Monday 6 July 2015

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NEW DIVESTMENT STRATEGY
Qalaa in deal to sell key stake in Egypt glass company

Qalaa Holdings (formerly Citadel Capital), one of Egypt's largest investment companies, said it has entered into a deal with key investors of Misr Glass Manufacturing Company (MGM) to divest its shares in the company.

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1

MAN ‘TRAVELLED TO SAUDI’
Philippines confirms Mers case in visitor from Dubai

The Philippines confirmed a second case of the deadly Middle East Respiratory Syndrome (Mers) corona virus on Monday in a man who showed symptoms after arriving in Manila last month from Dubai.

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2

‘NO’ CAMP WINS 61pc VOTE
Greeks defy Europe with overwhelming referendum

Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday, throwing the future of the country's euro zone membership into further doubt and deepening a standoff with lenders.

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3

ANALYSIS
Dubai hotels sector focus shifting to mid-market

Dubai is seeing a shift towards the development of mid-market hotels, underpinned by government incentives, a growing middle class in key source markets and the rise of a younger, more cash constrained guest profile, a report said.

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4

ANALYSIS
Oil price flux unlikely to hit long-term sector growth

The cyclicality of the oil and gas industry is unlikely to impact the long term trajectory of the sector, a report said, noting that the current fluctuations may speed up some of the trends that were already unfolding.

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5

IMAGE OF THE DAY
Expanding horizon

National carrier Qatar Airways has launched its second new destination of the year, touching down in the Spice Island of Zanzibar.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Mideast construction disputes value hits $77m

The total value of disputes relating to major construction projects in the Middle East grew by 88 per cent to hit $76.7 million in 2014 compared to the previous year, said a report.

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Retail & Wholesale

Fondiversal launches ‘world’s smallest’ camera

Fondiversal Technology, the Taiwan-based consumer electronics conglomerate, said it has launched the world’s smallest and lightest “OnReal” cam in Middle East Africa (MEA) region.

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Energy, Oil & Gas

Sabic, Korea's SK in $640m petchem plant JV

Saudi Basic Industries Corporation (Sabic) said on Sunday it had completed the formation of a joint venture with Korean petrochemical manufacturer SK Global Chemical Company to produce polyethylene products.

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Finance & Capital Market

Saudi non-oil business activity hits record low

Growth in Saudi Arabia's non-oil private sector slowed in June, a recent survey of businesses revealed, reaching its lowest level since the survey was launched in August 2009.

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Analysis, Interviews, Opinions

Oil price flux unlikely to hit long-term sector growth

The cyclicality of the oil and gas industry is unlikely to impact the long term trajectory of the sector, a report said, noting that the current fluctuations may speed up some of the trends that were already unfolding.

More…
Industry, Logistics & Shipping
Travel, Tourism & Hospitality

Dubai shifts focus to mid-market hotels

Dubai is seeing a shift towards the development of mid-market hotels, underpinned by government incentives, a growing middle class in key source markets and the rise of a younger, more cash constrained guest profile, a report said.

More…
IT & Telecommunications

Mobily’s 4G network sees 270pc growth

Etihad Etisalat Mobily, a leading telecom operator in Saudi Arabia, has reported a 270 per cent growth rate in the average of transferred data on its 4G network during the month of Ramadan this year as against the same period of last year.

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Motoring

CVC Capital to keep Formula One stake

Formula One's commercial rights holders CVC Capital Partners are under no pressure to sell their controlling stake in the sport and want to keep it, co-chairman Donald Mackenzie said on Saturday.

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Health & Environment

New family hospital opens in Abu Dhabi

Medeor 24x7 Hospital, a multi-specialty 80-bed family hospital, has opened in Abu Dhabi, UAE offering state-of-the-art facilities and innovative biomedical technologies.

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Media & Promotion

Mall of Qatar to debut laser-lit cinema projectors

Mall of Qatar, the region’s largest leisure, entertainment and shopping complex, when it opens its doors in Doha, will première the Middle East’s first laser-illuminated projectors in its 19-screen CinemaCity complex.

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Education, HR & Training

Al Jalila inks major UAE education deal

UAE’s Al Jalila Foundation, a global philanthropic organisation dedicated to medical education, has signed an agreement with the Ministry of Education covering a number of initiatives in career, education and innovation.

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Miscellaneous

Egyptian army kills 63 militants in North Sinai

Egypt's military launched air strikes and ground operations that killed 63 Islamist militants in North Sinai on Sunday, security sources said, as the country grapples with an increasingly ambitious insurgency based in the region.

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