Mashreq chairman, AbdulAziz Al Ghurair, at the launch of the bank's new brand strategy. Antonie Robertson / The National
Mashreq chairman, AbdulAziz Al Ghurair, at the launch of the bank's new brand strategy. Antonie Robertson / The National
Mashreq chairman, AbdulAziz Al Ghurair, at the launch of the bank's new brand strategy. Antonie Robertson / The National
Mashreq chairman, AbdulAziz Al Ghurair, at the launch of the bank's new brand strategy. Antonie Robertson / The National

Mashreq launches new brand identity to reflect digital transition


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Dubai-listed lender Mashreq launched its new brand identity on Wednesday as part of efforts to realign its offerings as a digital-first financial institution.

Mashreq will adopt a "challenger brand status" by supporting the needs of every customer, the bank said in a statement.

The lender aims to achieve this through a "collaborative, digital-first approach to building a new banking-as-a-service" approach.

“'Rise every day' is a statement of intent that exemplifies where Mashreq has come from and where it is going in the context of today’s rapidly changing and ever more complex digital world,” said AbdulAziz Al Ghurair, chairman of Mashreq.

The Covid-19 pandemic, which led to lockdowns and social distancing around the world, hastened the move to digital financial and banking services as consumers switched to cashless payments and online shopping.

The UAE has seen the emergence of digital-only banks in recent years. In the first half of 2017, Emirates NBD launched Liv. bank, which is aimed at millennials. Mashreq also unveiled Mashreq Neo in the same year. Abu Dhabi Islamic Bank unveiled Amwali, a digital-only bank targeted at Generation Z, last year.

Independent digital banks are also entering the market, including Al Maryah Community Bank, which secured a licence from the Central Bank of the UAE in April last year. This was followed by the launch of the UAE’s first independent digital bank, Zand, which caters to retail and corporate clients.

This month, Wio Bank, an Abu Dhabi-based digital lender, jointly owned by Abu Dhabi holding company ADQ, Alpha Dhabi Holding, telecoms operator e& (formerly known as Etisalat) and First Abu Dhabi Bank, launched operations in the UAE.

Unveiling of the new brand strategy of Mashreq Group, 'Rise every day'. Antonie Robertson / The National
Unveiling of the new brand strategy of Mashreq Group, 'Rise every day'. Antonie Robertson / The National

“The new brand positioning comes at a very crucial moment as we lead the evolution of digital finance and the wider digital economy through the innovation and deployment of truly transformational platforms and solutions,” said Mashreq’s group chief executive Ahmed Abdelaal.

The lender has achieved significant cost savings and operational efficiency through digitalisation.

Mashreq reported a nearly 19-fold jump in its second-quarter profit as net interest income rose and impairment allowances fell. Profit attributable to owners in the three-month period reached Dh793 million ($215.9m), up from Dh42.3m during the same quarter last year.

The surge in profit came as the bank reported a nearly 37 per cent increase in net interest income and an almost 73 per cent decline in loan impairment charges annually during the period.

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DMZ facts
  • The DMZ was created as a buffer after the 1950-53 Korean War.
  • It runs 248 kilometers across the Korean Peninsula and is 4km wide.
  • The zone is jointly overseen by the US-led United Nations Command and North Korea.
  • It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
  • Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
  • Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
  • Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012. 
  • Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

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Saturday (UAE kick-off times)

Watford v Leicester City (3.30pm)

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Manchester City v Burnley (11pm)

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  • Promises of high, fixed or 'guaranteed' returns.
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Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

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Stage 7:

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5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

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What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

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Updated: September 21, 2022, 1:28 PM`