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    Featured in Banking and Investments
    Guidelines to Handle Internal Comms

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

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

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

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

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

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

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

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

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

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

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

    COT: Commodities See Demand for Metals and Agriculture

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

    Why Managing and Measuring Brand Reputation Matters in 2020

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

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

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

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

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

    Handwashing Research Highlights Countries That Could Be at More Risk

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

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

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

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

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

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

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

    Zoho Offers Emergency Financial Relief to Its Small Business Customers

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

    A CEO Plan for Coronavirus: Actions to Take Now

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

    Lebanese Banks Face Risk of Another Lehman-Type Failure

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

    Promoting a Secure Approach to Working From Home

    Organizations around the globe are working to ensure service delivery and business continuity amid the COVID-19 crisis. KPMG Lower Gulf has put together the checklist below to guide organizations on providing secure remote access to their staff members, without contributing to security weaknesses.   1 Share the organization’s teleworking/mobile device access policy   2 Share the organization’s Business Continuity policy and Health and Safety policy   3 Remind staff not to use organization-owned devices for personal activities or personal devices for work purposes   4 Reiterate the importance of avoiding public/untrusted internet access   5 Remind your staff to avoid or be careful when working in public areas   6 Use a company provided or commercial VPN for ......read more

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

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

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

    Abu Dhabi, UAE, 16 March 2020: Following the launch of the ‘Ghadan 21’ programme, HE Saood Al Hosani, Acting Undersecretary, Department of Culture and Tourism – Abu Dhabi said: “We at the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) value the initiatives launched by HH Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to maintain Abu Dhabi’s economic gains and support the private sector. These initiatives will undoubtedly make a positive impact on the economy and drive economic growth, especially as they exempt potential investors from certain fees, incentivising them to launch new services or major projects at the lowest cost.  Last year, we reaped the benefits of reducing tourism and municipality fees in the ......read more

    Shuraa Management & Consultancy LLC Forms Strategic Partnership with IFZA

    Collaboration aimed to facilitate establishment of business for entrepreneurs in Fujairah Dubai, UAE - March 17, 2020: Shuraa Management & Consultancy LLC (Shuraa) is proud to announce its partnership with International Free Zone Authority (IFZA), that aims to help entrepreneurs seeking to establish a business in the Northern Emirate of Fujairah. The partnership brings together Shuraa, a business setup consultancy with nearly 20 years of experience, and IFZA, one of the region’s leading Free Zone Authorities. Operating a business-to-business model, IFZA’s network of Professional Partners - spanning all corners of the globe - support the Authority’s vision of solidifying the UAE’s mark as a top business and investment destination. IFZA’s assortment of scalable business set-up solutions, ......read more

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

    Dubai, United Arab Emirates, March 15, 2020:  Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to start its Islamic operations in Baghdad, Iraq. Al Wifaq International Islamic Bank joined many newly established banks in choosing ICSFS as its software technology partner in Iraq. ICSFS has been servicing the MENA banking sector for over 3 decades now, and has always positioned its customers ahead of their market competition.  Deputy CEO of Al Wifaq International Islamic Bank for Investment and Finance, Zeyad Al-Samarra’ee said:  “We have contacted around five ......read more

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

    • Ras Al Khaimah International Airport, GMR Hyderabad International Airport and SpiceJet Ltd. signed a tri-partite MoU  • To promote export of Agro Products from India to United Arab Emirates via Ras Al Khaimah and neighboring countries from Hyderabad  • To create a dedicated freight corridor  • To leverage the agro and farming sector potential from centrally located Telangana and neighboring regions • The program is in line with the Government of India and its Ministry of Civil Aviation ‘Krishi Udaan Scheme’ for farmers • Operations are likely to start from April 2020 onwards    Hyderabad, 15th March, 2020: In line with the Ministry of Civil Aviation (MoCA) of India’s  Krishi Udan Scheme to give a boost to agro product exports and to aid ......read more

    Tracking of ULDS Through Blockchain to Save Industry $400m

    Through accurate tracking and secure data sharing, shipping times could be cut in half GENEVA – 15 March 2020 – SITA and trade association ULD Care hope to bring new efficiency to the air cargo industry by exploring the use of blockchain to digitally track and record change of custody of airline cargo containers or Unit Load Devices (ULDs) across their journey.  By eliminating inefficiency, embedding always-on tracking of ULDs and abandoning redundant paper systems, the use of blockchain is expected to save the industry $400m a year in improved efficiency, fewer losses and prevention of damage. The proposed platform also offers a wide range of authentication and trust-based benefits, reducing the risk of tampering, cybercrime, trade-based money laundering, fraud, and illicit trade.   Bob Rogers, Vice ......read more

    Abu Dhabi Securities Exchange (ADX) Temporarily Closing Trading Halls

    The Exchange will continue to provide comprehensive access to trading services through its Sahmi digital platform. The preventive measure is effective from Sunday 15th March and aims to ensure and maintain maximum health protection Abu Dhabi, 15th March 2020:  Abu Dhabi Securities Exchange (ADX) announced to the investor community that the Exchange is temporarily closing its trading hall in its main offices in Abu Dhabi as well as those in the other Emirates starting from today, Sunday 15th March 2020 until further notice.  This was taken by ADX as a precautionary measure to protect public health in the United Arab Emirates and ensure the health and safety of visitors.  This decision is in line with the instructions of the World Health Organization (WHO) to restrict public gatherings and has been taken as a ......read more

    Other Top Stories from Banking and Investments
     
    Revenue of start-up firm ITCAN set to hit AED 100 million in 2020

    GCC’s growing e-commerce sector estimated to reach USD 20 billion by 2020 March 3, 2020: Start-up company ITCAN, a full-service Technology and Digital Marketing company that brings insights, information, and expertise to create exponential growth, has announced that it is close to earning AED 100 million this year since its launch in Dubai. The milestone is about to be reached against the backdrop of growing e-commerce activities in the UAE and Saudi Arabia as noted by a recent report by the World Economic Forum. Across the GCC, a study by A.T. Kearney predicted that the value of the ......read more

    Herman Miller and Logitech G Join Forces to Create High Performance Furniture Solutions for Gamers

    Logitech G’s Design and Engineering Expertise in the Science of Play, combined with Herman Miller’s 100 Years Perfecting the Science of Sitting Will Bring Advanced Solutions for Gamers      Dubai, United Arab Emirates, March 02, 2020:    Logitech G, a brand of Logitech (NASDAQ: LOGI) and Herman Miller (NASDAQ: MLHR), today announced an exclusive partnership to research, design, and manufacture the next generation high-performance furniture solutions for gamers. Both companies bring years of design and engineering expertise in their respective ......read more

    Celebrate Holi With Al Adil With a Wider Product Mix

    Dubai, United Arab Emirates, March 02, 2020:   Al Adil Trading Co LLC, U.A.E.’s leading name for Indian food stuff has introduced a wide range of eco friendly products to make this Holi all the more colourful and memorable. Holi, which is India’s most colorful festival provides a beautiful blend of vibrant colors which makes everyone happy and positive. In keeping with the changing times, this year Al Adil is placing great importance to the concept of social responsibility. According to Dr. Dhananjay (Jay) Datar, Chairman & Managing Director, Al Adil Trading, there ......read more

    Eros Group's CEO Joins the Board of the Superbrands Council

    United Arab Emirates, Dubai, 1st March 2020:   Eros Group, distributor of world-renowned brands like Hitachi, Linksys, TCL, Midea, Sonos and many more, announced its CEO, Niranjan Gidwani has joined the board of the Superbrands Council, the independent authority and arbiter of branding. The Superbrands program, identifies the brands which offer consumers emotional and tangible benefits above that of their competitors. Independent researchers devise a population list of approximately 10,000 brands, which is then shortlisted by Superbrands internal experts to create a concise ......read more

    National Bank of Yemen Selects ICS BANKS Digital Banking from ICSFS to Drive its Digital Transformation

    Aden, Yemen: National Bank of Yemen (NBY), one of the largest commercial banks and a prominent contributor to the economic and social development in Yemen; has selected ICS BANKS Digital Banking software from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to grow its operations domestically and internationally. The National Bank of Yemen (NBY) has recently gone live with ICSFS’ award-winning ICS BANKS Universal Banking software. Following the bank's development and modernization strategy, NBY opted for ICS ......read more

    Deloitte Global Report Forecasts Robust M&A Activity for Chemical Industry in 2020

    • Despite the modest pull-back in M&A volumes over the past few years, the chemical industry continues to enjoy robust M&A activity.  • Chemical industry M&A activity has remained strong despite trade tensions and fears of economic downturns, suggesting that investors in the industry have become more comfortable with uncertainty.   2 March, 2020 - The Deloitte Global Chemical Industry Mergers and Acquisitions Outlook (2020 Outlook) expects robust merger and acquisition (M&A) activity to continue throughout the coming year, despite the trade and ......read more

    ADDED signs strategic new partnership agreement with Etihad Credit Insurance

    Newly formed alliance supports the local exports by providing protection to expand in the external markets Abu Dhabi, 01 March 2020: The Abu Dhabi Department of Economic Development (ADDED), represented by its Industrial Development Bureau (IDB), has revealed the signing of a strategic partnership agreement with Etihad Credit Insurance (ECI), the UAE Federal export credit company, which is aimed towards providing trade credit solutions and in-depth market intelligence to increase the competitiveness of Abu Dhabi based export businesses and increased contributions to Abu Dhabi's gross ......read more

    ADDED hastens issuance of industrial licenses through ‘e-connection' project in partnership with local and federal entities

    Initiative facilitates procedures for industrial investors in Abu Dhabi 1st phase of the project promotes automated issuance of industrial licenses and enhances level of e-Government services Abu Dhabi, 01 March 2020: The Abu Dhabi Department of Economic Development’s (ADDED) Industrial Development Bureau (IDB) has announced the implementation of the first phase of its ‘e-connection’ project in partnership with local and federal entities to facilitate the issuance of industrial licenses in Abu Dhabi, with the  first phase being launched with the Ministry of ......read more

    Dubai- A Safe Haven for South Africans

    The United Arab Emirates is a pivotal location for South Africans to set up their business. Whether it is a free zone company setup or a mainland company setup in Dubai, South Africans reach out to company formation specialists for their business setup in Dubai. An average of 60,000-80,000 South Africans are settled in the Emirates. They have also carved out their reign locally by establishing some of the famous brands such as  Nando's, Nedbank, Mediclinic, Standard Bank, SA airways, etc. Here are the few reasons that make setting up a business in Dubai favorable for ......read more

    Great Lakes Investment and Trade Conference discusses economic prospects of Africa

    Organized by Arab Bank for Economic Development in Africa, in cooperation with Arab Authority for Agricultural Investment and Development February 29, 2020. Dubai, United Arab Emirates: The Dubai Outreach Event for the Great Lakes Investment and Trade Conference (GLITC) is taking place today (Saturday, February 29, 2020) at The Address Boulevard in Dubai, to shed light on key trade and investment opportunities in Africa’s Great Lakes region.  Organized by Arab Bank for Economic Development in Africa (BADEA), in cooperation with Arab Authority for Agricultural Investment and ......read more

    Ajman Free Zone Signs MoU With DIFC Courts

    Ajman, United Arab Emirates - February 26th 2020:   In support of Ajman Free Zone’s vision to provide an efficient business ecosystem, AFZ has signed a Memorandum of Understanding (MoU) with the Dubai International Financial Centre (DIFC) Courts to promote the public wills service provided by the UAE’s first English-language common law court.  The agreement was signed by Sheikh Ahmed bin Humaid Al Nuaimi, Chairman of Ajman Free Zone, and Zaki Azmi, Chief Justice of the DIFC Courts. The two parties stressed the need for cooperation to serve the investment ......read more

    Trade Bank of Iraq Showcases Investment Opportunities in Iraq at Global Trade Review MENA 2020 Summit

    Dubai, February 26, 2020:   Trade Bank of Iraq (TBI) promoted investment opportunities in Iraq at the Global Trade Review (GTR) MENA 2020 summit held in Dubai and highlighted their commitment towards reconstruction of Iraq through its activities in the trade finance sector. Several infrastructure projects are underway in Iraq as the country continues to rebuild leading to several potential investment opportunities in the region especially in the power sector. It’s assessed that the real GDP growth of Iraq is expected to grow up by an average of 3.1% by 2023 with non-oil ......read more

    Al Ansari Exchange announces 97.4 per cent customer happiness levels for 2019

    Demonstrating company's leading position as customers first choice in UAE February 25, 2020 - Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, posted a 97.4 customer satisfaction rating. The achievement demonstrates the company's success in maintaining the happiness of its customers through its diverse portfolio of innovative payment services and solutions that have been designed and developed to meet their expectations. The excellent customer happiness ratings further affirm the company’s ability to be recognized by several award ......read more

    Honeywell, Saudia Aerospace Engineering Industries Lead the Way in Middle East Aircraft Maintenance

    Honeywell demonstrates continued commitment to Saudi Vision 2030   February 25, 2020:   Saudia Aerospace Engineering Industries (SAEI), a Honeywell (NYSE: HON) certified service centre, has completed more than 100 auxiliary power unit (APU) repairs from its Jet Propulsion Center in Jeddah, Saudi Arabia. SAEI is the only Honeywell certified service centre in the Middle East region that provides maintenance, repair and overhaul (MRO) services on Honeywell’s GTCP 331-500 and 331-350 APU models.  With SAEI, Boeing B777 and Airbus A330 operations with Honeywell ......read more

    Ajman Bank Awarded ISO Certifications for Quality Management and Customer Satisfaction

    The Information Technology Division of Ajman Bank has successfully completed and achieved the ISO Certifications for ISO 9001:2015 (Quality Management System) and ISO 10002:2018 (Customer Satisfaction). The ISO (International Organization for Standardization) certification is the world’s most established quality framework and benchmarks the quality management system standard of institutions based on the highest international standards. Mr. Mohamed Amiri, Chief Executive Officer, Ajman Bank, commented, “We are proud to receive the ISO certifications for Quality Management and ......read more

    Aim 2020 to Highlight Need for Innovative Strategies to Address Global Economic Challenges

    UAE’s successful model of attractive environment for FDI under spotlight at AIM 2020  UAE, Dubai, 24 February 2020: The 10th edition of the Annual Investment Meeting (AIM 2020), the world’s leading investment platform, will highlight the changing global investment landscape and the need to develop work mechanisms and innovative investment strategies that help facilitate FDI flows into global economies, to promote sustainable economic growth, particularly in light of the global FDI decline under the growing global economic risks, rising protectionist trends and trade ......read more

    ICSFS Sets a New Standard of Scalability and Proofs Viable Solutions for the Largest Banks With Oracle Exadata

    ICSFS, a leading universal core banking provider, with over 100 customers across the Middle East, Africa, South East Asia, Central Asia and Europe, invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers' journey experience, hence improving the trust and confidentiality between the ......read more

    IFS to Demonstrate Key Aviation Solutions at MRO Middle East

    Dubai, United Arab Emirates, February 23, 2020:   IFS, the global enterprise applications company, has announced its participation at MRO Middle East Summit & Expo. Scheduled to take place at Dubai World Trade Centre on February 25- 26, with an audience of over 5000 attendees, the exhibition is co-located with Aircraft Interiors Middle East (AIME). IFS will demonstrate its leading commercial aviation maintenance, repair and overhaul (MRO) solutions at the event at Booth 521. There are several challenges that commercial aviation organizations face in today’s evolving ......read more

    Schneider Sustainability Impact 2018-2020, the Group's Extra-financial Performance Barometer, Achieves 7.77 Out of 10, on Track to Reach Its 9 Out of 10 2020 Goal

    • As for each year, all 21 global results received external assurance by an independent auditor • 10 programs are well ahead of their objective a year in advance  • In 2020, the Group will focus on 6 programs lagging behind • Recognitions obtained in all main extra-financial ratings validate the Group’s sustainability leadership   February 23, 2020 – For the fifth year, Schneider Electric, the leader in digital transformation of energy management and automation, announces its financial and non-financial results together for 2019 annual ......read more

    Etihad Engineering Records Robust Growth as It Welcomes 2020

    Abu Dhabi, United Arab Emirates – Ahead of its participation at the upcoming MRO Middle East event at the Dubai World Trade Centre, Etihad Engineering has announced its performance indicators for 2019 revealing that the leading maintenance, repair and overhaul (MRO) provider has signed off yet another year with a very positive record and continues to demonstrate strong potential for sustained growth as it sets into 2020. Etihad Engineering provides its array of maintenance services to Etihad Airways as well as third party aircraft providers from around the globe. This resilience in ......read more

    Commodity Weekly: Gold is in the Midst of a Perfect Storm

    Dubai, United Arab Emirates, February 23  , 2020:   Commodity markets’ main source of influence continues to be the news flow related to the Covid-19 virus and the potential risk of it spreading further across Asia and beyond. China, already reeling from the economic and human impact, is struggling to return to work. The tentative recovery in key commodities such as copper and crude oil during the past couple of weeks was amongst other things driven by the narrative that the economic impact would primarily be a Q1 event. With the virus continuing to spread outside of ......read more

    SentinelOne Announces $200M Series E

    Cybersecurity’s Fastest Growing Platform Now Valued at Over $1 Billion    Dubai, United Arab Emirates – February 20, 2020 – SentinelOne, the autonomous endpoint protection company, today announced it has raised $200 million in Series E funding led by global venture capital and private equity firm Insight Partners, with participation from Tiger Global Management, Qualcomm Ventures LLC, Vista Public Strategies of Vista Equity Partners, Third Point Ventures, and previous investors. The round elevates SentinelOne’s valuation to $1.1 billion. The funding ......read more

    Triple Award: GROHE SmartControl Faucets are the New Darling in the Kitchen

    • Zedra SmartControl kitchen faucet scores points with consumers with product benefits, design, ergonomics and innovative strength  • Initiative LifeCare chooses GROHE as "Favorite brand in gold"  • SmartControl Colors collection for the kitchen wins the iF gold award 2020      Dubai, United Arab Emirates, February 18, 2020:  Over 1,500 consumers and a 15-member jury of experts for the Kitchen Innovation Prize agree: GROHE Zedra SmartControl has been named "Kitchen Innovation of the Year® 2020" in the category ......read more

    Ericsson Received Awards at the Stc Partner Day for Saudization and International Operational Excellence

    February 18, 2020:   Ericsson (NASDAQ: ERIC) is titled the Operational Excellence Winner in the international category and the winner of Rawafed Award for Saudization at the 9th Partner Day ceremony held by stc group in the presence of stc executives in addition to more than 175 suppliers and partners of the group.     Launched in early 2018, Ericsson established an operations innovation program to support stc’s digitization drive with the aim of improving the quality of the network. As part of this program, Ericsson developed 10 different innovation ......read more

    Spectrum Set to Become a Major Catalyst for the Middle East's Economy, Bcg Report Reveals

    BCG study finds spectrum enables more than 3.4% of GDP in top ICT nations, and new technologies will increase the race for spectrum grabbing.    Dubai, 18 February 2020: New research by Boston Consulting Group (BCG) highlights that spectrum enables 3.4% of GDP for the top 20 ICT nations from a range of sources, including employment, non-oil revenue, technological adoption, and investment deployment.   The electromagnetic spectrum is the range of frequencies from 3 kilohertz (kHz) to 300 gigahertz (GHz) that carries radio signals that enable wireless connectivity. It ......read more

    Report: GCC doubling efforts to conserve water amid rising demand brought forth by population and economic growth

    Region’s desalination capacity to increase by 40 per cent in next five years More than half of the world's total desalination output originates from GCC states February 17, 2020: The GCC region remains one of the highest consumers of water in the world as demand surges simultaneous with its booming population and steady socio-economic growth, according to a report titled ‘Water Management and Sustainability in the Gulf Cooperation Council: Addressing Scarcity and Consumption in the Region’ recently released by Orient Planet Research (OPR), an Orient Planet ......read more

    Logic Compact's Original Two Apples Flavour Now Available in the UAE

    UAE; February 17, 2020:   Japan Tobacco International, a leading global company in the vaping market, has introduced their original Two Apples flavour to its Logic Compact vape offer. This new offer was created especially with United Arab of Emirates consumers in mind, as it features the classic Two Apples flavour which is already well known amongst adult smokers across the region. Two Apples is available with 18 mg/ml of nicotine. “The UAE is the second market in the Middle East that was introduced to our vape products in December 2019, and results have been positive ......read more

    IoT Middle East 2020 to Address Business Aspects of Digital Transformation

    Event to highlight how collaboration is the new competition with eco-systems replacing traditional industry boundaries   Dubai, United Arab Emirates, February 17, 2020:   An impressive line-up of partners and speakers will be addressing how to manoeuvre the IoT landscape for higher profits at the 5th Internet of Things 2020, held at Armani Hotel Dubai on the 24th of February, 2020.   According to Johan Ehrstrom, CEO of 5th IoT Middle East 2020, “The conference will focus on how to generate business out of IoT as AI, ML, 5G and Intelligent Automation will fuel ......read more

    National Bank of Yemen Announces Successful Go-Live of ICS BANKS Universal Banking Software from ICSFS

    Aden, Yemen: National Bank of Yemen (NBY), one of the largest commercial banks and a prominent contributor to the economic and social development in Yemen; has gone live with ICS BANKS Universal Banking Software from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to grow its operations domestically and internationally. The National Bank of Yemen (NBY) provides banking services ranging from Retail to Trade Finance, Treasury and Project Finance to individuals, corporates, and governmental institutions. Over the past ......read more

    Trade Bank of Iraq Continues Strong Growth and Posts Net Profit of Usd 556 Million for 2019

    Baghdad, Iraq, 16 February 2020: Trade Bank of Iraq (TBI), established in 2003, achieved a robust growth in revenues and in key financial areas during 2019, for another consecutive year with its consistent performance, preliminary report released by the bank for the financial year during 31st December 2019. The bank posted a net profit of USD 556 million in 2019, an increase of 68% from 2018, on revenues of USD 673 million, which grew by 12% over the previous year.  Financial unaudited statements for the year ending 31st December 2019 reveal enhanced financial strength of TBI as a ......read more

    Ericsson Modernizes Billing for Orange Egypt

    • Orange Egypt completes transformation of existing billing platform  • The converged Business Support Systems architecture simplifies business processes    Orange Egypt has completed a major business transformation project implemented by Ericsson (NASDAQ: ERIC). Orange Egypt and Ericsson reengineered Orange's business processes and BSS environment – implementing the new and improved Ericsson Billing solution. With Ericsson Billing, Orange will improve offering time-to-market and the solution will also help Orange to enhance operational ......read more

    Planet Smart City Advocates for ‘People-focused Smart Cities'

    Abu Dhabi, UAE  –  February 16, 2020:  Planet Smart City, the UK-headquartered global leader in smart affordable housing, announced its support for the United Nations’ newly-launched flagship programme ‘People-focused Smart Cities.’ Having participated at the World Urban Forum, reinforcing the UAE’s efforts to achieve the shared global vision of eradicating poverty and delivering sustainable development, the proptech company has formed a scientific committee and will invest 10% of its current revenues in the next three years in research to pioneer ......read more

    Al Ansari Exchange wins the ‘Sharjah Excellence Award'

    Honor reflects company’s leadership in UAE’s foreign exchange and money transfer sector UAE, February 15, 2020 - Cementing its leadership in the exchange and money transfer sector, Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has been awarded the 4th edition of the ‘Sharjah Excellence Award’ during an official ceremony held at the Expo Centre Sharjah under the patronage of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah. The company's win is attributed to its outstanding ......read more

    Peru Emerges as the Most Stable Investment Destination in Latin America Ahead of Expo 2020 Dubai

    Dubai, United Arab Emirates, February 12, 2020:     The Republic of Peru has emerged as the most stable and risk-free nation for investment in Latin America, revealed in the latest study by the US-based financial services giant JP Morgan Chase. The report comes ahead of the Expo 2020 Dubai, where the South American nation is bullish to showcase as a timeless destination for tourism, trade and investment. The Peruvian pavilion at the Expo 2020 will be a place where the visitors will be able to take a journey towards growth, sustainability and resilience of the ......read more

    Ericsson Launches a New Report: the ‘Quick Guide to Your Digital Carbon Footprint'

    Your broad guide about carbon emissions in the ICT sector     Dubai, United Arab Emirates, February 12, 2020:   Quantifying the footprint of our digital lives is not rocket science but it demands an understanding of the technology, its development and usage. Ericsson IndustryLab’s latest report, ‘A quick guide to your digital carbon footprint’, deconstructs ICT’s carbon emissions and shows you everything you need to know about the climate impacts of our digital lives.   A lot of coverage on digital carbon footprints paint a bleak ......read more

    ICSFS' Managing Director, Robert Hazboun, Acknowledged for his Business Leadership and Exceptional Vision by World Finance

    London, UK: World Finance,  the voice of the market magazine, awarded  ICS Financial Systems Limited (ICSFS)’ Managing Director; Robert Hazboun, in its World Finance Winter 2020 edition, as one of its World Finance 100 individuals and business in financial services that have outstanding enterprise and kept pushing their industries forward. The individuals and organizations acknowledged by the World Finance 100 have been recognised for their ability to lead their respective industries even in unfavourable conditions.  The WF100 Awards now in its 11th year, ......read more

    11% Increase In The Number Of Industrial Facilities That Complied With Abu Dhabi's Occupational Safety And Health Standards, Says ADDED's IDB

    IDB issues report showing local industry sector’s growing conformity to local environment and workplace safety standards Abu Dhabi, 10 February 2020: The number of factories in Abu Dhabi that have been certified for their compliance with occupational safety and health standards increased 11 per cent in 2019 to reach 457 compared with 406 factories in 2018, according to the 2019 annual report of the Industrial Development Bureau (IDB) of the Abu Dhabi Department of Economic Development (ADDED). The report looked into the accomplishments and activities of IDB’s Department of ......read more

    Technology Innovation Pioneers consolidates efforts to engage global tech SMEs via the World Green Economy Organization

    February 10, 2020-Technology Innovation Pioneers (TIP), a leading initiative developed by the UAE Ministry of Economy and the Abu Dhabi Department of Economic Development (ADDED), has announced that it has joined the World Green Economy Organization as one of the founding members under its private sector platform. The move aims to reinforce efforts to engage Small and Medium Enterprises (SME) inventors and project owners in supporting the process of the global transformation to a green economy while also addressing relevant key challenges on a worldwide scale. This UAE platform for innovation ......read more

    Planet Smart City Expands Its Global Reach With Launch in India

    Global leader in smart affordable housing opens its advisory services focused on integrating smart city solutions in the urban environment     10th February 2020:   Planet Smart City, the global leader in smart affordable housing, is expanding its worldwide capability with the launch of advisory services in India. Based in Pune, it will work with third party real estate developers and government agencies to provide its unique offer for integrating smart solutions in the urban environment. The move, announced at the World Urban Forum in Abu Dhabi, comes after ......read more

    KIKLABB: Intelligent Workspaces Announces Opening of its First Facility at Queen Elizabeth 2

    Dubai, United Arab Emirates, February 10, 2020:   KIKLABB: Licensing & Workspaces has announced the opening of its flagship business at the iconic Queen Elizabeth 2 (QE2). It was officially inaugurated by Mr. Hamza Mustafa, CEO of PCFC Investments; Mr. Abdulla Belhoul, CEO of PCFC-Trakhees and Mr. Tasawar Ulhaq, CEO of KIKLABB. Spread over an area of 25,000 square feet, with imminent plans of expansion, KIKLABB offers an excellent choice of private offices, co-working spaces and flexi desks. Heritage, innovation, convenience, culture and community have been seamlessly ......read more

    Building on the Success of Last 25 Years, Nikai Group Continues Its Growth by Commencing Its Operations in Egypt

    Dubai; February 09, 2020:   Taking the first step towards the Group’s 2020 expansion plans, Nikai Electronics, UAE’s homegrown brand and one of the top consumer electronic labels in the GCC, commenced its operations in Egypt earlier this month. The operation setup is expected to build on the organization’s consistent success and further add onto the capabilities of the existing market in Cairo. After two decades of successful operations in the GCC, Nikai group has stepped into another fast-growing economy and a country with a high value-based consumer demand. ......read more

    Offering a Better Insight Than Stocks

    By Ole Hansen, Head of Commodity Strategy at Saxo Bank Summary:  Commodity markets continue to bear the brunt of the coronavirus outbreak in China. The concern remains that the wider markets have yet to reflect the full impact of the disruption. With China being the world’s most dominant consumer of raw materials, the impact continues to be felt strongly across key commodities and the world is facing the biggest demand shock since the 2009 global financial crisis. Commodity markets continue to bear the brunt of the coronavirus outbreak in China. While stocks, led by the U.S. ......read more

    Get Date Night Ready with Champion Cleaners this Valentine's Day

    ** Champion Cleaners plays Cupid this Valentine’s Day, with their Irresistible Promotions that will help you to get Date Night ready **     Dubai, United Arab Emirates, February 08, 2020:   With the festive season now over and the January blues truly taking its toll, for most of you Valentine’s Day is the well-deserved chance to get out of the house and celebrate the day of love! Why not get ahead of yourself this year and have your outfit freshened up, restored and ready for your date night!   Champion Cleaners, the 5-star premium dry ......read more

    Slower but Steady Growth in 2019

    8 February 2020 (Geneva) - The International Air Transport Association (IATA) announced full-year global passenger traffic results for 2019 showing that demand (revenue passenger kilometers or RPKs) rose by 4.2% compared to the full year of 2018.  The 2019 result is a slowdown compared to 2018’s annual growth of 7.3% and marked the first year since the global financial crisis in 2009 with passenger demand below the long-term trend of around 5.5% annual growth. Full-year 2019 capacity climbed 3.4%, and the load factor rose 0.7 percentage point to a record high of 82.6%. The ......read more

    Kingdom of Saudi Arabia Leads with World's First National Hyperloop Study, in Partnership with Virgin Hyperloop One

    Saudi Minister of Transport, H.E. Eng. Saleh bin Nasser Al-Jasser, commissions study to propel the Kingdom on the forefront of transport innovation globally    February 8, 2020:   The Ministry of Transport (MoT) in the Kingdom of Saudi Arabia, today announced a contract agreement with Virgin Hyperloop One (VHO), the world’s leading hyperloop company. Under the partnership, VHO will conduct ‎a groundbreaking pre-feasibility study on the use of hyperloop technology for the transport of passengers and cargo, laying the groundwork for a network of ......read more

    Danube Group's Founder and Chairman Shares His ‘Rags to Riches' Inspirational Success Story at Middlesex University Dubai

    Dubai, United Arab Emirates, 6 February 2020:   As part of  the Institute for Entrepreneurship & Business Excellence’s (IEBE) Guest Speaker Series, Mr Rizwan Sajan, Billionaire Founder and Chairman of the Danube Group, shared his success story to a packed Oasis Theatre of students and staff at Middlesex University Dubai’s campus.  During the session held on Sunday 2 February, Mr Sajan emphasised the need to learn and gain knowledge from those with experience before looking to start up a business. Furthermore, he talked about the importance of giving back ......read more

    Quality Inspires Brand Loyalty Among 77% of UAE Consumers, KPMG's Study Finds

    Less than half of UAE consumers identify points and rewards as a key factor in earning and keeping their loyalty    Dubai, 5 February 2020:   In a competitive world, acquiring consumers is more expensive than retaining them, and loyal consumers are invaluable as a reliable repeat source of revenue. According to KPMG’s survey, “The truth about customer loyalty”, product quality emerges as the top factor that inspires loyalty among UAE consumers (77%), while value for money, customer service and product consistency all place second at 66%. The ......read more

    2019 Worst Year for Air Freight Demand Since 2009

    05 February 2020 (Geneva) – The International Air Transport Association (IATA) released full-year 2019 data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), fell by 3.3% compared to 2018 while capacity (AFTK) rose by 2.1%. This was the first year of declining freight volumes since 2012, and the weakest performance since the global financial crisis in 2009 (when air freight markets contracted by 9.7%). In the month of December, cargo volumes contracted 2.7% year-on-year while capacity rose 2.8%. Air cargo’s performance in 2019 was ......read more

    Ahead of Expo 2020, Us-headquartered Global Business Owners' Network Corporate Connections Debuts in UAE

    DUBAI – February 5, 2020:   Corporate Connections, the Charlotte-headquartered global network of business owners and C-Level executives, has launched its first chapter in the UAE. This falls in line with line with Dubai’s strategies to connect with the world and accelerate business growth with the Expo 2020. The chapter in Dubai is Corporate Connections’ first in the region. Corporate Connections provides global business leaders the ideal setting for generating exceptional and measurable results through executive networking opportunities. The international ......read more

    Alpen Capital Optimistic About Sri Lankan Banking and NBFI Sector

    DUBAI – February 5, 2020:   Alpen Capital (ME) Limited, Dubai-headquartered investment banking advisory firm, announced the publication of its latest report titled “Sri Lankan Banking and NBFI Sector”. This report provides a comprehensive overview of the Sri Lankan Banking and NBFI sectors, highlighting the strengths, opportunities and challenges for a diverse group of investors (investment funds, corporate institutions, etc.) looking for investment opportunities in Sri Lanka. It also profiles some of the key firms within these ......read more

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