Realty sets record-breaking feat by selling 108 units in just 21 days since the launch of Vincitore Benessere, A project which is designed with the vision to bring a new era of wellness, happiness, and quality to The Dubai real estate market.   4. Vincitore’s real estate portfolio value exceeds Dh730 million with 775 residential units across their three ......read more

    Dp World, UAE Region's Strategic Solutions Boost the Automotive Sector

    Al Muallem: “We Offer Our Customers The Most Robust Infrastructure For Automotive Trade In The Region.” Dubai, United Arab Emirates, 10 June 2019:  DP World UAE Region’s strategic solutions and services have consistently catered to the automotive and spare parts sector, driving forward economic diversification in line with the UAE government goals. The trade enabler has been a leading player in developing and facilitating the nation’s automotive sector since its inception, proving it to be the preferred trade hub in the region. Jebel Ali Port saw 54 per cent of the regional throughput, while Jebel Ali Free Zone (Jafza), has accounted for 48 per cent of Dubai’s total trade value with over 550 companies in over 60 countries for the sector in 2018.  In addition, Jebel Ali Port has ......read more

    Schneider Electric Acquires Stake in AutoGrid

    Establishes co-innovation partnership focused on AI and machine learning solutions for distributed energy resources Dubai, United Arab Emirates - 10 June 2019:   Schneider Electric, a leader in the digital transformation of energy management and automation, has announced an investment in AutoGrid, a leader in flexibility management software for the energy industry.  The investment makes Schneider Electric a major shareholder in the company and establishes a co-innovation partnership focused on driving new AI and machine learning solutions for the utilities and commercial and industrial companies.  Most immediately, Schneider Electric will leverage AutoGrid's Energy Internet and Flex platforms to add artificial intelligence-driven solutions for customers' distributed energy projects. This will ......read more

    Emirates NBD highlights commitment to preserving marine biodiversity on World Ocean Day

    Bank’s Keep the Creek Clean initiative clears more than 5,400kgs of waste from the ocean Dubai, 08 June 2019: Emirates NBD, a leading financial institution in the region, is celebrating World Ocean Day this year by highlighting its commitment to preserving marine biodiversity, under the bank’s Keep the Creek Clean marine conservation programme. The Keep the Creek Clean initiative was introduced by Emirates NBD Private Banking in 2018, with the goal of helping preserve and clean up the UAE’s waterways, specifically the Dubai Creek and its extended channels. The initiative has successfully trained 33 Emirates NBD Group employees in the PADI Open Water/Advanced Open Dive course, giving them the ability to dive down to 18 metres to help clean up and protect the UAE’s underwater ecosystems. The first dive ......read more

    NRI Businessman Rizwan Sajan becomes one of the first few foreigners to receive the 10-year visa

    The UAE has started issuing 10-year residence visas to select group of investors, professionals and scientists – as the country begins liberalising residency permits to gradually allow permanent residency   Dubai, United Arab Emirates - 01 June 2019:      1. UAE has started issuing 10-year residence visas to select group of investors, entrepreneurs, professionals and scientists   2. Danube Group, owned by Rizwan Sajan and his family, has grown to become a Dh5.5 billion (US$1.5 billion) annual turnover conglomerate operating through 10 companies and in five business verticals    3. Rizwan Sajan, who has invested heavily in the UAE economy, is one of the first few foreigners to receive the 10-year visa   4. This is a major milestone in liberalising the UAE that ......read more

    Omega Gets on Board With Alinghi

    OMEGA and ALINGHI have joined forces in a brand new sailing partnership, just days before the launch of the GC32 season in Villasimius. Dubai, United Arab Emirates - May 29, 2019:   For more than 25 years, the prestigious Swiss watchmaker has shown a proud commitment to the world of sailing and it will continue that passion by accompanying the ALINGHI team on its competitive circuits. Ernesto Bertarelli, founder and skipper of ALINGHI said, "ALINGHI and OMEGA share the same dedication to innovation, technology and speed. We are proud to represent Switzerland together and I am delighted to combine the excellence and know-how of the renowned watchmaker with the skill and success of ALINGHI on the water. In this 50th anniversary year of Apollo 11 and the OMEGA Speedmaster’s legendary role aboard that mission, I ......read more

    Refinitiv report finds global companies to ramp-up innovation as 72% fall prey to financial crime

     73% across the Middle East, spiking to 85% in KSA, are aware of financial crime in their global operations    85% across the region, rising to 92% in KSA, believe humans are a necessary asset to source trusted data and train algorithms     100% in KSA, 99% in the UAE believe that technology can significantly help with financial crime prevention   Dubai, United Arab Emirates - May 29, 2019:    Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, has published its second annual financial crime report today. Innovation and the fight against financial crime: How data and technology can turn the tide highlights that almost three-quarters (72%) of organisations have been victims of financial crime over the past 12 months with a lax ......read more

    UAE Exchange's Emiratisation Initiative Lauded by Ministry of Human Resources and Emiratisation

    Emerges as one of the top recruiters in the 100-day Emiratisation Accelerator Program Dubai, 28th May 2019:  UAE Exchange, a renowned financial services brand in the United Arab Emirates, received an appreciation award from the Ministry of Human Resources and Emiratisation for their commitment and contribution to the Emiratisation initiative under the Government Accelerators program. The award was presented by His Excellency Nasser Bin Thani Juma Al Hamli, Minister of Human Resources and Emiratization, and His Excellency Saif Ahmed Al Suwaidi, Undersecretary of Human Resources and Emiratization, on 28 April 2019, at Palazzo Versace Hotel Dubai. UAE Exchange was invited to participate in the ‘Specialised Emiratisation Acceleration and Direct Employment Initiative in Targeted Strategic Sectors’ for the second time in ......read more

    MEA region Wealth Expected to Grow at 6 Percent Annually Over Next 5 Years According to New Oliver Wyman and Deutsche Bank Report

    Growth in Emerging Markets is Almost Twice the Rate of Developed Markets   Dubai, United Arab Emirates - May 26, 2019:  Oliver Wyman and Deutsche Bank today released their fourth annual Wealth Management report titled “Out of the pit stop - into the fast lane.” In 2018, Wealth Managers faced growing headwinds.    The report finds that global high-net worth (HNW) wealth growth slowed to 4 percent in 2018. Lower assets under management (AuM) growth, more challenging markets and continued fee compression led to declining Wealth Management business valuations. The revenue pressure felt by Wealth Managers in late 2018 highlights the continued vulnerability of operating models to market stress. The rebound in early 2019 brought short-term relief for some, but further pressure is inevitable as ......read more

    Mali Prime Minister hails Khalifa Fund's support model for entrepreneurs and SMEs

    Abu Dhabi, 25 May 2019:  H.E. Hussain Jasim Al Nowais, Chairman of Khalifa Fund Enterprise Development (KFED)  has received  a delegation from the Republic of Mali headed by H.E Dr. Boubou Cisse, Prime Minister of  Mali at the Khalifa Fund headquarters in Abu Dhabi to explore and learn more about the Fund’s experiences in initiating the culture of leadership among UAE citizens and developing the SME sector in the country. The Mali delegation, who visited the UAE this week, discussed with the Fund the opportunity to share the success of the model and how it can be replicated to support the economy in Mali. KFED has recently finalized its agreement with the Mali Government on the operational framework of the USD 25 million financing agreement signed between the Fund and Mali government in January this year. The ......read more

    Algerian delegation visits Dubai Customs for more cooperation

    Dubai, United Arab Emirates - May 25, 2019:    An Algerian delegation has recently visited Dubai Customs to view its experience in the risk engine, K9 Unit, and Riise; the new disruptive project of Customs World.   The Algerian delegation included Boutaleb Redouane, Director of Resource Department, Boudadi Smail, Director of Transport and Information Center, and Samir Boumati, Director General of DP World Port in Algeria. The delegates were received by Nadya Abdullah Al Kamali, CEO of Customs World, Eng. Adel Al Suwaidi, Director of Technical Support Department, Daoud Al Zarouni, and Senior Manager of Intelligence Data Management Section.  Nadya Abdullah Al Kamali, CEO of Customs World delivered a presentation about RIISE to the Algerian officials.  RIISE, the new platform, will be rolled out ......read more

    Jafza and Dubai Chamber Team Up to Enhance Business in Dubai

    Dubai, United Arab Emirates, 25 May 2019:  Jebel Ali Free Zone (Jafza), the Middle East’s leading economic zone, and Dubai Chamber of Commerce and Industry have taken a major step forward in promoting ease of doing business in Dubai by introducing a new system that allows Jafza customers to obtain a Dubai Chamber Membership Certificate through its Dubai Trade portal. The integration of the free zone’s system with the Dubai Chamber of Commerce and Industry is available to all Jafza customers and can be obtained or renewed when a business is renewing its trade license. The new system will cater to all businesses from SMEs to large enterprises, operating in a wide variety of sectors H.E. Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry, said:  “The newly integrated system will ......read more

    Icons club launched a coffee table book of inspiring stories

    May 23, 2019 - Dubai, UAE The prestigious Icons club launched an iconic coffee table book, which include many inspiring stories of UAE business tycoon’s journey. Present on the occasion were honourable Mr Vipul - Consul General of India, Mr Rizwan Sajan chairman of Danube Group and Icons Club along with other members of the club and creme de la crème of the society.  The book is published by Vikas Bhargava and named as ‘Icons generation next’. The official release was done by the Consul General of India in Dubai Mr Vipul. With a mission to bring together a diverse group of personalities on a single platform to inspire many life’s, the book focuses on the older generation of successful NRIs and the new generation of entrepreneurs who reinforced the spirit of enterprise. Mr Rizwan Sajan, Founder and ......read more

    Lenovo Achieves Record Revenue for Fy18/19 Driven by Success of Intelligent Transformation Strategy And Strong Operational Performance

    • Lenovo posts record fiscal year results with revenue reaching all time high of US$51 billion, up 12.5% year-on-year • Intelligent Transformation strategy drives PTI jump to US$856 million – up more than four times at 459% YOY • Net income is US$597 million, an increase of US$786 million from last year • Strong fourth quarter performance included double-digit growth (10.1% YOY) on revenue to US$11.7 billion, revenue and profit up across all businesses for the first time since x86 and Motorola acquisitions, and improved profitability: PTI at US$180 million, up 389% YOY; net income up 261% YOY to US$118 million • Management highlights strong foundation positioned for future growth, based on a customer-centric, multi-business operating system that can thrive in a transforming ......read more

    Liz Taylor Named Chief Creative Officer of Leo Burnett Worldwide

    Dubai, United Arab Emirates - May 23, 2019:    Award-winning creative leader Liz Taylor will join Leo Burnett Worldwide as chief creative officer. Starting July 8, she will sit at the agency's Chicago headquarters leading the creative direction of the global agency network. Taylor will work alongside the network's creative leadership team to help build the agency's offering and culture for the future. Taylor will take on a hybrid role as North American creative lead of Publicis Communications, the creative communications hub of Publicis Groupe. She will partner with Publicis Groupe Chief Creative Officer Nick Law and Chief Strategy Officer Carla Serrano to help drive transformative creative solutions for North-American based Power of One collaborations. "I've followed and admired Liz and her work for ......read more

    Other Top Stories from Banking and Investments
     
    Dawex Raises €5 Million to Accelerate the Development of the Data Economy

    Amadeus, Itochu Corporation, Bouygues Construction and Caisse des Dépôts invest to support innovation and data exchange technology.    Dubai, United Arab Emirates - May 23, 2019:  Dawex, a leading data exchange technology company and the operator of the largest data marketplace, today announced a new round of funding of €5 million with Amadeus (AMS.MC), Itochu Corporation (ITOCY), Bouygues Construction (BOUY.PA) and a French web entrepreneur entering Dawex’s capital, also joined by the historical investor Caisse des Dépôts (via its Banque des ......read more

    Schneider Electric Worldwide Employee Share Ownership Plan (WESOP) wins the ‘Best Plan Effectiveness' at the Global Equity Organization annual meeting'

    Dubai, United Arab Emirates - May 22, 2019:    The Schneider Electric Worldwide Employee Share Ownership Plan (WESOP)  won the award for ‘Best Plan Effectiveness’ last week at the Global Equity Organization (GEO) annual meeting in The Netherlands. GEO is an international network meeting for professionals of equity plans, such as WESOP or Long-Term Incentive Plans. WESOP is one of the Group key annual Rewards Programs, open to employees across 38 countries, that gives employees the opportunity to become shareholders of Schneider Electric by subscribing to shares ......read more

    Sony Corporation achieves strong operating income of US$ 8.06 Billion for FY 2018

    Dubai, United Arab Emirates - May 22, 2019:    Sony Corporation registered a strong operating income of US$8.06 billion (¥894.2 billion) in fiscal year 2018 ended March 31, 2019, with a year-on-year growth of 22 per cent compared to the year ago.   The company’s consolidated sales and operating revenue was valued at US$78.14 billion (¥8.65 trillion), compared to the previous year’s US$77.04 billion (¥8.54 trillion). For the first time in history, income before income taxes exceeded a trillion yen reaching US$9.12 billion (¥1.11 ......read more

    Gulf Navigation Holding announced 19% revenue growth in Q1

    • Achieves Q1 2019 revenue of AED 45mn, a YoY increase of 19% • Q1 net loss at AED 11mn on account of off-hire days for a vessel and additional expenses attributed to 10-year special survey    Dubai, United Arab Emirates, May 20, 2019:  Gulf Navigation Holding PJSC (“GNH” or “Company”), the Dubai Financial Market listed maritime and shipping company, has announced its financial results for the first quarter of 2019. During Q1 2019 the Company achieved operating revenue of AED 45 million compared to AED 37.7 million during the same ......read more

    Qualys Releases Innovative Extension to its Groundbreaking Cloud Agent Platform with New Cloud Agent Gateway (CAG) Service

    Strengthening the company’s groundbreaking Cloud Agent Platform, Qualys’ new high-availability proxy appliances simplify and secure connectivity for large-scale Cloud Agent deployments    Dubai, United Arab Emirates - May 20, 2019:    Qualys, Inc. (NASDAQ: QLYS), a pioneer and leading provider of cloud-based security and compliance solutions, today unveiled its new Cloud Agent Gateway (CAG), a major extension of its Cloud Agent Platform that drastically simplifies large-scale deployments across on-prem and hybrid cloud ......read more

    Grandweld Shipyards launches tenth boat of KOC fleet

    May 20, 2019:  The UAE-based, Grandweld Shipyards, recently announced the launch of its sixth pilot boat for Kuwait Oil Company (KOC). As per a contract signed in May 2017, the “MESKAN” is the final boat of ten – four crew transport boats and six pilot boats – that Grandweld was required to build for KOC’s fleet. With this launch, the total number of six deliverable pilot boats has been completed. Moreover, the remaining four boats that were already launched prior, will be delivered in June 2019 after full inspection and testing for sailing ......read more

    61 percent of employees believe sustainability is mandatory for modern businesses – global HP study

    Results establish sustainability as a new workplace standard for successful businesses, and identifies opportunities to advance sustainability in the office    • 46 percent of survey respondents globally would only work for companies with sustainable business practices, while 61 percent believe business sustainability is mandatory  • 58 percent said environmentally conscious practices are key to engaging future workforce • HP invests $2 million to sustainable supplies and promoting a circular economy   Dubai, United Arab Emirates - May 19, ......read more

    Jafza to Waive Aed 35 Million in Fines

    The GCC’s Leading Free Zone Takes a Bold Step to Celebrate Year of Tolerance Dubai, United Arab Emirates, 19 May 2019:  Jebel Ali Free Zone (Jafza), the Middle East’s leading special economic zone and key growth engine of Dubai’s economy, has announced it will waive an estimated AED 35 million in fines owed by its customers, in commemoration of the UAE Government’s designation of 2019 as the Year of Tolerance. Jafza’s decision to waive fines is an initiative that aligns strongly not only with the UAE government’s goals for promoting tolerance but ......read more

    Jafza to Infuse Aed 1.3 Billion Into Dubai's Economy

    The First Free Zone in the Country to Return Cash and Bank Guarantees  Dubai, United Arab Emirates, 18 May 2019:   To promote ease of doing business and to support its customers Jebel Ali Free Zone (Jafza), the GCC’s largest special economic zone, will become the first free zone in the country to return cash and bank guarantees to its clients through its new Workforce Protection Programme initiative that is set to roll out in September of this year. The move will provide added benefits to employees and infuse AED 1.3 billion back into Dubai’s economy that ......read more

    SHUAA Capital progressing with potential combination with ADFG; releases Q1 2019 earnings

    • Combination with major shareholder ADFG progressing through final stages, followed by regulatory and shareholder approvals • Q1 reported revenues increase 67% quarter-on-quarter to AED 55.4 million • Net loss in quarter of AED 24.9 million on the back of legacy provisions and one-off items   Dubai, United Arab Emirates - May 18, 2019:   SHUAA Capital confirms it is progressing with its potential transaction with ADFG through a strategic investment structure where-in the combined entity will continue to operate as a publicly listed company. The ......read more

    Two MEFMA members recognized at Global FM Awards of Excellence 2019

    Dubai, United Arab Emirates - May 16, 2019:   Two members of the Middle East Facility Management Association (MEFMA) bagged major awards at the prestigious Global FM Awards of Excellence 2019. UAE-based integrated facilities management (FM) providers Emrill Services and Adeeb Electrical & Electronics Services were honored in the recently concluded competition for their effective implementation of the best industry practices and their contributions to the FM community at large.  MEFMA’s Strategic Corporate Member Emrill won the ‘Gold Award of Excellence in FM ......read more

    Mohammed bin Rashid Space Centre opens registration for 22nd IAA Humans in Space Symposium

    It will showcase the first UAE experience in human space flights field Dubai, United Arab Emirates - May 16, 2019:   Mohammed bin Rashid Space Centre (MBRSC) announced opening early registration for the 22nd session of the International Academy of Astronautics (IAA) Humans in Space Symposium, hosted in Dubai for the first time in the Middle East and North Africa. The event will be held from 11 to 14 November 2019 at the Dubai World Trade Centre, and will bring together experts from around the world in the space industry, especially from the Arab world. Those wishing to attend ......read more

    Dp World UAE Region Awarded for Creating Sustainable Supply Chain

    Dubai, United Arab Emirates, 14 May, 2019:  DP World, UAE Region has been recognised for its efforts to create a more efficient and sustainable supply chain when it was awarded the Supply Chain Sustainability Award at this year’s Gulf Petrochemicals and Chemicals Association (GPCA) Supply Chain Conference. Mohammed Sulaiman, Business Development Manager of DP World, UAE Region, received the award on behalf of the company at a ceremony held at the Intercontinental Hotel in Dubai’s Festival City. The Supply Chain Sustainability Award recognises organisations that initiate ......read more

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

    Dubai, 14 May 2019:   Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently handed over the AED 1 million cash prize for its monthly Kunooz Savings Account draw to the lucky winner, Indian national Abdul Razak Kalathumkara. Commenting on his win, Mr. Abdul Razak Kalathumkara said: “I was overjoyed to receive the good news from the bank informing me that I had won AED 1 million, and I feel immensely grateful and blessed to win this cash prize. I have my business and personal accounts with Emirates Islamic and a Kunooz account since 2013. I ......read more

    The French Business Council Dubai & Northern Emirates rallies its business community to support the French Pavilion at Expo 2020'

     Memorandum of Understanding signed about Expo 2020  Gala diner under the theme of the French Pavilion at Expo 2020: Lights, Enlightenment French Business Council Business Award ceremony Very high levels representatives from both sides among them 2 Ministers    United Arab Emirates – May 6, 2019:  In the presence of H.E. Omar Bin Sultan Al Olama,  Minister of State for Artificial Intelligence in the United Arab Emirates, the French Minister of Transport, Elisabeth Borne,  and H.E. Ludovic Pouille, French Ambassador to the UAE, the ......read more

    Regions' happiest workplaces revealed

    The second edition of Happiness @ Work Award winners include both public and private sector organizations   Dubai, April 24, 2019: The region’s top happy workplaces were revealed and honored at the second edition of the Happiness @ Work Award ceremony. The winners include government and private sector organisations that have taken steps to increase the happiness quotient of its workforce.   Dubai Police was declared the happiest workplace in the public sector category. The same honour in the private sector category went to Aafaq Islamic ......read more

    Visa Acquires Control of Earthport

    Visa’s Ownership of Earthport to Bring More Speed, Simplicity, Transparency and Trust to Global Payments       Dubai, United Arab Emirates - May 13, 2019:   Visa Inc. (NYSE:V) today announced it has acquired control of Earthport (AIM:EPO), a company that provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network.  Currently, Visa enables payments to be sent to or from Visa cards. The acquisition will make it possible for Visa clients to enable ......read more

    ICS Financial Systems to Participate at AAOIFI's Shari'ah Conference, 17th Edition

    Dubai, United Arab Emirates - May 13, 2019:   Manama, Kingdom of Bahrain: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has participated in the 17th Annual Shari'ah Conference of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading  international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry.   The Accounting and Auditing Organization for Islamic Financial ......read more

    Amanat Holdings records 43% growth in Net Profit in Q1 2019

    Net Profit in Q1 2019 stood at AED 20.7 million, a 43% increase compared to Q1 2018 as benefits of the AED1.2 Billion deployed in 4 portfolio companies show through. Excluding the Royal Hospital for Women & Children which was only recently opened and still ramping up, Amanat would have recorded an 56% growth in its Net Profit in Q1 2019 compared to Q1 2018. Income from investments in associates and subsidiaries rose by 127% YOY to reach AED 30.2 million in Q1 2019. Amanat is well placed for continued growth driven by its investments in healthcare and education ......read more

    Puig Revenues Reach €1,933 Million with Net Income of €242 Million in 2018

    Dubai, United Arab Emirates - May 11, 2019:   In 2018, Puig reported €1,933 million in net revenues, a figure very similar to the previous year, and a reported 5% increase on a like-for-like and constant currency and accounting rules basis.     Profit before tax represented 17% of net revenues. Net income reached to €242 million, or 13% of net revenues.       Evolution of Net Revenues and Profit (2017-2018) In millions of euros       2017 2018 Y18/Y17 (1) Net ......read more

    Chinese bonds sail a sea of uncertainty

    Dubai, United Arab Emirates - May 09, 2019:   Volatility is up across asset classes as markets try and re-price what was long thought to be something approaching a done deal between Beijing and Washington. Just as the market was getting comfortable with better-than-expected economic data and supportive central banks, trade talks took a nasty turn as Trump threatened China with higher tariffs.  For investors, the main question is whether this uncertainty will put a meaningful dent in the multi-asset rally that has been in place since early January, as well as whether the ......read more

    Emirates NBD Dubai Economy Tracker™

    Dubai’s non-oil private sector growth accelerates in April but prices fall further    Dubai, May 9th 2019:    Overall business conditions in Dubai’s non-oil private sector economy improved at the fastest rate in over four years in April. This mainly reflected the trend in new business, as employment was broadly unchanged during the month. Notably, business conditions in the wholesale & retail sector improved at a series record pace, partly influenced by sharp price discounting and promotional activity. Across the non-oil private sector as a ......read more

    The French Business Council Dubai & Northern Emirates rallies its business community to support the French Pavilion at Expo 2020

    Memorandum of Understanding signed about Expo 2020 Gala diner under the theme of the French Pavilion at Expo 2020: Lights, Enlightenment French Business Council Business Award ceremony Very high levels representatives from both sides among them 2 Ministers    United Arab Emirates – May 7, 2019 - In the presence of H.E. Omar Bin Sultan Al Olama,  Minister of State for Artificial Intelligence in the United Arab Emirates, the French Minister of Transport, Elisabeth Borne,  and H.E. Ludovic Pouille, French Ambassador to the UAE, the annual gala dinner of ......read more

    Joyalukkas Exchange is now in Sonapur

    Dubai - UAE, 07 May 2019: Joyalukkas Exchange, the money exchange arm of Joyalukkas Group, further enhanced its presence in the UAE region with a new branch in Sonapur.  Joyalukkas Exchange, Sonapur is now functional and is open to public.  With the new branch, Joyalukkas Exchange now has a strong presence with 12 branches spread across the UAE.The new branch is a part of Joyalukkas Exchange expansion plans with more branches set to be open in the near future across the Middle East. Joyalukkas Exchange provides its customers with a world-class experience in foreign exchange and ......read more

    Fortress energy joins metals to record a weekly loss

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, United Arab Emirates - May 05, 2019:  Commodities traded lower for a third consecutive week with metals both industrial and precious, as well as with soft commodities, on the receiving end of investor selling. Fortress energy also showed signs of weakness with crude oil, as highlighted last week, being hit by technical selling despite the news flow being predominantly price friendly.  Apart from the recent dollar strength, which reduced the appeal of metals during the latter part of April, it was the slowdown in ......read more

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