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Sabic-Shell scrap Jubail plant plan (Gulf Daily News - 24/10/2014)

Saudi Basic Industries Corporation (Sabic) and Royal Dutch Shell have shelved plans to expand an existing petrochemical joint venture in Saudi Arabia as the results of feasibility studies were not encouraging. The two partners in the joint project, known

Petchem delegates explore sustainability challenges (Arab News - 24/10/2014)

GCC petrochemical companies are being urged to educate their staff to enable them to work around sustainability challenges. Energy companies embarking on conservation efforts will benefit from lower costs of production, said delegates The second and last

Al-Tayyar Travel Group Q3 profit rises 13.5% (Arab News - 24/10/2014)

Saudi Arabia’s Al-Tayyar Travel Group posted a 13.5 percent rise in third-quarter net profit rise, slightly below analysts’ forecasts, as sales increased. The company made a net profit of SR244 million in the three months to Sept. 30, up from SR215

Jarir proposes Q3 dividend of SR1.8 per share (Arab News - 24/10/2014)

Saudi Arabia’s Jarir Marketing Co. has proposed a third-quarter dividend of SR1.8 per share, the retailer said in a statement. This is slightly above the dividend of SR1.67 per share the company paid in the third quarter of 2013, Reuters data shows.

Al-Khodari may double capex to handle big projects (Arab News - 24/10/2014)

Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al-Khodari and Sons says it may double its capital spending in coming years to cope with the work it hopes to do on the country’s big infrastructure projects. Saudi Arabia’s SR855 billion state

KSA imports jump 19.6% in August, nonoil exports up (Arab News - 24/10/2014)

Saudi Arabia’s imports jumped an annual 19.6 percent in August, ending nine consecutive months of declines, while growth in nonoil exports accelerated to 22.2 percent, data from the Central Department of Statistics and Information showed. Nonoil exports

Findings of CFO Strategies Index reveal strong confidence (The Gulf Today - 24/10/2014)

The initial findings of the first ever CFO Strategies Index GCC 2014 were made public on Thursday, giving surprising insights into the market perceptions and thought processes that regional CFOs have innovated whilst operating within a changing business

EIB posts 83% increase in 9-month profit (The Gulf Today - 24/10/2014)

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, announced on Thursday an 83 per cent increase in net profit for the YTD third quarter of 2014. Net profit for the nine month period reached Dhs256 million,

Amanat meets UAE’s leading brokers at DFM (The Gulf Today - 24/10/2014)

Amanat Holdings (Amanat), a public joint stock company under incorporation, hosted an awareness session at the Dubai Financial Market (DFM) with approximately 30 of the UAE’s leading brokers as part of its Dhs1.375 billion Initial Public Offering (IPO).

ENOC reduces diesel retail price by 20 fils (WAM - 24/10/2014)

Emirates National Oil Company (ENOC) has reduced the price of diesel by 20 fils to Dhs3.50 per litre, effective as of October 21, 2014. The revised price is applicable across the entire service station network of ENOC and EPPCO. Burhan Al Hashemi,

Ras Al Khaimah continues to attract more FDIs (The Gulf Today - 24/10/2014)

Established global companies are increasingly seeing the UAE as a hub for expansion into the rest of the Middle East, Africa and South Asia having a plethora of options from which to choose, among them the fast emerging Ras Al Khaimah (RAK) emirate. The

S&P reaffirms Nakilat rating at ‘AA-’ with stable outlook (Gulf Times - 24/10/2014)

Rating agency Standard & Poor’s (S&P) has reaffirmed Nakilat’s corporate credit rating at ‘AA-‘ with a stable outlook. In a recent report, S&P highlighted Nakilat’s key strengths as its importance to Qatar’s LNG strategy, ownership of the world’s largest

Qafco awards NIIK contract for value-added urea production (Gulf Times - 24/10/2014)

Qatar Fertiliser Company (Qafco) has awarded a contract to Russian engineering and technology firm NIIK to design and install a pilot ‘High Speed Drum Granulation’ (HSDG) unit to produce various value-added urea products in the country. The unit, with a

UAE utility Tabreed reported a 28% rise in third-quarter net profit (Gulf Times - 24/10/2014)

UAE utility Tabreed reported a 28% rise in third-quarter net profit yesterday as revenue increased and it cut finance costs. The Dubai-listed firm made a net profit of 95.86mn dirhams ($26.1mn) in the three months ending September 30, up from 75.11mn

Qafco to seek profit in niche fertiliser products: CEO (Gulf Times - 24/10/2014)

Qatar Fertiliser Co (Qafco) plans to launch niche production of environmentally friendly fertilisers to meet rising demand in Western markets, the firm’s chief executive said yesterday. The plan underlines a trend in several of the oil-and gas-rich

Savola Group reported a 53.3% rise in third quarter net profits (Gulf Times - 24/10/2014)

Savola Group, Saudi Arabia’s largest food products company, reported a 53.3% rise in third quarter net profits on Thursday, beating analyst forecasts. Net profit in the three months to September 30 was 701.4mn riyals ($187mn), compared to 457.4mn in the

Kuwait Finance House 3rd quarter net profit dropped 9.7% (Gulf Times - 24/10/2014)

Kuwait Finance House, the emirate’s leading Islamic bank, said yesterday third-quarter net profit dropped 9.7% as a result of an ongoing restructuring process. KFH posted net income $123.3mn (€97.1mn), down from $136.4mn a year earlier. However,

Ma’aden Q3 net profit plunges 66% (Gulf Times - 24/10/2014)

Saudi Arabian Mining Co (Ma’aden), the Gulf’s largest miner, beat analyst forecasts yesterday as it reported a 66% fall in third-quarter net profit after a one-off gain wasn’t repeated. The company’s net profit in the three months to September 30 was

Saudi Arabia supplies less oil in September despite output rise (Reuters - 24/10/2014)

Saudi Arabia supplied less crude oil to the market in September than a month earlier, an industry source said yesterday, at a time when some Opec members are calling on the top oil exporter to cut back output to lift prices. Brent rose above $85 a barrel

Dana Gas receives $83m in collections (Gulf News - 24/10/2014)

Dana Gas PJSC has received a total of $83 million (Dh307 million) in collections in the last few weeks, the company disclosed in a statement on Abu Dhabi Securities Exchange. The company said it received $47 million (Dh174 million) against its

RAKBank reports Dh1.1b nine-month net profit (Gulf News - 24/10/2014)

RAKBank on Thursday reported a nine-month net profit of Dh1.1 billion, down 64 million (about 5.3 per cent) compared to Dh1.13 million reported in the corresponding period in 2013. For the third quarter of the year, the bank reported a net profit of

Five-year forecast shows improved outlook for UAE air cargo (Gulf News - 24/10/2014)

The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate (CAGR) of 4.1 per cent over the next five years. Emerging economies,

Zamil Industrial Announces Consolidated Interim Financial Results (Press Release - 23/10/2014)

Zamil Industrial Investment Company (Zamil Industrial) has announced its consolidated interim financial results for the period ending 30 September 2014. Net profits for the third quarter of 2014 were SAR 56.4 million (USD 15.1 million), compared with SAR

Bank of Japan touting economic benefits of foreign tourists (Asian Nikkei - 23/10/2014)

TOKYO -- The Bank of Japan is hoping the growing ranks of foreign tourists will help underpin the country's stalling economy and prove that a weak yen can, indeed, be beneficial. Atsushi Miyanoya, who heads the BOJ's Osaka branch, told the press Monday

Euro rebounds in Asia after drop on ECB easing plan reports (Business Recorder - 23/10/2014)

TOKYO: The euro rebounded modestly in Asia on Wednesday after it dropped in New York on reports that the European Central Bank could expand its bond-buying programme. In Tokyo afternoon trade, the common currency fetched $1.2723 and 136.15 yen against

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