Tuesday 28 July 2015

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OIL REVENUE SLUMP
UAE to cut state spending by 4.2pc

The government of the United Arab Emirates is expected to cut spending by 4.2 per cent this year because of low oil prices, which are slashing its energy export revenues, a central bank report said on Monday.

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DEVELOPMENT BUSINESS UP
Nakheel H1 profit soars 53pc to $770m

Nakheel, a leading Dubai-based developer, today announced a net profit of Dh2.83 billion ($770 million) for the first six months of 2015, an increase of 53 per cent on the H1 2014 profit of Dh1.85 billion ($503 million).

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2

LACKLUSTRE PROFIT DATA
China stocks tumble; biggest one-day loss in 8 years

Chinese shares tumbled more than 8 per cent on Monday amid renewed fears about the outlook for the world's No 2 economy, reviving the spectre of a full-blown market crash that prompted government intervention earlier this month.

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3

ANALYSIS
Fuel subsidy reform is credit positive for UAE

Last Wednesday, the UAE announced gasoline and diesel price deregulation starting August 1, effectively phasing out fuel subsidies. The measures are credit positive for the UAE and Abu Dhabi, a Moody’s report said.

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4

ANALYSIS
Mena lagging in adopting cyber security policies

Despite the current global focus on cyber security issues including hacking, data losses, breaches and other information leaks, organizations in the Mena region still do not have formal cyber security initiatives in place, a report said.

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5

NEWS IN PICTURES
All that glitters is Swarovski

Swarovski, an upscale Austrian chain known for its crystal jewellery, has opened its first boutique at the Oman Avenues Mall in Muscat, offering a collection of crystals, necklaces, bangles, fashion accessories and curios.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate
Retail & Wholesale

Samsung launches new advanced washing machine

Samsung Electronics Company, a global home appliance innovator, has unveiled one of its premium home appliances products – the WA6700 Activ Dualwash washing machine range – at a retailer conference in Dubai, UAE.

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Energy, Oil & Gas

Technip in $2.9bn deal to upgrade Egypt refineries

Technip Italy, a world leader in project management for the energy industry, has finalised two joint agreements valued at a total of $2.9 billion with Egypt-based companies for upgrades of two refineries in the North African country.

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Finance & Capital Market

RBS ends plan to sell UAE units to ADCB

Royal Bank of Scotland (RBS) has ended its plan to sell its UAE cash management and trade finance business to Abu Dhabi Commercial Bank (ADCB), sources familiar with the matter said on Monday.

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Analysis, Interviews, Opinions

Fuel subsidy reform is credit positive for UAE

Last Wednesday, the UAE announced gasoline and diesel price deregulation starting August 1, effectively phasing out fuel subsidies. The measures are credit positive for the UAE and Abu Dhabi, a Moody’s report said.

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Industry, Logistics & Shipping

Dubai Trade logs 12.5pc growth in new firms in H1

Dubai Trade, the online gateway for trade and logistics services in Dubai, witnessed 12.5 per cent growth in the registration of new companies in the first half of the year as compared to the same period last year.

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Travel, Tourism & Hospitality
IT & Telecommunications

Mobily offers free Internet roaming in 53 countries

Mobily, a leading telecom operator in Saudi Arabia, has introduced a new package which offers its new and existing subscribers to get free internet while roaming in more than 53 countries including about 88 operators around the world.

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Lifestyle

Swarovski opens first boutique in Muscat

The Khimji Ramdas Group, a leading retailer of top brands in Oman, has opened its first exclusive Swarovski boutique, an upscale Austrian chain known for its crystal jewellery, in Muscat.

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Motoring

Latest BMW Z4 launched in Kuwait

Ali Alghanim and Sons, the exclusive importer for BMW, MINI, Rolls-Royce, Land Rover and McLaren automobiles in Kuwait, has highlighted the third-generation BMW Z4 available at its showroom.

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Health & Environment

1,200 experts for UAE Cancer Congress

More than 1,200 oncologists and allied healthcare professionals will learn and network with cancer specialists from around the globe at the upcoming UAE Cancer Congress in Dubai.

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Media & Promotion
Education, HR & Training

Viva Kuwait opens ‘The Viva Coded Academy’

Viva, a leading telecom operator in Kuwait, has opened ‘The Viva Coded Academy’, in co-operation with ‘Coding Campus’ - a renowned coding schools in the US.

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Miscellaneous

British passenger held in Abu Dhabi for insulting UAE, officers

Emirati Police have arrested a British citizen (of Indian origin) for allegedly insulting security officers and airport personnel, as well as the UAE, after he missed his connecting flight from Abu Dhabi to India.

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