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Dollar in vogue on CPI boost and Yellen’s comments, euro weakens (Business Recorder - 27/05/2015)

The dollar hit a one-month high against a basket of major currencies on Monday after stronger-than-expected underlying US inflation bolstered the Federal Reserve's case for an interest rate hike later this year. Fed Chair Janet Yellen's comments that the

Pound to Euro Exchange Rate Forecast Raised by Lloyds (Pound Sterling Live - 27/05/2015)

As we enter the middle of 2015 we take stock of where the pound euro exchange rate is and hear from two leading institutional researchers that while there are better exchange rate levels ahead the euro will ultimately recover. Analysts at Lloyds Bank

New KSA campaign to promote fair competition (Arab News - 27/05/2015)

An awareness campaign to spread the culture of fair competition among businessmen and traders has been launched. The campaign, the Competition Council’s (CC) fourth, is particularly meant to enlighten the business sector about the most common

Sisban invests SR1.5b in Fairmont hotel in Jeddah (Saudi Gazette - 27/05/2015)

Sisban Holding signed a contract with Fairmont International Corporation to manage the first hotel of Fairmont chain in Jeddah, Saudi Arabia, in which Sisban invests nearly SR1.5 billion on the Jeddah Corniche. This came on the sidelines of the Arabian

Etisalat and Ericsson collaborate to fortify strategic partnership (Saudi Gazette - 27/05/2015)

Following a strategic meeting between Etisalat and Ericsson in Sweden, the two companies announced a strategic partnership to extend collaboration in new areas and strengthen their market leading position as trusted ICT partners of government, industry

McDermott awarded project for 12 jackets offshore Saudi Arabia (Arab News - 27/05/2015)

McDermott International announced that it has been awarded a large brownfield contract by Saudi Aramco for the engineering, procurement, construction and installation (EPCI) of 12 jackets for offshore oil and gas fields in Saudi waters. Work is scheduled

MNHD OK’s joint mall project with Saudi Fawaz Alhokair (Reuters - 27/05/2015)

The board of Egypt's Medinet Nasr for Housing and Development (MNHD) has approved an offer from a unit of Saudi Arabian retailer Fawaz Abdulaziz Alhokair to build a mall at MNHD's Teegan development, the firm said on Tuesday. Under the proposed usufruct

Gold drops more than 1% as dollar rally continues (Reuters - 27/05/2015)

Gold fell more than 1 percent on Tuesday as the dollar extended gains following stronger US inflation data and comments from Federal Reserve Chair Janet Yellen that reinforced the central bank’s tightening bias on monetary policy. Spot gold dropped to a

Oil dips on strong dollar (Agencies - 27/05/2015)

World oil prices fell on Tuesday as traders mostly took their cue from the rebounding US dollar, dealers said. In early afternoon London deals, Brent North Sea crude for July reversed 66 cents to $64.86 per barrel, compared with last Friday's closing

Saudi capital market recovering (Saudi Gazette - 27/05/2015)

Saudi Arabia had led its first ever military intervention into Yemen, dubbed “Decisive Storm”. A collaborative airborne military action against the Houthi revolt in Yemen to restore power to Hadi’s regime. The sudden decision to take action was announced

Asian shares turn higher as China rallies (Reuters - 27/05/2015)

Asian shares turned higher on Tuesday, reversing earlier losses on the back of gains in Hong Kong and China, while the dollar extended highs scaled in holiday-thinned trading in the previous session and pushed to an eight-year high against the yen. But

BankDhofar wins Best Mobile Banking Award (Oman Daily Observer - 27/05/2015)

In yet another milestone, BankDhofar has been named the ‘Best Mobile Banking, Oman 2015” by the International Finance Magazine (IFM). The award recognises bank’s commitment to enrich its customers’ experience, employing state-of-the-art technology and

Bank Muscat Oryx Fund recognised as best MENA fund (Oman Daily Observer - 27/05/2015)

Bank Muscat Oryx Fund managed by the Asset Management Division of Bank Muscat, the biggest fund manager in Oman as well as a leading player in the region, has won the prestigious Lipper Fund 2015 award for Best MENA Fund. Lipper Fund Awards, the ultimate

Bank Sohar – Strategic partner for OER Business Summit 2015 (Oman Daily Observer - 27/05/2015)

Bank Sohar, the prominent institution in Oman’s financial sector, has participated as the strategic sponsor of the OER Business Summit 2015, which was organised by United Media Services (UMS) in association with the Capital Market Authority (CMA) on

Sultanate’s non-oil sector to see 6 per cent growth (Oman Daily Observer - 27/05/2015)

The Sultanate’s non-oil sector is expected to remain healthy over the next two years with a growth of around 6 per cent. The growth will be primarily driven by its ambition to develop the country’s logistics and tourism sectors and reduce dependence on

$5.6 bn Oman-India energy pipeline plans progressing (Oman Daily Observer - 27/05/2015)

Initial development of a deep-water pipeline carrying natural gas and potentially even crude oil and other petroleum products from Oman to India could begin as early as before the end of this year, according to the lead promoter of the multi-billion

New RO 240 million Salalah IPP to be commissioned in 2018 (Oman Daily Observer - 27/05/2015)

Oman Power and Water Procurement (OPWP) Company signed on Monday a number of agreements to establish Salalah Independent Power Plant (Phase 2) which will have an installed capacity of 445 MW. The agreements include the acquisition of the existing Dhofar

UAE and Qatar explore trade opportunities (WAM - 27/05/2015)

Sultan Bin Saeed Al Mansouri, Minister of Economy, led the UAE trade and investment mission which concluded a visit to Doha, Qatar. The visit came in response to the invitation of Sheikh Ahmed Bin Jassim Al Thani, Minister of Economy and Commerce, for a

Gulf Capital to finance 3 projects in Egypt (The Gulf Today - 27/05/2015)

Gulf Capital, one of the largest and most active alternative investment firms in the Middle East, and Carbon Holdings, Egypt’s largest petrochemicals holding company, have signed a debt financing agreement to support three of the Egypt’s mega-industrial

China should press ahead with currency reform, says US official (Reuters - 27/05/2015)

China must press ahead with currency liberalization plans for the yuan to join the International Monetary Fund’s reference basket of currencies, a senior US Treasury official said on Tuesday. In a call to preview discussions among Group of Seven nations

Dubai attractive destination for global investors (The Gulf Today - 27/05/2015)

The hype about Dubai hosting the World Expo 2020 is making the emirate an increasingly attractive option for global investors, according to a leading Chinese conglomerate, Yaming Lighting Company, a pioneer in lighting technology development based in

No need for Russia to cut off from foreign investment: Putin (Agencies - 27/05/2015)

Russian President Vladimir Putin said on Tuesday the country should not cut itself of from foreign investment and technologies. “We should not, on any account, cut ourselves off” from the kind of foreign investment and technology that can drive economic

RAK Properties announces phase 2 of Flamingo project (The Gulf Today - 27/05/2015)

RAK Properties, one of the biggest property developers listed on the Abu Dhabi Stock Exchange, has announced the launch of the second phase of the Flamingo Villas project that is part of the Mina Al Arab community in Ras Al Khaimah. The master developer

UNB wins Peak of Success Trophy at BIZZ Europe (The Gulf Today - 27/05/2015)

The World Confederation of Businesses (WORLDCOB) has awarded Union National Bank (UNB), with The BIZZ 2015 Peak of Success Trophy at The BIZZ Europe 2015 Award ceremony. The BIZZ 2015 “Peak of Success Trophy” and certificates were received by Abdulla

Huawei launches new smartphone in ME market (The Gulf Today - 27/05/2015)

A new era of smartphone technology becomes available to the Middle East market on late Monday as Huawei launched its latest smartphone — P8 in the UAE for Middle East market. Once again redefining the smartphone industry, the Huawei P8’s exciting

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