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    Featured in Banking and Investments
    Kuwait Steel Digitally Transforms with SAP to Boost Manufacturing Growth

    28 September 2020:  One of Kuwait’s largest manufacturers, Kuwait Steel (United Steel Industrial Company), has said that its digital transformation with global technology company SAP is enabling new levels of manufacturing efficiency and productivity.   Johan Henning, CIO, Kuwait Steel and SAP made the statement during the recent Digital Transformation (DX) event, which brought together Kuwait’s business and technology leaders.   “Kuwait Steel shows how business redesign, digital transformation is supporting the company to achieve its vision in becoming a leader in the steel industry by investing in technology and driving change,” said Andy Froemmel, Managing Director, SAP Kuwait. “Kuwait’s Vision 2035 presents major opportunities for government agencies to use e-services to improve ......read more

    LG and Hyundai Collaborate to Bring Home Convenience to Electric Vehicles

    IONIQ Concept Cabin Offers Many of Home’s Comforts for the Road   United Arab Emirates,  September 28, 2020:   LG Electronics (LG) and Hyundai Motor have unveiled the IONIQ Concept Cabin, a collaborative effort that combines both companies’ expertise in consumer lifestyle convenience and personal electric vehicles to deliver a concept that takes maximum advantage of the more spacious interiors made possible by EVs not encumbered by internal combustion powerplants and mechanical components. The IONIQ Concept Cabin is equipped with a number of amenities that truly makes this space a home away from home. For example, a capsule coffee machine makes and delivers the perfect cup for the morning commute, a compartment under the seat dries and refreshes wet or stale shoes before reaching one’s ......read more

    ACME Intralog Partners With Kardex Remstar to Ease Pressure on Regional Warehouse Operators

    Dubai, UAE: September 27, 2020: As the demand from e-commerce sector continues to grow, regional warehouse operators are under substantial pressure due to sudden demand for increased inventory space and lead time. To help them boost productivity and navigate complex warehouse challenges, ACME has partnered with Kardex Remstar to provide solutions to assist in improving warehouse operations by partial automation using scalable solutions that provide for improved material flow and can be easily adapted to existing warehouse racking infrastructure.   ACME’s solution-design team, based in the region, can design a flexible warehousing system using Kardex’ highly efficient solutions for storing and retrieving items. This system significantly improves productivity and reduces energy consumption, whether being used to ......read more

    Value of Dubai Chamber Member Exports Up 7.4% in June-August 2020

    • Value of member exports between June and August 2020 exceeded AED 45 billion, marking a 7.4% increase compared to March-May period of the same year.   • Over 151,000 Certificates of Origin issued by Dubai Chamber over last three months.   United Arab Emirates,  September 27, 2020:   Exports of Dubai Chamber members exceeded a combined value of AED 45 billion between June and August 2020, marking a 7.4 percent increase compared to the March-May period during the same year.   Over 151,000 Certificates of Origin were issued by Dubai Chamber over the last three months (June-August), an 11.7% rise from the 135,00 certificates issued during the three months prior (March-May).   The average number of exporters over the three months ending in August stood at 4,630, increasing ......read more

    WCU: Commodities Lower on Dollar Strength; Silver Hardest Hit

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank United Arab Emirates,  September 27, 2020:  Commodities traded lower with the stronger dollar and reduced inflation worries delivering a blow to the sector. Precious metals led by silver took the biggest hit while coppers strong momentum since March also faded. Grain traders took profit as the strong dollar reduced export demand. Crude oil held up very well despite worries about demand and the risk of rising supply. Commodities , traded lower during the week where the stronger dollar left many markets bruised. The Bloomberg Commodity Index, which tracks a basket of major commodities spread evenly across energy, metals and agriculture, traded lower by 3.2% with energy, due to strong gains in natural gas, being the only sector strong enough to put up a fight against the ......read more

    DIFC FinTech Hive's Accelerator Programme to Advance the Role of Women in Financial Services

    • A female-focused career mentorship accelerator programme to empower women in financial services • 14 young women starting their careers within financial services selected for the programme • Mentees are given access to over 20 workshops provided by DIFC FinTech Hive’s network of partners    Dubai, UAE, 26 September 2020:  DIFC FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, revealed the 2020 launch of AccelerateHer, a female-focused career mentorship accelerator programme to empower women in financial services.   The programme equips young, aspiring female executives with tools and experience to broaden their knowledge and reach in the industry. It allows them to play a more active role in ......read more

    Jafza, the Federation of Israeli Chambers of Commerce Sign Mou to Accelerate Economic and Trade Relations

    The two entities intend to facilitate mutually advantageous economic cooperation between businesses in the UAE and Israel     Dubai, United Arab Emirates, 26 of September 2020: Jebel Ali Free Zone (Jafza), DP World’s flagship Free Zone and the leading business and logistics hub in the UAE, has entered into a strategic agreement with The Federation of Israeli Chambers of Commerce (FICC), in a concentrated effort to support businesses and encourage economic cooperation. Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Uriel Lynn, President, FICC signed the agreement virtually.   The MoU follows the normalisation of relations between UAE and Israel. As part of the MOU, both sides will deploy all efforts to boost the expansion of contacts and foster new ties between partners of the ......read more

    IBM Research to Radically Accelerate Materials Discovery in 5 Key Areas

    United Arab Emirates,  September 24, 2020:  IBM today unveiled its annual “5 in 5” predictions about five significant changes driven by innovation in science and technology that will take place in the next five years.   This year’s 5 in 5 focuses on five core areas of research that the company will tackle to enable a more sustainable future, coinciding with the first ever virtual UN General Assembly.  From a global pandemic to global warming, 2020 has illuminated the essential role of science — as well as clear actions based on that science — to combat some of the greatest challenges of our time. The need to rethink how the world creates, consumes and disposes of materials has never been more clear, from storing energy more efficiently, to removing CO2 from the atmosphere to ......read more

    Kantar to Launch the First BrandZ Top 30 Most Valuable Emirati and Saudi Brands

    Experts from six WPP companies across the United Arab Emirates and the Kingdom of Saudi Arabia share insights in the report.   September 23, 2020:   Kantar announces the inaugural launch of the BrandZ™ Top 30 Most Valuable Emirati and Saudi Brands on 6 October 2020 at a virtual event. The ranking identifies the United Arab Emirates and Saudi Arabia’s Top 30 most valuable brands, based on interviews with+12,000 consumers across the two countries about their opinions on over 300 brands across 19 categories. BrandZ™ then calculates the dollar value of the intangible brand, enabling businesses to assess how much ‘brand’ drives revenue, growth and market capitalisation. BrandZ™ is the world’s largest and most definitive brand equity study that combines financial and market ......read more

    Global Metals Weekly: Trading Dislocations in Gold

    United Arab Emirates,  September 23, 2020     Key takeaways    •         Investors remain key gold price drivers; epicentre has shifted from futures to physically backed ETFs. •         Retail investors are critical. Given extremely high inflows, there were some dislocations earlier this year. •         EFPs also spiked, but quotes have subsided. Return of the popular short EFP trade.     Investors remain the gold price drivers   The recent gold price rally has been driven by investors, who have steadily increased their exposure to the yellow metal, a dynamic that is, as such, not unusual. Digging a bit deeper, positioning through futures was historically the marginal price ......read more

    Global Energy Weekly: OPEC+ Stands Shoulder to Shoulder in the Shoulder Oil Season

    United Arab Emirates,  September 23, 2020   Key takeaways    •         The challenge facing OPEC+ is that winter gasoline is too easy to make and distillate inventories are completely dislocated •         A big second Covid-19 wave was always going to rank first as a downside risk to oil, but a warm winter now ranks second •         With some OPEC help, crude should stay range-bound & we still see Brent near $47/bbl in 4Q20. But keep an eye on the weather     OPEC+ wants members to fight shoulder to shoulder…   As it is often the case every year during the shoulder season, the period that separates summer from winter, crude oil prices pulled back in the past few weeks. ......read more

    AS World Group Signs Corporate Contract With Emaar Hospitality Group for Expo 2020 Dubai

    • Agreement includes exclusive hotel room packages and special offers   • Pact will drive up Africa and Middle East visitor numbers for Expo 2020 Dubai   • Agreement is a windfall for Dubai economy as the emirate successfully reopens   Dubai, UAE, September 22, 2020: AS World Group (DIFC) has signed a corporate contract with Emaar Hospitality Group - the hospitality and leisure division of Emaar Properties - to promote exclusive room packages and special offers at 18 hotels in Dubai to visitors attending Expo 2020 Dubai, from Africa and the Middle East.   The collaboration is a major boost for Dubai’s hospitality sector as the emirate successfully reopens to the world following the pandemic. In the period leading up to Expo 2020 Dubai, as well as for the entire duration ......read more

    RewirEd, A Global Platform Set to Rewire Education for a Prosperous and Sustainable Future, Launched on the Sidelines of the 75th United Nations General Assembly (UNGA)

    • A collaboration between Dubai Cares and Expo 2020 Dubai, in close coordination with UAE MoFAIC and global stakeholders, RewirEd is set to reinvent institutions and paradigms of education • To be delivered through three key initiatives, RewirEd Talks, RewirEdX and RewirEd Summit • RewirEd Talks is the first initiative to kick off through a high-level session during UNGA   United Arab Emirates, Dubai; September 22, 2020:  As the world finds itself face to face with a global health crisis that has revealed vulnerabilities in all sectors, most notably education; and with the realization that despite huge advances in all aspects of human society; educational models around the world have largely remained the same since the 1st industrial revolution; a new platform with the vision to rewire education for a ......read more

    How AI is Changing Banking

    Robert Hazboun, Managing Director of ICS Financial Systems explains what AI offers and what banks need to consider     Robin Amlôt   Managing Editor, IBS Intelligence     ICS Financial Systems (ICSFS), is a leading provider of modular, core banking systems. Robin Amlôt discusses how banks should come to grips with artificial intelligence (AI) with the company’s   Managing Director, Robert Hazboun.   What are the key factors that need to be considered by a bank looking to implement AI?   With no room of doubt, AI is a game-changer and it will revamp the way we used to do banking, especially in the midst of mandated lockdowns due to the Coronavirus pandemic.   Three key elements banks need to consider when implementing AI in front, middle and ......read more

    Trina Solar Reports 245.81% Year-on-year Net Profit Growth in 2020 Half-year Results

     Global Total Revenue H1 2020 reached US$ 1.836 Billion  Net Profits for Shareholders US$ 72 Million   Dubai, UAE – September 20, 2020: Trina Solar Co., Ltd., a leading global PV and smart energy total solution provider, has announced the publishing of its half-year financial reports for 2020. The company is reporting a 245.81% Year-on-Year Growth in net profits in 2020 compared with the same period in 2019.  The company’s performance shows a sharp increase in sales of PV products and PV systems, which the company attributes to its years of operational experience and effective risk control mechanisms. Total revenue for the first six months of 2020 reached US$ 1.836 billion (RMB 12.55 billion), a year-on-year increase of 16.56%, while net profits—belonging to shareholders of the listed ......read more

    IFS To Showcase Market-leading Aerospace & Defense Software Solutions at Global Aerospace Summit 2020

    United Arab Emirates,  September 20, 2020:  As a participant of the Global Aerospace Summit, scheduled to take place on September 28-29 2020 in Abu Dhabi, IFS, the global enterprise applications company, will highlight  its core industry solutions tailored to the unique needs of aviation maintenance, repair overhaul (MRO), fleet management, A&D manufacturing, enterprise asset management (EAM) and enterprise resource planning (ERP).  Scott Camarotti, Senior Vice President, Aerospace and Defense Sales at IFS will also be a part of a critical panel discussion that will highlight the current state of MRO within the sector and how the industry can be more responsive in the existing circumstances.  On the commercial aviation side, with COVID at the front and center, many orgaizations are looking for technology ......read more

    UAE Minister of Climate Change and Environment to be Chair of Heriot-Watt University's Board of Centre of Excellence in Smart Construction

    September 20th 2020, Dubai, UAE:  Heriot-Watt University has announced that His Excellency Dr. Abdullah Belhaif Al Nuaimi, UAE Minister of Climate Change and Environment, will take on the position as Chair of the Board for the University’s visionary research hub, the Centre of Excellence in Smart Construction (CESC). The appointment cements the strong links already in place between Heriot-Watt University Dubai and the UAE government, and shows continued commitment to encouraging academia, industry and government to collaborate in order to drive forward initiatives for a smarter, safer and more sustainable construction industry in the country. Through partnerships and producing world-class research, CESC will continue to support and assist the UAE Vision 2021, which is targeting a sustainable environment and ......read more

    DLD Launches First Digital Edition of International Property Show

     IPS represents the largest regional digital real estate event in conjunction with Invest in Dubai Real Estate on 11 – 20 of November 2020     Dubai, 20 September 2020:  Dubai Land Department (DLD) is launching the first digital edition of International Property Show (IPS), the Middle East’s biggest property sales platform for local and international real estate markets, on 11 – 20 November, in partnership with Invest in Dubai Real Estate.   In light of the current conditions that the world is witnessing as a result of the outbreak of COVID-19, IPS has succeeded in building a secure and interactive virtual platform, which helps display investment opportunities and facilitate real estate transactions in the local and international real estate markets. IPS’s organisers ......read more

    DAFZA Highlights Growth Opportunities Within the Islamic Economy Through the Second Edition of the Comprehensive Halal Guidebook

    Representatives of various entities interested in the Islamic economy attended the webinar along with international investors      Dubai, United Arab Emirates, September 16, 2020: The Dubai Airport Freezone Authority (DAFZA) hosted a webinar to highlight the growth opportunities in the Islamic economy. The webinar took place after the launch of the second edition of the Halal Guidebook entitled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide’. The Guidebook unveils key trends that will have a lasting impact on the regional economy and provides an analysis of the global and national Islamic economy. Representatives of various entities interested in the Islamic economy attended the webinar, as well as local and international companies looking to invest in the sector, ......read more

    Hitachi ABB Power Grids Expands Tropos Portfolio with Wireless Strategy for Industrial Communications

    New future-proof hybrid solution integrates cellular, self-healing broadband mesh technologies and partner sub-GHz technologies to enable a growing number of industrial applications. Hitachi ABB Power Grids’ new wireless strategy future proofs mission-critical operations in industrial and utility environments United Arab Emirates,  September 16, 2020:    Hitachi ABB Power Grids has introduced its new wireless communication solution with the launch of the next generation Tropos TRO600 portfolio. The business entity will introduce a hybrid wireless architecture, seamlessly integrating 2G, 3G and 4G LTE communication technologies, self-healing broadband mesh and select sub-GHz technologies from its eco-system partners into a single device.  The new TRO600 series builds on the Tropos foundation of high ......read more

    Global Fund Manager Survey

    The Rotating Top   United Arab Emirates,  September 16, 2020:     Key takeaways    •         Rotating Top: investors "rotating" not "chasing" stocks following epic 51% rally from March lows •         The vaccine's the thing: 41% say C-19 vaccine most likely trigger for higher bond yields, investors say Q1'21 likely timing •         FMS contrarian trades: UK, energy, banks longs (on 10Y >1%); US tech, healthcare, discretionary shorts (on vaccine)       BofA September Global Fund Manager Survey Bottom line: FMS shows investors "rotating" not "chasing" stocks following epic 51% rally from March lows; BofA Bull & ......read more

    Dubai Chamber Whitepaper Examines Growth Potential of UAE Space Economy

    Report identifies space industry as one of the UAE’s most promising sectors and a key pillar of economic growth for the next 50 years.     United Arab Emirates,  September 16, 2020: Space industry could become one of the UAE’s most promising sectors and a key pillar of economic growth over the next 50 years, according to a new whitepaper released by Dubai Chamber of Commerce and Industry.   The report, titled Space Economy Investment Opportunities for the UAE, identifies 10 areas of the space economy that offer the most investment potential for the UAE, namely space mining, space stations, space settlements, space law, sustainability in space and recycling, space tourism, space companies, and space academies that include preparing astronauts for commercial flights, space industries, and ......read more

    Unlocking the Potential of eSIM for Consumers

    By: Said Zantout, Head of Solution Area OSS, Core and Cloud at Ericsson Middle East and Africa United Arab Emirates,  September 15, 2020:  eSIM has become a hot topic among device manufacturers and its increasing role in the industry is clear –  as device manufacturers benefit from lower costs and more space on the processing board . Moreover, eSIM helps service providers to generate new revenue streams, and a future of billions of IoT connected devices  During 2019, two major smartphone manufacturers announced several of their models were now equipped with eSIM functionality. In 2020, many more are following suit. By 2025, GSMA estimates that more than 2 billion eSIM devices will be shipped. This is a strong incentive for the industry to go for eSIM. But what about consumers like me and you? What can ......read more

    Global Energy Weekly: Oil differentials go into hibernation

    15 September 2020     Key takeaways   •         The collapse in North American oil supply tightened differentials and WTI-Brent, and supply is unlikely to recover quickly •         As demand normalizes, WTI-Brent, inland-coastal, & Mid-Cush spreads should stay tight, but WCS-WTI and Bakken-WTI face risks •         Stalled or regressing demand, weak OPEC+ compliance, US elections, and the ongoing hurricane season present risk to our views   ________________________________________     The recent oil selloff puts North American supply at risk… The oil price collapse in March and April has completely altered the outlook for North American supply (see Pressing reset on ......read more

    Leaders Sign Unique Roadmap for Stakeholder Capitalism in the Middle East and North Africa

    Yousuf Mohamed Al-Jaida, Chief Executive Officer, Qatar Financial Centre Authority along with a Number of Ministers and a Group of Senior Regional Business Leaders Pave the Way for the Region’s Future   September 14, 2020:   • A group of senior decision-makers from the Middle East and North Africa, including leaders from government, business and civil society, signed the Principles of Stakeholder Capitalism for the Middle East and North Africa, which are designed to inform an inclusive, sustainable and resilient recovery for the region.  • All signatories are members of the World Economic Forum’s Regional Action Group for the Middle East and North Africa. The Forum created this group in response to the COVID-19 pandemic, designing it as a platform for public-private cooperation to ......read more

    Other Top Stories from Banking and Investments
     
    New Portugal Passport Collection Centres Open in Abu Dhabi and Dubai

    • Managed and operated by VFS Global, the centres deliver newly issued passports to Portuguese citizens from 16 August 2020 • Centres to operate from Sunday to Thursday from 09:00 AM to 05:00 PM   United Arab Emirates,  September 14, 2020:  Citizens of Portugal living in the United Arab Emirates (UAE) can now collect their newly issued passports at the Portugal Passport Collection Centres jointly launched by the Embassy of Portugal in the UAE and VFS Global, the world's largest visa and consular service provider for governments and diplomatic ......read more

    Dubai-Based Prominent African Entrepreneur and Philanthropist, Mahmood Ahmadu, Conferred the Forbes ‘Best of Africa' Award

    The founder and executive chairman of Online Integrated Solutions, is one of three leading African business luminaries to receive the prestigious recognition    Dubai, September 14, 2020:  In a virtual ceremony held on September 11th 2020, Mr. Mahmood Ahmadu – founder of Africa’s leading multi-business IT conglomerate - was one of three celebrated business leaders to be presented the Forbes Best of Africa Award for 2020. Mr. Ahmadu received the Award in recognition of the several philanthropic activities he has led and contributed to – in a personal ......read more

    US$25 Trillion Global Retail Industry Transforms amid COVID-19

    COVID-19 has transformed consumer behaviour, forcing retailers to digitise businesses to benefit from new retail opportunities, say officials at a RetailME Omnichannel Virtual Roundtable Date: Dubai, UAE; September 13, 2020 News Highlights: 1. Global retail transaction value to grow from US$23.36 trillion in 2020 to US$25.04trillion in 2021, according to Statista.com, a global market intelligence provider; 2. The e-commerce market size is expected to reach US$19.7 billion (Dh72.29 billion) in2020 in the GCC. 3. Saudi Arabia is the largest market with US$8.3 billion ......read more

    The Oil Gusher #411: 2H20 watch-list: Upcoming catalysts to take us into 2021 - BofA

    EMEA Equity Research Daily Highlights BofA Global Research Media Relations   United Arab Emirates,  September 13, 2020:  Refer to important disclosures at the end of these reports (see links below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a BofA Global Research report. All other copying, redistribution, retransmission, republication and any other unauthorized dissemination or use of the contents of the report or the link thereto are prohibited. ......read more

    Marafiq and its Partners, Veolia and Amwal AlKhaleejiah, Reach the Financial Closing of Jeddah Sewage Treatment Plant

    SWPC and the consortium composed by Marafiq, Veolia, and Amwal AlKhaleejiah have successfully achieved the financial closing of the US$ 280M ISTP (Independent Sewage Treatment Plant) project for Jeddah. September 13, 2020:   Marafiq (Power and Water Utility Company for Jubail and Yanbu) is the lead developer in Jeddah Airport 2 ISTP (Independent Sewage Treatment Plant) and has a wealth of experience as an integrated utility service provider to major industrial cities in Saudi Arabia.  The Jeddah Airport 2 ISTP was awarded under the Build, Own, Operate and Transfer (BOOT) ......read more

    WCU: Platinum on Top as Gold Consolidates; Crude Remains Under Pressure

    United Arab Emirates,  September 13, 2020:  The Bloomberg Commodity Index, which tracks a basket of major commodities spread evenly across energy, metals and agriculture, traded lower for a second week. Risk appetite, as seen through the behavior among U.S. megacap stocks, has received a setback following the flurry of activity during July and August. This development, combined with a dollar that has stopped falling, rising coronavirus cases and concerns about the timing of a vaccine, have all played a part.  The hardest hit during the past week was the energy sector, ......read more

    Ogilvy Becomes First Agency Brand to Reach 1 Million Followers on LinkedIn

    September 10, 2020:  Ogilvy has become the first agency brand to reach an impressive social media milestone: one million followers on LinkedIn.    LinkedIn has become the social destination for business, employment, and company culture content. Ogilvy’s global social and thought leadership strategy is a natural fit with LinkedIn. The one million follower landmark is the result of the cultivation of a community where big ideas that shape brands are shared, celebrated, and discussed.     Ogilvy’s one million LinkedIn followers come from across the ......read more

    COVID-19 Pandemic will Lead to Increased Demand for Business Aviation

    MEBAA Chairman Ali Alnaqbi confident in future growth and development of business aviation globally and in MENA    DUBAI, United Arab Emirates – 09 September 2020:   The impact of the COVID-19 pandemic and the rise for the need of  physical distancing will lead to an increase in private flying and growth in business aviation – that is according to Ali Ahmed Alnaqbi, Founding and Executive Chairman of The Middle East & North Africa Business Aviation Association (MEBAA).    Discussing the future of business aviation both ......read more

    DAFZA Launches Second Edition of the Halal Guidebook

     Halal investment will have a lasting impact on regional economy   Dubai, United Arab Emirates – September 09, 2020: The Halal economy is estimated to be worth $3.2 trillion by 2024, according to the newly launched second edition of the Halal Guidebook titled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide.’ The Guidebook unveils key trends that will have a lasting impact on the regional economy and assists in providing a clear picture of the international and national Islamic economy.   According to the State of the Global ......read more

    EMAS Partners with Eaton in Egypt

    08 September 2020 Dubai, UAE:   Eaton and EMAS - Egyptian Manufacturing and Advanced Systems Co., part of El-Sewedy Industries group, are announcing a long-term partnership in Egypt, that aims to increase Eaton’s electrical product portfolio’s presence across the country, of Low Voltage and Medium Voltage Switchgear systems. This partnership represents a strong commitment from both EMAS and Eaton to support all the important sectors including buildings, industrial applications and utilities with leading electrical products that provide the best in safety, reliability ......read more

    Mo'asher - Secondary Market Transactions Accounting to More Than 70% of Total Sales

    ● In July, real estate sales transactions grew by 3.7% month-on-month and averaged around 600 properties sold in Dubai every seven days.    ● The secondary market in July 2020 had higher volumes of sales transactions than off-plan transactions, a trend recorded since the end of Q2 2020     Dubai, UAE, 7 September 2020:  Dubai Land Department (DLD), in cooperation with Property Finder, launched the fifth edition of Mo’asher, Dubai’s official sales-price index. The base year for Mo’asher is 2012 and the base month for the ......read more

    Protiviti and Monimove Forges Strategic Partnership to Provide Next-Gen Credit Utilization, Supply Chain and Trade Finance in the UAE

    New alliance combines Monimove’s innovative platform with Protiviti’s technology and risk management expertise   Dubai, September 7, 2020: Protiviti Member Firm for the Middle East Region, a global consulting firm and Monimove, an award winning fintech solution provider, today announced a strategic alliance to empower the trade ecosystem with a fully digitized blockchain enabled platform for greater transparency reduced cost and increased investment protection.    The Monimove platform lays great emphasis on promoting and empowering SMEs, in accordance with ......read more

    Deloitte 2020 Powers of Construction Report: From C-19 “Respond” to “Recover”

    United Arab Emirates,  September 07, 2020:  The COVID-19 (C-19) pandemic and collapsing oil prices have had an unprecedented and compounding effect on the GCC Construction industry in the Middle East and globally. As stakeholders grapple with the ‘new normal’ that COVID-19 has presented, they also face an opportunity to rethink the way they used to work and discover new opportunities to change the status quo collectively. Deloitte has just launched the 10th edition of its GCC Powers of Construction 2020, which considers how the Construction industry can come together ......read more

    Philips Middle East and Turkey Welcomes Its New CEO

    • Vincenzo Ventricelli, former Health Systems Sales Leader and Head of Marketing, Philips Middle East and Turkey (MET), is appointed as Philips MET CEO • Ventricelli to continue driving the company’s strategic objectives and growth across the region   United Arab Emirates,  September 06, 2020:   Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the appointment of Vincenzo Ventricelli as Chief Executive Officer for the company’s operations in the Middle East and Turkey, based in Dubai, effective ......read more

    Global Metals Weekly: Copper Refineries Running on Empty

    United Arab Emirates,  September 06, 2020:   Mine supply down, refined supply up   Copper prices have risen remarkably in recent weeks and they are now up 20% YoY and 9.1% YTD. This was driven by a confluence of factors. The rally was initially triggered by a sharp rebound of demand in China, where changes in consumption have flipped from a contraction of 37% YoY in February to an expansion of 24.2% in May, a swing of 61.2ppt! This helped to prevent an increase of inventories, with market tightness then exacerbated by supply outages. Linked to that, global mine ......read more

    Bank of America Opens Grant Proposal Window for 2021 Art Conservation Project

    United Arab Emirates,  September 03, 2020:  Grant proposals are now being accepted for the 2021 Bank of America Art Conservation Project. Nonprofit cultural institutions with artwork requiring much-needed conservation are welcome and encouraged to apply at www.bankofamerica.com/artconservation. All proposals must be submitted before Monday, November 30 to be eligible for funding in 2021.    The Bank of America Art Conservation Project provides grants to nonprofit museums throughout the world to conserve historically or culturally significant works of art that are in ......read more

    Global Equity Volatility Insights

    Feed on vol’s fear of rising markets       Key takeaways    •         A sign of how stressed markets are despite pushing new highs, volatility is aggressively rising with equities •         Harvest this fear to play for a potential post-election vol collapse, a continuation of the equity bubble or RV •         Optimised EU volswap dispersion is an attractive way to stay long vol (with currently positive carry) in the face of high ......read more

    Emirati Philanthropist Abdul Aziz al Ghurair Signs an Agreement with the Islamic Development Bank and UNICEF as the Lead Donor for the Global Muslim Philanthropy Fund for Children'

    United Arab Emirates,  September 03, 2020:  H.E Abdul Aziz Al Ghurair signed the donor contribution agreement with the Islamic Development Bank (IsDB) and UNICEF as the lead donor for the Global Muslim Philanthropy Fund for Children (GMPFC).  This contribution marks the first significant commitment from a philanthropist to the Fund. The $10million contribution by H.E. Abdul Aziz Al Ghurair will focus on supporting refugee education programs in the Middle East and North Africa region. This contribution represents an important step towards the activation of the Fund. Over ......read more

    Sharaf Exchange on Active Expansion Mode With New Branches in Dubai's Industrial Zones

    United Arab Emirates,  September 02, 2020:   Sharaf Exchange, one of the leading remittances and financial solutions providers in the UAE and a part of Sharaf Group, opened two new branches in Al Qouz industrial zone further enhancing its branch network across key locations in the UAE.   The newly opened branches are located proximate to First Security Group workers accommodation and at Grand City Mall in Al Qouz.   Mr. Rajesh GK, CEO of Sharaf Exchange, said, “We are glad to announce opening of these new two branches in Dubai’s major ......read more

    Al Maya Adds Macro Brand to Its Exclusive Woolworths Owned Range in UAE

    United Arab Emirates,  September 02, 2020:  Woolworths, Australia's national brand, has been supplying it's range of grocery products on an exclusive basis to Al Maya for more than a year now. During this time, Woolworths has supplied Al Maya with around 200 individual SKUs across all grocery categories - including breakfast foods, snack foods, cooking needs, condiments and canned goods. Woolworths will now be supplying its ‘Macro Wholefoods Market’ and ‘Macro Organic’ brands exclusively to Al Maya.  Macro is Australia's largest healthier ......read more

    Mai Dubai pads up for biggest T20 cricket extravaganza with multi-team partnerships

    2 September 2020 - Mai Dubai, the bottled water company fully owned by the Dubai Electricity and Water Authority (DEWA), announced that it has partnered with five of the leading teams of the T20 League. The 13th edition of the world’s most coveted T20 League is set to kick off on September 19 in the UAE. Mai Dubai will be taking care of the hydration requirements of the defending champions Mumbai Indians, a team led by the supremely gifted Rohit Sharma; the Chennai Super kings - the runners up from last season and three-time champions, who will have the legendary MS Dhoni calling the ......read more

    Creative Zone and the Dubai Business Women Council Launch Ambitious Program 'She Leads' to Accelerate and Incubate 100 Women-Led Startups From The UAE

    Dubai, 2nd September 2020:   Recognizing that the SME sector represents 40% of the total GDP in the UAE, Creative Zone and the Dubai Business Women Council have entered into a partnership agreement with the aim of empowering 100 women entrepreneurs to launch their business successfully.   The ten-week program will train, support and nurture 100 of the UAE's brightest women entrepreneurs. Women above the age of 21, residing in the country with an existing business or a concrete business plan are eligible to apply for coaching, networking and learning opportunities. In ......read more

    Jafza Signs Agreement With Emaar Malls to Extend Its Expertise Beyond Jebel Ali

    DP World, UAE Region’s flagship free zone, will handle licensing, registration and visas for companies in Gold & Diamond Park    Dubai, United Arab Emirates, 2nd of September 2020: The region's most experienced and successful free zone operator, Jebel Ali Free Zone (JAFZA) has agreed to extend its expertise in licensing, visas and other related activities to Gold & Diamond Park, a free zone developed by Emaar Malls Group, the region's leading shopping destination developer. The regulatory services will be provided as part of the agreement signed by ......read more

    Islamic Development Bank Adopts Refinitiv Money Market Auctions and FX Trading Platforms

    United Arab Emirates,  September 01, 2020:   The Islamic Development Bank (IsDB) has adopted Refinitiv money market data solutions as well as Money Market Auctions and Foreign Exchange (FX) electronic trading platforms to power its electronic transaction and manage currency exposure across the bank’s operations in 57 countries.  The recent FX market volatility caused by the COVID-19 disruption emerged as a key challenge for multinational organizations such as IsDB. Refinitiv will provide IsDB with an auctions’ infrastructure connected with variety of Global ......read more

    Emirati Philanthropist Abdul Aziz Al Ghurair Signs an Agreement With the Islamic Development Bank and Unicef as the Lead Donor for the Global Muslim Philanthropy Fund for Children

    United Arab Emirates, August 31, 2020:   H.E Abdul Aziz Al Ghurair signed the donor contribution agreement with the Islamic Development Bank (IsDB) and UNICEF as the lead donor for the Global Muslim Philanthropy Fund for Children (GMPFC).  This contribution marks the first significant commitment from a philanthropist to the Fund. The $10million contribute by H.E. Abdul Aziz Al Ghurair will focus on supporting refugee education programs in the Middle East and North Africa region. This contribution represents an important step towards the activation of the Fund. Over a ......read more

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