Wednesday 23 July 2014

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ROBUST GROWTH IN ALL UNITS
Majid Al Futtaim H1 revenues up 14pc to $3.5bn

Dubai-based Majid Al Futtaim (MAF) today reported a 14 percent increase in first-half revenues, citing growing earnings across its business units.

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1

SUPPLY DIMINISHING
Dubai office rents continue to rise: CBRE

Dubai’s office rents are continuing to rise due to the growing economy and increasing business confidence, according to a CBRE report.

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2

NEW TURNAROUND PLAN
Jet Airways, Etihad map joint strategies for India

Jet Airways, India’s premier international airline, and Etihad Airways, the national airline of the UAE, have outlined plans to reinforce their long-term commitment to India’s aviation industry.

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3

SPOTLIGHT
Mideast firms face $91bn refinancing needs

Middle East investment grade companies are facing refinancing needs of about $91 billion from bank and bond debt due to mature over the next four years, according to a recent report.

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4

BREAKINGVIEWS
Saudi opening will put Mideast on global investor map

The opening of Saudi Arabia's $530 billion stock market to foreigners will finally put the Middle East on the investor map.

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5

IMAGE OF THE DAY
Fishing in troubled waters

Residents on a boat catch fish near partially submerged trees flooded by an overflowing river after Typhoon Rammasun hit Nanning, Guangxi Zhuang Autonomous Region of China.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate
Retail & Wholesale

Mega mall 'will take Dubai retail sector to new heights'

The shopping and retail industries of the UAE are set to be 20 years ahead of the region, with Dubai’s launch of the Mall of the World in the run up to Expo 2020, says the CEO of a leading general trading company based in the UAE.

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Energy, Oil & Gas

Iraq approves $600m oil depot deal with CPP

Iraq's cabinet said it had approved a $607 million contract with China Petroleum Pipeline (CPP) for the construction of an oil storage depot near its Nassiriya oilfield in the south of the country.

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Finance & Capital Market

Kipco posts 20pc profit increase

Kuwait Projects Company (Kipco) has announced a net profit of KD21.7 million ($77 million) for the first six months of 2014, an increase of 20 per cent on the KD18.1 million profit reported for the same period last year.

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Industry, Logistics & Shipping

Savola in talks to sell packaging unit to Takween

Saudi Arabia's Savola Group has signed a non-binding agreement to sell its packaging business to Takween Advanced Industries, as it moves to focus on its core sectors of food and retailing, it said on Wednesday.

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Travel, Tourism & Hospitality

Mideast hotel occupancy reaches 64pc in H1

The Middle East and Africa region has reported a one per cent increase in hotel room occupancy to 64.6 per cent in the first half of the year, according to an STR Global report.

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IT & Telecommunications

Vodafone Qatar beats forecasts with smaller loss

Vodafone Qatar, an affiliate of Vodafone Group, reported a narrowing first-quarter loss on Tuesday, beating the average forecast of analysts as revenue and subscriber numbers jumped.

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Government & Laws

Qatar Emir meets Saudi King in Jeddah

Qatar's Emir Sheikh Tamim bin Hamad Al-Thani arrived in Jeddah on Tuesday to meet Saudi Arabia's King Abdullah for talks that focused on the situation in Gaza, according to SPA, the Saudi press agency.

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Motoring

Nissan launches autonomous vehicles timeline

Japanese automaker Nissan Motor has launched a timetable for the latest vehicle automation technologies and is aimed at accelerating consumer adoption of Autonomous Drive systems.

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Health & Environment

Mers virus detected in air samples from Saudi camel barn

Saudi scientists have found gene fragments of the deadly Middle East Respiratory Syndrome (Mers) virus in air from a barn housing an infected camel and say this suggests the disease may be transmitted through the air.

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Media & Promotion

Bahrain 'ranks high on innovation index'

Bahrain has achieved a high regional ranking in innovation on the 2014 Global Innovation Index, coming in fourth among 14 economies in the Mena region.

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Education, HR & Training

HBMSU mulls exchange programs with Saudi varsities

The Dubai-based Hamdan Bin Mohammed Smart University (HBMSU) is considering launching academic and learner exchange programs with Saudi universities.

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Miscellaneous

Marmum to boost juices export

Marmum Dairy Farm, a subsidiary of Dubai Investments (DI) and one of the leading dairy brands in the UAE, has announced plans to export over 1.8 million litres of its Raha long-life juices across the Middle East and Africa this year.

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