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Energy & Utilities
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Jordan plans solar power plant
18 Mar 2010 at 12:30am
Plans to develop a 20MW photovoltaic solar project have been announced by Jordan's National Electric Power Co (Nepco), in a bid to source 20% of the kingdom's power from renewable resources by 2020, Meed has reported. Jordan's medium-term plan is to bring 100MW in solar power capacity online together with 600MW in wind power capacity. The kingdom has a significant pipeline of wind farm developments including a project at Kamshah and another at a site in Fujeij. According to Nepco figures, Jordan imported 69% of its energy in 2008. In 2009, energy expenditure accounted for 39% of gross domestic product.
Opec to keep quotas unchanged
18 Mar 2010 at 12:26am
Ministers from Opec's 12 member countries agreed, as expected, for the fifth time since 2008 to keep production limits unchanged at 24.845 million barrels a day, amid signs that a worldwide glut of crude is disappearing along with the recession, Bloomberg has reported. The group has reaffirmed the quotas at every meeting since they were set in December 2008.
Iraq raises $2.1bn to fund electricity projects
18 Mar 2010 at 12:23am
Iraq's finance minister, Bayan Jabor has said that the country has raised $2.1bn from local banks to fund electricity projects, Reuters has reported. In 2008, Iraq signed multi-billion dollar deals with General Electric and Siemens to add nearly 9,000 megawatts of capacity over the next few years. Iraq's current electricity capacity is 7,500 megawatts, far short of the country's requirement of 12,000 megawatts.
Taqa posts 2009 results
18 Mar 2010 at 12:08am
Carl Sheldon, general manager of Abu Dhabi National Energy Co (Taqa) has said that the utility company plans to spend $1.4bn on developmental projects this year, Bloomberg has reported. The state-run firm has reported net profit for 2009 of Dhs182m, compared with Dhs1.8bn in 2008. Total revenue was Dhs16.9bn, flat compared with Dhs16.8bn for 2008.
Financing deal for Egyptian refinery to close in Q2
16 Mar 2010 at 10:56pm
Egypt-based private equity firm Citadel Capital expects to close a $2.2bn financing deal related to an Egyptian refinery in the second quarter, Reuters has reported. Financing for the project, a greenfield refinery in partnership with Egyptian General Petroleum Corp, will include $900m from state-run Japan Bank for International Cooperation, Ahmed El Houssieny, a managing director at Citadel said at a conference in Dubai.
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= TAKING STOCK: Egypt's Succession Worry A Concern Too Far
18 Mar 2010 at 1:59am
World Bank Grants Iraq $250 Mln Easy-Term Loan - Fin Ministry
18 Mar 2010 at 1:07am
UAE and Saudi Arabia among best Arab investment destinations
18 Mar 2010 at 12:54am
Moody's: Stable outlook for Lebanese banking system
17 Mar 2010 at 11:45pm
Lebanon peace key to luring investment - Slim
17 Mar 2010 at 11:45pm
Markets Seen Up; Economic Outlook Positive
17 Mar 2010 at 10:14pm
'Menasa economies weathered crisis better'
17 Mar 2010 at 9:44pm
UAE MoE To Finalise Investment Law Next Month
17 Mar 2010 at 9:39pm
Monetary easing to mark GCC economies in 2010
17 Mar 2010 at 9:27pm
Saudi maintains economic stability despite challenges
17 Mar 2010 at 8:34pm
Tadawul index maintains upward momentum
17 Mar 2010 at 8:32pm
'Integrity Key To Sustainable Economic Growth', EDB Chief Exec
17 Mar 2010 at 6:33am
Transparency Vital For Private Invest, Economy - Bahrain Official
17 Mar 2010 at 6:25am
Jordan To Cut Salaries Of Prime Minister, Ministers By 20%
17 Mar 2010 at 5:11am
OPEC to sit tight over oil output
17 Mar 2010 at 4:43am
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Economy
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Egypt 'likely' to keep interest rates at same level
18 Mar 2010 at 12:53am
Analysts have predicted that Egypt's central bank benchmark interest rate will remain at the lowest level since November 2006 for the fourth consecutive meeting, as core inflation remains subdued, Bloomberg has reported. Core inflation, which excludes the cost of fruits and vegetables as well as administered prices, eased to 6.9% in February from 7.4% the month before. The central bank said on February 4 that inflation is within its "comfort zone," without saying what that range is. The bank has said it won't set an inflation target until it has more tools to manage price growth.
Kuwait CB issues KD200m bonds
18 Mar 2010 at 12:44am
Kuwait's central bank has issued KD200m ($694m) of one-year treasury bonds with a coupon of 1.25%, Bloomberg has reported. Investors submitted KD947.5m of bids for the bonds, which mature on March 16, 2011, the central bank said.
Tadawul gains 0.92%
17 Mar 2010 at 6:01am
Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.92% to 6,674, with 63 stocks rising and 44 falling. Alinma Bank, the day's most active stock by value and by volume, rose 0.78% to SR13.00, while fellow market leader Kingdom Holding gained 1.05% to SR9.60. Saudi Investment Bank had the day's biggest rise, climbing 2.96% to SR19.10.
ADX dips lower
17 Mar 2010 at 4:49am
The Abu Dhabi Securities Exchange dipped 0.41% today to 2,849, with 18 stocks falling and twelve rising. The Consumer sector led the slide, falling 2.81%, while the Energy sector gained 2.03%. Aldar, the day's most actively traded stock by value and by volume, gained 1.95% to Dhs4.10.
DFM drops 2.29%
17 Mar 2010 at 4:16am
The Dubai Financial Market lost 2.29% to 1,717, with 21 stocks falling and four rising. Among the big decliners were market heavyweights Emaar Properties, which dropped 4.47% to Dhs3.63, and Arabtec, which fell 3.93% to Dhs2.20. Global Investment House had the day's biggest loss, falling 8.70% to Dhs1.26.
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Pearl CEO: Dubai property to recover by end 2011
18 Mar 2010 at 1:44am
Santhosh Joseph, CEO of Dubai Pearl has said Dubai's property market will recover by the end of 2011, as mortgages become easier to obtain and more people move to the city, Bloomberg has reported. "Banks can't stay away for long," Joseph told the news service. "They have to lend and, historically, most of this region's lending goes into property...We're not expecting to sell substantially in 2010 and 2011. We are a zero-debt company but we may look into leveraging at a later date," he said.
Masdar City project to be scaled back
17 Mar 2010 at 1:04am
Masdar City, the clean energy community being built on the outskirts of Abu Dhabi, is currently under review, the National has reported. The development will keep its goals of being carbon neutral and producing zero waste to landfills, but there will be fewer buildings, they will be taller and built over a longer period of time, the head of the project told the daily. 'Our strategy is the same, our vision is the same, but we have become much smarter in our approach,' Sultan al Jaber, the chief executive of Masdar, was quoted as saying.
MAF Properties plans $817m Syria project
17 Mar 2010 at 12:36am
Dubai-based Majid Al Futtaim Properties has unveiled plans for an $817m shopping mall and office project in Syria, Reuters has reported. 'It will be a Dhs3bn project, 1 million square metres of land, and will have a mall, hotels and office buildings,' MAF chief executive Peter Walichnowski told the news service.
US firm to design world's tallest tower in Saudi
16 Mar 2010 at 12:19am
US-based Adrian Smith & Gordon Gill Architecture has been selected by Saudi investment firm Kingdom Holding as the architect for its 1-kilometre-high tower on the outskirts of Jeddah, Meed has reported. The company has also asked contractors to submit revised prices for the contract to build the record-breaking tower. Dubai-based Emaar Properties is managing the development of the tower for Kingdom Holding. Emaar is also managing the entire 23-square-kilometre Jeddah Kingdom City, which will be built around Kingdom Tower, the magazine reported.
Orascom Construction wins $1.3bn Abu Dhabi contract
15 Mar 2010 at 12:20am
Mubadala Healthcare has awarded Besix Group, owned 50% by Egypt's Orascom Construction Industries, a $1.3bn turnkey contract to build the 375-room Cleveland Clinic on Sowwah Island, Abu Dhabi, Reuters has reported. Besix is leading a joint venture with South Korea's Samsung C&T. The project is due to be completed by the first quarter of 2013, OCI said.
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Political Affairs
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Pakistan, Iran sign deal on natural gas pipeline
ISLAMABAD: Pakistan has signed a deal with Iran paving the way for the construction of a much-delayed pipeline pumping Iranian natural gas to the energy-starved South Asian country, officials said on Wednesday.
Jerusalem clashes could signal more trouble ahead
RAMALLAH: A surge in Palestinian-Israeli violence on the streets of Jerusalem and the West Bank is a sign of broader instability ahead unless the United States can quickly restore faith in the peace process. Clashes this month indicate the rising tension between Palestinians and a right-wing Israeli government which has incensed Palestinians with moves they believe aim to deepen the Jewish state s control of the holy city and its hinterland.
Israel moves to ease diplomatic dispute with US
JERUSALEM: Israeli Prime Minister Benjamin Netanyahu praised President Barack Obama on Wednesday and spoke by telephone with his vice president as a vocal feud over Jewish settlements took on softer tones.
China envoy urges Iran to compromise, wary on sanctions
GENEVA: China has urged Iran to accept a nuclear fuel swap proposal to ease demands for new sanctions on Tehran, a senior Chinese diplomat said, adding that Beijing wants "every avenue" tried before considering sanctions.
Allawi leads Maliki for first time in Iraq count
BAGHDAD: Former Prime Minister Iyad Allawi edged past Iraqi Prime Minister Nuri al-Maliki on Tuesday in results from Iraq s fragmented March 7 vote that may lead to months of political bargaining and create a risky power vacuum.
China more concerned about Iran, wary on sanctions
BEIJING: China has become more concerned about international tensions over Iran s nuclear program, but remains doubtful sanctions can resolve the stand-off, the Chinese foreign minister said on Tuesday.
Palestinians and Israeli police clash in Jerusalem
JERUSALEM: Palestinians mounted violent protests in Jerusalem on Tuesday and President Barack Obama s Middle East envoy canceled plans to return to the region as a U.S.-Israeli crisis over Jewish settlement plans simmered.
Mitchell Mideast travel in flux amid US-Israel row
WASHINGTON: A U.S. envoy s plans to visit the Middle East were up in the air on Monday, the State Department said, as it waited for Israel to respond to U.S. demands it show that it is serious about peace talks with the Palestinians.
Iran is a despotic republic, opposition leader says
TEHRAN: Iranian opposition leader Mehdi Karoubi, defying government warnings, said the Islamic republic was "plagued with despotism," in remarks published ahead of a national celebration that could trigger more protests.
Egypt president shown on TV chatting to doctors
BERLIN/CAIRO: Egyptian President Hosni Mubarak was shown on television on Tuesday sitting and chatting to doctors at a German hospital, the first pictures of him since he had surgery 10 days ago.
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