SR1bn telecom firm sets out targets
(Arab News
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22/06/2011)
Commerce and Industry Ministry Abdullah Zainal Alireza on Tuesday approved the establishment of the Saudi Integrated Telecom Company (SITC) with a capital of SR1 billion, the Saudi Press Agency said. SITC’s founders subscribed to 65 million shares of
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5,000th LNG vessel loads at Ras Laffan port
(Gulf Times
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22/06/2011)
“Al-Ghuwairiya” the 5000th LNG vessel load at Ras Laffan port, will soon sail to Canaport, Canada with 260,000 cu m of gas from Qatar. The Qatargas-chartered vessel, owned by Nakilat, is currently berthed at Ras Laffan to load LNG produced by Qatargas
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SR75 million Saudi aid for Mauritania
(Arab News
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22/06/2011)
Saudi Arabia has agreed to give a SR75 million loan to Mauritania, the Saudi Press Agency reported. Saudi Ambassador to Nouakchott Saud Al-Jabiry presented a letter from Finance Minister Ibrahim Al-Assaf to his Mauritanian counterpart approving the loan
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Hitachi inks deal to provide compressors to Saudi Aramco: Report
(Reuters
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22/06/2011)
Japan’s Hitachi Ltd has signed a deal with Saudi Arabian oil giant Saudi Aramco to supply compressors to the company’s oil and gas plants, the Nikkei business daily said. Under the agreement, Hitachi Plant Technologies Ltd will suggest compressor
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Qatar urges firms to lift foreign ownership limit
(Reuters
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22/06/2011)
Qatar is in talks with individual firms to raise foreign ownership limits yet is not planning a blanket increase despite a requirement by index complier MSCI, a Doha bourse official told Reuters. MSCI has extended a review on whether to upgrade Qatar and
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Qatar: Major transport projects drive growth in logistics sector
(AME Info
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22/06/2011)
Qatar's fast-paced economic expansion, is already giving companies operating in the logistics and transport sectors a major boost, according to Daniel Kearvell, Country Manager, DHL Express (Qatar). Kearvell said that huge government investment and legal
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Dubai airport to overtake Heathrow
(Khaleej Times
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22/06/2011)
Passenger volumes at Dubai International Airport are set to exceed 75 million by 2015, a top official of Dubai Airport said on Tuesday. Around 3.97 million passengers passed through the world’s fourth busiest airport for international passenger traffic
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Emirates plans $120m 'engine overhaul shop'
(Arab News
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22/06/2011)
Emirates airline has unveiled plans for the construction of the most technologically-advanced Engine Overhaul Shop in Asia. The state-of-the-art engine shop will complement the present test cell facility in Dubai and will be constructed on a 90,000
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Dubai business thriving
(Khaleej Times
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22/06/2011)
Dubai’s core business is doing very well and there is double-digit growth in some sectors in the first half of the year, the government’s top officials said on Tuesday. “I can really say the core business of Dubai is very good and is in excellent shape.
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DP World upgrades Al Hamriya Port
(Khaleej Times
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22/06/2011)
DP World, UAE Region announced on Tuesday that it has commenced upgrading Al Hamriya Port in Dubai. Work has already started on the first phase of modernising the small and busy general cargo facility that has served the regional sea trade for
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Kingdom, UAE record positive jobs growth
(Arab News
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22/06/2011)
The Monster Employment Index Middle East has reported a slight decline of employment in the region. The index is a monthly gauge of online job demand in Middle East based on a real-time review of tens of thousands of employer job opportunities culled
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Emirates signs GE for $120m repair facility
(Reuters
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22/06/2011)
Emirates, Dubai's flagship carrier, said it has signed a letter of intent with General Electric to oversee design and construction of an estimated $120 million engine repair facility in the emirate. The facility will be constructed over a 90,000 square
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Mubadala gets approval for Ruby gas field
(Khaleej Times
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22/06/2011)
Abu Dhabi’s Mubadala said on Tuesday its energy unit plans to develop a gas field in Indonesia with its partners, investing $500 million, its first project in the south Asian country. The Ruby gas field won approval from Indonesia’s upstream oil and gas
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‘Dubai core business in excellent shape’
(Gulf Times
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22/06/2011)
Key sectors of Dubai’s economy grew in the first half of the year, top officials said on Tuesday. One of the seven UAE, the Opec producer’s trade and business hub is recovering from last year’s $25bn debt restructuring in its flagship company, Dubai
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Etihad signs $360m engine services deal with Rolls-Royce
(Khaleej Times
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22/06/2011)
Rolls-Royce Holdings on Tuesday announced that it reached an agreement with Etihad Airways to provide long-term engine services and performance enhancement kits worth $360 million. The Abu Dhabi-based Etihad will receive TotalCare services for Trent 700
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Dubai to host Sibos in 2013
(Khaleej Times
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22/06/2011)
Dubai will host the world’s most influential financial services event Sibos in September 2013 that will attract world’s leading financial strategists to share industry insights. The event, which will be held for the first time in the Middle East, was
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Gulf growth outlook improves
(Reuters
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22/06/2011)
Growth prospects for most Gulf oil exporters in 2011 have improved markedly from forecasts three months ago, helped by high crude prices, but popular unrest is likely to hit Bahrain’s output, a Reuters poll showed. Saudi Arabia is expected to see growth
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Nakheel delaying its bond issue until July
(Reuters
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22/06/2011)
Dubai World’s property arm Nakheel has delayed offering an Islamic bond, or sukuk, until July as part of its $10.9bn debt restructuring plan, two sources familiar with the matter said. The developer, which overstretched itself with projects such as
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Nakheel making good progress on restructuring
(Khaleej Times
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22/06/2011)
Nakheel, the property arm of Dubai World, on Tuesday said it achieved another milestone to complete the restructuring process in June. “The property developer achieved the agreed threshold for the trade creditors that are eligible for receiving the
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Airport Freezone and DCCI sign MoU
(Khaleej Times
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22/06/2011)
The Dubai Airport Freezone and the Dubai Chamber of Commerce and Industry (DCCI) signed a Memorandum of Understanding to help increase cooperation in the field of institutional performance based on comparative competitiveness. The signing ceremony was
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Dubai core business in ‘excellent shape’: Top official
(Reuters
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22/06/2011)
Key sectors of Dubai’s economy grew in the first half of the year, top officials said. One of the seven UAE, the OPEC producer’s trade and business hub is recovering from last year’s $25 billion debt restructuring in its flagship company, Dubai World,
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Mubadala gets gas deal approval
(The National
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22/06/2011)
Indonesia has given the green light for an Abu Dhabi Government-owned company to embark on a US$500 million (Dh1.83 billion) gas project. Mubadala Development, a strategic investment company owned by the Abu Dhabi Government, had been waiting for its
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Abu Dhabi's IPIC launches $1.5bn bridge loan
(Reuters
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22/06/2011)
Abu Dhabi-owned International Petroleum Investment Company (IPIC) has launched a $1.5 billion bridge financing facility through RBS, JP Morgan and Goldman Sachs, two sources said on Wednesday. The 18-month facility will initially carry a margin of 50
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Mubadala wins approval for Ruby Gas field in Indonesia
(CPI Financial
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22/06/2011)
Abu Dhabi's Mubadala says its energy unit has won approval from Indonesia’s upstream oil and gas agency to develop a gas field in the south Asian country. Mubadala said in a statement investment is worth $500 million. Pearl Oil, a wholly-owned subsidiary
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Dubai expects passenger traffic to overtake London by 2015
(CPI Financial
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22/06/2011)
Dubai Airport says it expects passenger volumes at Dubai International Airport to exceed 75 million by 2015. In a statement Dubai Airport’s chief executive Paul Griffiths said, "By 2015 we expect to overtake London Heathrow for the number one spot when
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