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    Featured in Banking and Investments
    Enhanced Digital Transformation and Regulatory Compliance Will Boost Profitability of UAE Banks, KPMG UAE Banking Perspectives Report Finds

    Dubai, UAE, 8 April 2020:   Financial institutions that leverage technology and data to deliver fully integrated services may be in a better position to drive business growth and overcome disruption caused by the global COVID-19 pandemic, according to KPMG’s fifth annual UAE Banking Perspectives report. The publication, which offers an overview and analysis of the banking industry in the country, found that rapidly evolving customer expectations and increasing regulatory scrutiny are putting pressure on UAE banks to modernize every facet of their operations. Many are structuring their businesses in new and exciting ways and are recognizing customer experience as a source of commercial value rather than as a differentiator versus their competition. The report also observed a healthy trend of increasing banking more

    Winners of the 2020 Arabian & Global Islamic Markets Refinitiv Lipper Fund Awards Announced

    Dubai, United Arab Emirates, April 08, 2020:    Refinitiv today announces the winners of the Arabian & Global Islamic Markets Refinitiv Lipper Fund Awards 2020. These highly-respected awards recognize funds and fund management firms that have excelled in providing consistently strong risk-adjusted performances relative to their industry peers – the merit of the winners is based on objective, quantitative criteria.   As to the Arabian Markets Awards, Societe Generale won the Bond Asset Class Award, Banque Centrale Populaire the Equity Asset Class Award, HSBC the Mixed Assets Class Award, while CDG Capital won the Overall Asset Class Award.    As to the Arabian Markets Domestic Awards, Societe Generale won the Bond Asset Class Award, Banque Centrale Populaire the Equity Asset Class Award, CDG more

    GROHE Brand Adjusts Production Across Europe Amidst Coronavirus Crisis

    • German manufacturing sites run adjusted production schedules and set ups to ensure strict hygiene and safety measures  • Manufacturing site in Albergaria (Portugal) to suspend production from 30 March to 12 April 2020  • Measures under constant review according to latest developments   Wednesday, 8 April 2020:   GROHE, a leading global brand for full bathroom solutions and kitchen fittings, has implemented a next step in taking action to protect its employees across the European manufacturing sites.    For its three German manufacturing sites, production schedules and set ups were adjusted to implement the latest official recommendations and guidelines with regards to hygiene measures and safety of its staff.    Production in Albergaria, Portugal, more

    AED 50 Million Support Fund Allocated by RAKEZ to Boost Its Clients' Business Continuity

    Ras Al Khaimah, 8 April 2020:   Ras Al Khaimah Economic Zone (RAKEZ) has launched customised bundles of incentives with a total value of AED 50 million to ease the impact of the current global situation to its family of over 15,000 companies and reinforce their business continuity.   “Our clients are at the heart of everything we do, and now more than ever, we are here for them,” said His Highness Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAKEZ. “We understand that these uncertain times present unique challenges to different businesses, so we decided not to rush and launch unevaluated incentives. Instead, we took the time to study the situation from our clients’ perspective – what challenges each sector is facing and how we can lessen their burdens. With the allocation of this more

    SAIF Zone Launches Disinfection Drive Across Its Facilities

    The move comes as part of ongoing precautionary measures    Sharjah, United Arab Emirates - 7 April 2020:   The Sharjah Airport International Free Zone (SAIF Zone) has launched a disinfection drive to sterilise all its facilities in cooperation with the Sharjah Environment Company LLC (Bee'ah). The sterilization campaign covered the head office, customs and security building, and Saif Zone Mall as well as main and service roads, various internal and external facilities using highly efficient materials. The drive comes in line with SAIF Zone’s precautionary measures being taken to prevent the spread of coronavirus (Covid-19) and to safeguard the health and safety of its employees and customers. Pre-emptive measures   “SAIF Zone has always been keen to ensure the safety more

    Air Liquide, Groupe PSA, Schneider Electric, Valeo Rise to the Challenge of Producing 10,000 Air Liquide Medical Systems Respirators in Response to the French Government Request

    Dubai, United Arab Emirates, April 06, 2020:    Faced with the compelling need for more respirators on its national territory, the French government has asked, on March 22, a group of French industrial companies led by Air Liquide to study the possibility of increasing the production of respirators so as to provide 10,000 respirators in 50 days, between the beginning of April and mid-May.    In response, Air Liquide, Groupe PSA, Schneider Electric and Valeo have set up a Task Force composed of about 30 purchasing and industrialization experts in order to define an action plan to increase the production of Air Liquide Medical Systems respirators, which are already referenced by a great number of hospitals in France and abroad.    To meet this industrial challenge, the exceptional contribution of more

    World Cyber Protection Week Survey Reveals 42% of Organizations

    Suffered Data Loss Resulting in Downtime Last Year   Organizations and individuals continue using outdated solutions and strategies despite  increase in zero-day ransomware, cryptojacking, hacking, and social engineering attacks    Dubai, UAE 6 April 2020:   Acronis, a global leader in cyber protection, marked the inaugural World Cyber Protection Week by revealing that 42% of companies experienced a data loss event that resulted in downtime last year. That high number is likely caused by the fact that while nearly 90% are backing up the IT components they’re responsible for protecting, only 41% back up daily – leaving many businesses with gaps in the valuable data available for recovery.   The figures revealed in Acronis’ 2020 World Cyber Protection more

    Support Plan for French Exporters

    Dubai, United Arab Emirates, April 05, 2020:   Bruno Le Maire, Minister for the Economy and Finance, and Jean-Baptiste Lemoyne, Minister of State reporting to the Minister for Europe and Foreign Affairs, have unveiled an extraordinary support plan for French exporters to address the economic slowdown due to the COVID-19 pandemic.   This emergency plan will provide support for exporter companies having to contend with the immediate repercussions of the crisis by, inter alia, securing their cash-flow and ensuring their international recovery once the pandemic is over. It focuses on SMEs and mid-tier companies which are crucial drivers for industry throughout France. It supplements the emergency support measures for French companies rolled out by the government.   The plan contains four one-off support more

    Internal Comms Guidelines Post Corona Virus by Mr. Tarek Sakik CEO Sash & Company

    Dubai, United Arab Emirates, April 02, 2020:   Internal comms post corona virus. One of the key issues facing the world today is the impact of Covid19 on businesses, almost all industries except for a few, have seen dramatic change in how they do business and obviously in their operations, financial returns and forecasts.    While we have very little control over external factors affecting businesses, we remain to have full control over employees and how management communicates with them.  Change and uncertainty is what’s storming through businesses and their employees simultaneously. While businesses are facing uncertainty in terms of bottom line, revenues, return on investments, forecast, employees are still faced with questions like school fees, rents, food on the table, safety and wellbeing of more

    ADX Achieves 93% in Disclosure Compliance of the Annual Financial Statements 2019, for Public and Private Listed Companies

    Abu Dhabi, UAE – 02 April 2020:   Abu Dhabi Securities Exchange (ADX) announced that it has succeeded in achieving a compliance rate 93% regarding the disclosure of the annual financial statements 2019 of its listed public joint stock companies and private listed Companies within the deadline of 90 days from the end of the financial period annual  60 out of 64, local and foreign, public listed companies disclosed their annual financial statements for 2019 within the 90 days period given.  4 out of 5, private listed companies disclosed their annual financial statements for 2019 within the 90 days period given.  It is worthy to note that the combined net profit of all public listed companies as of 31th Dec. 2019 has shown an increase of 1.23% in comparison to the same period in 2018. The highest more

    Central Bank Gold Demand Eases, but Purchases Pick Up at Start of 2020

    Dubai, United Arab Emirates, April 02, 2020:   Krishan Gopaul, Market Intelligence Manager at World Gold Council comments: “Central banks’ monthly net purchases picked up in January and February following December’s five-month low. However, central bank gold demand has eased significantly, with net gold purchases down 44% compared to strength of demand we saw in January and February 2019.   “Looking ahead, what we do know is that recent market instability and uncertainty stemming from the COVID-19 pandemic will be at the forefront of central bankers’ minds, with a number of unprecedented interventions already proving this point. Nonetheless, we will have to wait and see how this impacts their outlook in the coming months.”   The World Gold Council today releases its more

    Saxo Bank Q2 Outlook: Commodities Look to Fiscal Bazooka for Support

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank Dubai, United Arab Emirates, April 02, 2020:   The coronavirus outbreak has set three major macro impulses in motion. They will all have a major impact on commodities, especially the energy sector, over the coming months. The global economy is currently dealing with the biggest demand shock since the global financial crisis, plus a global supply shock and an oil price war which is driving a destruction of capital. The lockdowns in China at the beginning of the outbreak have now spread to the rest of the world, most noticeably Europe and the US. The short to medium term result is going to be a slump in global growth, rising unemployment, rising mortgage rates and lower consumer confidence.  The second quarter is likely to begin with the focus squarely on the more

    Properties Investment Announces 3 Month Rent Relief for ‘The Market' Retailers

    Announcement in line with respite measures adopted as part of the global pandemic impact offering support to tenants   Dubai, United Arab Emirates, April 02, 2020:     Properties Investment (PI) - a Dubai Investments joint-venture company engaged in the investment and development of real estate properties, has announced a 3 month rent relief as a goodwill gesture for all retailers within ‘The Market’ – a dedicated retail avenue, located in the Green Community, Dubai Investments Park.   In the wake of ongoing efforts to control the COVID-19 pandemic and with mall managements across the country stepping up efforts with various initiatives, Properties Investments has temporarily advised retailers to close shutters, adhering to preventive measures adopted by the more

    Trade Bank of Iraq Announces Capital Increase to USD 3 Billion Under New Three Year Strategic Vision

    Baghdad / Abu Dhabi,  31 March 2020:  Trade Bank of Iraq (TBI) has announced a new capital increase that aims to raise the bank’s financial strength in line with the new strategic vision for 2020-23.  The bank has increased its capital to USD 3 billion (3.5 Trillion Iraqi Dinar) for the year 2020 from USD 2.3 billion (2.7 Trillion Iraqi Dinar) in 2019.   The step has been taken with the approval of the Prime Minster of Iraq on the back of TBI’s promising 2019 financial results audited by E&Y Ernst & Young. The increased capital is aimed at reinforcing the bank’s status in Iraq and its position as a leading Iraqi bank with global reach. TBI achieved a robust growth in revenues and in key financial areas during the financial year 2019. The financial results shows that TBI more

    COT: Commodities See Demand for Metals and Agriculture

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank   Dubai, United Arab Emirates, March 31, 2020:   The below summary highlights futures positions and changes made by hedge funds across 24 major commodity futures up until last Tuesday, March 24. During this period the dash-for-cash phenomenon slowed and individual commodities began reaction to the shocks currently hitting both supply and demand. Funds increased bullish bets for the first time in five weeks by 36% to 361k lots. In demand were natural gas, soybeans, wheat and coffee while selling hit Brent, silver, corn, sugar and cocoa.   Despite suffering another week of steep price losses, the energy sector only saw modest changes. WTI crude oil was bought for a third week to the tune of 7k lots while selling of Brent crude oil extended to a fourth more

    Why Managing and Measuring Brand Reputation Matters in 2020

    By Firas Sleem, CEO, Virtue Consulting    Dubai, United Arab Emirates, March 30, 2020:   Consumers are choosing everything from cars to chicken sandwiches based on corporate values. Understanding an array of customer personas can guide tactics for landing and keeping them. Studies have long shown that your conviction to do good will lead customers to spend more, recommend you more, and remain loyal. Yet they seldom describe the mechanisms that brand managers can use to benchmark and track reputation.  A recent global study found that 62% of consumers want companies to take a stand on pressing issues such as fair employment practices, immigration, data privacy and climate change. In the same study, nearly half of consumers (48%) would publicly complain about their disappointment with a company whose more

    SCCI Achieves Remarkable Results in New Memberships and Certificates of Origin During Q1 2020

    Sharjah, March30, 2020:  The Sharjah Chamber of Commerce & Industry, SCCI, has recently announced the statistics of Q1 2020 which showed a remarkable spike in the number of new and renewed memberships and certificates of origin, something which underlines the Emirate of Sharjah’s reputation as a perfect business environment capable of coping with the changing demands of the business sector. These positive outcomes come amid the challenging times facing the global economy in view of the latest developments related to the new coronavirus (COVID-19) pandemic. The total number of the new and renewed memberships reached 7176 with a growth rate of 2% compared to Q1 2019, while the number of the certificates of origin released in Q1 2020 reached 10716 certificates, with a growth rate of 3% in comparison to Q1 2019. More more

    RAKEZ Launches Spring Packages With Online Set-Up Process for Hassle-Free Business Registration

    Ras Al Khaimah, 29 March 2020:   Taking a step further towards easier and faster company registration, Ras Al Khaimah Economic Zone (RAKEZ) goes digital with its Spring Packages, allowing investors to set up their business online from A to Z at the convenience of their home. Alongside the remote-friendly feature, the packages are designed to fully support SMEs, industrialists and investors at their stage of development without putting a high cost.  With RAKEZ’s recently-launched Portal 360, investors can easily set up their business with just a few clicks. Investors only need to complete the online registration form, upload the necessary documents, e-sign the Memorandum of Association, and the licence will be issued electronically.  Entrepreneurs, SMEs and startups keen to explore the market can take more

    Handwashing Research Highlights Countries That Could Be at More Risk

    Countries where people do not have a habit of washing their hands automatically tend to have a much higher exposure to coronavirus, a new study reveals. University of Birmingham researchers have discovered that at least 50% of people do not have a habit of automatic handwashing after using the toilet in China (77%), Japan (70%), South Korea (61%) and the Netherlands (50%). These countries are followed by Thailand and Kenya, where 48% do not have this habit, and Italy with 43%.  In contrast, UK and US frequencies are 25% and 23%, correspondingly. The best handwashing culture is observed in Saudi Arabia, where only 3% of people do not wash their hands habitually. Professor Ganna Pogrebna, from Birmingham Business School and Dr. Alex Kharlamov, from Birmingham Law School, published their findings in Regulation & more

    A Vast Majority of UAE Working Professionals Claim the Coronavirus Has Impacted Their Business

    Dubai, United Arab Emirates, March 24, 2020:   Although cancelled or delayed business trips emerged as the most visible initial impact of the virus, declining sales is expected to be the greatest commercial woe in the future  As Coronavirus takes a toll on global and regional economies, YouGov ran a survey among 220 working professionals belonging to the senior management in various companies (senior business managers and above) between 9th- 15th March to understand the impact of the pandemic on their business and the overall economy.  Four in five (79%) of the surveyed business professionals claimed the Coronavirus had a large or moderate impact on their business. 13% said the impact was minor and only 6% claimed to have no impact at all. Working residents within the income bracket of AED 20,001- 40,000 were more

    Airbus Announces Measures to Bolster Liquidity and Balance Sheet in Response to COVID-19

    •         New € 15 billion credit facility •         Withdrawal of 2019 dividend proposal with cash value of € 1.4 billion •         Suspension of top up pension funding  •         2020 guidance withdrawn •         Strong focus on support to customers and delivery   Dubai, United Arab Emirates, March 23, 2020:   Airbus SE (stock exchange symbol: AIR) announces measures to bolster its liquidity and balance sheet in response to the COVID-19 pandemic as it continues to assess the ongoing situation and the impact on its business, customers, suppliers and the industry as a whole.   “Our first priority is protecting people while more

    Abu Dhabi Securities Exchange (ADX) to Provide Free of Charge Remote E-voting for Annual General Meetings of Listed Companies

    Abu Dhabi, 21st March 2020: Abu Dhabi Securities Exchange (ADX) announced that it will be managing remote e-voting for Annual General Meetings (AGMs) of companies listed on the Exchange free of charge. This move will enable a crucial aspect of AGMs to be carried out remotely and will apply to AGMs taking place from the 17th of March until the end of April 2020.  This ability is facilitated through an attribute of SAHMI, ADX’s integrated services’ digital platform – a well-established programme compatible with Smartpassthat allows users to access all services provided by the Exchange.  ADX will provide the remote e- voting service to its listed companies without incurring any fees for its implementation. The measure answers to the need of providing value-added services to support the private sector, in more

    Zoho Offers Emergency Financial Relief to Its Small Business Customers

    Will provide up to 20,000 of its small business customers free access to their existing Zoho applications for up to 3 months   Dubai, UAE - March 21, 2020:  Zoho Corporation, a global company that offers the most comprehensive suite of business software applications in the industry, has launched its Small Business Emergency Subscription Assistance Program (ESAP) to help Zoho customers worldwide weather this global crisis. ESAP is one way Zoho is helping its small business customers. For up to 20,000 qualified paying customers with 25 employees or less, Zoho is waiving the cost of every single application they currently use, for up to 3 months. "Businesses are hurting. They already face tremendous pressure on revenue and cash flows. Not knowing when things will get back to normal is making the situation more

    A CEO Plan for Coronavirus: Actions to Take Now

    By Tom De Waele, Middle East Managing Partner, Bain     Dubai, United Arab Emirates, March 19, 2020:   As the novel coronavirus outbreak has upended businesses around the world at alarming speed, one thing has become clear to executives grappling with the crisis: doing nothing is not an option. COVID-19 is unlike any previous crisis and taking traditional crisis-response approaches will not be enough. With our operations running smoothly and business running effectively amidst the COVID-19 pandemic, we share the steps that CEOs need to take today to mitigate the effects of the outbreak.   I. The situation   The process of containment and slowing the spread of COVID-19 in each country will create major disruption, irrespective of the seriousness of the virus spread. This should not cause more

    Lebanese Banks Face Risk of Another Lehman-Type Failure

    By Firas Sleem, CEO, Virtue Consultancy Dubai, United Arab Emirates, March 18, 2020:   September 2008 marked the collapse of the Lehman Brothers and a subsequent global financial crisis that shook the world.  The bankruptcy of Lehman Brothers did not only affect the United States but 23 other countries around the world according to the International Monetary Fund. These countries endeavored to rescue their failed banks and boost their economies by raising their public debt to more than 30 percent of their GDP. For one thing, the 2008 credit crunch and recession resulted from years of deeply rooted weak spots in the global economy. At that time, economists were not able to foresee what was going to happen. But speaking about Lebanon nowadays, local banks are not excused for their reckless risk-taking and not more

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    Al Coupon ¯for Deals & Discounts - The Leading Savings Destination in the United Arab Emirates

    Shopping is not enjoyable without offers and discount codes. Check out the list of coupons and promo codes brought to you exclusively by  Always stay within your budget and shop using the latest deals and sales for even bigger discounts on fashion, makeup, electronics and even airline tickets and hotel reservations... What is more enjoyable than buying a lot of products at the lowest prices? This is one of the most important advantages that contributed to the success of Al Coupon, which collects all offers and discount codes in one place. Al more

    Promoting a Secure Approach to Working From Home

    Organizations around the globe are working to ensure service delivery and business continuity amid the COVID-19 crisis. KPMG Lower Gulf has put together the checklist below to guide organizations on providing secure remote access to their staff members, without contributing to security weaknesses.   1 Share the organization’s teleworking/mobile device access policy   2 Share the organization’s Business Continuity policy and Health and Safety policy   3 Remind staff not to use organization-owned devices for personal activities or personal devices more

    Abu Dhabi Securities Exchange (ADX) Commences Implementation of Remote Working

    The move is in line with its strategy towards digital transformation and efficient operational management to ensure business continuity Abu Dhabi, 17 March 2020: The Abu Dhabi Stock Exchange (ADX) have announced the launch of remote working for its employees. This follows the long-term development of a new technical communication system that allows complete business continuity for employees that will meet all challenges and circumstances. Starting today, the advanced system will empower employees to perform all of their work tasks remotely and without any need to attend the workplace. more

    HE Saood Al Hosani Says ‘Ghadan 21' Initiative Will Make a Positive Impact on the Economy and Drive Economic Growth

    Abu Dhabi, UAE, 16 March 2020: Following the launch of the ‘Ghadan 21’ programme, HE Saood Al Hosani, Acting Undersecretary, Department of Culture and Tourism – Abu Dhabi said: “We at the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) value the initiatives launched by HH Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to maintain Abu Dhabi’s economic gains and support the private sector. These initiatives will undoubtedly make a positive impact on the economy and drive more

    Shuraa Management & Consultancy LLC Forms Strategic Partnership with IFZA

    Collaboration aimed to facilitate establishment of business for entrepreneurs in Fujairah Dubai, UAE - March 17, 2020: Shuraa Management & Consultancy LLC (Shuraa) is proud to announce its partnership with International Free Zone Authority (IFZA), that aims to help entrepreneurs seeking to establish a business in the Northern Emirate of Fujairah. The partnership brings together Shuraa, a business setup consultancy with nearly 20 years of experience, and IFZA, one of the region’s leading Free Zone Authorities. Operating a business-to-business model, IFZA’s network of more

    Al Wifaq International Islamic Bank Selects ICS BANKS ISLAMIC from ICSFS to Maximise its Financial Efficiency

    Dubai, United Arab Emirates, March 15, 2020:  Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to start its Islamic operations in Baghdad, Iraq. Al Wifaq International Islamic Bank joined many newly established banks in choosing ICSFS as its software technology partner in Iraq. ICSFS has been servicing the MENA banking sector for over 3 more

    Ras Al Khaimah International Airport Signs Tripartite MoU During Wings India 2020 to Boost Agro Exports from India to UAE

    • Ras Al Khaimah International Airport, GMR Hyderabad International Airport and SpiceJet Ltd. signed a tri-partite MoU  • To promote export of Agro Products from India to United Arab Emirates via Ras Al Khaimah and neighboring countries from Hyderabad  • To create a dedicated freight corridor  • To leverage the agro and farming sector potential from centrally located Telangana and neighboring regions • The program is in line with the Government of India and its Ministry of Civil Aviation ‘Krishi Udaan Scheme’ for more

    Tracking of ULDS Through Blockchain to Save Industry $400m

    Through accurate tracking and secure data sharing, shipping times could be cut in half GENEVA – 15 March 2020 – SITA and trade association ULD Care hope to bring new efficiency to the air cargo industry by exploring the use of blockchain to digitally track and record change of custody of airline cargo containers or Unit Load Devices (ULDs) across their journey.  By eliminating inefficiency, embedding always-on tracking of ULDs and abandoning redundant paper systems, the use of blockchain is expected to save the industry $400m a year in improved efficiency, fewer losses more

    Abu Dhabi Securities Exchange (ADX) Temporarily Closing Trading Halls

    The Exchange will continue to provide comprehensive access to trading services through its Sahmi digital platform. The preventive measure is effective from Sunday 15th March and aims to ensure and maintain maximum health protection Abu Dhabi, 15th March 2020:  Abu Dhabi Securities Exchange (ADX) announced to the investor community that the Exchange is temporarily closing its trading hall in its main offices in Abu Dhabi as well as those in the other Emirates starting from today, Sunday 15th March 2020 until further notice.  This was taken by ADX as a precautionary measure to more

    Sharaf Exchange Opens Four New Branches in UAE, Set for Major Expansion

    Dubai – March 15, 2020:   Sharaf Exchange, one of the leading remittances and financial solutions providers in the UAE and a part of Sharaf Group, opened four new branches, aimed at enhancing its branch network covering all the seven emirates. The newly opened branches are located in Dubai’s Al Qusais and International City areas, Sharjah Industrial Area, and Jurf Industrial Area in Ajman.  Sharaf Exchange operates across 30 marquee locations in the UAE and has plans to open another five branches in the next few months. The network expansion is driven by the more

    PivotRoots Sets Up Shop in UAE as Part of its Global Expansion Strategy

    Dubai, United Arab Emirates, March 14, 2020:   The United Arab Emirates’ (UAE) online marketing space is set for a major disruption following the entry of India-based data-led digital marketing powerhouse, PivotRoots.   PivotRoots’ entry into the Middle East comes against the backdrop of a ballooning active social media usage, which currently stands at a staggering 9.52 million users. This, according to a report by The Media Lab, represents 99 percent penetration.   According to PivotRoots co-founder Yogesh Khanchandani, the Middle East and more

    Refinitiv Media Report: Saudi Arabia Sets the Stage for a High Stake Market Share Battle

    March 11, 2020:   Refinitiv today released a report on the latest development in the Oil market. According to Ranjith Raja, Oil Research Manager, Middle East and North Africa, Refinitiv, the Benchmark crude prices went into a tailspin on Monday morning trade following OPEC and its allies including Russia failing to agree on extending and deepening the output cut which expires at the end of this month. Oil prices closed on Friday with Brent down by 10.4% and WTI down by 7.8% w-o-w. As of 07:30 GMT this morning, Brent crude was at $33.93/MT, down by 25%, the largest single day drop more

    Henkel Reports Mixed Business Performance in 2019 and Gives Outlook for 2020

    • 2019 results, impacted by slowing economic growth and increased investments in consumer businesses and digitalization across the company:  Sales rise by 1.1% to 20,114 million euros, organic sales stable  Adjusted* EBIT margin at 16.0% (-1.6 pp)  Adjusted* earnings per preferred share (EPS) reach 5.43 euros,  nominal -9.7%, at constant exchange rates -10.1%   Free cash flow: 2,471 million euros (+554 million euros)  Dividend** on prior-year level: 1.85 euro per preferred share   • Outlook for 2020: more

    Century Financial Becomes the First Finance & Investment Company in the UAE to Be Certified as a Great Place to Work®

    Dubai, 8th March 2020: Century Financial is proud to announce that they have been certified as a Great Place to Work® in the United Arab Emirates, after a thorough and independent analysis conducted by Great Place to Work®, the global authority for workplace culture in the Middle East. This certification is based on direct feedback from employees, provided as part of an extensive and anonymous survey about the workplace experience. Great Place to Work® helps organizations assess their company culture and produce better business results by creating a high-trust work experience more

    Dp World, UAE Region Announces Up to 70% Reduction in Business Set-up Costs for Jafza-Based Companies

    Timely Confidence Building Measure will benefit more than 7,500 existing companies as well as newcomers   Dubai, United Arab Emirates, 10th of March 2020:   DP World, UAE Region, the region’s premier logistics and business hub operator, has announced across-the-board reductions in licence registration and administration costs for companies operating in its flagship Jebel Ali Free Zone (Jafza) as well as for new investors. The far-reaching Jafza Customer Support Initiative is designed to slash business-related fees by between 50 per cent and 70 per cent for more

    Refinitiv Partners with Iraqna IBTS to Enhance Regulatory Compliance Efficiency in Iraq

    Refinitiv’s World-Check will help Iraqi financial institutions comply with the FATF recommendations and global sanctions legislation IRAQ  – Refinitiv is partnering with Iraqna IBTS, an anti-financial crime training and technology consultancy in Iraq, to provide Iraqi financial institutions with risk screening and compliance services in order to strengthen their risk programs and combat financial crime. As part of the agreement, Refinitiv’s World-Check will support the Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures of Iraqi financial more

    Dubai International Financial Centre Reports Record Growth in 2019

    • Total number of companies rises 14% to 2,437 from 2018 - with growth of 32% since 2017, the Centre is on track to achieve its 2024 target • The DIFC is now home to a community of 25,600 people; over 2,000 new jobs created in 2019 • Exceptional growth driven by a robust ecosystem fosters financial sector diversification, global partnerships and investment in FinTech and Innovation  • Four-fold growth takes number of financial innovation firms to 129 • New enactments including DIFC Employee Workplace Savings (DEWS) set to transform the way the Centre more

    Deem Finance Brings New Dimension to Real-Time Credit Quality Using Ai-Enabled Scorecards

    StraitsBridge Advisors designed and developed the high-performance AI-enabled real-time credit application scorecard system   Dubai, United Arab Emirates, March 9, 2020:   Deem, the UAE-based digitally-led financial services provider, in partnership with Singapore-headquartered StraitsBridge Advisors, has implemented a high performance artificial intelligence (AI) enabled real-time application scorecard system with the capability to continuously recalibrate and update their scorecard model. The new scorecard system delivers increased accuracy in predicting the more

    Ajman Bank Appoints New Chief of Audit

    Ajman Bank has announced the appointment of Mr. Majdi H. Darwish as its new Chief of Audit. Mr. Darwish has over 22 years of outstanding experience in the industry working with some of the most prestigious organizations including multi-national financial corporations. Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, stated, “We are delighted to welcome Mr. Darwish to our team. In his capacity he will work closely with senior management, in particular, the audit committee members and regulators, to identify current and emerging risks, ensuring the safety and soundness of the more

    Yummy Junction Announces AED 20 Million as Its Investment Plan For Malak Al Tawouk Chain in the UAE

    United Arab Emirates, 9 March 2020:  Yummy Junction, a fast-growing Dubai-based Food & Beverage company, has recently announced AED 20 million as part of its investment and expansion strategy for its most popular restaurant chain brand Malak Al Tawouk. The company will be looking to expand its operations for Malak Al Tawouk across the UAE.  Yummy Junction, with an aim to expand the brand progressively, is looking to have 10 branches across in Dubai, Abu Dhabi and Sharjah by the end of 2020. Besides, the company is also working on plans of acquiring existing F&B brands in more

    Dubai National Insurance & Reinsurance PSC Produces Strong Full-year Results at AGM; Approves 35% Cash Dividend

    Dubai, United Arab Emirates, March 08, 2020:   Dubai National Insurance & Reinsurance PSC (DNIR) presented a strong financial performance for the year 2019 at its Annual General Meeting held at the Al Habtoor Group (AHG) headquarters on Sunday, 8 March 2020. Khalaf Ahmad Al Habtoor, Chairman of the Board of Directors, DNIR, who presided over the AGM, told shareholders that the company was able to achieve robust financial performance in 2019. The year on year momentum in growth continued in the current year with Gross Written Premiums reflecting a growth of 8.5% and Net profit more

    Abu Dhabi Exports Office (Adex) Approves AED 550 Million to Finance UAE Exports in 2020

    •         ADEX provides financial solutions to promote UAE products and services in international markets •         ADEX to focus on supporting UAE export growth to strategic emerging markets in Africa and Asia   Abu Dhabi-UAE: 08 March, 2020 – The Executive Committee of the Abu Dhabi Exports Office(ADEX) approved the allocation of AED 550 million ($150 million) to support the strategic expansion of the nation’s export businesses and continued diversification of the UAE economy. During the meeting, the more

    Burgan Bank Continues its Support of World Champion Wheelchair Fencing Titleholder, Tareq Al-Qallaf

    Kuwait – 7 March 2020:   As part of its continuous support to empowering youth and local athletes, Burgan Bank announced its latest sponsorship of Wheelchair Fencing Titleholder, Tareq Al-Qallaf, for the sixth consecutive year. Established as a role model among the aspiring special needs segement and young Kuwaiti athletes, Tareq Al-Qallaf will once again be representing Kuwait in the global championships that will be running throughout the year 2020. The homegrown World Champion Tareq Al-Qallaf will kick off his global tour in several states preceded by training camps more

    Female Traders Trending Upwards in UAE and MENA

    Saxo Bank reveals behavioural changes as female traders rise 65% year-on-year in MENA over decade  Saxo Bank, the leading fintech and regtech specialist focused on multi-asset trading and investment, has released new business data to mark International Women’s Day on Sunday March 8, outlining a major upswing in the number of females trading on its platforms in the UAE and wider MENA region over the past decade, with the findings equating to an increase of 65 per cent year-on-year between 2010 and 2020.      The firm’s findings also highlight that the more

    Top Marketing & Communications Professionals in the Middle East & Africa

    Dubai, United Arab Emirates - March 07, 2020:  The list is published in the Forbes Middle East March 2020 issue and has the profile of Top Marketing & Communications Professionals in the Middle East & Africa. TOP 50 Marcomm specialists from different industries and business sectors across 19 countries.   BEATRICE CORNACCHIA of Mastercard tops the list, followed by MUSTAFA SHAMSELDIN, Chief Marketing Officer of PepsiCo and ANDREW KVALSETH, Group Chief Commercial Officer of the Telecom giant Ooredoo Group.   V. Nandakumar, CCO of Middle East retail major Lulu Group at more

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