Tuesday 3 March 2015

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UAE ACTIVITY GROWTH SLOWS
King's spending boosts Saudi non-oil business growth

Growth in Saudi Arabia's non-oil private sector accelerated to a four-month high in February as lavish handouts to citizens by the new king buoyed the economy despite the plunge in oil prices, a survey of businesses showed on Tuesday.

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1

NUMBERS UP 5.6pc
Dubai's hotels welcome 11.6m guests

UAE emirate Dubai is continuing to maintain growth at a sustainable level as its hotel establishments welcomed more than 11 million guests in 2014, registering a 5.6 per cent increase on 2013’s total.

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2

'CHEAP OIL COULD HIT CAPEX'
Flat hydrocarbon growth to limit GCC economy

The GCC will see a real GDP growth of 2.8 per cent in 2015, slowing from 4 per cent in 2014 on account of flattish hydrocarbon production and softer non-hydrocarbon sector activity, a report said.

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3

ANALYSIS
Saudi king keeps close hand on oil in new strategic team

Saudi Arabia's subtle change of energy policymaker line-up since the accession of new King Salman in late January appears to give the king's inner circle a firmer hand on the kingdom's oil strategy than previous rulers have enjoyed.

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4

SPECIAL REPORT
Mobile broadband key to bringing ‘education to all’

Mobile devices with broadband connectivity could prove the panacea in the global effort to bring educational opportunities to people everywhere, especially the world’s poorest, or most isolated communities, a report said.

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5

IMAGE OF THE DAY
Nasdaq's day

The Nasdaq Marketsite digital monitor wall is seen in New York on March 2. US stocks advanced on Monday, with the Nasdaq moving above the 5,000 mark for the first time in 15 years.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate
Retail & Wholesale

Samsung unveils sleek new Galaxy phones to battle Apple

South Korea's Samsung Electronics unveiled its latest Galaxy S smartphones, featuring a slim body made from aircraft-grade metal, in a bid to reclaim the throne of undisputed global smartphone leader from Apple Inc.

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Energy, Oil & Gas

Acwa gets $344m loan for Dubai solar project

Saudi Arabia's Acwa Power is obtaining a loan of about $344 million from three banks to finance a solar energy project in Dubai, UAE, chief executive Paddy Padmanathan said on Sunday.

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Finance & Capital Market

NBK-Bahrain 2014 net profit up 27pc to $145m

National Bank of Kuwait-Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported net profits of $145 million for the year 2014 compared with $114 million in 2013, a growth of 27 per cent year-on-year.

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Analysis, Interviews, Opinions

Throwing light on GCC dispute rules

The regional construction boom has seen several foreign contractors enter the market in a big way. It is important for them to know some basic principles relating to recovery of damages, says an expert.

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Industry, Logistics & Shipping

Egypt to attract $8bn FDI this year

Egypt expects to attract $8 billion of foreign direct investment in the current fiscal year through June, up from $4 billion last year, Investment Minister Ashraf Salman said.

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Travel, Tourism & Hospitality
IT & Telecommunications

Mobile industry tiptoes towards 5G

Running short of dramatically new phone designs, leaders of the world's wireless industry agree their next big idea is 5G, shorthand for the fifth generation of networks they expect to have up and running by 2020.

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Lifestyle

Montblanc salutes John F Kennedy

Montblanc launched its new Great Characters Edition commemorating John F Kennedy, one of the most charismatic political figures and a man of extraordinary achievements, at an exclusive diplomats dinner in Abu Dhabi recently.

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Motoring

GB Auto Q4 net profit down 29pc

Egyptian auto distributor GB Auto's fourth-quarter net profit fell 29 per cent year-on-year to EGP32.1 million ($4.21 million), from EGP45.1 million the same period last year, the company said on Sunday.

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Health & Environment

Abraaj sets up $200m North Africa healthcare group

Private equity house Abraaj said it has teamed up with three financial institutions to set up North Africa Hospital Holdings Group, a $200 million healthcare group focused on Egypt and Tunisia.

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Media & Promotion

New international art fair to launch in Bahrain

A major new international art fair is set for launch later this year inside a 50-metre diameter marquee to be erected opposite the newly-opened Four Seasons Hotel Bahrain Bay.

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Miscellaneous

Bahrain council approves major Penal Code changes

Major amendments to Bahrain's 40-year-old Penal Code, including harsher punishments for manslaughter and defaming government employees, have been approved by the Shura Council.

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