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Injaz to market Dammam residential project
(Trade Arabia - 31/12/2013)

Riyadh-based Injaz Development has signed an agreement with Almutlaq Real Estate (AREIC), part of Almutlaq Group, to promote the latter’s residential project in Dammam. The 92,531 sq m Al Nada Project is located in a fully constructed luxurious

RAK Airways suspends operations
(Trade Arabia - 31/12/2013)

UAE’s RAK Airways announced today the suspension of all its operations starting January 1 and until further notice. In a statement, the airline said: “The decision for suspending operations was taken following increased pressure on the carrier’s

GPC to ramp up output in Q1 ’14
(Saudi Gazette - 31/12/2013)

Global Pipe Company (GPC), the first manufacturer in the Middle East of line pipes up to 50.8 mm (2 inches) wall thickness, plans to ramp up production to 200,000 tons at its new state-of-the-art factory at Jubail Industrial City by the first quarter of

Maskan Arabia spearheads housing projects in Kingdom
(Saudi Gazette - 31/12/2013)

In clear indication of the desire of the major real estate development company to increase the supply of residential units in the market, Maskan Arabia Co. – one of the most prominent Saudi companies in the field of real estate – announced doubling the

Saudi banks post another profitable year
(Saudi Gazette - 31/12/2013)

Near the end of the financial year of 2013, Saudi banks are close to record yet another profitable year, the National Commercial Bank said in its report Monday. Moreover, the Saudi Arabian Monetary Agency (SAMA) was able to expand their net foreign

Key tender for Ras Al Hadd regional airport cancelled
(Times of Oman - 31/12/2013)

The Ministry of Transport and Communications has cancelled a tender package for selecting a contractor to construct the terminal building at Ras Al Hadd airport. The date for opening the bid was fixed on December 9, but those contracting firms that

Kingdom allots SR68b to infrastructure development
(Agencies - 31/12/2013)

Saudi Arabia has allocated nearly SR68.4 billion for the development of its infrastructure over the past 10 years. Figures published this week by the Saudi Arabian Monetary Agency (SAMA), the country’s central bank, showed allocations for infrastructure

Qatar set for major petchem development
(Gulf Times - 31/12/2013)

Qatar is set for another phase of massive development in its chemicals and petrochemicals sector with a targeted output of 23mn tonnes per year (tpy) by 2020. Qatar’s liquefied petroleum gas (LPG) production, which currently stands at 11mn tonnes per

Qatar GDP growth quickens to 6.2%
(Reuters - 31/12/2013)

Growth in Qatar's gross domestic product, adjusted for inflation, accelerated slightly to 6.2 percent year-on-year in the third quarter of 2013, from 6.0 percent in the second quarter, the Qatar Statistics Authority said on Monday. Third-quarter GDP

Burj Damac Marina hits milestone
(Khaleej Times - 31/12/2013)

Damac Properties, one of the region’s largest real estate developers, has announced that the 13th storey slab has been cast at its luxury serviced hotel apartments project, Burj Damac Marina. The 20-storey mixed-use development, which is set in the

Spending on rail projects to reach $79bn in 10 years
(Arab News - 31/12/2013)

Saudi Arabia's infrastructure spending continues to surpass expectations. The Kingdom is especially committed to a nationwide transportation infrastructure expansion program, which will feature one of the world's most sophisticated rail and metro

Over 14m people visited Jeddah Red Sea Mall in 2013
(Arab News - 31/12/2013)

A family-centric approach remained the key driver of Jeddah’s shopping industry in 2013, according to a leading Jeddah-based leading shopping mall, while others not following this trend are left on the sidelines. Mohammed Alawi, CEO of Red Sea Markets,

UAE banking emerges stronger
(Khaleej Times - 31/12/2013)

It has been more than five years since the global financial crisis was first felt, with the sudden collapse of Lehman Brothers, which led to a subsequent domino effect of major corporations failing and a colossal banking crisis being set off that

Dubai airport passenger traffic up 9.5%
(Reuters - 31/12/2013)

Passenger traffic through Dubai International Airport rose 9.5 percent from a year earlier in November to 5.3 million people, airport authorities said. Western Europe recorded the largest increase in total passenger numbers in November, followed by the

KSA nonoil balance of trade narrows by 7.4%
(Arab News - 31/12/2013)

The value of Saudi Arabia’s nonoil exports totaled SR18 billion in October, a record level for this year. The latest NCB Saudi Economic Review said the 12.6 percent year-on-year surge is explained by the recent upward momentum in global manufacturing,

Saudi oil exports hit SR1.08 trillion in 2013
(Arab News - 31/12/2013)

Saudi Arabia’s oil exports hit 2.66 billion barrels in 2013, with proceeds amounting to SR1.08 trillion, local media said quoting an economic expert. On the other hand, domestic consumption during the year stood at nearly 852 million barrels, or 24

GPIC achieves record production in 2013
(Trade Arabia - 30/12/2013)

The Gulf Petrochemical Industries Company (GPIC) achieved this year its highest monthly production of methanol since its inception, which amounted to 1,254 metric tons. This was revealed by GPIC president Abdulrahman Jawahery during the company's 34th

Intaj II invests in Fitness One Vega
(Press Release - 30/12/2013)

Intaj Capital II (“Intaj”) is pleased to announce its investment in the health and fitness sector through its equity participation in Fitness House Company (“Fitness One”). Intaj II is a private equity investment vehicle managed by Swicorp, a leading

DTCM hosts the GCC Tourism Conference 2013
(CPI Financial - 30/12/2013)

Dubai’s Department of Tourism and Commerce Marketing (DTCM) recently hosted the GCC Tourism Conference 2013 - an annual travel trade event designed to promote Dubai’s destination offering to its Gulf neighbours. Held shortly before the commencement of

Dubai airport to top 65.4 million passengers
(Trade Arabia - 30/12/2013)

Dubai International, the world’s second busiest international hub, is set to surpass the traffic forecast for the year, as the airport recorded another month of high growth this November. With traffic in November reaching 5,337,544, up 9.5 per cent

EIIB boosts stake in asset management unit
(Trade Arabia - 30/12/2013)

European Islamic Investment Bank (EIIB-Rasmala), one of the largest, independent financial institutions focused on GCC markets, said it has significantly increased its shareholding in its asset management subsidiary Rasmala Holdings from 56.8 to 76.3 per

Bahrain's GDP growth to hit 5pc in 2013
(Trade Arabia - 30/12/2013)

Bahrain's headline gross domestic product (GDP) growth for the year is expected at close to five per cent, a report said, highlighting that the expansion was driven by substantial gains in the oil and gas sector. Robust expansion of the Bahraini economy

Dubai Expo win to boost GCC growth
(Trade Arabia - 30/12/2013)

Dubai’s successful bid for the World Expo in 2020, the third largest global event after the FIFA World Cup and the Olympics. will provide UAE and GCC a healthy GDP boost, said a report. Considering that the World Cup is being held in Qatar in 2022, the

CBO issues CDs worth OMR439m
(Times of Oman - 30/12/2013)

Certificates of deposit (CDs) tender was held at the Central Bank of Oman (CBO) this week. The total amount allotted for issue No. 847 was OMR439 million. A bulletin issued by the CBO stated that the average interest rate of these certificates was 0.13

Dubai non-oil foreign trade surpasses 1 trillion dirhams
(Agencies - 30/12/2013)

Dubai's non-oil foreign trade topped the one trillion dirhams threshold within nine months to hit AED1.009 trillion ($274.6 billion) by the end of the third quarter compared to Dh918 billion for the same period last year, government data said. Dubai