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Bahrain labour authority fees total $747m (Trade Arabia - 31/12/2011)

Total fees collected by Bahrain’s Labour Market Regulatory Authority (LMRA), since a Cabinet decision in 2008, has reached BD282 million ($747.96 million). The fees are levied on employers for work permits and renewals, residence permits for expatriate

Lockheed wins $1.96bn missile contract for UAE (Trade Arabia - 31/12/2011)

Lockheed Martin has won a contract totaling $1.96 billion to produce the Terminal High Altitude Area Defense (Thaad) weapon system for the UAE. The contract is the first Foreign Military Sale (FMS) of the Thaad Weapon System and includes the production

UK’s Arden to expand UAE presence (Khaleej Times - 31/12/2011)

Somerset, England-headquartered Arden Healthcare has announced plans to expand its presence in the UAE by making its products available across over 750 pharmacies. The company’s products are manufactured at a modern, GMP-certified facility at Zeewolde,

Qatar raises stake in Lagardere, becomes top investor (Reuters - 31/12/2011)

Qatar Holding has raised its stake in Lagardere to over 10 per cent, making the Gulf state the largest shareholder in the struggling French media-to-aerospace conglomerate. The oil-rich emirate has been a staunch supporter of chief executive Arnaud

Abu Dhabi’s balance sheet strong: Fitch (Reuters - 31/12/2011)

Abu Dhabi’s balance sheet remains exceptionally strong and at current oil prices foreign asset growth should pick up to over 10 per cent, Fitch Ratings said in a report on Friday. “As we said in September, foreign assets provide a substantial cushion to

GCC current account put at over $300bn in 2011 (Emirates 24|7 - 31/12/2011)

Strong oil prices allied with higher output to sharply boost the combined current account surplus in Gulf hydrocarbon producers to more than £300 billion in 2011 and this allowed them to bolster their overseas assets, according to a key Saudi bank. Saudi

New Year to see robust jobs growth (Gulfnews - 31/12/2011)

The year 2012 might just be a good year for jobseekers after all, as a majority of companies in the UAE are expected to hire more staff in the next 12 months, a leading executive recruiter told Gulf News. According to Gulf Recruitment Group, 93 per cent

Broad money rises 17% in October (ONA - 31/12/2011)

Broad money (M2) increased by 17.5 per cent to RO9,821.3 million in October 2011, compared to RO8,358 million in October 2010. Narrow money (M1), comprising currency held by the public and local currency demand deposits, expanded by 24.9 per cent to

Demand for fixed phone services rise in Oman (ONA - 31/12/2011)

Subscribers of the fixed phone service in the Sultanate stood at 290,492 at the end October 2011, against 281,755 at the end of December 2010, constituting a 3.1 per cent rise. Statistics have shown that subscribers of billed fixed phone service in the

Fitch: Repeat of 2008-2009 unlikely for Abu Dhabi (AME Info - 31/12/2011)

Fitch Ratings says that the support extended this week to property developer Aldar demonstrates that contingent liabilities remain a risk to Abu Dhabi's balance sheet. But the emirate will not be subjected to as severe a strain as in 2008 and 2009, when

Defense bolstered with $29.4bn arms deal with America (Arab News - 31/12/2011)

Saudi Arabia has boosted its defense capabilities with a $29.4 billion arms deal with the United States. The Kingdom confirmed on Friday that it has signed the deal to purchase 84 F-15SA fighter jets. A Defense Ministry spokesman said the deal includes

Abu Dhabi mall set for soft launch in Q1 2012 (Saudi Gazette - 31/12/2011)

Capital Mall, a new $292m retail destination in Abu Dhabi offering nearly 280 stores, is set for a soft opening in the first quarter of next year. Manazel Real Estate said the retail mall will spread over three storeys spanning 60,158 sq m and housing

F1 drives up Abu Dhabi’s 2011 hotel guest numbers (Khaleej Times - 31/12/2011)

A raft of city-wide entertainment activations leveraging last month’s third Formula One Etihad Airways Abu Dhabi Grand Prix helped Abu Dhabi’s hotels and hotel apartments post record November hotel guest numbers, according to figures released by the Abu

UAE’s Piling Tech wins $10m Lukoil contract in Iraq (Khaleej Times - 31/12/2011)

Piling Tech, one of the subsidiaries of the business conglomerate Tech Group, said that it has won its first oil sector contract in Iraq, valued at $10 million from Lukoil, Russia’s second-largest oil producer. Under the terms of the agreement, Piling

GCC petrochemical investments to reach $160 billion by 2016 (KUNA - 30/12/2011)

Gulf Cooperation Council (GCC) member states plan to pump 50.3 billion US dollars-worth of investments in the petrochemical sector in the coming five years, to take their total investments in this sector up to about $160 billion, a specialized energy

UAE'S ADNOC cuts February Murban supply by 10% (Reuters - 30/12/2011)

Abu Dhabi National Oil Company (ADNOC), the main exporter for the Organization of Petroleum Exporting Country (OPEC) member the United Arab Emirates (UAE), will supply Murban crude at 10 percent below contracted volumes in February, steeper than a

Kuwait crude price up to $107.05 per barrel (Agencies - 30/12/2011)

Price of Kuwaiti crude oil increased by 0.03 US dollars to $107.05 per barrel (pb) on Wednesday compared to $107.02 pb on Tuesday, Kuwait Petroleum Corporation (KPC) said in a statement on Thursday. The oil prices decreased due to profit-taking, after

Oman's budget surplus hits $2.2bn (Gulf Daily News - 30/12/2011)

Oman booked a budget surplus of 830.1 million rials ($2.2 billion) in the first 10 months of 2011 as high oil prices pushed revenues far above projections, finance ministry data showed yesterday. The surplus is equivalent to about 3.7 per cent of the

Qatar becomes top Lagardere investor (Gulf Times - 30/12/2011)

Qatar Holding has raised its stake in Lagardere to over 10%, making the Gulf state the largest shareholder in the struggling French media-to-aerospace conglomerate. Qatar has been a staunch supporter of chief executive Arnaud Lagardere even as some

Bapco to complete refinery modernisation plan by 2018 (Gulf Daily News - 30/12/2011)

Bapco will complete its refinery modernisation master plan by 2018, its chief executive-designate Gordon Smith said. Mr Smith, who replaces Faisal Al Mahroos on New Year's Day, said the modernisation and expansion would mean the refinery's capacity going

Dubai Exports hosts India trade mission (Khaleej Times - 30/12/2011)

Dubai Exports, an agency of the Department of Economic Development (DED) – Government of Dubai, hosted its first-ever “Outward Trade Mission of Food Producers to India”, an initiative aimed at introducing food and beverage products from Dubai to

UAE money supply M0 up 2.3% at Dh53.2b (Khaleej Times - 30/12/2011)

The UAE Central Bank on Thursday announced that money supply M0 (currency in circulation plus currency at banks) increased by 2.3 per cent from Dh52 billion at the end of October 2011 to Dh53.2 billion at the end of November of the same year. Money

Saudi fund inks SR645m deals to support Pakistan projects (Arab News - 30/12/2011)

The Saudi Fund for Development signed two agreements for soft loans worth SR645 million with Pakistan to finance construction of infrastructure for Malakand region and import of urea fertilizer from Saudi Arabia. The first agreement is a soft loan worth

Emal, Dubal sign technology license agreement (AME Info - 29/12/2011)

The licensing by Dubai Aluminium (DUBAL) of its in-house developed and proprietary DX+ Technology to Emirates Aluminium Company Limited (EMAL) has been formalized through the signature of a contractual agreement between the two companies. In effect, DX+

Mubadala sells JBI unit to UK's Serco (Reuters - 29/12/2011)

Abu Dhabi state investment vehicle Mubadala has sold its JBI Property Services unit to Serco for an undisclosed amount, the British outsourcing firm said on Thursday. Serco, which runs services from UK immigration centres and prisons to the Dubai metro,

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