July, 2016

• 25 July

  Jumeirah Golf Estates begins Phase 2 of Redwood Park

  

    Emirates Business Jumeirah Golf Estates, the leading residential golf community, successfully launched Phase 2 of its award-winning Redwood Park community to a marketplace of eager buyers. The much anticipated sales event, which saw a major portion of the townhouses within Redwood Park sell out, welcomed a number of purchasers – with buyer confidence boosted by the recent announcement that ...

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• 25 July

  GCC LED lighting market on track for double-digit growth

  

    Emirates Business Increased demand for energy efficient lighting solutions in the Gulf Cooperation Council (GCC) is spurring fresh growth for the LED market, as the sustainable and long-lasting luminaire looks to dominate the regional architectural and public lighting landscape. Analysts Frost & Sullivan estimate that the GCC’s LED (light-emitting diode) market was worth US$900 million in 2015, comprising 38 ...

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• 25 July

  SR58bn in electronic transactions recorded during Ramadan

  

    Jeddah / TNS Secretary General of the Committee on Information and Awareness in Saudi Banks, Talaat Hafeth, said that transactions made using the Mada System for sales points and ATMs amounted to SR58.6 billion this Ramadan, marking a growth rate of 8 percent compared to the previous year. He said that the highest number of sales made in a ...

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• 25 July

  Riyadh chosen as HQ of Arab tourism union

    Jeddah / TNS The Arab Tourism Experts Union, a tourism body of experts seeking to promote tourism among the Arab countries, selected Riyadh as its headquarters. The union also decided to open branch headquarters in a number of Arab countries. The countries that represent the general commission of the union include Saudi Arabia, Jordan, Iraq, Yemen, Oman, Tunisia, Algeria, ...

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• 25 July

  14K telecom firms comply with Saudization

    Jeddah / TNS A total of 14,062 establishments have showed compliance to the directive that aims to employ Saudi males and females in the telecom sector, a recent statistic showed in the second month of ongoing inspection campaigns. As various ministries take part in implementing the 50-percent nationalization of the telecom sector, the Eastern Province registered the highest number ...

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• 25 July

  Algosaibi inks deal to end biggest Mideast default

    Bloomberg Ahmad Hamad Algosaibi & Brothers Co. signed a deal with a majority of its creditor banks to restructure about $6 billion of debt, taking the Saudi conglomerate one step closer to ending a seven-year impasse over the Middle East’s biggest default. The agreement with a five-member committee representing about 80 banks, which include BNP Paribas SA and Standard ...

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• 25 July

  Egypt to get first tranche of $1.5bn Saudi loan ‘soon’

  

    Emirates Business Egypt will “soon” receive the first tranche of a $1.5 billion loan from Saudi Arabia, an Egyptian minister said, a cash injection that could help to ease a dollar shortage that has weighed on economic growth. The first payment will be about $500 million, Egypt’s Minister of International Cooperation Sahar Nasr said. The loan is one of ...

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• 25 July

  Tokyo stocks slip, Nintendo dives on Pokemon Go warning

  

    Tokyo / AFP Tokyo stocks ended lower for a second session Monday, giving up early gains with Nintendo slumping after it downplayed the impact of the Pokemon Go phenomenon on its bottom line. The benchmark Nikkei 225 hung in positive territory for much of the day as dealers eyed the start of Japan’s latest earnings season as well as ...

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• 25 July

  US stocks slip from all-time highs before policy meetings

    Bloomberg U.S. stocks retreated from records, with central-bank policy decisions looming later in the week as investors assess corporate earnings. The S&P 500 Index fell 0.3 percent to 2,169.61 at 9:37 a.m. in New York, following a fourth week of gains for the gauge. The Dow Jones Industrial Average dropped 59.53 points to 18,521.32. Earnings remain in focus, with ...

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• 25 July

  Hues that show the way

  

    Paderborn / DPA You may have used one at a theme park to find the nearest hair-raising ride, or to plan a walk in magnificent mountain scenery. Pictorial maps lay out your surroundings not as a map, from above, but in an oblique, eagle’s-eye panorama. Alexander Koenigs is one of the world’s few pictorial map illustrators able to do ...

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