Economy
UAE says wants Gulf to agree on any currency basket
The United Arab Emirates wants all its oil producing Gulf neighbours to agree to a currency basket that they can use to track exchange rates should they decide to drop pegs to the dollar, the finance minister said.
Energy
Oil Ministry official says contracts issued by Kurds invalid
All oil drilling and exploration contracts issued by the Kurdish regional administration are invalid and foreign companies that sign them risk being blacklisted by the Iraqi government, an oil ministry official said late this month.
Finance
Investors offer US$100 billion for Dubai Ports IPO
Investors offered US$100 billion for shares in the initial public offering of Dubai Ports World. That is 19 times more than the maximum US$4.96 billion the world's fourth-largest container-port handler is seeking to raise in the Middle East's biggest IPO.
Construction & Real Estate
Realty finance market to hit QR25 billion by year end
Real estate financing is once again thriving in Qatar, following the down turn that hit the market this summer. A group of realty experts attributed bearish markets in the summer to inconsistencies between demand and supply price rates.
Telecoms & ITC
GCC investments into the IT industry poised to reach US$5 billion in 2007
GCC investments into the IT industry is poised to reach US$5 billion in 2007 with Saudi Arabia and the UAE accounting for 47% and 30% of this total respectively, according to the latest IDC reports.
Transport
New Bahrain-based airline to launch operations
The first privately owned, low-cost airline in Bahrain, Bahrain Air, aims to start accepting bookings on 16 December.
Tourism
NoozzVIEW; Dubai's ace golf drive
Dubai, which has already transformed its GDP into one to which oil contributes only about 5%, is well on the way to a secondary ambition - strange perhaps considering the climate - to turn itself into the world's top golf destination, both in terms of competitions and holidays.
Industry
Qatar Fertiliser Company to go ahead with US$3.2 billion expansion plan
Norwegian fertilisers producer Yara International ASA said that its 25%-owned Qatar-based joint venture Qatar Fertiliser Company (Qafco) has decided to invest US$3.2 billion to build two ammonia plants. Qafco has signed a letter of intent regarding the Qafco-5 expansion project with a consortium comprising the Italian company Snamprogetti and the Korean company Hyundai.
Defence & Security
Eurocopter develops Corporate and Parapublic missions in the Gulf region
Eurocopter is proposing its new generation products, equipped with the latest technology, which have proven to function perfectly in extreme conditions. They are indeed able to perform all their missions in the most severe weather and critical situations.
Retail
Bahrain fund makes £700m approach for Peacocks chain
Arcapita, the Bahrain-based investment fund, has made an unsolicited approach to buy Peacocks, one of Britain's largest discount fashion retailers, for about £700m. The approach is understood to have been made in recent weeks and comes as a new wave of Gulf-based private equity investors, driven in part by the ongoing oil boom, look to invest their cash.
