John Thomas, executive director of the company to leave at the end of August.
Stories by Staff Writer
Bahrain’s GFH posts $47.7m net loss for first half of 2010
GFH says it has reduced net loss for the period by 50% down from $92.1m for H1 2009.
Bahrain July CPI edges down, grain shortage may hit
Bahrain’s inflation slows to 2.1% year-on-year, the kingdom’s lowest in 4 months.
Management and career progress worries GCC workers
Survey shows that lack of involvement from top brass is employees’ biggest concern.
Mideast investors eye Chicago airport rail link investment
Mayor claims ME investors approached him to finance rail link from O’Hare airport.
Aviation
Emirates to operate A380 on Hong Kong-Bangkok route
Dubai-based carrier says daily flight of the superjumbo to start from October 1.
Omani lender launches first chip and PIN card
BankDofar says it is first in Sultanate to use this type of anti-fraud tech.
Kuwait’s local banks to fund $104bn plan – report
Gov’t says banks to finance KD30bn development plan; bank shares gain on news.
Dubai’s Univest to close after volumes, stocks tumble
‘We were not making enough to break even despite attempts to cut costs ‘ – brokerage.
Kuwait’s NBK shareholders get stake sale offer
At least 2 shareholders of Kuwait’s biggest lender have got offers to sell a 10% stake.
59% of UAE workers do not see recovery until 2011 – survey
Regus poll shows 34% of local workers think their firm’s revenue declined last year.
Qtel sees ‘no material’ impact from Moody’s ratings drop
Moody’s yesterday lowered Qatar Telecom’s ratings to A2 from A1 with a stable outlook.
Kuwait banks surge, DP World hits 15-week high
UPDATE 3: Property stocks lead Dubai and Abu Dhabi to end higher.
Survey shows lack of interest in GCC public transport
Gulf commuters’ use of cars to travel to work is far higher than the global average.
UAE broadband revenue to rise 45% to $1bn by 2015
Move to fiber fixed-line services to help boost revenues for UAE telecoms.
Bahrain’s Investcorp to delist from London exchange
Firm to delist London shares in Oct; offers to buy outstanding shares at $4.76/sh.
Saudi fatwa Sheikh ordered off the air – report
A decree by the Saudi’s King Abdullah has restricted the issuing of fatwas.
Fears for up to 250 jobs at Bahrain airport
Gulf Air plans to bring ground services in-house would put jobs in danger – report.
Saudi Arabia becomes largest Pakistan flood relief donor
Gulf’s richest state overtakes the US after pledging $105m in aid.
Saudi Arabia appoints new labour minister
Savola chairman and former mayor of Jeddah hired after recent death of Ghazi Al Gosaibi.
Kuwait’s Gulf Bank on course for 2010 profit – CEO
Billion dollar loss-making bank is set to see a ‘turnaround year’ – Michel Accad.
MENA confectionery sales set to rise 16% by 2014
Sales of sweets and chocolates in the region hit $6.6bn last year – Euromonitor Int’l.
Dubai companies still slow to pay trade creditors
Newly merged Aecom and Davis Langdon expect delays on deals with Nakheel, RTA.
Digital delivery
A pioneer of technology advancements in the Middle East, Global Shipping & Logistics (GSL) details its success story with the Manhattan Associates warehouse management system.
Steely resolve
Mishal Kanoo speaks about his firm’s latest engineering venture, as well as it’s plant buying strategy.
F&B Column: Victoria Connolly
The real impact of bad reviews. A negative report does not mean the end of the world – as long as you handle the follow-up correctly.
Middle East tanker rates slide for second day
The supply of vessels in Arabian Gulf is healthy but bookings decline from July.
DEWA’s production capacity rises to cope with demand
New station to be one of the biggest projects undertaken by the power company.
Saudi buys extra gasoline cargoes, say traders
Extra cargo due to maintenance activity at one of the refineries in Saudi Arabia.
OPEC earnings to rise 32% in 2010 – EIA
Saudi Arabia earns 64% more from oil in H1, while the UAE sees a 57% increase in the same period.
Barclays Capital offers Islamic repos in $1 trillion market
Bank offers repurchase deals to allow Islamic banks, investors manage their funds.
English Premier League
Liverpool fans seek bid clarity as Kirdi denies Gulf link
‘Nobody in a Gulf royal family is with me. Not Sharjah, and not any other Gulf royal family.’
Japan analysing damage to tanker in Hormuz Strait
Checks on the tanker shows a soot-like substance in a large dent in its hull.
Dubai top hotels see guest spa spend up
Latest report finds 60% of hotel guests spending on spa treatments.
Gulf International seeks joint ventures for drilling
About 25% of drilling rigs in the Mideast are idle at the moment, Qatari company says.
UAE president has medical treatment after Swiss checks
HH Sheikh Khalifa’s medical treatment ‘culminated in a complete success’.
GM issue recall of Chevrolet Traverse and GMC Acadia
Voluntary recall is related to a potential fault in second-row safety belts.
VIDEO: ‘Pay-for-TV is unsustainable’ – MBC boss
‘If pay-tv was sustainable, would Showtime and Orbit have amalgamated together?’ – Tim Riordan.
Burj Khalifa
Burj Khalifa interiors contractor inks $60m Angola deal
Dubai-based Depa, who also fitted out Burj Al Arab, signs second deal in Luanda.
Batelco operating profits slip 14% in H1
CEO says Bahrain’s telecom market is now ‘ex-growth’ for profits, revenues.
Dubai’s DP World at 2-mth high after H1 results
UPDATE 5: DP World climbs to its highest finish since June 23.
Muslim scholar calls for halt to Ramadan construction work
Chairman of the Int’l Union for Muslim Scholars said halt would help fasting workers.
New Iran sanctions will harm UAE trade – Iran official
Trade between Iran and Dubai alone is estimated at around $10bn a year.
DP World reports 10% rise in net profits
Ports operator’s CEO says firm will meet FY expectations, H2 will be better than H1.
Emirates ID cards
UAE ID cards mandatory for Abu Dhabi traffic work
However, other ID like passports or labour cards will suffice in Dubai – report.
Saudi conglomerate to create 45,000 new jobs
Abdul Latif Jameel Group is to hire staff for its community services arm.
Leighton CEO frets over order book at UAE JV
Wal King says next generation of work at JV is ‘unanswered question’.
Saudi Arabia deports 30,000 Indian expats each year
Invalid visas or residence permits main cause of deportation – Indian embassy.
Streamlined communication
As the end of summer is fast approaching, this seasonal industry-wide slowdown will soon be coming to an end. While this is good news for those with a keen eye on quarterly reports, it also presents an opportunity for supply chain managers to take a closer look at their operational efficiency.
Going up
Al-Futtaim Engineering (AFE) Elevator Division GM Syed Shamsul Haq talks about upwards growth in Abu Dhabi, and the latest developments in vertical transportation.
Paving the way for a new Palladium
The Palladium is set to become a multi-purpose ‘lifestyle’ venue, according to Joe Tabet, executive chairman of new-owners, Pragma Group.
Doosan cuts offer for Saudi power plant
Two other bidders, Hyundai Heavy Industries and France’s Alstom have also revised their bids
Qatari bank provisions rise but slower than in June
Major Qatari banks reported robust result with Qatar National Bank leading the way.
Middle East supertanker supply drops as rents jump
There are 15% more VLCCs competing for business over the next month than cargoes.
