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UAE has no plans to divert oil to Europe (Reuters - 21/04/2012)

The United Arab Emirates, OPEC's fifth-biggest producer, does not plan to increase supplies to Europe to make up for the boycott of Iranian fuel, Oil Minister Mohammed bin Dhaen Al-Hamli said on Friday. Global oil prices are rising despite a

Solid economic fundamentals bode well for Saudi real estate sector (Arab News - 21/04/2012)

Fundamental factors are strongest in Saudi Arabia given the country's attractive demographic landscape, which offers a more solid long-term scenario compared to that of the UAE and Kuwait. The national Saudi population represents 73 percent of the

Emirates announces codeshare with JetBlue (Trade Arabia - 20/04/2012)

Emirates customers travelling to the United States will soon enjoy seamless connections to a dozen US cities, after the airline announced the start of a one-way codeshare with JetBlue. The codeshare will further strengthen the relationship between

Big future foreseen for UAE tourism (The National - 20/04/2012)

Travel and tourism growth in the UAE will rise to almost 15 per cent of the country's GDP within 10 years and be worth Dh277.8 billion (US$75.62bn) annually, according to research by a leading global tourism industry forum. The figures come from a

Dewa defers $1.3bn power project indefinitely (Reuters - 20/04/2012)

Dubai Electricity and Water Authority (Dewa) said it has deferred plans to build the $1.3 billion Hassyan independent power and water project, citing increased efficiency at existing power plants. "The Hassyan power plant project can be deferred until a

Nakheel awards Palm Mall deal worth Dh25 million (The National - 20/04/2012)

Nakheel awarded a contract yesterday to design a major new mall on the Palm Jumeirah in Dubai as it seeks to spend more than Dh1 billion (US$ 272.2 million) on an expansion into the retail sector. The Dubai developer signed a Dh25m deal with RSP

Qatar builds yield curve with T-bill issues (Reuters - 20/04/2012)

Qatar's decision to expand its issues of Treasury bills is succeeding in draining excess liquidity from the banking system, but it also appears to have another, long-term policy purpose: building a complete Qatari riyal yield curve. That could have

Trade issues to be probed (Gulf Daily News - 20/04/2012)

A parliamentary delegation will take part in the 13th edition of the United Nations Conference on Trade and Development (UNCTAD), at Qatar National Convention Centre, under the theme "Development-centred globalisation: Towards inclusive and sustainable

Saudi Aramco testing new Karan gas units (Reuters - 20/04/2012)

State oil giant Saudi Aramco has started commissioning the first train of an expanded gas processing facility for Karan, its first non-associated offshore gas field, three industry sources said this week. Gas from the offshore field, which should reduce

ADNOC to build Sharjah fuel supply terminal from June (Reuters - 20/04/2012)

Abu Dhabi National Oil Company (ADNOC) is to start building an oil products import terminal in Sharjah in June, industry sources said, to help meet demand for power and vehicle fuel in the poorer northern parts of the United Arab Emirates (UAE). Drivers

WTC Abu Dhabi latest member in WTCA network (WAM - 20/04/2012)

On the occasion of its Board Meeting held in San Diego, CA, the World Trade Centres Association (WTCA) is pleased to confirm the latest development in its global network: World Trade Centre, or WTC, Abu Dhabi. The World Trade Centre Abu Dhabi will join

Joint ties reviewed (Gulf Daily News - 20/04/2012)

The relationship between the energy and financial sectors were probed at a key seminar yesterday. Publisher The Oil & Gas Year and the National Oil and Gas Authority (Noga) hosted the seminar entitled 'Bahrain's energy and financial sectors: A symbiotic

Kuwait's trade surplus with Japan widens 84.7% (KUNA - 20/04/2012)

Kuwait's trade surplus with Japan sharply widened 84.7 percent in March to 107.7 billion Japanese yen (1.3 billion US dollars) from a year earlier, remaining in the black for the 50th month in a row, the Finance Ministry said Thursday. Kuwaiti overall

Kuwaiti oil price down to $114.84 per barrel (Agencies - 20/04/2012)

Price of Kuwaiti crude oil slipped down by 0.13 US dollars to $114.84 per barrel (pb) on Wednesday, compared to $114.97 pb on Tuesday, Kuwait Petroleum Corporation (KPC) said on Thursday. Global oil price went down yesterday after a report from the US

2.5m citizens took loans worth SR240b (Saudi Gazette - 20/04/2012)

The Saudi Arabian Monetary Agency (SAMA) said that the size of personal loans by the end of the third quarter of this year has increased to over SR239.5 billion, SR136.5 billion of which are long-term loans while SR62.4 billion are medium-term loans and

GAATES, King Abdullah foundation sign agreement (Saudi Gazette - 20/04/2012)

Dr. Khalid Al-Sekait, general supervisor of the King Abdullah Bin Abdulaziz Foundation’s Chair for Developmental Housing, and Architect Mukhtar Al-Shaibani, president of the Global Alliance on Accessible Technologies and Environments (GAATES), signed

Closer links call for Islamic banks (Gulf Daily News - 20/04/2012)

Greater co-operation, rather than competition, between the Middle East's Islamic financial institutions is necessary if the sector is to provide a real alternative to the conventional, international banks operating in the region. That was the claim by

Riyadh ranks high in global retail survey (Arab News - 20/04/2012)

Dubai was ranked the second most targeted city by international retailers and the UAE the world’s second most international retail market, according to a survey conducted by the CBRE, the world’s leading commercial real estate services firm. The CBRE’S

Dubai completes two-third of debt restructuring: Exotix (Khaleej Times - 20/04/2012)

Two-third of bank debt restructuring in Dubai are now complete following the resolution of Dubai International Capital’s $2.5 billion restructuring, Investment bank Exotix said on Thursday. The London-based bank said since the start of the Dubai World

Nakheel plans to spend Dh1b on retail projects (Khaleej Times - 20/04/2012)

Nakheel plans to spend at least Dh1 billion on retail projects over the next few years, its top official said on Thursday. “In total north of a billion dirhams for sure,” Sanjay Manchanda, acting chief executive officer of Nakheel, told reporters in

Economy booms, but IMF calls for caution (Agencies - 20/04/2012)

Stricter regulation and supervision of Saudi Arabian banks’ large loan exposures to big corporate groups are necessary despite decent overall capitalization, the International Monetary Fund has said. Lenders in the world’s top oil exporter are able to

SMEs can play key role in boosting Saudi exports (Arab News - 20/04/2012)

Saudi small and medium enterprises (SMEs) can play a pivotal role in increasing Saudi exports through their participation in trade fairs in Germany, said Commissioner of the German Ministry of Industry and Commerce in the Kingdom Andreas Hergenrother.

Another wave of GCC spending (The National - 19/04/2012)

Government spending across the GCC will jump again this year, spurred by higher oil prices and sluggish private credit, says the Institute of International Finance (IIF). But the spending drive will be cushioned by steadily growing foreign reserves. The

SGBC calls for observance of Green building standards to cut risks (Saudi Gazette - 19/04/2012)

The Saudi Green Building Council (SGBC) underscored the importance of transforming the way buildings and communities are designed in order to reduce environmental hazards and save costs. In the recently held three-day Interactive Panel Discussion of the

Profit rises at Dubai Silicon Oasis free zone (The National - 19/04/2012)

Dubai Silicon Oasis posted a rise in profit of more than 130 per cent last year, boosted by a substantial increase in company registrations. Net profitfor the free zone on Emirates Road was Dh131 million (US$35.6m) for the year, 134 per cent higher than

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