Mena News

 

  Dubai's Arabtec says unit wins AED423mn contract in Abu Dhabi
Oct , 16 , 2012  
  Arabtec Holding said its construction unit was awarded a AED423mn (USD115.3mn) contract in the U.A.E. capital. Arabtec Construction received a letter of award to build 411 villas and associated external works for Baniyas Residential Development in Abu Dhabi for housing U.A.E. citizens, the Dubai-based company said in a statement posted on the emirate's financial market website.
 

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  Abu Dhabi's Gulf Capital to raise up to USD750mn in new fund in 2013
Oct , 16 , 2012  
  Abu Dhabi-based Gulf Capital is planning to raise a new fund of between USD650mn to USD750mn next year, the private equity firm's chief executive said. Gulf Capital will begin the new round of fundraising once its existing USD533mn fund is three-quarters deployed, Karim El Solh said on the sidelines of a conference. The fund is currently more than half invested, he said, and it is expected to reach the 75 percent mark over the next quarter or two.
 

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  UAE 2011 fiscal surplus USD9.9bn, below IMF estimate
Oct , 16 , 2012  
  The United Arab Emirates booked a consolidated state budget surplus of AED36.2bn (USD9.9bn) in 2011, the country's finance ministry said, publicly releasing such data for the first time. The ministry said the figure included the federal budget as well as the fiscal balances of all seven desert emirates which form the UAE. The surplus revealed was equivalent to 2.9 percent of the 2011 gross domestic product of the UAE, the world's third largest oil exporter, according to a Reuters calculation.
 

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  Kuwait Wataniya targets data growth as home market revenue sags
Oct , 16 , 2012  
  Kuwait telecoms group Wataniya wants internet services to provide a quarter of revenue within two years, its chief executive Bassam Hannoun said. “It is less than 20 (percent),” Hannoun told reporters on the sidelines of a conference in Dubai. “The market in Kuwait is highly competitive, but it’s also a high value market, so the opportunities are still there. Kuwait has a lot more to give."
 

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  Qatar signs new LNG deal with Japan's Chubu Electric
Oct , 15 , 2012  
  Qatargas has signed a new deal to supply up to 1mn tons of liquefied natural gas, or LNG, per year over 15 years to Japan's Chubu Electric Power Company Inc. Under the terms of the sales and purchase agreement, the Qatargas 3 division, 30 percent owned by ConocoPhillips (COP), will deliver up to one million tons of the fuel to Chubu Electric starting in 2013, Qatargas said in a statement.
 

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  Dana Gas expects Iraq, Kurdistan deal will speed gas payments
Oct , 15 , 2012  
  Dana Gas and Crescent Petroleum expect that the recent multi-million-dollar oil payment by Baghdad to the Kurdistan Regional Government (KRG) means they will get paid for gas they have supplied to the region, the companies said. "We are working with the KRG to improve and resolve the outstanding receivables, and are very encouraged by the recent announcement on the resumption of payments from the Federal Government," Rashid Al-Jarwan, acting CEO of Dana Gas, said in a statement to the Abu Dhabi stock market.
 

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  Brent slips to USD114 as demand outlook worsens
Oct , 15 , 2012  
  Brent futures slipped to USD114 on early Monday, October 15, declining for a second day due to worries over the worsening outlook for demand growth, although mounting supply concerns on escalating tensions in the Middle East kept losses in check.
 

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  Japan revised August industrial output -1.6 percent MoM
Oct , 15 , 2012  
  Japan's industrial output fell 1.6 percent in August, revised data showed, indicating China's slowdown and the debt-hit Euro-zone was hurting the export-reliant economy. The figure compared with an initial reading for August of a 1.3 percent fall, following a 1.0 percent drop in July. The capacity utilization index dipped 2.6 percent in August from a month earlier to 85.8.
 

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  Qatar Annual CPI slows to 2 percent in September on lower transport costs
Oct , 15 , 2012  
  Annual inflation in Qatar slowed to 2 percent last month compared to 2.3 percent in August on lower transport and communication costs, official data showed. MoM transport and communication prices were down 1.2 percent in September due to a drop in air travel fares, while costs falling under the entertainment, recreation and culture category fell 0.4 percent, according to the latest figures published by the Qatar Statistics Authority.
 

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  Dubai property co Limitless restructures USD1.2bn loan
Oct , 15 , 2012  
  Indebted Dubai property firm Limitless has concluded the restructuring of a USD1.2bn loan, bringing to an end talks that have lasted over two years. "Limitless has honored all profit payments on the loan since it was signed in 2008, and will continue to make the payments under the new agreement," the developer said. The developer said it has cleared its obligations to 92 percent of trade creditors, and has signed settlement agreements with the remainder.
 

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