Mena News

 

  Dubai's Dewa awards USD562mn maintenance contract to Siemens
Oct , 15 , 2012  
  Dubai Electricity and Water Authority said it awarded a AED2.063bn (USD562.1mn) maintenance contract to Siemens AG (SI). The 12- to 15-year contract is for the maintenance of six gas turbines and six power generators at its plant in Jebel Ali, Dewa said in an emailed statement.
 

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  Abu Dhabi 2011 economic growth fastest in seven years
Oct , 15 , 2012  
  Abu Dhabi’s economy grew 6.8 percent in inflation-adjusted terms in 2011, the fastest rate since 2004 and more than double the pace of the previous year, thanks to stronger activity in both oil and non-oil sectors, government data showed. "Growth in GDP at constant prices during 2011 surpassed all the forecasts and estimates made by local and international parties," the Statistics Centre Abu Dhabi said. Growth in non-oil activities was much more moderate at 4.1 percent last year, only slightly above the 3.9 percent clip in 2010 and roughly half of the average rate over the past decade, the data also showed.
 

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  UAE Telco Etisalat will not exit foreign markets
Oct , 15 , 2012  
  Etisalat will not completely sell out of any of its foreign markets, the company’s chief executive said. The United Arab Emirates firm, which operates in about 17 countries in Africa, Asia and the Middle East, sold a 9.1 percent stake in Indonesian mobile firm PT XL Axiata for USD510mn in September, but retained a 4.2 percent holding.
 

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  Islamic Development Bank places USD500mn sukuk
Oct , 15 , 2012  
  Saudi-based Islamic Development Bank (IDB) issued a USD500mn five-year Islamic bond, or sukuk, earlier this month, in a rare example of a privately-placed transaction from the supranational institution. The deal was priced at 30 basis points (bps) over the three-month London interbank offered rate (Libor), according to market data, and was issued as part of the bank's USD6.5bn sukuk programme.
 

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  Saudi Arabia set to pump 10mn bpd again in October-Naimi
Oct , 10 , 2012  
  Saudi Arabia is likely to produce around 10mn barrels per day (bpd) of oil in October, in line with production last month, Saudi Oil Minister Ali Al-Naimi said. "They are all around 10mn bpd," Naimi said when asked by reporters how much crude the world's top oil exporter produced in September and how much it was expected to pump in October. "If there's demand, we will meet we have the ability to produce 12.5mn bpd but global demand doesn't need this amount... If we produce 10mn bpd around 2.5mn bpd as spare."
 

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  Iraq's oil output to double this decade-IEA
Oct , 10 , 2012  
  Iraq's oil production is on course to more than double by 2020, the International Energy Agency said, although delays to investment could tighten the global market in coming decades and push prices higher. In its Iraq Energy Outlook published IEA said Iraq's oil production would reach 6.1mn barrels per day (bpd) by the end of this decade under its central scenario.
 

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  Brent holds near USD114 as sluggish economy outweighs supply risk
Oct , 10 , 2012  
  Brent crude fell but held above USD114 on early Wednesday, October 10, after a 2 percent jump the previous day, with a cloudy economic outlook offsetting fears about disruptions to Middle East oil supply as a conflict between Turkey and Syria escalated.
 

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  Weak August UK factory output dents recovery hopes
Oct , 10 , 2012  
  British factory output dropped in August and the country's trade deficit widened sharply, dampening prospects for a sustained recovery in the second half of 2012. Manufacturing output dropped 1.1 percent in August after a downwardly revised bounce of 3.1 percent in July, the Office for National Statistics said. Economists had forecast a dip of 0.6 percent on the month.
 

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  Citadel eyes USD4bn investment in Egypt over three years
Oct , 10 , 2012  
  Egyptian private equity firm Citadel Capital plans to invest USD4bn or more in Egypt over the next three years and has an eye on infrastructure and energy-related projects, its chairman said. Citadel, which focuses on the Middle East and Africa, has already invested $4 billion in Egypt since January 2011, when an uprising erupted that toppled President Hosni Mubarak, the company's chairman and founder, Ahmed Heikal, said.
 

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  Egypt PM says aims for 4 percent growth in 2012/13
Oct , 10 , 2012  
  Egypt's prime minister, Hisham Kandil, said the government aimed for 4 percent growth in the 2012/13 fiscal year and said a five-year plan envisaged hitting an annual growth rate of 7.5 percent. The government has previously forecast gross domestic product (GDP) would grow by 4 to 4.5 percent in 2012/13.
 

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