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GCC rail project to cost $25bn
(Arab News - 31/01/2010)

The much talked about Gulf Cooperation Council (GCC) railway project, linking GCC member countries, is expected to cost $25 billion, said an informed source at the GCC General Secretariat. The 2,117-km-long network, starting in Kuwait and Saudi Arabia,

DP World Marks Official Opening of Saigon Premier Container Terminal
(Khaleej Times - 31/01/2010)

The world’s fourth-largest container terminals operator, DP World, said its brand new Saigon Premier Container Terminal (SPCT) in Ho Chi Minh City, Vietnam was officially opened on Saturday. The DP World-operated container terminal, which is located

Germany’s SieMatic Plans to Expand Business in UAE
(Khaleej Times - 31/01/2010)

SieMatic, a Germany-based luxury kitchen cabinet manufacturer, plans measures to boost its business in the UAE and explore new markets in the Middle East, a top executive of the company said. The Middle East contributes up to 10 per cent of the total

Etihad Airways expects to earn profits in 2011
(Business 24|7 - 31/01/2010)

Abu Dhabi's Etihad Airways Chief Executive Officer James Hogan reiterated yesterday that the airline was set to make a profit in 2011. The national carrier of the world's third largest oil exporter has pushed back its profitability target by a year as

Good response for Sohar’s semi-trailers and rigid bodies
(Oman Daily Observer - 31/01/2010)

The new manufacturing facility for semi-trailers and rigid bodies launched recently Oryx Metal Industries LLC (OMI) in Sohar is receiving a good response from the market. Launched under the auspices of Mohammed bin Nasser al Khusabi , Secretary-General,

LIC unit taps Oman with new NRI policy
(Times of Oman - 31/01/2010)

LIC International is targeting a premium income of at least $5 million from Oman through its term insurance product aimed at the Indian expatriate community, a top official of the firm said, adding the product would be available for two months from the

Dodsal wins $160m Abu Dhabi contracts
(Trade Arabia - 31/01/2010)

UAE-based Dodsal Group, a leading player in the field of engineering, construction and exploration of hydrocarbons and mining, has clinched contracts worth over $160 million to construct two gas pipelines in Abu Dhabi, said a report. The first contract,

Qatar District Cooling Company opens 2nd plant in Doha's West Bay area
(AME Info - 31/01/2010)

Qatar District Cooling Company, the sole distributors of district cooling services in Qatar, announced the operational launch of its second plant in Doha's financial district - West Bay. The launch of a new plant in this commercial, financial and

Projects worth $299 billion in GCC still under bidding
(Al Watan - 31/01/2010)

MEED Magazine has reported that the two big Gulf Cooperation Council (GCC) markets in construction and contracting sector, Saudi Arabia and Abu Dhabi have begun to recover from the financial crisis while projects worth 575 billion US dollars in Gulf

Bahrain's wealth fund moves towards liquidity
(aibim - 31/01/2010)

Bahrain's sovereign wealth fund (Mumtalakat), which invests mostly at its home-country, plans to diversify away from private equity projects and into stocks and bonds, The Peninsula reported. Chief Executive Officer, Talal Al Zain, said that Mumtalakat

Shari’ah scholars discuss Tawarruq practices
(CPIFINANCIAL - 31/01/2010)

The Bahrain Financial Exchange (BFX) and Bursa Malaysia recently organised a forum to discuss matters related to Islamic liquidity management and financing and in particular contemporary issues relating to commodity Murabaha transactions and Tawarruq

Jeddah- ICD seminar focuses on trade finance
(aibim - 31/01/2010)

Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), a subsidiary of Islamic Development Bank, together with Export-Import Bank of Malaysia Berhad (Exim Bank) and in collaboration with Construction Industry Development Board

Kuwait's KIA invested $750m US firm
(Reuters - 31/01/2010)

Kuwait Investment Authority (KIA) invested about $750 million in US asset manager BlackRock last year, KIA's managing director told Al Arabiya TV. 'Now we have made about 40 percent of profit (from BlackRock's capital hike, since May 2009),' Bader

Dubal sponsors Desert Classic Tournament for 19th time
(AME Info - 31/01/2010)

Having been the main sponsor of the event from 1992 to 2009, Dubai Aluminium Company Limited "Dubal" is again a major sponsor of the recently renamed 2010 Omega Dubai Desert Classic Golf Tournament ("the DDC"). True to tradition, the four-day PGA

UAE airlines top service quality study
(Trade Arabia - 31/01/2010)

Emirates and Etihad Airlines have outperformed their rivals British Airways, Air France and Qatar Airways in a service quality benchmarking report. Customer service consultancy firm, Ethos Consultancy has conducted an independent study covering a

Saudi 2009 Inflation Averaged 5.06%, Statistics Office Says
(Bloomberg - 31/01/2010)

Inflation in Saudi Arabia, the largest economy in the Arab world, averaged 5.06 percent last year, compared with 9.9 percent in 2008, the central department of statistics said on its Web site. Central bank Governor Muhammad al-Jasser said in a Jan. 23

Qatar Airways to fly Bangalore from Feb 22
(Trade Arabia - 31/01/2010)

Qatar Airways has announced plans to fly daily to Bangalore, the capital of India's Karnataka state, from February 22. Bangalore (also known as Bengaluru), India's top information technology hub, is also a major industrial and commercial centre. Flights

Al Khaleej Development Co. signs as first tenant in Majaal
(AME Info - 31/01/2010)

First Bahrain, an innovative regional real estate developer, has welcomed Al Khaleej Development Co. (Tameer) as the first tenant in its inaugural warehousing and logistics project, Majaal. Al Khaleej Development Co. (Tameer) will occupy its new storage

Kuwait Made About 40% Return on Blackrock Since May, Saad Says
(Bloomberg - 31/01/2010)

Kuwait Investment Authority, the emirate’s sovereign wealth fund, made about 40 percent profit on its $750 million investment in BlackRock Inc.’s capital increase in May, the fund’s chief Bader al-Saad told Al-Arabiya TV channel in an interview in Davos.

Bahrain growth seen at 3-4pc in 2010
(Reuters - 31/01/2010)

Bahrain's economy is poised to grow by 3 to 4 percent in 2010, the country's central bank governor told Arabiya TV. Rasheed Al-Maraj also said that the bank planned to issue a bond worth $1 billion for the government. Most Gulf states are expected to

Abu Dhabi Airport records a 7.3% increase in passenger numbers in 2009
(AME Info - 31/01/2010)

Abu Dhabi Airports Company (ADAC) released its full year traffic figures for Abu Dhabi International Airport today, with passenger numbers showing a solid 7.3% growth rate throughout 2009 reaching 9.7m for the year. Abu Dhabi International Airport is one

Dubai Airports May Spend ‘Billions’ on Further Expansion Work
(Bloomberg - 31/01/2010)

Dubai Airports, the government-owned airfield operator, plans to seek approval for expansion plans costing “billions of dirham” undeterred by the emirate’s need for a $20 billion bailout last year. The company will make a recommendation on boosting

ICD seminar focuses on trade finance
(Arab News - 30/01/2010)

Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), a subsidiary of Islamic Development Bank, together with Export-Import Bank of Malaysia Berhad (Exim Bank) and in collaboration with Construction Industry Development Board

Mideast Hotel Occupancy Drops 9.9 Per Cent in 2009
(Khaleej Times - 30/01/2010)

Hotel occupancy and average daily room rates declined in the Middle East and Africa region in 2009, but the trend is likely to reverse in the GCC following dynamic initiatives taken by member countries to boost tourist arrivals, industry analysts said.

Key Islamic Finance Issues Are Reviewed
(Gulf Daily News - 30/01/2010)

Islamic liquidity management and financing were discussed at a key forum held in Bahrain. The Bahrain Financial Exchange (BFX) and Bursa Malaysia organised a forum which also discussed contemporary issues relating to commodity Murabaha transactions and