Thursday 24 July 2014

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SEARCH FOR AIRCRAFT ON
Air Algerie plane with 110 passengers crashes

An Air Algerie flight crashed on Thursday en route from Ouagadougou in Burkina Faso to Algiers with 110 passengers on board, an Algerian aviation official said.

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AIRPORT READY FOR EID RUSH
Dubai H1 passenger traffic up 6pc to 34.67m

Passenger traffic at Dubai International rose to 34,676,090 during the first half of 2014, up 6.2 per cent from the same period last year despite a runway refurbishment programme that cut flights by over 26 per cent during May and June.

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2

'CHANGE IN STRATEGY'
Taqa pulls out of $1.6bn India power deal

Abu Dhabi National Energy Co (Taqa) is pulling out of a $1.6 billion deal to buy two Indian hydroelectric power plants because of "a change in strategy", a senior Taqa official told Reuters on Thursday.

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3

ANALYSIS
Saudi Arabia accelerates reform push with market opening

Saudi Arabia's decision to open its stock market to foreign investors is part of an accelerating series of economic reforms that may culminate in the most far-reaching change yet: higher domestic energy prices.

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4

SPOTLIGHT
Ending Gaza bloodshed rests on a face-saving truce

A possible truce to halt bloodshed in Gaza during the Muslim Eid Al-Fitr holiday next week hinges on complex negotiations that have to give Hamas, Israel and regional powers a chance to claim political and military victories.

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5

IMAGE OF THE DAY
Accident and agony

Relatives wail as people crowd at the site of a collision between a train and a school bus in Medak district in the southern Indian state of Telangana. At least 19 children and the driver were killed in the accident.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Foundation laid for massive Madinah city

Saudi Arabia has launched work on the massive King Abdullah City for Pilgrims in Madinah with the laying of the foundation for the project. The SR55 billion ($14.66 billion) project, being developed by Dar Al-Hijrah Company.

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Retail & Wholesale

Marka to list shares on DFM in mid-September

Dubai retailing and restaurants group Marka plans to list its shares on the Dubai Financial Market (DFM) in the second week of September, in what would be the bourse's first flotation for five years, the company said on Wednesday.

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Energy, Oil & Gas

Taqa pulls out of $1.6bn India power deal

Abu Dhabi National Energy Co (Taqa) is pulling out of a $1.6 billion deal to buy two Indian hydroelectric power plants because of "a change in strategy", a senior Taqa official told Reuters on Thursday.

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Finance & Capital Market

Emirates NBD H1 profits surge 30pc to $640m

Emirates NBD, the largest bank in the UAE by total income and branch network, today reported a net profit growth of 30 per cent year on year for the first half to Dh2.350 billion ($639.7 million).

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Analysis, Interviews, Opinions
Industry, Logistics & Shipping

Agthia profit surges 21pc in H1

Agthia Group, one of the UAE’s leading food and beverage groups, has reported a net profit of Dh104.5 million (28.45 million) for the first half of 2014, an increase of 21 percent year-on-year.

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Travel, Tourism & Hospitality

Dubai H1 passenger traffic up 6pc to 34.67m

Passenger traffic at Dubai International rose to 34,676,090 during the first half of 2014, up 6.2 per cent from the same period last year despite a runway refurbishment programme that cut flights by over 26 per cent during May and June.

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IT & Telecommunications

Du posts estimate-beating Q2 profit gain

Du, the United Arab Emirates' second biggest telecommunications operator, reported a 15.6 percent rise in second-quarter profit on Thursday, beating analysts' estimates on the back of increased revenue from fixed and mobile services.

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Government & Laws
Motoring

Audi to introduce lightweight springs

Audi plans to introduce new, lightweight suspension springs made of glass fibre-reinforced polymer (GFRP) in an upper mid-size model before the end of the year, reinforcing its leading role in automotive lightweight construction.

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Health & Environment

Paracetamol no use for low back pain: study

Paracetamol, a painkiller universally recommended to treat people with acute low back pain, does not speed recovery or reduce pain from the condition, according to the results of a large trial published on Thursday.

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Media & Promotion

GfK wins electronic TAM deal in Morocco

Germany-based GfK, a leading provider of audience measurement services, has won a tender with Morocco’s joint industry committee ‘Ciaumed,’ to deliver an electronic TV audience meausurement service (TAM) in the country.

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Education, HR & Training
Miscellaneous

Marmum to boost juices export

Marmum Dairy Farm, a subsidiary of Dubai Investments (DI) and one of the leading dairy brands in the UAE, has announced plans to export over 1.8 million litres of its Raha long-life juices across the Middle East and Africa this year.

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