UAE to set up company for national railway system

The United Arab Emirates (UAE) government will soon set up a company to oversee the construction and operation of a national railway system in the Gulf country. An announcement in this regard is expected ""anytime"" and thereafter ""things will move quickly"" to start work on the project, Abdullah Salem Al Katheeri, director of land transport at the UAE National Transport Authority, was quoted as saying. ""The UAE is in the process of finalising legal formalities of creating a railway company. It will be announced shortly,"" he said.

Gulf Air signs US$25m loan facility deal with BMI

Gulf Air has signed up for a loan facility of US$25 million with Bahrain-based BMI Bank (BMI). Gulf Air deputy chief executive officer Ismail Karimi said the unsecured loan will be infused into the working capital of the company and will be used for financing the airline's various development plans. ""We are pleased to join hands with BMI, one of the dynamic and successful financial institutions in the region,"" he said.

Jazeera Airways launches aircraft leasing firm

Kuwait's Jazeera Airways says it has teamed up with regional and international investors to set up a US$375 million aircraft leasing company. Sahaab Aircraft Leasing is co-owned by regional investment bank NBK Capital and Germany's DVB Bank. The Kuwait-based company will, initially, provide narrow and wide bodied commercial aircraft on operational leases to airlines in the Middle East and emerging markets, before expanding worldwide.

Qatar-Bahrain bridge project works to launch in January

The Qatar Chamber of Commerce & Industry recently held a seminar to reveal details of the planned mega-bridge project that will link Qatar with its Gulf neighbour Bahrain. The seminar was attended by officials from both countries, contractors engaged in the project and executives from various circles in the Qatari private sector. Qatar and Bahrain had inked an agreement on June 11, 2006 laying the groundwork for launching the bridge project, overseen by a joint committee with four expert members representing each side.