Wednesday 22 October 2014

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FIRM TO TARGET MID-INCOME GROUPS
Aldar to launch new projects in three months

Abu Dhabi's Aldar Properties will launch a few new projects in the next three to four months, the real estate developer's chief financial officer said on Wednesday.

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1

GROWING DUBAI ECONOMY HELPS
Emirates NBD Q3 net profit doubles

Emirates NBD, Dubai's largest lender, made a net profit of Dh1.56 billion ($424.7 million) in the third quarter (Q3) of the year aided by a fall in provisioning, compared to Dh775 million ($211 million) in the same period last year.

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2

KUDU ‘WORTH AROUND $400m’
Abraaj set to seal purchase of Saudi fast-food chain

Private equity firm Abraaj Group hopes to conclude a deal soon to buy a majority stake in Saudi fast-food chain Kudu alongside TPG Capital, a senior Abraaj executive said.

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3

SPECIAL REPORT
Wind could supply one-fifth of global power

Installed wind power capacity could swell by 530 per cent to 2,000 gigawatts (GW) by 2030, supplying up to 19 per cent of global electricity, a report from a trade association and Greenpeace said.

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4

SPECIAL REPORT
GCC heading towards massive housing shortage

The young demographic structure of the GCC region is creating a surge in demand for housing that could lead to a shortage in excess of one million units by 2018, a report said.

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5

IMAGE OF THE DAY
Think Pink

People stand around "Umbrellas", the sculpture by Giorgos Zogolopoulos, as it is illuminated in pink light to mark the Breast Cancer Awareness Month in Thessaloniki in northern Greece on October 21.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dubai sees steady increase in land prices

With the expanding significance of freehold in Dubai, UAE, land prices will continue to gather momentum, especially towards the build-up for the World Expo 2020, said a report.

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Retail & Wholesale

Qatar to buy $616m stake in HK retail operator

Qatar's sovereign wealth fund has agreed to buy a HK$4.78 billion ($616 million) stake in Lifestyle International Holdings, operator of the SOGO department stores in Hong Kong and mainland China, Lifestyle said on Monday.

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Energy, Oil & Gas

Oman Oil ready to buy Oxy local assets

Oman Oil Company is in talks with Occidental Petroleum Corp to buy its assets in the sultanate but is still waiting to know the specifics of the potential sale from the US company, the Omani firm's chief executive said on Tuesday.

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Finance & Capital Market

Al Khaliji Q3 net profit surges 35pc

Al Khaliji, a leading commercial bank in Qatar, has reported a net profit of QR145.9 million ($40 million) for the third quarter of 2014, representing an increase of 35 per cent over the same quarter of last year.

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Analysis, Interviews, Opinions

IBM struggles to reinvent itself in an age of cloud

When IBM Corp CEO Ginni Rometty was asked how to transform companies, she spoke of "relentless reinvention", but applying those precepts to the IT giant is proving particularly tricky as its cloud and security units face stiff competition.

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Industry, Logistics & Shipping

Sipchem blames shutdowns for profit drop

Saudi International Petrochemical Company (Sipchem) blamed plant shutdowns as it reported a 13.3 per cent drop in third-quarter net profit on Tuesday that missed analysts' forecasts.

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Travel, Tourism & Hospitality

Global air traffic grows 4.5pc in August

International premium and economy air passenger numbers grew at the same rate of 4.5 per cent in August compared to a year ago, up on the July growth of 2.6 per cent.

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IT & Telecommunications

High dividends driving Saudi telecom sector

The growing data segment and ongoing cost-cutting initiatives are the near-term drivers of Saudi Arabia’s telecom sector while the attractive dividends yield of 4.3 per cent is the sector’s key attraction, a report said.

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Lifestyle

Christie’s regional art sales top $12.5m

The sale of Modern and Contemporary Arab, Iranian and Turkish Art at Christie’s Dubai drove the $8.5million high estimate to $12.51 million yesterday (October 21), marking the highest sale total for the category since 2010.

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Motoring

Toyota’s brand value rises by 20pc

Toyota's investment in future mobility, including zero-emission vehicles and its focus on innovation, have contributed to a 20 per cent increase in its brand value over the past year, according to the Best Global Brands Report 2014.

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Health & Environment

Exit screening ‘vital to check global Ebola spread’

Three Ebola-infected travellers a month would be expected to get on international flights from the West African countries suffering epidemics of the deadly virus if there were no effective exit screening, scientists said on Tuesday.

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Media & Promotion

Production Reserve Group acquires Dubai's Gearhouse

Production Resource Group, a New York-based supplier of entertainment and event technology, is set to acquire Dubai-based Gearhouse, a provider of turnkey event production services across the Gulf region.

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Education, HR & Training

Govt jobs ‘most preferred by Emirati professionals’

The majority of Emirati professionals prefer the government as employer, followed by military, defence and police services, oil, gas and petrochemicals and banking and finance, a report said.

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Miscellaneous
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