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Cement firms ramp up output amid stable prices (Oman Daily Observer - 29/04/2012)

Cement sector players in Oman are scaling up their production capacity to meet the ever-rising local demand and also from the country’s export markets like Yemen and some East African nations. Till recently, the Omani cement manufacturers were victims of

IMF advises KSA to give SAMA greater operational independence (Saudi Gazette - 29/04/2012)

The International Monetary Fund (IMF) has advised the Saudi government that the country’s Banking Control Law (BCL) needs urgent updating to include new provisions to give the Saudi Arabian Monetary Agency (SAMA) greater operational independence. The

Kingdom assets seen to soar $100b in 2012 (Saudi Gazette - 29/04/2012)

Strong oil prices and high crude output could boost Saudi Arabia’s official foreign assets by more than $100 billion in 2012, while the Kingdom’s economy could swell by around 5.1 percent, Riyadh-based Jadwa Investments report said. The assets controlled

Technological progress key to efficiently respond to oil spills (Saudi Gazette - 29/04/2012)

Khalid Al-Harbi, Saudi Aramco’s global oil response director of the Marine Department, stressed that technological advancements will enable more efficient responses to oil spills and that oil spill responders should use new technologies to their fullest

Kuwait's balance of total public debt stands at KD 1.9 billion (Al Watan - 29/04/2012)

Kuwait balance of the total public debt instruments, at the end of March 2012, maintained its same level of 1.9 billion US dollars since August 2011, a specialized economic report showed Saturday. The report, by Al-Shall Economic Consultants, added that

Saudi jewelry market up 35% (Arab News - 29/04/2012)

Share of Saudi Arabia's jewelry market has jumped 35 percent of overall Arab region's market with sales amounting to SR3 billion on yearly basis, experts said on the sidelines of a jewelry show recently held in Riyadh. They ascribed the increased Saudi

Saudi markets power GCC RevPAR growth in Q1 (Khaleej Times - 29/04/2012)

Major markets across the GCC continued marked improvement in revenue per available room, or RevPAR, during the first quarter of 2012 as demand picks up, according to STR Global. The leading provider of market data to the hotel industry said Jeddah and Al

Diyar Homes villas set to go on sale (Gulf Daily News - 29/04/2012)

Diyar Homes villas will go on sale on Saturday, it was announced yesterday. Those willing to buy property in the development can start viewing mock-up villas from today. Diyar Homes will feature villas that follow five different interior themes, El

Tradequest Backed (Gulf Daily News - 29/04/2012)

Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj has vowed to support TradeQuest and other initiatives and programmes that contribute to developing the skills of the youth and better prepare them for the job market. He was speaking as he attended

Chartered accountants lauded for building confidence (Khaleej Times - 29/04/2012)

Shaikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Higher Education and Scientific Research, lauded the role of chartered accountants in the safeguarding national economies and corporate governance and described them as “reliable pillars” of an

Bahrain set to host key petrochem conference (Gulf Daily News - 29/04/2012)

More than 3,000 downstream oil and gas professionals are set to converge in Bahrain from May 20 to 23 for the eighth edition of the Middle East Refining and Petrochemicals Conference and Exhibition 2012. It will be held under the patronage of His Royal

Restructuring, bankruptcy law in focus at DEC conference (Khaleej Times - 29/04/2012)

A two-day global policy conference will be discussing lessons learned from best practices worldwide in financial restructuring and bankruptcy law. Enttled “Towards a Legal Regulation of Financial Restructuring and Bankruptcy for Sustainable Economic

New Bapco board of directors is named (Gulf Daily News - 29/04/2012)

Energy Minister and National Oil and Gas Authority chairman Dr Abdulhussain Mirza yesterday announced the new board of directors at Bapco. The new board, under the chairmanship of Adel Khalil Almoayyed, includes members Dr Ahmed Al Sharyan, Dr Abdul

Istithmar takes full control of Atlantis (Khaleej Times - 29/04/2012)

Istithmar World, a subsidiary of Dubai World, has became the sole owner of Dubai’s landmark development the Atlantis resort after acquiring the remaining 50 per cent stake from luxury resort operator Kerzner International Holdings for $250 million, or

Building and construction show records major deals (Arab News - 29/04/2012)

Most of more than 500 local and overseas exhibitors who took part in the four-day Saudi Building & Interiors Exhibition (SBIE), which marked a successful end over the weekend with a spectacular Machinery Showcase and a related engineering symposium, said

Kingdom-S. Africa trade reaches SR19.7bn (Arab News - 29/04/2012)

With the setting up of a Saudi Arabia South Africa Holding (SASAH) in Riyadh yesterday, a strategic partnership between the two countries has taken shape. The new venture was launched during the Fourth Saudi Arabian African Joint Committee held in Riyadh

Saudi assets seen up by $100 bn in 2012 (Emirates 24|7 - 28/04/2012)

Strong oil prices and high crude output could boost Saudi Arabia’s official foreign assets by more than $100 billion in 2012 while the Gulf kingdom’s economy could swell by around 5.1 per cent, a Saudi investment firm said. The Riyadh-based Jadwa

Kuwait insurance sector to grow despite price wars: S&P (Reuters - 28/04/2012)

Despite its good growth prospects, a lack of pricing discipline among many Kuwaiti insurers could weaken the creditworthiness of the sector as a whole. This is according to a report titled “Cut-Throat Competition Is Overshadowing Growth Opportunities In

Bahrain signs gas agreement (Gulf Daily News - 28/04/2012)

An agreement has been signed between Bahrain and US Occidental Petroleum Corporation for deep gas exploration, Energy Minister Dr Abdulhussain Mirza said. Occidental will carry out drilling for gas and Bahrain would not be charged for the operations

Al-Assaf: $100/b oil good for consumers, producers (Reuters - 28/04/2012)

An oil price of $100 per barrel would provide the right balance for both consumers and producers, Saudi Arabian Finance Minister Ibrahim Al-Assaf said in an interview for the public Czech Television aired Thursday. "The target of $100 is good both for

Construction begins on Musandam power project (Oman Daily Observer - 28/04/2012)

Construction work has commenced on Musandam Governorate’s first gas-fired power project, which is being developed by the state-owned Oman Oil Company in partnership with LG of South Korea. Early site works have kicked off at a waterfront site in Tibat in

Qatar Airways named official carrier of TEDx Summit (Khaleej Times - 28/04/2012)

Qatar Airways is proud to be the official carrier of the 2012 TEDx Summit in Doha last week bringing together some of the Middle East’s most prolific thought leaders and speakers. The week-long event, which started on April 16, took place in the Qatari

GCC government spending set to remain strong: Study (Saudi Gazette - 28/04/2012)

The GCC governments are continuing to support economic activity in important ways at a time when efforts are underway to drive the massive infrastructure pipeline in a bid to foster more inclusive growth through the greater prioritization of areas such

KSA logs biggest number of patents in Arab world (Saudi Gazette - 28/04/2012)

Saudi Arabia leads the Arab world in having the biggest number of patents at 147 patents to its credit, figures from the World Intellectual Property Organization (WIPO) showed. The United Arab Emirates followed with 39 patents filed last year from 30 in

MEA IT spending to hit $91b (Khaleej Times - 28/04/2012)

Middle East and Africa spending in information technology, or IT, is expected to reach $91 billion by 2015, according to a top official of the International Data Corporation, or IDC. By the end of 2012, according to an IDC forecast, IT spending will

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