Mena News

 

  Dubai June airport passenger traffic jumps 16 percent YoY
Jul , 31 , 2012  
  Passenger traffic at Dubai International Airport jumped 16.0 percent from a year earlier in June, boosted by an increase in passengers from the wider Middle East, operator Dubai Airports said. The airport, one of the world's busiest, handled 4.71mn passengers in June, up from 4.07mn in June 2011. The Gulf, Europe and India again provided much of the rise, but June was the first time in nearly a year that routes elsewhere in the Middle East showed growth; they have been hit by political instability in the region.
 

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  Saudi gives early nod to four consortia for Riyadh metro
Jul , 31 , 2012  
  Saudi Arabia gave an early nod to four consortia, including ones led by Canada's Bombardier Inc. and French firm Vinci, to build a new metro system in Riyadh to ease congestion on the capital's gridlocked streets. State news agency SPA said the pre-qualified consortia were made of 33 companies from 15 countries and included some of the biggest train manufacturers in the world.
 

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  Brent is steady above USD106, stimulus measures eyed
Jul , 30 , 2012  
  Brent crude held steady above USD106 per barrel, stretching gains into a fifth consecutive day on hopes the United States and Europe will this week announce new measures to shore up their fragile economies, boosting the outlook for oil demand.
 

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  Japan June industrial output down 0.1 percent MoM
Jul , 30 , 2012  
  Japan's industrial output unexpectedly fell 0.1 percent in June, down for the third straight month, government data showed, underlining worry that slowing global demand is hurting the country's factory output. The fall compared with a median market forecast of a 1.5 percent increase, data from the Ministry of Economy, Trade and Industry showed. Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect output to rise 4.5 percent in July and decrease 0.6 percent in August, the data showed.
 

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  Emaar eyes new projects after 2Q net profit more than doubles
Jul , 30 , 2012  
  Emaar Properties said it plans to launch more projects at home to boost growth, after the real estate developer more than doubled its profit in the second quarter on the back of stronger rental and retail revenues. Emaar is planning on bigger growth in its home market by launching new projects as well as expanding some existing developments such as The Dubai Mall, as real estate activity picks up in the emirate.
 

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  KAEC Seaport to boost annual GDP
Jul , 30 , 2012  
  King Abdullah Economic City's seaport is expected to contribute SAR10bn to Saudi Arabia's economy annually when it opens next year, an official at Emaar, the Economic City has said. Ahmed Linjawi, president of the city services and industrial division at Emaar told Arab News it would also create up to 15,000 jobs.
 

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  Kuwait annual inflation slightly up at 2.8 percent in June
Jul , 30 , 2012  
  Annual inflation in Kuwait was slightly up at 2.8 percent in June, from 2.78 percent in May, due to higher food prices, state-run Kuwait News Agency, or Kuna, reported. Inflation edged up in June for the first time in three months, Kuna said. The food category in the consumer price index, or CPI, rose 4.9 percent in June, from a year earlier, as did the beverages and tobacco group, while the clothing category was up 4.4 percent, Kuna said, citing data from the central statistical office. On the month, the food & non alcoholic beverages was up 0.3 percent in June, while clothing & footwear prices maintained the same level as in May.
 

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  Kuwait June money supply growth fastest since Jan 2010
Jul , 30 , 2012  
  Kuwait's M2 money supply growth accelerated to a two-and-half-year high of 10.4 percent on an annual basis at the end of June from 8.9 percent in the previous month, the Gulf country's central bank data showed. Bank lending to the OPEC member's private sector grew 5.0 percent YoY in June, which was the fastest growth rate in two years, after a 4.7 percent rise in the previous month, the data also showed.
 

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  Kuwait says going ahead with huge Al-Zour refinery
Jul , 29 , 2012  
  Kuwait National Petroleum Company (KNPC) says it is going ahead with its long-delayed plan to build the Middle East's largest oil refinery despite political tensions that have stalled many economic development plans. The government expects to announce next month the winner of the Al-Zour refinery's project management and consultancy (PMC) contract, a senior executive at KNPC told Reuters.
 

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  Brent crude up fourth day as Fed, ECB stimulus hopes rise
Jul , 29 , 2012  
  Brent crude oil futures rose on hopes that the U.S. Federal Reserve and the European Central Bank would inject stimulus amid slower second quarter U.S. economic growth and the Euro-zone debt crisis.
 

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