Wednesday 23 July 2014

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NEW TURNAROUND PLAN
Jet Airways, Etihad map joint strategies for India

Jet Airways, India’s premier international airline, and Etihad Airways, the national airline of the UAE, have outlined plans to reinforce their long-term commitment to India’s aviation industry.

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1

SPOTLIGHT
Mideast firms face $91bn refinancing needs

Middle East investment grade companies are facing refinancing needs of about $91 billion from bank and bond debt due to mature over the next four years, according to a recent report.

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2

FOCUS ON CORE BUSINESS
Savola in talks to sell packaging unit to Takween

Saudi Arabia's Savola Group has signed a non-binding agreement to sell its packaging business to Takween Advanced Industries, as it moves to focus on its core sectors of food and retailing, it said on Wednesday.

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3

BREAKINGVIEWS
Saudi opening will put Mideast on global investor map

The opening of Saudi Arabia's $530 billion stock market to foreigners will finally put the Middle East on the investor map.

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4

MIDEAST MONEY
Cash-flush Gulf banks grab top spots in loan market

Cash-rich Gulf banks are grabbing a growing share of the region's loan market as they cut fees and ease terms, elbowing aside some of the foreign banks which used to dominate lending.

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5

IMAGE OF THE DAY
Fishing in troubled waters

Residents on a boat catch fish near partially submerged trees flooded by an overflowing river after Typhoon Rammasun hit Nanning, Guangxi Zhuang Autonomous Region of China.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

300 Damac units sold out in one night

Damac Properties’ ‘Akoya by Damac’ project, which was recently launched, sold out during a suhoor which took place in six venues across the UAE last night (July 21).

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Retail & Wholesale

Aldar-Chalhoub deal to create largest department store

Aldar Properties, a leading property development, investment and management company in Abu Dhabi, has signed a deal with Chalhoub Group to create the region’s largest department store experience in Yas Mall.

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Energy, Oil & Gas

RAK Petroleum posts $15.81m net profit

RAK Petroleum Public Company, the energy investment company, has announced a net profit of Dh58.1 million ($15.81 million) for the year ended December 31, 2013, marking a fifth consecutive year of profitability.

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Finance & Capital Market

Saudi Arabia to open $530bn bourse to foreigners

Saudi Arabia's cabinet gave permission to the financial regulator to open the Arab World's biggest stock market to direct investment by foreign financial institutions.

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Analysis, Interviews, Opinions

Cash-flush Gulf banks grab top spots in loan market

Cash-rich Gulf banks are grabbing a growing share of the region's loan market as they cut fees and ease terms, elbowing aside some of the foreign banks which used to dominate lending.

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Industry, Logistics & Shipping

Savola CEO Mannaa to resign

Saudi Arabian food company Savola Group said on Tuesday its chief executive officer Abdulraouf Mannaa is to step down for personal reasons.

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Travel, Tourism & Hospitality
IT & Telecommunications

Mideast firms warned over new cyber threats

Cyber criminals in Nigeria have evolved common malware campaigns to infiltrate businesses in the Middle East that have not previously been their primary targets, according to a recent report.

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Government & Laws

Kuwait revokes citizenship of 2 opposition figures

The Kuwaiti government has revoked the citizenship of two opposition figures and some of their relatives, the state news agency reported, in a move that could deepen a political crisis in the country.

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Motoring

Nissan launches autonomous vehicles timeline

Japanese automaker Nissan Motor has launched a timetable for the latest vehicle automation technologies and is aimed at accelerating consumer adoption of Autonomous Drive systems.

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Health & Environment

Mers virus detected in air samples from Saudi camel barn

Saudi scientists have found gene fragments of the deadly Middle East Respiratory Syndrome (Mers) virus in air from a barn housing an infected camel and say this suggests the disease may be transmitted through the air.

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Media & Promotion

OSN gets buyout offer from unnamed bidder

Middle Eastern pay-television operator OSN is the subject of a full takeover bid from an unnamed buyer, its parent company said on Sunday, a deal that could prove to be one of the largest acquisitions of a regional business in recent years.

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Education, HR & Training

HBMSU mulls exchange programs with Saudi varsities

The Dubai-based Hamdan Bin Mohammed Smart University (HBMSU) is considering launching academic and learner exchange programs with Saudi universities.

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Miscellaneous

Jadwa’s fund sells Gulf Union Foods stake

Jadwa Investment, a Saudi Arabian private equity house and investment bank, said its Food and Beverage Opportunity Fund has sold its 30 per cent stake in Gulf Union Foods Company, to Olayan Financing Company.

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