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Kingdom sees modest increase in oil supply (Arab News - 31/07/2014)

OPEC’s oil production rose in July from June, a Reuters survey found, as a fragile recovery in Libyan supply outweighed fighting in Iraq and reduced output from Angola. Saudi Arabia raised supply modestly, in part because of a greater need for crude in

du to enhance 4G service (The Gulf Today - 31/07/2014)

In its efforts to enhance the user experience on its 4G LTE network, du - the Middle East’s fastest growing telecommunications service provider announced yet another milestone with the successful field test for LTE-A Carrier Aggregation between the

QCB set to issue QR4bn T-Bills (The Peninsula - 31/07/2014)

The T-bills, to be issued on Tuesday, will include QR2bn worth for three month period and QR1bn each of six-month and nine-month maturity period, the Central Bank said on its website. QCB has been selling monthly T-bills for the past couple of years.

Saudis occupy 35 percent of hotel rooms in Dubai (Saudi Gazette - 31/07/2014)

Dubai is once again proving to be the choicest destination for Saudis this summer, with hotels in the city showing 35 percent occupancy by them during the Eid Al-Fitr holidays, Al-Riyadh daily reported. The more than one-third occupancy of rooms by

Gateway Earth Station coming up in Oman (Oman Daily Observer - 31/07/2014)

US-based global telecom services provider ORBCOMM says its Oman partner Mahd Telecom has been granted regulatory approval to roll out wireless machine-to-machine communications services targeted at, among other areas, the oil and gas, transportation,

Combined profits of 35 listed firms hit QR17.6bn (The Peninsula - 31/07/2014)

The combined net profit of 35 listed companies on Qatar bourse touched QR17.6bn in the first half of 2014, reflecting an estimated 13 percent increase in the collective net profit of all the listed companies a year ago. Of the total 43 listed companies,

Mobily Wajid offers free lines to family members (Arab News - 31/07/2014)

Mobily continues to provide its extraordinary offer to the new subscribers of Wajid that provides discounts and privileges to all family members. The new Wajid Extra and Plus subscribers can enjoy a discount up to 50 percent on the subscription fees of

Islamic banking in the Philippines could get a strongly needed push (Gulf Times - 31/07/2014)

Talks are ongoing that the Philippines’ one and only Islamic financial institution, Al-Amanah Islamic Investment Bank, could get a foreign partner and with it a cash injection and desperately needed expertise in creating modern Islamic banking products

RasGas records low greenhouse gas emissions in 2013 (Gulf Times - 31/07/2014)

RasGas Company Limited (RasGas) has said its total greenhouse gas (GHG) emissions recorded in 2013 were lower than those documented in the previous year following the implementation of corporate policies and strategies to minimise carbon emissions. In

Need to boost trade between Oman, Iran (Times of Oman - 31/07/2014)

Iran and Oman enjoy very friendly relations but still the commercial trade between the two countries is below the expectations, says Omani Minister of Commerce and Industry Ali bin Masoud Al Sunaidy. Speaking to the Times of Oman, Al Sunaidy said that

Saudi oil output to stay high (Saudi Gazette - 28/07/2014)

Saudi crude production will remain elevated by historical standards in 2014 and 2015, BMI said in its new report “Saudi Arabia Oil & Gas Report Q3 2014”. It said the view is based on continued OPEC outages, a mediocre global supply picture (Libya,

SAMA net foreign assets reach SR2.737 trillion (Arab News - 28/07/2014)

The Kingdom’s M3 money supply growth edged up to 12.3 percent year-on-year in June from a five-month low of 12.1 percent in the previous month, Saudi Arabian Monetary Agency (SAMA) data showed. Bank lending growth to the private sector was also slightly

GCC projects underpin sustainable development (Gulf Times - 28/07/2014)

Driven by higher capital expenditure, GCC countries will see projects underpin their sustainable development and diversification, a new report has shown. According to QNB, GCC countries have grown strongly in recent years. High hydrocarbon prices and

Dubai industrial rents up in first half (The Gulf Today - 28/07/2014)

Enquiries for industrial property in Dubai were significantly stronger in first half of 2014, compared to six months earlier. However, due to the limited availability of stock, leasing deals were few and far between. Not surprisingly then, industrial

Arabtec Q2 net profit up 11pc (The Peninsula - 28/07/2014)

Arabtec, the construction company at the centre of Dubai’s stock market turmoil, reported an 11 percent rise in second-quarter profit yesterday, missing analysts’ estimates. Net profit climbed to Dh103m ($28.1m) in the three months to June 30 from Dh92m

Saudi water membrane facility project awarded (Saudi Gazette - 28/07/2014)

The Dow Chemical Company has awarded Fluor Corporation the engineering, procurement and construction (EPC) contract for its Reverse Osmosis (RO) manufacturing facility in Saudi Arabia. Located in Jubail Industrial City II at the Sadara Chemical Company

Qatar stocks decline ahead of long holidays (The Peninsula - 28/07/2014)

Qatar bourse’s main index declined 0.58 percent yesterday before the market closed for four-day Eid Al Fitr holidays. After long holiday weekend, trading will resume on August 3. Telecoms and Consumer sectors made marginal gains, while all other sectoral

Shareholders agree to sell stake in firm (Gulf Daily News - 28/07/2014)

Abu Dhabi-listed Islamic insurer National Takaful Company (Watania) said yesterday its majority shareholders had agreed to sell stakes to strategic investors from the Gulf region, but did not name the selling or buying parties. In a short bourse filing,

UAE’s stock markets rise on Q2 earnings (Arab News - 28/07/2014)

Stock markets in the UAE rose oon the back of some strong second-quarter earnings reports and expectations for more of them, while Qatar and Egypt pulled back in thin trade before long breaks for Eid Al Fitr holidays. Dubai’s benchmark rose 1.9 percent

Tadawul index jumps by 7% in July (Saudi Gazette - 28/07/2014)

Saudi Stock Exchange (Tadawul) index closed at 10214.73 on the last trading day in July, up 7.38 percent compared to June, which is the highest rate since 2008. The exchange’s monthly statistical report showed that the index achieved returns by 19.67

Total value of loans and grants provided by ADFD exceeds Dhs61 billion (The Gulf Today - 28/07/2014)

Abu Dhabi Fund for Development (ADFD) articulates the UAE’s continued commitment to support the development process of emerging countries. Towards this priority, ADFD offers soft loans and manages government grants to projects that play a key role in

Non-energy projects propel GCC development (The Peninsula - 28/07/2014)

GCC countries have grown strongly in recent years. High hydrocarbon prices and increased oil and gas production in some countries have boosted national incomes and provided governments with large surpluses. But there has been a recognition in these

Wavetec supplies key LED display to BHB (Gulf Daily News - 28/07/2014)

Dubai-based Wavetec has developed the largest financial outdoor display in the Middle East for Bahrain Bourse (BHB), the company said. A fully-customised end-to-end solution, the outdoor LED ticker installed at the faade of the Bahrain Financial Harbour

Ajman Bank to distribute DMCC UAE Gold Bullion coins (The Gulf Today - 27/07/2014)

DMCC, the global gateway for commodity trade and enterprise in Dubai and the region, has announced that Ajman Bank is to distribute the DMCC UAE Gold Bullion coins renowned for their appeal among both investors and collectors. Ajman Bank is the first in

Barwa Bank H1 profit up 35% to QR411mn (Gulf Times - 27/07/2014)

With the balance sheet registering significant growth in all components, Barwa Bank Group posted a half yearly net profit of QR411mn in June compared with QR303mn in the same period last year. The bank’s half yearly financial performance indicates that

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