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    Featured in Banking and Investments
    Invest Group Overseas Commits Investment of over AED2 Billion by 2020 Starting with Launch of IGO 101

    AED500 million tower to offer more than 440 family-friendly residential units at competitive prices in Jumeirah Lakes Towers Dubai-UAE: 21 August, 2017:  Invest Group Overseas (IGO), a Dubai-based developer of superior residential assets, today launched the mega residential development IGO 101 and announced its commitment to invest in projects valued at more than AED2 billon leading up to 2020. With construction to begin in December 2017, IGO 101 is scheduled for completion in Q4 2020. As a privately-held creator of community-style developments, IGO is committed to delivering end-user focused products with high-ROIs, within committed time frames, at prime locations in the city’s most prominent areas. With an investment of AED500 million, the 195-meter tall residential tower that will include G+39 floors, promises to ......read more

    AED 200,000 awaits Business Excellence Awards Winners

    RAS AL KHAIMAH, 20 August 2017:  Ras Al Khaimah Economic Zone (RAKEZ) today opens its doors for entries for the RAKEZ Business Excellence Awards 2017. The awards recognises companies for their outstanding excellence, which played a key role in the economic development of the emirate of Ras Al Khaimah. On its fourth year, the prominent awards programme comes back with exciting addition for the participants as it is set to give away a total of AED 200,000 cash prizes to the winners.   “Would you believe that we only had 120 submissions in the first year? Now, we’re anticipating over 450 entries for this year, which is a remarkable 270% increase,” said His Highness Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAKEZ. “For me, this means that the awards programme we created to inspire excellence in our ......read more

    Premier Global Business Leaders and Entrepreneurs to Gather in Ras Al Khaimah for the Young Global Leaders Summit

    Essam Al Tamimi from Al Tamimi & Company to moderate panel on ‘Leadership, the Youth and Entrepreneurship’ during the 27 September conference Silicon Valley venture capitalist Guy Kawasaki to provide keynote speech Ras Al Khaimah, UAE, 20 August 2017:  The founder of the UAE’s largest law firm, Essam Al Tamimi, and Silicon Valley venture capitalist, Guy Kawaski, will join Indian YouTube sensation, Varun Pruthi, at Ras Al Khaimah’s Young Global Leaders Summit. Organised by the regional business and policy magazine, Leaders Middle East, and sponsored by Ras Al Khaimah Tourism Development Authority (RAKTDA), the 2nd Young Global Leaders Summit will take place at the five-star Rixos Bab Al Bahr hotel on 27 September, 2017 and will feature a keynote speech from H.H. Sheikh Saud Bin Saqr Al Qasimi, Ruler ......read more

    Sharjah FDI Forum to Discuss Future Direction of Global Investments

    Annual foreign investment conference taking place in September 19th-20th will host an array of international economic experts and renowned industry figures Sharjah, August 19, 2017:  Sharjah FDI Forum 2017, the annual foreign direct investment (FDI) event held under the patronage of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah, will host a series of panel discussions conducted by regional and international investment experts.  Taking place on September 19th -20th , the third Sharjah FDI Forum will hold five panel discussions on its first day, with renowned local and international figures discussing an array of topics related to investment in the UAE and the region, including industry, technology, innovation and development. Themed “The Fourth Industrial ......read more

    Jafza attracts 267 new companies during the first half of 2017

    Dubai, UAE, August 16, 2017:  The Dubai-based Jebel Ali Free Zone (Jafza) has maintained its position as a preferred investment destination for large-scale industrial and commercial projects coming into the UAE. During the first half of 2017, Jafza attracted 267 new companies from 48 countries around the world, marking a growth of 6 percent compared to the same period last year. Jafza also leased more than 340,000 square meters of space for as facilities for a variety of sectors and industries during the period. Plots of land were most in demand with 318,000 square meters, with 11,500 square meters of warehousing space, over 2,000 square metres of office space and 3,700 square metres in showrooms. Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, the parent company of Jafza, said: “Jafza’s performance ......read more

    Baume & Mercier and Indian Motorcycle Announce Partnership

    Dubai, UAE, August 15, 2017:   Baume & Mercier, major Swiss luxury watchmaking company part of the Richemont Group and Indian Motorcycle®, America’s First Motorcycle Company®, today announced an exclusive partnership. The historic Bonneville Salt Flats served as the venue to unveil this unique brand alliance, as Indian Motorcycle and Baume & Mercier honored the historic achievements of motorcycle trailblazer and famed land-speed record holder, Burt Munro. It has been 50 years since Munro took his Indian Scout Streamliner to push the limits of speed at the Salt Flats, entering history to become “The World’s Fastest Indian.” To celebrate the 50th anniversary of Munro’s iconic land speed record, Lee Munro, Burt Munro’s great nephew, recreated the historic run at Bonneville on ......read more

    InfoFort drives digital transformation at Sohar Port and Freezone

    Port’s digital transformation and automation to facilitate and boost global trade Dubai, UAE, August 15, 2017:  InfoFort, an Aramex company and a leading information management solution provider in the Middle East and Africa, today announced the successful implementation of an electronic document management system and digitisation of the physical records at the Sohar Port and Freezone in the Sultanate of Oman. With global investments of USD 25 billion, the deep-sea port and Freezone managed by Sohar Industrial Port Company (SIPC), wanted a reliable technology solutions provider to seamlessly manage its digital transformation needs.   InfoFort was chosen by SIPC to install and integrate an electronic document management solution within the Port’s existing IT Infrastructure.  Through this ......read more

    UAE is likely to see increased cashless transactions by 2020: Xpress Money's Strategy & Digital Chief

    Regulatory frameworks and foundations being laid for rapid transition to cashless payments Dubai, August 14, 2017:  Cash is still the reigning king, but that is likely to change rapidly given the UAE’s thrust towards cultivating smart economies, says Xpress Money’s Associate Vice President – Strategy, Digital & BIA, Arundhoti Banerjee. Xpress Money – one of the world’s most dependable money transfer brands – believes that cashless transactions will become far more common in the UAE by 2020 - despite accounting for only 10% of all payments regionwide  at present. Cashless transactions offer several benefits. For one, they leave a digital trail that is very effective in combating money laundering. Going cashless reduces counterfeiting risks, and also reduces the overheads of ......read more

    Sharjah calls on entrepreneurs to participate in flagship Sheraa Accelerator program

    Sheraa Accelerator will leverage Sharjah’s role as a leading hub for entrepreneurship and attract innovative startups   Second edition of Sheraa Accelerator is held in partnership with Air Arabia, Bee’ah and Crescent Enterprises Registrations open online, with deadline for application on August 31st 2017 Sharjah, UAE: (August 13, 2017):  Sharjah has taken its flagship Sheraa Accelerator program to the international stage by inviting  entrepreneurs from within the UAE, and across the globe, to apply for its second cycle. The invitation goes out to innovative, early-stage ventures that wish to use Sharjah as a launchpad to grow and scale their impact.   The second Sheraa Accelerator cycle follows a successful inaugural cohort that witnessed the launch of ten innovative startups across ......read more

    Jebel Ali Free Zone trade reaches $80.2 billion in 2016

    China maintains its position as Jafza's largest trading partner with $ 11.3 billion  Dubai, United Arab Emirates, 13 August 2017:  Dubai-based Jebel Ali Free Zone (Jafza), a subsidiary of global trade enabler DP World, has consolidated its position as a major trading and logistics hub by growing its non-oil foreign trade by 17 per cent from 23.9 million to 27.9 million tonnes in 2016, worth $80.2 billion. Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: "The value and volume of trade through Jafza underlines the strength of the national economy and its ability to adapt to global trading conditions, create investment opportunities and open up new markets to exports from the UAE." Mr. Bin Sulayem added that Jafza supports economic diversification in line with the directives of His ......read more

    Credit FAQ Discusses Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns

    LONDON (S&P Global Ratings) Aug. 9, 2017:  In a Credit FAQ titled "Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns," published today, S&P Global Ratings responds to questions that have surfaced in recent discussions with issuers and investors about the implications of the Qatar boycott by a group of states for the Gulf Cooperation Council (GCC) sovereigns. S&P Global Ratings believes that the impact of a group of states cutting diplomatic ties, as well as trade and transport links, with Qatar on June 5, 2017, may not be confined to within Qatar's borders. We expect that political tensions within the GCC will persist over the next few years, and believe that the boycott of Qatar has illustrated deeper fissures within the group than were previously evident. For the most ......read more

    UBS CIO: Egypt's economic growth could accelerate to 5 to 6 percent per year

    Social factors will prove decisive for Egypt's development, according to the latest report by UBS Wealth Management's Chief Investment Office. Encouraging economic prospects end years of deteriorating credit ratings across Africa, report finds. Dubai, UAE, August 8, 2017:  UBS Wealth Management's Chief Investment Office (CIO) launched a new report on Africa's sovereign credit prospects, an important benchmark used to evaluate the risk of investing in a country. The report concludes that after years of deterioration, the credit outlook of many African sovereign issuers is stabilizing or improving.    The report assigns a stable credit outlook to Egypt. Over the next five years, the country's population is expected to increase by more than 10 million according to the UN, which is likely to ......read more

    Amlak Releases First Half 2017 Results

    Amlak H1 2017 Net Profit stands at AED 15.5 million Revenue from financing business activities stands at AED 96 million Drop in Operating Cost by 18% compared to H1 2016   Drop in Financing Cost by 5% compared to the same period last year Total Assets stand at AED 6.6 billion Dubai, UAE 8 August 2017:   Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, today announced its financial results for the first half ended 30 June 2017.    Amlak reported Net Profit of AED 15.5 million for the first half ended June 30 2017. The Company reported profit of AED 8.1 million for Q2 2017 compared to loss of AED 35.5 million in Q2 2016 mainly due substantial savings in Operating Cost and Reversal of Impairments.   Revenue from financing business activities ......read more

    Barclays ‘Compass': Developed and Emerging Markets Equities Maintain Their Growth Momentum

    Nominal yeilds weigh down investment grade and developed governrnent bonds’ attractiveness  Strength of the structural growth in technology as well as a cyclical recovery in the financial industry should be important drivers for further gains in Emerging Markets  Dubai, UAE, August 8, 2017:  Barclays’ Private Bank released its Q3 2017 “Compass” Report, which examines major asset classes globally. The latest research report revealed that equities in Developed and Emerging Markets continue to offer best growth potential for investors seeking to take advantage of tactical investment opportunities across the globe.    The Q3 tactical allocation highlighted in Barclays’ latest edition of the Compass Research Report maintained an overweight position in Developed Markets ......read more

    “Misr Um El Donia” Account launched in UAE

    Mashreq launches unique account for Egyptians living in the Emirates United Arab Emirates - Dubai, 08 August 2017:  Mashreq Bank - the UAE’s leading financial institution announces the latest addition to the banks’ roster of successful offerings - “Misr Um El Donia”. “Misr Um El Donia” is a bouquet of benefits and services that enables Egyptian customers living in the UAE to save and transfer money to friends and family back home with convenience. Opening a “Misr Um El Donia” account has never been easier - with only a passport copy and no initial deposit; the account allows customers to bank free of charge with multiple savings and current accounts in different currencies. To top it off, the bank also offers special fees and rates on remittance and a round the clock virtual ......read more

    ENBD REIT Acquires First Education Asset in Dubai

    ENBD REIT to develop South View School for AED 55 million  The acquisition grows ENBD REIT’s total portfolio value to USD 367 million  The school will be Interstar Education’s fifth Dubai campus Dubai, United Arab Emirates, 6th August 2017:  ENBD REIT (CEIC) Limited (“ENBD REIT”), the Nasdaq Dubai-listed Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management, announces that it has acquired South View School in Dubai’s Remraam Community. South View School will be Interstar Education’s fifth Dubai campus and its second British curriculum school, which is in line with the firm’s vision of developing high quality, affordable schools in Dubai. ENBD REIT signed a Musataha of the plot, and will construct the school at a total transaction ......read more

    AlJeel Capital signs an exclusive UAE franchise with Shakey's

    AlJeel Capital LLC Capital is pleased to announce its latest Food & Beverage venture by launching Shakey’s in the UAE, an American leading operator in casual Pizza fast food, adopted in the Philippines, following a joint venture deal with Shakey’s Pizza Asia Ventures, Inc. (SPAVI) Dubai, United Arab Emirates, August 3, 2017:  AlJeel Capital LLC Capital is pleased to announce its latest Food & Beverage venture by launching Shakey’s in the UAE, an American leading operator in casual Pizza fast food, adopted in the Philippines, following a joint venture deal with Shakey’s Pizza Asia Ventures, Inc. (SPAVI).   AlJeel Capital’s CEO, Mr Firas Hurieh said, “A large population from the Philippines made the UAE and particularly Dubai their home, there is roughly 700,000 Filipinos ......read more

    Earnings Release and Financial Results Siemens Q3 FY 2017: Fully on track for another strong year

    Our global team delivered a solid quarter with revenue up 8% and net income growing by 7%. Our digital enterprise business impressively underscored its leading position in the market. We  are  fully  on  track  with  Vision  2020  and  for  another  strong year,« said Joe Kaeser, President and Chief Executive Officer of Siemens AG. Revenue rose 8% compared to Q3 FY 2016, to €21.4 billion, including a strong performance by short-cycle businesses Orders came in 6% lower, at €19.8 billion, due to sharply lower volume from large orders at Power and Gas and at Siemens Gamesa Renewable Energy, the business resulting from the merger of Siemens’ wind power business with Gamesa Corporación Tecnológica S.A. (Gamesa) beginning with Q3 FY 2017; the ......read more

    Mohammed Bin Rashid Fund and Metis Management Consultancy up for post-fund monitoring of SMEs

    Dubai, 2 August 2017:   Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector – has appointed Metis Management Consultancy to conduct post-fund monitoring services for all the companies supported by the Fund.   The partnership will enable SMEs assisted by Mohammed Bin Rashid Fund to have greater access to hands-on experience from a highly skilled and professional consultancy team. The Metis consultancy includes routine checks, guidance, and financial advisory support that will help in foreseeing and planning for potential risks.  “Public-private partnerships are critical to the strategy of Dubai SME and the Mohammed Bin Rashid Fund to empower entrepreneurs and their startups in their growth and ......read more

    Tejar Dubai workshop series highlights innovative strategies for entrepreneurs

    Workshops provided aspiring entrepreneurs with practical advice and best practices in adopting innovative business strategies Dubai, UAE, August 2, 2017:  Tejar Dubai, an initiative of the Dubai Chamber of Commerce and Industry, recently hosted a five-day workshop series held under the theme “Entrepreneurship and Innovation 360”, which provided aspiring entrepreneurs with practical advice and best practices in adopting innovative business strategies.   The workshops, hosted at Dubai Chamber’s premises, were attended by over 50 participants, while the sessions featured presentations from The Advisory Team, a Dubai-based business consultancy specialising in innovation and entrepreneurship.   Sessions covered a wide range of topics, including leadership strategies for startups, market ......read more

    ENBD REIT Announces NAV of USD 292 Million

    Total Property Portfolio Value stands at USD 352 million (AED 1.291 billion), an increase of 11.5% following the Uninest student accommodation acquisition in May 2017  Interim dividend of USD 0.0382 per share paid for the 6-month period ending 30th June 2017 Portfolio occupancy at 86%, rising by 1% on the previous quarter    Dubai, United Arab Emirates, 1st August 2017: ENBD REIT (CEIC) Limited (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), has announced its Net Asset Value for 30th June 2017.      ENBD REIT’s second NAV since listing, which has increased by 1.74% in the quarter (cum-dividend), now stands at USD 292 million (AED 1.074 billion) (ex-dividend and ......read more

    Regional banks urged to consider assurance of capital numbers

    Dubai, UAE, August 1, 2017:  The Institute of Chartered Accountants in England and Wales (ICAEW) has urged banks in the Middle East to follow its newly published framework for assuring bank capital numbers. The framework aims to deliver confidence in the resilience measures being undertaken by regional banks. Drawn up in consultation with banks, auditors and regulators, the framework can be applied to all regulatory ratios, including capital, liquidity and leverage.  According to ICAEW foreign investors are increasingly looking for their local banks to produce information to comparable international high standards. Capital ratios, which are produced alongside banks’ financial information, are regarded by many as a key indicator of a bank’s safety and soundness. Iain Coke, head of ICAEW’s Financial ......read more

    Mashreq Bank appoints new head of Private Banking

    UAE, Dubai - 31 July 2017:  Mashreq Bank today announced the appointment of Vipul Kapur as its new Head of Private Banking. Vipul replaces Rajesh Malkani who left the bank to pursue an external opportunity. Rajesh was a valued member of the senior management team of Retail Banking and made good contribution to driving the business. Vipul Kapur comes with a distinguished 25-year track record across various aspects of Retail Banking. During his tenure with Citibank, Vipul has worked in India, Bahrain, Dubai, Singapore and London, and has gained significant experience in Private Banking and Wealth Management across multiple geographies. He was also responsible for establishing new markets in MENA and Europe, and driving business growth with affluent clients. In his last role with Sansons, Vipul led the growth of distribution ......read more

    Dubai Chamber and Google host joint workshop to boost members' online reach

    Workshop aims to strengthen online presence of Dubai Chamber members through the Google My Business solution Members get the chance to verify their business on Google My Business and take advantage of the solution’s value-added features  Dubai, UAE, July 31, 2017:  The Dubai Chamber of Commerce and Industry recently hosted a workshop in partnership with Google to assist Chamber members’ efforts to strengthen their online presence and reach among potential customers.   The event, held at Dubai Chamber’s premises, was the first in a series of workshops aimed at familiarising companies with the Google My Business solution, and helping them strengthen their digital presence.    The workshop provided businesses with an overview of value-added features and benefits offered by ......read more

    Continued Financial Growth for Majid Al Futtaim as Business Prepares for Future of Retail

    Story of Growth Note:  The following information is a trading statement based on unaudited management accounts for Half Year ended 30 June 2017. Delivered increased group revenue and EBITDA by 4% year-on-year Acquired Retail Arabia to complement, consolidate and expand Carrefour’s network to more than 210 hypermarkets and supermarkets across 15 countries and gained market share in Bahrain & Kuwait  Opened Mall of Egypt, which is home to the first ski slope and snow park in Africa   Invested in Fetchr, a last mile delivery start-up, to enhance digital and e-commerce capabilities and launched a ‘hands-free’ shopping service at Mall of the Emirates Introduced a new multi-sensory experience, Orbi, at City Centre Mirdif  Awarded the 2017 CinemaCon ‘Global Achievement Award in ......read more

    Other Top Stories from Banking and Investments
     
    Bentley Announces Finalists in 2017 Be Inspired Awards Program Recognizing BIM Advancements in Infrastructure Design, Construction, and Operations

    Dubai, United Arab Emirates; August 22 2017 – Bentley Systems, Incorporated, a leading global provider of comprehensive software solutions for advancing infrastructure, today announced the finalists in the 2017 Be Inspired Awards program. The annual awards honor the extraordinary work of Bentley users advancing infrastructure design, construction, and operations throughout the world. Ten independent jury panels comprising distinguished industry experts selected the 51 finalists from more than 400 nominations submitted by organizations in more than 50 countries.  The finalists ......read more

    DAFZA issues guide on ‘Dubai: The Global Gateway to Halal Industries'

    UAE, 21 August, 2017– The Dubai Airport Freezone Authority (DAFZA) recently issued a comprehensive halal industries guide as part of its initiatives to contribute to Dubai’s vision of becoming the capital of the Islamic economy for 2017-2021. The first-of-its-kind guide titled ‘Dubai: The Global Gateway to Halal Industries’ describes Halal products in different sectors, highlighting several investment opportunities for foreign investors to contribute to enhancing the Islamic economy.  The guide showcases the economic system of Dubai, which is supportive of ......read more

    Drake & Scull secures AED 175 million deal in Dubai

    UAE, August 21, 2017 - Drake & Scull International PJSC, a regional market leader in engineering and related services, has confirmed that its general contracting subsidiary, Gulf Technical Construction Company (GTCC), has been awarded an AED 175 million contract by Orion Real Estate Development L.L.C. to build the latter’s latest project, the West Bay residential tower located at Dubai’s Business Bay. The scope of work includes construction, civil engineering, and mechanical, electrical and plumbing (MEP) works scheduled for completion within 33 months. The West Bay ......read more

    MyUS launches initiative to tap into increase in e-commerce sales during Eid Al-Adha

    Dubai, 20 August, 2017- After witnessing a significant spike in sales during Eid Al-Adha in 2016, international shipping company MyUS is launching a local competition to capitalize on sales during this year’s Islamic holiday. The move also aims to attract new members in the region and encourage the further use of its service among existing members all over the Gulf.  During the six weeks prior to Eid Al-Adha last year, the top US stores shopped online from the region included Nordstrom, Anastasia Beverly Hills, Ralph Lauren, Kyle Cosmetics, Walmart, Gap, ASOS, Eastbay, and ......read more

    Sharjah Summer Campaign continues to offer major discounts & exciting mall events

    August 20, 2017- The ongoing Sharjah Summer Campaign organized by the Sharjah Commerce and Tourism Development Authority (SCTDA) continues to offer a wide range of prizes, discounts and special shopping mall events to provide a unique experience for residents and visitors alike. The campaign aims to promote Sharjah as a leading regional and international summer destination in line with Sharjah Tourism Vision 2021. As part of the campaign, Mega Mall of Sharjah is offering discounts up to 70 per cent, promotional packages, valuable prizes and a host of entertainment activities such as a ......read more

    Al Ansari Exchange named the ‘Preferred Remittance Centre of the Year' for a third consecutive time at The Filipino Times Awards 2017

    UAE, August 14, 2017- Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has once again been named as the 'Preferred Remittance Centre of the Year' in this year's edition of The Filipino Times (TFT) Awards. The distinction, which the company has won for three consecutive years now, was given in recognition of Al Ansari Exchange's provision of excellent service and key commitment and support for the Filipino expatriate community in the UAE. Husam Mahmoud, Marketing Manager, Al Ansari Exchange received the award during the gala awards night ......read more

    Genetec Achieves Top Global Market Share Rankings across VMS, Access Control, and ALPR technologies

    Dubai, UAE, August 13th 2017—Genetec Inc. (“Genetec”), has emerged as the only security and public safety solutions developer to hold a place in the top-10 global rankings for video management software (VMS), access control software, and automatic license plate recognition (ALPR) software, according to recently published market research reports by IHS Markit, a world leader in critical information, analytics, and solutions*.  The IHS Markit reports include 2017 Video Surveillance Market Share Database, 2017 Access Control Intelligence Database, and 2017 ANPR & ......read more

    Abu Dhabi National Takaful Co. PSC reports solid rise in Q2 2017 results with combined net profit of AED 40.9 million

    UAE, August 13, 2017 - Abu Dhabi National Takaful Co. PSC (ADNTC), the leading takaful operator in the MENA region and one of the most progressive insurance companies in the UAE, kept the momentum of its strong Q1 2017 performance to achieve a combined net profit of AED 40.9 million (Policyholders & Shareholders before release of Qard Hasan) and an underwriting profit of AED 34.1 million in Q2 2017. The combined net profit of AED 40.9 million for H1 2017 increased by 35 per cent compared to AED 30.3 million, while the underwriting profit of AED 34.1 million rose by 50 per cent compared ......read more

    Telecommunications Regulatory Authority to host RIPE 75 in October 2017

    August 13, 2017 - The Telecommunications Regulatory Authority (TRA) of the United Arab Emirates has begun preparations to host the 75th RIPE Meeting, an event that gathers Internet Service Providers (ISPs), network operators, and other parties to discuss important issues that face the internet community. RIPE 75 will take place from October 22 to 26, 2017 in Dubai, and supports TRA’s efforts to develop its Information Technology (IT) infrastructure to rank first in the 2021 Smart and E-Services Index. Through hosting RIPE 75, TRA is reinforcing its efforts to exchange best practices ......read more

    E-archiving is an enabler in prepping for VAT

    January 2018 marks the moment for all VAT registered businesses across the GCC to start keeping records of their transaction documents: invoices, records, VAT returns, accounts and others. According to the Tax Procedures Law recently released by the President of the UAE, the retention period of VAT records for all UAE-based businesses will be 5 years. This new obligation will be particularly challenging to organisations with a big volume of documents, such as trading companies, because it implies extra administrative duties and additional costs of space rental. With this in mind, electronic ......read more

    Brazil posts robust trade with Arab region as imports grow 27 percent & export share rises to 15.4 percent during first half of 2017

    UAE, August 2, 2017 -The Arab-Brazil Chamber of Commerce (ABCC) Brazil has announced that Brazilian average daily exports to the Arab region continue to soar, reporting a robust performance during the first half of 2017. Brazil’s total export market share in the Arab region rose to 15.4 per cent during the first half of 2017, in comparison with the total export market share recorded in 2016. Main exports included sugar, iron ore, beef, sports hunting equipment, car engines and chassis, automobiles, soybeans, poultry, coffee beans, precious and semi-precious stones, and cast-iron pipes. ......read more

    UAE business to have representation on the global board of Entrepreneurs' Organisation

    Dubai, July 30, 2017:  As Entrepreneurs' Organisation (EO) celebrates 30 years, a UAE-based businessman has been appointed for the first time to the global board of the organisation. A global business network of entrepreneurs, EO is one of the most prestigious business clubs worldwide. Sanjay Raghunath, Chairman and Managing Director of Centena Group, a Dubai-based group of companies, is the second person from the Middle East, Pakistan & Africa (MEPA) region and the first from the UAE to make it to the global board of EO. He will serve as director on EO's global board for ......read more

    Mashreq announces MashreqPay, the most advanced banking wallet in the UAE

    UAE- Dubai, 30 July 2017:  The UAE’s market leader in innovation, Mashreq Bank, has announced the launch of MashreqPay - a digital mobile wallet providing secure easy-to-use payment for purchases, anywhere in the world where cards are accepted and the merchant terminal has NFC (near-field-communication) capability. Since 2014, when Mashreq launched the first mobile contactless payment wallet with its Tap-n-Go sticker, the bank has led the way in the evolution of digital payments. Today, Mashreq is once again forging new ground by launching the most advanced mobile wallet for ......read more

    Drake & Scull appoints Mohammad Atatreh as its Board Member

    UAE, July 30, 2017 - Drake & Scull International PJSC, a regional market leader in engineering and related services, has announced today the appointment of seasoned UAE entrepreneur Mohammad Atatreh as its Board Member during the Company’s Board meeting. Atatreh replaces Khalaf Sultan Al Daheri who resigned from his seat on the Board.  Atatreh was a Board Member of several leading UAE companies, including Tabarak Commercial Investment, where he played a strategic role in the management of the company’s real estate development and construction portfolio. He is also part ......read more

    Arab Bank Group reports first half 2017 net income after tax of USD 415.2 million

    Amman, Jordan, 30 July, 2017:   Arab Bank Group announced its results for the first half of 2017 reporting net income after tax of USD 415.2 million as compared to USD 424.9 million for the corresponding period of 2016. The results were driven by solid growth in underlying core revenues and were achieved despite the impact of the translation effect of foreign currency devaluations. Net operating income before provisions and taxes reached USD 593.5MN as compared to USD 591.3 MN. Excluding the effect of the devaluations of a number of arab and foreign currencies, the Group’s net ......read more

    Shurooq Completes 60% of Fossil Rock Lodge Project

    As part of a new "Sharjah Collection" addition opening in 2017 “Fossil Rock Lodge” to introduce a memorable and authentic tourism experience on nature and culture in the heart of Mleiha Al Sarkal: "Shurooq continues to develop unique and outstanding tourism destinations which supports the highest standards of sustainability" Sharjah, 29 July 2017:  Sharjah Investment and Development Authority (Shurooq) is continuing its commitment to world-class hospitality in some of the region’s most striking areas of outstanding natural beauty with ......read more

    UOWD and Australian Institute of Company Directors (AICD) announce partnership

    AICD to offer International Company Director Course to governance and business leaders in Dubai Dubai, July 27, 2017:  University of Wollongong in Dubai (UOWD) and Australian Institute of Company Directors (AICD) have signed a Memorandum of Understanding (MoU) with the aim of achieving mutually beneficial objectives and setting out a framework for promotion and collaboration on educational programs. The University and AICD share common interests in terms of both possessing strong, respected, internationally focused Australian brands, as well as interests in the delivery of business ......read more

    Dubai Science Park Business Breakfast Unveils Opportunities in Healthcare as Identified by Dubai Industrial Strategy 2030 Task Force

    Dubai Science Park co-hosts event with Al Tamimi & Company as part of business series  Dubai-UAE: 27 July, 2017:  Dubai Science Park (DSP), the Middle East region’s first science-focused business community, hosted a business breakfast this week at its Laboratory Complex in partnership with leading regional law firm Al Tamimi & Company.  Attended by a delegation of healthcare professionals and entrepreneurs, the focus was on current opportunities and enablers within the healthcare sector that have been identified by the Pharmaceuticals and Medical Equipment ......read more

    UAE Exchange Gives Away Home to Lucky Summer Promotion Winner

    Ubaidulla Neralakatte from India walks away with life-changing grand prize of a home in Dubai. 25 lucky participants, from Egypt, Kenya, Philippines and the Indian subcontinent, each win AED 10,000 in cash.  Dubai, 26 July 2017:  The door to good fortune opened for 26 lucky participants as UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, announced the winners of its recently concluded Summer Promotion 2017 ‘Win a Home in Dubai’. The announcement was made last evening at a celebratory event, held at W Hotel, Dubai, amongst an ......read more

    DuPont Reports Second-Quarter and First-Half Results

    UAE, July 26, 2017 – DuPont (NYSE: DD), a science company that brings world-class, innovative products, materials, and services to the global marketplace, today announced second-quarter 2017 GAAP1 earnings from continuing operations of $0.97 per share and operating earnings2 of $1.38 per share.  Prior year GAAP1 and operating earnings2 were $1.16 per share and $1.24 per share, respectively.  Refer to Schedule B for details of significant items excluded from operating earnings per share.  For first-half 2017, DuPont delivered GAAP1 earnings from continuing operations of ......read more

    Business confidence improves in Dubai during Q3-2017

    Dubai Chamber survey shows improvement in Dubai business leaders’ expectations for access to financing, manpower quality 39% of respondents expect business conditions to improve and 45% expect business confidence to strengthen in Q3-2017 SMEs were more optimistic than large companies in their expectations on business conditions and confidence  Dubai, UAE, July 25, 2017:  Business leaders in Dubai are more positive about their expectations of business conditions and business confidence in the third quarter of 2017, according to a new survey conducted by the Dubai ......read more

    BOND Goes Live on ICS BANKS from ICS Financial Systems

    Dubai, UAE, July 24, 2017:  Ghana, Africa: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that BOND Savings & Loans Ltd, has gone live on its awards winning universal banking solution ICS BANKS. BOND Savings & Loans Ltd, selected ICS BANKS in February,2017 and has successfully gone live in the 20th of May, of the same year. BOND Savings & Loans Ltd chose ICS BANKS to provide its customers with the most innovative and richest possible suite of services. The implementation process was smooth, ......read more

    Malta's favourable tax climate and burgeoning tourism sector attractive to developers, says DAMAC's Sajwani

    DAMAC Chairman meets Maltese PM Dr. Joseph Muscat during first of several planned visits to explore investment opportunities Dubai, United Arab Emirates – 24 July 2017:  DAMAC International Chairman, Hussain Sajwani, sees Malta as a favourable investment destination, following a tour of the island-nation and a private meeting with Maltese Prime Minister Dr. Joseph Muscat. The two discussed the increasing growth of tourism in the EU-member country and Malta’s historical appeal as business-friendly investment location. “Malta presents an ideal mix of investment ......read more

    US technology stocks most popular for UAE investors in H1 2017

    Dubai, UAE. July 23, 2017:  UAE stock investors aligned with global investment trends during the first of half of 2017, according to Saxo Bank, the online multi-asset trading and investment specialist, which has published results announcing the most traded stocks on SaxoTraderGO – the trading platform that provides instant access to global financial markets – between January and June of this year.  Saxo Bank’s most traded stocks list reveals UAE investors largely favoured US technology stocks, with Apple Inc. ranking top among the country’s investors, ......read more

    Supreme Legislation Committee reveals Integrated Legislative System's updated strategic plan to support Dubai's sustainable development efforts

    UAE, July 22, 2017- The Supreme Legislation Committee (SLC) has revealed the released an updated version of its strategic plan of the year 2019, which incorporates all the key guidelines and standards aimed at addressing and meeting all the goals and objectives of Dubai, its government agencies and stakeholders concerned with the development and implementation of legislation in the emirate. The new set of standards and guidelines include international benchmarks, reports, surveys, workshops for SLC members, and outcomes from official overseas travels to the USA, Singapore and ......read more

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