Saturday 27 December 2014

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LIBYA CLASHES HIT OUTPUT
Oil sinks below $60 amid strong dollar, US oversupply

Oil prices fell to $59.45 on Friday, tumbling as the dollar strengthened and as a supply glut in top consumer, the US, trumped worries about falling production from Libya.

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1

‘BORROWING MIGHT BE USED’
Saudi to discuss deficit financing with central bank

Saudi Arabia's Finance Ministry will discuss with the central bank its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Alassaf said.

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2

BAHRAIN TOPS IN REGION
GCC countries dominate ICT development index

GCC countries have dominated a key information and communications technology (ICT) index, it has been revealed.

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3

SPECIAL REPORT
Mideast smartphone sales surge 50pc in Q3

Emerging markets witnessed some of the highest sales in smartphones, with the Middle East and Africa achieving the highest increase in the third quarter of 2014, with sales growing almost 50 per cent year-over-year, a report said.

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4

ANALYSIS
Value emerges amid GCC equity market volatility

GCC markets end the year flat after a correction caused by oil price volatility, but 2015 looks promising for investors due to strong fundamentals and low valuations, a report said.

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5

IMAGE OF THE DAY
Climate control

Artificial snow making machines operate on grass-covered slopes at the ski station at Les Gets in the French Alps on December 26. Meteo France weather service predicts snowfall in France over the weekend according to media reports.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Saudi housing projects to gain from low oil prices

Saudi Arabia’s Ministry of Housing projects are set to gain from lower oil prices leading to a decline of 25 per cent in costs incurred by customers, according to a report.

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Retail & Wholesale

Amazon’s prime service draws 10m members

Amazon.com said on Friday it drew more than 10 million new members to its Prime shipping and digital content service over the holidays and intends to offer one-hour shipping to more cities in 2015.

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Energy, Oil & Gas

Oil sinks below $60 amid strong dollar, US oversupply

Oil prices fell to $59.45 on Friday, tumbling as the dollar strengthened and as a supply glut in top consumer, the US, trumped worries about falling production from Libya.

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Finance & Capital Market

‘No need to create sovereign wealth fund’: Saudi FM

Saudi Arabia's Finance Minister said there was no need for the kingdom to create a sovereign wealth fund to manage its oil wealth, rebuffing suggestions by prominent officials and businessmen.

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Analysis, Interviews, Opinions

Mideast smartphone sales surge 50pc in Q3

Emerging markets witnessed some of the highest sales in smartphones, with the Middle East and Africa achieving the highest increase in the third quarter of 2014, with sales growing almost 50 per cent year-over-year, a report said.

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Industry, Logistics & Shipping

RAK Ceramics to exit Sudan business, boost UAE capacity

United Arab Emirates-based RAK Ceramics, one of the world's biggest makers of floor and wall tiles, said on Thursday it would sell its Sudan business and use the cash raised to expand its sanitary ware production capacity in the UAE.

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Travel, Tourism & Hospitality

Saudi limits family visit visa to 6 months

Saudi Arabia’s Passport Department has issued new regulations that state family visitor visa would deb limited to only six months or 180 days, according to a report.

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Lifestyle

Rockwell Collins promotes new solutions

Rockwell Collins of the US showcased its new flight information solutions and cabin systems at the Middle East Business Aviation (Meba) show, in Dubai, UAE, recently.

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Motoring

Audi plans electric sports car, activity vehicle

Volkswagen's premium Audi division aims to bring two purely electric vehicles, including a sports car and a sports activity vehicle (SAV), to market by 2018 as it tries to catch up with rivals such as Tesla Motors and BMW.

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Health & Environment

$54m Zulekha hospital expansion begins in Dubai 


The construction work on Dh200 million ($54.4 million) expansion of Zulekha Healthcare Group's Dubai facility has started and is expected to be completed in the middle of 2017, according to a report.

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Media & Promotion

Iran expands ‘smart’ Internet censorship

Iran is to expand what it calls "smart filtering" of the Internet, a policy of censoring undesirable content on websites without banning them completely, as it used to, the government said on Friday.

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Education, HR & Training

Adec, Mubadala launch educational programmes

Abu Dhabi Education Council (Adec) and Mubadala Development Company, the Abu Dhabi investment and development company, have launched the Abu Dhabi Sustainability Week in Schools (ADSWS), an emirate-wide educational programme.

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Miscellaneous
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