Monday 25 July 2016

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BID TO RESOLVE $6bn OF CLAIMS
Algosaibi signs debt restructure deal with steering group

Ahmad Hamad Algosaibi and Brothers (Ahab) has signed a deal with a committee representing creditor banks to restructure the Saudi Arabian family conglomerate's debt pile, it said in a statement on Monday.

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SUPPORT FOR DEMOCRACY
Turkey ruling, opposition parties rally together

Tens of thousands of supporters of Turkey's ruling and main opposition parties, usually bitter foes, rallied together on Sunday in support of democracy following a failed military coup as President Erdogan tightens his grip on the country.

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2

12 INJURED IN BLAST
Bomb-carrying Syrian dies outside German festival

A 27-year-old Syrian man denied asylum in Germany a year ago died on Sunday when he set off a bomb outside a crowded music festival in Bavaria, the fourth violent attack in Germany in less than a week, a senior Bavarian state official said.

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3

SPECIAL REPORT
Mideast M&A steady in Q2 despite global decline

The Middle East M&A activity remained steady during the second quarter (Q2) of 2016, despite a drop of 33 per cent drop in global cross-border deals compared to the same period of 2015, a report said.

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4

INSIGHT
Turkish president gains upper hand in power struggle

Since a failed coup on July 15, the ruling Justice and Development Party (AKP) founded by President Tayyip Erdogan has gained the upper hand in its battle with clandestine networks loyal to US-based cleric Fethullah Gulen.

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NEWS IN PICTURES
Tragedy on the tracks

Rescue workers inspect the site of a totally damaged car on the Nuerburgring racing track in Germany on July 23. The car was flung from a curve due to excessive speed into a group of marshals. Both occupants were killed.

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Top Trade News

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Industry Sectors

Construction & Real Estate

Lootah plans revamp of Ewan Residences

Lootah Real Estate, a high-end property developer in the UAE, has announced a major revamp of its Ewan Residences residential community to align it with the modern lifestyle needs of New Dubai.

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Retail & Wholesale

Misfit expands presence across Mideast

Misfit, a wearable technology brand specialising in design-forward wearables, has announced plans to dramatically scale up its retail presence across the Middle East in the next few months.

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Energy, Oil & Gas

Libya oil exports threatened as NOC warns against port deal

Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports.

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Finance & Capital Market

Gulf Bank Q2 net profit rises 34.4pc

Gulf Bank, Kuwait's fourth-largest lender by assets, reported a 34.4 percent rise in second-quarter net profit on Sunday, as income from fees and investments edged higher.

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Analysis, Interviews, Opinions

Turkish president gains upper hand in power struggle

Since a failed coup on July 15, the ruling Justice and Development Party (AKP) founded by President Tayyip Erdogan has gained the upper hand in its battle with clandestine networks loyal to US-based cleric Fethullah Gulen.

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Industry, Logistics & Shipping
Travel, Tourism & Hospitality

HMH progressing well on its ECO Vision 2020

Hospitality Management Holdings (HMH) is progressing well on its ECO Vision 2020 with the aim of reducing energy and water consumption at the various hotels managed by the group by 20 per cent year on year.

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IT & Telecommunications

IT sector ‘not prepared for digital disruption’

While more than half of the IT and business decision-makers (ITDMs and BDMs) expect a new disruptive technology or service to be introduced within the next two years, IT departments aren’t feeling prepared for the changes, a report said.

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Lifestyle

Gucci Cosmetics makes debut at Jeddah's Wojooh Nojoud

Gucci’s exclusive collection of luxury cosmetics is now available for purchase exclusively at Jeddah’s Wojooh Nojoud, a leading beauty retailer.

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Motoring

CEO says Audi plans three electric car models by 2020

Audi aims to have three electric car models by 2020 and for electric vehicles to account for 25 to 30 per cent of its sales by 2025, chief executive Rupert Stadler told a German newspaper.

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Health & Environment

Ezdan cuts water usage by 60pc at homes complex

Qatar’s Ezdan Real Estate Company has installed about 262,000 water-saving devices in more than 15,000 of its Al Wukair residential units, resulting in a reduction of up to 60 per cent in the overall water consumption.

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Media & Promotion

Sovereign Art Prize for Mena launched

The Sovereign Art Foundation has announced the launch of its coveted Art Prize in the Mena region, the most prestigious art prize for contemporary artists, in association with Start, a non-profit organisation.

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Education, HR & Training

Masdar Institute ranking improves

Abu Dhabi-based Masdar Institute of Science and Technology has moved up to the 14th spot overall in the ‘2016 US News and World Report Best Arab Region Universities Rankings’, up from the 23rd position last year.

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