Thursday 2 July 2015

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STRATEGIC MOVE
Drake & Scull boosts GCC ownership limit to 100pc

Drake & Scull, a leading engineering and construction company based in Dubai, UAE, in a major move said it has increased the ownership limit for nationals from the Gulf region to 100 per cent from the earlier cap of 49 per cent.

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1

STATE OF EMERGENCY IN SINAI
Over 100 militants killed in Egyptian army offensive

Egypt's army said more than 100 militants and 17 soldiers were killed in simultaneous attacks on military checkpoints in North Sinai, in the most sustained fighting of its kind in years in the restive province.

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2

LOW OIL WEIGHS
Kuwait parliament approves budget with $27bn deficit

Kuwait's parliament on Wednesday approved a state budget for the current fiscal year that envisages a budget deficit of KD8.18 billion ($27 billion) - nearly half total spending - because of low oil prices.

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3

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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4

ANALYSIS
Oil bull market seen as Brazil, Iraq cut output targets

Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would boost the US shale industry.

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5

IMAGE OF THE DAY
On top of the world

The Eastern Mangroves Suites by Jannah in Abu Dhabi, UAE, was announced the winner in the category of the Best Hotel Apartment in the Middle East Awards.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Drake & Scull boosts GCC ownership limit to 100pc

Drake & Scull, a leading engineering and construction company based in Dubai, UAE, in a major move said it has increased the ownership limit for nationals from the Gulf region to 100 per cent from the earlier cap of 49 per cent.

More…
Retail & Wholesale

Philips launches 32-inch 4K resolution monitor

Philips Monitors has launched a new 32-inch display with 4K Ultra High Definition (UHD) resolution, to cater to the growing demand for super-fine resolutions at comparatively modest screen dimensions.

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Energy, Oil & Gas

UAE's Gulf Petrochem acquires Kenyan oil company

UAE-based Gulf Petrochem Group has announced the acquisition of Essar Petroleum East Africa in a bid to enhance the group’s services and products for the downstream supply chain in the oil and gas sector in East Africa.

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Finance & Capital Market

Qatar Islamic Bank raises $550m with Tier 1 sukuk

Qatar Islamic Bank (QIB), the Gulf state's largest sharia-compliant lender by assets, has raised QR2 billion ($550 million) with a Tier 1 perpetual sukuk issue, it said.

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Analysis, Interviews, Opinions

Oil bull market seen as Brazil, Iraq cut output targets

Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would boost the US shale industry.

More…
Industry, Logistics & Shipping

Bahri to buy five more tankers from Hyundai Heavy

National Shipping Company of Saudi Arabia (Bahri) has signed a deal to buy a further five very large crude tankers from ship builder Hyundai Heavy Industries, the exclusive oil-shipper for Saudi Aramco said on Wednesday.

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Travel, Tourism & Hospitality

Mideast sees 18pc cargo growth amid global decline

Middle Eastern carriers recorded a significant growth in air freight movement in May with a 19.4 per cent increase in capacity thanks to the increased trade within the region, said a report.

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IT & Telecommunications

UAE heads global ‘Internet of Things’ expert group

The UAE was elected as the head of a new research committee for the Internet of Things (IoT) that was formed during a recent meeting of the International Telecommunication Union (ITU) in Geneva.

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Lifestyle

Watch Gallery opens new store in Abu Dhabi

Luxury watch retailer Watch Gallery, owned by the UAE-based Paris Gallery Group of Companies, has opened a new store at Yas Mall in Abu Dhabi as part of its regional expansion plans.

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Motoring

Nissan Sentra named ‘Top Compact Car’

Nissan, a leading automobile manufacturer, said that its 2015 Sentra model has been recognised as the ‘Top Compact Car’ by J D Power Initial Quality Study (IQS), the industry benchmark for new-vehicle quality.

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Health & Environment
Media & Promotion

Dubai set to spring bigger surprises this summer

Dubai has lined up some of the biggest surprises for this year's summer festival which kicks off on July 23 with celebrity shows, world premieres and spectacular retail promotions and fabulous prizes up for grabs.

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Education, HR & Training

Sabis, investors plan to build schools in Africa

Education network Sabis Holdings, Dubai-based Investbridge Capital and Centum Investment Company have agreed to set up a firm which will invest "hundreds of millions of dollars" establishing schools in Africa.

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