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The company plans to offer 30 per cent to 40 per cent of Emirates District Cooling in the second half of next year

Dubai Investments (DI), the state-backed company with interests in real estate and manufacturing, is planning an initial public offering of its district cooling unit next year, reviving plans stalled in the aftermath of Dubai's property decline seven years ago.

The company plans to offer 30 per cent to 40 per cent of Emirates District Cooling in the second half of next year and a further 20 per cent one year to 18 months later, Khalid bin Kalban, chief executive officer of Dubai Investments, said in an interview

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Within Arab world, promotion of Palestine to Frontier market status will be implemented in conjunction with the rescheduled annual review of the FTSE Frontier Index in September 2016.

Qatar stocks will be promoted from Frontier to Secondary Emerging next year while Saudi Arabia and Kuwait markets will join the Watch List for possible addition to Secondary Emerging market status, the global index provider FTSE Russell said in a statement.

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Companies working on infrastructure projects have been waiting six months or more for payments.

Saudi Arabia is delaying payments to government contractors as the slump in oil prices pushes the country into a deficit for the first time since 2009, according to three people with knowledge of the matter.

Companies working on infrastructure projects have been waiting six months or more for payments as the government seeks to preserve cash, the people said, asking not to be identified as the information is private. Delays have increased this year and the government has also been seeking to cut prices on contracts, the people said.

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