Main headlines
May 8, 2013
The Public Authority for Electricity and Water (PAEW) has identified four potential locations for the establishment of large-scale solar power projects, and land has been allocated at two of these places, according to a senior official.
The UAE is in talks with Virgin Galactic to start commercial space flights in 2013 with Abu Dhabi as a regional hub for the 21st Century spaceport, said Frank Rose, deputy assistant secretary (Space and Defense Affairs) at the US Department of State.
Today, well over two years into the Egyptian revolution, increased numbers of Egyptian youth are still struggling to find jobs. With political instability looming large, the economy receives one blow after another.
Water provision and road development projects worth SR 1 billion are progressing well in the governorates of Al-Kamil and Khulais, according to Makkah Gov. Prince Khaled Al-Faisal.
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A Croatian oil and gas company, INA, has withdrawn from a project for developing an oil block in Iran.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.
