Sunday 22 January 2017

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Q4 GAINS JUMP 47.73pc
Sabic 2016 profit down 4.58pc to $4.77bn

Saudi Basic Industries Corp (Sabic), a leading petrochemicals groups, reported a net profit of SR17.91 billion ($4.77 billion) for 2016, compared to SR18.77 billion ($5 billion) for 2015, a decrease of 4.58 percent.

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1

GROWING DEMAND FOR TRAVEL
Three regional airlines to add 650 new passenger planes

The three major regional airlines – Emirates, Etihad and Qatar Airways – are poised to expand their fleet by almost 650 new planes, according to an expert in aviation inspection, safety and maintenance systems.

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2

JOINT DEVELOPMENT
Dubai South, Deyaar to build new mixed project

A new multi-purpose development will be built on an area of 1.27 million sq ft in Dubai South, according to an MoU signed by Dubai South, the master developer of an emerging city around the new Al Maktoum International Airport, and Deyaar.

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3

TECHNOLOGY
Dubai's Moral Machine throws up some surprises at Davos

The Moral Machine from Dubai's Museum of the Future has thrown up some surprising results in a survey of over 1,000 presidents, CEOs and other leaders at the the World Economic Forum in Davos, Switzerland.

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4

ANALYSIS
Mideast M&A activity set for major increase

M&A activity in the Middle East appears to be on the cusp of a significant increase, particularly in the UAE where the economic fundamentals, such as anticipated GDP growth continue to draw investors to the region, an industry expert said.

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5

NEWS IN PICTURES
Wow, Wawrinka

Stan Wawrinka of Switzerland celebrates winning his Men's Singles fourth round match against Andreas Seppi of Italy at the Australian Open Grand Slam tennis tournament in Melbourne, Victoria, Australia, on January 22. EPA/Julian Smith

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Artar's Dubai project on track for 2018 completion

Saudi-based Artar Real Estate Development said its Mada Residences project in Downtown Dubai, is on schedule for completion by the second quarter of 2018, with a topping out ceremony likely to take place next month.

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Retail & Wholesale

Saudi retail giant Savola swings to Q4 net loss

Savola Group, one of Saudi Arabia’s leading retail and food holding companies, made a net loss of SR964 million ($257 million) in the fourth quarter compared to a net income of SR515 million ($137 million) for the same period in 2015.

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Energy, Oil & Gas

Eco-Villa prototype opens its doors at Masdar City

Eco-Villa, a pilot project incorporating water and energy-saving technologies in Abu Dhabi's Masdar City, has been completed and a UAE national family will soon live in the prototype sustainable dwelling.

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Finance & Capital Market

Qatar's non-oil economy set for solid growth

Qatar’s efforts to broaden the economic base away from a reliance on hydrocarbons are gaining pace, as indicated by the country’s non-oil growth figures, said a new report.

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Analysis, Interviews, Opinions

Mideast M&A activity set for major increase

M&A activity in the Middle East appears to be on the cusp of a significant increase, particularly in the UAE where the economic fundamentals, such as anticipated GDP growth continue to draw investors to the region, an industry expert said.

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Industry, Logistics & Shipping

MEA to spearhead $2.2trn packaged food industry growth

The global packaged food market is expected to reach $2.2 trillion by 2020 mainly driven by the demand from the Middle East and Africa (MEA) market and Asia-Pacific region, said a report released ahead of a key industry event in Dubai UAE.

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Travel, Tourism & Hospitality

Etihad to launch extra summer flights to Maldives

UAE national carrier Etihad Airways has announced four additional weekly flights on its popular Abu Dhabi – Malé route during summer, thus increasing its frequency to Maldives to 11 services a week between July 1 and September 17.

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IT & Telecommunications

Zain Saudi Q4 net profit surges 7pc to $303m

Zain Saudi Arabia, a leading telecommunications provider in the kingdom, has registered a gross profit of SR1.14 billion ($303 million) in the fourth quarter, up 7 per cent over SR1.06 billion ($282 million) for the same period in 2015.

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Lifestyle

Bahrain Duty Free launches premium watches boutique

Bahrain Duty Free has unveiled the latest addition to its upgraded departures retail outlet at Bahrain International Airport, with the opening of a dedicated premium watches boutique.

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Motoring

Mercedes-Benz launches special edition of Actros truck

Mercedes-Benz Trucks Mena, together with Emirates Motor Company (EMC), its authorised distributor in Abu Dhabi, recently launched a special edition Actros truck in celebration of the model’s 20th anniversary.

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Health & Environment

Dubai's Hatta Hospital gets JCI accreditation

Dubai Health Authority (DHA) has announced that one of its facilities, the Hatta Hospital, has received international accreditation from the Joint Commission International (JCI).

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Media & Promotion
Education, HR & Training

Saudi summit on private sector role in education

The Saudi Arabian Ministry of Education and the Tatweer Building Company recently organised a conference in Riyadh focusing on greater private sector engagement in education reform in the Kingdom.

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Miscellaneous

Two terror suspects killed in Jeddah anti-terror raids

Two terror suspects blew themselves up on Saturday during a firefight with security forces in Saudi Arabia's Jeddah and two others were arrested in another operation, said a report, citing the interior ministry.

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