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    Featured in Banking and Investments
    Bedaya Center Hosts Feasibility Study Impact Workshop for Entrepreneurs

    Doha, Qatar – 22, July 2021:  Bedaya Center for Entrepreneurship and Career Development (Bedaya Center), a joint initiative by Qatar Development Bank and Silatech, in collaboration with the renowned “Bait al Mashura Finance Consultations”, successfully concluded a workshop, which highlighted the importance of feasibility study and ways of conducting and preparing it. The workshop was live streamed via the interactive “ZOOM” video communications platform.  During the workshop, a certified Consultant at Bait al Mashura Finance Consultations, highlighted the importance of concept review and vitality of the economic feasibility study, and harped on its content, the steps needed for preparing it, the importance of acquiring the skills for formulating pilot studies. He also highlighted the basics ......read more

    Burgan Bank Offers its Youth Account Customers a Discount at Unique Hype

    Kuwait, July 19, 2021: On the occasion of Eid Al Adha, Burgan Bank is offering its Youth account customers a KD 50 discount at Unique Hype. Unique Hype is one of the trendiest stores for streetwear clothing, limited-edition sneakers and apparel. Burgan Bank Youth cardholders can avail the offer on the shoes collection throughout the Eid holiday at Unique Hype store at Al Hamra Mall.  Burgan Bank’s partnership with Unique Hype is part of the Bank’s objective to expand and diversify its promotional offers to the Youth account customers.  

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    ADCB Q2/h1 2021 Financial Results Press Release

    EARNINGS PRESS RELEASE AND MANAGEMENT DISCUSSION & ANALYSIS     Strong performance in Q2’21 supported by higher fee income, lower cost of funds and improved cost to income ratio    Key highlights - Q2’21   – Net profit of AED 1.402 bn increased 14% YoY and 25% QoQ   – Net interest income of AED 2.315 bn was 1% lower YoY and up 9% QoQ   – Non-interest income of AED 840 mn increased 41% YoY and 5% QoQ on higher fees and trading income    – Cost to income ratio of 33.4% improved 150 basis points YoY, on account of higher revenues, merger synergies, digital transformation and additional efficiencies   – Impairment charges of AED 678 mn up 1% YoY and 4% lower QoQ   Key highlights - H1’21 ......read more

    Al Khaliji Reports H1, 2021 Net Profit of QAR 372 Million – 3% Growth Year on Year

    • Net profit of QAR 372 million, an increase of 3% year on year • Net Operating Income grew 13% year on year, ending at QAR 750 million • Operating expenses of QAR 168.5 million, resulting in a cost/income ratio of 22.5% • Loans and Deposits increased by 12% and 9% year on year respectively  • The Capital Adequacy ratio stood at a healthy 20.3%   Doha, July 15, 2021: Al Khalij Commercial Bank (al khaliji) P.Q.S.C., announced its financial results for the half year ended June 30, 2021, reporting a Net Profit of QAR 372 million. This represents an increase of 3% over its financial results for the same period of last year.   His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director stated:   “We are pleased to report a steady set ......read more

    Alpen Capital finds Sri Lanka's Banking and NBFI Sector Resilient Despite Challenges

    Comprehensive report on Sri Lanka’s financial services sector Dubai, UAE – July 15, 2021:  Alpen Capital (ME) Limited has announced publication of its report on Sri Lanka banking and non-banking financial institutions (NBFI) sector report for the year 2021. The report highlights resilience and competitiveness of both the sectors despite challenges exacerbated by the pandemic, with new and emerging opportunities to capitalize on.  Reporting on Sri Lanka’s banking sector, Alpen Capital listed a number of opportunities including growth in deposits as customers moved away from risky institutions towards quality-assured products. Strategic acquisition of finance companies and smaller banks, and accelerated digitalization also paves the way for further growth. These provide opportunity for Sri Lankan ......read more

    Qatar FinTech Hub, a QDB Incubator, Concludes Demo Day for Wave 2 of its Incubator and Accelerator Programs and Opens Applications for Wave 3

    Doha, Qatar – 15, July 2021: Qatar FinTech Hub, founded by Qatar Development Bank (QDB), to support the growth of the FinTech industry in Qatar, has concluded the Second Virtual Demo Day for Wave 2 of its flagship Incubator and Accelerator Programs which was held on 1st July 2021. Sponsored by Doha Bank, QFTH Demo Day for Wave 2 presented the ideal launchpad for 22 graduating FinTechs as they got to introduce a host of new and empowering services that would accelerate the digital transformation of the local, regional, and global financial markets. The event saw the participation of 11 early-stage startups and 11 mature FinTechs, including remarkable FinTechs from Qatar such as Snoonu Trading and Services, a beyond one stop shopping and delivery service with payments functionality; Karty, a payment card paired with a ......read more

    Burgan Bank Announces Working Hours during Eid Al-Adha Holiday

    Kuwait, 15 July - 2021: Burgan Bank announced today that it will be officially closed during Eid Al-Adha holidays, starting from Monday 19 July until Saturday 24 July 2021. Burgan Bank will resume business on Sunday 25 July 2021. The Airport Branch will serve customers during the Eid holiday from 8:00 AM until 7:00 PM. On this occasion, Burgan Bank extends its best wishes and greetings to everyone.   

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    Saudi Arabia's SISCO Completes 21.2% RSGT Stake Sale to PIF and CSPL; Proceeds will Fund Future Growth

    Jeddah, Saudi Arabia- 15, July 2021: Saudi Industrial Services Company (“SISCO”, the “Company” or the “Group”), Saudi Arabia’s leading strategic investor in ports and terminals, logistics parks and services, and water solutions, has announced the completion of its divestment of a 21.2% direct equity stake (the “Transaction”) in Red Sea Gateway Terminal Limited (“RSGT”) to Saudi Arabia’s Public Investment Fund (“PIF”) and COSCO SHIPPING Ports Limited (“CSPL”).    SISCO will receive total gross proceeds of SAR 556.5 million for the Transaction. The application of the proceeds, which is currently under review, will support the Company’s strategic objectives of enhancing shareholder returns and optimizing its ......read more

    Madrasa Views Increases by 220% During the Pandemic

    • Madrasa e-Learning Platform registers more than 1.3 million hours of viewership since launch in 2018   Dubai-UAE: 14 July 2021:   In the new reality introduced by the global coronavirus pandemic, the digital transformation of education and the workplace has become an inevitable necessity.   The challenge of social distancing, imposed as part of COVID-19 precautionary and preventive measures, has created new opportunities and prompted people to adjust to new ways of life that have proved to increase productivity and efficiency in a fast-paced world. Digital learning, for example, has expanded access to quality education among students in underserved communities and war-stricken areas where schools cannot be afforded and illustrated that connectivity is the new future.    Among ......read more

    Acme Emphasizes on the Importance of Factory Floor Safety Solutions

    Dubai, UAE; July 14, 2021: As the UAE embarks on its 'Operation 300bn' strategy to position the country as a global industrial hub by 2031, Acme Intralog- the leading provider of industrial and intralogistics automation components and solutions in MENA region- foresees a growing emphasis on solutions for factory floor safety. The company has now partnered with Axelent (leading machine guard manufacturer) and Pizzato (producer of modern industrial production systems), to provide fast and easy access to industrial safety products and solutions in the MENA region. Navin Narayan, CEO, Acme Intralog, says: “As industrial production gains momentum, it becomes important for organisations to improve employee safety, reduce workplace risks and invest in factory floor safety especially since across the world, rules and ......read more

    Burgan Bank Announces a New One-Year Partnership with the Scientific Center

    Reaffirming its active role in supporting initiatives of environmental awareness and protection  Kuwait, 13, July:   Burgan bank announced a new dynamic partnership with the Scientific Center of Kuwait (TSCK) - one of the centers established by the Kuwait Foundation for the Advancement of Sciences (KFAS) - as part of the bank’s endeavors within its social responsibility program and strategic sustainability initiatives to support the efforts of protecting the environment and raising the public’s awareness of environmental issues.    This one-year partnership with the Scientific Center reaffirms the bank’s commitment to strengthen the coordination mechanisms upholding the efforts of raising the public’s awareness of environmental issues and of the vital importance of actively ......read more

    Leading British Steel Fabrication Company Announces AED20m Investments at SAIF Zone

    • Advanced Armour Engineering to rent an additional 19,500 sq.ft  of land  • Al Mazrouei: AAE’s expansion decision a step in the right direction and reflects SAIF Zone’s excellence in developing sophisticated infrastructure • Simon Hurst: SAIF Zone’s integrated facilities, unique privileges, services state-of-the-art infrastructure were keys to our success   Sharjah July 12, 2021:  Advanced Armour Engineering (AAE), a British owned and managed steel fabrication company based in the Sharjah Airport International Free Zone (SAIF Zone) has announced new expansion plans with investment exceeding AED 20 million.  The company, which specialises in precision mechanical welding, precision cut and cold formed components, said it rented an additional land covering 19,500 ......read more

    Dubai Chamber Series Highlights Global Connectivity Role of Expo 2020 Dubai

    • Alex Lecanuet, Regional Manager of Accenture Middle East, shares his expectations for Expo 2020 Dubai, as well as the company’s contribution to the mega-event.   Dubai, UAE - July 13, 2021:  Expo 2020 Dubai, as one of the first global events to be held in the Covid era, creates an exceptional opportunity for people around the world to experience the latest in virtual reality, and connect and collaborate at the hybrid mega-event, Alex Lecanuet, Regional Manager of Accenture Middle East said in a message published as part of the En Route to the Expo video series.   Part of Dubai Chamber’s Business Connect, the video series features industry leaders discussing the array of business focused programmes, services and experiences that Expo 2020 Dubai offers the private sector, governments and ......read more

    Zoho Advances BI and Analytics Market With New Self-Service Platform; Transforms Relationships Between Businesses and Their Data

    Platform delivers new AI-powered data preparation and management capabilities, deeper augmented analytics, improved data visualization and analysis to create actionable, industry-leading business insights. Dubai - July 13, 2021 - Zoho Corporation, a leading global technology company, today announced its new Business Intelligence (BI) Platform — an AI-driven data analytics solution empowering businesses to surface precise and actionable insights through self-service data preparation and augmented analytics. Zoho also launched Zoho DataPrep, an augmented self-service data preparation and pipeline service. Zoho's end-to-end self-service BI Platform, which combines newly-launched Zoho DataPrep with an enhanced version of Zoho Analytics, enables organizations to cleanse, unify, and analyze cross-departmental data, obtain an ......read more

    The Force and Importance of Good Governance

    NIRANJAN GIDWANI CONSULTANT DIRECTOR | MEMBER UAE SUPERBRANDS COUNCIL |FORMER CEO EROS GROUP DUBAI July 13, 2021:  Corporate governance needs to be built very strongly into the genes of any company, institution, or individual.  Build it into DNA, and that is something which will increase value without spending serious marketing dollars. How often has one heard of companies, governments, political parties spending huge amounts of money in marketing and branding themselves, while having extremely loose and opaque governance practices which are very visible on a document, but not necessarily in practice. Briefly defined, corporate governance is the structure and process for the direction and control of companies and institutions. It is also about the relationships among the management, Board of Directors, ......read more

    PAMELA BORATA CUENCA Wins KD 4000 in Burgan Bank's Value Account Draw

    Kuwait – July 13, 2021: Burgan Bank today announced Mrs. PAMELA BORATA CUENCA as the winner of the Value Account KD 4000 draw. The winner expressed her excitement of winning the cash prize of KD 4,000. Dedicated to offer the best in-class services, Burgan Bank’s Value Account presents customers with exceptional features which were specifically designed to suit the needs of expatriates living in Kuwait. Account holders will be able to enjoy matchless benefits that include receiving a free credit card for one year, application for a loan, in addition to a chance to enter the quarterly draw to win KD 4000 as well as other discounts from selected merchant stores.  Burgan Bank will continue presenting exclusive services and draws with an aim of exceeding customers’ expectations while offering them chances to win ......read more

    LG Releases Preliminary Earnings for Second-quarter 2021

    July 12, 2021:  LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2021. LG reported tentative consolidated revenues of KRW 17.1 trillion, an increase of 48.4 percent from the same quarter the previous year and the highest quarterly revenue in the company’s history. Operating profit of KRW 1.1 trillion is expected to be 65.5 percent higher than the second quarter a year ago. With the official closure of the LG Mobile Communications Company at the end of the month, the unit’s earnings will not be reflected in this quarter’s earnings report and will be treated as discontinued operating losses. Earnings for the first quarter of 2021 will also be adjusted to reflect this change, to KRW 17.8 trillion in revenues and KRW 1.8 trillion in operating profit. These ......read more

    Burgan Bank Announces Names of the Daily Lucky Winners of Yawmi Account Draw=

    Kuwait – July 11, 2021:  Burgan Bank announced today the names of the daily draw winners of its Yawmi account draw, each taking home a cash-prize of KD 5,000.   The lucky winners are:    1. THOMAS JOHN JOHN 2. FATEMAH ABDULLAH ALI 3. VELUSAMY ARUMUGAIM 4. HAMAD MOHAMMED ALSAAD 5. MOSTAFA JASSIM ALMUTAWAA     In addition to the daily draw, Burgan Bank also offers a Quarterly Draw with more chances to win higher rewards, offering the chance to one lucky customer to win KD 125,000 every three months. The Yawmi Account offers Daily and Quarterly Draws, wherein the Quarterly Draw requires customers to maintain a minimum amount of KD 500 in their account for two months prior to the draw date. Additionally, every KD 10 in the account will entitle customers to one chance of ......read more

    New Dubai Chamber Survey Points to Improving Business Confidence in Dubai

     66% of respondents said they expect business conditions in the emirate to improve in the third quarter of 2021.  Buamim: Pro-active approach of government, economic stimulus initiatives and progress of vaccination drive among key factors behind positive attitudes among business leaders.   Dubai, UAE – July 11, 2021:  Dubai’s business environment is expected to see positive momentum in the third quarter of 2021 as confidence among companies and investors improves ahead of Expo 2020 Dubai, a newly released survey from Dubai Chamber has predicted.   The Business Leaders’ Outlook for Q3-2021 found that 66% of respondents said they expect to see better business conditions during the quarter, compared to 51% who said the same in the previous quarter. At the same time, 66% of ......read more

    Empower Participates in ‘WETEX 2021' as a Strategic Sponsor

    Dubai, UAE, 11 July 2021: Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has announced its strategic sponsorship for the twenty-second edition of the Water, Energy, Technology and Environment Exhibition ‘WETEX 2021’. The exhibition is to be held from 5 to 7 October, 2021, under the patronage of His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, in the Dubai Exhibition Centre, at Expo 2020 Dubai. Empower’s sponsorship for the event stems from its deep commitment to actively and constantly contribute to the activities of the exhibition’s new edition, which is expected to be rather rich and quite unique in spreading the culture of environmental protection as well as raising societal and ......read more

    BFL Group Enters the Kuwait market with first Brands For Less Branch

    July 11, 2021- BFL (Brands For Less) Group, one of the world’s leading off-price retailers of fashion and homeware, hits another milestone in its expansion goals in 2021 with the successful opening of the first Brands For Less store in Kuwait. Kuwait is known to be one of the fastest growing markets in the region and a major destination for fashion brands with a strong purchasing focus in the retail sector. Driven by high demand of loyal customers and the company’s goal to reach wider market, BFL (Brands For Less) opens its first branch at Terrace Mall, Salmiya. This new store spreads over an area of 1,400 square meter and offers a wide selection of off-retail priced goods.  The new shop has the same off-price business model that the BFL Group is known for, featuring a wide range of products such as clothing, ......read more

    Dukhan Bank Announces the July Draw Winners of its Thara'a Savings Account Prize

    Doha, Qatar – 11, July 2021:  Dukhan Bank announced the names of the most recent round of draw winners for Thara’a, its Shariah compliant savings account, at the Bank’s headquarters.  As the draw results showed, the bank clients Shaikha Al-Mass and Yousef Awad each won a cash prize of 50,000 Qatari Riyals. Also, a cash prize worth 25,000 Qatari Riyals was awarded to Rana Salman and Mohammad Al-shiram. The draw was conducted under the supervision of a representative of the qualitative license and market control department at the Ministry of Commerce and Industry. On a monthly basis, there are 42 winners per draw for the cash prize of 5,000 Qatari Riyals each, as well as 2 winners per draw for the cash prize of 10,000 Qatari Riyals. Additionally, quarterly there are 2 winners per draw for the ......read more

    Umm Al Hayman Wastewater Treatment Plant PPP Project Won Two Best Sewage Water Treatment Project Awards for the Year 2020

    Kuwait – 10, July 2021: ASAR - Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms, is pleased to announce that it acted as Kuwaiti legal counsel to the consortium comprised of WTE Wassertechnik GmbH and International Financial Advisors Holding KSCP on Umm Al Hayman Wastewater Treatment Plant PPP Project which recently won the IJGlobal 2020 MENA Award for the best sewage water treatment deal in the MENA region. This project was also previously recognized as the 2020 Middle East PPP Deal of the Year by Project Finance International (PFI) magazine. Both IJGlobal and PFI magazine are reputable and leading global project finance journals.  The Umm Al Hayman Wastewater project is developed pursuant to Kuwait’s Public Private ......read more

    Hotpack Certified 'Verified Exporter' by DED Export Promotion Entity

    • Hotpack exports products worth AED 700 million in the last two years and an estimated volume of 4,625 containers.    • Hotpack’s export footprints to touch 100 countries worldwide in the next couple of months   Dubai, July 10, 2021:  Hotpack Global, the world’s leading manufacturer of disposable food packaging products, has been certified as a 'Verified Exporter’ by Dubai Industries & Exports, the trade promotion entity of the Department of Economic Development (DED), endorsing the company’s salience as a top and reliable exporter from the UAE.   Hotpack said that the certification comes as a major boost to its export growth strategy, and will empower it further to contribute to the UAE’s goal of bringing a qualitative leap to make the industrial ......read more

    $156.4 Million Worth of Business Deals Sealed During the 20th Edition of Dubai Derma

    Number of Visitors Exceeded Expectations and Reached 27,236 Visitors from 110 Countries Dr. Hassan Galadari: “The effect of the COVID-19 Vaccine on Fillers Injected in the Face Is Extremely Rare and Uncommon” Dubai- United Arab Emirates, 10, July 2021: The 20th edition of Dubai World Dermatology and Laser Conference and Exhibition ‘Dubai Derma’, was successfully concluded today at the Dubai World Trade Center.  Under the theme ‘Skin Health is our Concern’, the annual global skincare gathering in Dubai, brought together leading skincare specialists, top surgeons and physicians from across various countries under one roof to explore the latest technology advancements and medical treatments for different types of skin diseases. Dr. Abdul Salam Al Madani, Executive Chairman, Dubai ......read more

    Saudi Arabia's Tourism Development Fund Deploys ‘Cloud First' Strategy with Oracle to Better Enable the Kingdom's Tourism Industry

    A full suite of Oracle cloud infrastructure solutions and Oracle Fusion Cloud Applications will contribute to enhancing the financial support provided by the Fund for companies promoting tourism in Saudi Arabia Pilot project initiated to incorporate Artificial Intelligence capabilities to enhance customer and employee experience   Riyadh, Saudi Arabia, 8 July 2021 –  Oracle today announced that Tourism Development Fund (TDF) has completed a major Oracle Cloud implementation supporting the organization’s objective in enabling investors and drive the development of Saudi’s tourism sector With a capital of USD 4 billion, TDF aims to be the key enabler of tourism development in the Kingdom. By providing financing solutions for investors, TDF aims to drive the development of distinguished tourism ......read more

    Global edtech leader upGrad earmarks USD 250 Million for M&A and Non-linear Growth

    upGrad has identified target companies for its mergers and acquisitions; some of these are based in the MENA region.   July 8, 2021; Dubai, UAE: Riding strong on its non-linear growth strategy, global edtech leader upGrad has earmarked USD 250 million for mergers and acquisitions over the next seven to nine months. Recent reports indicate that upGrad would cross half-a-billion USD annual revenue run rate by March'22 and is looking to raise close to USD 400 million at a valuation close to USD 4 bn.  Highlighting upGrad’s non-linear growth strategy, Ronnie Screwvala, Co-founder, and Chairman, upGrad commented, “We continue to build a very strong, integrated, connected model in higher education across multiple geographies including Middle East and South Asia. Personally, I am a strong believer that ......read more

    Project Management Institute Announces 2021 Future 50 List Celebrating 50 Young Rising Leaders Changing the World

    Five Future 50 list features five changemakers from the Middle East and North Africa From transforming healthcare in Saudi Arabia to make history by sending the first Arab country – the UAE – to Mars, this year’s notable changemakers have set an inspiring example for all in a year unlike any other 08 July 2021: Today, Project Management Institute (PMI) announced its second annual Future 50 list, which features 50 rising leaders using bold and innovative thinking to transform the world through notable projects. Five out of the 50 represent the Middle East and North Africa region, namely Saudi Arabia, UAE, Iraq, and Egypt. The 50 standout project leaders, highlighted in a new digital experience on PMI.org and a special issue of PM Network® magazine, represent a new generation of fearless, young innovators ......read more

    Dukhan Bank Announces the Successful Debut Issuance of Additional Tier 1 USD500m Sukuk at the Lowest Price for this Type of Issuance in Qatar

    • Issuance of Additional Tier 1 Sukuk with a value of USD500m and profit rate of 3.95%. The issuance was more than 4.5 times oversubscribed with order books peaking at USD2.35bn • The significant demand for the issuance confirms the strength of the financial position and the confidence enjoyed by Dukhan Bank and the Qatari economy amongst the global investor community.  Doha, Qatar – 8, July 2021: Dukhan Bank announced the issuance of its debut Additional Tier 1 USD500m Sukuk. The Sukuk is priced with a profit rate of 3.95%, the lowest rate for this type of issuance in the Qatari market. In addition to providing the lowest pricing in Qatar, the books were covered 4.5 times, peaking at USD2.35 billion. This is reflective of the strength of the Qatari economy, which enjoys significant global confidence. ......read more

    Mr. Masaud Mahmoud Jawhar Hayat, Vice Chairman and CEO of Burgan Bank Group

    Burgan supports “Diraya” Campaign to enhance the public’s financial culture as part of its sustainability strategy and social responsibility program Kuwait- July 8, - 2021: Mr. Masaud Mahmoud Jawhar Hayat, Vice Chairman and CEO of Burgan Bank Group, spoke in an interview about Burgan's support for “Diraya” campaign launched by the Central Bank of Kuwait and the Federation of Kuwait Banks in cooperation with Kuwaiti banks. He affirmed Burgan’s support to the efforts of educating customers and informing them more about their rights and duties in banking transactions within the framework of the bank’s sustainability strategy and as part of its social responsibility program. He also highlighted the bank's full commitment to covering all of the campaign’s messages through its public ......read more

    Dp World, UAE Region Signs Lease Agreement With Petrochem Middle East for Mega Chemical Distribution Terminal Expansion Worth USD80 Million

    The 400,000 sqft quayside state-of-the-art chemical distribution terminal is scheduled for completion by Q3 2023 Dubai, United Arab Emirates, 7 July 2021: DP World, UAE Region, the leading smart trade enabler, and Petrochem Middle East, the largest chemical distributor in the Middle East and Africa, have signed a 30-year lease agreement that expands its business in the region. Petrochem Middle East will invest between USD80 million to USD90 million in developing a chemical terminal on Quay 7, adjacent to the dedicated chemical handling berth within Jebel Ali Port.   The agreement was signed by Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World and Yogesh Mehta, CEO, Petrochem Middle East, in the presence of Abdulla Bin Damithan, CEO & Managing Director, DP World - UAE Region and Jafza.  Abdulla Bin ......read more

    Burgan Bank Announces the Winner of the Al-Thuraya Salary Account Monthly Draw-

    Kuwait – 6 July – 2021:  Burgan Bank, announced today Mr. MOHAMED NAGUIB ABDELHADI as the lucky winner of the draw prize of Al-Thuraya Salary Account monthly draw.  The draw rewards new and existing customers who transfer their salary to Burgan Bank by offering them a chance to win KD 10,000 every month. Each account holder has one chance to enter the draw. The Al-Thuraya account holders have the option to hold money in Kuwaiti Dinar and other major currencies and can access account-related services such as standing orders, loans and credit cards, and benefit from the discounts and offers throughout the year.

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    Masraf Al Rayan and Al Khaliji appoint Fahad Bin Abdalla Al Khalifa as Group CEO of the Merged Entity

    Doha 5, July 2021- Following the merger announcement on January 7, 2021, Masraf Al Rayan QPSC (“Al Rayan”) and Al Khalij Commercial Bank (al khaliji) PQSC (“Al Khaliji”) have announced the appointment of Mr. Fahad Bin Abdalla Al Khalifa as the "Group CEO" of the merged bank from the date the shareholders of both banks Al Rayan and Al Khaliji approve the merger and obtaining Qatar Central Bank final approval on the merger, subject to all necessary approvals on the appointment. Following the merger, Al Khaliji's business will be absorbed into Al Rayan's business, and Al Rayan will be the remaining legal entity, which will continue to operate in accordance with Islamic Shari’ah principles. Mr. Al Khalifa is a senior banker with over 25 years of experience. He started his career in ......read more

    UAE-IAA Organises First-Ever Symposium on Benchmarking in Internal Audit

    Corporate fraud cost world businesses $5 trillion; cybercrime $6 trillion White Paper being prepared to help internal auditor benchmark services Leadership vision inspires IA professionals to adopt best practices: Abdulqader Obaid Ali Young professionals told to embrace technology or become obsolete Dubai, 04 July 2021:  Cybercrime is inflicting damages to the tune of $6 trillion globally and corporate fraud is costing global businesses $5 trillion annually, and internal auditors have a major role to play in timely detection and prevention, the first-ever symposium on Benchmarking in Internal Audit in Dubai was told. The UAE Internal Auditors Association (UAE-IAA) organised a symposium on Benchmarking in Internal Audit in Dubai. The one-day symposium was held at the InterContinental Dubai Festival City (DFC) ......read more

    The Gunnebo Group Assigns a Vice-President to MEA Region

    Dubai, 4 July 2021: The Gunnebo Group, a global provider of security solutions for public, commercial, industrial & high-risk sites, is announcing the accession of Jacob Touma to Vice-President Middle East, Africa, Central Asia and Caucasus as of 1 July 2021.  Jacob will be part of the leadership team and will be reporting to Stefan Syrén, president and CEO of The Gunnebo Group  “Gunnebo has an excellent business track record in the Middle East under Jacob's leadership, and I am certain this will also benefit our business going forward for the new region. By assigning Jacob to this position, we are promoting the right candidate internally and handing over the responsibility of overseeing an important geographical area,” said Stefan Syrén, president and CEO of The Gunnebo Group With a Master of ......read more

    Wilo Ramps Up Sustainability and Climate Protection Initiatives With 100 Per Cent Reusable Packaging Growth Rate

    Group commits to seven of 17 SDGs and 10 principles of UN Global Compact July 4, 2021 -Wilo Middle East (WME), a UAE-based provider of pumps and pump systems for the building services, water management, and industrial sectors, has reaffirmed its commitment in the areas of sustainability and climate protection to help advance sustainability in the UAE and the Middle East in 2021.  Based on the UAE Vision 2021 that entitles improving the quality of air, preserving water resources, increasing the contribution of clean energy, and implementing green growth plans, Wilo has come up with a sustainability strategy that consists of the four strategic pillars: water; energy and emission; material and waste; and employees and company.   Oliver Hermes, President and CEO of the Wilo Group, said: “As an international company ......read more

    Burgan Bank offers Free Eideya Delivery Service to Premier Banking Customers

    Kuwait, 04 July 2021:  Burgan Bank announced today the free Eideya Delivery service to Premier Banking Customers in collaboration with “Qiblah” company for concierge services. This service enables Premier Banking customers to receive new bank notes before the Eid holidays at their offices or homes, avoiding the hassle of waiting in the branches at that time of the year.  To request this service, Premier customers can simply contact Qiblah concierge services starting 10 am until 4 pm, by calling 22317755 or emailing Burganpremier@qiblah.com.kw to request the amount of Eid money required and state their address in order for the concierge messenger to deliver it accordingly. This service is available from 4th till 12th of July 2021. It is worth mentioning that the Eideya delivery service comes as part of the ......read more

    The Saudi Investment Bank: First bank in the Kingdom to adopt Cisco Innovative Technologies'

    Cisco’s innovative network infrastructure enables The Saudi Investment Bank to quickly adapt to changes in business needs while improving the services provided to customers RIYADH, KSA -  4, July 2021: Cisco has today announced that The Saudi Investment Bank (SAIB) has become the first financial institution in the Kingdom to adopt the entire Cisco SDN Architecture.  This enables SAIB to automate its network to quickly respond to changing business needs while improving customers service. With the implementation of its new network, powered by Cisco SD Wan, SAIB will be able to automate an increasing number of processes. This will allow SAIB to accelerate time to market in deploying applications and adding new services.  Faisal Al-Omran – CEO of The Saudi Investment Bank said: “We are ......read more

    The Saudi Investment Bank: First bank in the Kingdom to adopt Cisco Innovative Technologies

    Cisco’s innovative network infrastructure enables The Saudi Investment Bank to quickly adapt to changes in business needs while improving the services provided to customers RIYADH, KSA, 1 July 2021: Cisco has today announced that The Saudi Investment Bank (SAIB) has become the first financial institution in the Kingdom to adopt the entire Cisco SDN Architecture.  This enables SAIB to automate its network to quickly respond to changing business needs while improving customers service. With the implementation of its new network, powered by Cisco SD Wan, SAIB will be able to automate an increasing number of processes. This will allow SAIB to accelerate time to market in deploying applications and adding new services.  Faisal Al-Omran – CEO of The Saudi Investment Bank said: “We are delighted to ......read more

    Innovative Program to Create Work Opportunities for 1,150 Ivorian Women in the Energy Sector

    US$1.4 million investment will help address gender imbalance in the country’s energy sector and improve energy access for marginalized communities July 1, 2021:  A coalition of five organizations are coming together to launch a unique initiative that will train 1,150 Ivorian women to access dignified work opportunities in the country’s energy sector. Schneider Electric and its Foundation, the Mastercard Foundation, and the US Agency for International Development (USAID) have announced a US$1.4 million initiative that will create work opportunities in the Ivory Coast’s energy sector for 1,150 women. The program, which is named “Projet de Renforcement des Opportunités pour les Jeunes (PRO-Jeunes women energy program)”, will be partly funded through a US$500,000 commitment from USAID under the ......read more

    Other Top Stories from Banking and Investments
     
    Ajman Free Zone Strengthens Partnerships In Insurance Sector With Two New Agreements

    July 13, 2021:  Ajman Free Zone has entered into separate partnerships with two insurance companies as part of its ongoing efforts to expand its network and provide support to investors, companies and the business community. The free zone recently signed Memorandums of Understanding (MoUs) with Al Sagr National Insurance Company and the Arabian Scandinavian Insurance Company (PLC) - Takaful - Ascana Insurance (​ASCANA). These MoUs will pave the way for Ajman Free Zone to extend value-added, high-quality and competitive healthcare insurance coverage to its investors and their ......read more

    Ajman Free Zone signs strategic security and safety partnership with BrakeFire

    July 11, 2021: Ajman Free Zone has signed a Memorandum of Understanding (MoU) with “Brakefire Safety and Security” as part of its ongoing efforts to offer a portfolio of value-added services and provide investors, companies and its entire business community with a range of relevant support. The partnership will lead to a new set of business support services according to distinct industry standards. It aims to improve the efficiency and effectiveness of safety procedures within the free zone, as well as reduce accidents, personal injuries and property damage for a safer and more ......read more

    Winners' announcement: C3 Social Impact Accelerator Program 2021 – powered by HSBC Egyptian and UAE start-ups crowned winners of regional competition

    Screened from a pool of 1000+ applicants, 24 entrepreneurs have completed their blended learning journey with three months of training and one-on-one expert sessions, board meeting simulations and pitch competition. The program has received tremendous support from partners HSBC, Bain & Company, and al Tamimi & Company as well as the support of over 100 experts and investors from across the world.  The third edition of the C3 Social Impact Accelerator Program – powered by HSBC, concluded on Thursday July 1, with the three winners announced by Stephen Moss, Regional ......read more

    Ajman Free Zone partners with Ajman Specialty General Hospital to offer additional healthcare benefits to employees and clients

    July 5, 2021: In line with its commitment to enhance its value-added services to clients and help them manage their business seamlessly, Ajman Free Zone (AFZ) has signed a memorandum of understanding (MoU) with Ajman Specialty General Hospital to offer additional healthcare benefits and incentives to employees and investors. The partnership will allow AFZ employees and investors, together with their staff and immediate family, to avail discount on their medical bills while receiving premium healthcare services from the hospital. This exclusive discount covers various ailments and ......read more

    Arab Brazilian Chamber of Commerce to host webinar tackling new logistics trends and the impact of Suez Canal in Arab countries-Brazil sea route

    July 05, 2021- As part of its commitment to strengthen trade partnerships between Arab countries and Brazil, the Arab Brazilian Chamber of Commerce (ABCC) will host a webinar to explore growth opportunities in logistics. The online event will tackle ways to strengthen their logistical ties and discuss plans to create hubs and specific product processing areas. The participants will also talk about the impact of the Suez Canal as part of a direct sea route between the Arab countries and Brazil. The first session will discuss their investments in the logistics sector, while the second ......read more

    Emirates Mars Mission Captures Global Images of Mars' Discrete Aurora

    High Impact Observations Open Up Unprecedented Potential for Global Science Community to Investigate Solar Interactions with Mars Dubai, UAE - July 01, 2021 – The Emirates Mars Mission, the first interplanetary exploration undertaken by an Arab nation, today released the first global images of Mars in the far-ultraviolet, providing new insights into the discrete aurora phenomenon in Mars’ nightside atmosphere. The images have revolutionary implications for our understanding of the interactions between solar radiation, Mars’ magnetic fields and the planetary ......read more

    Islamic Finance and Wealth Management industry Remains Resilient Amidst the Pandemic, says Alpen Capital and Alpen Asset Advisors

    Dubai – June 29th, 2021:  Alpen Capital (ME) Limited and Alpen Asset Advisors Limited announced the publication of their report on Islamic Finance and Wealth Management. The report provides insight into the global Islamic finance and wealth management industry and presents an overview of the market, along with a perspective of the COVID-19 impact on the industry. The report also covers the various instruments driving the market, along with demand drivers and challenges, emerging trends, and an outlook for the sector.  The report was launched at NASDAQ Dubai over a ......read more

    Oracle Commits to Powering Its Global Operations with Renewable Energy by 2025

    Dubai, UAE —June 29, 2021:  Oracle expanded its commitment to sustainability by pledging to power its global operations, both its facilities and its cloud, with 100% renewable energy by 2025.   “Relying on renewable energy is an important step toward a more sustainable future,” said Oracle Chief Executive Officer Safra Catz. “Oracle will always make its biggest impact on the environment by providing customers with technology that enables them to reduce their carbon footprint, but this new goal reflects the shared values of our customers, partners and ......read more

    KONE Unveils DX Class - The First Digitally Connected Elevator Series for the Middle East and Africa

     KONE revolutionises the role of elevators in future smart buildings to meet citizens’ evolving expectations.       Dubai, UAE, 28 June 2021: KONE, a global leader in the elevator and escalator industry, has introduced the world's first digital elevator series to the Middle East and Africa. KONE DX Class elevators feature class-leading built-in connectivity, enabling users to enjoy a new and enhanced experience that combines the very best in design, technology, new materials, apps and services. The KONE DX Class series is available across markets in ......read more

    Global Village Claimed ‘Best Service Performance Brand Award 2021' by Dubai Service Excellence Scheme

    The program recognised Global Village for providing guests with valuable services and world-class experiences Dubai, UAE – 28 June 2021:  Global Village, the UAE and wider region's leading multicultural family destination for culture, shopping, and entertainment, has been recognised by the Dubai Service Excellence Scheme (DSES) for providing world-class guest services and experiences, winning the 'Best Service Performance Brand Award 2021' in hospitality and entertainment category. The announcement was made during a highly anticipated annual ceremony, which took ......read more

    DP World UAE Region and Conares Collaborate to Contribute to the UAE's “Operation 300BN” Initiative

    The leading enabler of trade successfully facilitated the export of rebars from Dubai to North America for the first time, by utilising its global footprint and integrated product offerings Dubai, United Arab Emirates, 27, June 2021: DP World UAE Region, the leading smart trade enabler’s flagship Jebel Ali Port, carried out the export of 75,000 metric tonnes of rebar for Conares, the leading steel manufacturer in the Middle East. The consignment was shipped from the Jebel Ali Port to North America. With this export, DP World UAE Region and Conares collaborated to contribute to the ......read more

    Ajman Free Zone showcases facilities & incentives it provides to health sector companies at Arab Health 2021

    Ajman Free Zone is a home to more than 228 healthcare companies & provides them with guaranteed means for growth & expansion 34% growth in the number of new healthcare company registrations in Q1 2021 June 23, 2021: Ajman Free Zone (AFZ) highlighted the incubating and supportive environment it provides to companies operating in the health sector in addition to the most prominent emerging opportunities and growth prospects available to these companies, during its participation in Arab Health 2021, which was held at the Dubai World Trade Center. Among the various ......read more

    Al Ansari Exchange Donates AED 10 Million to Al Jalila Foundation to Support the “Hamdan Bin Rashid Cancer Charity Hospital”

    June 23, 2021- In line with its humanitarian responsibility and as part of its Corporate Social Responsibility (CSR) initiatives, Al Ansari Exchange today announced donating AED 10 million to Al Jalila Foundation to support the “Hamdan Bin Rashid Cancer Charity Hospital”. The state-of-the-art comprehensive cancer facility will open its doors towards the end of 2023 to help cancer patients in need. Mohamed A. Al Ansari, Chairman of Al Ansari Exchange, said: “We continue to support Al Jalila Foundation as part of our strategic direction and long-term partnerships to help ......read more

    Verloop.io to Infuse over $2.5 M to build NLP Super Bots

    ● NLP super bots powered by AI, can support 92% of all the customer queries without human intervention.  ● Super bots that can listen, understand and respond  ● AI-based chatbots can understand different user utterances, even if they don’t match specific keywords or pre-defined sentences.  ● The super bots can process six new languages, taking the total natural language processing (NLP) support that Verloop.io offers, to 20.    Dubai, June 22, 2021 - Customer Support Automation startup Verloop.io announced that it has ......read more

    Emirates Post Advises Customers to Only Transact Through its Official App or Website for Payments

    June 22, 2021: To ensure safe and secure payment transactions, Emirates Post has advised customers to only use the company’s official website emiratespost.ae and mobile application when making online payments for shipments and retail products. The reminder comes as part of its ongoing efforts to protect customers from accessing unauthorized payment gateways posed by fraudulent online schemes. It warned UAE residents to exercise extreme caution when making the payments, especially from emails and messages claiming to be from Emirates Post and providing links to a third-party payment ......read more

    Sophos Awards Partners in the Middle East and Africa for Outstanding Performance in FY21

    Dubai, UAE – 22 June, 2021:  Sophos, a global leader in next-generation cybersecurity, today announced the winners of its 2021 Middle East and Africa Partner Awards during the virtual Sophos MEA Partner Awards 2021 on June 2, 2021. Sophos recognized the winning partners for their business commitment and success over the last fiscal year.   “Partners are an integral part of our business in the Middle East and Africa region. They have significantly contributed to Sophos’ mission to protect organizations of all sizes. The Partner Awards honour top performing ......read more

    Brazil and Palestine to discuss partnership opportunities in ABCC webinar

    Virtual event to be graced by Brazilian Ambassador to Palestine, and Palestinian Ambassador to Brazil June 21, 2021- The Arab Brazilian Chamber of Commerce (ABCC) will be hosting a virtual webinar on June 23, wherein government authorities from Brazil and Palestine will explore their first-ever potential partnership centered on food and health industries. The discussion will also cover various opportunities including ways to facilitate the growth of exports and develop special travel packages to Palestine. Osmar Chohfi, President of ABCC, will formally open the virtual event, along with ......read more

    The Oil Gusher #448 Hybrids: Cheap equity or expensive debt?

    Key takeaways    •         Credit rating pressure has seen record >$20bn hybrids issued by Big Oils last year. •         While reducing "net debt" by around 15%, we estimate hybrid bonds cost Big Oils >$1bn p.a. at an average coupon of 3%. •         We see Big Oil filling more of its >$80bn remaining hybrid bond capacity given recent yield differential compression.     Europe's Big Oils have issued $23bn of hybrids since 2020 Hybrid bonds ......read more

    Ajman Free Zone's Partnership With Mashreq Bank Results In Opening Of More Than 270 New Corporate Bank Accounts

    AlSuwaidi: We will continue to provide support to investors and help enhance the local business environment to ensure UAE’s economic development MoU facilitates access to integrated business solution in line with free zone’s pledge to offer value-added services June 19, 2021: The Ajman Free Zone has announced that more than 270 new accounts at Mashreq Bank have been created under the names of companies with licenses issued by the free zone. The latest figure is the result of the Memorandum of Understanding (MoU) entered into by both parties to offer businesses operating ......read more

    PMI MENA Urges Global Business Leaders at UN Summit to Prioritise Sustainability

    PMI MENA participates in UN Global Compact Leaders Summit Held from 15 to 16 June, Leaders Summit brings 25,000 leaders together to tackle global challenges PMI MENA urges stakeholders and partners to commit to UN’s 17 Sustainable Development Goals   UAE, 17 June 2021:  Project Management Institute (PMI), the world's leading association for project professionals and changemakers, has called for decisive and unified action to overcome pressing global challenges. Underlining its commitment as a “for purpose” organisation, PMI urged global leaders ......read more

    Dubai Islamic Bank successfully Closes Lowest Priced USD 1 Billion Senior Sukuk

    Dubai, June 16, 2021:  Dubai Islamic Bank PJSC (“DIB”), rated A3 by Moody's and A by Fitch today successfully priced a landmark USD 1,000 million 5 year Sukuk issue with a profit rate of 1.9590% per annum.    This transaction represents the lowest ever pricing achieved by DIB on any of their previous Sukuk issuances.  Despite the heavy Sukuk supply witnessed in the market over the last week, this landmark success is a testament to the bank’s strong credit profile and standing with international and regional investors.   The deal was ......read more

    MRO Middle East Demonstrates Positive Outlook for Aviation Sector Recovery in the Region

    Long-term growth of the Middle East global commercial fleet is forecast to be 4.2% CAGR DUBAI, United Arab Emirates – 15 June 2021: MRO Middle East commenced today at Dubai World Trade Center (DWTC), welcoming industry leaders, buyers and specialists from across the Maintenance, Repair and Overhaul (MRO) segment of the aviation industry.  An opening session by Michael Wette, Partner at Oliver Wyman highlighted the continuing challenges the aviation sector faces but also revealed some positive signs and predictions. Recent forecasts by the consultancy predict that the ......read more

    Global Fund Manager Survey: 72% say Inflation is Transitory

    •        FMS cash down to 3.9% as 72% say inflation "transitory", 68% say no recession 'til '24, 57% say any equity correction <10% •        FMS bond allocation @ 3-year low, commodities most "crowded trade", banks biggest sector OW, and tech catches a bid •        Contrarian says growth transitory, inflation permanent; long bonds, EM, utilities, short commodities, Europe, banks     BofA June Global Fund Manager Survey takeaways   FMS bottom line: ......read more

    Dubai Chamber Unveils Impact of Give and Gain 2021 initiative

     Over 2,700 employees dedicated 70,600 hours during the corporate volunteering initiative, benefitting over 60,000 individuals.     Volunteering activities were focused on education, people of determination, humanitarian efforts and the environment.      Dubai, UAE - June 16, 2021:  Over 2,700 employee volunteers participated in Dubai Chamber of Commerce and Industry’s Give & Gain 2021 employee volunteering initiative, which was recently held virtually.   Overall, volunteers dedicated 70,600 hours across projects ......read more

    SCCI Officials Visit Jawaher Al Khayyal's Exhibition 'We are the Imprints"

    Sharjah, June 14, 2021:  As part of its commitment to supporting and encouraging young talents, a delegation from the Sharjah Chamber of Commerce & Industry (SCCI) recently visited the "We are the imprints" exhibition showcasing the work of the Emirati designer Jawaher Al Khayyal, an affiliate member of the "Tijarah 101" Center of the SCCI. The exhibition is being hosted and organized by the 1971 – Design Space working under the Sharjah Investment and Development Authority “Shurooq”. Headed by HE Abdullah Sultan Al Owais, Chairman, SCCI, the ......read more

    Mahzooz makes its 10th millionaire of 2021

    • One participant matched five out of six numbers and won AED 1 million   13 June 2021, Dubai, UAE: EWINGS, Managing Operator of Mahzooz, saw one lucky participant take home AED 1,000,000 in the 29th live weekly Mahzooz draw which took place last night at the Mahzooz UAE Studio. The second prize winner matched five out of six numbers, becoming Mahzooz’s 10th millionaire in 2021. Additionally, 161 winners took home AED 1,000 each, while AED 35 went to 2,858 participants. The total prize money won in the draw was AED 1,261,030. The winning numbers were 3, 15, 18, 33, 38 ......read more

    Gartner Says Worldwide Smartphone Sales Grew 26% in First Quarter of 2021

    Improved Consumer Outlook and Pent-Up Demand Drove Growth   Dubai, UAE -  June 8,, 2021 — After a steep decline in 2020, global smartphone sales to end users grew 26% in the first quarter of 2021, according to Gartner, Inc. Overall worldwide mobile phone sales to end users grew 22% year over year.    “The improvement in consumer outlook, sustained learning and working from home, along with pent-up demand from 2020 boosted sales of smartphones in the first quarter. Consumers started spending on discretionary items as the pandemic situation improved in ......read more

    Arab-Brazilian Chamber of Commerce to enter partnership with São Paulo Football Club

    Agreement to strengthen friendship between Brazil and Arab countries Latest collaboration to help promote football team in Arab region June 07, 2021- The Arab-Brazilian Chamber of Commerce (ABCC) is set to sign a partnership agreement with São Paulo Football Club (FC), one of the most popular Brazilian sports associations worldwide, to further strengthen the friendship between Brazil and Arab countries and promote the Brazilian football team in the region.      The signing ceremony will be broadcast live from the club’s headquarters at the Cícero ......read more

    Paxful Launches Paxful Pay, E-Commerce Solution To Strengthen Cryptocurrency Adoption

    Peer-to-peer fintech partnering with global businesses to offer bitcoin as payment option Dubai, UAE, 6 June 2021: Paxful, the leading global peer-to-peer fintech, today announced Paxful Pay, an e-commerce solution that allows businesses worldwide to receive bitcoin. The service is available today and allows customers to pay with almost 400 payment methods - exchanging into bitcoin that is sent to the merchant’s digital wallet. Businesses can register now to add Paxful Pay as a purchase option to their online checkout process.  Through Paxful Pay, businesses have the ability ......read more

    ENBD REIT Announces Full Year Results for 31st March 2021

    • Net Asset Value as at 31st March is USD 180 million or USD 0.72 per share • Total property portfolio value stands at USD 360 million • Portfolio occupancy of 76% is healthy, despite market conditions • Net rental income (excluding valuation movements) up 8% year-on-year  • All expenses (excluding provisions for doubtful debts) reduced by 23% year-on-year • Proposed final dividend of USD 4,400,000 or USD 0.0176 per share, generated from portfolio’s net rental income   Dubai, United Arab Emirates, 6th June 2021: ENBD REIT ......read more

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