Monday 22 April 2019

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7.9pc GROWTH SEEN
UAE’s logistics, distribution sectors hit $20.9bn

The total value of the UAE’s logistics and distribution sectors have grown to Dh76.78 billion ($20.90 billion) in 2017 and represent about 5.4 per cent of the Dh1.42 trillion ($386.5 billion) economy, according to the Annual Economic Report 2018.

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1

DEAL INKED WITH TOP BANKS
Italy's Prysmian Group closes $1.12bn refinancing deal

Prysmian Group, a world leader in the energy and telecom cable systems industry, said it has refinanced its €1-billion ($1.12 billion) long-term revolving credit facility with a pool of leading Italian and international banks.

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2

BIG OVERSEAS ACQUISITION
Saudi Maaden set to acquire 85pc stake in African group

Saudi Arabia’s largest mining company Ma’aden will make its first international acquisition move with the purchase of an African Fertilizer distribution company, Meridian Group. The all-cash deal is likely to be completed by September this year.

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3

ANALYSIS
Soft start for GCC IPOs, but expect rebound, says expert

The level of IPO activity in the GCC is expected to rebound compared to the levels seen in the first quarter as a number of companies in the region have indicated their intention to list in the next 12 to 18 months, said an industry expert.

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4

ANALYSIS
GCC to see marginal economic growth in 2019: ICAEW

The GCC economy will be weighed down by renewed Opec-plus oil production cuts and lower oil prices, and is expected to post a marginal improvement of 2.3 per cent economic growth in 2019, said ICAEW’s latest Economic Insight report.

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5

NEWS IN PICTURES
The Phantom of the Opera unmasked

Award-winning performer Jonathan Roxmouth will play the lead role of ‘The Phantom’ in the Middle East debut of the world’s most popular musical, The Phantom of the Opera, taking place in Dubai this October.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

RAK Properties signs $136m deal for villas project

RAK Properties, one of the UAE’s leading property developers, has signed a construction, infrastructure and landscape work contract with Al Ali Construction & Development for its Dh500-million ($136 million) villas project.

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Retail & Wholesale

PAN Emirates opens new store in The Mall at WTCAD

PAN Emirates Home Furnishings, a leading home-grown indoor, patio and outdoor furniture brand in the region, has launched a new store at The Mall at World Trade Center Abu Dhabi (The Mall at WTCAD).

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Energy, Oil & Gas

Top Masdar executive named Tabreed CEO

UAE-based district cooling company Tabreed has appointed Bader Saeed Al Lamki as its new chief executive effective April 21. An industry veteran, Al Lamki comes from Masdar, where he was the executive director of the Clean Energy Directorate.

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Finance & Capital Market

Alkhabeer posts $50m income for FY 2018

Jeddah-based Alkhabeer Capital, a top asset management company specializing in alternative investments, has reported an operating income of SR188 million ($50 million) for the fiscal year 2018 (FY 2018).

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Analysis, Interviews, Opinions

Soft start for GCC IPOs, but expect rebound, says expert

The level of IPO activity in the GCC is expected to rebound compared to the levels seen in the first quarter as a number of companies in the region have indicated their intention to list in the next 12 to 18 months, said an industry expert.

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Travel, Tourism & Hospitality

IHG signs first Staybridge Suites hotel in Bahrain

InterContinental Hotels Group (IHG) has announced the signing of Staybridge Suites Manama Al Seef, marking the debut of the brand in Bahrain. Expected to open in 2020, the 128-room hotel will be located in the heart of the capital.

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Lifestyle

Maison Privee unveils new luxury hospitality concept

Maison Privee, the Dubai-based leading luxury vacation rentals provider has teamed up with specialist luxury lifestyle company, MyConcierge to offer guests a chance to experience what life is like for the city’s elite.

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Health & Environment
Media & Promotion
Education, HR & Training
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