Tuesday 16 July 2019

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TRANSACTION DEAL TOPS $1bn
GFH Capital acquires strategic US tech offices portfolio

Dubai-based GFH Capital has acquired a Tech Offices Portfolio in North Carolina, US, located on a 60-acre land within the Research Triangle Park, the largest dedicated scientific research park in the US, featuring more than 250 companies.

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1

15,000 PV PANELS AT TERMINAL 2
Dubai Airport installs region's largest solar energy system

Dubai Airports (DXB) has joined forces with Etihad Esco for the installation of a solar energy system comprising 15,000 photovoltaic (PV) panels at Dubai International’s Terminal 2 – the largest at any airport in the region.

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2

SEPARATE LISTED COMPANY
Utico to buy 88pc stake in Singapore’s Hyflux for $394m

UAE-based utility firm Utico said it has reached an agreement with top Singaporean group Hyflux to buy an 88 per cent stake in the company for S$535 million ($394 million), thus setting the stage for the company's restructuring.

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3

ANALYSIS
88pc of Mideast investors have exposure to China: study

Eighty-eight per cent of investors in the Middle East have exposure to China, versus 73 per cent for all investors globally, said investment management firm Invesco in a new report showing discontent with Europe among sovereign investors.

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4

ANALYSIS
Digital adoption ‘among top concerns for businesses’

Sixty-six per cent of senior executives in the Middle East believe digital adoption and cybersecurity are their greatest business challenges, said an international survey of businesspeople working across the region.

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5

NEWS IN PICTURES
Crystal carousel

Spanish designer Jaime Hayon has unveiled his latest artwork - a fairground carousel adorned with 15 million Swarovski crystals - which has been installed at the Swarovski Kristallwelten, the crystal manufacturer's theme park museum in Austria.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Work to start on Dubai Creek Beach residential cluster

SSH, a leading master planning, infrastructure, building design and construction supervision company in the region, said work is set to begin on the first residential cluster, Breeze, located within Emaar’s Creek Beach District in Dubai.

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Retail & Wholesale

Union Coop's H1 net profit surges 20pc

Union Coop, the largest consumer co-operative in the UAE, said it has registered a net profit of Dh284.6 million ($77.4 million) for the first half of 2019, up 20 per cent over the last year's figures of Dh237.7 million ($64.7 million).

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Energy, Oil & Gas
Finance & Capital Market

Mashreq enables credit card payments to India, Pakistan

Mashreq Bank, a leading financial institution in the UAE, has enabled customers to use their credit cards to make instant money transfers to all banks in India and Pakistan at zero fees, zero cash advance charges.

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Analysis, Interviews, Opinions

GCC corporate issuer ratings steady 'despite US-Iran tension’

The increase in tensions between the US and Iran since May 2019 has not led S&P Global Ratings to change any ratings or outlooks on corporate or infrastructure issuers it rates in the GCC, the financial services company said.

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Industry, Logistics & Shipping

SAMI buys into Saudi aircraft accessories company

Saudi Arabian Military Industries (SAMI) said it has acquired a majority stake in Aircraft Accessories & Components Company (AACC), a Saudi entity of the Economic Offset Program, as part of its regional expansion plans.

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Travel, Tourism & Hospitality

Accor to introduce Raffles brand in Bahrain

Hospitality group Accor is set to debut the iconic Raffles brand in Bahrain after signing a milestone agreement with GFH Financial Group (GFH) to manage the kingdom’s first ultra-luxurious retreat.

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IT & Telecommunications

Microsoft to broaden support to partners

Microsoft has recently announced new investments in technologies and programs designed to support its partner ecosystem. The investments are aimed at helping optimize Microsoft’s partner engagement for the cloud era.

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Lifestyle

Spanish designer unveils shimmering 'Swarovski carousel'

Spanish designer Jaime Hayon has unveiled his latest artwork - a fairground carousel adorned with 15 million Swarovski crystals - which has been installed at the Swarovski Kristallwelten, the crystal manufacturer's theme park museum in Austria.

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Motoring

Aston Martin Valkyrie makes public debut

Aston Martin Valkyrie has broken cover after making its dynamic public debut in front of an enthusiastic crowd at Silverstone, UK ahead of the 2019 British Grand Prix.

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Health & Environment

Dubai starts work on new fertility centre building

The Dubai Health Authority (DHA) announced that it has begun work on a new gynaecology and fertility centre building, which will come up on a 7,500-sq-m area within the compound of Latifa Women and Children Hospital.

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Media & Promotion

Dubai Festival City Mall launches music library

Dubai Festival City Mall has partnered with popular streaming service Spotify to launch its own music library which will be available on multiple music platforms, becoming the only mall globally to offer such a service.

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Education, HR & Training

German group Fraunhofer to set up research unit in Sharjah

Fraunhofer, the largest application-oriented research organisation in Europe, has signed an agreement with Sharjah Research, Technology and Innovation Park (SRTI Park) to set up it research and development centre at the science park.

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Miscellaneous

Arla wins Kraft brand license for cheese in Mena

Arla Foods, an international dairy company, has obtained the license to use the Kraft brand for the next 12 years in the Middle East on the cheese portfolio recently acquired by Arla from Mondeléz International.

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