Friday 3 July 2015

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10-YEAR TENURE SECURITIES
Bahrain Bourse opens $530m sukuk subscription

A government Islamic lease (Sukuk Al Ijara) issue floated to raise BD200 million ($530 million) is open to direct subscription by retail investors, the Bahrain Bourse (BHB) announced.

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1

BANKS NOT KEEN ON DEAL
Al Jaber seeks new terms for $4.5bn restructured debt

Abu Dhabi-based conglomerate Al Jaber Group is talking with banks to refinance around $4.5 billion of debt it restructured last year to improve terms imposed by creditors, three sources aware of the matter told Reuters.

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2

REVENUE BOOST
UAE to draft new corporate tax, VAT laws in Q3

The UAE, seeking to bolster state revenues, is likely to complete the drafting of laws introducing corporate tax and value-added tax in the third quarter of this year, a senior Ministry of Finance official said on Thursday.

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3

SPOTLIGHT
ME property market among world’s fastest growing

Middle East real estate market revenues have augmented at a compounded annual growth rate (CAGR) of 4.7 per cent between 2009 and 2014, making it one of the fastest growing sectors across the world, a report said.

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4

ANALYSIS
Mall rental rates curbing retail growth in Saudi

High rental rates in the top-tier malls are deterring the growth of Saudi Arabia’s retail market, a report said, noting that the kingdom is currently facing a great challenge due to scarcity of human resources owing to high attrition rates.

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5

IMAGE OF THE DAY
Against all odds

The world’s first solar-powered plane is attempting to break all distance and duration records for solar aviation, having already covered 6,190 km in 80 hours non-stop from Japan to Hawaii in the 7th leg of its flight around the world.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Madinah airport set for Phase One launch

The first phase expansion of Saudi Arabia’s Prince Mohammad bin Abdulaziz International Airport in Madinah, built at a cost of $1.2 billion, is set to open today.

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Retail & Wholesale

Saudi retail growth curbed by high mall rentals

High rental rates in the top-tier malls are deterring the growth of Saudi Arabia’s retail market, a report said, noting that the kingdom is currently facing a great challenge due to scarcity of human resources owing to high attrition rates.

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Energy, Oil & Gas

BP reaches $18.7bn settlement over deadly 2010 spill

BP will pay up to $18.7 billion in penalties to the US government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in US history.

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Finance & Capital Market

QNB, Bahrain's ABC look at acquiring Turkey's Finansbank

Qatar National Bank and Bahrain's Arab Bank Corp did not follow up early interest in acquiring HSBC's Turkish business as they are more interested in National Bank of Greece's Turkish arm Finansbank, people familiar with the matter said.

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Analysis, Interviews, Opinions

ME property market among world’s fastest growing

Middle East real estate market revenues have augmented at a compounded annual growth rate (CAGR) of 4.7 per cent between 2009 and 2014, making it one of the fastest growing sectors across the world, a report said.

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Industry, Logistics & Shipping
Travel, Tourism & Hospitality

Qatar Airways to boost EMEA, Asia flights

Qatar Airways is set to increase frequency to multiple destinations across its global network covering Europe, the Middle East, Africa (EMEA) and Asia Pacific, over the coming months.

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IT & Telecommunications

Orange aims for growth in Africa, Middle East

Telecom operator Orange aims to grow revenue from its Africa and Middle East operation by about five per cent a year through 2018 and is looking for expansion opportunities in the region, chief financial officer Ramon Fernandez said.

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Media & Promotion

Cineco to build new cineplex in Bahrain

Bahrain Cinema Company (Cineco) has announced plans to build a six-screen cineplex and a branch of Rendezvous restaurant at Wadi Al Sail Mall in the Riffa area of the kingdom.

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Miscellaneous

Gulf states tighten security after mosque blasts

It may have been a prank, albeit a malevolent one, or a genuine threat of violence, when flyers featuring the Islamic State flag were placed near a Shi'ite Muslim mosque in Bahrain this week.

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