Wednesday 2 September 2015

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START-UP DATE UNCLEAR
Saudi Khurais oilfield expansion delayed

The expansion of Saudi Arabia's Khurais oilfield is expected to be delayed from the originally planned time-frame of 2017 and the start-up date is now unclear, industry sources said.

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1

12.9pc GROWTH IN 7 MONTHS
Dubai Airport welcomes 6.6m passengers in July

Dubai International Airport saw passenger numbers climb up to 6.68 million In July this year, up 29.6 per cent from a temporary dip in the same month last year when traffic numbers were affected by a runway refurbishment programme.

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2

DIVERSIFICATION HELPS
UAE growth seen at 3.9pc this year

The UAE’s GDP growth this year is expected to reach 3.9 per cent thanks to more established diversification efforts, while many Middle East states will see lower growth caused by the plunging oil price, according to a study.

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3

SPECIAL REPORT
Web address boom ‘bonanza for cyber-criminals’

An explosion in the number of new Internet addresses has created a wealth of opportunities for criminals exploiting shady domains such as .zip, .kim or .party, according to an industry study published on Tuesday.

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4

ANALYSIS
ME funds positive on stocks as valuations improve

Middle East fund managers have turned more positive towards equities in the region after a plunge in markets reduced valuations and oil prices rebounded, a report said.

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5

NEWS IN PICTURES
Vietnam might

Vietnamese army sappers march during a parade marking the 70th anniversary of National Day at a street in Hanoi, Vietnam on September 2. The parade involved both people's armed forces and civilians, according to media reports.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

UAE’s real estate markets rattled by oil slump

The sharp decline in oil prices over the past one year has started to impact the UAE real estate market in a big way, with property transaction levels falling across Abu Dhabi, Dubai and Sharjah, said a report.

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Retail & Wholesale

Majid Al Futtaim opens new retail destination in UAE

Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (Mena), is set to open its sixth City Centre mall in the UAE - the City Centre Me’aisem.

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Energy, Oil & Gas

Honeywell UOP technology for new Egypt gasoline plant

Egypt’s Alexandria National Refining & Petrochemicals Company (ANRPC) will use technology and equipment provided by UOP, a Honeywell company, in its $300-million new state-of-the-art gasoline production facility.

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Finance & Capital Market

DGCX records 35pc growth in trading volumes in August

Dubai Gold and Commodities Exchange (DGCX) has recorded a 35 per cent growth in monthly trading volumes, with an all-time high in two years of more than 1.5 million contracts.

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Analysis, Interviews, Opinions

Oil prices forecast to recover in 2016

Oil prices have fallen too far, too fast and should recover gradually over the next year as supply growth slows and demand recovers, a Reuters poll showed on Tuesday.

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Industry, Logistics & Shipping

Mubadala's Strata sees 15pc revenue growth

Strata, the manufacturing unit of Abu Dhabi's state-owned Mubadala Aerospace, expects revenues to grow more than 15 per cent this year and aims to break even in two years' time, its chief executive said.

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Travel, Tourism & Hospitality

Dubai's SKAI secures $300m for hotel projects

SKAI, a Dubai-based real estate and hospitality group, has secured a funding of Dh1.1 billion ($300 million) from major banks for the construction of its Viceroy Dubai Palm Jumeirah and Viceroy Dubai Jumeirah Village projects.

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IT & Telecommunications

Mena mobile data traffic to grow 14 times

Mobile data traffic in the Middle East and North East Africa (Mena) region is expected to grow 14 times between 2014 and 2020, while globally data will expand nine times, according to the Ericsson Mobility Report.

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Health & Environment

El Nino strengthening, maybe one of biggest

The current El Nino weather phenomenon is expected to strengthen before the end of the year and to peak between October and January, the World Meteorological Organization said on Tuesday.

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Media & Promotion

Dubai developer signs up 'Desert Pele' as ambassador

Dubai-based property developer, The First Group, has signed up Saudi Arabian football legend Majed Abdullah (also known as the Desert Pelé) as its new brand ambassador for its operations in the Middle East and North Africa (Mena) region.

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Education, HR & Training
Miscellaneous

26 people charged with arms cache in Kuwait

Kuwait has charged 26 people with possessing weapons and having contacts with Iran and the Lebanese Hezbollah group in order to plot attacks against the Gulf state.

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