Category: Commerce

  • Al Masaood Expands and Opened New Auto Central Outlet in Dubai

    Al Masaood Expands and Opened New Auto Central Outlet in Dubai

    Dubai,(Press Release) Following the strong positive response received for launching Al Masaood Group’s first and second multi-brand service and repair centre in Abu Dhabi – ‘Auto Central,’ the Group is now expanding its operations across the Northern Emirates to open a new ‘Auto Central’ outlet in Dubai. Strategically located in the Al Rashidiya area, the new branch aims to provide high quality maintenance at competitive rates in line with best dealership standards.

    The new ‘Auto Central’ outlet in Al Rashidiya offers services such as quick lube, periodic maintenance, tyre change and servicing, battery replacement, mechanical repairs, break and suspension repairs, engine repairs, electrical repair service, AC maintenance and repair, troubleshooting, diagnostics, body and paint repairs, smart repair and car accident repairs being a certified centre by local insurance companies. In addition to, other value-added services including window tint and ceramics. Similar to its two preceding branches in Abu Dhabi, the new outlet has been developed to offer customers with a premium experience through its state-of-the-art facility which includes a customer-friendly waiting lounge.

    Irfan Tansel, CEO, Al Masaood Automotive Division, said, “The company’s ‘Auto Central’ branches are fine examples of how we live up to our promise of providing our customers with reliable aftersales services of the highest standards and best customer service. The overwhelming response that we have received from our initial ‘Auto Central’ outlets has steered further expansion of our services to cover new and larger geographical areas, and to offer Al Masaood’s deep automotive expertise and world-class services to a larger segment of customers in the Northern Emirates.”

     

  • PAN Emirates Home Furnishings Now in Capital Mall Abu Dhabi

    PAN Emirates Home Furnishings Now in Capital Mall Abu Dhabi

    Pan Emirates Home Furnishings Capital Mall store is to showcase an extensive range of modern, trending, and stylish furniture and accessories combined with high-affordability and excellent quality.

    Spanning across 4200 sq m the new store is the biggest outlet in Capital Mall located in Mohammed Bin Zayed City, Abu Dhabi the UAE capital. On the opening of new store, Group Finance Director Mohammed Katawalla said: “We are excited and equally proud to announce the opening of our largest store in Abu Dhabi. The new Pan Emirates Home Furnishings store will house a vast range of modern and high-quality furniture and accessories across a plethora of styles, trends, and budgets.”To mark the launch, PAN Emirates Home Furnishings is offering a flat 50% off on all the items at the new store from 30th November till December 5.”We invite our valued customers to visit the new showroom and discover our latest collection and enjoy an exceptional shopping experience with us and grab the best deals with the 50 percent offer,”. The new store at Capital Mall is aimed at providing a convenient shopping experience, especially to the customers living in the outskirts of Abu Dhabi including Khalifa City, Mohammed Bin Zayed City, Mussaffah, Masdar City, Sas Al Nakhl Island, and Al Shamkhah.

     

  • Al Masaood TBA and Total Marketing M.East ink strategic new distt agreement

    Al Masaood TBA and Total Marketing M.East ink strategic new distt agreement

    Al Masaood TBA and Total Marketing Middle East ink
    strategic new distributorship agreement to better serve

     Al Masaood Tyres, Batteries and Accessories (TBA)Division, part of Al Masaood Group – a privately held and highly diversified conglomerate based in Abu Dhabi, has revealed the signing of a strategic new distributorship agreement with Total Marketing Middle East (TMME), a leading lubricant company in the GCC regionand an affiliate of Total, a global energy major. The agreement was signed between Salah
    Adib, General Manager, Al Masaood TBA and Karine Singh, Managing Director, TotalMarketing Middle East, in the presence of representatives from both companies.
    Under the terms of the new partnership, Al Masaood TBA will serve as an official distributor of Total branded lubricants in the Abu Dhabi and Al Ain. The newly signed agreement proves to be very timely and strategic with both parties combining their industry expertise to further expand their presence in the automotive aftersales market in the UAE. The distributorship agreement will further reinforce the existing partnership that spanned over 20 years between Al Masaood TBA and Total Marketing Middle East.
    With the new agreement in place, Total Marketing Middle East is planning to increase its number of oil change outlets in the UAE–reinforcing its position as one of the market leaders and being able to expand its geographical reach in the country. Customers are also expected to benefit from the partnership as they will now have better access to premium quality lubricants.
    Salah Adib, General Manager, Al Masaood TBA, said, “We are delighted to further strengthen our partnership with Total . It’s a powerful partnership that has remained solid over the years and has identified Total Middle East as one of our most reliable partners for more than two decades. .”Karine Singh, Managing Director, Total Marketing Middle East, said, “Through our partnership with Al Masaood TBA, we were able to reinforce our presence in the lubricant industry in the UAE. Expanding our network of sales and support personnel and being in close proximity to our customers are key initiatives towards achieving that. ”

  • At the moment No Plan to raise VAT to more than 5% in the UAE.(Saeed Rashid Al Yateem)

    At the moment No Plan to raise VAT to more than 5% in the UAE.(Saeed Rashid Al Yateem)

    The Ministry of Finance (MoF) announced today that from the beginning of January until the end of August 2020, the total value-added tax (VAT) revenue amounted to AED 11.6 billion, and the country’s total excise tax revenue amounted to about AED1.9 billion – the latter noting a 47% increase in comparison to the same period in 2019.

    H.E. Saeed Rashid Al Yateem, Assistant Under Secretary of Resource and Budget Sector at MoF, noted that 30% of VAT revenues will be distributed to the federal government and 70% to local government. H.E. Al Yateem mentioned that the federal government’s share of excise tax revenues on tobacco products is 45% – with 55% for local governments –  and the federal government’s share of the excise tax revenues on other excise goods (i.e. energy drinks, soft drinks as well as beverages sweetened with added sugar) is 30%.H.E. Al Yateem said: “Tax revenues contribute to the continued implementation of development projects in accordance with the UAE government’s plans, and to mitigating the repercussions of the COVID-19 pandemic. Therefore, MoF continues to follow up on tax policies in coordination with the Federal Tax Authority (FTA) to ensure they’re in line with developments in the regional and international arena and that legislations are continuously updated in accordance with financial policy objectives and sustainable economic growth.”

     

  • CBD recognized with “Excellence in Payment” at the 2020 Finnovex Awards

    CBD recognized with “Excellence in Payment” at the 2020 Finnovex Awards

    Commercial Bank of Dubai recognized with “Excellence in Payment” at the 2020 Finnovex Awards

    Dubai(PR): Commercial Bank of Dubai (CBD), one of the leading financial institutions in the UAE, won the prestigious ‘Excellence in Payment’ Award at the Finnovex Awards 2020, held at the Conrad Dubai Hotel recently. The award was presented to Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai. This is the second year in a row that CBD has won the ‘Excellence in Payment’ Award, having won this accolade in 2019 as well.

    The Finnovex Awards recognize and celebrate outstanding achievements in the banking and finance industry. They are aimed at honouring organizations and individuals that have consistently demonstrated exemplary performance, as well as serve as an effective platform for financial institutes to showcase their talent and identify leaders within the industry. Award winners were chosen from across several entries across the region and evaluated by an experts panel, based on the domestic payments capabilities, continued investment in payments and excellence in product offerings.

    Commenting on the award, Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai said, “We are delighted to receive the “Excellence in Payment” recognition as part of the Finnovex Awards 2020 for the second year in a row.

    Hassan Al Redha, General Manager, International & Transaction Banking at Commercial Bank of Dubai said,  CBD has been instrumental in driving digital transformation and investing in state-of-the-art technology to provide customers with bespoke, innovative solutions, which help clients optimize their working capital and improve their operational efficiency.”

    Amit Malhotra, General Manager, Personal Banking Group at Commercial Bank of Dubai, said, “CBD has always been committed to driving the digital transformation especially in the payments sector.

    CBD has won several awards in the digital and innovation realm notably and recently for “Best Mobile Banking App” and “Best in Lending” at the Global Finance’s 2020 World’s Best Digital Bank Awards. CBD has also been recognized with the “Best Cash Management Bank Award in the UAE for 2019.

     

  • Fourth Industrial Revolution – Past,Current and Future Trends

    Fourth Industrial Revolution – Past,Current and Future Trends

    (Ras Al Khaimah):

    Fourth Industrial Revolution – Past,Current and Future Trends

    by: Khuram Amin,
    Bath Spa University (Ras al Khaimah Campus)
    prof_amin@outlook.com

    The industrial revolutions occurring since the 17th century has entered the fourth phase and gathering pace with time and their life span getting shorter and shorter. Currently, as we are in the fourth business revolution now the difference between physical, electromagnetic, and biological spheres are merging day by day.The Industry 1.0 was initiated by Great Britain in the 17th century when the steam engine was invented and the basic mechanization processes were adopted in the industries. Textile factories benefited the most as massive efficiency was recorded and manual work ended in the sector. Railroads, coal, and iron also acted as the catalyst for this part of economic history.
    By the Year 1870, the world witnessed a new industrialization 2.0 of manufacturing with the introduction of
    electricity. Large scale production based on assembly lines changed the production forever. Division of labour also contributed to the massive output as workers specialized in their tasks resulting in extra efficiency and waste management. Telephone and the combustive engine had a force multiplier effect on trade and commerce opening new commercial avenues.
    In the second half of the nineteenth-century, Industry 3.0 also termed as the information age was influenced by the exponential increase in computing power. As the computers appeared on the horizon, machines could be controlled electronically and automation was introduced across all sectors. Semiconductors, chemical compounds,and the Internet played a very significant role during this time.
    Now in the Twentieth-Century, Industrial Revolution 4.0 is in the making. This uprising is dependent upon
    connectivity, fusion between technologies, and cyber-physical systems. Artificial Intelligence, Internet of Things,Block Chain, Cloud Computing, Big Data and Autonomous Robots are few fields dictating the independent virtual physical domain now.
    The world economic forum identified the trends in the current era from self-driving vehicles, 3D printing to new materials applying nano-technology. Integration and interconnected technologies are enhancing efficiency,productivity, cost-effectiveness, and innovating new products and services.
    The world will witness a digitized economy where value chains are integrated across boundaries through
    connectivity and platform integration. The commercial and customer information is stored and retrieved instantly and data is mined in huge quantities to generate information for decision-making. Data Analysts and Information Scientists are in demand which will increase in the coming years with millions of jobs created each year.The 5G technology ensures that all devices are connected, communicating among themselves, data being processed by artificial intelligence to provide deep insight into the human mind and behavior, while machines competing with each other on the quality of artificial intelligence basis.
    New Job titles and employment opportunities are now becoming common across sectors. Augmented Reality Architects, Drone Managers, Plant Psychologists, Business Economy Managers are some of the designations examples which are not only unique but being adopted by organizational leaders.
    Disruption is a word becoming popular nowadays as new technologies are developed and introduced which upset the whole industry once and for all. The new entrants thus change the whole outlook and sometimes result in the sudden demise of the existing enterprises. Net Flix is the new norm in the entertainment field, while Online Education has become the standard now in the education sector thus altering the entire chain of distribution.
    The disruption has to be accepted as part and parcel of life to not only survive but to lead. Each leader should rethink the roles their staff would play in the future. Adopt the latest technologies, innovate, and provide entrepreneurship through cross-channel identification, integration, and use. The IR 4.0 will be based on disruptions in industries, jobs, and skills, while promoting innovation, inequality, and technology fusion. As the industry evolves, the skills required by young people will also vary. The skills will be dynamic in nature calling for regular updates by learning new software packages and techniques. To mention a few new future trends are computational and design thinking, collaboration and connectivity, creativity and digital transformation, problem solving, and applied learning. Products and services are also being morphed into one another blurring the lines of tangible and intangible distinctness thus making them more portable, compact, and economical.
    Some of the new situations we will experience will be the rise of freelancers, retirement age flexibility,
    technological unemployment, abundance, reverse brain drain, global digital inequality, flexible work locations and hours, and an increase in elder care.
    The future scenario will include smart electric grids, homes, vehicles, connected health care, automation
    everywhere, electronic currency, human-machine synthesis. As the 4th era progresses it is anticipated that we will enter a new generation of established practices such as democracy 2.0, agriculture 2.0, transportation 2.0, and money 2.0. The aggressive competition between the two competing countries leading the Globalization 4.0 namely the USA and China is creating uncertainty seen like never before. The two competitors are partners and contestants at the same time with interdependent economies making industrialization and globalization 4.0 inseparable and adding paces to the two.
    The Covid-19 has catapulted the revolution 4.0 as people work from home and become more IT literate. It
    will accelerate this phase by affecting the manufacturing, healthcare, and retail sector the most. We should now focus on the future by preparing ourselves for the inevitable. Thus, we have to digitally transform ourselves for the new future.

  • CBD appoints 35  Talented UAE National Fresh Graduates

    CBD appoints 35 Talented UAE National Fresh Graduates

    Dubai, 09 September 2020: In line with the Bank’s strategy to support Emiratisation and attract UAE national talent to the banking sector, Commercial Bank of Dubai, one of the leading financial institutions in the UAE, announced the appointment of 35 UAE National graduates as part of the 2020-21 Tumoo7 program.

    The “Tumoo7” Program has been designed for fresh graduates and helps develop the potential and capabilities of UAE youth and prepare them for leadership positions within the Bank through a series of practical training courses and job rotations in various departments of the Bank to ensure that they have the necessary skills and expertise to fulfil their desired career progression.

    we are pleased to welcome this new batch of 35 UAE Nationals to the bank. CBD’s Emiratization program continues to grow and deliver great results, in line with the ambitions of the UAE leadership and the directives of the CBD management and Board.”said by Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai,

     Gareth Powell, Chief Human Resources Officer at CBD welcomed the new joiners to the bank and said: “Despite the global pandemic, we at CBD helped deliver on our strategy and attracted a large number of UAE Nationals to the organisation this year. We are pleased to welcome the new joiners to the bank and we look forward to seeing them occupy key leadership positions in the future. Our robust training programs have been designed carefully to ensure UAE Nationals are equipped with all the skills they need for a successful career.”

    Abdulqader Al Hamed, Head of Emiratisation at CBD said: “Our people are at the heart of our business, and we have invested significantly in the development of their skills and knowledge to ensure we have a sustainable stream of high-calibre UAE Nationals in the banking sector.”    

     

  • ADCB & Visa Transform Merchant Smartphones into Payment Terminals

    ADCB & Visa Transform Merchant Smartphones into Payment Terminals

    Abu Dhabi,: Abu Dhabi Commercial Bank (ADCB) is launching UAE’s first virtual Point of Sale (POS) payment terminal, in partnership with Visa, the world’s leader in digital payments. ADCB PACE PAY facilitates card payments through the merchant’s smartphone, empowering traditionally cash-driven SMEs to continue doing business despite social distancing.

    Developed by payment service provider Paysky Inc, ADCB PACE PAY is the only virtual POS available on both Android and IOS platforms. The app is compatible with all smart phones and tablets, eliminating the need to invest in a physical device. In addition to scanning a credit or debit card in-store, ADCB PACE PAY allows remote payments for home deliveries by generating payment links that can be shared via social media such as WhatsApp, Facebook Messenger, SMS and email.

    Arup Mukhopadhyay Head -Consumer Banking, ADCB says, “ADCB is delighted to partner with Visa to launch ADCB Pace Pay, an innovative app specially designed to equip small businesses across the UAE with digital payment infrastructure at zero cost per transaction. The current need for social distancing and minimum contact has accelerated the UAE’s journey to a cashless economy. However, the micro and SME community has faced several challenges as 50 per cent of all payments in the UAE are still in cash. Committed to serving the needs of SMEs in the UAE, our virtual POS solution not only helps to include the small business community in the country’s digital transformation, but also provides them with business intelligence through the interactive dashboard.”The launch of ADCB Pace Pay could not have come at a better time as we need to provide businesses with practical solutions that can help them address their customers’ preferences. ADCB Pace Pay is an extremely cost efficient, convenient and safe way for merchants to immediately enable their existing Android or IOS phone to start accepting card payments and we’re very proud to work with a forward thinking partner like ADCB to launch this truly innovative solution,“ said Shahebaz Khan, General Manager – UAE, Visa.[1] https://usa.visa.com/dam/VCOM/global/run-your-business/documents/visa-back-to-business-study.pdf

  • UD Trucks, Bridgestone, and Al Masaood join forces to help educate truck drivers about keeping safe against COVID-19

    UD Trucks, Bridgestone, and Al Masaood join forces to help educate truck drivers about keeping safe against COVID-19

    AbuDhabi: Press Release

    In cooperation with Abu Dhabi Ports

     UD Trucks – the Japanese truck manufacturer, and part of Volvo Group, and the world’s largest tire and rubber company – Bridgestone, and Abu Dhabi’s conglomerate – Al Masaood Group, joined forces for a brand new Corporate Social Responsibility (CSR) campaign aimed at educating truck drivers about the importance of health and hygiene practices in the battle against the spread of the coronavirus disease (COVID-19).

    ‘Serving our Heroes’ is a CSR initiative that sought to provide local truck drivers with the essential safety tools needed to avoid any virus propagation. As part of the campaign, the partnering organisations, in cooperation with Abu Dhabi Ports, distributed safety kits to over 900 truck drivers across various truck rest areas in the emirate of Abu Dhabi, including Khalifa Port.The distributed packages contained essential items such as N95 masks, gloves, hand sanitizers and wet wipes to protect truck drivers during these times. In addition, the packages included a specially designed A5 leaflet bearing safety information written in Arabic, English, Hindi and Urdu.

    Mourad Hedna, President, UD Trucks Middle East, said, “UD Trucks understands the important role played by all truck drivers in the country. Every year, around 3,000 HD & MD trucks are sold in the UAE, with the heavy-duty trucks alone making up 6% of the total road traffic (cars and light commercial vehicles included). In the UAE, logistics is the lifeblood of our society.  We believe that this campaign is an important initiative that can help serve our community and honour the front-liners who were continuously on the roads even when cities were locked down.”

    Stefano Sanchini, Regional Managing Director, Bridgestone, stated, “The ‘Serving our Heroes’ CSR campaign reflects our belief in serving society with superior quality.

    “In this period of unprecedented global disruption, Al Masaood is endeavouring to play its part to support the community in any way and assure business continuity as a key pillar. The launch of the ‘Serving our Heroes’ campaign, demonstrates our recognition of the key contributions of truck drivers by making them aware about the significance of health and hygiene practices in the move to curb the spread of COVID-19. This CSR initiative reflects our continuing support for the government’s efforts to preserve the welfare of the community,” Ahmed Rahma Al Masaood, Vice Chairman, Al Masaood, concluded.

  • 2 Winners Receive 1 Million AED Each in ADCB Islamic Banking’s Monthly Prize Draw

    2 Winners Receive 1 Million AED Each in ADCB Islamic Banking’s Monthly Prize Draw

     Press Release :

    Abu Dhabi Commercial Bank (ADCB) Islamic Banking announced the two latest million-dirham winners of its Millionaire Savings Accounts, bringing the total millionaires announced this year to seven. Since 2009, ADCB’s Millionaire Savings Accounts have made 137 millionaires from all walks of life and continue to help customers achieve their ambitions.

    Dr. Ahmed A. M., who opened his Millionaire Destiny Savings Account (MDSA) in December 2019, is the latest winner in the monthly prize draw of AED 1,000,000 for MSDA account holders. The other winner of AED 1 Million, from the Emirati Millionaire Savings Account (EMSA) is Mr. Mohamed M. J. who has been banking with ADCB Islamic Banking since 2015.Both winners were excited to receive the news about their wins and expressed their appreciation to ADCB Islamic Banking. The medical community has played crucial role during the COVID-19 pandemic, therefore it is a pleasure to have a medical professional as one of the latest winners.  Dr. Ahmed said, “Choosing to invest with ADCB was never a difficult decision, you can trust this leading national bank with your life earnings, especially during these difficult times with unstable investment market everywhere. I consider myself lucky to win this generous prize. I always wondered if such huge prizes are real and fair, and ADCB just proved it is. I think with ADCB everyone has a chance.. everyone is eventually a winner.”

    Both MDSA and EMSA encourage customers to save regularly, with a minimum balance requirement of only AED 5,000, while giving them a chance to win cash prizes exceeding AED 26 million annually across the two types of accounts.

    Congratulating the winners, Mr. Kaizar Patla, Head of Islamic Banking at ADCB said,

    “While, the global pandemic has had a significant effect on financial markets, businesses and individuals, our top priority remains our customers and partners. We are happy to be able to bring some joy to our customers with our MDSA and EMSA products that are two of the biggest prize-based savings accounts in the region. In the face of strong macro-economic headwinds, our advice to current and potential customers is to maintain financial discipline, invest wisely and save carefully.”