Thursday 10 July 2014

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GATHERING CENTRE PROJECT
Petrofac wins $700m Kuwait Oil contract

British oil and gas services group Petrofac said it secured a $700 million contract from Kuwait Oil Company for a gathering centre, which is located north of Kuwait City.

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1

100 NEW STORES BY 2017
Japanese retail giant 7-Eleven unveils big UAE plans

Japanese convenience store brand 7-Eleven has set an ambitious plan to open 100 stores across the UAE by 2017 as part of its regional expansion strategy, said a report.

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2

STRATEGIC MOVE
Qatar cuts stake in London Stock Exchange group

Qatar Holding is set to slash its 15 per cent stake in the owner of the London Stock Exchange by a third, ahead of the British company's $1.6 billion rights issue to help it buy US indexes group Frank Russell, reported the Telegraph, citing sources.

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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
Ecstatic applause

An Argentine fan celebrates at the end of the 2014 World Cup semi-final soccer match against the Netherlands, at a public square viewing area in Buenos Aires 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

Saudi oil output rises to 9.7m bpd in June

Saudi Arabia produced 9.780 million barrels per day (bpd) of crude oil in June, up from 9.705 million bpd in May, an industry source familiar with the matter said.

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Finance & Capital Market

Banque Saudi Fransi ups H1 dividend

Banque Saudi Fransi's board has proposed a cash dividend of 0.45 riyals ($0.12) per share for the first half of 2014, the Credit Agricole affiliate said. The proposed figure, announced in a Riyadh stock exchange filing, is abo

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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.

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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

Gaza death toll mounts as Israel intensifies attack

Israel pressed on with a punishing aerial offensive in Gaza for a third day on Thursday, killing eight members of a family in a predawn strike, Palestinian officials said, while militants fired rockets at Israeli cities.

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Motoring

Fastest Land Rover makes global debut

The fastest and most powerful ever production Land Rover made its public debut at this year’s 'Goodwood Festival of Speed' held recently in west Sussex, UK.

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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

Roosters' fertility problem hits chicken supply

The world's largest chicken breeder has discovered that a key breed of rooster has a genetic issue that is cutting its fertility, adding to poultry production problems at a time when beef rates already are at record highs.

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