Drydocks wins lenders' backing for $2.2bn deal
(Reuters
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31/03/2012)
Dubai's ship building unit Drydocks World has secured the necessary level of support from its syndicated lenders to implement the restructuring of its $2.2 billion debt, the company said in a statement on Saturday. The Dubai World unit said a
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Taxing expats under spotlight
(Arab News
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31/03/2012)
The long pending issue of imposing income tax on foreigners would come up again for discussion at the Shoura Council on Sunday. The finance committee of the Shoura has recommended carrying out fresh studies on imposing tax on all foreigners working in
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GCC cement firms rebound into profit in 2011
(Emirates 24|7
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31/03/2012)
Cement companies in Gulf oil producers rebounded into profits in 2011 after suffering from lower earnings in the wake of the 2008 global fiscal distress that halted many construction projects in the region. Sales revenue swelled by 14.2 per cent to $4.57
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Oman’s oil output to rise 30,000 barrels next month
(Times of Oman
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31/03/2012)
Oman’s oil output will increase by 30,000 barrels a day (bpd) in April after the Harweel field starts production, according to Oil Minister Mohammed bin Hamad Al Rumhy. Petroleum Development Oman (PDO) will produce an average of 915,000 barrels a day
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Plans afoot to start ferry service from Muscat
(Times of Oman
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31/03/2012)
National Ferries Company is planning to start a ferry service from Muscat port linking Bandar Al Rowdha, Bar Al Jissah, the Wave and Jebel Sifah. “They (National Ferries) are interested in starting a ferry service linking these projects, which will be
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US anti-dumping threat against Omani pipe exporters lifted
(Oman Daily Observer
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31/03/2012)
The US government has decided not to impose anti-dumping duties on Omani manufacturers suspected of selling steel pipes in the United States at below-market prices. The decision, issued last week, follows an investigation by the US Department of Commerce
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Orpic assures adequate supply of products
(Oman Daily Observer
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31/03/2012)
Orpic, Oman’s integrated refining and petrochemicals business, has announced that the Mina Al Fahal (MAF) Refinery is currently undergoing routine maintenance and inspection. This shutdown at the Mina Al Fahal site has been scheduled to conduct routine
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AXA, Qatarlyst in partnership for expansion
(Khaleej Times
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31/03/2012)
In a move aimed at emphasising its leadership across the region, AXA Gulf announced that it has signed a partnership with Qatarlyst, the leading trading service for the global insurance and reinsurance industry. “Qatar offers a huge potential for growth
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Technological advancement rev-up boosts e-commerce
(Khaleej Times
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31/03/2012)
Consumers are looking more into online shopping, with technological advancements revving up security and the convenience it brings, a top official of Souq.com said. “We have witnessed a big change in consumer behavior that is resulting in more aptitude
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KSA steps up green effort for Earth Hour
(Arab News
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31/03/2012)
Saudi Arabia will join Earth Hour by turning off all unnecessary lights and electrical equipment between 8:30 p.m. to 9:30 p.m. today. Many companies and offices in the Kingdom have announced their participation in the campaign as many tall buildings and
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Investors in distressed debt smell blood in Gulf
(The National
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30/03/2012)
Financially vulnerable Gulf companies are facing a new headache as hedge funds and other investors in distressed debt acquire the loan books of big lenders at knock-down prices. Such investors are changing the equation for companies entering
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$1bn Real Madrid RAK resort eyes funding options
(Reuters
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30/03/2012)
A holiday resort in the UAE that will use the brand of soccer club Real Madrid has yet to finalise its funding options to build the $1 billion complex, the project's chief executive said on Thursday. The 50-hectare (124 acre) resort, which is to be built
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Kuwaiti oil price drops $1.44 to settle at $121.42
(Agencies
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30/03/2012)
Price of Kuwaiti crude dropped 1.44 US dollars to settle at $121.4 per barrel (pb) on Wednesday, in comparison to $122.86 pb on the day before, Kuwait Petroleum Corporation (KPC) said on Thursday. The drop of oil prices yesterday comes after the US
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Saudi pledges to bring down oil prices
(Gulf Daily News
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30/03/2012)
Saudi Arabia will act to bring down oil prices, Oil Minister Ali Al Naimi said yesterday as France signalled that a release of strategic stocks was likely to boost supply. Riyadh "would like to see a fair and reasonable price that will not hurt the
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Edge seen for residential realty
(Khaleej Times
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30/03/2012)
The residential real estate and construction market of Dubai is poised to outperform the commercial offices markets in the short-term, Alpen Capital, an investment banking service provider, said. The recovery in residential unit prices in 2012 and beyond
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SR300m pharmaceutical firm in Asir
(Arab News
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30/03/2012)
Asir Gov. Prince Faisal bin Khaled has announced the launch of a pharmaceutical manufacturing firm at a cost of SR300 million. The governor announced the project as he opened the Abha Investment Forum (AIF) and accompanying exhibition comprising more
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Gulf Credit gives $25m credit line
(Khaleej Times
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30/03/2012)
Abu Dhabi’s Gulf Credit Partners, the regional credit business, which was recently launched by Gulf Capital, has successfully completed $25 million credit transaction, its first financing transaction for a locally based company SES FZCO. Gulf Credit
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Consumers plot oil release as Saudi decries high prices
(Gulf Times
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30/03/2012)
Saudi Arabian Oil Minister Ali al-Naimi has mounted his most direct rhetorical attack against high oil prices, but showed no sign of moving to increase supplies even as France joined the US and Britain in talks for a release of strategic reserves. Two
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GIS to acquire Amwaj Catering for QR353mn
(Gulf Times
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30/03/2012)
Gulf International Services (GIS) will acquire Amwaj Catering Services Company for QR353.1mn in cash from Qatar Petroleum. “The price is subject to an adjustment if there is a working capital balance on the day the deal is closed,” GIS chief co-ordinator
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Drydocks World eyes debt deal
(Khaleej Times
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30/03/2012)
Dubai-based shipbuilding and repairing giant, Drydocks World, or DDW, said on Wednesday that it remained “extremely confident” of securing the support of its syndicated lenders on restructuring $2.2 billion debt by April 2. “Following from Drydocks
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New guidelines set for Islamic finance sector
(Gulf Daily News
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30/03/2012)
The Council of the Islamic Financial Services Board (IFSB) resolved to approve the adoption of two new guiding principles, at its 20th meeting in Bahrain yesterday. The two documents are IFSB-12: Guiding Principles on Liquidity Risk Management for
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Nakheel plans sales of The Palma Residences
(Khaleej Times
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30/03/2012)
Nakheel, Dubai’s leading real estate developer, will launch the sales The Palma Residences, on April 2, the company announced on Thursday. Located off the Palm Jumeirah eastern side of the trunk, the project enjoys easy access from Shaikh Zayed Road and
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Third UAE telecom licence not now: TRA
(Khaleej Times
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30/03/2012)
The UAE Telecommunications Regulatory Authority, or TRA, on Thursday ruled out the prospects of licensing a third operator in the country at present. Denying local news reports suggesting that in 2015 the regulators would open the market to a third
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$1bn UAE holiday resort eyes funding options
(Reuters
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30/03/2012)
A holiday resort in the UAE that will use the brand of nine-times European soccer champions Real Madrid has yet to finalise its funding options to build the $1 billion complex, the project's chief executive said. The 50-hectare resort, which is to be
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DP World profit up 67%
(Khaleej Times
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30/03/2012)
Global container terminal operator DP World on Thursday reported a “better than expected profit” of $751 million for 2011, up 67 per cent on 2010. The world’s third largest container terminal company said it benefited from the improvement in global
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