Mena News

 

  Qatar Holding plans Harrods hotels across the world
Jul , 04 , 2012  
  Qatar Holding, the investment arm of the Gulf state's sovereign wealth fund, plans to open Harrods-style hotels in major cities around the world in a bid to expand the iconic London department store brand. The fund wants to open Harrods-branded hotels in Kuala Lumpur, London, New York, Paris and China, Qatar Holding said in a statement. It will look to develop sites already owned by Qatar, such as the Chelsea Barracks in London and the Costa Smeralda in Sardinia, it added.
 

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  Qatar Airways plans Saudi airline launch
Jul , 04 , 2012  
  Qatar Airways, the fast-growing Gulf carrier, wants to launch a new airline based in Saudi Arabia and is keen to invest in the kingdom's domestic aviation sector, it said. Chief executive Akbar Al Baker has had talks with Prince Fahad bin Abdullah Al Saud about opportunities arising from the kingdom’s newly launched aviation liberalization policy, the airline said.
 

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  Dubai's GGICO reaches debt restructuring deal with creditors
Jul , 04 , 2012  
  Dubai's Gulf General Investment Co., or GGICO, said it finalized a debt restructuring deal with its 25 creditors that includes extending the company's debt maturities. GGCIO started the restructuring of its debt at the beginning of 2011 and has now reached a deal, capping 18 months of negotiations that will see its debt repayments extended by seven years through new amortizing facilities, according to a statement on the Dubai bourse website. It didn't provide further details.
 

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  DP World sells Adelaide container port to Flinders
Jul , 04 , 2012  
  Port operator DP World was forced to handover its 60-percent holding in Adelaide container terminal to Flinders Port after the Australian firm exercised its right to buy the stake, DP World said. The stake sale was triggered by a transaction entered by the state-owned Dubai firm last year to sell 75-percent of its Australian operations to private equity firm Citi Infrastructure Investors (CII) for USD1.5bn.
 

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  UAE PMI eases to 3 months low in June on slower output growth
Jul , 04 , 2012  
  Non-oil private sector business activity in the United Arab Emirates slightly eased to a three-month low in June, after surging to a 11-month high in May, due to slower growth in output, HSBC Holdings PLC (HBC) said. The bank said its purchasing managers index, or PMI, fractionally slowed to 53.2 in June from 53.8 in May.
 

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  UAE looking to open oil sector to more partners
Jul , 04 , 2012  
  The United Arab Emirates (UAE) may allow more foreign partners, especially Asian energy companies, to take stakes in more marginal fields, the chief executive of Abu Dhabi Marine Operating Company (ADMA-OPCO) said. The principal of the tender is be more open for partners," ADMA-OPCO CEO Ali Al Jarwan told reporters.
 

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  Saudi National Shipping gets USD120mn loan for ships
Jul , 04 , 2012  
  Saudi Arabia's National Shipping Co., or Bahri, said it was taking an Islamic loan of SAR450mn (USD120mn) from the Public Investment Fund to part finance two cargo ships being built in South Korea. The repayment of the loan will be made in equal quarterly installments over 10 years from delivery of vessels, Bahri said in a statement posted on the Saudi bourse website. The Hyundai Mipo dockyard is building the two vessels, which are among six general-cargo ships that Bahri, a transporter for the kingdom's petrochemical industry, commissioned for construction in March 2011.
 

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  Saudi's Al Fanar signs USD800mn Islamic loan
Jul , 04 , 2012  
  Al Fanar Company has signed a SAR3bn (USD800mn) dual-tranche Islamic loan, it said in a statement. It is the first time the firm has completed a syndicated bank fundraising, the company statement said, with three banks - Banque Saudi Fransi, Samba Financial Group and National Commercial Bank - providing the cash.
 

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  Saudi June PMI falls slightly, still high
Jul , 04 , 2012  
  Growth of business activity in Saudi Arabia's non-oil private sector slowed slightly in June but remained strong, a survey of over 400 private companies published showed. The SABB HSBC Saudi Arabia Purchasing Managers' Index, which measures activity in the manufacturing and services sectors, was 59.7 points in June against 60.4 points in May. The seasonally adjusted index stayed well above the 50-point mark separating growth from contraction.
 

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  Kuwait Agility wins USD238mn deal for Australia Gorgon gas project
Jul , 04 , 2012  
  Kuwait-based Agility said it has won a new contract estimated to be worth USD238mn to provide logistics support to the Gorgon natural gas project in Western Australia. Agility, said that under the two-year deal, it will provide various logistics, stevedoring and related services to a marine loading facility in Henderson, Perth. Agility said in a statement posted on the Dubai bourse website that it has also been granted an extension for two years of an existing contract that was announced in 2009. It added that the value of this extension is estimated at USD262mn.
 

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