Thursday 24 July 2014

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'CHANGE IN STRATEGY'
Taqa pulls out of $1.6bn India power deal

Abu Dhabi National Energy Co (Taqa) is pulling out of a $1.6 billion deal to buy two Indian hydroelectric power plants because of "a change in strategy", a senior Taqa official told Reuters on Thursday.

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1

SOLID GROWTH IN RETAIL
Emirates NBD H1 profits surge 30pc to $640m

Emirates NBD, the largest bank in the UAE by total income and branch network, today reported a net profit growth of 30 per cent year on year for the first half to Dh2.350 billion ($639.7 million).

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2

HOUSING, PETCHEM FOCUS
Saudi state investment fund to set up new firms

Saudi Arabia's Public Investment Fund (PIF) aims to establish companies in areas including housing, petrochemicals and technology as it expands its investments locally and overseas, Finance Minister Ibrahim Al-Assaf said.

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3

ANALYSIS
Saudi 'will become 7th largest emerging capital market'

Emerging capital markets will double their global index share by 2030, with Saudi Arabia expected to emerge as the seventh largest emerging capital market by 2030, says a report.

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4

SPOTLIGHT
Mideast firms face $91bn refinancing needs

Middle East investment grade companies are facing refinancing needs of about $91 billion from bank and bond debt due to mature over the next four years, according to a recent report.

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5

IMAGE OF THE DAY
The remains

Rescue personnel survey the wreckage of a TransAsia Airways turboprop plane that crashed, on Taiwan's offshore island Penghu.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dubai office rents continue to rise: CBRE

Dubai’s office rents are continuing to rise due to the growing economy and increasing business confidence, according to a CBRE report.

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Retail & Wholesale
Finance & Capital Market

Bahrain insurance premiums grow 8pc

Bahrain insurance market has posted a gross premium increase of eight per cent to register BD258.41 million ($681.7 million) last year, compared to the previous year, according to the Central Bank of Bahrain.

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Industry, Logistics & Shipping

Savola in talks to sell packaging unit to Takween

Saudi Arabia's Savola Group has signed a non-binding agreement to sell its packaging business to Takween Advanced Industries, as it moves to focus on its core sectors of food and retailing, it said on Wednesday.

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Travel, Tourism & Hospitality

Mideast hotel occupancy reaches 64pc in H1

The Middle East and Africa region has reported a one per cent increase in hotel room occupancy to 64.6 per cent in the first half of the year, according to an STR Global report.

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Government & Laws

Qatar Emir meets Saudi King in Jeddah

Qatar's Emir Sheikh Tamim bin Hamad Al-Thani arrived in Jeddah on Tuesday to meet Saudi Arabia's King Abdullah for talks that focused on the situation in Gaza, according to SPA, the Saudi press agency.

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Motoring

Audi to introduce lightweight springs

Audi plans to introduce new, lightweight suspension springs made of glass fibre-reinforced polymer (GFRP) in an upper mid-size model before the end of the year, reinforcing its leading role in automotive lightweight construction.

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Health & Environment

Dubai hospital offers new treatment for heart condition

A new surgical treatment is now available at the American Hospital Dubai to treat heart arrhythmia, which occurs when the heart beats irregularly and cannot pump blood effectively, putting vital organs at risk.

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Media & Promotion

GfK wins electronic TAM deal in Morocco

Germany-based GfK, a leading provider of audience measurement services, has won a tender with Morocco’s joint industry committee ‘Ciaumed,’ to deliver an electronic TV audience meausurement service (TAM) in the country.

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Education, HR & Training

BAETC, GAA sign aviation training deal

BAS Aircraft Engineering Training Centre (BAETC), fully-owned and operated by Bahrain Airport Services (BAS), has signed a memorandum of understanding (MoU) with aviation training provider Gulf Aviation Academy (GAA).

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Miscellaneous

Marmum to boost juices export

Marmum Dairy Farm, a subsidiary of Dubai Investments (DI) and one of the leading dairy brands in the UAE, has announced plans to export over 1.8 million litres of its Raha long-life juices across the Middle East and Africa this year.

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