Damac completes foundation for Beirut tower
(Trade Arabia
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31/08/2012)
Damac Properties, the largest private developer in the Middle East, has completed the raft foundation for its iconic Damac Tower, a $300 million premium project in Beirut. The main contractors MAN Enterprises s.a.l have now finished the foundation works
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Etihad suspends flights to Damascus
(Reuters
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31/08/2012)
Etihad Airways, one of the UAE's flag carriers, said on Thursday it had suspended flights to Damascus until further notice because of security concerns. "The decision, while not taken lightly, has been made due to the deteriorating security position in
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Qatargas' Train 7 LNG plant shuts for new motor
(Reuters
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31/08/2012)
Qatargas' 7.8 million tonne per year liquefied natural gas production facility has been shut down because it needs a new motor, the world's largest LNG supplier said on Thursday. "Train 7 is currently shut down and will remain so while an electrical
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Jumbo to expand in UAE, explore new Gulf markets
(Khaleej Times
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31/08/2012)
The UAE’s leading electronics retailer Jumbo Electronics plans to expand in the UAE and explore new markets in the Gulf region, according to a top official of the company. Established in 1974, Jumbo Electronics is UAE’s leading IT specialist and consumer
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Kuwait inflation rate unchanged
(Agencies
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31/08/2012)
Inflation in the Consumer Price Index (CPI) was 2.8% year-on-year in June, similar to its May rate, and still the lowest figure for more than two years, reported Arab Times Thursday. This was the second consecutive month where food price inflation was
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Saudi oil surplus to boost reserves: Report
(Agencies
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31/08/2012)
Saudi Arabia will probably produce more oil than it supplies to the market in the fourth quarter, boosting a buildup in inventories, according to the Gulf Oil Review. “As domestic demand dips in the next month, Saudi production is likely to exceed supply
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RAK-Moscow charter flights deal signed
(Khaleej Times
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31/08/2012)
Ras Al Khaimah Tourism Development Authority, or RAK TDA, has signed an agreement with Natalie Tours, the first biggest Russian tour operator on UAE destination in cooperation with Alpha Tours that will see the introduction of twice weekly charter
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Qatar ‘to vote down $31bn Xstrata offer’
(Gulf Times
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31/08/2012)
Qatar Holding, the second-largest investor in Xstrata, will vote against Glencore’s $31bn offer for the miner unless it improves the terms, making it virtually impossible for the current deal to go ahead. Qatar said yesterday that it planned to vote
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Dubai Chamber readies trade mission for Hamburg’s maritime expo
(Khaleej Times
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31/08/2012)
The Dubai Chamber of Commerce and Industry finalised its preparations for the outgoing trade mission to Hamburg to participate in the 25th edition of the Shipbuilding, Machinery and Marine Technology (SMM 2012 Expo) which will be held in the strategic
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Saudi Arabia launches tender to buy 550,000 tons of wheat
(Saudi Gazette
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30/08/2012)
Saudi Arabia launched a tender to buy 550,000 tons hard wheat (12.5 percent protein) from global suppliers for shipment during the period from December to February, the Kingdom’s Grain Silos and Flour Mills Organization said Wednesday. The wheat will be
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KUFPEC wins concession for petroleum exploration in Australia
(KUNA
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30/08/2012)
Kuwait Petroleum Corporation announced Wednesday that its subsidiary, Kuwait Foreign Petroleum Exploration Company (KUFPEC), has won a WA-481-P concession for petroleum exploration in Australia. In a press statement, KPC said that the Australian
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Saudi Fund to grant Yemen $1b
(Saudi Gazette
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30/08/2012)
The Saudi Fund for Development will deposit $1 billion US dollar in the Central Bank of Yemen in a move which aims to help Yemen stabilize its national currency and cope with current economic challenges, Yemen Planning and International Cooperation
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nasair spends Eid with customers all over
(Saudi Gazette
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30/08/2012)
nasair, the national airline of the Kingdom of Saudi Arabia, celebrated Eid Al-Fitr with its traveling customers at Saudi stations. According to Waleed Al-Shaikh, Director of Marketing & Communications, nasair is always keen to share with communities in
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Qatar Petroleum set to float sukuk
(Agencies
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30/08/2012)
Qatar Petroleum (QP) is preparing to float its sukuk, Commerzbank chief analyst Apostolos Bantis said. "Following the considerable success of the new sovereign sukuk, the country’s national oil and gas flagship QP is also expected to place its first
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Nakheel repays Dh211 million to lenders
(Khaleej Times
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30/08/2012)
Nakheel, on Wednesday, said it has made profit and interest payments of Dh211 million to its lenders. The developer, in a statement, said it released profit and interest payments equivalent to Dh211 million to its lenders. “The payments were due at the
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Kuwait's crude drops $1.61 to $110.02 in trading
(Reuters
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30/08/2012)
Kuwait Petroleum Corporation (KPC) said on Wednesday that the price of Kuwait's crude oil dropped in Tuesday's trading 1.61 US dollars to settle at $110.02 per barrel compared to $111.63 in yesterday's trading. The drop in the Kuwaiti oil prices came
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NMC Health’s income surges 21% on robust revenues in H1
(Khaleej Times
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30/08/2012)
Abu Dhabi’s leading healthcare provider, NMC Health, said it’s earning surged 20.6 per cent year-on-year to $27.5 million in the first half of the year on robust revenues. “The earnings are in line with market expectations,” Prasanth Manghat, the chief
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New UAE foreign fund rules worry Gulf asset managers
(Reuters
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30/08/2012)
By introducing new rules on the sale of foreign funds, the United Arab Emirates aims to shield its investors from losses as global markets struggle. But the country risks damaging its role as a hub for asset management in the region. Competing financial
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Qatar construction costs now highest in the Middle East
(Saudi Gazette
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30/08/2012)
Construction costs in the Asia-Pacific region, North America and parts of the Middle East are on the rise and closing in on prices in Western and Northern Europe, according to the 2012 International Construction Costs Report released Wednesday by global
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UAE water market set to more than double to $5.61 billion by 2015
(Saudi Gazette
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30/08/2012)
UAE’s water and wastewater market is set to more than double by 2015, according to a new research by Frost & Sullivan. The study noted that UAE’s water and wastewater sector has found that the market recorded revenues of $2.75 billion through 2011, with
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DP World confident of riding out any storm after posting higher gains
(Gulf Times
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30/08/2012)
Dubai-based DP World said there’s been little improvement in the global economy since the end of June and international trade has slowed, but lessons learned from the 2008 downturn has better positioned the world’s third biggest ports operator to ride
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Nasdaq Dubai hires Hamed Ali as acting CEO
(Khaleej Times
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30/08/2012)
Nasdaq Dubai announced on Wednesday that it has appointed Hamed Ali as acting chief executive officer, to lead the next phase of expansion at the region’s international exchange. Ali joined Nasdaq Dubai earlier this month as chief operating officer
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Kingdom’s imports up 4.4% in June
(Arab News
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30/08/2012)
Saudi Arabia's incoming economic data signals that nonoil sector growth has been moderating after blistering growth last year and early this year. The nonoil sector had witnessed a record growth due to government expansionary fiscal policy which included
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DP World Limited Revenues Increased 1.8% for the 1H of 2012
(Gulfbase.com
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29/08/2012)
DP World Limited reported Strong improvement in first half 2012 revenues to $1,529 million compared to $1,502 million of the same period last year, rose 1.8%. Underlying volume growth was 5.5%, with a 3.1% increase in underlying container revenue per TEU
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Gulf Air flies higher in first half of ’12
(Saudi Gazette
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29/08/2012)
Gulf Air, the national carrier of the Kingdom of Bahrain, posted significant improvements in its 2012 half yearly performance against the same period last year across its business operations indicating positive results. Announcing the highlights of the
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