Thursday 5 May 2016

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NEW INVESTMENT RULES
Iran's new oil contract to be ready by July

Iran's new oil industry investment contract for international oil firms will be ready by July, a senior Oil Ministry official was quoted as saying on Thursday by Iranian state TV.

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1

'TRAVEL BAN TOO REMOVED'
Saudi Arabia lifts project ban on Binladin: report

The government is allowing major builder Saudi Binladin Group to resume bidding for state projects, Al-Watan newspaper reported on Thursday, in a decision that may ease financial pressure on the troubled firm and banks which lend to it.

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2

SUPPLY DEFICIT SEEN IN Q3
Oil jumps on Libyan fighting, Canada wildfire

Oil prices jumped by more than one per cent in early trading on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya threatened the North African nation's output.

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3

SPOTLIGHT
Saudi firms cope with austerity; more pain may lie ahead

Saudi Arabian companies are faring better in an era of austerity than many investors feared, but they face more pain in the coming months as gains from cost-cutting and efforts to improve efficiency become more difficult.

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4

INSIGHT
Saudi prince makes bold moves towards reforms

Whether the 31-year-old Saudi Deputy Crown Prince Mohammed bin Salman will achieve his goal of modernising the kingdom's economy is the subject of animated debate on social media, in office buildings and at coffee shops in the kingdom.

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5

NEWS IN PICTURES
Fantasy Basel

Cosplayers pose at the Fantasy Basel 2016 - The Swiss Comic Con, in Basel, Switzerland on May 5. The festival covers 30,000 sq m across five halls, with around 200 stands, shows and activities ranging from games to comics.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dubai plans to build $816m hi-tech stadium

A landmark stadium with a seating capacity of 60,000 will be set up at a cost of Dh3 billion ($816 million) in Dubai. On completion, it will be the world's first fully air-conditioned and raised-off-the-ground stadium, said a report.

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Retail & Wholesale

Meraas to open Italian-style upscale mall in Q3

Meraas, a Dubai-based holding company, is set to open The Outlet Village - an upscale shopping destination with a gross leasable area of 25,000 sq m designed along the lines of a hilltop town in Italy - in the third quarter of 2016.

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Energy, Oil & Gas

Iran's new oil contract to be ready by July

Iran's new oil industry investment contract for international oil firms will be ready by July, a senior Oil Ministry official was quoted as saying on Thursday by Iranian state TV.

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Finance & Capital Market

Saudi stock market reforms by mid-2017

Saudi Arabia will implement by the middle of 2017 planned reforms to stimulate the stock market and open it wider to foreign investment, the Capital Market Authority (CMA) said on Thursday.

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Analysis, Interviews, Opinions

Saudi firms cope with austerity; more pain may lie ahead

Saudi Arabian companies are faring better in an era of austerity than many investors feared, but they face more pain in the coming months as gains from cost-cutting and efforts to improve efficiency become more difficult.

More…
Industry, Logistics & Shipping

Bahri signs $186m loan for oil tankers buy

The National Shipping Company of Saudi Arabia has signed a SR700 million ($186.7 million) loan to partly-finance the purchase of three very large crude carriers (VLCCs), the company known as Bahri said in a bourse filing on Thursday.

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Travel, Tourism & Hospitality

Turkish Airlines launches Bogota and Panama flights

Turkish Airlines has added two more nations to its global reach by beginning service to Bogota, Columbia’s capital, and Panama City, capital of Panama.

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IT & Telecommunications

Big data breaches found at major email services

Hundreds of millions of hacked usernames and passwords for email accounts and other websites are being traded in Russia's criminal underworld, a security expert told Reuters.

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Lifestyle

Samsonite to acquire luxury brand Tumi for $1.8bn

Samsonite, the world’s leading travel luggage brand, has announced plans to acquire luxury brand Tumi for $1.8 billion.

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Motoring

Tesla targets 500,000 cars in 2018

Electric carmaker Tesla Motors said it would accelerate production to meet strong demand for its upcoming Model 3 mass-market sedan, but higher spending will make it harder to reach promises of profitability this year.

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Health & Environment

Cleopatra Hospital to offer 25pc stake to public

Egypt’s Cleopatra Hospital Company plans to raise capital through a secondary offering of shares followed by a closed subscription to support its expansion and growth plans.

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Media & Promotion

YouTube planning online TV service - report

Alphabet Inc's YouTube is working on a paid subscription service called Unplugged that would offer customers a bundle of cable TV channels streamed over the Internet, Bloomberg reported.

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Education, HR & Training

Employee screening ‘key to hiring best candidates’

The lack of a central database holding key information about potential employees, including their personal financial status and debt default information is a key cause for concern in the recruitment sector, said experts.

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Miscellaneous

Abu Dhabi to host Interpol’s World Bureau HQ

The UAE Ministry of Interior and the International Criminal Police Organization (Interpol) have signed a joint declaration paving the way for Abu Dhabi to host the Interpol Foundation’s World Bureau headquarters.

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