Economy
Gulf states to decide on monetary union this month
The Gulf Cooperation Council (GCC) will decide on a new target deadline for the monetary union by the end of this month, according to senior GCC officials. GCC finance ministers and central bank governors will meet immediately after the International Monetary Fund's annual meeting for talks.
Energy
Naftoil Saudi Arabia sign multi billion dollar oil exploration contract
Naftoil Saudi Arabia S.A. a privately-owned Saudi petroleum company, has teamed up with Gulf Regal Corporation (a company with interests in both America and UK) to sign an outline memorandum of understanding that secures drilling, exploration, and development rights in two high-prospect blocks in the Islamic Republic of Mauritania.
Finance
Dubai deal with Qatar could end LSE doubt
Talks between organisations controlled by Dubai and Qatar could soon bring to an end three years of uncertainty and turbulence at the London Stock Exchange (LSE). Bourse Dubai and the Qatari Investment Authority (QIA), both of which have big shareholdings in the LSE, are understood to be seeking an amicable resolution of the future ownership of the Exchange.
Construction & Real Estate
Skyscraper frenzy sprawling in Arabian Gulf
A report by the Middle East Economic Digest (MEED) said that Doha comes in first place in the Gulf region in terms of the costs of commercial office units' incumbency, ranking 15th globally, while London, Hong Kong and Paris assumed the first three places, respectively.
Telecoms & ITC
Middle East IT outsourcing starts to grow
The Middle East and North Africa (MENA) region has been slower than others to capitalise from the global wave in information technology (IT) outsourcing. As countries in the region strive to develop knowledge-based economies, the skills can not come fast enough to fill businesses' growing demands for IT services and outsourcing.
Transport
Construction of Bahrain-Qatar causeway to start next year
The construction of the 45-km Friendship Causeway linking Qatar and Bahrain will start in seven months and last four years. The Qatar and Bahrain Causeway Foundation (QBCF) signed a memorandum of understanding with a joint venture formed by Qatari company Al Diyar and French construction group Vinci, announcing the beginning of work by May 2008.
Tourism
Hyatt International to operate 5 star hotel at Capital Gate in Abu Dhabi
Abu Dhabi National Exhibitions Company (ADNEC) has announced that the exclusive new 200 room, 5 star hotel in Abu Dhabi?s Capital Gate building, adjacent to the Abu Dhabi National Exhibition Centre, will be operated by Hyatt International. The hotel will open in 2009 and will be the first Hyatt operated facility in the UAE capital city. It will be one of the most exclusive hotels in the world.
Utilities
First solar power plant to be constructed in Egypt
Electricity Minister Hassan Yunis signed a contract to set up the first solar power station in Egypt with investments of LE870m. The 140-MW plant will be built in Al-Koraimat, Bani Suwayf Governorate, Yunis said in statements after the signing. The project comes as part of the electricity sector's plan to make the best use of renewable energies.
Defence & Security
NoozzVIEW; Kuwait gets US shield
Kuwait, which saw US Patriot anti-missile batteries lent to Saudi Arabia during the first Gulf War, is now to get its own version of the US-made system as part of a comprehensive US scheme to boost the defences of its Arab allies in the Gulf at the time when a clash with Iran over its nuclear ambitions is considered a strong possibility.
Education & Media
Arab Media Group and MTV Networks International to launch Nickelodeon Arabia in 2008
Arab Media Group (AMG), the largest media group in the United Arab Emirates, and MTV Networks International (MTVNI) has announced the expansion of their long-term partnership to launch Nickelodeon Arabia, a localised, Arabic language free-to-air channel dedicated exclusively to kids across the Middle East.
All Education & Media news >>>
Retail
Sainsbury's board to recommend ?10.6 billion takeover offer from Qatar
The board of supermarket giant J Sainsbury is set to recommend a revised takeover offer from Delta Two, the Qatari-backed investment fund. It is believed that Delta Two has also won the backing of the Sainsbury's pension fund trustees, who had been concerned that the deficit in the fund would not be plugged in the event of a leveraged takeover of the retailer. The scheme has 85,000 members and ?4.25 billion of funds under management. At the end of the last financial year, it reported a deficit of ?100m.
