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LG electronics strong quarterly results reflect turnaround of mobile business

July 2014 in News by edster

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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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 edster

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

July 2014 in News by edster

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 edster

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 edster

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 edster

•    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. <!–more–>

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Saudi fertilizer industry set for era of growth and diversification, says GPCA

July 2014 in News by edster

-       Kingdom accounts for 40% of regional fertilizer production, according to latest industry data released by GPCA –

The Saudi fertilizer industry leads regional production and is set to usher in a period of strong growth and diversification, according to Dr. Abdulwahab Al-Sadoun, Secretary-General of the Gulf Petrochemicals & Chemicals Association (GPCA). Read the rest of this entry »

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Every third 21:9 monitor sold made by LG

July 2014 in News by edster

LG Leads Segment With 63 Percent Market Share
According to International Data Corporation (IDC), LG Electronics’ (LG) IPS 21:9 Ul-traWide monitor range is currently the industry leader, having secured 63 percent share of the global market for 21:9 aspect ratio monitors in the first quarter of 2014. This doubles the company’s market share since the last quarter of 2012. Over the past year, the 21:9 aspect ratio monitor segment has grown nearly sevenfold, with LG’s lineup ac-counting for the majority of all units sold. According to the IDC Worldwide Quarterly PC Monitor Tracker, LG has been the global leader in 21:9 aspect ratio monitor sales for the past five fiscal quarters. Read the rest of this entry »

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Supreme Council of Energy discusses cooperation with King Abdullah Petroleum Studies and Research Centre

July 2014 in News by edster

HE Ahmed Butti Al Muhairabi, Secretary General of the Dubai Supreme Council of Energy (DSCE), received at the Council’s headquarters, a delegation from the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Saudi Arabia, led by Dr. Muhammad Saqqaf, President of KAPSARC. The meeting was attended by a number of DSCE’s Directors.
The visiting delegation was briefed on the Supreme Council of Energy, the Dubai Integrated Energy Strategy 2030, theDemand Side Management strategy, and future plans to position Dubai as a role model in energy. Read the rest of this entry »

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GOIC publishes a new issue of the Magazine “Industrial Cooperation in the Arabian Gulf”

July 2014 in News by edster

Al-Aqeel: We are working towards developing a clear vision to meet the needs of the GCC countries in industrial development

The Gulf Organization for Industrial Consulting (GOIC) published the 109 issue of the journal “industrial cooperation in the Arabian Gulf”, which was introduced by Mr. Abdul Aziz Bin Hamad Al-Aqeel, Secretary General of GOIC. In his introduction, titled “GOIC’s strategy: the achievements of the first half of the five-year plan”, Al-Aqeel reviewed the achievements of GOIC’s five-year strategy, and pointed to its pursuit “in the past period to activate the core values which help to achieve the vision and mission of GOIC and its objectives, including: excellence, efficiency, transparency, professional integrity, speed and efficiency of accomplishments, and customer satisfaction. Read the rest of this entry »