Expo Centre Sharjah has concluded its participation in the trade mission organized by the Sharjah Chamber of Commerce and Industry to East … Keep Reading
- QNB Group has published Qatar Economic Insight April 2017. The report examines recent developments and the outlook for the Qatari economy as growth picks up in line with recovering oil prices.
Real GDP is expected to rise to 2.6% in 2017 and 3.6% in 2018 before slowing to 2.7% in 2019 driven by the non-hydrocarbon sector as higher oil prices ease liquidity and fiscal constraints and boost incomes.
In the hydrocarbon sector, natural declines at maturing oil fields in 2017 will be more than offset in 2018-19 by initial gas production from Barzan and investment in oil output.
Oil prices are forecast to recover as the market shifts from excess supply to excess demand in 2017, but prices will be capped by US shale costs, averaging USD55/barrel in 2017, USD58/b in 2018 and USD60/b in 2019.
Inflation is expected to slow to 0.9% in 2017 on falling rents, then pick up to 3.3% in 2018 with the introduction of value added tax (VAT) before easing to 2.5% in 2019.
International commodity prices tend to pass through to domestic prices with a lag and, therefore, lower commodity prices in 2016 are expected to still depress inflation into 2017, but higher prices this year should push inflation higher in 2018.
The government’s budget deficit is expected to narrow to 1.5% in 2017 before switching to a surplus of 1.0% and 2.3% in 2018-19 on a recovery in hydrocarbon revenue and consolidation of current spending.
The government has announced plans to increase capital spending over the next three years, mainly on projects related to the upcoming World Cup, transportation, infrastructure, education and health.
Revenue should receive an additional boost from VAT in 2018, adding about 1% of GDP.
The current account is expected to return to a surplus of 2.1% of GDP in 2017 on rising oil prices, but then narrow on high import growth in line with the ramp up in project spending and robust growth in the non-hydrocarbon sector.
International reserves are expected to be maintained at their current level of around six months of prospective import cover.Email This Post
- Etisalat Group the most admired telecom operator in the GCC featured in the list
Arabian Business revealed its first list of the Most Admired Companies in the GCC’ comprising of top businesses across various industry sectors who have made significant investments in innovation laying the foundational steps in the journey towards digital transformation while at the same time reflecting positively in their business performance amid today’s global economic challenges.
The ‘Most Admired Companies in the GCC’ were recognised based on the strong commitment showcased by such businesses in making bold decisions required to respond to the new economic landscape at the same time focusing on innovation.
The top companies that made it to the list are from various sectors across GCC mainly including hospitality, infrastructure, banking, telecom, technology, property developers, chemical, advertising, online businesses and food and beverage.
Etisalat Group was named the most admired telecom company in the GCC, as it was recently named the most valuable telecoms brand in the Middle East by ‘Brand Finance.’ The group’s portfolio is valued at $7.73bn, according to Brand Finance’s annual ranking.
Etisalat has admirably transformed to a comprehensive digital and ICT provider meeting the growing challenges in the business while engaging in mega digital transformation projects in the region.
Listed on the Abu Dhabi bourse, Etisalat’s current market cap is over AED 152 billion (42 billion USD). With reported net revenues of AED 52.4 billion and net profit of AED 8.4 billion for 2016. The company also enjoys high credit ratings at AA-/Aa3 reflected the company’s strong balance sheet and proven long-term performance.Email This Post
- The new agreement will provide banked and unbanked employees and companies an easier and more convenient method for outward remittances and payroll schemes
C3 and RAKBANK have signed a partnership to provide a 360-degree payroll solution serving both banking and non-banking individuals and companies. The signing, which took place on the 1st of May 2017 at Seamless Middle East at The World Trade Centre in Dubai, is expected to drive financial inclusion and open up new markets.
RAKBANK’s RAKMoneyTransfer will be complemented by a C3 base of 500,000 cards to provide monthly remittance. C3 aims to make payroll services a seamless and easy experience for B2B users, as well as empower those without bank accounts all around the world with a broad scope of financial services and benefits.
Part of Edenred Group, C3 Card is the market leader in payroll card services and has issued over a million payroll cards servicing large companies and their employees, banks, exchange houses and finance houses. Specialising in designing and managing solutions for companies and public institutions, Edenred will help companies and individuals in the UAE gain purchasing power, optimise their expenses, and motivate their teams.
C3 Card is the market leader in payroll card services in UAE, and has issued over a million payroll cards servicing large companies and their employees, banks, exchange houses and finance houses. C3 is a trusted payroll specialist with over 10 years of experience serving over 2,000 clients across the UAE. C3 Card is part of the Edenred Group, world leader in prepaid corporate services. Listed on the Euronext Paris stock exchange, Edenred designs and manages solutions for companies and public institutions seeking to provide purchasing power, optimise their expenses and motivate their teams.
The Group’s solutions are used across a network of 1.4 million affiliated merchants, by 43 million employees who work for 750,000 client organisations. Operating in 42 countries, the group serves close to 8,000 employees. In 2016, the transaction volume managed by Edenred amounted to almost €20 billion. C3 aims to make payroll services a seamless and easy experience for B2B users, and to empower those without bank accounts all around the world with a broad scope of financial services and benefits.Email This Post
- Emaar Malls assets welcome 34 million visitors during the first quarter of the year; higher by 10% as compared to same period 2016
- Ongoing expansion of The Dubai Mall and new retail precincts in Dubai Hills Estate and Dubai Creek Harbour
- Distributes AED1.301 billion (US$354 million), equivalent to 10% of share capital, as cash dividend to shareholders
Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED 539 million (US$ 147 million) in the first quarter (January to March) of 2017, higher by 19 per cent over Q4 (September to December) 2016 net profit of AED 452 million (US$ 123 million) and similar to the net profit of AED 529 million (US$ 144 million) during Q1 2016.
The assets of Emaar Malls – The Dubai Mall, Dubai Marina Mall, Souk Al Bahar, Gold & Diamond Park and community shopping centres – together welcomed over 34 million visitors in the first three months of the year, an increase of 10 per cent over the same period in 2016. The gross leasable area (GLA) occupancy levels across Emaar Malls’ assets averaged 96 per cent during Q1 2017.
At its second Annual General Meeting held in April, Emaar Malls approved a cash dividend of AED 1.301 billion (US$ 354 million), equivalent to 10 per cent of share capital, for the second consecutive year.
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said the growth recorded by Emaar Malls reflects the credentials of Dubai as a leading retail and tourism hub, led by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai.
“The retail sector is a strong contributor to the nation’s economy and it supports the economic diversification strategy of our leadership. We are committed to driving the growth of the malls and retail sector through our assets, and to provide customer-centric experiences by leveraging digital technologies. Through our ongoing expansion of our malls and by developing new retail precincts, we are focused on creating long-term value for our stakeholders as well as offering memorable retail and leisure experiences for residents and visitors to the UAE.”
Emaar Malls today has a gross leasable area of about 6 million sq ft in Dubai. Another 1 million sq ft of built up area will be added with the ongoing expansion of The Dubai Mall’s Fashion Avenue, which will add more than 150 international brands as well as new F&B and leisure choices. Emaar Malls is also developing the Boulevard and a new retail addition under it’s The Souk concept in the Springs Village with over 245,000 sq. ft. GLA.
In addition, Emaar is developing dedicated retail precincts in Dubai Hills Estate and Dubai Creek Harbour, the Fountain Views and Zabeel expansion adjacent to The Dubai Mall, and expanding The Souk concept to Emaar’s integrated developments.Email This Post
- Landmark deal will help to deliver quality life insurance products to customers in the UAE
Standard Chartered Bank and Global insurer Zurich Insurance Group (Zurich) announced today the signing of an exclusive strategic partnership. As part of the agreement, Standard Chartered will offer Zurich’s comprehensive life insurance solutions to its customers in the United Arab Emirates (UAE) for the next 10 years.
This strategic agreement is designed to deliver quality insurance products with greater value and service to UAE customers. It will help raise awareness on the importance of protection and will bring quality products closer to the customer.
“We are pleased to partner with Zurich to introduce best-in-class insurance solutions for our clients across the network in the Middle East” said Gautam Duggal, Regional Head of Wealth Management for Africa, the Middle East and Europe – Head of Wealth Management for the UAE, Standard Chartered Bank. “Thanks to this agreement, our clients in the UAE will now have better access to high quality, tailored life insurance products and services that suit their savings and protection needs.”
While signing the distribution agreement, Walter Jopp, CEO of Zurich Middle East, said: “I am delighted to formalise our cooperation with Standard Chartered in the UAE. The bank’s focus on customer centricity, paired with Zurich’s long standing expertise in the region, will allow us to fulfil customers’ financial needs. Zurich is a global insurance leader and in the UAE we have been offering financial solutions to customers through distribution partners for almost 30 years. This agreement underlines Zurich’s continued commitment to the region and reinforces its market leading position.”Email This Post
Power management company Eaton has announced it has become the official home energy storage partner of Manchester City Football Club in the UK. The multi-year deal reflects the club’s outstanding commitment to sustainability and energy efficiency.
The partnership marks the launch of a limited edition of Eaton’s xStorage Home, one of the most reliable and affordable residential energy storage systems on the market today. Using Eaton’s leading power quality technology and electronics combined with second life or new electric vehicle (EV) batteries from vehicle manufacturer Nissan, the system will offer customers greater energy independence and control.
Partnering with one of the world’s most popular football clubs, Eaton will benefit from a joint marketing programme that reaches City fans throughout the world. As one of the most widely followed sports globally, football offers a perfect medium to demonstrate the power of energy storage, building awareness of this clean technology with a huge audience.
Damian Willoughby, Senior VP of Partnerships for City Football Group, explains, “We are delighted to be partnering with Eaton as this relationship exemplifies the club’s ongoing commitment to sustainability. Eaton shares City’s values of operating in a way that promotes a positive impact on our community and environment. We are looking forward to working with Eaton and tapping into their heritage and expertise to further grow our knowledge in
Cyrille Brisson, EMEA Vice President at Eaton continues, “At Eaton, we make what matters work. Aside from making power safe and reliable, it also needs to be sustainable to improve our overall quality of life and contribute to a better environment. Energy storage is a key part of that strategy and part of Eaton’s ongoing commitment to reducing our reliance on fossil fuels. We’re proud to partner with Manchester City – a club that also supports our vision of a greener tomorrow.”Email This Post
Seven Ford Motor Company cars, trucks and vans have won recently the Vincentric Best Fleet Value in America awards for 2017. The awards recognize vehicles that provide fleet customers with the lowest total cost of ownership.
Ford’s 2017 winners are proven performers that have taken home awards in prior years:
- Ford Taurus SE: Seven-time large sedan winner
- Ford F-150 XL: Five-time full-size half-ton pickup winner
- Ford F-250 Super Duty XL: Two-time full-size three-quarter-ton pickup winner
- Ford Transit Connect XLT*: Five-time small commercial passenger van winner
- Ford Transit 150 XL low-roof van: Three-time full-size half-ton passenger van winner
Two Lincoln models, Lincoln MKX Premiere and Lincoln MKZ Hybrid, also earned awards.
Vincentric Best Fleet Value in America awards are based on fleet lifecycle costs in eight key areas – depreciation, fuel, insurance, financing, repairs, fees and taxes, opportunity costs and maintenance. Winning vehicles have the lowest lifecycle costs across 28 ownership and mileage scenarios – ranging from 24 months of ownership/16,000km annually to 60 months/64,000km annually. Learn more at www.vincentric.comEmail This Post
- AED200 million contract will see work begin on the sought-after residential development set for completion in Q2 2019
Dubai Properties (DP), a leading Dubai-based real estate master developer and asset manager of renowned destinations across the Emirates, today announced the appointment of SEIDCO General Contracting as the main contractor for the sought-after Bellevue Towers residential development in Burj Khalifa District. The contract, worth more than AED200 million, will be completed by Q2 2019.
According to Marwan Al Kindi, Executive Director – Sales and Sales Operations at DP: “Choosing the right contractor for an iconic project such as Bellevue Towers is crucial and we are pleased to have appointed SEIDCO as our trusted partner to bring the destination to life. With work on track for a Q2 2019 completion, Bellevue Towers is another example of a DP development that meets a market requirement for high-quality residential property in a strategic location. Bellevue Towers is set to offer a unique lifestyle for home-owners looking for a stylish and upscale residential destination.”
SEIDCO, a UAE-based contracting company specialising in a diverse range of construction projects including residential high-rise buildings and housing complexes, sees the Bellevue Project as an opportunity to contribute to the continued growth of the UAE’s real estate market. Engineer Omar Atef Ajjaoui, Chief Operating Officer from SEIDCO said: “As a reflection of SEIDCO’s administrative efficiency and technical strengths, we have continued to sustain steady growth and expansion which is attributed to our ability to undertake and successfully complete projects on time and on budget. The Bellevue Towers project allows us to utilise our 42 years of experience and cutting edge technology to efficiently deliver excellence.”Email This Post
- Dubai Police to unveil operational Robocop while Hyperloop Transportation Technologies (HTT) will host VR simulation of its high-speed capsule at 4th Gulf Information Security and Conference and Internet of Things Expo
As companies and individuals across the globe increasingly feel the pressure to protect crucial information online, world-leading cybersecurity firms at the 4th Gulf Information Security and Conference (GISEC) will share their market-leading knowledge, and the latest and most innovative technologies to help firms keep data secure.
With research by the International Data Corporation (IDC) forecasting global organisations worldwide will spend USD101.6 billion annually on cybersecurity software, hardware and services by 2020 – compared with spending of USD73.7 billion in 2016 – the world’s leading IT providers will showcase their latest solutions and discuss new avenues to explore investment, knowledge sharing and collaboration at GISEC 2017. The event runs concurrently with the Internet of Things Expo (ioTx) at Dubai World Trade Centre (DWTC) from 21-23 May.
“Organisations globally, and in the region, are focusing more and more of their attention and budgets on cybersecurity by establishing robust security frameworks that help minimise the risk of security breaches,” said Trixie LohMirmand, Senior Vice President, Exhibitions & Events Management, DWTC.
“GISEC plays a pivotal role in bringing experts and industry professionals together to network, share insights and provide best practices to help governments and companies tackle the rising concern of cybersecurity.”
A 2016 Fortune 100 report said that almost a quarter (23) of the world’s 100 fastest growing companies come from the technology sector. With IT security now big business, more than 100 leading IT companies have confirmed their participation at GISEC 2017.
Highlights of the tech extravaganza will see Dubai Police launch its first fully-functional ‘Robocop’ at the Internet of Things Expo (ioTx). The Android-based robot is equipped with face-recognition technology and will be used by members of the public to report crimes and pay traffic fines. Additionally, Hyperloop Transportation Technologies (HTT) will showcase its futuristic transportation plans and give visitors a real-life, high-speed travelling experience with its VR simulation of a Hyperloop™ journey.
Among those showcasing their expertise and discussing cybersecurity techniques is Infowatch, a leading security software and solutions provider. Natalya Kaspersky, President of Infowatch and co-founder of Kaspersky Lab, will also take part in one of GISEC 2017’s key sessions, a panel discussion entitled ‘Redefining Governments’ Role in Cybersecurity: What’s NEXT for Smarter and Safer Cities’.
“Organisations have to deal daily with a variety of tasks focused on managing informational risks associated with internal security threats,” Kaspersky said. “As a company that provides comprehensive technologies and services dedicated to protection against cyberattacks and data leakages, we are excited to be sharing our market knowledge with regional and global business at GISEC 2017.
“In addition to discussing the state of the information security market in the Middle East and the growing attention state authorities and companies are placing on this critical issue amid an intensification of cybersecurity threats, we look forward to sharing the general strategy for Infowatch’s development in the Middle East market and beyond.”
DarkMatter, the international cybersecurity firm headquartered in the UAE, and Cybersecurity Innovation partner of GISEC, will play a crucial role in the prestigious conference. Faisal Al Bannai, Founder and CEO of DarkMatter, said: “Safeguarding systems and information is of critical importance for organisations in both the public and private sector. At GISEC, we are keen to highlight the importance of developing cyber security resilience, which is a concept rooted in proactive assessment, monitoring and response to cyber threats. We are keen to advise companies on why it is vital to invest more and wisely in end-to-end security for a better and more secure future.”Email This Post
- Cylingas’ construction of spherical tanks for Dugas boosts propane storage to 4,200 tonnes
- The project achieved a safety record of 800,000 man-hours without LTI
Cylingas Engineering & Construction, a subsidiary of Emirates National Oil Company (ENOC Group), recently completed a spherical tank project for Dugas in Jebel Ali, boosting storage of pressurised propane to 4,200 tonnes. The added storage capacity makes Dugas the largest propane storage company in Dubai and the Northern Emirates.
The spherical tanks were built in line with the American Society of Mechanical Engineering (ASME) standards featuring an upgraded technique for field erection and tailor-made jigs and fixtures for the construction of the sphere petals. The project’s scope also included civil foundation and piping, electrical and instrumental work and was completed with a safety record of 800,000 man-hours without LTI.
His Excellency Saif Humaid Al Falasi, Group CEO of ENOC, said: “Our role as a NOC is to evolve and adapt to a culture that promotes leadership, stewardship and innovation. By introducing cleaner and alternative energy sources into the market, we continue to deliver on our mandate to meet the UAE’s energy needs while helping realise the UAE’s ambitious plans to increase clean energy use and enhance energy efficiencies.”
Propane is the most common liquefied petroleum gas (LPG) having replaced many other traditional fuel sources. It is one of the cleanest burning fuels and is commonly used as fuel for engines, residential and central heating. Dugas is a major supplier of propane in both the domestic and international markets.
“Completing this project successfully and safely is a testament of our commitment to establish the most advanced infrastructure to support the industry’s efforts to become more environmentally friendly,” added Al Falasi.
Cylingas provides an array of products and solutions including design, engineering, project management, construction and commissioning of bulk storage terminals including vertical storage tanks (API and other codes), plant piping, structural, mechanical, civil and electrical instrumentation works for process plants, oil & storage terminals at airports and power plants, as well as manufacturing wide range of static equipment that includes pressure vessels, columns, spheres, tanks and skid modules.Email This Post