Thursday 15 November 2018

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70pc LOCAL CONTENT TARGETED
Saudi Arabia plans $400bn spend on IKTVA programme

Saudi Arabia plans to spend more than SR1.5 trillion ($400 billion) on its In Kingdom Total Value Add (IKTVA) programme in the next 10 years with plans to prepare 360,000 trainees for the labour market by 2030.

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1

ROBUST RETAIL, PROPERTY GROWTH
Emaar's nine-month revenue surges 30pc to $4.73bn

Emaar Properties has recorded a Dh17.39 billion ($4.73 billion) revenue for the first nine months, up 30 per cent over Dh13.351 billion ($3.635 billion) last year, led by the robust growth from its build-to-sale property unit and malls division.

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2

BIGGER GOALS
Gulf Air, Etihad sign MoU to explore alliance opportunities

Gulf Air, the national carrier of Bahrain, and UAE's Etihad Airways are set to explore deeper cooperation following the signing of a Memorandum of Understanding (MoU) at the Bahrain International Airshow.

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3

ANALYSIS
Missing middle skills for Human-AI collaboration

As AI technologies advance rapidly, some job roles will be done exclusively by humans while others will be taken on by intelligent automation. But most emerging roles will be fulfilled by people and machines working together, says a report.

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4

MONEY MATTERS
Save for 7 years, become a millionaire

The average expat will spend just seven years in the Gulf. While this is not very long, with financial discipline and smart investment, it is enough time to realise their dreams of becoming a millionaire, says a financial expert.

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5

NEWS IN PICTURES
15 years and counting

More than 400 employees from Etihad Airways Engineering and Etihad Technical teams gathered together to celebrate the 15th anniversary of Etihad Airways with a human mosaic photographed in front of one of the airline’s Airbus A380s.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Emaar's nine-month revenue surges 30pc to $4.73bn

Emaar Properties has recorded a Dh17.39 billion ($4.73 billion) revenue for the first nine months, up 30 per cent over Dh13.351 billion ($3.635 billion) last year, led by the robust growth from its build-to-sale property unit and malls division.

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Retail & Wholesale

Snapchatters ‘boosting online retail in GCC’

Snapchat users in the two largest GCC economies are keen to search and buy online, with more than nine in 10 Snapchatters (96 per cent UAE, 91 per cent Saudi Arabia) having visited an online retail site or store in the past month.

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Energy, Oil & Gas

Siemens equipment selected for Adnoc crude flexibility project

Samsung Engineering and the Chicago Bridge & Iron Company (CB&I), a McDermott International company, recently selected Siemens to provide 19 process reciprocating compressors for Adnoc Refining’s crude flexibility project at Ruwais Refinery-West.

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Finance & Capital Market

GFH 9-month profits jump 18.6pc to $102.4m

GFH Financial Group (GFH) has announced a net profit attributable to shareholders of $103.44 million for the first nine months of the year ended September 30, 2018, an 18.6% increase from $87.23 million in the first nine months of 2017.

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Analysis, Interviews, Opinions

GCC growth likely to reach 3pc in 2019: IMF

Real GDP growth is predicted to reach 2.7 per cent across the Middle East, North Africa, Afghanistan and Pakistan (Menap) region and 3 per cent in the GCC in 2019, according to the IMF Fall 2018 Regional Economic Outlook report.

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Industry, Logistics & Shipping

Gulf Capital sells 74pc stake of PET subsidiary

Gulf Capital, an alternative asset manager in the Middle East, said that its portfolio company, Middle East Glass (MEG), successfully sold a 74 per cent stake in its PET subsidiary, Medco Plast for Packing and Wrapping Systems (Medco Plast).

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Travel, Tourism & Hospitality

UAE leads MEA hotel room construction pipeline

The UAE topped the Middle East and Africa (MEA) region's list for the largest number of rooms under construction in October, which totalled 54,371 rooms, around 33.5 per cent of the existing supply, according to a new report.

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Lifestyle

Behbehani named new Lamborghini distributor in Bahrain

Behbehani Brothers, a leader in the automotive business, has announced that the company has been awarded the distribution and servicing rights for the luxury Italian automotive brand Lamborghini, in Bahrain.

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Motoring

Mercedes-Benz Cars ties up with Spotify in Mideast

Mercedes-Benz Cars Middle East today announced its partnership with Spotify, the world’s largest music streaming subscription service, following its launch in the Mena region.

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Health & Environment

Arab Health 2018 generates $778m business

Arab Health, an exhibition for healthcare and trade professionals in the Mena region, announced that over $778 million worth of business was generated by exhibitors during its 2018 edition, a media report said.

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Media & Promotion

Wam news service in 5 more languages now

Emirates News Agency (Wam) has expanded its news services adding five new languages, which brings the total to 13 languages covering 142 countries around the world.

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Education, HR & Training
Miscellaneous

Illegal cigarettes cost $210m in lost taxes in GCC

Illicit trade of cigarettes in the GCC has tripled in the first half of 2018 rising to 5.3 per cent of total sales compared to last year, equivalent to approximately $210 million in lost taxes, a report said.

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