Tuesday 9 February 2016

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NEW STRUCTURAL CHANGES
UAE plans to trim ministries, outsource govt services

In a major move, the UAE government has announced plans to outsource most of the government tasks to the private sector and cut the number of ministries, said a report citing the Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.

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1

SHARE PRICES SLIDE
Gold price surges to highest level since June

The price of gold jumped more than 2 percent on Monday to touch its highest level since June, extending last week's sharp gains, as sliding stock markets and worries over global economic growth prompted investors to seek safety in hard assets.

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2

FINANCING DEFICIT
Oman to borrow $5bn-$10bn from abroad

Oman plans to borrow between $5 billion and $10 billion from abroad to help finance a budget deficit caused by low oil prices, central bank executive president Hamood Sangour al-Zadjali told Al Arabiya television on Monday.

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3

OPINION
Emerging markets hit by commodities, credit and currencies

The global economy is being hit by a slowdown in growth, large swings in exchange rates and tumbling commodity prices.

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4

ANALYSIS
As Big Oil shrinks, boards plot paths out of crisis

As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades, boards have adopted contrasting strategies to lead them out of the crisis.

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5

NEWS IN PICTURES
Beyonce blitz

Beyonce (L) and Bruno Mars (R) perform during the halftime show of the NFL's Super Bowl 50 between Denver Broncos and Carolina Panthers at Levi's Stadium in Santa Clara, California on February 6.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dewa to tender third phase of solar park in six weeks

The Dubai Electricity and Water Authority (Dewa) will launch a tender to build the third phase of the Sheikh Mohammed bin Rashid al-Maktoum Solar Park in six weeks, its chief executive said on Monday.

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Retail & Wholesale

Majid Al Futtaim to open two malls in Riyadh

Majid Al Futtaim, a leading shopping mall, retail and leisure facilities operator, has announced plans to develop two new landmark shopping malls in Riyadh, Saudi Arabia.

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Energy, Oil & Gas

OCB Oilfield Services acquires Kuiper International

Gulf Capital said its portfolio company OCB Oilfield Services has acquired 100 per cent of Kuiper International, a dominant player in the offshore construction and maintenance services sector.

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Finance & Capital Market

Oman to borrow $5bn-$10bn from abroad

Oman plans to borrow between $5 billion and $10 billion from abroad to help finance a budget deficit caused by low oil prices, central bank executive president Hamood Sangour al-Zadjali told Al Arabiya television on Monday.

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Industry, Logistics & Shipping

Global heavyweights set for Gulf Industry Fair

Industrial heavyweights from across the globe will showcase their latest products and innovations at this year's Gulf Industry Fair, the leading industrial show in the Northern Gulf, which is set to open in Bahrain.

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Travel, Tourism & Hospitality

Rotana plans nine new hotels in UAE

Leading hotel management group Rotana has revealed plans to further expand its presence in the UAE with the opening of nine new hotels over the next five years.

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IT & Telecommunications

Du’s special numbers auction raises $1.9m

UAE-based telecom operator Du recently held its second Exclusive Packages for Special Numbers auction off 50 packages for special numbers earning Dh7.114 million ($1.93 million)as a result.

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Lifestyle

$1bn luxury project coming up at Shakespeare theatre site

UK residential developer Galliard Homes has joined hands with top developers Cain Hoy and McCourt and Chinese real estate group Vanke to launch a £750-million ($1.07 billion) mixed-use project - The Stage in Shoreditch, UK.

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Motoring

Renault launches motorsport programme

French automobile manufacturer Renault has launched a comprehensive motorsport programme entitled Renault Sport, which will be managed by two entities: Renault Sport Racing and Renault Sport Cars.

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Media & Promotion

Future of Mena TV viewing in focus at Cabsat

Influential decision-makers from major studios, production houses and on-demand providers will discuss the future of TV viewing across the Middle East and North Africa (Mena) region at Cabsat 2016.

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Miscellaneous

ME homeland security market seen at $34bn

The Middle East’s homeland security market will see a compound annual growth rate of 18.7 per cent, and reaching $34 billion per year by 2020, said the event organisers of an upcoming homeland security event in Abu Dhabi, UAE.

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