Sunday 24 May 2015

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MOVE FOR CONSISTENCY
UAE banks mulls centralised Islamic finance board

The United Arab Emirates' bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, which could spur the growth of the industry.

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1

1,207km PROJECT
Oman Rail floats key construction tenders

Oman Rail has floated tenders for the construction of an additional 1,207 km of railway infrastructure linking the country’s three maritime gateways at Sohar, Duqm and Salalah with the GCC rail system, said a report.

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2

25-YEAR MASTER PLAN
Oman to pump $6.5bn into water infrastructure projects

Oman is set to spend around RO2.5 billion ($6.5 billion) for the expansion and modernisation of the sultanate’s water infrastructure over the next 25 years, said a report.

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3

ANALYSIS
US drivers yield 'swing' oil demand crown to Saudis

As the United States raced over the past five years toward becoming a global petroleum powerhouse, the world's biggest oil exporter Saudi Arabia quietly seized a market milestone from America: the largest source of peak summer demand.

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4

INSIGHT
Small food makers on fast path to US store shelves

Small US food manufacturers once toiled for decades to develop a critical mass of fans. Now, an increasing number of entrepreneurs are going from garage to grocery store in fewer than five years thanks to an erosion of barriers to entry.

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5

NEWS IN PICTURES
Honor is here...

The first Honor 6 Plus buyers in Dubai, UAE, received their phones from Chris Sun Baigoing, vice president of online sales, Huawei Consumer Group (above, left), as the phone became available in the region yesterday.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Qatar developer unveils new partnership plan

SAK Holding Group, a leading Qatari real estate developer, has launched a novel initiative under which all land and property owners in capital Doha can partner with them for development of key properties and earn attractive returns.

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Retail & Wholesale

Arcapita sells big US apparel group J.Jill

Bahrain investment firm Arcapita said sold J.Jill Group, a leading US-based multi-channel retailer of women’s apparel, accessories and footwear, to TowerBrook Capital Partners, a leading global investment management firm.

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Energy, Oil & Gas

Oman to award major power plant project

Oman Power and Water Procurement Company is set to award a major contract to a consortium comprising Japan's Mitsui & Company and Saudi-based Acwa Power for the development of a 445MW natural gas-fired power plant in the sultanate.

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Finance & Capital Market

Iran may abolish fuel subsidies in bid to cut spending

Iran is likely to abolish subsidised fuel allowances for motorists, an Oil Ministry adviser said on Saturday, in a move that will cut state spending but could also drive inflation and cause protests.

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Analysis, Interviews, Opinions

Saudi Arabia rewrites oil game with refining might

Saudi Arabia's rapid transition into one of the world's largest oil refiners has added an extra dimension to the oil exporter's role as the driver of Opec (Organization of the Petroleum Exporting Countries) policy, say experts.

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Industry, Logistics & Shipping

Glaston sells pre-processing machines business

Glaston, a Finland-based firm developing glass processing technology for architectural, solar, appliance and automotive applications, said it has sold its pre-processing machines business to the local management of Glaston Italy.

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Travel, Tourism & Hospitality
IT & Telecommunications

Mobily set for RCN commercial launch

Mobily, a leading Saudi-based mobile services operator, has announced the commercial launch of the regional cable network which connects the Middle East with Europe starting from Fujairah (UAE) passing through Riyadh (Saudi Arabia).

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Lifestyle

Kens, Studio E offer hand-painted wallpaper

Kens & Company, a provider of quality finishes and Studio E Hand Painted Wallpaper have partnered bring to the Gulf their collection of authentic Italian polished plaster and artisan metal-leaf as wallpaper.

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Motoring

Dubai unveils details of eco-friendly school buses

The Roads and Transport Authority (RTA) has unveiled the design and technical specifications of its eco-friendly school buses, to be operated by the Dubai Taxi Corporation (DTC) to offer transit services to students.

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Health & Environment

Majid Al Futtaim launches drive against heart disease

UAE-based Majid Al Futtaim said two of the leading shopping destinations in Oman are spearheading its regional health campaign ‘Feel the Beat’ that offers complimentary heart health testing for women in the sultanate.

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Media & Promotion

UAE plans official launch of space agency

The UAE is set to officially launch its space agency besides introducing a number of initiatives and programs to help the nation become a key player in space science exploration.

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Education, HR & Training

Dubai mJobs apps gets solid response

Dubai Smart Government said its mJobs app has received an overwhelming response from the people with 15,700 users having downloading it within three weeks of its launch.

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Miscellaneous

Mideast nuke arms ban talks fail over row

A month-long review conference on the 1970 nuclear Non-Proliferation Treaty ended in failure on Friday after its members were unable to overcome disagreements on an atomic weapons ban for the Middle East.

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