More MENA Business News

Big Boys Toys entrusted to GAC Dubai

Thu, 09 Feb 2012 06:59 GMT

As the world's top manufacturers of luxury lifestyle products line up to showcase their gadgets and racing machines in Dubai, GAC has been gearing up to the task of delivering them to the region's leisure and entertainment capital.

Guarana successfully enters the global beverage market with Dubai Exports' assistance

Thu, 09 Feb 2012 06:50 GMT

Dubai Exports, an agency of the Dubai Department of Economic Development (DED), Government of Dubai, has assisted Guarana LLC, a recently formed Dubai-based drinks producer, to become a strong player in the beverage sector in the UAE and the region.

Gulf Petroleum Investment leads Kuwait market rebound

Thu, 09 Feb 2012 06:40 GMT

The Kuwait Stock Exchange (KSE) Market Index advanced the second day straight, closing a quarter per cent higher at 5,684 points. Shares of Gulf Petroleum Investment gained the most (up 9.5%). Islamic bank Kuwait Finance House declined slightly to KD0.850.

Dubai Health Authority to open two new medical fitness centres in 2012

Thu, 09 Feb 2012 06:37 GMT

The Dubai Health Authority will open two medical fitness centres in 2012, said a top official.

Logitech unveils the new Logitech Touch Mouse M600

Thu, 09 Feb 2012 06:31 GMT

Logitech, the world's leading manufacturer of mice, unveiled the Logitech Touch Mouse M600, a mouse featuring a touch surface that lets you navigate intuitively with your fingers. "People are growing accustomed to using fingertip gestures to navigate on their smartphones and tablets," said Yousef Atwan, regional director for Middle East and Africa at Logitech.

Rubber World Industries eyes to play major role in UAE construction segment growth with move to expand trading division

Thu, 09 Feb 2012 06:29 GMT

The UAE has the largest number of active projects in the Middle East, revealing over 1,248 projects worth $931bn underway for 2012, according to a report from CPH World Media, a leading business research and intelligence firm.

Nakheel loses two court cases in Dubai this week

Thu, 09 Feb 2012 06:28 GMT

The Dubai-based developer that built the Palm and World islands lost two court cases this week that will cost the company over $23m.

Damas Jewellery edges higher, hires Nomura for takeover advisory

Thu, 09 Feb 2012 06:28 GMT

The FTSE NASDAQ Dubai UAE 20 Index closed at 1530.910 today, off 0.10% from the previous close. Market bellwether DP World fell 0.90% to $11.00. Shares of jewelry retailer Damas International jumped 2.78% to reach $0.37. Earlier in the day, local media news reported that Damas hired Japanese bank Nomura to advise it on a takeover offer from Qatar's Mannai Corporation. Mannai, a mulit-product conglomerate with interests in the oil and gas, tourism, automotives and transport segments, said in January it received assurance from Damas shareholder to buy 58.8% of Damas at $0.45 cents per share.

Qatar National Bank gains as lender eyes Euro Medium Term Note Program

Thu, 09 Feb 2012 06:19 GMT

The QE 20 Index ended even for the second day straight. Qatar's largest lender by assets Qatar National Bank or QNB closed 0.60% higher at QR136.70. Earlier in the day, QNB announced that Barclays Capital, Citigroup, HSBC, QNB Capital and Standard Chartered Bank will be arranging fixed income investor meetings on behalf of QNB Group in London commencing on February 13. A USD benchmark RegS offering under its Euro Medium Term Note Program may follow subject to market conditions.

Etihad Airways reports profitability and EBIT of $137m in record 2011

Thu, 09 Feb 2012 06:15 GMT

Etihad Airways, the national carrier of the United Arab Emirates, reported a full year EBIT of $137m, on revenues up 36.0% to $4.1bn (2010: $2.98bn). The results included earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) of $648m, with a net profit of $14m. The record result exceeded the airline's 2011 target, which was to break even.

Globitel launches Bill Shock Preventer for its customers

Thu, 09 Feb 2012 06:06 GMT

Globitel, the global provider of advanced telecom solutions, introduced the "Bill Shock preventer" solution, which provides telecom operators with a valuable tool to eliminate the fear of bill shock for their subscribers when using data services abroad.

Coral Beach Resort - Sharjah heads to Berlin for ITB

Thu, 09 Feb 2012 06:06 GMT

Aiming to expand its guest profile in new European markets, the Coral Beach Resort - Sharjah will be sending a delegation to the ITB travel exhibition in Berlin, March 7-11, to promote a new all-inclusive summer package at the hotel.

HSBC completes the first government guaranteed Sukuk in Saudi Arabia

Thu, 09 Feb 2012 05:54 GMT

HSBC announced that it has completed the first ever government guaranteed Sukuk in Saudi Arabia for Saudi Arabia's General Authority of Civil Aviation 'GACA'. Raising SR15bn ($4bn) for GACA, the Sukuk achieved a profit rate of 2.5%.

DSF 2012 proves a grand success for Eros Group

Thu, 09 Feb 2012 05:54 GMT

Eros Group, the sole distributor of world-renowned brands Samsung, Hitachi, Candy, TCL, BenQ and one of the leading players in consumer electronics, telecom, and allied multi-products in the Middle East had a highly successful DSF 2012 across its 29 outlets and leading electronic chains in the UAE.

BMW reveals new BMW 6 Series Gran Coupé

Thu, 09 Feb 2012 05:49 GMT

BMW Group Middle East has confirmed that the all-new BMW 6 Series Gran Coupé - the first four-door Coupé in the history of the brand - will go on sale in the Middle East in the middle of this year.

Huawei flagship smartphones Honor and Vision set to arrive on shelves across the UAE

Thu, 09 Feb 2012 05:47 GMT

Huawei, a global information and communications technology (ICT) solutions provider, has announced that two of its much anticipated smartphone releases—the Huawei Honor and Huawei Vision—will be available this month to consumers across the UAE as the company looks to aggressively expand its regional handset portfolio in 2012.

Aldar Properties shares flirt with one Dirham-level

Thu, 09 Feb 2012 05:42 GMT

In Abu Dhabi, the equity gauge ADX General Index added 0.10% to reach 2,466.74 points. Real estate bellwether Aldar Properties advanced 3.20% to close at Dhs0.97. Sorouh Real Estate also gained over three per cent. Most banks edged lower, such as the sheikhdom's largest lender National Bank of Abu Dhabi (off 0.46%) or RAK Bank (down 2.44%). Earlier in the day, Switzerland's second lender Credit Suisse reported a 62%-drop in net profits for 2011, amounting Chf1.95bn (Dhs7.85bn), mainly due to a slump in the investment banking. Some 80m shares were traded, valued at Dhs93m. SOme

CFOs of tomorrow to gather at the Middle East CFO Forum by Marcus Evans

Thu, 09 Feb 2012 05:41 GMT

Scheduled to take place on the 13th and 14th of May 2012 in Dubai, Marcus Evans brings together CFOs of tomorrow from the Middle East to facilitate and encourage the sharing of ideas and practical advice in the 4th Annual Middle East CFO conference.

Product Launch Excellence conference scheduled to be held on 22nd and 23rd of April 2012 in Dubai

Thu, 09 Feb 2012 05:32 GMT

Supported by MEDIA ME and organized by Marcus Evans, the Product Launch Excellence conference has been scheduled to be held on the 22nd and 23rd of April 2012 in Dubai, UAE.

Dubai Chamber meeting discusses private sector issues

Thu, 09 Feb 2012 05:31 GMT

Dubai Chamber of Commerce and Industry recently convened the first quarterly roundtable discussion of the year with a large number of representatives of Dubai's Business Councils and Business Groups operating under the umbrella of Dubai Chamber.

Elster to showcase innovative Q4000 electromagnetic meter with replaceable battery pack at Wetex Exhibition

Thu, 09 Feb 2012 05:24 GMT

Elster announced that it will showcase its latest range of electronic C&I water meters, including its innovative Q4000 with a replaceable battery pack for extended meter operating life, at Wetex, the regional exhibition of water, energy and environmental services for industry and local authorities, from March 13-15 in Dubai, UAE.

FCC wins water management contract in Abu Dhabi

Thu, 09 Feb 2012 05:20 GMT

A consortium led by aqualia (FCC's water management subsidiary) and local company Mace has been awarded a contract to manage the sewage and water treatment system in Abu Dhabi. The seven-year contract, worth 76.3m euro was awarded by Abu Dhabi Sewerage Services Company.

New ADIB HQ awarded green building certification

Thu, 09 Feb 2012 05:20 GMT

Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, announced today that it had been awarded the LEED Pre-Certification for Gold Rating from the US Green Building Council for its proposed new headquarters on Airport Road in Abu Dhabi.

PepsiCo-Jordan welcomes CEO of PepsiCo Asia, Middle East and Africa for opening of new warehouse project

Thu, 09 Feb 2012 05:14 GMT

PepsiCo-Jordan welcomed a delegation of prominent PepsiCo International executives on Thursday 2nd February, 2012. The delegation was headed by Mr. Saad Abdul-Latif, CEO for PepsiCo Asia, Middle East and Africa.

Deloitte report: 88% of Arabic conversations on social media during the first quarter of 2011 included political terms, up from 35% in 2010

Thu, 09 Feb 2012 05:14 GMT

In the wake of the deep austerity facing most governments around the world, leaders are faced with the challenge to "do more with less." In a recently issued paper, "Public sector, disrupted: How disruptive innovation can help government achieve more for less", Deloitte proposes an alternative path for governments to significantly reduce costs without sacrificing the quality of services.

Egypt, Iran, Iraq offer highest oil salaries in Middle East, says report

Thu, 09 Feb 2012 05:08 GMT

A new salary report that compares average oil and gas salaries by country has listed Egypt, Iraq and Iran as the top payers in the Mena region.

Oman hosts 2nd annual meeting for affordable housing

Thu, 09 Feb 2012 05:08 GMT

Led by Eng. Abdullah Bin Rashid Al Kiyumi, Director General of Projects for the Ministry of Housing, Oman, the Affordable Housing Development Summit Oman 2012 will address the challenges of implementing and designing affordable housing programs and developments to meet the growing demand across the Middle East.

European Motors looks at the future with the introduction of the all-new 2012 Peugeot 508

Thu, 09 Feb 2012 05:03 GMT

European Motors, the exclusive distributor for Peugeot in Oman, is celebrating the Muscat Festival event by showcasing its latest icon in the Peugeot line-up: the all-new 2012MY 508 saloon.

Batelco first in the Kingdom to launch Broadband For All

Thu, 09 Feb 2012 05:02 GMT

Batelco, the Kingdom's leading Broadband services provider has announced the launch of Broadband for All in a fantastic new prepaid initiative, a first for the Kingdom of Bahrain and the region. Batelco is now delivering its high speed Broadband service at speeds of up to 1Mbps.

Etisalat Chairman to address TEDx Tripoli

Thu, 09 Feb 2012 04:53 GMT

Etisalat, a telecommunications company with operations in 17 markets across Africa, the Middle East and Asia, will share its 'Broadband for all' vision at the innovative TEDx Tripoli event in the Libyan capital next week (13 February, 2012).

Minister of Industry and Commerce announces 4 new projects at the Bahrain International Investment Park

Thu, 09 Feb 2012 04:46 GMT

The Minister of Industry and Commerce Dr. Hassan Fakhro today announced details of 4 new projects that have been approved to locate at the Bahrain International Investment Park.

Gerab Energy Systems introduces innovative green technology for HVAC and chillers in the UAE

Thu, 09 Feb 2012 04:33 GMT

Gerab Energy Systems, a company dedicated to supporting the 'green vision' of the UAE through its array of energy saving products, made its debut at the Middle East Electricity exhibition, also showcasing patented energy saving technology for HVAC and chillers that are brought to the UAE for the first time.

Dubai market rises, but fails to crack resistance level at 1,500

Thu, 09 Feb 2012 04:29 GMT

The DFM General Index ended 0.30% higher at 1,486.90 points Thursday. The gauge rose 3.54% over the week. "The rally continues," said Gary Dugan, CIO Private Banking at Bank Emirates NBD (flat at Dhs3.00). "The return of risk appetite and lower inflation has played out most noticeably in the emerging markets. The recovery in many of the emerging market equities has been quite extraordinary," he added. The DFMGI has gained 9.87% year-to-date. Dubai-based investment bank Shuaa Capital was the top gainer (up 13.50%), while bellwether Emaar Properties slipped 0.34%. Around 267m shares were traded, valued at Dhs419.8m.

Saudi Ministry of Education holds 'International Exhibition and Forum for Education' for the second consecutive year

Thu, 09 Feb 2012 04:27 GMT

For the second consecutive year, the Saudi Ministry of Education holds the "International Exhibition and Forum for Education" under the slogan of "trust and respect to the teacher of generations" at the fairgrounds in Riyadh city on the 13th to the 17th of February 2012. This year, the exhibition this year is bringing new visions through which it seeks to invest the success of the previous round and to activate the current round plans and programs.

Navistar sees Middle East as the strategic growth market

Thu, 09 Feb 2012 04:13 GMT

Navistar, a truck and diesel engine manufacturer with roots going back 180 years and ranked 204 in 2011 US fortune 500 companies has announced plans to further expand its operations in the Middle East and across the region. The company is the market leader in the Genset line of business for over 40 years in US.

Mövenpick Hotels and Resorts celebrates major global growth

Thu, 09 Feb 2012 03:53 GMT

Mövenpick Hotels & Resorts is delighted to announce 11 new hotel projects across nine countries bringing the company's total number of operating and planned hotels worldwide to 100. The new hotels are in France, Egypt, Tunisia, Morocco, China, Indonesia, Malaysia, Bangladesh and Thailand.

Emirates Motor Company sponsors the 2012 Bride Show

Thu, 09 Feb 2012 03:47 GMT

Emirates Motor Company (EMC), Mercedes-Benz Authorized Distributor in Abu Dhabi and Al Ain and the flagship company of Al Fahim Group, celebrates the bridal season with the 2012 Abu Dhabi Bride Show as the Platinum Sponsor of the event offering a lucky bride-to-be a one week getaway in the all-new Mercedes-Benz CLS.

Open Data holds key to better governance and increased public participation

Thu, 09 Feb 2012 03:37 GMT

Open Data is increasingly gaining attention from several countries and is being considered to be adopted as part of the larger concept of Open Government. Open Data is also an important practice of Gov 2.0; under which, governments employ latest technology to share information and stay connected with the people.

Aon Hewitt responds to calls from Emirati youth for more innovative rewards

Thu, 09 Feb 2012 03:26 GMT

In response to feedback gathered as part of its Qudurat research report, indicating that there is a growing thirst among GCC nationals for more innovative and rounded rewards packages, Aon Hewitt, the global human resource consulting and outsourcing solutions business of Aon Corporation, announced the appointment of Martin McGuigan as Head of Reward Consulting, and the launch of a new "Reward Academy".

Fibre to the Home challenges and opportunities in MENA region and in the World

Thu, 09 Feb 2012 03:19 GMT

The FTTH market situation in MENA, Latin America and Africa regions is witnessing a very dynamic development on the Fibre projects as ultra high speed broadband projects. Being part of the global FTTH councils in the world, FTTH Council MENA board members give very detailed and deep insights into this market.

Jumeirah opens Grosvenor House Apartments on Park Lane, London

Thu, 09 Feb 2012 03:15 GMT

Jumeirah Group, the Dubai-based luxury hospitality company and a member of Dubai Holding, will open a new concept in luxury accommodation on Park Lane in London - The Grosvenor House Apartments by Jumeirah Living.

Borouge leads inaugural Wire and Cable Academy in the Middle East

Thu, 09 Feb 2012 03:11 GMT

Leading cable manufacturers and suppliers in the UAE and Middle East participated at the launching ceremony of Borouge and Borealis' inaugural Wire & Cable Academy in the Middle East that was held in Dubai on February 8, 2012.

DFSA announces stakeholder survey results

Thu, 09 Feb 2012 03:08 GMT

The Dubai Financial Services Authority (DFSA) announces, the results of a recent stakeholder perception survey of the DFSA.

Abu Dhabi unveils new utility bill for water and electricity

Thu, 09 Feb 2012 02:42 GMT

From March a new utility bill for water and electricity is to be rolled out across the Emirate of Abu Dhabi that will provide customers with more information, key to managing their consumption. All water and electricity customers will receive separate utility bills showing the Government subsidy.

Savola showcases expertise in training and employing people with disabilities at CSR Forum

Thu, 09 Feb 2012 02:27 GMT

Speaking at the Social Responsibility Forum recently held in Dhahran, Faten A. Al Yafi, Senior Executive Director for Corporate Social Responsibility and Public Relations at The Savola Group, praised ARAMCO for its initiative in organizing the event that provided a platform for leading companies to highlight their commitment to be being good corporate citizens of the Kingdom of Saudi Arabia and giving back to the community by investing in social programs.

Batelco Group announces the sale of its stake in STel India

Thu, 09 Feb 2012 02:21 GMT

Batelco Group, the Middle Eastern regional telecommunications operator of reference with operations across seven countries, today announced its agreement for the sale of its shareholding in STel Private Limited (STel), a mobile operator in India. This is a part of an earlier understanding with its Indian Partner to exit, given the circumstances surrounding the 2G probe in India over the past twelve months.

Etihad Airways records its first annual profit

Thu, 09 Feb 2012 02:18 GMT

Etihad Airways announced today that it made its first ever profit in 2011 despite the challenges of the global financial crisis, high oil prices, and the Arab Spring.

Department of Economic Development issues 14,360 licences in 2011

Thu, 09 Feb 2012 02:17 GMT

Key economic sectors and economic activity in Dubai remained stable and growing in 2011, with the Department of Economic Development (DED) issuing 14,360 business licenses during the year. The professional services sector, at 7%, accounted for the most number of licenses in 2011 followed by the tourism sector at 5%.

Prince Alwaleed meets Twitter management in New York

Thu, 09 Feb 2012 02:15 GMT

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC), met with Mr. Dick Costolo, CEO of Twitter, Mr. Ali Rowghani, CFO of Twitter and Mr. Suhail Rizvi from Twitter at The Plaza Hotel in New York on Monday 6th February 2012 during His Royal Highness's trip to the U.S. Prince Alwaleed was accompanied by a delegation that Mr. Jamal Khashoggi, General Manager of Alarab news channel that is privately owned by Prince Alwaleed and Ms. Heba Fatani, Senior Executive Manager, Corporate Communications Department, KHC.

Algeco bolsters sales team in Middie East with new appointment

Thu, 09 Feb 2012 02:08 GMT

Algeco, the global supplier of modular space and secure storage rental and sales solutions, has announced a new key appointment to cover the Middle East region.