Monday 6 July 2015

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SOLID SALES GROWTH
Alba's production hits new high in Q2

Aluminium Bahrain (Alba), one of the world's leading smelters, posted solid growth in the second quarter with its production figures surging 3.1 per cent year-on-year to hit 238,904 metric tonnes (MT) compared to last year.

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RETAIL BUSINESS DEALS
Abu Dhabi Islamic eyes Asia, Mena acquisitions

Abu Dhabi Islamic Bank (ADIB), which recently failed in its bid for Citigroup's Egypt retail business, is targeting acquisitions in 2016 in Asia, the Middle East and North Africa (Mena) region, its chief executive said.

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2

NEW DIVESTMENT STRATEGY
Qalaa in deal to sell key stake in Egypt glass company

Qalaa Holdings (formerly Citadel Capital), one of Egypt's largest investment companies, said it has entered into a deal with key investors of Misr Glass Manufacturing Company (MGM) to divest its shares in the company.

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3

ANALYSIS
Dubai hotels sector focus shifting to mid-market

Dubai is seeing a shift towards the development of mid-market hotels, underpinned by government incentives, a growing middle class in key source markets and the rise of a younger, more cash constrained guest profile, a report said.

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4

ANALYSIS
Oil price flux unlikely to hit long-term sector growth

The cyclicality of the oil and gas industry is unlikely to impact the long term trajectory of the sector, a report said, noting that the current fluctuations may speed up some of the trends that were already unfolding.

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5

NEWS IN PICTURES
View from the top

Greig Littlewood and Nigel How, both commercial rope access technicians at UK’s Avalon, abseiled down the 251-metre Conrad Hotel Dubai in a partnership operation to help prepare for London’s major expansion into the sky.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Oman shortlists three consortiums for key rail project

Oman has shortlisted three consortiums for the multibillion-dollar Segment One package of the national rail network and the contract is likely to be awarded in the fourth quarter of this year, said a report.

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Retail & Wholesale

Carrefour opens outlet in Dubai residential property

Majid Al Futtaim, a leading shopping mall, retail and leisure pioneer in the region, has announced the opening of its new Carrefour Market store at Arabian Ranches, a mixed-use Emaar development in Dubai.

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Energy, Oil & Gas

Egypt debt to foreign oil companies hits $3.5bn

Egypt's debts to foreign oil companies stood at $3.5 billion dollars at the end of June, a 6.1 percent increase from March, an official at state-owned Egyptian General Petroleum Corporation (EGPC) said.

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Finance & Capital Market

Abraaj exits pan-African insurance investment

The Abraaj Group, a leading investor operating in global growth markets, said it has completed the full exit of its investment in UAP Holdings Limited, a pan-African insurance holding company through one of its funds.

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Analysis, Interviews, Opinions

CFO role ‘critical to survival in oil sector’

With oil prices slowly recovering from the dramatic fall last summer, chief financial officers (CFOs) working in the sector can galvanise the finance function in the fight to future-proof their business, a report said.

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Industry, Logistics & Shipping

Qalaa in deal to sell key stake in Egypt glass company

Qalaa Holdings (formerly Citadel Capital), one of Egypt's largest investment companies, said it has entered into a deal with key investors of Misr Glass Manufacturing Company (MGM) to divest its shares in the company.

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Travel, Tourism & Hospitality

First Marriott opens in Makkah

Marriott International, a luxury global hotel chain, has launched its first flagship brand in Saudi Arabia’s holy city with the opening of the Makkah Marriott Hotel.

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IT & Telecommunications

DI unit launches audit management system

TechSource, a wholly-owned subsidiary of Dubai Investments (DI) offering IT domain services, has launched a system which offers integrated, scalable solutions to manage audit processes of any establishment of any size across any sector.

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Motoring

Ferrari listing to value group at $11.2bn

The listing of Ferrari may value the sports car unit at at least €10 billion ($11.26 billion), said Fiat Chrysler's (FCA) chief executive Sergio Marchionne.

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Health & Environment

New spondyloarthritis centre planned in UAE

GCC and German rheumatologists plan to establish a Spondyloarthritis Center of Excellence in partnership with Abbvie Biopharmaceuticals, a global, research-based biopharmaceutical company.

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Media & Promotion

Mall of Qatar to debut laser-lit cinema projectors

Mall of Qatar, the region’s largest leisure, entertainment and shopping complex, when it opens its doors in Doha, will première the Middle East’s first laser-illuminated projectors in its 19-screen CinemaCity complex.

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Education, HR & Training

Abu Dhabi Co-op to boost services to Khalifa Fund

Abu Dhabi Co-Operative Society has signed an agreement with Khalifa Fund, which has a focus on enterprise development, aiming to enhance services to entrepreneurs and to assist them to market their products in a better way.

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Miscellaneous

UAE’s electoral base expands 66pc for FNC vote

UAE’s National Election Committee (NEC) has adopted the Electoral College for the Federal National Council (FNC) Elections 2015 constituting 224,279 members, an increase of 66 per cent compared to the 2011 elections.

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