Wednesday 2 September 2015

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BAD LOANS WEIGH
Oil price slump to start affecting Saudi banks

The impact of lower oil prices will soon start to weigh on Saudi Arabia's banks, which are likely to see bad loans edge higher by the end of the year, according to Standard & Poor's.

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1

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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2

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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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
Heart-rending!

Turkish gendarmerie stand near the washed up body of a refugee child who drowned during a failed attempt to sail to the Greek island of Kos, at the shore in the coastal town of Bodrum, Mugla city, Turkey.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Kuwait residential sales fall 28pc in July

Sales in Kuwait’s residential sector totalled KD98 million ($324 million) during July falling below the KD100 million mark for the first time in almost three years, reflecting a decrease of 28 per cent year-on-year (y/y), a report said.

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Retail & Wholesale

Saudi groups plan $320m shopping complex

Saudi-based Raj Real Estate company, a subsidiary of Al-Rajhi United, and Baseel property company, have announced plans to develop a SR1.2 billion ($320 million) shopping complex - The Riyadh Walk.

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Energy, Oil & Gas

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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Finance & Capital Market

Oil price slump to start affecting Saudi banks

The impact of lower oil prices will soon start to weigh on Saudi Arabia's banks, which are likely to see bad loans edge higher by the end of the year, according to Standard & Poor's.

More…
Analysis, Interviews, Opinions

Oil price seen at $55 next year

With oil stock balances next year looking softer and costs coming down, the commodity will trade at $55 and $61 per barrel during 2016 and 2017, respectively, said the Bank of America (BofA) Merrill Lynch in a report.

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Industry, Logistics & Shipping

Sadara, E A Juffali sign BTG supply deal

Sadara Chemical Company and E A Juffali & Brothers have signed a second supply agreement for Butyl Tri-Glycol ether (BTG), following the successful execution of an methylene diphenyl diisocyanate (MDI) supply deal in July.

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Travel, Tourism & Hospitality

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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IT & Telecommunications

Mobily develops plan to serve Haj pilgrims

Mobily has developed a comprehensive and operational plan based on its accumulative experience of past years, to serve pilgrims for the 1436 season through 100 sales points.

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Lifestyle

New BMW 3 Series to launch in Bahrain

Euro Motors, the official BMW Group importer in Bahrain, said the new BMW 3 Series will go on sale in showrooms across Bahrain this month.

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Health & Environment

UAE ‘spends $1,200 per person yearly on healthcare’

The UAE spends nearly $1,200 per person per year on healthcare, which ranks the country among the top 20 worldwide in per capita expenditure, a report said.

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Media & Promotion
Education, HR & Training

UAE academy launches new foreign relations programme

The Emirates Diplomatic Academy has received the first batch of students for its post-graduate diploma programme in UAE Diplomacy and International Relations, a programme spread over nine months.

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Miscellaneous

Bahrain delays plan to cut meat subsidy

Plans to scrap meat subsidies have been postponed for another month in Bahrain as MPs and the government continue to review the effect that the move will have on citizens.

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