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Saudi developers focus on affordable housing sector (Saudi Gazette - 19/04/2012)

Majority of the developers in Saudi Arabia are focusing more on the affordable housing segment for lower and middle-income classes than on luxury villas and higher-end housing schemes, a new research report by RNCOS said. The housing demand in the

Ford, Lincoln vehicles see GCC Q1 retail sales soar by nearly 40% (Al Watan - 19/04/2012)

Ford's drive in the Middle East continued accelerating during the first quarter (Q1) of 2012, reporting a 37 percent growth in the Gulf Cooperation Council (GCC) retail sales compared to the same period last year. Increasing retail sales across the Ford

Slower Takaful growth prompts strategy rethink (Reuters - 19/04/2012)

Growth of the Takaful or Islamic insurance business is slowing, industry statistics show, increasing pressure on the sector to boost efficiency, roll out new products and explore new markets. Takaful, which has its core markets in the Gulf and Southeast

Kuwaiti oil price down to $114.97 per barrel (Agencies - 19/04/2012)

Price of Kuwaiti crude oil slipped down by 0.88 US dollars to $114.97 per barrel on Tuesday, compared to $115.85 pb on Monday, Kuwait Petroleum Corporation (KPC) said on Wednesday. Kuwait oil price is continuing to go down despite resurgence in global

Gulf oil revenue to hit $572bn in 2012: IIF (Bloomberg - 19/04/2012)

Oil revenue for the six Gulf Co-operation Council states will reach a record $572bn this year on higher crude prices and output intended to replace Iranian exports, a banking association said. The GCC countries, which together account for about 25% of

Arab economic issues probed (Gulf Daily News - 19/04/2012)

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa called upon Arab countries to enhance co-ordination in economic policies that should be adopted to face regional and global developments and consolidate co-operation with international financial

IIF urges Qatar to re-think stay on LNG expansion (Gulf Times - 19/04/2012)

Qatar needs to “reassess” the global market, especially in light of major gas discoveries such as those in the US, once the moratorium on LNG expansion expires in 2015, Institute of International Finance has said in an overview. In Qatar, the moratorium

Fitch: Saudi banks in strong position to fund loan growth (Arab News - 19/04/2012)

Saudi Arabian banks have plenty of scope to fund loan growth in 2012 as the sector relaxes the cautious approach to lending that has dominated in the last few years, Fitch Ratings says. This growth is likely to be at a reasonable pace and therefore

Top firms to take part in major expo (Gulf Daily News - 19/04/2012)

GulfBID 2012 makes a welcome return to the Bahrain International Exhibition and Convention Centre from April 24 to 26. Some of the leading local, regional and international names in the construction sector - from manufacturers, suppliers, service

Islamic finance set to surge (Khaleej Times - 19/04/2012)

The Eurozone crisis and widespread protests against the global financial system present the $1 trillion Islamic the finance industry with a big opportunity to accelerate growth, Hussain Al Qemzi, chief executive of Noor Islamic Bank said. Speaking at the

Dubai foreign trade rises to record $300 billion (Reuters - 19/04/2012)

Dubai's foreign trade jumped by a record 22 percent in 2011 driven by strong flows with Asia that offset the impact of international sanctions against Iran, the emirate's traditional trade partner, data from the Dubai Customs showed on Wednesday. The

Dewa boosts capacity, ?defers Hassyan project (Khaleej Times - 19/04/2012)

Dubai Electricity & Water Authority, or Dewa, said on Wednesday it has deferred its $1.3 billion Hassyan independent power project, as it was able to boost existing production capacity and improve conservation to meet growing demand. The decision follows

Cement sales hit new record: Report (Arab News - 19/04/2012)

Cement sales in March 2012 grew by 12.6 percent to reach 4.9 million tons, a record high for monthly sales, based on a new report issued by NCB Capital on Wednesday. According to the report, clinker production grew by 10 percent to reach 4.0 million

GCC foreign assets to hit $2.1t (Khaleej Times - 19/04/2012)

The GCC countries will experience robust growth in 2012 on the back of high oil revenues that are expected to hit $572 billion this year, while the net foreign assets of the six-member bloc are projected to hit $2.1 trillion by 2013, the Institute of

Cooperation between Islamic Banks ‘key’ to future growth (CPI Financial - 18/04/2012)

Greater cooperation, rather than competition, between the Middle East’s Islamic financial institutions is necessary if Islamic finance is to provide a real alternative to the conventional, international banks operating in the region, according to Hussain

ENOC Lubricants signs supply agreement with Fujairah Building Industri (AME Info - 18/04/2012)

ENOC Lubricants, a subsidiary of the Emirates National Oil Company (ENOC), has signed an exclusive three year lubricant supply agreement with Fujairah Building Industries Group. As per the agreement, ENOC Lubricants will supply its high quality and

Sharjah property, tourism markets up (Trade Arabia - 18/04/2012)

Visitor numbers through Sharjah International Airport were up 5.2 per cent by the end of 2011, while well- managed buildings have been achieving 100 per cent occupancy rates this year, a report said. Around 200,000 tourists from the Russian Federation

RAK Airport boosts management team (Trade Arabia - 18/04/2012)

Ras Al Khaimah International Airport said it has made three senior appointments in its management team as part of its plan to support the airport's expansion which reflect the strong growth of the emirate. Michael Coe has been named the new development

QFIB sells Qcon stake for $77 million (Reuters - 18/04/2012)

Qatar First Investment Bank (QFIB) has sold its 41 per cent stake in Qatar Engineering and Construction Company (Qcon) for $77 million, QFIB's chief executive officer said on Wednesday. "We just exited the deal and sold to a Qatari investor," Emad

Kuwait Energy reports record production and revenues in Q1 2012 (AME Info - 18/04/2012)

Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, issued its quarterly report for Q1 2012, reporting unaudited record revenues of $65.8m, up 58.9% from Q1 2011 and 44.3% from Q4

Gulf Capital eyes $500m gain from GMS sale (Reuters - 18/04/2012)

Abu Dhabi private equity firm Gulf Capital expects to raise more than $500 million from the sale of its 79 per cent stake in Gulf Marine Services (GMS) before the end of June, the company's chief executive said. Gulf Capital, which has around $1 billion

Mubadala joins the Boeing club (The National - 18/04/2012)

Signing a US$1 billion (Dh3.67bn) deal with Boeing to make major sections for 777 and 787 airliners is just the start of a learning curve for Mubadala Aerospace. The Abu Dhabi company's aspirations to become one of the world's leading aerospace players

IIF Sees Rising GCC Oil Production (Press Release - 18/04/2012)

The Gulf Cooperation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE), possessing 40% of proven world oil reserves, have spare oil production capacity now of 2.5 to 3 million barrels per day and

Gulf Air wins Family Friendly Airline award (Arab News - 18/04/2012)

Gulf Air, Bahrain’s national carrier, has won the Family Friendly Airline Award 2012 in an online Facebook poll by US-based Kids First Fund. The Kids First Fund — an organization devoted to helping children in need across the world — introduced the

Kingdom building more educational facilities to enhance human capital (Saudi Gazette - 18/04/2012)

The Saudi government puts strong emphasis on investing in human development to sustain growth as evidenced by a 24 percent allocation of its 2012 budget for further improving areas such as education and training. By investing in its human capital, the

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