Business

Dubai, United Arab Emirates, 13 May 2019, (AETOSWire): Despite rigorous diet and exercise programs, some people struggle with unwanted fat in certain areas. SculpSure, a safe and non-invasive body contouring technique with no reported side effects, can target stubborn fat cells.

SculpSure uses lasers to heat fat cells without affecting the skin. Patients feel only a tolerable warm, tingling sensation during the treatment, which lasts approximately 25 minutes. The first session can reduce fat by 25-50%.

Dr Salwa Abo Rashed, a Specialist in Dermatology at CosmeSurge – one of the region’s most trusted brands for cosmetic and aesthetic procedures – explained, “A innovative new treatment for body contouring and fat reduction, SculpSure is safe, and it can eliminate fat on the abdomen, thighs, upper arms and chin with visible results in six to twelve weeks.”

To achieve the desired results, most patients require multiple treatments with a six-to-eight-week gap between treatments on a specific area. Patients are advised to maintain a healthy diet after the treatment and to massage the treated area gently.

Renowned for providing innovative, quality aesthetic derma and plastic treatments, CosmeSurge has 14 clinics across the UAE in addition to its clinic in Oman. *Source: AETOSWire

Dubai, United Arab Emirates, 13 May 2019--(AETOSWire)--PitStopArabia.com, the leading online tyre retailer in UAE, announced today the completion of investment with Mitsubishi Corporation (MC). MC now becomes a strategic partner and a shareholder in the company. The investment is a significant milestone for PitStopArabia.com and is aimed at bolstering their market leadership and growing their foot print regionally.

“The decision to invest in PitStopArabia.com was made after a thorough study of the market as well as the company. The Middle East is experiencing high growth in e-commerce. In the next 5 years, online tyre retail is expected to account for almost 13-15% of all tyres sold in the GCC, compared to less than 1% today” said Aadil Ishfaq, Founder & CEO of PitStopArabia.com. “MC investment is further validation of the regional business potential and success of UAE governments vision for creating an enabling environment for home grown startups to innovate and flourish. Our aim is to continue to grow rapidly and consolidate our market leadership”, he added.

“MC has excellent competence in both traditional retail and e-commerce in the automotive industry with long standing industry relationships across the MEA region. We will not just have access to growth capital but also leverage MC’s strengths regionally”, he added.

“I am really excited to have found a partner in Mitsubishi who shares our vision of the future and has the same levels of passion for innovation and customer service” said Ishfaq. “This partnership with MC will broaden the product and service offerings we have deployed across our network. I am confident that our customers and partners will start seeing immediate benefits of this partnership”.

UAE based PitStopArabia.com was founded in 2015 and is the leading online tyre retailer in the country. With over 40 brands and 150 installer locations across the UAE, PitStopArabia.com pioneered a new approach to tyre retailing in the UAE, where customers can select their tyres online and choose to have them installed at their homes or at tyre shop nearby. This simple and efficient purchase process generates exceptional value for motorists and has helped the company grow exponentially.

About Mitsubishi Corporation

MC is a global integrated business enterprise that develops and operates businesses across virtually every industry, including infrastructure, industrial finance, energy, metals, machinery, chemicals, and daily living essentials. MC's current activities have expanded far beyond its traditional trading operations to investments and business management in diverse fields including natural resources development, manufacturing of industrial goods, retail, new energy,

infrastructure, finance and new technology-related businesses. With a network of over 200 offices and approximately 1,200 group companies /subsidiaries in some 90 countries worldwide, MC employs a multinational workforce of over 77,000 people. MC’s declared profits for their most recent fiscal year as ¥590 billion. https://www.mitsubishicorp.com/jp/en

*Source: AETOSWire

 

Ras Al Khaimah, United Arab Emirates, May 12, 2019 –(AETOSWire)- The American University of Ras Al Khaimah (AURAK) President, Professor Hassan Hamdan Alalkim, and the General Secretary of the Accountants and Auditor’s Association (AAA) in United Arab Emirates, Mr. Salim Saeed Naser Al-Esaei, entered into a memorandum of understanding during a signing ceremony.

In the memorandum the institutions agreed to collaborate in providing professional accounting courses and financial management, collaborate on organizing multiple events such as workshops and conferences in accounting and financial management, and allowing the two parties to use the training classes of both parties in the various activities.

AURAK is an independent, public, state-owned, non-profit, coeducational institution of higher learning that offers undergraduate and graduate degrees in comprehensive academic programs based on the North American model and the cultural characteristics of the Gulf region. Its undergraduate programs combine a strong grounding in the major subject with a broad general education, and its graduate programs prepare students for the demands of professional life. The institution is committed to the highest standards of teaching, research, ethics, and service to the community, preparing its graduates to be knowledgeable, thoughtful, creative, and responsible individuals, and it is accredited through the UAE’s Ministry of Education (MOE) and the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).

 

The AAA is the nonprofit national accountancy body of the United Arab Emirates dedicated to developing the accountancy and finance profession in the country. The Association was established in 1997 through a federal mandate with the key objective of building the capacity of the national accountancy and finance profession in line with best global practices and standards.

Professor Hassan is elated about the partnership with the AAA, “The agreement with the Accountants and Auditor’s Association will facilitate a growth in UAE accountant population contributed by AURAK in that we have 180 prospective candidates that will benefit from this program, thus bolstering the nation’s professional stability in the global job market of the discipline.” *Source: AETOSWire

 

Dubai, United Arab Emirates, 11 May 2019, (AETOSWire): Sharjah Asset Management (SAM), the investment arm of the Government of Sharjah, won the prestigious Retail category Award at the fifth edition of the International Business Excellence Awards, which was held, with the Support of the Dubai Department of Economic Development (DED) last week, at the Intercontinental Dubai Festival City.

Commenting on the victory, Chief Asset Management Officer Mohammed Bin Essa said, “We are delighted to win this distinguished award that acknowledges our commitment towards creating a competitive economy for the emirate and recognises our efforts to generate new projects that attract more people to invest and visit the emirate of Sharjah throughout the year. SAM retail projects such as Souq Al Haraj and Souq Al Jubail contribute positively toward Sharjah economy”

“This award motivates us to put in more hard work and effort, and to reach out to more individual and corporate investors locally, regionally and internationally,” he added.

Sharjah Asset Management, an innovative international government-owned investment company with a diverse corporate presence, with a network of government and commercial partners and a strong portfolio of globally based investments.

SAM offers services across leading international markets and assists with various classes across the investment spectrum.

At the International Business Excellence Awards of 2019, some of the world’s most prominent companies competed to win the awards that are distributed at about twenty-two categories acknowledging the various aspects of business excellence. Each year the awards are organised to support organisations and businesses as a vehicle for sharing expertise in best practices and promoting continuous improvement, learning and personal development. Recipients of the awards undergo a stringent assessment process, led by a large panel of independent and impartial business professionals that identified the various strengths, leadership strategies and operations undertaken by the multiple applicants at their organisations.

The International Business Excellence Awards recognises business excellence from across the world by highlighting the achievements of individuals and organisations that have tirelessly worked towards implementing significant initiatives for the success of their companies. *Source: AETOSWire

 

LONDON--(BUSINESS WIRE/AETOSWire)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Kuwait Reinsurance Company K.S.C.P. (Kuwait Re) (Kuwait). The outlook of these Credit Ratings (ratings) remains stable.

The ratings reflect Kuwait Re’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Kuwait Re’s balance sheet strength is underpinned by risk-adjusted capitalisation, which, as measured by Best’s Capital Adequacy Ratio (BCAR), is at the strongest level. The company’s balance sheet strength also benefits from prudent reserving practices. The company maintains good levels of liquidity, as evidenced by a ratio of liquid assets to net technical reserves of 109% at the end of 2018. Capital consumption is driven predominantly by underwriting risks, due to the company’s top line growth in 2018 and high premium retention.

Following a change in management in 2016, the company altered its business strategy and increased its focus on bottom line profitability. This has translated into improved technical performance and reduced volatility in operating results, with the company reporting a healthy average combined ratio for the period 2016 to 2018 of 96.9%, and an average return on equity of 6.2%.

Kuwait Re’s business profile is supported by its good geographical diversification, through operations spanning the Middle East and North Africa, Asia-Pacific and Central and Eastern Europe. The underwriting portfolio is well-diversified by class of business, and the company provides proportional, non-proportional and facultative solutions to its cedants. Since its change in strategy, Kuwait Re’s portfolio mix has shifted in favour of facultative and excess of loss business, with these two lines of business accounting for 53% of the KWD 46.6 million premium written in 2018 (2017: 58% of KWD 35.1 million). Whilst Kuwait Re is predominantly a non-life reinsurer, its life reinsurance operations continue to grow, with gross written premiums increasing from KWD 1.8 million in 2017 to KWD 2.6 million in 2018.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190424005893/en/

*Source: AETOSWire

DENVER & DUBAI, United Arab Emirates--(BUSINESS WIRE/AETOSWire)-- The Western Union Company’s global digital money-moving capabilities are making significant headway across the Middle East, with seven countries now offering online services, connecting customers to their families and loved ones around the world digitally with the choice to pay for transactions online or in person.

The United Arab Emirates was enhanced with the latest generation of Western Union’s omni-channel platform, joining BahrainJordanKuwaitLebanonOman and Qatar, as a part of Western Union’s deep commitment to keeping the Middle East at the forefront of the digital revolution.

In the UAE, the company launched the Western Union® mobile app and relaunched the Westernunion.com website. Customers in the UAE now have the choice to pay for transactions online or within the app via direct transfers from their bank accounts set up in the UAE.

Currently, Western Union offers digital service via WU.com in over 60 countries, plus territories, with mobile apps in 35 countries; moreover, its entire network is a combination of retail Agent locations in more than 200 countries and territories, account payout in nearly 100 countries, and wallet payout in a dozen countries.

The Middle East is a vital and rising economic hub bringing people together from across Europe, Africa and Asia and lifting them toward prosperity. International migrants working and living across the region represent a large part of the population and collectively send billions of remittances back home. In the UAE, 88 percent of the population are international migrants, followed by Qatar at 75 percent, Kuwait 72 percent, Bahrain 51 percent, Oman 41 percent, Jordan 40 percent and Lebanon 34 percent, according to the World Bank1.

“Our commitment to the Middle East is a step forward to a more prosperous and globally connected future. Our digital services support a globally-integrated living without leaving anyone behind. We use cutting-edge technology to simplify money transfer. Our systems automatically handle complexities from compliance to volatile currency exchanges so users can transfer money 24/7 to nearly every country across the world, with the touch of a few buttons,” said Western Union President and CEO, Hikmet Ersek.

“Our systems are also designed to allow customers at any level of financial experience to use any channel they like, be it digital or cash, online or offline,” he said.

“The ability to smoothly and fluidly transfer money internationally by the latest digital means elevates our relevance to our customers across the world”, said Western Union General Manager and RVP for Middle East and Africa, Alexandru Badulescu.

“Western Union’s customers are multi-cultural, multi-generational with diverse financial and technological savviness. Our omni-channel approach is about servicing the widest group of customers by catering to their specific money transfers needs,” he said.

Western Union has been providing money-transfer services across the Middle East countries for over 20 years and has more than 4,000 retail agent locations in Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar and the UAE. Customers still have the choice to access these locations to send money transfers in person, reflecting the company’s commitment to providing choice and options to connect to families and friends around the world.

In addition to the omni-channel countries, which combine Western Union’s digital and retail footprint, Western Union also offers money transfer services across its Agent network of additional Saudi Arabia, Sudan, Egypt, Iraq, Palestine, Syria, Afghanistan and Pakistan, with an additional 10,500 Agent locations.

  1. International Migrant Stock Data

CUSTOMER GUIDANCE:

In line with the local regulations, prior to the first use of the online service, customers are required to register on www.westernunion.com, then verify in-person with their valid government-issued resident ID at an Al Fardan Exchange Agent location. After successful verification, customers will receive a notification confirming they can now conveniently send Western Union money transfers anytime, with a few clicks, online.

In addition to the convenience and reliability of sending money any time, the website and app (available for iOS and Android users) displays current exchange rates and fees, tracks money transfers online, lists recent and pending transactions, provides round-the-clock customer service and lists payout options available in the receiver’s country.

For more information, customers can visit any of the Al Fardan Exchange locations, call 800 SENDWU, write to This email address is being protected from spambots. You need JavaScript enabled to view it. or refer to Frequently Asked Questions (FAQ) under the Quick Links section, at the bottom of the page on https://www.westernunion.com/ae/en/home.html.

About Western Union’s Cross-Border Platform

Western Union’s cross-border, cross-currency money movement platform – including a robust digital footprint, settlement, treasury and compliance infrastructure, a vast global retail network of over half a million locations, and the ability to send money to billions of accounts and mobile wallets – sets the standard for international money movement. With operations in more than 200 countries and territories, Western Union’s platform processed an average of 34 transactions every second and moved $300 billion in principal across 130 currencies in 2018.

 

Connecting the digital and physical worlds of money, Western Union’s technology stack, APIs, foreign exchange and settlement engine, agent network, anti-money laundering and fraud detection capabilities make it one of the largest digital and physical money movers for consumers around the globe. Approximately 75% of Western Union’s digital transactions globally now originate on mobile devices.

About Western Union

The Western Union Company is a global leader in cross-border, cross-currency money movement. As of December 31, 2018, our global network includes over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services. Westernunion.com, our fastest growing channel in 2018, is available in more than 60 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190429005436/en/

*Source: AETOSWire

Dubai, United Arab Emirates, 30 April 2019, (AETOSWire): HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance, and President of Dubai Electricity and Water Authority (DEWA), inaugurated the extension project of M-Station in Jebel Ali, the largest power and desalination plant in the UAE.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, noted that the total cost of M-Station with its extension reached AED 11,669 billion with a current production capacity of 2,885 megawatts (MW) and 140 million gallons of desalinated water per day. The expansion cost AED 1,527 billion and added new generating units with a capacity of 700MW. The extension design has a 90% fuel efficiency rate. This project has been completed with over 20 million Safe Man Hours without Lost Time Injury.

Al Tayer thanked DEWA’s partners, especially Siemens, which implemented the project and Mott MacDonald, the project consultant.

“The completion of the Jebel Ali M-Station expansion marks another milestone in the long history of Siemens and DEWA as strategic partners. It’s a testament to what we can achieve with innovation and technology to support society and economic growth in the UAE,” said Dietmar Siersdorfer, CEO, Siemens Middle East and UAE.

Before the extension, M-Station generated 2,185MW of electricity from 6 Siemens F-model gas turbines, each with a capacity of 255MW, 6 Doosan Waste-Heat Recovery Boilers for steam generation, 3 Alstom steam turbines with a capacity of 218MW each. The Project included construction of 16 fuel-oil storage tanks, each with a capacity of 20,000 cubic metres and totalling 320,000 cubic metres of fuel-oil storage. The station generated 140 MIGD from 8 Fisia desalination units, deploying Multi-Stage Flash (MSF) distillation technology, each with a capacity of 17.5 MIGD and two dual-fuel-fired auxiliary boilers.

 The expansion project comprises of two dual-fuel gas turbine generators each with a capacity of 263.5 MW, two Waste Heat-Recovery Boilers for steam generation and a back pressure steam turbine from Siemens with capacity of 173 MW. The expansion’s design increased the plant’s fuel efficiency to 85.8%, which is one of the highest rates worldwide. DEWA’s  total production capacity is currently 11,100 MW of electricity and 470 MIGD of water production.

 

*Source: AETOSWire

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