Monday 22 December 2014

0

TOUGH STAND
Saudi says 'won't cut output even if non-Opec nations do'

Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non-Opec nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years.

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1

SAUDI BID TO REPAIR TIES
Sisi meets Qatari envoy, signalling possible detente

Egyptian President Abdel Fattah Al Sisi met a special envoy of the Emir of Qatar on Saturday, the latest step in a Saudi-brokered effort to repair relations, regional news agencies reported.

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2

MOVE TO COUNTER TERORISM
Egypt receives 10 Apache helicopters from US

Egypt received 10 Apache helicopters from the US in the past week, security sources said on Saturday, a sign of easing tensions between the long-time allies confronting Islamist extremism across the region.

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3

ANALYSIS
Oman set to top region in luxury spending in 2015

A majority (53 per cent) of luxury spenders in Oman plan to spend more on luxury goods and experiences in 2015, a report said, highlighting that this compares to a regional average of 31 per cent.

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4

SPECIAL REPORT
Iran's support for Syria tested by oil price drop

Syrian businessmen and trade officials say they are worried the economic lifeline provided by Iran is under strain from plunging oil prices, despite public messages of support from Syria's strongest regional ally.

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5

IMAGE OF THE DAY
Crossing hopes

Palestinians, hoping to cross into Egypt, present their passports at the Rafah crossing between Egypt and the Gaza Strip on December 21. Egypt opened the border crossing on Sunday for the first time since it was closed on October 25.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dubai's RTA awards $32m road contract

Dubai's Roads and Transport Authority (RTA) said it has awarded a Dh118-million ($32.12 million) deal for the construction of internal roads at Al Mamzar and Al Nahda areas of the UAE emirate.

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Retail & Wholesale

Magic Planet inks partnership deal with Carrefour

Magic Planet, the entertainment centre from Majid Al Futtaim Leisure and Entertainment, has sealed a key partnership agreement with Carrefour, the world's second largest retailer, to offer its customers with various perks.

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Energy, Oil & Gas

Bahrain energy projects not affected by oil slide

Falling oil prices will not affect the development of oil and gas infrastructure in Bahrain, including an import terminal for natural gas and expansion of a major pipeline and refinery, the country's energy minister said on Sunday.

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Finance & Capital Market
Analysis, Interviews, Opinions

Iran's support for Syria tested by oil price drop

Syrian businessmen and trade officials say they are worried the economic lifeline provided by Iran is under strain from plunging oil prices, despite public messages of support from Syria's strongest regional ally.

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Industry, Logistics & Shipping

Saudi, UAE claim 75pc of regional food retail market

While Saudi Arabia and the UAE together account for three-quarters of the food retail market in the region, a report said, highlighting opportunities for supply chain consolidation in the GCC food & beverage sector.

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Travel, Tourism & Hospitality

Rosewood Hotels rebrands Jeddah property

Rosewood Hotels and Resorts, an international luxury resort company, has announced that its property in Jeddah, Saudi Arabia, has been renamed as Rosewood Jeddah as part of the company’s brand re-launch.

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IT & Telecommunications
Lifestyle

Middle East among top 10 global luxury markets

The Middle East ranks in the top 10 list of global luxury markets, a report said, adding that regional consumption went up by 11 per cent in 2014, fuelled by the growth in tourism as well by a hike in the number of new malls in the GCC.

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Motoring

Abu Dhabi F1 draws record 60,000-strong crowd

The 2014 Formula 1 Etihad Airways Abu Dhabi Grand Prix was the most successful to date with the largest ever capacity at 60,000 people, marking an increase of 5,000 tickets over the 2013 edition, said event organisers.

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Health & Environment

Bahrain to set up green energy watchdog

Bahrain is preparing to open the door to alternative power providers with the setting up of a new watchdog to oversee the green energy sector, a senior government official said.

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Media & Promotion

Abu Dhabi Media Zone takes over ImageNation

Abu Dhabi Media (ADM), the official media organisation of the emirate, said it has officially transferred the operations of ImageNation, a leading creators of media and entertainment content, to the Abu Dhabi Media Zone (twofour54).

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Education, HR & Training

Bahrain’s NIIT in pact to boost vocational training

The National Institute for Industrial Training (NIIT), the only industrial institute of its kind in Bahrain, has partnered with Germany’s Rheinmetall MAN Military Vehicles to promote cooperation in the fields of apprenticeship and training.

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Miscellaneous

Sisi meets Qatari envoy, signalling possible detente

Egyptian President Abdel Fattah Al Sisi met a special envoy of the Emir of Qatar on Saturday, the latest step in a Saudi-brokered effort to repair relations, regional news agencies reported.

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