Main headlines
May 29, 2013
Kuwait National Petroleum Co said yesterday that it has signed a $516 million contract with South Korean Daelim Industrial for the repair and expansion of sulphur processing facilities at the Gulf state's largest refinery of Mina Al-Ah madi.
Bumga Group, a construction materials major, affirmed its commitment to the autism spectrum disorder cause by pledging Dh1.8 million to Dubai Autism Centre (DAC).
The Saudi development fund agreed Tuesday to lend Tunisia USD 150 million (some 230 million Tunisian Dinars) to co-finance construction of 20,000 housing units for low-income people.
The oil-rich UAE began construction yesterday of a second nuclear power plant, one of four reactors aimed at cutting carbon dioxide emissions by some 12 million tonnes a year in 2020.
The value of announced projects in Abu Dhabi’s Western Region is Dh295 billion, a top-ranking Abu Dhabi government official told reporters on the sidelines of Al Gharbia Development Forum in the capital, an event aimed to draw new investors to the region.
More banks in the UAE are joining the SME lending bandwagon to expand their market share of the country’s financing segment.
Emirates NBD and Dubai SME have entered into a strategic partnership to extend up to Dh50 million in new loans dedicated to Emirati entrepreneurs and small businesses.
May 28, 2013
French firm Solar Euromed is to build a pilot solar energy station and laboratory in southern Jordan.
Enhanced private sector activity stimulated by higher government spending and growth in the non-oil and gas sector will drive Qatar’s real GDP growth to 6.5% this year and 6.8% in 2014.
Businessmen working in Egypt’s building materials sector warned that steel prices are expected to rise this coming June, as a result of increases in the price of raw materials and the continued devaluation of the Egyptian pound.
Proper regulatory and policy frameworks are required to reach this potential, says expert.
A group of NGOs have announced their opposition to a proposed loan from the European Bank for Reconstruction and Development (EBRD) to fund oil drilling projects in Egypt.
Abu Dhabi-based global energy company, Taqa, is working on plans to build a 100 megawatt, $850 million utility scale waste-to-energy plant in Abu Dhabi to generate power for 20,000 households.
GCC states, particularly the UAE, Qatar and Saudi Arabia, plan to award contracts worth nearly Dh250 billion ($68 billion) during the next five years to raise gas production, despite the focus on renewable and nuclear energy.
Dubai International recorded nine straight months of double-digit growth as passenger numbers in April jumped 18.7 per cent to 5.41 million over the same period last year.
