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Arab World imports from Brazil exceed 66 billion report

Sunday, 21 October 2012

The Arab World’s imports from Brazil have reached over $6.6 billion between January to August, the Arab-Brazilian Chamber of Commerce said in a report.Saudi Arabia, Egypt and the UAE emerged as the top importers in the region, Arabian Business news website published information from the report on Sunday. In Saudi Arabia, the imports reached over $1.5 billion during the period, while the UAE’s imports were valued at over $930 million, it added. Meanwhile, the Egyptian market’s food imports from ...

Dubai property deals hit 226 billion in 2012

Sunday, 21 October 2012

The total value of property transactions in Dubai have reached more than $22.6 billion in the first nine months of 2012, a senior official said on Sunday.Director General of the Dubai Land Department, Sultan Butti Bin Mejrin, said the emirate saw 27,452 transactions at a rate of 150 daily deals and 20 per hour, Arabian Business quoted him as saying. “The property transactions have become more mature and the investors are now much more aware. The market offers multiple-choices and Dubai property ...

Dubais Emicool signs 216 million Islamic loan

Sunday, 21 October 2012

Dubai-based Emirates District Cooling, also known as Emicool, is a joint venture between Dubai Investments and Union Properties. The company signed a 793 million dirham ($216 million) Islamic loan guaranteed by both parents, a statement said on Sunday.Structured in a sharia-compliant manner, the facility runs for ten years, according to the statement from Mashreq, one of the banks providing finance.The cash will be used to refinance a 668 million dirham bridge loan and other facilities raised ...

Saudi Telecom Q3 profit up 25 percent misses forecast

Sunday, 21 October 2012

Saudi Telecom Co (STC), the Gulf’s No.1 telecom operator, reported a 25 percent jump in third-quarter profit, missing market expectations. The increase in net profit was because of growth in broadband and business sector services as well as higher revenue from international operations, Saudi Telecom said on Saturday. The former monopoly made a net profit of 1.95 billion riyals ($520 million) in the three months to Sept. 30, compared with a forecast for 2.42 billion in a Reuters poll. ...

Gas flow from Iran to Turkey disrupted after new blast report

Sunday, 21 October 2012

Natural gas supplies from Iran to Turkey were disrupted again after a new attack blamed on outlawed Kurdish rebels on a pipeline in the country’s northeast, local authorities said Sunday.“Terrorists sabotaged the Dogubayazit-Van natural gas pipeline on Saturday... forcing a disruption in the flow,” the governorate of the northeastern city of Agri said in a statement quoted by the Anatolia news agency.Turkish officials use the term terrorists to refer to the members of the outlawed Kurdistan ...

Cyber war targets Middle East oil companies

Sunday, 21 October 2012

Middle Eastern oil and gas companies have been targeted in massive attacks on their computer networks in an increasingly open cyber war where a new virus was discovered just this past week. The United States and Israel, believed to behind the first cyber sabotage campaign that targeted Iran's nuclear program, are now worried about becoming targeted themselves."There have been increasing efforts to carry out cyber attacks on Israel's computer infrastructure," Prime Minister Benjamin ...

Iraqs south oil exports head for record in October

Friday, 19 October 2012

Iraq’s oil exports from its southern ports have risen by 120,000 barrels per day (bpd) so far in October versus last month, according to shipping data, suggesting the country is on course to reach its highest export rate in decades. Exports from Iraq’s south have averaged 2.30 million bpd in the first 18 days of October, the data show, up from 2.18 million bpd in September. Shipments in August of 2.25 million bpd were the highest since before the 2003 U.S.-led invasion. Iraq exports most ...

Etihad Airways signs code share deal with Indonesian airline

Friday, 19 October 2012

Abu Dhabi’s flag carrier, Etihad Airways, has signed a code sharing agreement with Garuda Indonesia, local media reported on Thursday. The agreement will come into effect on October 28 and is the airlines’ 42nd code sharing contract, Gulf News said. Etihad Airways President and Chief Executive Officer, James Hogan, said the codeshare with Garuda Indonesia was key to the airline’s network development strategy.“The partnership with Garuda Indonesia will contribute to Etihad Airways achieving its ...

US firm granted deal for 33 billion Dubai solar park

Friday, 19 October 2012

The Dubai Electricity and Water Authority (DEWA) has granted a contract to the U.S.-based First Solar to build the first phase of the $3.3 billion Mohammad Bin Rashid Al-Maktoum Solar Park in the city, a local business website reported on Friday.The agreement says that First Solar will provide engineering, procurement and construction services for the 13 megawatt solar plant, Arabian Business said. The solar park project is planned to diversify the energy sector in Dubai and to increase solar ...

South Sudan orders resumption in oil output

Thursday, 18 October 2012

South Sudan ordered oil companies in the country to resume production Thursday to end a nine-month shutdown sparked by furious arguments with rival Sudan that had escalated into border conflict, officials said. “The foreign oil companies and pipeline operators... are hereby ordered and instructed forthwith to recommence and re-establish the production of crude oil,” oil minister Stephen Dhieu Dau said in a statement. The order to begin pumping oil again followed deals ...

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