• Fadi Pharaon is appointed Senior Vice President, and Head of Market Area Middle East & Africa, effective September 1, 2019 • Member of Ericsson's Executive Team, reporting to CEO   Dubai, United Arab Emirates -  22, August 2019:  Effective September 1, 2019, Fadi Pharaon is appointed Senior Vice President and Head of Market Area Middle East & Africa at Ericsson (NASDAQ: ERIC), and member of Ericsson’s Executive Team, reporting to the CEO. Fadi Pharaon currently holds the position as Vice President, Networks & Managed Services within Ericsson’s Market Area Europe & Latin America.   Börje Ekholm, ......Read More

Dubai, UAE, August 22, 2019:  Al-Futtaim Engineering and Technologies Facilities Management division has signed on as a strategic corporate partner with the Middle East Facility Management Association (MEFMA).  The agreement was signed by Darko Macura, Chief Executive Officer of Al-Futtaim Engineering and Technologies and Ms. Alaa ......Read More

Red Hat Ansible Automation cited among leaders based on its scores in the strategy, market presence and current offering categories   Dubai, United Arab Emirates -  22, August 2019:   Red Hat, Inc., the world's leading provider of open source solutions, today announced that Red Hat Ansible Automation has been named a Leader by Forrester Research in the Forrester Wave™: Infrastructure Automation Platforms, Q3 2019.   Red Hat was evaluated for the Forrester Wave based on 31 criteria grouped into three categories: current offering, strategy and market presence. In the evaluation, Red Hat received the highest possible score in the criteria ......Read More

By Christopher Dembik, Head of Macro Analysis, Saxo Bank Dubai, United Arab Emirates -  22, August 2019:    Japanese investors bought into Italian government debt in a big way in June according to the latest figures released by the Japanese government. They increased their portfolio holding by 327bn JPY (roughly 2.6bn euros), which is the largest net monthly increase since the series began five years ago. The Italian bond market remains attractive for investors. As a matter of fact, the risk of Italy leaving the EU is extremely low. Based on July Sentix survey of 1000 investors, only 4% of institutional investors and 9% of private investors consider that there is a real ......Read More

Dubai, UAE, 21st August 2019:  Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, reported that the number of online transactions performed through its e-payment channels  showing a significant growth of 16% during January to July 2019 compared to the same period of ......Read More

UAE’s largest Consumer Cooperative invests AED 10 Million for price cuts on more than 10,000 products of Stationery.    Dubai, United Arab Emirates -  21, August 2019:   Retail Pioneer, Union Coop in Dubai has announced its three consecutive ‘Back to school’ promotions with discounts reaching up to ......Read More

• Group revenue grew year-on-year for eight consecutive quarters, reaching US$12.5B in Q1 FY19/20 • PTI more than doubled to US$240M year-on-year, up US$127M • Net income was US$162M, up US$85M year-on-year, also more than doubling • One in every four PCs built worldwide is a Lenovo PC, thanks to record market share of ......Read More

As per the company’s strategic growth plan, Harris Pye is effectively stabilizing its presence within the Egyptian market through its contractual contributions to the Canal Sugar (S.A.E)refinery project. Dubai – United Arab Emirates –18th of August 2019:  Harris Pye Engineering Group UAE, a global service provider supplying the offshore, marine and industrial sectors, recently signed a contract with Egyptian Joint Stock company, Canal Sugar. As per the terms of the agreement, Harris Pye will supply five 40tph, horizontal, three-pass, and multi-tubular smoke tube boilers to what is expected to be one of the largest beet sugar production facilities in the ......Read More

By Ole S. Hansen, Head of Commodity Strategy, Saxo Bank | August 18, 2019 Global growth concerns and ample supply of key commodities have been the main drivers behind the weakness seen across the sector so far this quarter. Precious metals remain the exception with gold responding strongly to the ongoing collapse in global bond yields.  The trade war between the US and China remains one of the main drivers behind global growth concerns. This in turn impacts the demand prospects for growth-dependent commodities ranging from crude oil and industrial metals to some agricultural products. As a result, the market has been “pumping and mostly dumping” as news from ......Read More

Dubai, United Arab Emirates -  15, August 2019:  Saxo Bank and BinckBank announce that Saxo Bank has completed the acquisition of BinckBank. The acquisition of BinckBank marks an important milestone for the Saxo Bank Group that now services approximately 860,000 clients and holds approximately EUR 46 bn in client assets. By gaining scale and reducing cost and complexity, the Group can continue its ambitious investments in the digital client experience and expand its product offering, delivering more relevant and intuitive platforms and services. Clients and partners will significantly benefit from being serviced by a much larger Group with enhanced resources and capabilities ......Read More

The new service will replace the current bank guarantee Ajman, United Arab Emirates - August 14, 2019:  Ajman Free Zone has signed a Memorandum of Understanding and associated documents with Dubai Insurance to provide insurance services to workers employed by companies operating within the Free Zone.  The new service will replace the current bank guarantee system and will cover all workers’ dues including the end of service gratuity, annual leave unpaid salaries and the cost of a return ticket home.   Mohammad Tahsin Al Ali, Chief Operating Officer at Dubai Insurance Company attended the signing ceremony, with Fatma Salem, Acting General Manager of Ajman ......Read More

By Christopher Dembik, Head of Macro Analysis, Saxo Bank Dubai, United Arab Emirates -  14, August 2019:  The negative Q2 growth print is the perfect example of the power of credit impulse. However, contrary to an increasing number of market participants that consider the UK economy is already in recession that began in April, we think that Q3 GDP growth bounce is on the cards. We explain you why.  The UK growth is like a bouncing ball: in the first quarter, it grew by 0.5%, higher than the average of the G7 countries, and in the second quarter, it went into negative territory at minus 0.2%, rising fears that recession has started. This downturn resulted from ......Read More

• Outlook for 2019 confirmed: Sales and adjusted EBITDA to remain at least stable • Second-quarter sales and earnings below year-ago period • Compared with the first quarter all three chemical segments increase earnings      Dubai, United Arab Emirates -  08, August 2019:    Evonik is sticking to its full-year outlook despite an increasingly gloomy economic environment. The company expects sales and adjusted EBITDA from continued operations to remain at least stable compared with last year. In 2018 Evonik generated - not including the divested Methacrylates business - sales of €13.3 billion and adjusted EBITDA of €2.15 ......Read More

APT41 – a dual espionage and cyber crime threat actor – is responsible for targeted operations against organizations in 15 jurisdictions, across multiple industries including healthcare, gaming, high-tech and the media.   Dubai, United Arab Emirates -  08, August 2019:    FireEye, Inc. (NASDAQ: FEYE), the intelligence-led security company, today released the details of its newly named Advanced Persistent Threat group – APT41.   “APT41 is unique among the China-nexus actors we track in that it uses tools typically reserved for espionage campaigns in what appears to be activity for personal gain. They are as agile as they are ......Read More

Sharjah, 8 August 2019:  The Sharjah Exports Development Center (SEDC), one of the Sharjah Chamber of Commerce & Industry’s (SCCI’s) initiatives, said that it has achieved record results during the first half of 2019, adding that the center has managed to accomplish the various aspects of its operational plan and objectives. “This is evident in the center’s effective results in terms of bolstering and promoting services for domestic companies and opening new channels to connect local companies with global markets. In addition to the initiatives launched by SEDC to connect Sharjah’s trade sector with new markets through a series of events ......Read More

Report Discovers Trojans Made up 71% of Opportunistic Attacks, and Education as the Most Targeted Sector   Dubai, United Arab Emirates -  08, August 2019:   Mimecast Limited (NASDAQ: MIME), a leading email and data security company, today launched its first Threat Intelligence Report: Black Hat Edition 2019. The report provides technical analysis of emerging threats identified as attempts to get through the security environment of Mimecast customers.   Within the report, Mimecast Threat Center researchers outline tactics and techniques of emerging threats, active threat campaigns observed, primary threat categories and volume, and the top targeted ......Read More

M. Oliur Rahman, Vice-Chairman of Al Haramain Group and M. Emadur Rahman, Deputy Managing Director of Al Haramain Group, receives UAE Gold Visa, following M. Mahtabur Rahman, Chairman and Managing Director of Al Haramain Group – making the first businessmen trio from the same family and same company to receive the coveted UAE Gold ......Read More

Dubai, United Arab Emirates -  08, August 2019:   Time is getting closer to the much awaited OIC International Business Centre’s 9th Muslim World Business and Investment Zone annual trade exhibition and conference with preparations to welcome local and international participants from 4-6 September 2019 at Kuala Lumpur ......Read More

India home to greatest number of global Expo 2020 Dubai searches  Dubai, United Arab Emirates -  08, August 2019:    With a little over a year until Expo 2020 Dubai, international sentiment remains overwhelmingly positive with global interest in the emirate’s six-month long trade fair at an all-time high, according to ......Read More

75% Net Profit growth and over 225% solvency recorded in 1H2019  Oman Insurance retains its positive business momentum as the Net Profit grew by 75% to AED 105.6 Million in 1H 2019, as compared to AED 60.2 million for the same period last year.    Oman Insurance retains its positive business momentum as the Net Profit grew by 75% to AED 105.6 Million in 1H 2019, as compared to AED 60.2 million for the same period last year.  This growth is supported by strong underwriting results, increased investment income, accelerated collections and leaner operating expenses. The company has posted the highest half yearly net profit over 5 years that marks a key milestone for ......Read More

• New levels of industry collaboration will protect and secure people, processes and technology • Extends ability to help customers establish and adhere to standards-based best processes, practices and policies  • Fulfills commitment to fostering open, transparent knowledge sharing, education and advocacy; drives needed change   August 6, 2019:   Schneider Electric, the leader in the digital transformation of energy management and automation, has joined the newly formed ISA Global Cybersecurity Alliance as a Founding Member.    The International Society of Automation created the Global Cybersecurity Alliance to advance ......Read More

By Vinay Malhotra, Regional Group COO - Middle East, South Asia & China, VFS Global   Dubai, United Arab Emirates -  06, August 2019:   Going hand in hand with the number of people aspiring to work or settle abroad, are the scams that prey on this aspiration. One often hears about cases of people being defrauded on ......Read More

$600 billion needed to meet regional aircraft demands by 2038   • Regional markets will be in need of 10,550 new aircrafts by 2038 • Asia Pacific accounts for the biggest market share of 28% • UAE maintains its regional aviation leadership  • More than 200 investors expected at GIAS ......Read More

Bin Shafar: Our human resources are our local and global ambassadors Dubai, UAE, 4 August 2019:   Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, organised various training courses for its employees during the period January to July 2019. These courses were conducted as part of its annual training and development agenda, and benefitted to more than 200 employees in its workforce.  The training courses and programs represent a major part of Empower's annual strategy to raise the performance level of its staff to the highest international standards and to motivate them to continue gaining more ......Read More

Dubai, United Arab Emirates -  04, August 2019:   WarnerMedia Chief Revenue Officer Gerhard Zeiler today announced the appointment of Giorgio Stock to the new role of President, WarnerMedia Entertainment Networks, Distribution and Advertising Sales, EMEA and APAC. With immediate effect, Stock, previously President Turner EMEA, takes on responsibility for all entertainment networks, distribution of all networks, advertising sales and the kids networks operations in Europe, Middle East, Africa and the Asia Pacific region. He will continue to report into Zeiler. In his new role, Stock will be supported by the leadership team of Ricky Ow, President Turner Asia Pacific, ......Read More

The bank is upgrading its license in Abu Dhabi to an asset management company from a representative office TBI ranked first in the BIS Capital Ratio (Global) by The Banker Annual audit of TBI’s performance, complied by Ernst and Young, show a 20% increase in net operating income and a 30 % increase in funds held in customer accounts Dubai, United Arab Emirates, 04 August 2019:   Trade Bank of Iraq (TBI) achieved another consecutive year of expansion and growth with an increase in revenues and major growth recorded in key financial areas, according to an audit of the institution’s annual operations by Ernst and Young. Financial statements for the year ......Read More

Union Coop – The largest Consumer Cooperative in the UAE distributed 1000 gift packs consisting of travel essentials to people performing the Hajj pilgrimage to the Holy City of Mecca, Kingdom of Saudi Arabia  Dubai, United Arab Emirates -  03, August 2019:   Retail Pioneer ‘Union Coop’ distributed 1000 ......Read More

Ex-dividend NAV at USD 255 million or USD 1.02 per share Cum-dividend NAV of USD 260 million or USD 1.04 per share prior to final dividend of USD 5.4 million approved by shareholders on 24th June 2019 and subsequently paid on 15th July 2019  Active leasing strategy boosts Burj Daman occupancy to 77%, Binghatti Terraces to 89% Blended occupancy steady at 82%, down by just 4% despite loss of significant tenant    Dubai, United Arab Emirates, 1st August 2019: ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced its Net Asset Value for its first ......Read More

August 01, 2019:   Bahrain, Riyadh- Silah Gulf a leading, multi award winning Customer Experience solutions provider becomes the official customer experience partner of the  Saudi Emerging Technologies Forum to be held in Riyadh, KSA from 11-13th of November, later this year.   Billed as the largest R&D event in the ......Read More

U.A.E – 1st August 2019 - A range of initiatives such as new visa regulations has led to a major spike in entrepreneurs deciding to set up businesses in the UAE. Flying Colour, a company which opens both free zone and onshore businesses, say the growth covers a range of sectors such as hospitality, IT and retail and that it covers the whole of the country.   In the first half of 2019, enquiries to start-up a new business are up by around 20% and show no signs of stopping.   Flying Colour CEO, Meet Joshi, said: “The introduction of new licensing and visa regulations have really eased the process of starting a new business. The UAE is vibrant, but it is also solid ......Read More

Dubai, Aug 1st, 2019: Dubai Investments PJSC [DFM: DIC], the leading, diversified investment company listed on the Dubai Financial Market, reported profit of AED 151 million for the second quarter of 2019, an increase of 17% when compared to the same period last year.  Profit for the first six months of the year was AED 353 million as compared to AED 491 million in the previous year. These included gains on M&A transactions of AED 64 million and AED 333 million for the respective periods. Profits for H1 2019 without considering these exceptional items has increased by AED 131 million when compared to the previous period.  Company’s total assets grew by AED 1.09 ......Read More

Financial Results    H1 2019 Highlights  Interest income increased by 6% compared to prior year Operating Expenses decreased by 6% vs. H1 2018 Provisions for Credit Losses decreased by 5% vs. H1 2019 Capital Adequacy at 16.5%  CET1 ratio at 15.4% Coverage ratio increased to 93.6% compared to 91.5% in December 2018 Sharjah, UAE, 31 July 2019 - United Arab Bank P.J.S.C ("UAB" or “the Bank”) announces its Financial Results for the six months ended 30th June 2019.   UAB reported a Net Profit of AED36m in H1 2019 as the Bank continues its prudent approach to recognize provisions and increase its coverage. The Bank ......Read More

Dubai, United Arab Emirates -  30, July  2019:   Corum considers creativity and daring to be its driving force, with its DNA shaped through the history, product launches and partnerships of the brand. Today, this core identity has become the focus of the watchmaking pioneer. For Corum, going back to basics is a way of moulding and shaping its future, all while staying true to course and maintaining its stability.  With a history built around innovation and the avant-garde, the brand has now decided to concentrate on its DNA, which is based on the creativity and daring of its products. The non-exhaustive list of Corum watches is full of world firsts: the Admiral ......Read More

Dubai, 30th July 2019:  Under the title “Balance for Better”, this outstanding book, has showcased realistic leadership experiences for 19 businesswomen in Dubai, who spoke about their professional experiences and the gender equality efforts within the business environment.  The book which was recently issued by the Dubai ......Read More

Dubai, United Arab Emirates -  28, July  2019:   Lenovo announces that FORTUNE ranked it #212 in this year’s FORTUNE Global 500 list of the world’s largest companies by revenue, up from #240 on the 2018 annual list.  Jumping 28 spots in the rankings, Lenovo’s $51 billion in annual revenue puts the ......Read More

Abu Dhabi, 28 July 2019 –   Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”) today reported its half-year financial results for 2019 (“H1’19”). The results below are based on the six-month pro-forma financial statements for the combined entity, following the merger between ADCB and ......Read More

July 28, 2019 - Dubai, UAE Pakistan successfully concluded its US$ 500 Million Syndicated Term Loan and Murabaha Financing Facility (the “Facility”) on July 25th 2019. The global syndication of Facility attracted more than 40% oversubscription driven by strong demand from local, regional and international investors.  Emirates NBD Capital Limited acted as the Global Coordinator on the Facility. The transaction was fully subscribed by 12 banks. Commercial Bank of Dubai, Emirates NBD, Noor Bank, Allied Bank, Dubai Islamic Bank, First Abu Dhabi Bank, Mashreq Bank and Sharjah Islamic Bank acted as the Initial Mandated Lead Arrangers and Bookrunners. Samba Financial ......Read More

To support a shift towards long-term investment horizons, the 31 Guiding Principles will Enhance Companies Corporate Governance Rules for Regional & Global Investors Abu Dhabi, 27th July 2019:  Abu Dhabi Securities Exchange (ADX) announced today that it has issued an Environmental Social & Governance (ESG) disclosure guidelines for listed companies. The launch of this set of 31 KPIs is aligned with ADX strategy which is designed to support economic growth, while providing a sustainable trading environment and encouraging the business community to adopt societal sustainability practices.  The model guidance on reporting ESG information to investors raises the ......Read More

Dubai, United Arab Emirates -  25, July  2019:  Fully-operated robots could soon replace humans in dangerous operations thanks to new research developed by researchers at the College of Information Technology at the United Arab Emirates University. The project was established by Dr Fady Najjar, Principal investigator of the ......Read More

• Q2 2019 Net profit after royalty increased by 2.5% to AED 464 million (5.5% like-for-like[1]) • The Board of Directors approved the distribution of AED 589 million of interim dividends to its shareholders for the first half of 2019 resulting in 13 fils per share • EITC continues its strategic investments in the business, as it launches 5G and rolls out more sites nationwide. Q2 2019 Capex increased by 93%, compared to the same period last year, to AED 286 million. H1 2019 total capex spend was AED 467 million   • Q2 2019 fixed revenues increased by 5.8% to AED 617 million, while mobile revenues decreased by 6.8% to AED 1.69 billion, due ......Read More

• Net profit of AED 4 million for H1 2019; continuing the profitable operations trend • Hospitality and Leasing businesses continue their market leading performances • Construction contract awarded for Jumeirah Rise project in JVC, Dubai • Board proposed removal of foreign ownership limit on Eshraq shares   Abu Dhabi, UAE; July 24 2019:  Eshraq Investments PJSC (“Eshraq” or “Company”), the Abu Dhabi based investment company listed on Abu Dhabi Securities Exchange (“ADX”), reported a net profit of AED 4 million for the period ending 30 June 2019, achieving another profitable half yearly result under the new ......Read More