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ITFC Provides the First Islamic Trade Finance Transaction in the Republic of Uzbekistan

Saudia Arabia, June 12, 2018:  The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group, and Asia Alliance Bank, a Joint-Stock Commercial Bank in the Republic of Uzbekistan signed today a line of Murabaha Trade Financing Agreement. This is the first operation of ITFC in the Republic of Uzbekistan, and it marks the start of the implementation of the US$ 100 million Framework Agreement, signed between the Republic of Uzbekistan and ITFC on the 6th March 2018. “The purpose of the Framework Agreement is to find ways and means to ensure close cooperation and coordination of efforts between ITFC and the Government of Uzbekistan, and to pave the way for a strategic partnership between the Parties” commented Eng. Hani Salem Sonbol, CEO ITFC. The main area of cooperation ......read more

First Ever “Islamic Trade Finance Workshop” Held in Uzbekistan

Organized by ITFC & UNDP - Uzbekistan Saudi Arabia, May 22, 2018:   The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group, Ministry for Foreign Trade of the Republic of Uzbekistan and United Nations Development Program (UNDP) in Uzbekistan have collaborated together to hold the first Trade Finance workshop titled “Trade Finance as a Key Factor in Trade Promotion” .  “ITFC is aspiring to play a pivotal role in the development of Islamic Trade Finance in Uzbekistan. ITFC and the Government of Uzbekistan signed USD 100mln Framework Agreement to finance pre-export and import activities in the country. ITFC is gearing itself to work with its partners –namely, UNDP and Turk Eximbank to promote Islamic Trade Finance among the Uzbek banks and ......read more

PIF Announces the Future Investment Initiative 2018

FII 2018 taking place from October 23rd to 25th 2018 in Riyadh, Saudi Arabia Hosted by the Public Investment Fund, the 2018 program will continue to explore the trends, opportunities and challenges shaping the global investment landscape 2018 edition will build on the success of last year’s inaugural event, which brought together over 3,800 participants from more than 90 countries Riyadh, 8 May 2018:   Under the Patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, and the leadership of HRH Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Public Investment Fund (PIF), PIF has announced the second Future Investment Initiative (FII), which will take place from ......read more

Al-Jazeera Paints Concludes A Program Under Its Sponsorship to Introduce Parents to Registration Mechanism in Noor System

May 07, 2018 : The General Directorate of Education in Asir Region concluded its program to introduce parents and educate them about the regulations for admission of new male and female students and the registration mechanism in "Noor" system for joining the first grade, which was organized by the Department of Testing and Acceptance of Asir Education for 6 days under the sponsorship of Al -Jazeera Paints in two famous commercial complexes in the region. The Assistant General Manager of Education for Educational Affairs Mr. Saad Al-GOOni has viewed the start of the program in the presence of Testing and Admission Manager Department, Mr. Issa Al-Hilali, while some of the citizens praised  the efforts of the team to provide services and help to end registering  their sons and daughters and overcoming technically ......read more

Trend Micro Highlights the Need to Bolster Digital Security with KSA's Smart City Transformation

Saudi Arabia’s ICT spend to reach US$ 40 billion this year Trend Micro participates in Smart Transformation Summit as strategic partner May 2, 2018 - Dubai, UAE   Saudi Arabia’s digital transformation continues to burgeon with reports showing that the Kingdom’s ICT spend grew 6 per cent in 2017 to over US$36 billion and is predicted to expand further this year to reach the value of US$ 40 billion.   With the pace of KSA’s digitization continuing in rapid acceleration, Trend Micro, a global leader in cybersecurity solutions, emphasized the need for a modernized, integrated and secured system, noting the serious privacy and security challenges that come with a vast web of interconnected technologies.   Speaking at the Smart Transformation Summit in Riyadh, Dr. Moataz Bin ......read more

Corporate Finance Advisory Firm LUMINA Expands to Saudi Arabia

Move enables LUMINA to link the UK, UAE and KSA markets for capital flows and M&A deals Ex-PwC Corporate Finance head for Saudi Arabia, Andrew Nichol, joins the specialist corporate finance firm as Partner to lead KSA coverage Follows recent announcement of Ex-Emirates NBD CEO Rick Pudner as Executive Chairman to lead the firm’s expansion across the UK and Middle East Endorses the firm’s position as a premier M&A and Corporate Finance adviser for the mid-market  Dubai, United Arab Emirates/ Riyadh, KSA; 1 May 2018: Specialist corporate finance firm LUMINA expands into KSA, launching its third geographic presence since the start of 2018. Andrew Nichol’s appointment anchors its expansion strategy in KSA and enables LUMINA to link three major markets – KSA, UAE, and the UK – for ......read more

Knight Frank Saudi Arabia releases Saudi Arabia Real Estate Investment Trusts Q1 2018 Review.

Saudi Arabia, April 29, 2018:   The REIT market in Saudi Arabia continues to expand and now surpasses a market capitalisation of USD 2 billion. The number of listed REITs doubled in the last two quarters; with 12 REITs listed on the Tadawul at the end of Q1 2018. Raya Majdalani Knight Frank Saudi Arabian Research Manager, commented, “REITs initially traded at a significant premium to Net Asset Value (NAV). This was mainly attributable to large amounts of capital seeking exposure to these REITs compared to the size of the investable universe. Following initial buoyancy, most REITs have pared back early gains and are currently trading below listing price. As a result, price to NAV has dropped over the last two quarters, moving closer in line with more mature markets.”  To date the investment strategy for ......read more

Intersec Saudi Arabia 2018 Opens for Business Featuring 150 Exhibitors from 20 Countries

World’s leading security, fire protection, safety companies target Kingdom’s US$6.02 billion market  Dubai, UAE - April 24, 2018: Intersec Saudi Arabia 2018 opened today (24 April) in Jeddah, with 150 exhibitors from 20 countries looking to network and generate fresh business opportunities in the Kingdom’s US$6.02 billion security, safety and fire protection market.  The 2nd edition of the annual showcase runs until 26th April at the Jeddah Center for Forums & Events, with 500 brands enticing an expected turnout of 5,000-plus Saudi trade visitors across its three-day run.   The 69 percent international representation is underlined by the world’s top security companies on board in 2018, including the show’s official launch partners comprising Hikvision, Dahua Technologies, ......read more

Ashridge to help Saudi leaders explore and implement strategies for growth

KSA; 19 April 2018:   Ashridge Executive Education, with over 20 years of experience in training regional business leaders, is focusing on helping Saudi businesses to effectively execute their strategy for growth. As companies in Saudi Arabia face the challenges of digital disruption, a relatively young workforce, and changing customer demands, it is imperative to turn strategies into actions that will generate results.  To help senior managers formulate plans to effectively implement them, Ashridge is delivering a three-day executive program on Translating Strategy into Action for Saudi business leaders from 1st to 3rd May at the Hult campus in Dubai Internet City. Ashridge faculty can also conduct the programme at the premises of any company in Saudi.  Translating strategy into action requires managers to ......read more

Avaya Signs MoU with Jeddah's University of Business and Technology to Drive Education Initiatives

Jeddah, Kingdom of Saudi Arabia – February 21, 2018:   Avaya, a leading global business communications company, announced today that it has signed a Memorandum of Understanding (MoU) with Jeddah’s University of Business and Technology (UBT) to explore education initiatives in the Kingdom of Saudi Arabia.   The MoU was signed at the 7th Gulf Education Conference & Exhibition, taking place February 20-21 on the UBT campus in Jeddah, by Fadi Hani, Vice President, Avaya, Middle East, Africa and Turkey, and H.E. Professor Osama A. Jannadi, Rector of UBT. Avaya and UBT will share knowledge and expertise to form cooperation in the fields of higher education, corporate education and community service. The MoU covers internship and co-operative education programs, and events, seminars and workshops, as well ......read more

Over 5000 Professionals Attend Co-Located Saudi Expos

Event organisers announce 5000+ visitors attended HVACR Expo Saudi, and co-located FM EXPO Saudi & Saudi Clean Expo last week in Jeddah.  For the first time, the 2019 co-located events will take place in the Saudi capital at the Riyadh International Convention & Exhibition Centre from 14-16 January. Saudi, January 24, 2018:  More than 5000 visitors who attended last week’s HVACR Expo Saudi and co-located FM EXPO Saudi & Saudi Clean Expo marked an 18% increase in attendance when compared to the previous year’s edition, announce event organisers dmg events Middle East, Asia & Africa. “A spike in the turnout of visitors to this year’s expos are a clear indicator that growing HVAC-R and Facilities Management sectors in Saudi demand a dedicated platform where industry ......read more

MEPCO and WASCO Attend 15th International Saudi PPPP 2018 Exhibition in Riyadh

MEPCO showcases its latest product innovations to regional and international audiences at Saudi Arabia’s largest industrial gathering Wholly-owned subsidiary WASCO exhibits its core operations alongside MEPCO   Riyadh, Saudi Arabia; 24 January 2018:  The Middle East and Africa’s leading vertically-integrated paper manufacturer, the Middle East Paper Co. (MEPCO), showcases its latest product innovations serving the packaging industries at the 15th edition of the Saudi Print, Pack, Plastics, and Petrochem Exhibition. MEPCO participate alongside its wholly-owned waste management arm, WASCO, which is responsible for supplying MEPCO roughly 90% of its raw material.  Commenting on MEPCO’s participation at the exhibition, Eng. Sami Safran CEO of MEPCO said: “MEPCO is a KSA-based entity with ......read more

CBRE Group, Inc. Named a World's Most Admired Company by Fortune Magazine for Sixth Consecutive Year

Dubai, UAE, January 23, 2018:  CBRE Group, Inc. (NYSE:CBG) today announced that Fortune magazine has named the company a World’s Most Admired Company in the real estate industry for the sixth consecutive year.  Fortune rates companies on nine attributes related to corporate performance. In 2018, CBRE was ranked second overall in the real estate sector (behind only Host Hotels & Resorts) and was among the top three companies on all nine attributes, including global competitiveness, people management, financial strength and long-term investment.  “Our continued recognition as a Fortune Most Admired Company reflects our people’s deep commitment to excellence and producing great outcomes for our clients every day.  We are very proud of their accomplishments,” said Bob Sulentic, president ......read more

Ratings On Saudi Arabia Affirmed At 'A-/A-2'; Outlook Stable

Overview 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. Rating Action On Nov. 19, 2017, S&P Global Ratings affirmed its ......read more

EFS Facilities Services Wins Integrated Facilities Management Contract With King Abdullah Economic City

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

Riyad Bank participate as Platinum sponsor of Saudi Trade Finance Summit

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

Ashridge offers coaching for Saudi HR leaders to become strategic partners in organizations

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

Saudi Arabia's Vision 2030 to transform businesses with tech investments worth SAR8.3 billion

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

ITFC Supports Investment in the Agriculture Sector in Kazakhstan

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

Intercoil Commences Operations at its New 20 Million SAR Manufacturing Facility in Saudi Arabia

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

Credit FAQ Discusses Potential Implications Of Qatar Boycott For Gulf Cooperation Council Sovereigns

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

MoU between the Islamic Development Bank Group and the Chamber of Commerce and Industry in Medina to Support the Dates Sector

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

ITFC Fuels Mali's Energy Sector With € 40 Million Agreement

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

Saudi Arabia and GE announce raft of MoUs and agreements worth $15 billion in industrial project development and cross-sector capacity building

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

The International Islamic Trade Finance Corporation (ITFC) Supports SMEs and Private Sector in Member Countries

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

Other Top Stories from Banking and Investments
 
Albilad Bank Finances Waad Holding's Academy Schools, the Largest Education Project in the Kingdom…

Bank Albilad has entered into agreement with Waad Holding Company to finance the construction of the company’s academy schools project in Jeddah city. Amounting to SR 150 million, the project represents one of largest deals in the sector. The agreement has been signed by Mr. Saleh bin Suleiman Alhabeeb, the bank’s Director General of Banking for Corporate Sector and Dr. Ahmed bin ......read more

Visa registers 12 percent growth in spend in first two weeks of Dubai Shopping Festival 2015…

Spending growth: Restaurants see 31 percent growth in total spend over the previous year; other high growth categories include consumer electronics (22%) and supermarkets (14%) Spending volume: Fashion retail accounts for highest total spend volume of US$151.2 MN Saudi Arabia and UK retain position as top spenders during DSF; Angola registers 97 percent surge in transaction volumes compared ......read more

Euromoney Saudi Arabia Conference Set to Mark Tenth Anniversary…

Major Event to Examine Key Issues Facing Kingdom’s Economy – from the Turbulent Oil Market to the Opening of Tadawul to Foreign Investors Riyadh, Kingdom of Saudi Arabia: The tenth anniversary edition of the Euromoney Saudi Arabia Conference is set to be its most significant yet, with a host of international and regional senior banking executives taking part during a period of ......read more

Huge demand from Global Investors for Pioneering Islamic Finance event in Bahrain…

550 plus delegates already signed up to hear top speakers at Global Islamic Investment Gateway    February 4th 2015, Manama: More than 550 delegates from over 80 countries have registered for the first Global Islamic Investment Gateway event to be held on March 2nd and 3rd in Bahrain. With four weeks to go, even more are expected to sign up for the event which is aimed at ......read more

Garmco and Metals Industries sign MOU for Technical and investment Co-operation…

UAE, February 8, 2015 - Gulf Aluminium Rolling Mill Company (GARMCO), the Bahrain-based international aluminium rolling mill and one of the largest downstream aluminium facilities in the Middle East, today (8 February, 2015) announced that it has signed a Memorandum of Understanding (MOU) for technical and operational co-operation with Dubai-based Metals Industries (MI), the holding company for ......read more

Ministry of Commerce & Industry, SABIC, Saudi Ploymers and Petro Rabigh support growth of plastic, ...…

February 5, 2015: Recent reports on the flourishing market for petrochemicals, plastics, printing and packaging in the Middle East have led the Kingdom of Saudi Arabia (KSA) to launch 26 projects at a total value of SAR 56.34 billion, with projects worth SAR 172.76 billion still in the planning stage. Many Saudi companies such as Saudi Basic Industrial Corporation (SABIC), Saudi Ploymers and ......read more

Al Adil's first outlet in India inaugurated by Karisma Kapoor…

Karisma Kapoor, the leading film star from Bollywood and Dr. Dhananjay (Jay) Datar, popularly known as Masala King jointly inaugurated Al Adil’s first outlet in India. Dr. Datar in a span of two and a half decades has turned Al Adil into a huge Business Empire, with 30 entities spread across the Gulf.  Dhananjay Datar, a Doctor in Business Administration, has been ranked No. 14 in the ......read more

USD 11,427 billion Arab World Exports to Brazil in 2014…

UAE, 4 February, 2015 - Brazil continues to cement its bilateral trade relations with Arab countries as reflected in a surge in exports from the region. According to statistics released by the Arab-Brazilian Chamber of Commerce (ABCC), collective exports from the Arab World to Brazil recorded a substantial increase in 2014 to reach a total of USD 11,427 billion. The key products imported from the ......read more

KSA's thriving economy drives 8 per cent per annum growth of printing sector…

Riyadh – January 27, 2015: The Kingdom of Saudi Arabia’s (KSA) USD 800 million printing industry is the oldest and biggest in the GCC and is growing at an annual rate of 8 per cent per annum. In spite of the availability and popularity of online editions, the printing of newspapers remains resilient with almost 5.2 million copies of dailies and 2 million copies of magazines published ......read more

Saudi logistics sector expected to reach SAR 67.5 billion by 2015…

Riyadh – January 12, 2015: The Kingdom of Saudi Arabia’s logistics sector is poised for further significant expansion in 2015. According to industry experts, the value of the local industry is expected to reach SAR 67.5 billion during this year. Saudi Arabia’s thriving sector is reflective of the entire GCC’s flourishing industry. In 2013, GCC countries secured the ......read more

Kingdom of Saudi Arabia accounts for 70 per cent of total GCC packaging market…

UAE, December 31, 2014 - The Kingdom of Saudi Arabia (KSA) maintains 70 per cent share of the GCC’s total packaging industry as per recent industry studies, with local business posting a 15 per cent annual growth. Due to a widespread use of plastic as a raw packaging material over glass and metal, packaging has emerged as one of the most active industries of the country, with demand ......read more

Visa aims to grow electronic payments as itmarks 20 years of collaboration with Dubai Shopping ...…

A partner of Dubai’s leading retail event since it began in 1996, Visa strengthens commitment to enhance the electronic payments ecosystem in the region 1.9 million Visa cards used for 9.8 million transactions during DSF 2014; International visitors spent US$578 million in UAE with Visa cards Top 3 spend categories at DSF 2014 were Clothing, Retail and Lodging Dubai, U.A.E.: 29 ......read more

Leading Insurance Broker in the GCC Expects Increasing …

Industry to Witness Rapid Growthas Employee Benefits become Determining Factor for Successful Recruitment in Region’s Competitive Business Environment DUBAI, United Arab Emirates: Insurance and savings penetration will continue to rise in 2015 due to developing regulations and increased awareness about the importance of financial security, according to Nexus Group, the region’s ......read more

Kingdom of Saudi Arabia to invest USD 91 billion over 10 years to stimulate petrochemical industry…

Riyadh – December 22, 2014: The Kingdom of Saudi Arabia (KSA) has experienced a robust growth in its economy in recent years with a growth of around 4 per cent anticipated for the financial year 2014-2015. The country has diversified its business interest to various other sectors in a bid to lessen its reliance on its oil-based economy. However, KSA is determined to maintain its leading ......read more

Godrej Locking Solutions and Systems aims to double its market share in UAE in three years…

UAE - December 18, 2014: Godrej Locking Solutions and Systems (Godrej Lockss), India’s leading player in locking and security solutions, plans to double its current market share in UAE in the next three years. Currently, Godrej Lockss enjoys 1 per cent share of UAE locking solutions market, which has a potential of approximately US$300 million, according to the company ......read more

Customers in Saudi Arabia and UAE trust insurers less than banks…

In KSA and UAE, the level of consumer trust in insurers is just 52%, compared to 73% for supermarkets, 71% for banks, and 67% for pharmaceutical companies The UAE and KSA ranked 13th and 18th respectively, out of 18countries surveyed across Europe, Middle East, Africa and India, in terms of trust in insurance companies 32% of UAE consumers and 49% of KSA consumers saying they were likely ......read more

Doha Bank CEO honoredwith ABLF Business Economy AWARD…

Dubai, December 15, 2014:Dr. R. Seetharaman, Group CEO, Doha Bank, the leading private commercial Bank in Qatar, was honoured with “The ABLF Business Economist award” for his outstanding contribution in financial media in areas such as economics, financial markets, banking, finance and sustainable development through commentaries and opinions and for promoting bilateral trade and ......read more

Doha Bank CEO honored as“Banking Innovator” at the Indian Innovator Awards…

Dubai, December 14, 2014:Dr. R. Seetharaman, Group CEO, Doha Bank, the leading private commercial Bank in Qatar, was distinguished as a ‘Banking Innovator’ at this year's Indian Innovator Awards, Entrepreneur of the Year. The Award function was held at Westin Dubai, on December 09, 2014. Leading Entrepreneurs and Bankers from GCC participated in this event. Speaking at the ......read more

Al-Khair joins DIFC in its 10th anniversary celebrations.…

Here’s to 10 years of being the heart of Dubai’s economy Al-Khair joins DIFC in its 10th anniversary celebrations. The Dubai International Financial Centre, Dubai’s business centre is the illustrious gateway to the emerging markets of the Middle East, Africa and South Asia (MEASA). What started as a mission in 2004 to elevate Dubai’s position as a global financial ......read more

Saudi Build Seminars unveiled to offer platform to explore industry opportunities and challenges…

Riyadh – November 03, 2014: The Kingdom of Saudi Arabia (KSA) is the largest and fastest growing construction market in the Gulf, currently accounting for almost 40 per cent of projects in the GCC. Driven by public sector funding and overseen by regional municipalities, the bulk of the Kingdom’s expenditure is being utilized to develop five key areas – healthcare, hospitality, ......read more

UAE and Saudi Arabia offer opportunities for the insurance sector in emerging markets : EY…

Dubai, 02 November 2014: According to the EY report ‘Waves of change: The shifting insurance landscape in rapid-growth markets’, significant opportunities for growth are present in emerging markets such as Saudi Arabia and the UAE. Gordon Bennie, EY MENA Financial Services Leader, says: “Insurance market growth has accelerated in countries where penetration rates were once ......read more

Industry Expertise Needed to Complement Government Spend on Saudi Arabia's Health & Fitness ...…

-Key Insights from Industry Forum inform first International Sport & Fitness Exhibition in Kingdom- Jeddah, Saudi Arabia, 29 October 2014: Saudi Arabia’s first International Sport and Fitness (ISF Saudi) exhibition launches next month, promoting the importance of an active healthy lifestyle and providing an ideal platform for key stakeholders—businesses, organizations, ......read more

Standard Chartered Bank hosts second Annual Global Research Briefing sessions for its clients in ...…

UAE –26 October, 2014 – For the second consecutive year, Standard Chartered Bank hosted a Macro-Economic briefing session titled: “Transition and Divergence” for its Corporate, Priority and Private Banking clients at Etihad Towers Hotel, Abu Dhabi on Sunday 26 October. Following the success of those sessions across the region last year, the Bank held similar briefings to ......read more

National Bank of Oman Chairman Draws out Distinctions between Conventional and Islamic Finance at ...…

Muscat-Oman: 22 October, 2014 – “Islamic finance is growing at twice the rate of the traditional banking industry in its core markets, which include Malaysia, Indonesia, Turkey and the GCC countries. The industry currently boasts US$1.6 trillion in banking system assets,” said Mohammed Mahfoodh Al Ardhi, Chairman of the National Bank of Oman. He added: “The GCC ......read more

KSA accounts for 39 per cent of GCC's total construction sector…

Riyadh – October 20, 2014: The Kingdom of Saudi Arabia is one of the most lucrative construction markets in the Middle East, accounting for almost 39 per cent of GCC projects. The country’s construction sector is expected to grow by almost 7.2 per cent in 2014, driven by huge government investments into the development of large-scale infrastructure and construction projects. With a ......read more

Alpen Capital Saudi Arabia commences operations…

Dubai, 15 September 2014: Alpen Capital Saudi Arabia has been licensed by the Capital Markets Authority (CMA) to commence operations. The company has established its first office in Saudi Arabia in the city of Riyadh and hired a team of professionals who are well versed with the Saudi Arabia market.   Alpen Capital Saudi Arabia will provide conventional & Sharia based corporate ......read more

SME sector will play a key role in Qatar's sustainable development…

Dubai, September 10, 2014:Doha Bank, the leading private commercial bank in Qatar, hosted a Knowledge Sharing Session event under the theme “Empowering SMEs” held recently at Doha Bank Tower, West Bay, Doha, Qatar. The Speakers at the event includedMr. Omran Bin Hamad Al Kuwari, CEO of EnterpriseQatar (EQ), Mr Hamad Khamis Al Kubaisi, Executive Director of Strategy and Business ......read more

Jadwa Investment wins Banker Middle East's “Best Islamic Fund” Award…

Riyadh, 09 September 2014: Jadwa Investment, a leading Saudi Arabian investment management firm headquartered in Riyadh, announced that its “Jadwa Saudi Equity Fund” has been named the “Best Islamic Fund” by the Banker Middle East Product Awards. The award was presented to Zaheeruddin Khalid, CIO and Head of Asset Management at Jadwa Investment, in recognition of the ......read more

Conviction Reaffirmed in GCC Equities and Bonds…

•    Large Saudi and UAE IPOs in the offing •    More countries issue Sukuk bonds •    European disinflation could spur European QE in Q4 Saudi and UAE IPOs are in the offing The announcement by Emaar Properties that it would divest 15% or more in a public equity issue in its mall subsidiary is boosting investors’ risk ......read more

AXA Cooperative launches online Travel Insurance in Saudi Arabia…

•Enjoy peace of mind with AXA insurance at a click of a button •Travel anywhere across the world with AXA’s unique benefits AXA Gulf – one of the largest non-life international insurers in the GCC which operates as AXA Cooperative in the Kingdom of Saudi Arabia, has announced the launch of its online Travel Insurance solutions in the country, thus offering its customers ......read more

“The market volatility on account of changing financial market dynamics is an opportunity”, says ...…

Dubai, September 02, 2014: “The market volatility on account of changing financial market dynamics is an opportunity”, says Dr. R. Seetharaman, Group CEO, Doha Bank. “Oil prices posted their weekly gain as rising tension in Ukraine made market watchers nervous about additional sanctions on Russia and positive U.S. economic data lifted demand expectations. WTI was at US$95.96/ ......read more

AlKhair Capital plus Sukuk Fund launched; eyes investment in fixed income markets…

Sharia-compliant Fund aims to achieve mid- and long-term capital growth AlKhair Capital Saudi Arabia, the leading Saudi-based investments institution, has launched the AlKhair Capital Plus Sukuk Fund on June 1st 2014; its open-ended, Sharia-compliant investment fund for investment in fixed income markets. The fund is aimed at generating regular income as well as achieving capital ......read more

The weekly economic review from the CIO office at Emirates NBD Wealth Management…

•    Rising geopolitical tensions and slowing global growth •    GCC markets remain steady in spite of increased global volatility •    Commodity prices soft on China bank data GCC (excluding Saudi Arabia) equity markets stumble on policy changes – expect higher volatility ahead The Saudi Arabian Index has moved steadily ......read more

Visa Everywhere Travel Report: Middle East Travelers Spend US$5.7 million on their Visa Accounts ...…

Global Inbound Spend in Brazil with Visa-branded products was U$380M  Dubai, July 20, 2014 —Visa Inc. (NYSE:V), the leader in global payments, today released its final  Visa Everywhere Travel Report for the 2014 FIFA World Cup Brazil, which analyzes travel data and cross-border spend on all Visa products, including credit, debit and prepaid payment cards. The survey results ......read more

AXA Cooperative makes Ramadan more special; offering hire car benefit for one year and agency ...…

Company offers insurance products in line with customer needs AXA Insurance in the Gulf – one of the leading non-life international insurers in the region which operates as AXA Cooperative in the Kingdom of Saudi Arabia, today announced special insurance offers that are bound to make the Holy Month of Ramadan even more special. AXA Cooperative offers customers insuring their brand new ......read more

Search for yield supporting GCC Markets…

• New UAE debt issuance and Omani power IPOs’ bode well for future pipeline • Stay defensive in GCC markets in high dividend stocks as the Holy Month approaches • Saudi consumer and petrochemicals equities continue to offer value • Equity and credit markets propped up by easy ECB money GCC Debt and Equity issuance continues despite ......read more

UAB Wins Dual Awards at 2014 Banker Middle East Industry Awards…

Named ‘Fastest Growing Bank’ in both the Middle East and the UAE Sharjah, UAE (June 7, 2014) - United Arab Bank (‘UAB’), the fastest growing bank in the Middle East, has reinforced its award-winning status by picking up a duo of accolades at CPI Financial’s Banker Middle East Industry Awards for 2014. UAB has reaffirmed its leading position by being named both ......read more

Celebrating the financiers creating a prosperous future for the Middle East…

The annual Banker Middle East Industry Awards is the Middle East’s foremost gathering of key players within the banking and financial services industry (Dubai –  June, 2014) – Some 500 top bankers and financiers from around the region came together at the Gala Dinner held at Jumeirah Emirates Towers in Dubai to celebrate their achievements. The top awards went to ......read more

KSA companies extend their CSR initiatives into education segment…

June 05, 2014: Companies in the Kingdom of Saudi Arabia have streamlined their Corporate Social Responsibility (CSR) initiatives and have expanded their programs into undertakings that will greatly benefit the local society. Among those who have announced their strategic CSR-based plans is Al Falak Electronic & Supplies, which has set particular focus on playing a major role in the ......read more

Deutsche Bank awarded Investment Bank of the Year by EMEA Finance Achievement Awards…

Deutsche Bank announced today that is has been named Investment Bank of the Year by EMEA Finance Achievement Awards 2013, an award which highlights an institution that has delivered on some of the year's biggest and best deals across markets and geographies. Furthermore, the bank won several house awards for Best equity house in the Middle East, Best bond house in EMEA and Best depository ......read more

AXA Cooperative opens new shop at Granada Mall in Riyadh…

Company accelerates aggressive expansion across KSA As part of its ongoing strategy and vision to increase its footprint within the Kingdom of Saudi Arabia, AXA Cooperative today announced the grand opening of its new shop at the Granada Mall in the centre of Riyadh. As one of the most prominent landmarks in the Kingdom, opening a shop in Granada Mall clearly signifies AXA’s intent to ......read more

Al Hilal Takaful discusses industry growth drivers & innovation at 9th World Takaful Conference in ...…

April 16, 2014: Al Hilal Takaful, an affiliate of Al Hilal Bank, has joined a global gathering of ‘Takaful’ leaders, experts and decision-makers to discuss the challenges, potentials and future of Islamic insurance at the 9th World Takaful Conference which began on Monday, April 14, 2014 and runs until April 15, 2014 at the Dusit Thani Dubai hotel. Over 400 industry leaders are ......read more

According to EY's Global Consumer Banking Survey…

Over half of Saudi customers have complete trust in their financial services provider Riyadh, 02 March 2014 – According to EY’s Global Consumer Banking Survey ‘Winning through customer experience’, confidence in the banking industry in KSA is on the rise, with improved sentiments over the past 12 months. Customers in KSA have a high degree of trust in their primary ......read more

AXA Cooperative launches a fully tailored motor insurance offer in Saudi Arabia …

New campaign reinforces company's commitment to launch insurance products in line with customer needs AXA Insurance – one of the leading non-life international insurers in the region which operates as AXA Cooperative in the Kingdom of Saudi Arabia, today launched a new motor insurance campaign in the country. The motor insurance campaign is a major step forward for AXA ......read more

Join AXA Cooperative & fulfil your ambitions…

New campaign focuses on employment opportunities for Saudi nationals with a world-class company that cares about people Are you looking at an organization that fulfils your dreams and aspirations? Are you looking at a company that cares about its employees? Are you aiming for a company that offers the best environment where you can excel and grow? If your answer to any of the above questions ......read more

Qatar, Indonesia, Saudi Arabia, Malaysia, UAE and Turkey represent 78% of global Islamic banking ...…

- Global Islamic banking assets with commercial banks are expected to reach US$1.72 trillion in 2013 - Islamic banking assets with commercial banks globally reached US$1.54 trillion 2012 DUBAI, 04 DECEMBER 2013: Global Islamic banking assets with commercial banks are expected to reach US$1.72 trillion in 2013, according to EY's latest World Islamic Banking Competitiveness Report ......read more

AXA unveils a major Brand Campaign in the Kingdom of Saudi Arabia…

AXA Insurance – one of the largest and the leading non-life international insurers in the region which operates as AXA Cooperative in the Kingdom of Saudi Arabia [KSA], launches its most important Brand Campaign in KSA. The campaign is part of AXA Cooperative's strategy to reinforce AXA's world-class standards in the insurance sector. The TV advert, outdoor and online campaign ......read more

Noor Islamic Bank Offers Home Finance for Off-Plan Properties to Non-UAE Residents and Potential ...…

Only UAE Bank to Offer Off-Plan Financing to Non Residents Dubai-UAE: 16 November, 2013 - Noor Islamic Bank (Noor) has rolled out attractive sharia compliant Home Finance solutions for off-plan properties to non-UAE residents across the region, as well as potential investors worldwide seeking a second home in the UAE or looking for rewarding investment options. The service makes Noor the only ......read more

Turkey will be a major partner in Qatar's FIFA projects…

Dubai, November 11, 2013: Doha Bank, the leading private commercial bank in Qatar, hosted the “Opportunities in Qatar and the GCC” conference in Istanbul, Turkey on November 08, 2013. The guest of honour was the Consulate General of the state of Qatar Sultan Bin Ibrahim Al Mahmoud. Senior Turkish and international bankers, top managements of the leading Turkish corporate particularly ......read more

Doha Bank opens its first representative office in Hong Kong…

Dubai, November 03, 2013: Doha Bank, the leading private commercial bank in Qatar, inaugurated its Hong Kong representative office. The representative office was declared open by Miss Au King-chi, Permanent Secretary for Financial Services and the Treasury (Financial Services), Hong Kong. As part of the event, Doha Bank hosted a knowledge-sharing session on “Growing Opportunities in the ......read more

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