Saturday 20 December 2014

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PRICES AT ATTRACTIVE LEVELS
Oman sovereign fund boosts buying of local stocks

Oman's State General Reserve Fund (SGRF) has boosted its buying of shares in the local stock market as prices have slid to attractive levels, the fund's executive president said.

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1

INVESTORS BACK OFFER
Alstom to sell power business to GE for $15bn

Alstom shareholders have backed with 99.2 per cent of votes the French engineering group's plan to sell most of its power equipment business to General Electric for €12.35 billion ($15.4 billion) and refocus on its smaller rail arm.

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2

LUXURY HOTEL DEVELOPMENT
Nakheel to restart $550m project in Vietnam

Dubai property developer Nakheel said it would propose a plan to restart a delayed $550 million project in Vietnam's northern province of Quang Ninh in January, said a newspaper report.

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3

SPECIAL REPORT
GCC braces for $350bn loss on oil plunge

Gulf countries could lose at least half their oil revenues or around $350 billion a year as fuel prices have dropped by half from their 2014 highs to around $60 a barrel, according to senior analysts.

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4

SPECIAL REPORT
Connected wearables shipment growing at 55pc

Shipments of smartwatches, smart glasses, fitness trackers, and people monitoring medical devices as well as other connected wearable devices are rising at 54.7 per cent yearly, and are set to reach 168 million units in 2019, a report said.

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5

IMAGE OF THE DAY
Breaking free

Locals watch from the beach as waves hit an Indonesian tanker that ran aground in southern Thailand on December 19. The tanker loaded with palm oil was anchored some 400 meters from the beach but strong wind and waves broke it free.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Omaniyat's new seafront project 81pc sold out

Leading UAE developer Omniyat Group said its newly-launched iconic project "Anwa" in Dubai Maritime City has sold 81 per cent of units in less than a week of opening the sales.

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Retail & Wholesale

EXtra opens Apple outlets in Riyadh, Al Khobar

The United Electronics Company (eXtra) has opened Apple’s first generation stores in Saudi Arabia, following a successful three-year collaboration between the two companies.

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Energy, Oil & Gas

Oil sees biggest gain in 2 years as bears book profits

Oil closed up as much as 5 per cent on Friday, its biggest gain in over two years, as some traders took profits on short positions after prices this week hit their lowest since 2009.

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Finance & Capital Market
Analysis, Interviews, Opinions

GCC braces for $350bn loss on oil plunge

Gulf countries could lose at least half their oil revenues or around $350 billion a year as fuel prices have dropped by half from their 2014 highs to around $60 a barrel, according to senior analysts.

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Industry, Logistics & Shipping

Saudi Rail to showcase latest rail industry developments

International exhibitors are set to showcase the latest developments in the railway industry and highlight opportunities in the region, according to a report.

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Travel, Tourism & Hospitality

Hilton’s check-in technology comes to MidEast and Africa

Hilton Worldwide has announced that its pioneering digital check-in and room selection technology is now live across more than 4,100 hotels spanning 11 brands worldwide, including 53 hotels in Middle East and Africa region.

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IT & Telecommunications

Ericsson in deal to transform Ethio Telecom’s network

Ericsson, a leader in communications technology and services, has signed a framework agreement on 2G/3G mobile communication equipment and related services, with Ethio Telecom.

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Lifestyle

Middle East among top 10 global luxury markets

The Middle East ranks in the top 10 list of global luxury markets, a report said, adding that regional consumption went up by 11 per cent in 2014, fuelled by the growth in tourism as well by a hike in the number of new malls in the GCC.

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Motoring

Abu Dhabi firm in tie-up for UAE’s first solar car

Abu Dhabi’s Petroleum Institute (PI) has entered into a technical partnership with Michelin, the world’s leading tire company, in a move to equip the UAE’s first solar racing car for a flagship solar race in the Middle East.

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Health & Environment

RAK FTZ in tie-up to boost green resources

Ras Al Khaimah Free Trade Zone (RAK FTZ) has partnered with the Environment Protection and Development Authority (EPDA) in a move to protect the earth’s resources and support the setup of industrial businesses in RAK FTZ.

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Media & Promotion

Obama vows response to N Korea over Sony attack

US President Barack Obama has vowed to respond to a devastating cyberattack on Sony Pictures that he blamed on North Korea, and scolded the Hollywood studio for caving in to "a foreign dictator imposing censorship in America."

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Education, HR & Training

Beam breaks ground for new school project

UAE-based Bukhatir Education Advancement and Management (Beam), an operator of creative science schools, recently marked the launch of an international school project at a special ground-breaking ceremony in Dubai, UAE.

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Miscellaneous

Qatar awards $2.4 billion order for Patriot missiles

US weapons maker Raytheon has won a contract valued at $2.4 billion to supply 10 Patriot missile defence systems to Qatar, which is beefing up its defences to counter a growing perceived threat from Iran.

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