January, 2018

• 7 January

  ‘Dubai Municipality innovations’ win 8 local, international awards

  Dubai / WAM Innovations proposed by Dubai Municipality employees have won eight awards in 2017 from international and Arab organisations dedicated to ideas and innovation, according to Hussain Nasser Lootah, Director-General of Dubai Municipality. He added that the municipality supports the creativity and innovations of its employees and encourages them to present their ideas and suggestions that help in achieving ...

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• 7 January

  Employers posted 142,394 jobs on Bayt.com in 2017

  DUBAI / Emirates Business Bayt.com, the Middle East’s #1 job site, announced the conclusion of 2017 with 142,394 jobs posted online to serve the Middle East and North Africa’s job seekers. These vacancies were supplemented with thousands of additional positions that are filled via Bayt.com’s CV Search tool, which gives employers access to over 30.3 million professionals and enables them ...

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• 7 January

  Surge in foreign fund inflows sets stage for Egyptian boom

  

  CAIRO / Reuters Encouraged by Egypt’s economic reforms, a major gas find, streamlined business rules and a devalued currency, investors are increasingly optimistic about prospects for the North African country after years of political turmoil. Foreign holdings of Treasury bills hit a record high in December, foreign inflows into the stock market last year were the highest since 2010 and ...

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• 7 January

  Saudi to provide Oman with rare grant to develop port hub

  

  Bloomberg Oman has accepted an amount of $210 million grant from Saudi Arabia to fund two projects at its flagship Arabian Sea port of Duqm, a rare agreement between two countries. The funding, which will be provided by the Saudi Development Fund, will finance a 61-million-rial ($158 million) fishing facility and a road costing 20 million rials, state-run Oman News ...

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• 7 January

  India considering 7.5 percent tariff on imported solar panels

  

  Bloomberg India, the largest buyer of solar equipment from neighbouring China, is considering a 7.5 percent tax on imported solar panels, according to government officials with knowledge of the situation. Such imports aren’t taxed now, but might be reclassified as motors, which are subject to the tariff, the officials said, asking not to be named until a final decision was ...

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• 7 January

  Forties pipeline crack under probe

  

  Bloomberg The UK Health and Safety Executive is investigating the causes of a crack in a key North Sea oil pipeline that disrupted production at more than 80 fields for weeks. While an HSE spokesman couldn’t comment further on the matter, such investigations aren’t automatically triggered. Incidents must be severe or unusual enough to meet the regulator’s criteria for a ...

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• 7 January

  Angola joins long list of oil nations in ditching dollar peg

  Bloomberg Angola is poised to become the latest emerging nation to abandon its currency peg as it seeks to rescue an economy still reeling from the oil-price crash four years ago. The southern African nation, an OPEC member, said this week it would let the kwanza trade within a new band. The rate at which it’s been fixed against the ...

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• 7 January

  India’s Fortis Healthcare weighs options to raise $790mn capital

  

  Bloomberg Fortis Healthcare Ltd. is seeking a cash injection of as much as 50 billion rupees ($790 million) as part of its billionaire founders’ talks to sell their stake in India’s second-largest private hospital chain, according to President Daljit Singh. Malvinder Singh and Shivinder Singh have been in talks with private equity firms for the past year to sell their ...

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• 7 January

  India’s Hindalco bids for $2.5bn US firm Aleris

  

  Bloomberg Hindalco Industries Ltd. is among potential buyers that submitted bids for US aluminum producer Aleris Corp., people with knowledge of the matter said, as Indian billionaire owner Kumar Mangalam Birla moves ahead with plans to expand his overseas operations. Mumbai-listed Hindalco made a non-binding offer through its US unit, Novelis Inc., and will now conduct due diligence, according to ...

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• 7 January

  Myanmar tourism stock rises 48% in S’pore debut

  

  Bloomberg Thousands of tourists have floated in a hot-air balloon over Myanmar’s historic Bagan plains dotted with more than 2,200 ancient Buddhist temples, pagodas and monasteries. Chances are they rode one of Memories Group Ltd.’s inflatables. The company, the largest operator of balloons in the area, rose 48 percent above its placement price in its debut session on the Singapore ...

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