In our view, recent shifts in Saudi Arabia's political power • structures and societal norms, alongside various regional stresses, could increase the risk of policy mistakes that could result in increased domestic and geopolitical tensions.
However, we also consider that these structural reforms could empower Saudi citizens and make Saudi Arabia more attractive to investors over the medium term, as the authorities intend.
We are therefore affirming our 'A-/A-2' foreign and local currency sovereign ratings on Saudi Arabia.
The stable outlook is based on our expectation that the Saudi authorities will take steps to consolidate public finances and maintain government liquid assets close to 100% of GDP over the next two years.
On Nov. 19, 2017, S&P Global Ratings affirmed its ......read more
DUBAI November 09, 2017: EFS Facilities Services, a regional leader in facilities management services across the Middle East, Africa, South Asia and Turkey, has been awarded a contract to launch an integrated facility management venture at King Abdullah Economic City (KAEC).
Under the terms of the agreement, EFS will provide integrated facilities management services across the city, including catering, transportation and value-added services such as the integration of smart technology and Computer Aided Facility Management (CAFM). The contract will run over an initial period of three years.
“King Abdullah Economic City is a major social and economic growth driver for the Kingdom of Saudi Arabia. As the city grows in complexity so too does its need for state-of-the-art integrated facilities management,” said ......read more
Two-day summit to cover financial regulation and strategy as Kingdom invests for a future without oil
Al Khobar, 7th November 2017: Riyad Bank will, once again this year, be one of the Platinum Sponsors of the 5th Annual Saudi Trade Finance Summit, taking place 14th to 15th November at the Mövenpick Hotel Al Khobar, Saudi Arabia. This exclusive Trade Finance event in Saudi Arabia is organized by Dubai based QnA International.
The Summit will focus on the advancement of systems facilitating the Kingdom’s strong legacy of trade, by bridging the gap between CFOs and financial institutions. Now in its fifth year, the Summit enjoys a reputation for being the most influential trade finance event in the Kingdom.
Discussion over the two days will focus on the financial regulations, strategies and ......read more
KSA; 17 October 2017: Today’s organizations are awash in a sea of continuous change and new skills are needed for business leaders to succeed; and this applies to HR leaders too. Based on their experience of working with HR leaders in Saudi Arabia and other GCC countries, Ashridge Executive Education has customized its five days programme on ‘Advanced HR Strategy and Impact’, to help regional HR practitioners to lead their organization through change, develop their coaching skills, add greater value as consultants and formulate a winning HR strategy for their companies.
According to Rory Hendrikz, Managing Director of Ashridge Middle East, “In Saudi Arabia there is now a greater awareness of the comprehensive role that HR leaders play in development of leadership skills. With the emergence of ......read more
Business leaders highlight key opportunities posed by government investments to advance the adoption of HR technology systems, ahead of the HR Tech Saudi Summit
Dubai, October 11, 2017: Delegates at the HR Tech Saudi Summit taking place on November 20 – 21, in Riyadh, Saudi Arabia, will enjoy a unique opportunity to discuss how government investments worth SAR 8.3 billion will pose new opportunities for businesses to transform HR practices.
The government of Saudi Arabia pledged the multi-billion Riyal investment under Saudi Vision 2030, supporting a number of advancements in people and workplace development across key growth sectors. Addressing how these developments will transform business, the HR Tech Saudi Summit will include discussion on such pertinent topics as implementing Performance ......read more
The International Islamic Trade Finance Corporation (ITFC) participates in the “Agroinvest” Forum Astana 2017 in Kazakhstan
Dubai, UAE, August 27, 2017: The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group participated in “Agroinvest” Forum Astana 2017 organized by “KazAgro”, the National Management Holding with the official support of the Ministry of Agriculture of the Republic of Kazakhstan. The Forum provided a platform to discuss the development of agro-industrial complex of Kazakhstan, and projects in the sphere of agriculture and investment. The Forum took place in the Hilton Garden Inn Hotel in Astana on August 25, 2017.
Eng. Hani Salem Sonbol, CEO ITFC reemphasized IsDB Group and ITFC’s role in supporting ......read more
Expansion into the Kingdom Strengthens Two Decade Long Relationship with Home Centre
27 August, Dammam – KSA: Intercoil International, UAE’s leading manufacturer, distributor and retailer of total sleep solutions across the MENA region, recently commenced operations at its new manufacturing facility in Dammam, Saudi Arabia. The firm’s entry into the Kingdom with an investment of 20 million SAR, marks a major milestone in the company’s growth outside the UAE.
The new state-of-the-art facility which, spans over a gross area of 7,000 sq. meters and mirrors its UAE facility, will manufacture a comprehensive range of orthopaedic mattresses. The facility will begin production with a daily capacity of 500 mattresses with plans to gradually double mattress capacity over the next three years. ......read more
LONDON (S&P Global Ratings) Aug. 9, 2017: In a Credit FAQ titled "Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns," published today, S&P Global Ratings responds to questions that have surfaced in recent discussions with issuers and investors about the implications of the Qatar boycott by a group of states for the Gulf Cooperation Council (GCC) sovereigns.
S&P Global Ratings believes that the impact of a group of states cutting diplomatic ties, as well as trade and transport links, with Qatar on June 5, 2017, may not be confined to within Qatar's borders. We expect that political tensions within the GCC will persist over the next few years, and believe that the boycott of Qatar has illustrated deeper fissures within the group than were previously evident.
For the most ......read more
Under the patronage of the Deputy Governor of Medina Region
Medina, KSA – June 14, 2017: Under the Patronage of H.R.H. Prince Saud Bin Khalid Al-Faisal, Deputy Governor of Medina Region, the Chairman of the Islamic Development Bank (IsDB) Group, H.E Dr. Bandar bin Mohammed Hamza Hajjar and the Chairman of the Chamber of Commerce and Industry of Madinah H.E Mr. Munir Mohammed Nasser bin Saad signed a MoU for mutual cooperation and support the Chamber’s role in promoting the commercial and economic environment in the Medina region, and activating its participation in achieving the goals of the National Transition Program 2020 and the vision of Saudi Arabia 2030. The signing ceremony took place in the Office of H.R.H the Prince and was attended by the Chief Executive Officer of the International Islamic Trade Finance ......read more
Supporting access to energy through importing petroleum products and electricity are vital to economic growth and foster the socio-economic conditions in Mali.
Jeddah, May 21 2017: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a € 40 million Agreement with the Government of Mali, which was signed by Dr. Boubou Cisse, Minister of Economy and Finance Mali and Eng. Hani Salem Sonbol, Chief Executive Officer of ITFC. The signing ceremony was on the sidelines of the IDB Group’s 42nd Annual Meeting that took place in Jeddah, Saudi Arabia.
Mali is a non-oil producing Member Country which is also land-locked, where the import of petroleum products is vital and is a necessity for its economic growth. In addition, it supports other key industries such ......read more
In support of Saudi Vision 2030:
Agreements drive economic diversification in power, healthcare, oil and gas, mining and digital transformation of industry.
Riyadh, Kingdom of Saudi Arabia. May 21, 2017: Building on its more than 80 years of partnership and experience in the Kingdom, GE [NYSE: GE] has taken significant steps in supporting the delivery of Saudi Vision 2030, today announcing in partnership with the Kingdom a range of Memorandums of Understanding [MoU] and projects valued at $15 billion – of which almost $7 billion are GE technology and solutions – across multiple sectors and partners aimed at creating a truly diverse and sustainable economic platform.
Signed in the presence of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and President of the United States of America, ......read more
Jeddah – May 16, 2017 (Hilton – Al Qasr Hall): ITFC has organized a side-event during the IDB Group Private Sector Forum, in conjunction with the IDB Group 42nd Annual Meeting held in Jeddah-Saudi Arabia. Given the importance of this forum and the high profile audience that this event has attracted, ITFC has shown keenness to highlight its role, as an Islamic Trade Finance Institution, in contributing to the economic and social development of its member countries through trade finance and trade development. In addition, ITFC is seeking to use this opportunity to showcase its role in promoting the development of the Small & Medium-Sized ......read more
Riyadh, Kingdom of Saudi Arabia – 08 May 2017: Alawwal bank was named the 'Best Retail Bank' in Saudi Arabia 2017 at the Asian Bankers, International Finance Excellence Awards held at the Ritz Carlton in Dubai on 20 April.
The award recognises Alawwal bank's customer centric approach and focus on innovation in products, services and its digital channels.
"We are delighted and honoured to win this prestigious award. It's a wonderful recognition of the efforts that has gone in to developing and growing Alawwal bank's retail business over the past few years. Our focus on delivering products our customers wants in the way they want them is paying off" said Soren Nikolajsen, Managing Director at Alawwal bank.
Earlier this year Alawwal bank launched its first digital-only branch, ......read more
QNB Group CEO: Entry into the Saudi market is due to QNB’s competitive edge
Riyadh, 6th May 2017: QNB Group, the largest financial institution in the Middle East and Africa, has inaugurated its branch in Riyadh, Kingdom of Saudi Arabia (KSA). Senior bank officials and distinguished representatives from the banking and business sectors attended an inauguration ceremony held under the patronage and presence of H.E. Dr. Ahmed bin Abdul Karim Al-Khulaifi, Governor of the Saudi Arabian Monetary Authority (SAMA), H.E. Sheikh Abdullah Bin Saud Al Thani, Governor of Qatar Central Bank, Mr. Ali Ahmed Al-Kuwari, QNB Group CEO, and a number of Qatari diplomats.
Through its branch, located in the Saudi Capital of Riyadh, and its business hub extending along King Fahd road, QNB Group will provide a comprehensive suite of ......read more
Kingdom biggest spender in GCC for FM services
Saudi Arabia, May 03, 2017
The facilities management (FM) sector in the Kingdom of Saudi Arabia (KSA) remains a largely untapped market, an ‘emerging giant’ that offers huge growth opportunities for regional FM players looking to expand and innovate on their services in the Kingdom, highlighted experts from the Middle East Facilities Management Association (MEFMA) which held a workshop and networking event recently in Riyadh, which was sponsored by Advanced Facilities Management.
The MEFMA Report “FM in Saudi Arabia – an Emerging Giant” has revealed that the Kingdom continues to hold the largest share in Gulf FM spending, accounting for about 55 per cent of total expenditure. Although the KSA market is currently valued at USD 20 billion, it is still ......read more
Cross-border M&A made up 49% of all deal value and 35% of all deal volume in Q1 2017
North America was a safe haven for deals in Q1 2017
UAE dominates deal volume for cross-regional Middle East M&A
KSA leads by deal value for cross-regional Middle East M&A
Jeddah: Global cross-border M&A activity continued to dip as political turbulence and economic uncertainty become the new normal for dealmakers, whilst deal flow in the Middle East remained stable, according to Baker McKenzie's Cross-Border M&A Index*.
The global Index, which tracks quarterly deal activity using a baseline score of 100, decreased to 218 for Q1 2017, down 17% from the prior quarter and 9% from Q1 2016. In Q1 2017, cross-border M&A made up 49% of all deal value and 35% of all deal volume.
North America ......read more
Wadi.com, KSA’s fastest growing e-commerce platform, announces its latest and first of its kind partnership with KSA’s leading bank
Kingdom of Saudi Arabia, April 9, 2017 – Wadi.com, KSA’s home-grown online shopping marketplace, today announced a new strategic partnership with one of KSA’s most trusted banks, Al Rajhi Bank. This unique collaboration between the region’s fastest growing e-commerce platform and KSA’s largest islamic bank is a sign of the growing importance of e-commerce in the country.
The long term strategic partnership will include a series of exclusive offers over the coming months and commences with a generous welcome offer for all Al Rajhi customers. From 6th – 15th April, 2017, all Al Rajhi credit and prepaid card holders will receive 10 percent off on all ......read more
Dubai, UAE/Saudi Arabia, 9th April 2017 – Xylem Inc. (NYSE: XYL), a leading global water technology company, today announced the opening of a new office in Riyadh, Saudi Arabia. The new office is part of Xylem’s $35 million investment in the Middle East North Africa region, which includes additional resources to help provide localized products, services and capabilities in key markets throughout the region.
“The opening of our Saudi Arabia office is an important milestone for our regional investment and supports our long-term strategy of providing sustainable water technology solutions to help solve the region’s water challenges. The new office enables us to be closer to our customers and develop smarter, bespoke solutions that fit their unique needs, which also allows us to increase our capabilities.” ......read more
2nd meeting of the LLF Impact Committee in Riyadh approves major pipeline of $242.6 million in development projects for 2017
Representatives from Saudi Arabia, Qatar, UAE, the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development, and the Islamic Development Bank agree on project pipeline to lift poorest OIC countries out of poverty
Projects approved in Tajikistan, Sudan, Djibouti, Niger, Mauritania, Cameroon, Uganda, and Guinea
LLF is the largest multilateral development initiative in the Middle East and North Africa – releasing $2.5 billion in finance over five years
Riyadh, 02 April 2017: Representatives from the Kingdom of Saudi Arabia, the State of Qatar, the United Arab Emirates, the Bill & Melinda Gates Foundation, the Islamic Solidarity Fund for Development, and the Islamic ......read more
Event will gather together CEOs, CMOs, Presidents and VPs from across the region and beyond
Riyadh KSA, April 1 2017: For the first time, Saudi Arabia will host the ‘Top CEO Conference and Awards’ – an event which will see CEOs, CMOs, Presidents and VPs from across the Arabian Gulf region and beyond gather together on 10th and 11th April 2017 at Bay La Sun Hotel & Marina, King Abdullah Economic City.
The annual event, now in its third edition, serves to address the burning issues facing the corporate world today while also recognising the very best in GCC business leadership. It is organised by TRENDS magazine and INSEAD – the leading international business school – and will take place under the theme ‘Adapting to Disruption: New Roles, New Realities’, to reflect the ......read more
Next-generation technology allows customers to benefit from faster, more advanced services
Dubai, UAE, March 30, 2017: Accenture (NYSE: ACN), the global professional services company, has successfully completed the core system replacement of the retail banking operations at the National Commercial Bank (NCB). The highly complex project which took approximately two years to complete, was part of NCB’s NextGen program, which was also undertaken with Accenture.
The implementation of the project marks significant successes and achievements across various fields within the business. The improved platform provides clients with a distinct banking experience, enriched with additional features and a 50 percent reduction in turnaround time for key processes.
The platform, which will be deployed across NCB’s ......read more
Dubai, UAE, March 29, 2017: Amazon (AMZN) today announced that it has reached an agreement to acquire SOUQ.com, an e-commerce leader in the Middle East. Joining the Amazon family will enable SOUQ.com to continue growing while working with Amazon to bring even more products and offerings to customers worldwide.
“Amazon’s entry into the region reflects the visionary foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, who launched Dubai Internet City in 1999 and adopted the e-commerce and online business legislation of 2002," said His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. "Furthermore, it reiterates Dubai’s position as a regional and global hub for the world’s biggest and leading ......read more
ITFC and ATTIJARIWAFA BANK (AWB) to strengthen partnership by signing a letter of intent for supporting trade between Arab and African countries
ITFC and ATTIJARIWAFA BANK (AWB) sign a Letter of Intent within the Framework of the Arab Africa Trade Bridges (AATB) Program for supporting trade between Arab and African countries during the 5th International Africa Development Forum
Casablanca, March 19, 2017: The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IDB) Group and Attijariwafa Bank Group (AWB) sign a cooperation framework to support trade development between Arab and African countries. The signing took place at the occasion of of the 5th International African Development Forum in Casablanca, Kingdom of Morocco, between Eng. Hani Salem Sonbol, CEO ITFC and Mr. ......read more
Government Leaders and Senior Bankers will Review Progress of National Transformation Programme and Opportunities for Businesses
Riyadh, Kingdom of Saudi Arabia, March 14, 2017: One year on from the official announcement of the “Saudi Vision 2030” to diversify the economy and reduce the Kingdom’s reliance on oil, The Euromoney Saudi Arabia Conference is set to return to Riyadh to analyse progress made to date.
The major conference will bring senior government representatives and leading financiers together to discuss a broad range of strategic issues, including the economic outlook for 2017, the progress of a number of mega-projects and the challenges and opportunities being created by Saudisation.
There will also be special sessions covering the Kingdom’s bond issuance programme, the ......read more
The leading business support service provider for corporate entities in Saudi Arabia
Providing turn key solutions for companies working within or looking to set up in the Kingdom of Saudi Arabia
Specialising in range of services from corporate immigration to company representation and employee outsourcing
Dubai, 14 February 2017: Founded in 2009, Proven delivers business solutions to companies currently operating in or looking to branch out into the KSA. Proven are specialists in corporate immigration, employee outsourcing and recruitment, providing international companies with advanced regional insights and the necessary tools to successfully do business within the Kingdoms burgeoning markets. Due to an increase in international interest, Proven expanded out of Saudi in 2016, and now holds offices in ......read more
Vision 2030 and public investment fund reform could be a unique opportunity to reduce oil dependence and contribute to global effort for carbon emissions reduction, says London Business School expert
Dubai, UAE, 25 May 2016 – A successful restructure of the Saudi Arabian Public Investment Fund (PIF) would represent a great opportunity for Saudi Arabia to have a positive impact not only ......read more
UAE, May 23, 2016–Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, commemorates the 50thAnniversary of its establishment. To mark the occasion and in line with the wise directions and vision of the UAE’s leadership to consolidate the country’s prominent position in the region and the world, the company is poised to establish new ......read more
Pearl Initiative collaborates with Siemens Integrity Initiative and SABIC to host interactive workshops highlighting necessity for compliance and ethics
Majority of participating business leaders believe that the Saudi private sector will significantly advance corporate accountability practices within next five years
Riyadh-KSA: 17 May 2016 - Companies in Saudi Arabia are ......read more
Award launched in collaboration with the Saudi Society for Environmental Sciences - King Abdulaziz University sees participation from over 120 students across the Kingdom
Jeddah, Saudi Arabia, May 11, 2016: Binzagr Unilever Limited, the Saudi Arabian arm of one of the world’s leading FMCG companies, has announced the winners of its Environmental Research Award, an initiative that ......read more
Industry research reveals increased cyber-security threats in GCC
MENA compliance programs demand a balance of technology with human intervention
More regional countries will engage with risk national assessments in 2016
Compliance knowledge is about the right people not only the systems in place
Riyadh, Saudi Arabia: May 10, 2016 - Thomson Reuters, the world's leading source of ......read more
S&P Global conference to be held in Saudi Arabian capital for the first time
Forum to discuss ‘Economic Sustainability Through Strengthened Financial Markets’
Symposium takes place amid plans for sweeping economic reforms in Saudi Arabia
Dubai, UAE, May 9, 2016: S&P Global (formerly McGraw Hill Financial) will host its sixth annual Financial Leaders’ ......read more
Special Panel on Digital Ecosystem Planned for Euromoney Saudi Arabia Conference
Doha, Qatar: The Kingdom of Saudi Arabia’s financial sector is likely to encounter significant disruption from new financial technologies in the coming years, but could emerge stronger and more streamlined, according to experts gathering for the Euromoney Saudi Arabia Conference this May.
Financial ......read more
18 January, 2015 – Jubail, Saudi Arabia: Following the successful start-up of the first Solution Polyethylene facility in the Middle East in December, Sadara Chemical Company (Sadara) is well on track to set new paradigms in both Saudi Arabia’s and the region’s downstream industry.
The company, which sponsored and participated in the GPCA PlastiCon 2016 under the theme ......read more
14 December, 2015 – Jubail, Saudi Arabia: Sadara Chemical Company (Sadara), the world’s largest chemical complex ever built in a single phase, has successfully started up its first production plant, moving on schedule from the construction to the operational phase.
Sadara’s first product – Linear Low Density Polyethylene (LLDPE) – was produced in the ......read more
UAE, December 8, 2015 – Brazil and Saudi Arabia signed recently a Memorandum of Agreement (MoA) to open the Middle East to Brazilian beef exports, effectively drawing to a close a ban that has been in force for almost three years. The initiative was commemorated by a sanitary certificate handed by Brazil’s Minister of Agriculture Kátia Abreu, who represented the interests of ......read more
Mergermarket identifies Healthcare and F&B as Saudi Arabia’s most active M&A sectors. Thirty one major debt deals completed in 2015, excluding sovereign issuance
Largest deal was Aster DM Healthcare’s acquisition of 57% stake in Sanad Hospital; Savola Group linked with bid to acquire majority stake in Kuwait’s Americana Group; Saudi debt deals, excluding sovereign ......read more
This December experts from the US, Turkey, UAE, Egypt, UK, Saudi Arabia and other markets to provide Islamic finance industry with its asset allocation outlook for 2016
11 November 2015, Manama, Bahrain: The World Islamic Banking Conference (WIBC) 2015 will gather seasoned economists, asset managers and investment bankers who will provide a holistic view of asset allocation ......read more
QnA International organizes summit on trends and challenges on trade finance in Saudi Arabia
Dubai, November 2, 2015 - Dubai based QnA International is set to host the annual Saudi Trade Finance Summit in partnership with the Saudi Arabia arm of International Chamber of Commerce (ICC). The event now in its third edition, is an exclusive by-invitation only gathering of the most influential ......read more
UAE, November 1, 2015 - Gulf Navigation Holding PJSC (DFM: GULFNAV), the Dubai-based shipping company, has reported a substantial 123% profit growth at the end of the third quarter of 2015 compared to the same period the previous year. The company released its latest financial statement amidst its strong and consistent financial turnaround and continuous intensified efforts to address creditor ......read more
Jeddah, November 1, 2015: Retail industry leaders across the Arab world came together recently for NEXTGEN 2015, an event aimed at supporting the further development of the SAR 270 billion GCC retail industry.
The event, which was held at the Elaf Hotel in Jeddah, was organized by the Middle East Council of Shopping Centers (MECSC), a non-profit organization operating under the umbrella of the ......read more
• The market value of the MENA design industry surpassed USD 100bn in 2014
• UAE and Saudi Arabia are by far the largest overall design markets in the region, respectively totaling USD 27.6bn and USD 21.9bn in design revenues in 2014
Dubai, October 27, 2015: Dubai Design and Fashion Council (DDFC) revealed the results of the MENA Design Outlook, a ground-breaking study ......read more
October 11, 2015: BMJ, one of the world’s leading healthcare knowledge providers, will visit doctors, students and researchers across the Kingdom of Saudi Arabia (KSA) from October 12 to 17, 2015 to help them develop their research skills and learn how to write papers that can get published in top journals. Dr. Trish Groves, Deputy Editor and Head of Research at The BMJ and Editor-in-Chief ......read more
- From October 18th to 22nd
United Arab Emirates; September 22, 2015 – FAMOCO the French specialist of Android NFC readers just raised $4,5 millions and now aims at conquering the Middle Eastern market. The GITEX show, the 3rd largest technology event on the planet, is an opportunity for FAMOCO to meet its clients and gain prominence in the Middle East. FAMOCO exhibits at this event ......read more
United Arab Emirates ; September 9, 2015 - EQUITY, leader of governance and legal management software solutions for major corporations, continues its development and announces the signing of significant new contracts in the Middle East.
EQUITY, French governance and legal management solutions provider for large and medium corporations, announces the signing of contracts with new prestigious ......read more
Dr. Zeti Azi, Governor of Malaysia’s Central Bank, delivered the inaugural Keynote Address at historic forum in the UK
Dubai, United Arab Emirates, 1 September 2015: Ethical finance leaders from Europe, East Asia, the Middle East and Africa gathered today at a historic forum for the global responsible investments industry. The Global Ethical Finance Forum (GEFF), with the official ......read more
PA Consulting Group study shows organisations in UAE, Saudi, Qatar must develop staff to think creatively to boost productivity
Abu Dhabi, UAE, 30 August 2015: Management in the Gulf need to take more risks and develop staff to think creatively, according to a new global innovation survey designed to help companies stop wasting their best ideas and flushing hundreds of billions of dollars down ......read more
The kingdom’s leading financial institutions have renewed their support for the annual summit.
Riyadh, 27 August 2015: Riyad Bank, Banque Saudi Fransi and Saudi Hollandi Bank, three of the Middle East’s leading banks, have been announced as Platinum Sponsors of the 3rd Annual Saudi Trade Finance Summit 2015 – the largest and most influential gathering of trade finance ......read more
Buy-back of up to 50 million shares reflects confidence in business strategy and growth potential
Taipei, Taiwan – August 24, 2015 – HTC Corporation today announced that its Board of Directors has authorized a share repurchase program to restore investor confidence and increase shareholder value.
The share repurchase program, which will run over the course of the next two ......read more
-Deloitte: Risk appetite in the Middle East curbed
-Deloitte: Optimism in UAE drops to a net 46% from net 61% previously
24 August, 2015 – The continuation of low energy prices is impacting both optimism and risk appetite in the Middle East, according to Deloitte’s latest report “Global CFO Signals: CFO Sentiment Q2 2015 – Staying focused; remaining vigilant”. ......read more
Global best practice standards, customer service delivery and expert event management ensure QNCC’s overwhelmingly positive customer satisfaction rating
Doha, Qatar, 24 August 2015: Qatar National Convention Centre, the Middle East’s leading exhibition and convention centre, recently conducted a survey amongst its international and regional clients garnering feedback on its event ......read more
Egypt leads the region with five IPOs in H1, followed by Saudi Arabia with three IPOs
IPO of Saudi Ground Services Company on the Saudi Stock Exchange was the largest IPO in H1 2015
Nine MENA IPOs in Q2 2015 raising over US$2.1b
Dubai, 11 August 2015: H1 2015 saw 11 IPOs in the Middle East and North Africa (MENA) region, raising capital of over US$2.4b, according to EY’s ......read more
PAYFORT installments simplifies paying by monthly installments for region’s online consumers, announces availability through leading banks in MENA region
Dubai– 02 August 2015 - PAYFORT, the leading online payment service provider in the Arab world, announced today the launch of its installments service in the United Arab Emirates, Saudi Arabia and Egypt, a new service that makes ......read more
The Islamic finance industry has reached almost $2 trillion in total assets at the end of 2014
Dr. Sayd Farook will bring international expertise and track record to leading Middle East knowledge platform
21 July 2015, Dubai, United Arab Emirates: Middle East Global Advisors has appointed Dr. Sayd Farook as Vice Chairman and Chief Executive Officer.
Dr. Sayd Farook joins ME Global ......read more
Future Market Insights (FMI), in its latest report titled, “China First Aid Market Assessment and Opportunity 2014 - 2020”, projects the China first aid market to exhibit a CAGR of 6.3% between 2015 and 2020. Adoption of aggressive promotional campaigns are key factors driving growth of the market.
The report is focused on basic first aid products such as adhesive bandages, ......read more
UAE, July 20, 2015 -A delegation from the Saudi Food and Drug Authority (SFDA) recently visited Brazil to observe local cattle and poultry farms and slaughter houses. Also in attendance were key members of the Arab-Brazilian Chamber of Commerce (ABCC) such as Mr. Tamer Mansour, international relations manager, among others. The Ministry of Agriculture, Livestock and Supply (MAPA) reported that ......read more
UAE, July 15, 2015 - Al Hilal Bank, the progressive Abu Dhabi - headquartered Islamic Bank, has announced the resignation of Mr. Mohamed Jamil Berro as the CEO, a position he has held since the bank’s establishment in 2008. Mr. Berro explained that his resignation is due to personal reasons. The Board of Directors expressed their appreciation for Berro, commending his vital role in raising ......read more
Dubai, July 2015: Leading advertising agency Leo Burnett MENA collected an array of awards at the Cannes Lions International Festival of Creativity 2015, the world's biggest annual awards show and festival for professionals in the creative communications industry. The agency scooped a total of nine Lions at the prestigious event – which takes place every June in Cannes, France – ......read more
Written by Jameel Ahmad, Chief Market Analyst at FXTM
For the second successive week, global financial markets are commencing trading facing downside pressures with investors reacting unfavourably to the news that a “No” vote was declared victorious in the Greek referendum. While Tsipras is optimistic that the outcome of the referendum can be used as leverage for ......read more
This is now officially a Greek tragedy
In many ways, it is relatively easy to understand why the result was a No from Greece. There is little to lose, as a Yes to more austerity hardly was a great choice for a society on the brink of a social break down.
The vote clearly was not help by the fact that the actual vote: Yes or No was confusing. What did they actually say No to?
This ......read more
MEED says three data points show that markets fell during first half of 2015
• Project awards, mergers and acquisitions activity, and company earnings are all down by close to 30 per cent
• Average daily oil prices down by 46.9 per cent during first half of 2015
• Investor confidence has been subdued this year
Economic activity in the GCC fell by just under ......read more
Greece’s seeming hour-by-hour descent into chaos at the end of the second quarter has fashioned an intensely uncertain framework casting markets at the mercy of headline risk.
It is with that ever-changing caveat that Saxo Bank publishes its Q3 Outlook ahead of the Greek referendum on EU membership which, as things stand, will take place July 5.
The outlook for Q3, therefore hangs in ......read more
Three quarters of GCC employers feel the education system doesn't know what skills employers need
• 53% of employers rank lack of work experience as affecting nationals’ employability, with only 30% of GCC students having taken any work experience
• According to employers, communication skills (36%) and required skills and qualifications (22%) are further ......read more
Dubai, June 29, 2015: Cedar Management Consulting International LLC (Cedar), the global management consulting firm today announced that it has acquired the business and operating assets of IBS Publishing, the leading UK based financial technology research, publication and consulting firm. This includes their primary brand and operating platform - IBS Intelligence.
Since 1999, Cedar’s ......read more
June 28, 2015: Impact Plus, a leading Dubai-based ‘Business Knowledge’ facilitator offering accredited training programs in the Middle East and Africa, has launched three interactive and practical entrepreneurial development initiatives with an aim to reduce leadership deficit. The new US-accredited development programs -- Ana Montejah™, Certified Professional Graduate ......read more
UAE, June 24, 2015 - The Arab-Brazilian Chamber of Commerce (ABCC) has revealed that two Arab states were among the top importers of Brazilian shoes during the first quarter of 2015, demonstrating anew the steadily growing trade relations between the region and the South American nation. The ABCC cited figures recently released by the Brazilian Footwear Industry Association (Abicalçados) showing ......read more
June 24, 2015 - National Aluminium Products Company SAOG (NAPCO), one of the leading extruders of aluminium profiles in the GCC, has announced that its CEO, Robert Holtkamp, has received the award for ‘Most Outstanding Corporate Leader’ from Alam al-Iktisaad Wal A’mal (AIWA), Oman’s leading Arabic business magazine published by United Media Services. The 5th edition of the ......read more
DUBAI, 23 JUNE 2015. EY signed a conditional agreement to acquire Integrc, a privately owned, leading provider of governance, risk and compliance (GRC) services to companies that run SAP. The acquisition, expected to complete in August, will help cement EY’s position as an industry leader in SAP GRC services by further enhancing its end-to-end offering — from strategy to ......read more
41% of insurance companies in KSA and UAE believe there is a need to improve risk management framework
- KSA insurers rate “business taking ownership of risk” as the top challenge to strengthening the risk culture
- UAE insurers rate “lack of a strong regulatory regime and competitive pressures” as the top challenge
Dubai, 22 June 2015: Due to increasing ......read more
18 June 2015: SHUAA Asset Management Ltd. today announces that is has been awarded the “Best Regional Asset Manager” at Banker Middle East’s Annual Industry Awards 2015.
Organised by CPI Financial, the awards recognise institutions that are truly innovative pioneers in their respective areas of expertise, and are helping to shape the future of the industry in the region. The ......read more
According to EY’s 2015 Europe, Middle East, India and Africa (EMEIA) Fraud Survey:
DUBAI, 16 June 2015: EY’s Europe, Middle East, India and Africa (EMEIA) Fraud Survey, Fraud and corruption – the easy option for growth?, has found that many businesses still do not have the basic building blocks in place for effective compliance. Only 52% of MENA respondents stated they had an ......read more
55 brands receive Superbrands recognition at Gala Event
Dubai, United Arab Emirates, June 16, 2015: Superbrands, the independent authority and arbiter of branding, announced that ‘Eros Group’ has won the coveted 'Brand of the Year' award at the 11th annual Superbrands tribute event, which was held at the Intercontinental Hotel in Dubai Festival City. Fifty-five leading ......read more
Advancing towards its vision of leading the retail sector in the Middle East
Khobar, Saudi Arabia, 8th June 2015: eXtra (United Electronics Company) has announced a Memorandum of Understanding (MOU) sent to Mohammad Yousuf Sager & Co., stating its intention to acquire 51% of the Company. The basic conditions of the MOU are that the offer will be considered exclusively for nine months after ......read more
UAE, June 08, 2015 - Al Hilal Bank recently hosted the third preparatory session for the United Arab Emirates Banks Reception scheduled to take place as part of the 2015 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) running from October 9 to 11, 2015 in Lima, Peru.
The meeting was organized at the Al Hilal Bank headquarters in Abu Dhabi’s Al Bahr ......read more
Dubai, June 8, 2015: The widespread adoption of technology has resulted in the introduction and acceptance of a multitude of devices and applications that have significantly transformed the way consumers manage their life. Technology has impacted every aspect of our lives and banking is not an exception; it has played a pivotal role in changing the structure and very nature of banking. ......read more
UAE, June 06, 2015 - Al Hilal Bank has announced that it was named ‘Best Islamic Financial Institution’ in the UAE and in Kazakhstan at Global Finance magazine’s 8th Annual Awards for the World’s Best Islamic Financial Institutions. The recognition affirms Al Hilal’s exceptional ability to ensure safety and security for its customers while developing new and ......read more