Dubai, United Arab Emirates, 2 October 2023: The inaugural edition of the Dubai Calligraphy Biennale, organised by Dubai Culture and Arts Authority (Dubai Culture), has attracted significant interest and support from a wide array of government and private sector entities and institutions in Dubai. With over 200 local and international artists and creators participating throughout the month of October, primary backing is provided by Al Rostamani Group and Sandooq Al Watan, reaffirming the dedication of local institutions to champion vibrant creative initiatives. This falls within the framework of Dubai's cultural vision of being a global centre for culture, an incubator for creativity, and a thriving hub for talent. Dr Saeed Mubarak bin Kharbash, CEO of the Arts & Literature Sector at Dubai Culture, affirmed the ......read more
Saudi Arabia - October 03, 2023: Toshiba Gulf FZE (TGFZ), a fully owned subsidiary of Toshiba Corporation (Japan) managing the MEA region for storage products and solutions announced the launch of its "Build Your Own Data Centre" initiative across the Middle East and Africa. This initiative will help its channel partners adapt to a data-driven future while optimizing costs and performance. In a rapidly evolving technological landscape, companies are faced with the pivotal decision of whether to migrate entirely to the cloud or continue maintaining on-premises data centers. While cloud adoption is on the rise, many enterprises are finding value in balancing the two—a strategy known as a hybrid approach. This initiative will help educate and empower channel partners, including System Integrators, VARs, and VAD, to help ......read more
Kuwait, 3 October 2023: Kuwait International Bank (KIB) has recently returned to the Avenues Mall with a new booth to continue raising financial and banking awareness among different segments of society. This comes in support of the Let’s Be Aware “Diraya” campaign, which was launched by the Central Bank of Kuwait (CBK) in cooperation with the Kuwait Banking Association (KBA). The step is also in line with the goals of KIB’s social responsibility program, which is focused on spreading financial literacy and introducing all customers to various banking issues. Commenting on the occasion, Mariam Al-Nasser, Area Manager of Retail Banking at KIB, said: “The Bank’s booth at the Avenues Mall witnessed a heavy turnout of visitors. Our representatives were keen on providing detailed information ......read more
Best Insurance Website in The Middle East, Best Insurance Website in Qatar, and Best Digital Insurance Company in Qatar Doha, Qatar – Tuesday, 3rd October 2023: Qatar Insurance Company (QIC), the leading insurer in Qatar and the MENA region, received three prestigious accolades at Global Brands Magazine Awards 2023,“Best Insurance Website in The Middle East”, “Best Digital Insurance Company in Qatar”, and “Best Insurance Website in Qatar”. The awards reaffirm QIC’s position as a leading digital insurer at local and regional levels, and the company’s success in implementing an ambitious digital transformation strategy over the past few years with the aim of improving customer’s experiences on digital portals while enabling innovative self service ......read more
United Arab Emirates, Abu Dhabi 02 October 2023: The Statistics Centre – Abu Dhabi (SCAD) has announced the Gross Domestic Product (GDP) estimates for the second quarter of 2023, revealing a whopping 12.3% growth of non-oil economy, and a 3.5% increase in the total GDP compared to the same period in 2022, a testament to Abu Dhabi economy’s competitiveness and resilience, enabling it to navigate global economic headwinds. Abu Dhabi non-oil economic activities have maintained remarkable growth in Q2 2023, leading the value of the emirate's real non-oil GDP to AED 154 billion, the highest since 2014 to break a record registered in the first quarter of current year, where it surpassed AED 146 billion. According to preliminary estimates, the value of Abu Dhabi’s real GDP in the second quarter of 2023 ......read more
DOHA, QATAR — 1st October 2023)— Doha Bank Board of Directors has announced the appointment of H.E. Sheikh Abdulrahman bin Fahad bin Faisal bin Thani Al Thani as Group Chief Executive Officer, marking a new chapter in the bank's history. The appointment’s announcement followed the approval of Board of Directors and obtaining of all necessary approvals by Doha Bank from Qatar Central Bank. H.E. Sheikh Abdulrahman brings a wealth of knowledge to his new role, as he holds over 15 years of experience in the Qatari banking industry during which he dealt with diverse portfolios across retail, corporate banking, as well as international and governmental relations besides holding senior positions at Dukhan Bank and Qatar International Islamic Bank. He holds a Bachelor’s Degree in International ......read more
KIB offers customers exclusive discounts upon signing up on ‘KIB Mobile’ app Kuwait, 30 September 2023: Kuwait International Bank (KIB) announced a special offer to encourage its customers to download and sign up on ‘KIB Mobile’, a retail app dedicated to personal banking. In addition to offering rewards, the app provides a unique, advanced, convenient, and safe platform to access the Bank’s services and products, all in one place. This initiative is rooted in KIB’s continuous commitment to its digital transformation strategy. The ‘KIB Mobile’ app has recently been completely revamped, with the Bank eyeing constant development and improvement to offer an enhanced banking experience. KIB strives to remain updated with the latest financial and banking technology requirements and trends ......read more
Oxford Business Group and Qatar Chamber of Commerce and Industry (QCCI) forge strategic partnership for The Report: Qatar 2023 Doha, September 2023 – The Qatar Chamber (QC) and Oxford Business Group (OBG) have formalised a significant partnership through the signing of a Memorandum of Understanding (MoU). This strategic alliance is poised to assume a pivotal role in shedding light on Qatar's economic landscape for 2023, with a strong focus on critical areas including economic diversification, digital strategies, and the ongoing energy transformation. The MoU was signed by Hussain Yousef Al Abdulghani, Director of Administrative and Finance Affairs at the Qatar Chamber and Fernanda Braz, OBG’s Country Director, at the Chamber’s headquarters. QC's overarching strategy closely aligns with the Qatar ......read more
Jeddah, 27 September 2023 – Shangri-La Jeddah announces the appointment of Philma Gomes-Ellis as Director of Sales and Marketing. With 28 years of progressive experience in luxury hospitality sales & marketing across South Africa, Kenya, Jordan and Kuwait, her appointment aligns seamlessly with Shangri-La Jeddah’s overarching vision of fostering an inclusive and diverse global community. Philma Gomes-Ellis is a valued addition to the hotel's already distinguished team, which boasts a commitment to diversity and inclusivity, with over 25% of the current team members female, and this number is steadily growing. Philma's extensive expertise and leadership will undoubtedly play a pivotal role in maintaining and further enhancing the hotel's reputation for excellence. A seasoned and accomplished ......read more
Kuwait, 27 September 2023: Kuwait International Bank (KIB) announced that it will continue to provide its online banking services around the clock during the holiday celebrating Prophet Mohammed’s birthday for the year 1445H. The Bank aims to meet the needs of its customers, whether inside Kuwait or abroad, during the break. The Bank will be closed for business during the official holiday on Thursday, 28 September 2023, and normal working hours will resume on Sunday, 1 October 2023. KIB highlighted its commitment to serving its customers and enabling them to follow up on their financial affairs and complete their banking transactions with efficiency and without disruption. The Bank indicated that it will continue to provide its banking services through all its digital platforms 24/7 during the holiday, including the KIB ......read more
• Held under the patronage of the Prime Minister and Minister of Foreign Affairs, H.E. Sheikh Mohammed Bin Abdulrahman bin Jassim Al Thani, INDEX Design Qatar and Big 5 Construct Qatar will open their doors on 23-25 October 2023 at Doha Exhibition & Convention Center. • Construction, interior design and fit-out markets burgeoning as Qatar’s construction market is forecasted to be valued at US$76 billion by 2027. Furthermore, US$16.4 billion to be invested into infrastructure and real estate projects by 2025 under Qatar National Vision 2030. 25 September 2023, Doha: Highly-anticipated events INDEX Design Qatar and Big 5 Construct Qatar return to showcase Qatar’s booming construction and interior design and fit-out industry, at Doha Exhibition & Convention Center (DECC) from 23rd to 25th ......read more
As part of its ongoing social responsibility efforts to support Kuwait’s arts and entertainment sector and the talented youth Kuwait, 26 September 2023: In ongoing support of the local arts and culture scene, Burgan Bank announced its sponsorship of the mega audio-visual concert titled “Feykom Tarab? A Night with Miami” in Kuwait, which is considered one of the biggest performances of the year. Between September 28 and October 2, the audience will be transported to the multi-sensory world of Miami Band at The Arena Kuwait. With this sponsorship, Burgan Bank reaffirms its commitment to enriching Kuwait’s art scene and supporting its creative energies that satisfy various tastes as part of its comprehensive social responsibility program. The much-anticipated grand performance promises music lovers ......read more
His Royal Highness Prince Khaled bin Alwaleed bin Talal Al Saud, Founder and CEO of KBW Ventures, will head an elite judging panel at InFlavour’s Five-Star Pitch Fest First in the food industry InFlavour Investor Programme to leverage bountiful import, export, and re-export opportunities in KSA’s growing food service sector at Riyadh mega event this October Invest & Indulge Stage explores global tech and trends driving sustainable food investment ecosystem; VC leaders from Big Idea Ventures, Brinc, and Blue Horizon set to attend Riyadh, Saudi Arabia | September 26 2023: More than 200 globally prominent investors and venture capitalists will gather in Saudi Arabia this October as part of the first edition of InFlavour – the new, Riyadh-based food sector showcase that aims to become one of the world’s ......read more
Kuwait, 26 September 2023: Kuwait International Bank (KIB) announced that October 1st is the last date to open or deposit in Al Dirwaza account to enter the November monthly draw for a chance to win prizes of KD 20,000 for 11 winners. Accordingly, the Bank is reminding its current and potential customers to open or deposit more in Al Dirwaza account to increase their chances in November’s Draw that will take place in the presence of representatives from the Ministry of Commerce and Industry, as well as representatives from KIB. Ali AlSane, Manager - Product Development, Digital Transformation & Innovation at KIB, said: “We encourage everyone to take advantage of this opportunity to open or deposit more in Al Dirwaza account to increase their chances in November’s Draw. Each KD 1 completed a full month’s ......read more
Five-year partnership with Mubadala Foundation will support multiple DCT Abu Dhabi cultural programmes, initiatives and institutions, including Louvre Abu Dhabi and Zayed National Museum Agreement creates opportunity for knowledge exchange and supports Abu Dhabi’s bold vision to transform the emirate into a global cultural centre Abu Dhabi, UAE – 25 September 2023: The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and Mubadala Foundation today signed a partnership agreement, where the latter will contribute AED 50 million to the emirate’s cultural industry over the next five years in a first-of-its-kind agreement. The partnership marks a significant step forward in their shared mission to transform and elevate the emirate’s vast cultural landscape, with Mubadala Foundation also ......read more
Kuwait, 25 September 2023: Kuwait International Bank (KIB) won an award for launching the first Biometric Visa Card in Kuwait, which uses the customer’s fingerprint to authorize POS transactions. The Bank’s management received this award at KIB’s headquarters from Artii Thannki, Visa’s Head of Fintech and Partnerships for Kuwait and Qatar. Attending the ceremony were Othman Tawfeqe, General Manager of the Retail Banking Department at KIB, Fahad Othman AlBader, General Manager of the Operations Department at KIB, Faisal Al-Shuwaired, Assistant General Manager of the Retail Banking Department at KIB, and Deema Al Mulaifi, Assistant General Manager of Operations at KIB. Commenting on KIB’s latest achievement, Al Mulaifi said: “We are full of pride for receiving this distinctive award. We ......read more
Kuwait, 23 September 2023: Kuwait International Bank (KIB) announced the launch of a special campaign, “KIB Supports You”, which offers tailor-designed financing options for the residents of Mutlaa, adding a layer of ease and convenience to every step of their home building process, from construction to finishing, furnishing, and moving into their new homes. This campaign stems from the Bank’s comprehensive strategy for contributing to social and sustainable development, as well as offering the best banking solutions to its customers across all market segments. In light of the campaign’s launch, Abdulaziz Al-Shammari, Head of Central Sales at KIB, stated: “We are happy to announce that all residents of Mutlaa, whether they are existing KIB customers or not, are welcome to benefit from the “KIB ......read more
As part of its strategy for innovation and support for local small and medium-sized enterprises Kuwait, 23 September 2023: In line with its continued efforts to remain at the forefront of the digital transformation of Kuwait’s banking sector, Burgan Bank announced the launch of Tijarati Pay, a new and unique enhancement to its Tijarati platform, designed and built to facilitate seamless payment transaction execution and management for small and medium-sized enterprises (SMEs). Burgan Bank’s one-of-a-kind offering to local SMEs through the enhanced Tijarati solution integrates multiple aspects of payment collection and monitoring, thereby transforming how merchants manage their finances. This solution – the first of its kind in the region – allows merchants to effortlessly perform numerous ......read more
- Held under the title "AI See a Solution: Computer Vision Hackathon 2023" - 42 Abu Dhabi students developed an innovative technology which supports individuals with visual impairments Abu Dhabi, UAE, 22 September 2023: 42 Abu Dhabi, the UAE capital’s innovative and disruptive coding school that provides a unique peer-to-peer, gamified learning methodology, held a hackathon titled “AI See a Solution: Computer Vision Hackathon 2023” from 13-14 September. The hackathon was held in collaboration with Al Hathboor Bikal.ai, a cutting-edge solutions provider dedicated to spearheading technological advancements for businesses and governments. This two-day hackathon aimed to foster innovation and creativity among students by challenging them to harness the power of coding to solve real-world problems using ......read more
As part of its support of CBK’s banking awareness campaign ‘Let’s Be Aware’ Kuwait, 21 September 2023: For the third year in a row, Kuwait International Bank (KIB) announced its continuous support of the ‘Let’s Be Aware’ (Diraya) financial awareness campaign, which was launched by the Central Bank of Kuwait (CBK) and the Kuwait Banking Association (KBA) in cooperation with local banks. The Bank’s steady support stems from its constant keenness to develop the financial culture of its customers and spread banking awareness among all targeted segments of society. KIB recently set up a booth at the headquarters of Ooredoo Kuwait to introduce the company’s employees to the various banking products and services it can provide based on their personal needs and lifestyles. ......read more
• The MOUs aim to support prospective homebuyers via the provision of financial solutions and access to government resources, such as the Sakani Programme. • The signings with key industry partners follow the recent launch of Innovest’s Jadan Communities. The Kingdom of Saudi Arabia, 21 September 2023: Innovest, a premier investment and development company focussed on creating unique lifestyle communities throughout Saudi Arabia, signed several strategic Memoranda of Understanding (MOUs) at Cityscape Global in Riyadh last week. The signings are in collaboration with key industry partners – including notable financial institutions, construction companies, global project developers, and real estate investment firms. The agreements align with the Saudi Vision 2030 principle of boosting the local real ......read more
Abu Dhabi, United Arab Emirates, 21 September 2023: Recognizing sustainability as the defining challenge of our time, the upcoming UNCTAD World Investment Forum (WIF), to be held from 16 to 20 October 2023 in the UAE’s capital Abu Dhabi, will serve as the perfect opportunity to facilitate the transition to a more sustainable economy, particularly for developing countries. The 8th edition of the Forum, to be anchored on the overall theme of “Investing in Sustainable Development,” will bring together heads of state and ministers, CEOs of largest global companies, and other investment stakeholders from various countries to formulate policies and strategies that will address key and emerging investment-development challenges through a series of local and international forums and conferences. Over 7,000 ......read more
Offering exclusive discounts on Careem rides to and from Sultan locations Kuwait, September 17, 2023: Careem, the region’s Everything App, announced a new partnership with Sultan to help facilitate easier transportation exclusively for the renowned retail grocery chain’s customers. As part of the partnership, Careem will be offering a 30% discount to locals, residents, and visitors who choose to use its ride-hailing service while traveling to and from any Sultan branch and location in Kuwait, up to four times every month. Sultan customers can benefit from the discount by downloading the Careem application and inserting the promo code “SULTAN30” before requesting a Careem ride to or from one of the retailer’s stores and markets spread across the country, excluding Sultan Express ......read more
Panel discussions, workshops and events around our shared humanity, the value of cooperation, and the role of religious teachings in inspiring sustainable and peaceful coexistence Abu Dhabi, UAE, 18 September 2023: The Abrahamic Family House has announced its upcoming programme of panel discussions and events on the themes of peaceful coexistence and the role of faith in fostering culture, inspiring the arts, and tackling global challenges. The programming will bring together a diverse group of experts including community leaders, academics, religious figures, and artists. The Abrahamic Family House also maintains an active schedule of community events, workshops, and club activities that are open to all. In the coming months, sessions will include workshops on sustainable practices and group discussions, ......read more
- Organised by Dubai Land Department in Collaboration with the Emirati Human Resources Development Council - Dubai, the Ministry of Human Resources & Emiratisation, and the Emirati Talent Competitiveness Council (Nafis) - The workshop witnessed the participation of more than 160 representatives of jointly owned properties companies - The workshop marks the inaugural session in a series of forthcoming workshops designed to stay updated with the latest developments in this field and accomplish all necessary objectives. Dubai, United Arab Emirates, 19 September 2023: Dubai Land Department recently organised the “Tamkeen Real Estate Programme” workshop in collaboration with the Emirati Human Resources Development Council - Dubai, the Ministry of Human Resources & Emiratisation, and ......read more
News Summary: • Saudi Arabia records the highest percentage in EMEA (Europe, Middle East and Africa), with 91% of respondents in KSA seeing broadband as critical national infrastructure, like access to water or electricity. • Sustainability is now a key driver of consumer choice with 65% concerned about the carbon footprint of their Internet, and 92% of respondents willing to pay more for sustainable broadband. Riyadh, Saudi Arabia, September 19, 2023 – The latest Cisco Broadband Survey1 – which included 2,000 respondents from Saudi Arabia – has found that evolving consumer expectations will reshape the needs and economics of the Internet. Consumers in Saudi Arabia are rethinking what they rely on the Internet for, balancing anticipated demands for speed and ......read more
Doha, Qatar 19 Sep 2023 – Msheireb Properties announced the opening of MEEZA’s new office in the world’s first fully built smart and sustainable city district at Msheireb Downtown Doha (MDD). MEEZA Qatar’s Biggest Data Centre service Provider will be an addition to MDD’s impressive list of technology tenants. Commenting on the progress, Msheireb Properties CEO Eng. Ali Al Kuwari said, “We are extremely well positioned, as a country and as a company to meet real estate demand that is expected to pick up steadily ahead of the 2030 Asian Games. Our spaces are designed with the person in mind and executed with care for the environment – two considerations that will continue to play a significant role in decision-making. We have already seen that Msheireb Downtown Doha is becoming a hub ......read more
As part of its comprehensive customer satisfaction strategy Kuwait, 18 September 2023: In continued efforts to elevate its banking experience to higher levels of quality and excellence, Kuwait International Bank (KIB) announced the launch of two new features to its suite of contact center services, which aim to add more ease and convenience to every customer interaction. This comes as part of the Bank’s overarching strategy for achieving holistic banking distinction that resonates in every touch point with the customer. Recognizing the convenience of texting as a means of communication, KIB introduced the WhatsApp interactive service, which allows customers to skip all hotline queues and get an instant reply to their inquiries. To initiate a conversation with the new interactive service, customers simply need to save ......read more
• The four new Tadawul indices are: The Tadawul Large Cap Index, Tadawul Medium Cap Index, Tadawul Small Cap Index, and the Tadawul IPO Index • The launch of the indices aligns with the Saudi Exchange's ongoing initiatives to provide investors with enhanced benchmark opportunities and stimulate growth in new products for investors. Riyadh, Saudi Arabia – 18 September 2023 : The Saudi Exchange has launched four new indices, marking a significant step forward in the development of the Saudi capital market. These indices, based on company size and IPO performance, provide investors with a broad range of investment benchmarks while enabling institutions to offer new products to meet growing investor strategies. The Size Indices introduced by the Saudi Exchange reflect the market's ......read more
Kuwait, 17 September 2023: Kuwait International Bank (KIB) announced the five lucky winners of the second prize draw held under its exclusive ‘Surprises for Every Season’ campaign, which is based on customers’ transactions throughout August. In partnership with global digital payments leader, Visa, the campaign is dedicated to rewarding KIB’s Visa Credit, Prepaid or Debit Card holders, reaffirming the Bank’s commitment to enhancing its customers’ banking experience. The first winner of the second draw, Abdullah Ahmad AlKandari, became the owner of a SuperJet from Yamaha. The second winner, Omar Sami AlFuraih, received four fully paid round-trip tickets to Abu Dhabi and Yas Island, as well as tickets to two of Abu Dhabi's most popular theme parks, such as Ferrari World, SeaWorld, Yas ......read more
The United States Federal Reserve's interest rate decisions play a vital role in shaping the financial markets, both domestically and globally. Changes in interest rates have far-reaching consequences, influencing various asset classes, investor behavior, borrowing costs, and overall market sentiment. In this article, we will explore how US interest rates affect financial markets and the implications for investors and businesses. 1. Bond Markets: Interest rates have a direct impact on bond markets. When the Federal Reserve raises interest rates, newly issued bonds offer higher yields, making them more attractive to investors. As a result, the demand for existing bonds with lower yields decreases, leading to a decline in their prices. Conversely, when interest rates are lowered, bond prices tend to rise as investors seek ......read more
Lucky numbers were 22,27,36,43,47 Draws saw 731 winners take home AED 1,379,000 in prize money 17th September 2023, Dubai, UAE: In its 146th edition, Mahzooz, the UAE's favourite weekly draw with the biggest and most frequent pay-outs, crowned its 62nd millionaire and saw 731 participants take home AED 1,379,000 in prize money. While the top prize of AED 20,000,000 went unclaimed this week, 14 participants matched four out of the following five numbers 22,27,36,43,47 and shared the second prize of AED 200,000, earning AED 14,285 each. 716 other winners matched three out of five numbers and received AED 250 each. As part of Mahzooz’s prize structure, where one lucky participant becomes a guaranteed millionaire every week, the 146th draws awarded MD Shahin, holding the raffle ID number 38225819 the raffle ......read more
The best account of its kind in Kuwait for offering the highest monthly expected returns and cash prize draws Kuwait, 16 September 2023: Kuwait International Bank (KIB) announced the names of the winners in the eighth Al Dirwaza account monthly draw, based on customers’ August deposits. The draw was held in the presence of representatives from the Ministry of Commerce and Industry, as well as representatives from the Bank. In this draw, Abdulwahab Ali Abbas Redha won KD 10,000, whilst the KD 1,000 prize was awarded to 10 winners in total: Sharefa Ahmed Ali AlKandery, Yousef Abdullah Mohammad Ahmad, Basmah Salem AlOthman, Naser Abdulrahman Ahmad AlAhmad, Semri Mohammad Semri AlAzmi, Hamad Abdullah Yousef Alkandari, Jassim Yaqoub Teaib AlShaheen, Eissa Ahmad Ali Ahmad, Hamad Fhaid AlHashmi AlAjmi, and Adel Abd ......read more
• The MOUs aim to support prospective homebuyers via the provision of financial solutions and access to government resources, such as the Sakani Programme. • The signings with key industry partners follow the recent launch of Innovest’s Jadan Communities. The Kingdom of Saudi Arabia, 14 September 2023: Innovest, a premier investment and development company focussed on creating unique lifestyle communities throughout Saudi Arabia, has signed several strategic Memoranda of Understanding (MOUs) at Cityscape Global in Riyadh. The signings are in collaboration with key industry partners – including notable financial institutions, construction companies, global project developers, and real estate investment firms. The agreements align with the Saudi Vision 2030 ......read more
Abu Dhabi, 14 September 2023: Infracapital, the infrastructure equity investment arm of M&G Plc, has successfully closed a co-investment process in Zenobē, providing the opportunity for a consortium of Infracapital’s strategic LPs, including Mubadala and Pantheon, to invest into a high-quality asset. “This marks a significant milestone for the Infracapital platform as it represents the largest co- investment raised by an Infracapital fund to date. It reiterates Infracapital’s ability to source high- quality assets benefiting from secular trends in decarbonisation of transport and battery storage” says Infracapital’s Head of Capital Formation and Investor Relations, Latifa Tefridj-Gaillard. Since Infracapital’s initial investment in 2020, Zenobē has grown to establish itself as ......read more
• VFS Global will conduct consular camps in KSA till the end of the year • The Camps will offer Passport Renewal and Document Attestation services for Indian citizens residing in Saudi Arabia To ease the passport renewal process for Indian citizens residing in the Kingdom of Saudi Arabia (KSA), the Embassy/ Consulate of India in KSA has unified efforts with VFS Global, the world’s largest visa outsourcing and technology services specialist for governments and diplomatic missions worldwide, to organise scattered tours to collect passport renewal applications & Documents Attestations for Indian communities residing in the remote locations of the central, eastern and western regions of the Kingdom. VFS Global has been conducting these Consular Camps since 2009, covering Bisha, ......read more
As part of its committed support to CBK’s ‘Let’s Be Aware’ campaign Kuwait, 13 September 2023: In a new effort to raise awareness about financial literacy and secure banking practices, Burgan Bank, represented by Mohammad Al Sarraf, Assistant Manager of Corporate and CSR Communications, recently took part in a lively and informative conversation on the Marina FM show, Diwaniya. The radio appearance comes as part of Burgan Bank’s comprehensive social responsibility program and its ongoing support of the “Let’s Be Aware” (Diraya) campaign, which was launched by the Central Bank of Kuwait (CBK) and the Kuwait Banking Association (KBA) in cooperation with Kuwaiti banks. During the radio talk, Al Sarraf tackled several vital topics for the show’s mass audience, including ......read more
First ever Mubadala Abu Dhabi Sail Grand Prix Presented by Abu Dhabi Sports Council to take place at Mina Zayed, January 13-14, 2024 Abu Dhabi, UAE - September 13, 2023 - Abu Dhabi will host the world’s most exciting racing on water as it gears up for the inaugural Abu Dhabi Sail Grand Prix. Tickets are now on sale to witness the sport’s best athletes representing national teams from around the globe unleash their prowess on the waters of Mina Zayed, Abu Dhabi’s historic port – on January 13-14, 2024. The event is presented in partnership with SailGP’s Global Series Partner Mubadala Investment Group and the Abu Dhabi Sports Council. The highly anticipated global event was announced at a press conference held at the Saadiyat Beach Club in Abu Dhabi, in the presence of Sheikh Ahmed bin Hamdan Al ......read more
Expansion round was co-led by Aramco’s Wa’ed Venture and BOLD Capital, with participation by Khosla Ventures and 15 other new and existing investors New money brings the total funding raised since inception to $153 million Funds to be used to build out Mighty Buildings’ factories in North America and expand operations to Saudi Arabia and the United Arab Emirates September 12, 2023 – Mighty Buildings, the leader in 3D printing construction technology known for its prefabricated, environmentally friendly and climate-resilient homes, today announced that it has raised $52 million in funding. This latest round demonstrates strong investor confidence in Mighty Buildings' innovative offsite 3D printing construction technology. The round was co-led by ......read more
Dubai, United Arab Emirates, 13 September 2023: In a new threat briefing report, Forescout Vedere Labs looks back at the most relevant cybersecurity events and data between January 1 and July 31, 2023 (2023H1) to emphasize the evolution of the threat landscape. The activities and data Forescout saw during this period confirm trends it has been observing in its recent reports, including threats to unmanaged devices that are less often studied. Overall, 2023H1 continued the trend of threat actors exploiting an increasingly diverse attack surface. Notably, Forescout saw more evidence of the type of “cross-device” attacks it first demonstrated with R4IoT and then observed with botnets such as Chaos. Some threat actors are now routinely mixing traditional endpoints with unmanaged devices such as VPN appliances, ......read more
• In 2022, 25% of the UAE's financial wealth came from Ultra High Net Worth individuals worth more than USD 100 million, and individuals with wealth between USD 1 million - USD 20 million held another 32% • A new BCG report projects that the UAE's financial wealth will increase from USD 1 trillion in 2022 to USD 1.3 trillion in 2027 • Equities & investment funds remain the largest asset class in the UAE, making up 58% of total onshore personal wealth in 2022, with bonds expected to have the fastest growth at an 8.4% CAGR between 2022 - 2027 Dubai, ......read more
Dubai – September 07, 2023: The QI Group, the parent entity of global lifestyle and wellness company QNET, has been named Employer of the Year for the ninth consecutive year at Hong Kong’s HR Asia Awards 2023. This year's highly anticipated award is themed "Celebrate Diversity and Inclusion", recognising companies for their commitment to embracing diversity, championing equity, and fostering inclusion in the workplace. Rooted in the philosophy of the company's Founders, Raise Yourself To Help Mankind (RYTHM), QNET is committed to actively cultivating an ......read more
Valued at AED 225 million, the move positions Multiply Media as a key player in the UAE's media landscape Abu Dhabi, UAE, September 06, 2023: Multiply Group (ADX: MULTIPLY), an Abu Dhabi-based investment holding company, confirmed today the completion of its acquisition of a 55% majority stake in Media 247, a leading outdoor advertising firm in the UAE, for AED 225 million. This strategic move follows Multiply Group’s announcement in April 2023 regarding its intent to invest, subject to regulatory approvals, which has since been secured. The acquisition price has been adjusted as ......read more
Developed in partnership with MBZUAI, Jais was trained on the Condor Galaxy 1 AI supercomputer on 116 billion Arabic tokens and 279 billion English tokens of data. Abu Dhabi, August 30 — Inception, the pioneering G42 company dedicated to pushing the boundaries of AI, announced the open-source release of Jais, the world’s highest quality Arabic Large Language Model. Jais is a 13-billion parameter model trained on a newly developed 395-billion-token Arabic and English dataset. With a name inspired by UAE’s highest peak, Jais will bring the advantages ......read more
Abu Dhabi, 30 August 2023: The Abu Dhabi Securities Exchange (ADX) has partnered with five of the leading research providers in the UAE to launch the Investment Outlook Report (IOR). Aimed at retail investors, the IOR is intended to educate individual investors on opportunities available on the Exchange and to assist them in making sound investment decisions. The five participating research providers are FAB Securities, Al Ramz Capital, Arqaam Capital, BHM Capital and International Securities. ADX will send the report via e-mail on a daily basis to the existing subscribers, in addition ......read more
In support of Accident-Free Day by the Ministry of Interior and General HQs of the Police Abu Dhabi, UAE – 28 August 2023 – Insurance House PJSC (IH), one of the leading insurance institutions in the United Arab Emirates, is slashing its motor insurance product premiums by 28% Off for prudent drivers for 30 days starting 29th August to 27th September 2023 in support of ‘Accident-Free Day’ on 28th August 2023. The nationwide campaign, launched by the UAE Ministry of Interior and the General Headquarters of the Police, aims to promote safe driving during the ......read more
Sale of stationery and office supplies jump this week as students prepare to re-start a new academic season and professionals get back to work Date: Dubai, UAE; August 28, 2023 News Highlights 1. Stationery and office supplies market in the Middle East is poised to reach US$6.49 billion (Dh23.82 billion) this year, up from US$6.26 billion (Dh22.97 billion) estimated sale in 2022; 2. The stationery and office supplies market in the UAE is 27.2 percent of the total Middle East market, or US$1.77 billion (Dh6.48 billion); 3. The UAE has 639 ......read more
• AED1.1 billion Islamic Treasury Sukuks issued in the third auction, as part of the Islamic Treasury Sukuks issuance program for 2023 • Bids worth AED6 billion received • Oversubscription by 5.5 times United Arab Emirates, August 23, 2023: The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the third dirham-denominated Islamic Treasury Sukuk auction (T-sukuks), which is part of the T-sukuks issuance program ......read more
A total of AED 190 billion in green financing was dedicated by 6 major UAE banks Abu Dhabi, United Arab Emirates; 21 August 2023: UAE Banks Federation (UBF), the sole representative and unified voice of banks in the UAE, revealed the remarkable success of the UAE banking and financial sector in developing sustainable banking solutions in line with the UAE's strategy to reduce emissions and achieve climate neutrality by 2050 and with United Nations Sustainable Development Goals. The Federation highlighted the proactive role of the banking sector in combating climate ......read more
Key Highlights: • Reported a 13% increase in EBITDA to AED 2.1 billion and a 5% increase in revenue to AED 18.9 billion in H1 2023, demonstrating the success of strategic initiatives to drive operational efficiency and profitability over the first half. • Achieved net profit of AED 1.7 billion, an increase of 74% year-on-year. • Majid Al Futtaim – Properties delivered 39% net revenue growth to AED 3.4 billion and a 22% EBITDA increase to AED 1.7 billion, aided by a rise in mall footfall, tenant sales and scale up of the residential business. • Majid Al ......read more
Abu Dhabi, 18 August 2023 - Response Plus Holding PJSC - one of the leading providers of onsite emergency and healthcare services in the United Arab Emirates - has just released its half-year results for the period ending on June 30th, 2023. Over the first 6 months of 2023, the group reported AED 168.7 million worth of revenues, compared to AED 162.7 million in the previous year reporting period ending on June 30th, 2022, illustrating a revenue growth of 4% year-on-year. Net profits over the same period grew substantially, reaching AED 26.6 million compared to AED 20.6 million last ......read more
All EGA operational assets around the world are now certified to aluminium industry’s internationally recognised sustainability standard United Arab Emirates, 17 August 2023: Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, today announced that its Al Taweelah alumina refinery has been certified for its environmental, social and governance performance by the Aluminium Stewardship Initiative. All EGA operational assets around the world are now certified to the Aluminium Stewardship Initiative’s Performance Standard V2 ......read more
The Group is cementing its presence across GCC, MENA and Southeast Asia markets in line with its commitment to foster cutting-edge financial solutions. The Group’s blockchain-based fintech solution reinforces transaction security, engendering trust in both individuals and financial institutions. August 16, 2023 - Abu Dhabi, UAE: MBME Group PJSC (the “Group”) (ADX symbol: MBME / ISIN: AEE01201M235), today announced its financial results for the six-month period ending 30 June 2023. In the first half of the year, the Group recorded a net profit of AED ......read more
Abu Dhabi – August 15, 2023: Leading UAE financial institution Finance House PJSC today released its condensed consolidated interim financial statements for the first half year ended 30 June 2023. The Total Comprehensive Income for the period stands at AED 9.73 million, marking an improvement from the Total Comprehensive Loss of AED 14.56 million reported in the corresponding period of the previous year. Mohammed Alqubaisi, Founder said: "Despite ongoing challenges, this is a significant turnaround in the overall financial performance of ......read more
Dubai, UAE 15 August 2023: According to Mashreq Capital’s Q2 2023 Market and Strategy Report, the US's better-than-expected economic data and the banking system's stability have quelled concerns of a 'hard landing' or financial crisis. This outcome has led to higher US Treasury yields in Q2 2023. In developed market fixed income, the higher US treasury yield was counterbalanced by spread compression of corporate credits as recession fears receded. According to the report, high-yield bonds outperformed investment-grade, and sovereign bond yields increased ......read more
For the fourth consecutive year, ICS Financial Systems Ltd. has been recognized by World Finance as the Best Islamic Banking Solutions Provider. This prestigious accolade and the consistent recognition by World Finance Magazine is a testament to the company’s steadfast commitment to excellence. For over two decades, ICS BANKS® Islamic Banking Solution has been setting the industry standard with its comprehensive Sharia’ compliance, scalability, integration capabilities, and flexible deployment options. As the global Islamic banking sector continues to grow, ICSFS remains at ......read more
Abu Dhabi: August 14, 2023 - Insurance House PJSC (IH), one of the leading insurance institutions in the United Arab Emirates, predominantly recognised for offering exceptional insurance services and competitive insurance products, today released the half-yearly financial results for the period ended 30 June 2023. IH registered a total comprehensive loss of AED 25.64 million in the first half of 2023, compared to a total comprehensive loss of AED 4.72 million during the same period in the previous year. A significant contributor to this loss was the motor business. Issam ......read more
Astro Min is a one of the fastest growing shipping & logistics company in GCC & India. We moved to new office & warehouse in KHAWANEEJ, DUBAI, UAE . We also have hubs in KSA, OMAN & INDIA Main Services 1. Providing door to door services in all cities of GCC 2. Best solution for small and medium enterprises wanting to grow their foot print 3. Last mile delivery of ships spares to all ports and shipyards in GCC 4. Scheduled/ regular LTL services to all major cities in GCC 5. In-house customs clearance services 6. Warehousing and distribution ......read more
Lucky numbers were 2, 15, 21, 45, 46, Draws saw AED 742, winners take home AED 1,382,250 in prize money Second golden summer draw awarded AED 50,000 in gold coins 13th August 2023, Dubai, UAE: In its 141st edition, Mahzooz, the UAE's favourite weekly draw with the biggest and most frequent pay-outs, crowned its 57th millionaire and saw 742 participants take home AED 1,382,250 in prize money in addition to a new winner who was awarded AED 50,000 in gold coins. While the top prize of AED 20,000,000 went unclaimed this week, 12 participants matched ......read more
Latifa bint Mohammed: "The youth are the spark that ignites the flame of creativity and are the drivers behind positive change." Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture) and Member of the Dubai Council, stressed that the youth symbolise a nation's true wealth, propelling societies forward and acting as catalysts for positive transformation. As International Youth Day celebrates the upcoming leaders endowed with grand aspirations, creativity, and boundless potential, Her Highness noted ......read more
Normalised EBITDA grew 3% versus prior year to AED 460 million and Normalised Net Income 5% to AED 175 million delivering improved margins Abu Dhabi, United Arab Emirates, 9 August 2023: Al Yah Satellite Communications Company PJSC (“Yahsat” or the “Group”), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange (”ADX”, under symbol: YAHSAT, ISIN: AEA007501017) announced today its consolidated financial results for the six months ended 30 June 2023. Revenue for the first half of ......read more
Abu Dhabi, UAE, August 9, 2023 - PETRONAS and AIQ, an Abu Dhabi-based technology company, have signed a Memorandum of Understanding (MoU) to share experiences in building Artificial Intelligence (AI) solutions that may potentially accelerate the energy transition and drive sustainability across energy operations. AIQ is a technology pioneer focused on driving the transformation of the industrial sector powered by artificial intelligence (AI). The MoU was signed by PETRONAS Head of Data Science, Dr Sambasivam Rajamani, and AIQ Chief Technology Officer, Saravan Kumar Penubarthi; and ......read more
• New project to use advanced technology to sustainably cultivate tomatoes and cucumbers year-round in the UAE • High-tech greenhouse to leverage efficient cooling systems that limit carbon footprint and water usage Abu Dhabi, UAE – 07 August 2023: ADQ, an Abu Dhabi-based investment and holding company, and Safe Haven Solutions, a Netherlands-based climate-smart agriculture solution provider, have commenced on a project to construct a high-tech greenhouse at ADQ’s cutting-edge AgTech Park in KEZAD. The automated 10-hectare facility will leverage advanced ......read more
• International Holding Company beats earnings estimates, raises full-year outlook with stabilization in stock prices and EPS growth of 35.1%. • Marine and dredging, Real estate, Financial Services and Hospitality segments continue to drive IHC’s revenue growth hitting AED 28.7 billion. • IHC maintains growth and profitability in H1 2023 despite the global economy’s geopolitical ramifications. • The company’s total number of subsidiaries rose to 479 in second quarter of 2023. Abu Dhabi, 3 August, 2023: International Holding ......read more
Gives enterprises overwhelmed by rapid asset growth and a widening attack surface a more intuitive way to identify and respond to exposure gaps Dubai, United Arab Emirates, 03 August 2023 – Forescout, a global leader in cybersecurity, today unveiled Risk and Exposure Management, its cloud-native product designed to collate all data sources associated with an enterprise’s connected assets and calculate a unique multifactor risk score for each asset offering a more intuitive and quantitative approach to risk prioritization. Enterprises’ attack surfaces are ......read more
Dubai, UAE, 2nd August 2023: Commercial Bank International (CBI or “the Bank”) has announced its 2023 half-year financial results. Key financial result highlights: - Net profit increased by 44% year-to-date from AED 55 million in H1 2022 to AED 79 million in - H1 2023. - Net operating income increased year-to-date from AED 268 million in H1 2022 to AED 270 million in H1 2023. - Loans and advances increased year-to-date from AED 12 billion in H1 2022 to AED 12.3 billion in H1 2023. Commenting on the Bank’s H1 ......read more
Dubai, UAE –30 July 2023: The World Free Zones Organization (World FZO) signed an agreement with the Adriatica Special Economic Zone, appointing Bari as the host city for the 10th edition of the Annual International Conference and Exhibition (AICE), taking place from June 19-21, 2024. The conference will run alongside the G7 Summit, which is also scheduled to take place in Puglia during the same period. The agreement was signed in the presence of His Excellency Dr. Mohammed Al Zarooni, Chairman of the World Free Zones Organization, Extraordinary Government Commissioner of the ......read more
Record Revenues, Strong Profitability Provide Solid Foundation for Pursuing Mid- to Long-term Growth through Advancement of Business Portfolio DUBAI, July 28, 2023 — LG Electronics Inc. (LG) announced second-quarter 2023 consolidated revenue of KRW 20 trillion with operating profit of KRW 741.9 billion. The company recorded the highest second-quarter revenues in company history. The second-quarter results underscore the success of the company’s strategy to drive continuous growth while strengthening its business competitiveness. The record revenue reflects the ......read more
United Arab Emirates – 29 July 2023 Arab Bank Group reported solid results for the first half of 2023, The Group’s strong performance was driven by robust growth in its core banking business across different markets, as net profit after tax increased by 59% reaching $401 million as compared to $252 million for the same period last year. The Group maintained its strong capital base with a total equity of $10.6 billion. Loans grew to $36.1 billion and deposits reached $48.3 billion. Excluding the impact of devaluation of several currencies against the US dollar, loans and ......read more
• ESG has surpassed expectations, achieving an octuple-digit growth figure that significantly exceeds the initial forecast. • The company’s revenue in the first half reached all-time highs, with 81% growth YoY, supported by solid new projects. Abu Dhabi, UAE 28th July 2023: Emirates Stallions Group (ADX: ESG), the Global investment, engineering, and construction solutions company and a subsidiary of International Holding Company (ADX: IHC), has announced an extraordinary 831% Year-on-Year (YoY) surge in net profit for H1 2023. The company's net ......read more
• Organic growth reached 8.7%, with pricing of 9.5% and real internal growth (RIG) of - 0.8%. Growth was broad-based across geographies and categories. Total reported sales increased by 1.6% to CHF 46.3 billion (6M-2022: CHF 45.6 billion). Foreign exchange decreased sales by 6.7%. Net acquisitions had a negative impact of 0.4%. The underlying trading operating profit (UTOP) margin was 17.1%, up 20 basis points on a reported basis and 30 basis points in constant currency. The trading operating profit (TOP) margin increased by 120 basis points to 15.9% on a reported ......read more
Dubai, UAE; 26th July 2023: Mashreq announces the financial results for 1H 2023 displaying a strong performance and providing excellent shareholder value with an annualised return on equity of over 30%. Further details are outlined below. 1. Robust Growth in Operating Income & Net Profit • Operating profit at AED 3.7 billion represents an 88% increase compared to 1H 2022 on the back of a healthy operating income growth of 60% - strong growth across all business units • Operating income growth was primarily driven by net interest income which has increased ......read more
Net profit jumped 120.7% to reach AED 332.1 million for the half year and rose 18.5% quarter-on-quarter on the back of underlying business momentum 26 July 2023: National Bank of Fujairah PJSC (NBF) is pleased to announce its results today for the six month period ended 30 June 2023. Highlights: NBF recorded year-on-year growth of 120.7% to close the six month period with a net profit of AED 332.1 million compared to AED 150.5 million in the corresponding period of 2022. On the back of a robust Q2 2023 performance, NBF posted a net profit ......read more
UAE, 26 July 2023: Juma Al Majid Est., the exclusive distributor of Hyundai and Genesis in the UAE, powers into the spotlight with an unprecedented surge of 37% growth in the first half of 2023. The UAE market has witnessed sustained innovation from Hyundai and Genesis, as their cutting-edge technology and unwavering commitment to customer satisfaction continue to captivate attention. This remarkable achievement reinforces Juma Al Majid Est.'s position as a trailblazer in the industry and solidifies the trust of UAE consumers in the iconic brands. Compared to the same period in 2022, ......read more
• The company’s revenue showed 18.9% YoY growth, driven by effective operation of seven vessels sailing since 2022 • ASM continued to diversify its portfolio with a significant investment in ADNOC Logistics and Services • Operating income increased by 134.7% YoY to reach AED 53m in H1 2023 Abu Dhabi, UAE 24th July 2023: Al Seer Marine (ADX: ASM), the global player across multiple marine sectors and International Holding Company (IHC) Subsidiary, released today its financial results for the first half of 2023, ended on 30 June, reporting gross ......read more
Financial systems are intricate webs of interwoven connections in which any change can have far-reaching ramifications. An exciting interaction exists between crude oil prices and foreign exchange rates (forex), where fluctuations significantly impact global economies. Another intriguing relationship involves crude oil prices versus forex rates, creating an intricate balance that mirrors global economic complexity. Crude oil's place in global economics Crude oil, more often known by its nickname "black gold," plays an essential part in world economics. Serving as one ......read more
Alpha Dhabi's MoU with Limak Group presents an opportunity to broaden its investment portfolio in Turkey. The opportunities include construction and rehabilitation of areas impacted by the earthquake in Turkey. Abu Dhabi, UAE; 20 July 2023: Alpha Dhabi Holding (ADX: ALPHADHABI), one of the fastest-growing investment holding companies in the United Arab Emirates (UAE), signed a Memorandum of Understanding (MoU) with Turkey-based Limak Group. The MoU aims to explore a range of business opportunities and joint ventures in construction, development, ......read more
DUBAI – July 19, 2023: Conares, the second-largest private steel manufacturer in the UAE, has officially announced a partnership with C&D, a Fortune Global 500 company focused on supply chain operation services and real estate development based in the city of Xiamen, China. This groundbreaking collaboration will empower the Chinese corporation to distribute high-quality steel from China in the GCC region, strengthening trade ties between them. The official signing of the partnership took place at Conares' state-of-the-art steel plant in the Jebel Ali Free Zone (JAFZA) in ......read more
United Arab Emirates, Umm Al Quwain, 18 July, 2023: National Bank of Umm Al Quwain reported a net profit of AED 255 million in Q2 of 2023, reflecting a 54% increase compared to AED 165 million in Q2 of 2022. Cost-to-income ratio is 20.58%, reflecting a 880 basis point year-on-year improvement, indicating the bank's operational efficiencies and disciplined cost management. Bank's Impairment coverage ratio, including collateral, improved to 254% as of June 30, 2023, from 183% as of December end. Total assets of the group reached AED 14.06 billion as of June 30, 2023, reflecting ......read more
Crayon Data’s R&D turns to Generative AI to enhance personalized experiences for enterprises Dubai; July 17, 2023 – Crayon Data, a leading Artificial Intelligence (AI) and big data company headquartered in Singapore with a presence in Asia, the Middle East, and Africa, is working on bespoke Generative AI solutions for large enterprises. Over 11 years, Crayon Data has emerged as the go-to player in AI. With data and AI at its core, Crayon transforms commerce in banks, fintech companies, and other enterprises through • The first ......read more
Khalid Al Kaf, Yahsat’s Chief Operations Officer, accepted the TDRA Partner Recognition Award for the company’s role in developing an advanced satellite communications infrastructure in the UAE Abu Dhabi, UAE, 13 July 2023: The UAE’s flagship satellite solutions provider, Al Yah Satellite Communications Company PJSC (ADX trading symbol: YAHSAT), has been honoured for its longstanding relationship with the Telecommunications and Digital Government Regulatory Authority (TDRA) with its Partner Recognition Award. The award recognises Yahsat’s pivotal role in ......read more
