Saturday 30 April 2016

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IRAN, IRAQ LEAD PRODUCTION
Opec oil output near record high in April

Opec's oil output rose in April to close to the highest level in recent history, a Reuters survey found on Friday, as production increases led by Iran and Iraq more than offset a strike in Kuwait and other outages.

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1

REFINING MARGINS HIT
Exxon, Chevron earnings slide on low oil prices

Exxon Mobil Corp and Chevron Corp on Friday reported their most dismal quarterly results in more than a decade on low oil prices and an oversupplied fuel market that hurt what had been lucrative refining margins.

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2

'INVEST MORE TO DIVERSIFY'
Mideast generated $195bn from tourism in 2015

The Middle East must continue investment in the tourism sector - which generated $194.5 billion in 2015 - as a means of diversifying economies, David Scowsill, president and CEO of the World Travel & Tourism Council, has said.

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3

ANALYSIS
Rising oil prices throw lifeline to shale producers

Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil slump started.

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4

MONEY MATTERS
Mideast funds reduce cash as markets find floors

Middle East fund managers are reducing their cash holdings and building back long positions in equities and fixed income because of signs that markets have bottomed out, a monthly Reuters poll shows.

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5

NEWS IN PICTURES
Power launch

A Russian Soyuz 2.1a rocket carrying the Lomonosov, Aist-2D and SamSat-218 satellites lifts off from the launch pad at the new Vostochny cosmodrome, about 200 km from the city of Blagoveshchensk in the Amur region, Russia on April 28.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Nass Asphalt wins Bahrain quarry operations contract

Bahrain-based Nass Asphalt said it has been awarded a contract by the government for the management and operation of the national quarry located in Hafeera area of the kingdom.

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Energy, Oil & Gas

KNPC signs $4bn loan for Clean Fuels Project

State-owned refiner Kuwait National Petroleum Company (KNPC) signed on Thursday the first tranche of financing for its multi-billion-dollar Clean Fuels Project, a major plank of the country's economic development plan.

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Finance & Capital Market

Dubai Investments Q1 net profit rises 5.5pc

Dubai Investments, a leading, diversified investments conglomerate, has reported net profit of Dh297.5 million ($80.97 million) for the first quarter of 2016, a 5.5 per cent increase compared to Dh282 million for the same period last year.

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Analysis, Interviews, Opinions

Mideast funds reduce cash as markets find floors

Middle East fund managers are reducing their cash holdings and building back long positions in equities and fixed income because of signs that markets have bottomed out, a monthly Reuters poll shows.

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Industry, Logistics & Shipping

Honeywell unit to help industrial firms with IoT

Honeywell Process Solutions (HPS) has established a new business unit to help Middle Eastern manufacturers harness the Industrial Internet of Things (IIoT) and more rapidly deploy technologies to help in better managing and analysing data.

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Travel, Tourism & Hospitality

Dubai to offer 20,000 to 30,000 budget rooms by 2020

The influence of millennials and their preference for quality over luxury, as well as the rise of a new breed of trendy mid-market hotel brands will see Dubai playing host to 20,000 and 35,000 mid-market rooms by 2020.

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IT & Telecommunications
Lifestyle

Gold shoes steal limelight at Leatherworld

Unique handmade leather shoes made of 24 karat gold was the highlight of the opening day of Leatherworld Middle East, the Middle East’s only dedicated leather industry trade show, running from April 26 to 28 in Dubai, UAE.

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Health & Environment
Media & Promotion

Top talents honoured at Mena Digital Awards

Leading practitioners in digital advertising were honoured excellence in the use of digital technology and media during the recently held Mena Digital Awards in Dubai, UAE.

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Education, HR & Training
Miscellaneous

US to deploy rocket launchers near Syria border

The United States will deploy a rocket launcher system in Turkey near the border with a part of Syria held by Islamic State, Turkey's foreign minister was quoted as saying on Tuesday.

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