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LG electronics strong quarterly results reflect turnaround of mobile business

July 2014 in News by Publisher

Success of LG G3 contributes to record smartphone shipments in quarter

LG Electronics Inc. (LG) announced a 165 percent increase in second-quarter net profit compared with the same period last year, reflecting strong earnings from both the TV and mobile operations. LG reported second-quarter 2014 net profit of KRW 412 billion (USD 399.8 million) and operating profit of KRW 606 billion (USD 588.5 million), an increase of 26.5 percent year-over-year. Unaudited second quarter consolidated reve-nues of KRW 15.37 trillion (USD 14.93 billion) increased 7.7 percent from the previous quarter. Read the rest of this entry »

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Deyaar Registers a Record 129% Increase in Consolidated Net Profits for Q2 2014

July 2014 in News by Publisher

Financial Highlights:

• Net Profit for H1 2014 Notches up AED114.6 million, an increase of 145% from AED46.6 million for H1 2013
• Net Profit of AED62.5 million for Q2 FY14 up by 129% from AED27.3 million in Q2 FY13
• Total Shareholders’ Equity at the end of June 30, 2014 stood at AED4.2 billion Read the rest of this entry »

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Abu Dhabi Ports experience significant cargo growth

July 2014 in News by Publisher

Abu Dhabi’s economic growth boosts import/export volumes

General cargo moving through Abu Dhabi’s commercial Ports has increased by 37% this year. Read the rest of this entry »

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Empower’s Command and Control Centre Enables Consistent Operational View & Customer Satisfaction

July 2014 in News by Publisher

• Project to enhance Empower’s operations and customer satisfaction

Empower, the world’s largest district cooling services provider, has begun construction for a state-of-the-art Command and Control Centre (CCC) in Dubai, a project which integrates all operations for the company. Read the rest of this entry »

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Bawadi Mall to celebrate Eid al Fitr with spectacular folklore shows from 6 countries

July 2014 in News by Publisher

‘Around the World in 40 Days’ campaign to feature shows by 6 country groups from 27 July – 6 September

Al Ain, UAE, 23 July 2014: Bawadi Mall, the largest in Al Ain city, is set to launch ‘Around the World’ campaign to celebrate Eid al Fitr, marked by spectacular folklore performances for 40 days. The campaign will kick off on 28 July, and will feature seven performances by each of the dance groups from 6 countries. Read the rest of this entry »

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Imdaad integrates with Dubai Trade’s e-Payment gateway

July 2014 in News by Publisher

Agreement enables Imdaad’s clients to use trade facilitator’s “Rosoom” online payment gateway

Imdaad, a leading provider of integrated facilities management (FM) solutions in the GCC, recently entered into an agreement with Dubai Trade, the premier trade facilitation entity, to utilize the trade facilitator’s ‘Rosoom’ online payment gateway. Read the rest of this entry »

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World Finance names Emirates NBD Asset Management UAE’s Best Investment Management Company 2014

July 2014 in News by Publisher

Award in recognition of fund performance, investment strategy, and market transformation

Emirates NBD Asset Management Limited, the asset management arm of Emirates NBD, a leading bank in the region, announced today that it has been named the “Best Investment Management Company 2014, UAE” at the World Finance Investment Management Awards 2014. The award was presented to Emirates NBD Asset Management at a ceremony held recently in London. Read the rest of this entry »

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ENOC introduces long hoses with retractors in high-traffic service stations to enhance customer convenience

July 2014 in News by Publisher

• Motorists can now conveniently refuel from either side of the pump at 16 service stations
• Long hoses to be introduced in 16 more service stations in September and across the entire network in due course

As part of its commitment to strengthening customer service efficiency, Emirates National Oil Company (ENOC) has introduced long fueling hoses with retractors for Special petrol refueling at 16 high-traffic service stations in Dubai. Read the rest of this entry »

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Qannas Investment Limited to pay special dividend following four successful exits

July 2014 in News by Publisher

Qannas Investments Limited (QIL) today announced that it will pay a special dividend of 11.5 cents per share to shareholders after completing four successful exits with a total value of AED 116.7 million. Read the rest of this entry »

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Profit margins are growing for major GCC companies

July 2014 in News by Publisher

• GCC equity markets bounce back strongly as profits surge

• India boosts bank lending to long-term infrastructure projects

• Major central banks remain accommodative

• Watch US inflation data for clues to the future trajectory of interest rates

GCC corporate profit growth exceeds corporate revenue growth, suggesting costs well contained Read the rest of this entry »

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DEWA to showcase its smart initiatives at GITEX 2014

July 2014 in News by Publisher

Dubai Electricity and Water Authority (DEWA) has announced its participation in GITEX 2014, to be held from 12-16 October at the Dubai World Trade Centre. DEWA will showcase its latest smart services and initiatives as part of its ongoing efforts to support the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to ensure happiness of Dubai’s residents by enabling them to use smart services anytime anywhere. Read the rest of this entry »

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NBK Bahrain reports a net profit of USD 74.1 million for the first half of 2014, up 38% y-o-y

July 2014 in News by Publisher

National Bank of Kuwait – Bahrain (NBK Bahrain), the subsidiary of NBK Group in Bahrain, reported a net profit of USD 74.1 million (BHD 27.9 million) for the first half of 2014 compared with USD 53.9 million (BHD 20.3 million) for the same period of last year, a growth of 38 % year-over-year (y-o-y) Read the rest of this entry »

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Schneider Electric and Waterfall Security Join Forces to Ensure Safety, Reliability of Control System Networks

July 2014 in News by Publisher

• Schneider Electric Will Leverage Unidirectional Security Gateways to Improve Cybersecurity Protection Available to Customers

Schneider Electric, a global specialist in energy management, and Waterfall Security Solutions (Waterfall), which specializes in critical infrastructure and industrial control systems security, today announced a partnership to bring stronger-than-firewall cybersecurity technologies to Schneider Electric customers. Read the rest of this entry »

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‘Green Diesel’ now available across ENOC/EPPCO network

July 2014 in News by Publisher

• Ultra-low-sulphur diesel records positive response from motorists for its low emissions and environment-friendliness
• UAE Federal Cabinet has issued a decree making it mandatory to use green diesel that matches Euro 5 standards to reduce pollution and promote environmental sustainability
• ENOC is distributing ‘Green Diesel’ at no extra cost as part of its CSR commitment

Emirates National Oil Company (ENOC) today announced that all service stations in the ENOC/EPPCO network are now providing the ultra-low sulphur ‘Green Diesel.’ Read the rest of this entry »

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DAMAC Properties’ Latest Project Sells out in One Night

July 2014 in News by Publisher

More than 300 Investors attend events in six venues across the UAE;
Dubai Real Estate Market Remains ‘Bullish’
The latest project to be launched by luxury real estate developer, DAMAC Properties, has sold out in just one evening. Read the rest of this entry »

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TASWEEK engages US Business communities to promote Dubai as a Smart City

July 2014 in News by Publisher

TASWEEK revealed details about Smart Living City Dubai 2014 to international audience

TASWEEK Real Estate Development and Marketing, a provider of comprehensive real estate development solutions for the UAE and the broader Middle East, has involved various US companies in different segments to introduce and endorse the Dubai Smart Living City during its visit to the USA as part of a high-profile preparation for the event in Dubai 2014 and the 2015 in San Francisco. Dubai has stepped up its efforts to transform into the world’s smartest city in the next three years in line with the vision of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. Read the rest of this entry »

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NAPCO to implement expansion initiative aimed at gaining wider reach in regional and international markets

July 2014 in News by Publisher

Initiative to increase company’s production capacity

The National Aluminium Products Company SAOG (NAPCO), one of the leading extruders of aluminum profiles in the GCC, has announced its plans to implement a massive expansion initiative that aims towards increasing its market presence and gaining wider reach across both regional and international markets. The move represents the recent decision of the company’s shareholders and board of directors to bring NAPCO to a whole new level—tapping into newer markets and introducing more products and services. Read the rest of this entry »

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NAIA – Dubai is Yours

July 2014 in News by Publisher

DAMAC Properties Launches New Serviced Hotel Apartment Operator on the eve of Arabian Travel Market;

More than 3,800 NAIA by DAMAC keys under Development Offering Urban, Connected Living in the Heart of the City

DAMAC Properties, one of Dubai’s largest luxury real estate developers, has announced the launch of NAIA by DAMAC – its latest hotel management services company – which will cater to guests in more than 2,200 Hotel Apartment units across the city by the end of 2014.

DAMAC Properties is a pioneer in the serviced hospitality industry in the Middle East, with NAIA by DAMAC set to manage projects including NAIA Downtown Jebel Ali, which will begin operations this month. Other projects which will come online include NAIA Downtown AKOYA, NAIA Miracle Garden, NAIA Dubai World Central, NAIA Jumeirah Village, NAIA Business Bay, and NAIA Al Maktoum Airport Street. The brand will present spacious and convenient units, connected to the urban space of the emirate.

The unveiling of NAIA by DAMAC comes off the back of the successful launch of DAMAC Maison Hotels and Hotel Apartments – the company’s other luxury serviced hotel apartment operator, which already serves DAMAC Maison – Dubai Mall Street and will ultimately manage almost 6,500 units across the region.

Each NAIA by DAMAC unit comes complete with a fully-fitted kitchen and maid services, with access to a restaurant, kids club and swimming pool.

“NAIA by DAMAC serviced hotel apartments offer the best starting point to discover and enjoy the city,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “Complete with high-quality hotel standard services, NAIA by DAMAC projects provides the convenience and connectivity needed to fully explore your city.”

Full details of the service offering will be showcased during the Arabian Travel Market, which starts tomorrow at Dubai World Trade Centre. DAMAC Properties will be exhibiting at stand HC5560 in the Sheikh Saeed Arena.

The latest HotStats figures for Dubai, show that throughout March 2014, Dubai hotels were running at an average of 88.4% occupancy, with an average room rate just under AED 1,500 per night. The report added that: ‘The Dubai hotel market continues to grow at an impressive rate, with average rates in the first quarter of 2014 increasing 5.6% to US$ 389.99.’ Read the rest of this entry »

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Oman Trading International Ltd. closes oversubscribed US$1.05 billion global syndicated borrowing base facility

July 2014 in News by Publisher

Dubai-based global energy commodities trader, Oman Trading International Ltd. (“OTI” or the “Company”) is pleased to announce the successful signing of its US$1.05 billion uncommitted borrowing base facility (the “Facility”). The Facility will be used for the Company’s working capital needs and the refinancing of the previous US$600 million club deal facility. Read the rest of this entry »

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Turkish Airlines voted as the best in Europe for fourth consecutive year at 2014 Skytrax World Airline Awards

July 2014 in News by Publisher

• Other awards include “Best Airline in Southern Europe”, “Best Business Class On-board Catering” and “Best Business Class Lounge Dining”
As a world-recognized brand associated with air travel excellence in the 21st century by providing unique products to the world airline and airport industry through professional Audit and Service Benchmarking programmes of airlines, airline alliances, airports and related air transport product and service suppliers across the globe, Skytrax has become the world leader in ranking aviation offers. With no outside sponsorship, advertising or influence, it is the most respected global airline passenger study in the industry. Read the rest of this entry »