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Sheikh Nahyan, Minister of Tolerance, on Monday officially inaugurates CPhI Middle East & Africa 2019
Abu Dhabi pharmaceutical event opens
ABU DHABI — Sheikh Nahyan, Minister of Tolerance, on Monday officially inaugurated CPhI Middle East & Africa 2019, the region’s leading platform for the pharmaceutical industry followed by a tour of the exhibition and introducing the keynote session.The event, which is returning for a second year after its successful launch in the capital last year and sponsored by the Ministry of Health and Protection (MoHaP), will take place at the Abu Dhabi National Exhibition Centre (ADNEC) on Sept. 16-18, 2019. The event is providing a showcase for over 294 exhibitors and is expecting to attract 4,900+ visitors.The onsite conference program opened with a keynote speech from Dr Amin Hussain Al Amiri, Assistant Undersecretary of Public Health Policy & Licensing Sector in UAE Ministry of Health &...
September 16, 2019

Abu Dhabi pharmaceutical event opens

SEDCO
SEDCO Capital excels in responsible investing
JEDDAH — SEDCO Capital, a leading global asset manager, has outperformed its peers in six out of seven measures of responsible investing and integration of environmental, social and governance (ESG) factors according to the UN-supported Principles for Responsible Investment (PRI).In its annual assessment report, the PRI, the world’s leading proponent of responsible investment, awarded SEDCO Capital the highest rating (A+) in five categories and the second highest (A) in another, performing above its peers in each and improving its 2018 score in two areas. There are six rating levels, ranging from A+ to E.Responsible investment is increasingly shaping the asset management industry as opportunities to invest based on ethical principles continue to grow. More than $30 trillion of...
September 16, 2019

SEDCO Capital excels in responsible investing

Ahmed Ghouth
Alkhabeer Capital to launch Waqf Fund 1
JEDDAH – Alkhabeer Capital, a prominent asset management company specializing in alternative investments, announced its intent to launch Alkhabeer Waqf Fund 1 in the fourth quarter of this year, which was approved by the Capital Market Authority in May 2019, in partnership with Majid Society for Community Development.AWF I will be an open-ended investment fund that is planned to be listed on the Saudi Stock Exchange (Tadawul). The Fund will aim to provide Majid Society with a consistent and reliable source of income to support its various community development programs and initiatives that are centered around empowering individuals and families, and the Kingdom’s large youth population. Through Majid Society, and other relevant stakeholders, the Fund will provide young people the...
September 16, 2019

Alkhabeer Capital to launch Waqf Fund 1

Arif Amiri
DIFC registers over 100 fintech firms
DUBAI — Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, and home to the largest, most developed financial technology ecosystem in the region, marks a significant milestone today having registered more than 100 FinTech firms in the Centre.The figures reflect a three-fold growth in registered FinTech firms since the end of 2018, intimating a sharp rise in 2019 as leading international and regional FinTech firms choose the DIFC as their preferred jurisdiction from which to scale their business in the region.Arif Amiri, Chief Executive Officer of DIFC Authority, said: “The significant rise in the number of registered FinTech firms establishing a presence at the Centre highlights our sustained...
September 16, 2019

DIFC registers over 100 fintech firms

UAE and Saudi Arabia lead in GCC digital transformation interest online
DUBAI — New results released by SEMrush, the award-winning all-in-one digital marketing suite, identifies the UAE and Saudi Arabia as clear leaders in GCC-wide online searches relating to digital security and transformation over the last 12 months.The back-data study covered four key strategic digital terms: ‘digital transformation’, ‘digital marketing’, ‘cyber security’ and ‘computer security’, with the significant increases in searches highlighting how the two Gulf states are setting the regional data protection agenda and leading demand.In terms of online search volume trends from August 2018 to August 2019, the UAE’s most searched term was ‘digital marketing’, closely followed by ‘cyber security’. As for year-on-year growth, the fastest growing UAE search...
September 16, 2019

UAE and Saudi Arabia lead in GCC digital transformation interest online

Sheikh Mohammed Al-Hasani and Chairman of Longines Mr. Walter cut the ceremonial ribbon
Longines inaugurates its new boutique at Riyadh Park
RIYADH — Strengthening its presence in Saudi Arabia, the Swiss watch brand Longines celebrated last Sept. 11 the opening of its new boutique inRiyadh.Spread across 78 square meters, the store displays a large selection of Longines timepieces, including the most iconic watches of the brand as well as its latest models.Numerous guests attended the event, including Their Royal Highnesses, VIP customers, retail partners, media, as well as Longines President, Walter von Känel: “We are really proud to open this new boutique in Riyadh, offering our customers the opportunity to enjoy Longines universe, as well as our elegant collections in a premium environment.”Following the ribbon cutting ceremony, the attendees were invited to discover Longines’ elegant boutique and timepieces. The...
September 16, 2019

Longines inaugurates its new boutique at Riyadh Park

JCICAI TS on Transfer Pricing by Chapter members Nabeel and Lubna. — Courtesy photo
JCICAI: The wave of Transfer Pricing Regulations in Saudi Arabia
JEDDAH — The Jeddah Chapter of Institute of Chartered Accountants of India (JCICAI) conducted a technical session on the recently issued Transfer Pricing Regulations. The session was attended by more than 50 members from the Indian accounting fraternity. Ms. Lubna Khatri from KPMG Al Fozan & Partners and Nabeel Kazi from Elaf Group were speakers for this informative and enterprising session.In February 2019, General Authority of Zakat and Tax (GAZT) released Transfer Pricing Bylaws that are applicable to companies who are subject to tax, either fully or partially in Saudi Arabia. In common parlance, Transfer Price is the price at which transaction between two related parties takes place.When Transfer Pricing is used by companies to artificially shift profit out of a country, it leads to...
September 16, 2019

JCICAI: The wave of Transfer Pricing Regulations in Saudi Arabia

Nabeel Khalid Kanoo, president of Kanoo Travel, welcomes the JV. — Courtesy photo
GBT to form Middle East joint venture
DUBAI — American Express Global Business Travel (GBT), the world’s leading business partner for managed travel, has entered into a definitive agreement to acquire a controlling stake in Kanoo Travel, one of the largest travel management networks in the Middle East.GBT will form a joint venture with Kanoo Travel to provide managed travel and events services to clients in the Middle East. Kanoo Travel, which has been a key member of GBT’s global travel partner network for many years, operates in the United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Oman.The transaction is subject to receipt of regulatory approvals and customary conditions and is expected to close in Q4 2019 or early Q1 2020.GBT will hold 65% of the new joint venture, headquartered in Dubai, and assume management...
September 16, 2019

GBT to form Middle East joint venture

Fed to cut rates again as optimism is tested
WASHINGTON — Facing a dauntingly uncertain economic horizon and ceaselessly pelted with insults and demands for stimulus from the US president, the Federal Reserve is set to cut interest rates in the coming week.Though Chairman Jerome Powell has at times struggled to send markets a clear message, since announcing the first rate cut in a decade over the summer he has sent signals that lower rates are coming.In speeches and public appearances, Powell promised the Fed will "act as appropriate" to preserve the current expansion.While the world's largest economy is in a "good place," he has warned of "significant risks" to a deteriorating outlook, persistently low inflation and a trade war that looks set to drag on – views echoed by influential New York Fed...
September 15, 2019

Fed to cut rates again as optimism is tested




In this file photo taken on January 18, 1983, Gabonese take part in the inauguration of second section Ndjolé-Boouéthe Trans-Gabon Railway (Transgabonais) in Gabon.  — AFP
Gabon's sole train a lifeline for its people and economy
FRANCEVILLE, Gabon — The sky turns from indigo to ebony as the tropical night falls, and the train patiently thrusts through the jungle towards its destination, still hundreds of kilometres (miles) away.The trek has the hallmarks of one of the world's Great Forgotten Train Journeys – a voyage through 648 kilometres (just over 400 miles) of lush equatorial forest.The train is the brainchild of Gabon's former president, Omar Bongo, who ruled for 42 years until his death in 2009.In the 1970s, he dreamed of linking the central African state's resource-rich interior to the Atlantic coast – and he saw it through, despite being rebuffed by the World Bank, which refused to fund it on the grounds that it was not economically viable.Today, the "Bongo Train", as it is...
September 15, 2019

Gabon's sole train a lifeline for its people and economy

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