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January
UAE banks improve profitability on lower costs and higher margins
(Gulf News - 21/01/2018)

‘Cautious optimism’ and ‘resilience’ were the favourite phrases of UAE bankers and banking sector analysts in 2017. Early bank results show that, despite the economic challenges, most banks have been more than resilient. A few banks that have declared

Khalid al-Falih urges oil producers to extend cooperation beyond 2018
(Reuters - 21/01/2018)

Saudi Arabia’s energy minister urged global oil producing nations on Sunday to extend their cooperation beyond 2018, but said this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months. It was

CBB signs memorandum of understanding with DFSA
(BNA - 21/01/2018)

he Central Bank of Bahrain (CBB) said it has signed a Memorandum of Understanding (MoU) with the Dubai Financial Services Authority (DFSA). The MOU provides a formal basis for supervisory cooperation and mutual support between CBB and DFSA. It paves the

S&P affirms Sharjah's rating with stable outlook
(CPI Financial - 21/01/2018)

On 19 January 2018, S&P Global Ratings affirmed its 'BBB+/A-2' long- and short-term foreign and local currency sovereign credit ratings on the Emirate of Sharjah, a member of the United Arab Emirates (UAE). The outlook is stable. The stable outlook

Al Hilal Bank receives Best CSR in Islamic Banking UAE Award
(WAM - 21/01/2018)

Al Hilal Bank was awarded the "Best CSR in Islamic Banking UAE" Award for its Child Safety CSR Campaign by CPI Financial, a leading financial publication in the Middle East. Alex Coelho, CEO of Al Hilal Bank received the award on behalf of the bank from

Saudi Arabia to build 9 desalination plants on Red Sea
(Reuters - 21/01/2018)

Saudi Arabia plans to build nine desalination plants for more than 2 billion riyals ($530 million) on the Red Sea coast, its environment minister said on Sunday. The plants will have capacity of 240,000 cubic meters of water per day and will be completed

Kuwait Is Said to Join Gulf Bond Rush With Plans for Dollar Sale
(Bloomberg - 21/01/2018)

Kuwait is weighing plans to sell dollar-denominated bonds, according to people familiar with the matter, joining other Gulf Cooperation Council states also said to be considering sales. Officials from the oil-rich Gulf nation have held talks with banks

Deloitte guides insurance companies on IFRS 17 standard
(Press Release - 21/01/2018)

Deloitte Middle East held an awareness session on IFRS 17 – Insurance Contracts in Dubai in December 2017. This session was hosted by Deloitte’s IFRS 17 leaders who have been actively involved in developing Deloitte’s response to the accounting standard,

Eaton strategy helps to capitalize on strong revenue growth
(Saudi Gazette - 21/01/2018)

Power management company Eaton announced it has made a number of key strategic enhancements to its Power Advantage Partner Program to leverage market growth, better support its channel partners and data center customers, and continue growing revenues in

Saudi Arabia targets energy efficiencies of 40GW hours in 2018
(The National - 21/01/2018)

Saudi Arabia is targeting 40 gigawatt hours of energy savings this year, according to the head of the country’s newly established National Energy Services Company (National Esco), as part of the country’s economic diversity and environmental

Qatar’s e-commerce market seen reaching $3.2bn by 2020
(Gulf Times - 21/01/2018)

Qatar’s e-commerce market is expected to grow from $1.2bn in 2017 to $3.2bn in 2020, according to an industry expert at the Ministry of Transport and Communications (MoTC). Speaking to Gulf Times on the sidelines of a forum held recently in Doha, Moayed

Advisors for privatising five power firms named
(Times of Oman - 21/01/2018)

Oman’s state-owned electricity holding firm, Nama Holding, has appointed a consortium of advisors, jointly led by London Economics and Lazard Freres, to privatise its five subsidiary power distribution and transmission firms. London Economics will

Qatari businessmen delegation to visit Kuwait on Tuesday
(The Peninsula - 21/01/2018)

Qatar Chamber of Commerce and Industry (QCCI) has announced that a delegation of more than 55 Qatari businessmen will travel to Kuwait on Tuesday led by Sheikh Khalifa bin Jassim bin Mohammed Al -Thani, QCCI Chairman. The two-day visit aimed at

Jafza North and Jafza South linked across Shaikh Zayed Road
(Gulf News - 21/01/2018)

Jebel Ali Free Zone (Jafza) has opened the “Jafza Bridge” for traffic, linking Jafza North and Jafza South across Sheikh Zayed Road, the zone said in a statement on Saturday. The bridge, built in collaboration with the Dubai Roads and Transport Authority

Construction of Oman’s first bitumen refinery set to start
(Oman Daily Observer - 21/01/2018)

Construction work is set to begin in earnest on Oman’s first bitumen refinery — an ambitious venture that will, for the first time, help offset imports of bitumen for road building and other applications. The greenfield project is backed by Sohar Asphalt

Oman LNG, BP Singapore ink landmark LNG deal
(Oman Daily Observer - 21/01/2018)

Oman LNG and BP Singapore Pte Ltd have announced the signing of a major Sales and Purchase Agreement (SPA) for the supply of LNG to BP Singapore. The announcement was made by Harib al Kitani, Oman LNG’s Chief Executive Officer, and Jonathan Shepard,

Dubai Logistics Corridor–A game changer in the transport and logistics
(Media Office Dubai - 21/01/2018)

Jebel Ali Free Zone (Jafza) the flagship free zone subsidiary of global trade enabler DP World has opened the “Jafza Bridge” for traffic, linking Jafza North and Jafza South across Sheikh Zayed Road. The bridge, built in collaboration with the Dubai

Dewa boosts ties with US Department of Energy
(The Gulf Today - 21/01/2018)

Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority, Dewa, has welcomed a high-level delegation from the United States, US, Department of Energy. The delegation headed by Dan Brouillette, Deputy Secretary of Energy, included Paul

Masdar signs cooperation deal with DoT
(The Gulf Today - 21/01/2018)

The Department of Transport (DoT) – Abu Dhabi and Masdar, Abu Dhabi Future Energy Company, have signed a Memorandum of Understanding (MoU) to cooperate in the study, testing and evaluation of sustainable, electrical and autonomous transport technologies.

UAE online shopping purchases subject to VAT
(Trade Arabia - 21/01/2018)

The UAE Federal Tax Authority (FTA) has confirmed that all purchases made through online shopping portals are subject to the same 5 per cent Value Added Tax (VAT) as any other purchase made through traditional outlets if the products purchased online are

MAG to deliver $218m Dubai project ahead of schedule
(Trade Arabia - 21/01/2018)

UAE-based MAG Lifestyle Development is set to deliver its ‘MAG 5 Boulevard,’ a Dh800 million ($218 million) gated residential community project months earlier than expected as construction works continue to progress ahead of schedule. The first phase of

U.A.E. to Postpone Changes to How It Calculates Key Rate
(Bloomberg - 18/01/2018)

The United Arab Emirates central bank’s plan to change the way a key interest rate used to price debt is calculated has been postponed, according to two people familiar with the matter. For several months, banks that form part of a panel that contributes

Contract signed for work on world's tallest skyscraper in Jeddah
(Reuters - 18/01/2018)

Real estate developers seeking to build the world’s tallest skyscraper in Jeddah have signed a 620 million riyal ($165 million) contract for infrastructure work at the site, signalling the project will go ahead despite a weak economy. The contract was

Addressing water efficiency key to GCC chemical producers
(Saudi Gazette - 18/01/2018)

Water scarcity is not just a global but also important regional concern, and part of UN Sustainable Development Goals. Albeit abounding in rich hydrocarbon reserves, the Arabian Gulf is dominated by a harsh desert terrain, and lacks access to crucial

Corporate governance law to attract more investors to Saudi market
(Saudi Gazette - 18/01/2018)

Amid all the fast-paced procedures taken by the Kingdom’s different authorities to create an attractive atmosphere for investors, one of these steps taken was the issuance of the new “corporate governance regulations” by the CMA in April 2017 and is