Friday 1 July 2016

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LOW OIL PRICE BITES
Abu Dhabi fund IPIC records $2.6bn loss in 2015

Abu Dhabi state investment fund International Petroleum Investment Company (IPIC) said it suffered a net loss of $2.6 billion in 2015, reflecting the blow to the wealthy emirate's finances from low oil prices.

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1

7,000 NEW VILLAS
Saudi Arabia launches $1.2bn residential project

The Saudi Arabian government has embarked on a major plan to build 7,000 new villas at an investment of SR4.48 billion ($1.19 billion) on a 6.5-million-sq-m area in the eastern part of Riyadh, said a report.

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2

NUMBERS HIT 6.7m
Dubai passenger traffic surges 7.2pc in May

Dubai International Airport welcomed 6.7 million passengers during the month of May, registering a year-on-year increase of 7.2 per cent compared to 6.26 million passengers recorded for the same period in 2015, a report said.

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3

ANALYSIS
EM retail market could top $17.8trn by 2030

Emerging market retail sales could grow by 4.4 percent per year to reach more than $17.8 trillion in 2030 compared to $9.2 trillion in 2015, according to a report which depicts four possible scenarios for retail in emerging markets.

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4

TECHNOLOGY
Blockchain tech key to regional digital economy

New and emerging blockchain technologies are integral to supporting a digital economy in the Middle East while ensuring protection against rapidly evolving threats of data security and cybercrime, a report said.

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5

NEWS IN PICTURES
Solidarity show

People look at the Brandenburg Gate onto which a Turkish flag is projected in Berlin, Germany on June 29. The flag was projected on the monument in a show of support for Turkey a day after the attacks at Istanbul's Ataturk airport.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dubai residential property prices down 3.6pc

Residential property prices in Dubai's rental market plunged 3.6 per cent year-on-year (y-o-y) in May owing to a steep fall in apartment and villa prices compared to the same period last year, said a report.

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Retail & Wholesale

Saudi jeweller L'azurde unveils big Mena expansion plan

Saudi Arabia's L'azurde Company for Jewellery, which surged on its trading debut in Riyadh on Wednesday, plans to open 30 shops, almost double the number of its outlets across the Middle East and North Africa (Mena) by 2018.

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Energy, Oil & Gas

Rasgas signs new LNG deal with France's EDF

Qatar's RasGas has signed a new agreement with French energy company EDF to deliver up to 2 million tonnes per annum (Mtpa) of liquefied natural gas (LNG) starting from next year.

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Finance & Capital Market
Analysis, Interviews, Opinions

EM retail market could top $17.8trn by 2030

Emerging market retail sales could grow by 4.4 percent per year to reach more than $17.8 trillion in 2030 compared to $9.2 trillion in 2015, according to a report which depicts four possible scenarios for retail in emerging markets.

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Industry, Logistics & Shipping

Alcoa spins off upstream smelting business

Metals company Alcoa said its planned split will consist of a spinoff of upstream smelting business, and that up to 19.9 per cent of the new firm will be owned by its value-added business that serves aerospace and automotive industries.

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IT & Telecommunications

Etisalat to offer premium devices to SMBs

UAE-based telecom provider Etisalat has partnered with Intel and HP to provide the latest commercial devices to its Small and Medium Business (SMB) customers, as part of its latest Business Devices offering.

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Lifestyle

Corum marks Eid Al Fitr with special edition watches

Swiss watchmaker Corum is marking Eid Al Fitr with the most complicated of its line of Bubbles watches to date: the Bubble Tourbillon Chronograph and Bubble Tourbillon GMT. Each line is limited to just five watches.

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Health & Environment

Swiss pharma group buys Norgine's Mena business

Netherlands-based drugmaker Norgine said it has completed the divestment of its Middle East and North Africa (Mena) operations and product rights for several of its products including Movicol and Normacol to Swiss company Acino Pharma.

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Media & Promotion

Pakistani schoolgirl Malala joins millionaires' club

Malala Yousafzai, the Pakistani teenage education activist who survived a near-fatal attack by the Taliban, and her family have become millionaires in four years due to sales of a book on her life and appearances on global speaker circuit.

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Miscellaneous

101 celebrities to raise funds for refugees worldwide

One hundred and one celebrities are coming together to raise funds for refugees worldwide by donating their jeans to be painted by fashion designer and artist Johny Dar, for a project called ‘Jeans for Refugees’.

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