Wednesday 1 July 2015

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LOW OIL IMPACT
Abu Dhabi's IPIC net profit plunges 37pc

Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) reported on Wednesday a 37 per cent drop in net attributable profit for 2014 as low oil prices hurt earnings.

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1

DOWNSTREAM SERVICES BOOST
UAE's Gulf Petrochem acquires Kenyan oil company

UAE-based Gulf Petrochem Group has announced the acquisition of Essar Petroleum East Africa in a bid to enhance the group’s services and products for the downstream supply chain in the oil and gas sector in East Africa.

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2

60 SUSPECTS DETAINED
Kuwait in 'state of war' after mosque bombing

Kuwait's interior minister said the Gulf country was at war with Islamist militants and would strike out at cells believed to be on its soil.

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3

ANALYSIS
Oil bull market seen as Brazil, Iraq cut output targets

Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would boost the US shale industry.

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4

SPECIAL REPORT
Second quarter M&A close to record amid mega deals

Mergers and acquisitions worldwide in the second quarter (Q2) of 2015 almost matched the record set during Q2 2007.

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5

IMAGE OF THE DAY
On top of the world

The Eastern Mangroves Suites by Jannah in Abu Dhabi, UAE, was announced the winner in the category of the Best Hotel Apartment in the Middle East Awards.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Kuwait property sales drop 28pc in May

Sales across Kuwait’s three main real estate sectors totalled KD256 million ($845 million) in May, down 28 per cent from a year earlier, a report said.

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Retail & Wholesale

Etisalat, NBAD launch mobile POS solution

UAE-based Etisalat, a top telecom group and National Bank of Abu Dhabi (NBAD), have partnered to launch a mobile point of sale (mPOS) solution to businesses across the country.

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Energy, Oil & Gas

ABB wins $85m Qatar substation contract

ABB has won an order worth $85 million to provide turnkey substations in Qatar to support the integration of new power and seawater desalination plant in the country.

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Finance & Capital Market

Qatar Islamic Bank raises $550m with Tier 1 sukuk

Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, has raised QR2 billion ($550 million) with a Tier 1 perpetual sukuk issue, it said on Wednesday.

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Analysis, Interviews, Opinions

Oil bull market seen as Brazil, Iraq cut output targets

Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would boost the US shale industry.

More…
Industry, Logistics & Shipping

Oman firm on track to double aluminium production

Oman-based National Aluminium Products Company (Napco) said its expansion plan to double capacity is on track with equipment beginning to arrive in the sultanate ahead of schedule.

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Travel, Tourism & Hospitality

Qatari firm acquires St Regis Washington

Al Rayyan Tourism Investment Company (Artic), an international hotel investment and hospitality subsidiary of Qatar-based Al Faisal Holding Company, has acquired the award-winning St Regis Washington, DC (US).

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IT & Telecommunications

UAE heads global ‘Internet of Things’ expert group

The UAE was elected as the head of a new research committee for the Internet of Things (IoT) that was formed during a recent meeting of the International Telecommunication Union (ITU) in Geneva.

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Lifestyle

Watch Gallery opens new store in Abu Dhabi

Luxury watch retailer Watch Gallery, owned by the UAE-based Paris Gallery Group of Companies, has opened a new store at Yas Mall in Abu Dhabi as part of its regional expansion plans.

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Motoring

Nissan Sentra named ‘Top Compact Car’

Nissan, a leading automobile manufacturer, said that its 2015 Sentra model has been recognised as the ‘Top Compact Car’ by J D Power Initial Quality Study (IQS), the industry benchmark for new-vehicle quality.

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Health & Environment
Media & Promotion
Education, HR & Training

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