ArchivesTag : business
Oman’s Blue City Teeters as Bondholders Debate Future
Oman’s Blue City, a $20 billion real estate project central to the country’s economic transformation, is on the brink of liquidation and its fate may hinge on talks between bondholders trying to salvage their investment.
Full StoryBahrain: Strength in Diversity
Bahrain appears to have finished 2009 in better shape than many could have foreseen at the beginning of the year, and will be looking to 2010 with a confidence garnered from the solid performance of the country’s economy under pressure. There had been fears that Bahrain would be hard hit by the global crisis, especially [...]
Full StoryBahrain plans $2.65bn city
A company will be hired in the next few days to map out the BD1 billion ($2.65 billion) redevelopment of the Manama Central Market area into a city within a city. The Manama Municipality and Municipal Council have already selected the company out of two bidders in the summer, but were not totally pleased with [...]
Full StoryJazeera Airways cuts routes to lower costs
Kuwaiti low-cost carrier Jazeera Airways said on Wednesday it was cutting services on certain routes to weather difficult times with no improvement in sight next year. The airline, which flies to 23 destinations, said it would stop flying regularly from Kuwait to the Egyptian Red Sea city of Hurghada, cancel its Mumbai route and delay [...]
Full StoryBahrain’s ABC bank plans $1.1 bln capital increase
Bahrain-based Arab Banking Corporation ABCB.BH (ABC) said on Wednesday it plans to increase its capital by $1.11 billion to finance its Middle Eastern growth strategy and make acquisitions. It said the capital injection from its existing shareholders would bring its capital to $3.11 billion. “Expansion by way of an acquisition is also not excluded, as [...]
Full StoryUAE-Bahraini joint committee meeting concluded
The UAE-Bahrain joint committee’s 6th meeting concluded today as UAE side was led by Foreign Minister H.H. Sheikh Abdullah bin Zayed Al Nahyan, while his Bahraini counterpart H.E. Sheikh Khalid bin Ahmed bin Mohammed Al Khalifa led his country’s side. In the meeting’s concluding speech, Sheikh Abdullah affirmed the two countries’ willingness to step up [...]
Full StoryFaisal private bank chief executive resigns
Faisal Private Bank’s Chief Executive Marco Rochat has resigned, effective from the end of 2009, a spokeswoman for the Geneva-based subsidiary of Bahrain-listed Ithmaar Bank ITHMR.BH said on Monday. The resignation comes just days after news of problems with Faisal’s real estate portfolio which had led the bank to ask clients for cash injections or [...]
Full StoryGCC states closer to achieving one currency
Gulf Arab oil exporters will move closer to a unified currency when their rulers meet on Monday in Kuwait, which promised to seek the return of the United Arab Emirates and Oman to the monetary union plan. The UAE, the second largest Arab economy, dealt a serious blow to the union by pulling out in [...]
Full StoryBahrain Gulf Air to shift to narrow-body planes
Carrier has up to 20 Boeings, 35 Airbus planes on order Cannot say how many orders will be confirmed To focus on shorter Middle East routes Will cancel 15 routes, open 20 others Bahrain’s state-owned carrier Gulf Air [GULF.UL] plans to shift its order book from wide-body to narrow-body planes and regional jets as it [...]
Full Story$25bn railway deal tomorrow
Qatar is set to sign a deal worth a whopping $25bn for an integrated railway project with German rail and logistics giant, Deutsche Bahn tomorrow. The signing ceremony will be held at the Qatari headquarters. Wire agencies reporting from Germany said quoting the online edition of a newspaper Handelsblatt, that the two sides hope to [...]
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