Thursday 10 July 2014

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POWER GENERATION PROJECT
Hyundai E&C wins $989m UAE plant deal

Hyundai Engineering and Construction Company has clinched a $989 million desalination plant order from the UAE through a consortium made up of affiliate Hyundai Engineering Company and Italy's Ansaldo.

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1

$300m LOSS WRITTEN OFF
Gulf Navigation cuts capital, eyes new expansion

UAE shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth Dh1.1 billion ($300 million), key parts of a turnaround plan designed to solve its debt problems.

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2

38 KILLED IN PALESTINE
Hamas rains rockets on Israel as Gaza Strip bombed

Militants in Gaza fired more rockets at Tel Aviv on Wednesday, targeting Israel's heartland after Israeli attacks in the enclave that Palestinian officials said have killed at least 38 people.

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3

OPINION
Islamic finance facing challenges on multiple fronts

The Islamic Finance industry has been in operations for over 40 years. Yet the industry lacks risk management standards, risk assessment and risk mitigation tools needed for it to compete on a level playing field with traditional banks.

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4

ANALYSIS
End-of-Life vehicle recycling to see big growth in GCC

Stricter laws, green marketing and public-private partnerships are key drivers for end-of-life vehicles recycling market in the GCC, a report said, adding that automobiles have high potential for recovery, making it a lucrative market.

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5

IMAGE OF THE DAY
Royal dive

Britain's Prince William prepares to dive at a swimming pool, with British Sub-Aqua Club (BSAC) members, in central London on July 9.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dubai expo lines up best in commercial design

The second edition of Downtown Design, the exclusive hub featuring the best in global commercial design, will kick off in Dubai this October featuring a breath-taking, curated collection of the world’s most influential brands.

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Retail & Wholesale

Saudi retailer Alhokair eyes $560m capital boost

Saudi Arabian retailer Fawaz Abdulaziz Alhokair, which franchises brands such as Zara and Marks and Spencer in the kingdom, proposed doubling its capital to SR2.1 billion ($560 million) through a one-for-one bonus issue.

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Energy, Oil & Gas

India, UAE in strategic oil storage lease talks

India is in talks to lease part of its planned strategic storage to UAE's state oil company Adnoc, two government sources said, as New Delhi moves to protect its economy against crude price shocks and supply disruptions.

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Finance & Capital Market

Saudi non-oil exports down 5pc in May

Saudi Arabia's imports fell an annual 5 per cent in May, the seventh drop in a row, while non-oil exports dropped 5.1 per cent, their first fall since March 2013, according to official data.

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Analysis, Interviews, Opinions

End-of-Life vehicle recycling to see big growth in GCC

Stricter laws, green marketing and public-private partnerships are key drivers for end-of-life vehicles recycling market in the GCC, a report said, adding that automobiles have high potential for recovery, making it a lucrative market.

More…
Industry, Logistics & Shipping

Gulf Navigation cuts capital, eyes new expansion

UAE shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth Dh1.1 billion ($300 million), key parts of a turnaround plan designed to solve its debt problems.

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Travel, Tourism & Hospitality

Boeing clinches $56bn Emirates 777X jet order

Dubai-based Emirates airline has placed a record-breaking order for 150 Boeing 777X jetliners valued at $56 billion at list prices which includes purchase rights for an additional 50 airplanes, said the top US plane maker in a statement.

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IT & Telecommunications
Government & Laws

Hamas rains rockets on Israel as Gaza Strip bombed

Militants in Gaza fired more rockets at Tel Aviv on Wednesday, targeting Israel's heartland after Israeli attacks in the enclave that Palestinian officials said have killed at least 38 people.

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Motoring

Audi ME posts 11pc sales growth in H1

Audi witnessed a 11 per cent jump in its sales in the Middle East region, mainly driven by the spring launch of its all-new A3 sedan, said a top official.

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Health & Environment

US drugmaker AbbVie offers $51bn for Shire

US drugmaker AbbVie raised its offer for London-listed hyperactivity and rare diseases specialist Shire to 30.1 billion pounds ($51.3 billion) on Tuesday, hoping to win over its reluctant target after three earlier offers were rejected.

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Media & Promotion

350 retailers at Dubai Ramadan shopping fiesta

More than 350 retailers are set to take part in a 11-day shopping fiesta that will feature a range of activities for families along with unique shopping opportunities in Dubai starting from July 17.

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Education, HR & Training

Bahrain institute staff tops CISI exam

Banya Bhattacharya, a part-time lecturer at Bahrain Institute of Banking and Finance (BIBF), topped the exams conducted by UK-based professional body Chartered Institute for Securities & Investment (CISI) with 100 per cent marks.

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Miscellaneous

Most employees 'will be working remotely by 2020'

More than half the workforce will working remotely by 2020 and not in a traditional office, thanks to the technology and some fundamental shifts in management thinking, according to a survey.

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