2002
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BFH construction starts
Construction of the first phase of the USD1 billion Bahrain Financial Harbour has begun. The cost of the first stage, including the construction of the Twin Towers, the Harbour House, the Financial Mall and a satellite TV station, is expected to be about 80 million dinars (USD212 million),Ahmed Abubaker Janahi, chairman of the project's developer, ReeMoon Business Development Consultants,told Gulf News. Construction is expected to be completed by October 2005.
UAE bank sector boom
The UAE banking sector will exceed AED5 billion (USD1.36 billion) in gross net profit, and is expected to record seven per cent growth in profitability this year, according to Nasser Bin Sultan Al Suwaidi, the governor of the Central Bank of the UAE. Suwaidi said the Central Bank is set to introduce a new supervisory system by March 2003. Pilot tests have been carried out with 16 UAE banks.
Etisalat pays final royalty
Emirates Telecommunications Corporation (Etisalat) has made the final payment of AED505 million (USD137.6 billion) of its annual royalty to the government for 2001.The fifth and final payment for last year brings the total amount paid to the Ministry of Finance and Industry in the last two years to AED5,481 million (USD1,493.4million), according to Etisalat.
Unified tax collection soon
Under the new GCC customs union, Gulf states will soon collect a unified five per cent customs duty on goods at their first GCC destination, reported Gulf News. The move comes as part of a three-year transition, before fully shifting to the new system, senior customs officials said. Members of the UAE Customs Council, representatives from the ministries of finance and industry, and economy and commerce, and local customs departments plan to meet before year end to discuss the collection mechanisms and related issues.
Dubai is world's largest gold market
Dubai has the highest concentration of jewellery stores in the world,according to Tawhid Abdullah, chairman of the Gold and Jewellery Group. Jewellery remains the number one gift item for visitors, with 95 per cent of all tourists buying gold and jewellery. Dubai imports 300 tonnes of gold every year. While 35 per cent of imported gold is used in Dubai itself, 25 per cent is exported to other GCC countries, 20 per cent to Arab countries.Tawhid said jewellery sales have risen by at least six to seven per cent in the last year.
Saudis re-open Iraq dealings
News agency AFP reports that Saudi exporters have won contracts worth USD44 million with the Iraqi government during the past two weeks to supply vehicles, milk powder and air-conditioners, quoting a newspaper report. The contracts will require clearance from the United Nations committee overseeing Iraq's oil-for-food programme, the Al-Watan daily said. The main border post between Saudi Arabia and Iraq at Arar resumed normal operations last month after 12 years of closure, allowing Saudi goods to be exported directly to Iraq.
UAE leads ISO certification
According to a Khaleej Times newspaper report, the UAE leads the Middle East and North Africa (MENA) region in International Organisation for Standardisation (ISO) certifications. Bahrain, Oman, Kuwait, Saudi Arabia and Qatar have reported growing interest in both public and private sector organisations for adopting certification. The ISO granted full membership to the UAE last year.
MasterCard grows in MEA
Card issuer MasterCard International reported 23.1 per cent growth in its payment systems during the first nine months ended September 30, 2002, in the South Asia, Middle East and Africa region. The number of MasterCard Cards issued globally grew by 15.6 per cent, and it registered almost 10 billion purchase and cash transactions during the first nine months of the year. MasterCard also reported double digit gains in gross dollar volume (GDV) in all regions.
MTC moves into Jordan
Mobile Telecommunications Company (MTC) of Kuwait is set to acquire a 91.6 per cent equity interest in Jordan's mobile telephone services company, Fastlink, from Egypt's Orascom Telecom Holding. MTC currently owns a 4.9 percent equity interest in Fastlink. The new deal will cost MTC USD423.9 million. The acquisition is subject to the regulatory approval of the Telecommunications Regulatory Commission of Jordan.
Oil and gold prices rocket
Benchmark Brent crude oil prices leaped from USD28.34 at the close last Friday to USD29.20 on Monday. Meanwhile, gold hit USD343.95 per ounce, while the US dollar continued to sink against the euro. The ongoing Venezuelan strike is the markets most immediate concern, although the high probability of war in Iraq is also unnerving markets.
GCC tariff union to boost FDI
The GCC tariff union which comes into force on January 1 will boost foreign direct investment, lower prices and open the way for a trade agreement with the European Union, regional economists told Gulf News. Inter-GCC trade will increase allowing prices to be lowered by competition, they noted, and the larger market will encourage foreign direct investment by multinationals.
USD240m Jubail plant for Chiyoda
Saudi International Petrochemical Company subsidiary the International Methanol Company has inked a USD240m deal with Chiyoda Petrostar to build a methanol plant in Jubail Industrial City. Construction is due to start in March for completion in January 2005. IMC is a joint venture between SIPC and the Japan-Methanol Company.
Dubai Airshow, defence conference
The Dubai Airshow 2003 is to host a high-level strategic defence conference on December 6, the day before the five-day show. The Defense Media Group is organising the conference which will present a panel of experts. This is expected to have particular appeal to the hundreds of military staff who attend the Dubai Airshow.
Bahrain to call for mobile bids
Bahrain is to invite international and local companies to set up a second mobile phone company next January, reported Reuters. The news came on the state website, www.bahrainedb.com. Earlier this year Bahrain ended the monopoly held by Batelco. The statement said a licence award would be made in Q2.
Samsung, USD157m Qatar LNG carrier
Samsung has won a USD157m order from Qatar to build an LNG carrier for delivery by May 2005. The news came in a public announcement to the Korea Stock Exchange. Samsung is the world's third largest shipbuilder.
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