Saturday 29 August 2015

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US CRUDE UP 7pc
Oil extends biggest rally in six years to top $50

World oil prices roared back to $50 a barrel in the second day of a frenetic short-covering rally on Friday, with violence in Yemen, a storm in the Gulf and refinery outages helping extend the biggest two-day rally in six years.

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1

DOLLAR GAINS
Wild week for markets ends quietly

A volatile ride for global markets this week ended calmly on Friday even as worries over Chinese economic growth and the Federal Reserve's plans to raise interest rates weighed on stocks, but oil rebounded sharply for a second day.

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2

LARGEST SINGLE AWARD IN ME
McDermott wins lump sum contract from Saudi Aramco

McDermott International, a leading provider of integrated EPCI services for upstream field developments, has won a lump sum contract from Saudi Aramco for brownfield work in various fields offshore Saudi Arabia.

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3

SPOTLIGHT
Arab Opec producers brace for oil-price weakness

A second oil price rout of 2015 has forced Arab Opec members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to defend market share and curb rivals' output.

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4

Smart solar palm trees spring up in Dubai

A new species of palm tree has started sprouting around Dubai. But instead of producing dates, the fronds of the Smart Palm harness the sun's energy to allow people to look up city information, access Wi-Fi and charge their phones.

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5

NEWS IN PICTURES
New face

Tunisian actress Feryal Youssef is the new brand ambassador for Dabur Amla Hair Creams.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Cityscape Global sees 15pc rise in exhibitors

Cityscape Global, the Middle East’s largest property showcase to be held in Dubai, UAE, next month, will see a 15 per cent increase in exhibitors, said event organisers.

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Retail & Wholesale
Energy, Oil & Gas

Oil extends biggest rally in six years to top $50

World oil prices roared back to $50 a barrel in the second day of a frenetic short-covering rally on Friday, with violence in Yemen, a storm in the Gulf and refinery outages helping extend the biggest two-day rally in six years.

More…
Finance & Capital Market
Analysis, Interviews, Opinions

Arab Opec producers brace for oil-price weakness

A second oil price rout of 2015 has forced Arab Opec members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to defend market share and curb rivals' output.

More…
Industry, Logistics & Shipping

KBR wins Logcap IV task order for US Army in Kuwait

KBR, a leading technolgy, engineering, procurement and construction company, has won a cost plus fixed fee task order in the Arabian Peninsula under the Logistics Civil Augmentation Program (Logcap) IV contract.

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Travel, Tourism & Hospitality

MEA hotels report 12pc occupancy rise in July

Hotels in the Middle East and Africa (MEA) region have reported a 12.1 per cent increase in occupancy to 55.1 per cent in July as compared to the same period last year, according to a report.

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IT & Telecommunications

Ericsson launches ICT professional programme in ME

Ericsson has officially launched its ICT Professional Foundation Program in the Middle East covering 12 countries aimed at helping graduates looking to join ICT giants, to be better equipped.

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Motoring

Cooper Tire backs top Dubai motor event

Cooper Tire, a global company that specialises in the design, manufacture, marketing and sales of tyres, has announced that it will be the official tyre sponsor of this year’s Dubai International Motor Show.

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Health & Environment
Miscellaneous

Saudi King to meet Obama at White House on Sept 4

Saudi Arabia's King Salman will meet President Barack Obama at the White House on September 4, the White House said, as Washington and Riyadh seek to shore up relations after a period of tension mainly over a US-led nuclear deal with Iran.

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