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Dhuba set to get projects worth SR 2 bn (Arab News - 28/04/2012)

Tabuk Gov. Prince Fahd bin Sultan has directed all government sectors in the province to give priority to Saudi mason Zaidan bin Muhammad Al-Anzi to undertake tile works in the ongoing development projects. The governor also presented him a gift

Qatar offers Tunisia $1bn of loan assistance (The National - 27/04/2012)

Tunisia has been offered a US$1 billion (Dh3.67bn) loan from Qatar as the North African country's government seeks to woo investment from the GCC. The country's post-revolution government is trying to build closer links with GCC states to help support

Qatar 'kingmaker in Glencore-Xstrata merger' (Reuters - 27/04/2012)

Qatar's 7 per cent stake in Xstrata, makes it not only the miner's largest investor after Glencore, but also a potential kingmaker in the two companies' merger and an unknown quantity for its future that investors are desperate to read. The reclusive

Dubai sukuk 'enough to manage budget gap' (Reuters - 27/04/2012)

Proceeds from Dubai's new $1.25 billion, two-tranche Islamic bond provide enough funds for the emirate to manage its budget deficits and refinancing plans, a senior government official said. Dubai priced on Wednesday a $600 million 5-year tranche at 4.9

Banks seek to soften impact of lending limits (The National - 27/04/2012)

Banks are lobbying the Central Bank to relax impending limits on lending to individual companies, with bankers warning of "painful" consequences for the economy if the plan goes ahead. Bankers fear that credit could dry up as institutions review their

Dubai to lead UAE growth in 2013 (Agencies - 27/04/2012)

Dubai is firmly moving towards a full recovery and is expected to spearhead real growth in the UAE economy in 2013, according to a Western study. The UAE’s GDP, the second largest in the Arab world, surged by 4.7 per cent in 2011 after recording 3.2 per

‘Dubai sukuk brings enough for budget gap’ (Reuters - 27/04/2012)

Proceeds from Dubai’s new $1.25bn, two-tranche Islamic bond provide enough funds for the Gulf emirate to manage its budget deficits and refinancing plans, a senior government official said yesterday. Dubai priced on Wednesday a $600mn 5-year tranche at

SIBCO in key accord (Gulf Daily News - 27/04/2012)

Saudi Insulated Blocks Company (SIBCO), the specialist manufacturer of lightweight concrete, signed an agency agreement with Bahrain-based construction group Janada during gulfBID 2012. "This is an important move for us in helping to expand our business

RasGas delivers first Q-Flex LNG cargo to South America (Gulf Daily News - 27/04/2012)

RasGas has delivered its first Q-Flex liquefied natural gas cargo to South America by supplying LNG to Petrobras, Brazil at the Guanabara Bay Terminal. The fully loaded cargo was delivered on RasGas’ long-term chartered Q-Flex vessel- “Al Aamriya”

Dubai tourism industry’s resilience on show at ATM (Khaleej Times - 27/04/2012)

Dubai’s vibrant tourism industry is all set to showcase its ever-enhancing appeal as a year-round business and leisure destination to the world at the 2012 edition of Arabian Travel Market (ATM), one of the biggest travel and tourism show in the world,

Bahrain Air set for Dubai event (Gulf Daily News - 27/04/2012)

Bahrain Air will take part in the Arabian Travel Market (ATM) in Dubai. ATM will be held at the Dubai International Convention and Exhibition Centre from Monday to Thursday. The Bahrain Air delegation will be led by managing director Ibrahim Al Hamer,

DP World, Muthoot Group recognised for CSR merit (Khaleej Times - 27/04/2012)

Dubai-based DP World, India’s Muthoot Group, and WNS (Holdings) Limited were among the winners in the Golden Peacock Awards for Corporate Social Responsibility for 2012 for their work in India. The annual awards, instituted in India in 1991 to encourage

30% drop in counterfeit goods seized in Dubai (Khaleej Times - 27/04/2012)

Dubai Customs has seen a significant drop of around 30 per cent in the number of the counterfeited goods seized and Intellectual Property Rights (IPR) infringements last year as compared to 2010. This was announced by Ahmed Butti, the Executive Chairman

SGH-Dubai showcases services at Berlin expo (Arab News - 27/04/2012)

Saudi German Hospital-Dubai (SGH-Dubai) recently embarked on initiatives to reinforce the UAE’s position as one of the world’s leading health tourism destinations. Research firm Business Monitor International indicates UAE health tourism grows 15 percent

Starwood to manage three new hotels of Al Habtoor (Khaleej Times - 27/04/2012)

Starwood Hotels & Resorts, owner of the luxury St. Regis and W brands, signed on Thursday an agreement with Al Habtoor Group to manage three hotels to be built by the UAE-based conglomerate in Dubai as part of a $1.33 billion project. The three hotels

Milbank, Tweed, Hadley & McCloy is advising Arcapita creditors (CPI Financial - 26/04/2012)

Official Creditors' Committee members include Barclays and Commerzbank, as well as several hedge funds and Gulf-based banks and regulatory bodies. Creditors are expected to assert billions of dollars in claims. Milbank, Tweed, Hadley & McCloy New York

MENA M&A value drops 40% in Q1 2012 (Saudi Gazette - 26/04/2012)

The total value of mergers and acquisitions (M&As) in the Middle East and North Africa (MENA) region dropped by 40 percent to $8.5 billion in Q1 2012 from $14.1 billion in Q1 2011, Ernst & Young said Wednesday in its MENA Mergers & Acquisitions update.

Sukuk issuance set for a new record in 2012 (CPI Financial - 26/04/2012)

The global Sukuk market could reach $125 billion this year. Malaysia will remain the dominant market despite a strong rise in issue in GCC countries. Professor Dr Malik Muhammad M. al Awan, Sharia Adviser, Hong Leong Islamic Bank and Hong Leong MSIG

Vision Solutions claims to secure critical data (CPI Financial - 26/04/2012)

Visions Solutions claims it is helping lead Islamic financial institutions in the GCC to protect their critical data by providing business continuity and disaster recovery solutions. At MEFTEC 2012 Vision Solutions is showcasing its universal Virtual

Saudi firms to increase workers’ pay this year (Saudi Gazette - 26/04/2012)

Organizations in Saudi Arabia plan to increase employee salaries two percent above inflation in 2012, the latest Salary Budget Planning Report for Europe, the Middle East and Africa (EMEA) said Wednesday. It found that salaries for Saudi employees were

Etihad Airways announces new Vice President of Corporate Affairs (AME Info - 26/04/2012)

Etihad Airways, the national airline of the UAE, announced that Michael Venus will take charge of the company's Corporate Affairs department. Michael, who has been the airline's Head of International Media Relations since June 2011, has been appointed

EFG Hermes, QInvest agree merger terms (Reuters - 26/04/2012)

Egypt's EFG Hermes has finalised talks to sell a 60 percent stake to Qatari QInvest, a deal aimed at merging some of the operations of the Middle East investment banks, independent Shorouk newspaper said. The merger between the two is intended to create

RAK Petroleum announces third consecutive year of profits (AME Info - 26/04/2012)

RAK Petroleum Public Company Limited, the energy investment company, announced net profits of Dhs15.7m for the year ended 31 December 2011,making athird consecutive year of profitability. "During 2012, the Company has entered a new phase with our

RAK Airways CEO quits (Saudi Gazette - 26/04/2012)

Omar Jahameh has resigned as chief executive officer of UAE-based RAK Airways. In a written statement, Jahameh said he exited from the airline with a “heavy heart”. “I wish RAK Airways all the best, but I felt that it’s the right time for me to move on

Kingdom construction sector keeps growing (Saudi Gazette - 26/04/2012)

More construction opportunities in Saudi Arabia and Abu Dhabi are expected as buoyant oil prices allow governments to continue spending on massive infrastructure projects, Arabtec Holding senior executive said Wednesday. "Saudi Arabia is a very good

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