Main headlines
May 8, 2013
Saudi Arabia should cut energy subsidies that are burdening public finances, the economy minister and the head of the state-run utility said, a move that would also tackle the issue of erosion of crude exports.
The High Commission for Riyadh Development (HCRD) has offered investment opportunities in various real estate projects being implemented here.
Abu Dhabi Islamic Bank (Adib), one of the major lenders in the UAE, said yesterday its fiscal first quarter net profit rose 10.7 per cent on year to Dh340.1 million while its total assets increased 15.9 per cent year-on-year to Dh88.7 billion and net customer financing rose 8.9 per cent to Dh54 billion.
Finance Minister Ibrahim Al-Assaf has said the Kingdom achieved a growth rate of seven percent due to its sound economic policy and planning carried out with the private sector participation.
Nasair, a low-cost carrier based in Saudi Arabia, is set to go public as the airline prepares for an initial public offering (IPO), a top official said.
Omani investors lifted trading on the Muscat Securities Market as they net bought 7.7 per cent of the total value and the general index closed flat at 6,191.47.
May 7, 2013
A Croatian oil and gas company, INA, has withdrawn from a project for developing an oil block in Iran.
The Central Bank of Bahrain (CBB) announced yesterday (Monday: 6 May 2013) that this week’s BD35 million issue of Government Treasury Bills has been oversubscribed by 297%.
Abu Dhabi: Emarat will not expand its fuel retailing business in Dubai in the foreseeable future as the company feels its existing filling stations in the emirate are more than adequate to meet customer needs.
The Egyptian Railways is one of the most popular modes of public transportation in Egypt with around 800 million passenger miles annually. Most of this network connects the Nile Delta with Cairo and Alexandria.
Visitors to the UAE spent around $4.7 billion via their Visa cards last year, a 17.1 per cent increase compared to the previous year.
Qatar Airways is preparing to open business in Saudi Arabia as one of two operators that won in December licenses to serve the Kingdom’s domestic market.
Not content with a Ferrari FF or Lamborghini Aventador, Dubai Police now use a rare Aston Martin One-77.
May 6, 2013
Bahrain Electricity and Water Authority (EWA) has announced the launch of the largest utility-based IT project in the Kingdom’s history aimed at Accelerating its move towards smart grid and smarter energy and water services.
Investments in the Dubai World Central projects reached Dh22 billion to date, according to Khalifa Al Zaffin, executive chairman of the Dubai Aviation City Corporation, who did not provide a breakdown of the spending.
