Tuesday 25 November 2014

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OPERATIONS TO START IN 2018
Saudi Aramco to double planned gas plant capacity

Saudi Aramco plans to nearly double the capacity of a planned new gas plant at Fadhili to 2.5 billion standard cubic feet per day (scfd), three industry sources said on Monday.

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1

NEW CLEAN FUELS PROJECT
Kuwait KNPC plans $40bn investment to 2022

Kuwait National Petroleum Company (KNPC) plans to spend $40 billion in the period to 2022 on projects including a new refinery and a clean fuels project, its chief executive said.

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2

$32bn REVENUE TARGET
Oman mulls spending cuts, tax rises as oil tumbles

An advisory body to Oman's government has suggested sweeping spending cuts and tax rises, including a levy on liquefied natural gas exports, to cope with the hit to state revenues from the plunge in oil prices.

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3

ANALYSIS
Basel III presents long-term prospects for ME banks

Basel III regulations present an opportunity for Middle East banks and regulators to embrace new rules and improve the sector’s asset quality and risk-return profiles, a report said.

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4

ANALYSIS
Infrastructure growth key to Bahrain’s industrial sector

Infrastructure projects worth an estimated $22 billion, which are expected to be rolled out in Bahrain before 2020, will boost the kingdom’s industrial sector via improved transport links and massive facilities, a report said.

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5

IMAGE OF THE DAY
Victory token

Iraqi Shi'ite fighters pose with an Islamic State flag which they pulled down on the front line in Jalawla, Diyala province on November 23.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Sharjah office rents set to rise amid big demand

With the general economic restructuring now starting to bear fruit in Sharjah, UAE, the demand for top quality office space in the emirate continues to rise, said a report.

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Retail & Wholesale

Mall operator Dubai Festival City raising $1.1bn loan

Dubai Festival City (DFC), a unit of conglomerate Al Futtaim Group, is in the process of raising a Dh3.9 billion ($1.06 billion) loan facility from six banks, two sources with direct knowledge of the deal said on Monday.

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Energy, Oil & Gas

Steam generation urged for EOR in Gulf

“With gas becoming increasingly constrained and expensive to produce throughout the Gulf region, governments and national oil companies must consider steam generation for enhanced oil recovery (EOR), said an industry expert.

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Finance & Capital Market

M&A deal activity rises 17pc in Mena

Mergers and acquisitions deal activity in the Middle East and North Africa (Mena) region increased 17 per cent in the third quarter of the year, according to a recent report.

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Analysis, Interviews, Opinions

More efficient public investment a Mideast priority

Improving the efficiency of public infrastructure investment across many oil exporters in the Mena region is now more important than ever, said a new International Monetary Fund (IMF) report.

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Industry, Logistics & Shipping

Saudi Arabia’s global maritime trade in focus

The implications of global maritime trade growth for Saudi Arabia including the new seaport infrastructure projects will come under focus at a major seminar opening in Dammam tomorrow (November 25).

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Travel, Tourism & Hospitality

Etihad ups Virgin Australia stake to 22.9pc

Abu Dhabi's flagship carrier Etihad Airways has boosted its stake in Virgin Australia Holdings to about 22.9 per cent by purchasing an additional 1.7 per cent of the airline, said a report.

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IT & Telecommunications

Batelco set to expand global services portfolio

Bahrain’s leading telecommunication firm Batelco is set to extend its portfolio of global services and will now be able to reach several locations including the US, Europe and Asia.

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Lifestyle

Panerai launches two special edition timepieces

Italian timepiece manufacturer Officine Panerai has launched two new Special Edition watches, sold exclusively at the new Panerai boutique Located at Moda Mall in Manama, Bahrain.

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Motoring

New Qorus SUV unveiled at international event

Qoros, an international automobile manufacturer, revealed its third series production car, the new Qoros 3 City SUV 1.6T, at the 2014 Guangzhou International Auto Show in China, recently.

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Health & Environment

Tasweek inks deal with US hospital management firm

Abu Dhabi-based Tasweek Real Estate Marketing and Development has signed a deal with American Hospital Management Company (AHMC) to jointly pursue business opportunities in the Mena region.

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Media & Promotion

Effie Awards honours campaigns in 23 categories

The recently held Effie Mena Awards 2014, the sixth edition of the annual programme, honoured the region’s most effective marketing campaigns in 23 classes of achievement in Dubai, UAE.

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Education, HR & Training

ALF launches entrepreneurship centre in Chicago

Al Faisal Without Borders Foundation (ALF) has launched the new Sheikh Faisal Centre for Entrepreneurship in the Middle East at the DePaul University’s Driehaus College of Business in Chicago, US.

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Miscellaneous

Syria to increase spending by 12pc in 2015

Syria's state spending is expected to rise 12 per cent to 1.55 trillion Syrian pounds ($9.10 billion) next year, driven by higher social support costs, state news agency Sana reported citing a draft budget presented to lawmakers on Sunday.

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