2002
- The news you choose »
- Login to Add to Watchlist
1.5km tunnel under Dubai Airport
Dubai International Airport is to have a 1.5km tunnel as part of its USD2.5bn expansion plan, reported Gulf News. The tunnel will be constructed over a two year period and be one of the longest in the Middle East. It will pass under the airport runway and ease traffic congestion.
JP Morgan hedge fund inflows steady
JP Morgan has reported that its 2002 hedge fund inflows will be similar to the level seen in 2001, despite low returns, according to Reuters. Middle East investors have increasingly turned to hedge funds over the past two years. JP Morgan officials said so far 800m euros had been subscribed to its hedge funds this year against 900m euros in 2001.
First Saudi built ship rolled out
Zamil has launched the first service ship completely built in Saudi Arabia, reported Reuters. Zamil 25 is the first of three ships to be constructed in Damman to service offshore oil facilities. Aramco guided the technical construction of the ship which was built by international firms.
Time to buy tech says Templeton
Fund managers at Franklin Templeton Investments say investors should look again at the technology sector, reported Reuters. But they were bearish in the near term and feared another sell-off following the recent rally. A more solid rally would occur in spring 2003, they added. This is broadly in line with Dr Marc Faber's advice in his column on this website.
UAE shares post small gain
The UAE's Emnex stock index showed a gain of just 0.09 per cent in the past week with the Eid Al Fitr holidays reducing turnover to a trickle. Meanwhile, Wam reported that the Abu Dhabi Securities Market was up 3.7 per cent in the past nine months thanks mainly to the performance of banking stocks.
UAE's GDP to rise 3.4 per cent
The UAE's GDP will grow by 3.4 per cent this year thanks to an upsurge in non-oil sectors, according to the planning ministry. This will bring total GDP to USD70bn for 2002, with USD19bn from the oil sector. The ministry also said that the UAE's population would increase from 3.24m to 3.48m this year.
KFAED loans USD97m to Egypt
The Kuwait Fund for Arab Economic Development has agreed to finance the first stage of the Nobariya power station project in Egypt, reported Al Ahram. The USD97m loan has a six year grace period and 22-year repayment schedule. It will cover 23 per cent of the total project cost.
Oman banks agree merger
Shareholders of Bank Dhofar, Oman's fourth largest bank, have unanimously approved a merger with Majan International Bank. This marks another stage in the consolidation of the Oman banking sector which is still suffering from the bad loans that followed the stock market collapse in 1998.
Taweelah refinancing talks resume
Talks on the refinancing of Taweelah A2, Abu Dhabi's first independent power and water project, are back on course, bankers told Gulf News. Details are likely to emerge in January and the debt element will probably rise. This is the first refinancing of an IWPP in the UAE and will take advantage of lower interest rates.
Dubai airport figures highlight boom
The booming Dubai economy is witnessed by a 20.6 per cent growth in cargo movements through the Dubai International Airport in the first half of 2002, according to figures from the Airports Council International. This compared with a 14 per cent rise for the whole Middle East, flat cargo movements in Europe and a two per cent fall in the United States. Asia ex-Japan was the other growth spot.
Chevron may join Qatar GTL project
ChevronTexaco is lining up to join Qatar's USD700m gas-to-liquids project established in a joint venture with Sasol, according to Business Day. The plant will produce 4,000 bpd of diesel, 8,000 bpd of naphtha and 1,000 bpd of LPG. Executives said combining forces would deliver cost savings.
UAE unemployment lowest in GCC
The UAE has the lowest level of unemployment in the region, with 2.4 per cent of the population out of work at the end of 2001, reported Gulf News. Some two million people are employed in the UAE, although there are also illegal workers who are not counted in the official statistics. An amnesty to evict illegal workers is expected to be announced in the next few weeks.
Sharjah, huge Chinese trade fair
Sharjah will host the largest ever Chinese trade fair outside China this week, reported Gulf News. Over 700 companies from the People's Republic will coverge on the UAE emirate from December 10-14. A wide range of consumer and industrial products will be represented.
It looks like you are using a Mac - check out our 
Web Feeds