Friday 24 February 2017

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CHINA TOP PARTNER
Abu Dhabi, Saudi non-oil trade hits $4.6bn in 2016

The total value of non-oil trade between Abu Dhabi and Saudi Arabia reached Dh17 billion ($4.6 billion) in 11 months during 2016, based on statistics with focus on the imports through Abu Dhabi’s land, sea, and airports, a report said.

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1

LOCAL FIRMS WIN 63.4pc OF DEALS
$5.5bn contracts signed at Idex, Navdex shows

The total value of deals announced at the International Defence Exhibition and Conference (Idex 2017) and the Naval Defence Exhibition (Navdex 2017) in Abu Dhabi will exceed Dh20 billion ($5.45 billion), an official said.

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2

MULTI-FAMILY HOUSING
Investcorp acquires $400m US residential properties

Bahrain-based Investcorp, a leading provider and manager of alternative investment products, said its US-based real estate arm has acquired multifamily housing properties in the cities of New York, California, and Nevada for $400 million.

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3

ANALYSIS
Reforms open window for new investment in Egypt

The current economic reforms in Egypt, in particular the draft investment law and the floatation of the pound, herald a new era for the country and present the time for business expansion and foreign investment, said an industry expert.

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4

SPECIAL REPORT
Seven Earth-size planets found, may hold life: Nasa

Nasa has found a solar nearby solar system with seven Earth-size planets, with three of them orbiting at the right distance for liquid surface water, enhancing the prospects of discovering extraterrestrial life.

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5

NEWS IN PICTURES
New formula

Britain's Lewis Hamilton (L) and Finland's Valtteri Bottas (R) unveil the new Mercedes W08 Formula One car and Mercedes-AMG Petronas driving team for the 2017 F1 Season at Silverstone, Northamptonshire, Britain on February 23.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

GCC set to pump $320bn into power projects

The total value of GCC power projects in the pipeline stands at more than $320 billion at present, of which over $100 billion are linked to the renewable and alternative sources, according to a report.

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Retail & Wholesale

Gitex Shopper to feature exclusive offers

Savvy shoppers are gearing up for exclusive offers and unbeatable deals on the latest consumer tech products, as the region’s largest consumer electronics show, Gitex Shopper Spring 2017 returns to Dubai, UAE next month.

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Energy, Oil & Gas

Saudi Aramco commissions first home-built rig

A new drilling rig, designed by Saudi Aramco engineers and built according to the company’s specifications, has started drilling its first well, marking a milestone as the company moves toward greater localization of drilling services.

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Finance & Capital Market

Al Baraka achieves $152m net income in 2016

Bahrain-based Al Baraka Banking Group, a leading Islamic banking group has announced a seven per cent increase in total operating income and 9 per cent increase in net operating income during 2016 compared with 2015.

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Analysis, Interviews, Opinions

Building the ship of the future

Ships of the future will have to be lighter, smarter, cleaner, more reliable, more efficient, and safer. Sounds like a tall order, but that’s where the industry is headed, say experts.

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Industry, Logistics & Shipping

IGG signs deals with 6 international firms

International Golden Group (IGG), the Abu Dhabi-based supplier of high-end defence and security systems, signed six agreements for joint cooperation in the supply of defence systems with global companies at the Idex 2017 in Abu Dhabi.

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Travel, Tourism & Hospitality

Qatar Airways expands network in Saudi Arabia

Qatar Airways today confirmed the start of its new services to Yanbu and Tabuk in Saudi Arabia with three-weekly flights beginning May 9 for Yanbu and June 19 for Tabuk.

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IT & Telecommunications

Internet of Things ‘can revolutionise aviation’

Internet of Things (IoT) has the potential to revolutionise the operations of aircraft and passengers’ journey, as it would directly impact airports and airlines, a technology expert said.

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Lifestyle

Saudi women cosmetics market to grow 11pc

Aggressive advertising coupled with increasing disposable income will see the market of women cosmetics in Saudi Arabia grow at a compunded annual growth rate (CAGR) of over 11 per cent during 2017 - 2022, a report has revealed.

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Health & Environment

Transguard opens staff health clinic in Jebel Ali

UAE-based Transguard Group, a top business support services firm, and UAE healthcare provider Al Tadawi Medical Centre have opened a medical facility in Transguard’s employee accommodation facility in Jebel Ali.

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Media & Promotion

Verizon to pay $350m less for Yahoo

Verizon Communications said on Tuesday it would buy Yahoo’s operating business for $4.48 billion, lowering its original offer by $350 million in a concession for two massive cyber attacks at the internet company.

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Education, HR & Training

Alba signs MoU with Bahrain Polytechnic

Aluminium Bahrain (Alba), the Bahrain-based international aluminium smelter, recently signed a Memorandum of Understanding (MoU) for co-operation with Bahrain Polytechnic.

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Miscellaneous

Abu Dhabi Customs launches tourist vehicle screening

The General Administration of Customs- Abu Dhabi has launched a new device for scanning and inspecting tourist vehicles transiting through Khatm Al Shikla in Al Ain city, a report said.

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