Saudi sets new food inflation record last month
(MENAFN) Jadwa Investment announced that Saudi food inflation hit a record high in April driven by rising food prices over the past months, reported Emirates 24/7. On the other hand, the general inflation rate in the country was among the highest in the world. Prices increased 4 percent in April on yearly basis, compared with a growth of 3.9 percent in the January-March period, according to the Riyadh-based company. The report also shows that core inflation rate fell to 3.4 percent in the period on yearly basis, while it was 3.5 percent in the previous month.
Dubai's Nakheel grants USD13.35m worth of contracts
(MENAFN) Dubai's Nakheel announced that it has granted two contracts worth a combined USD13.35 million for both Dragon Mart Phase 2 and the International City project, reported Arabian Business. The developer said that the first USD9.93-million contract was awarded to ADC Energy Systems, which will be in charge of designing and building the cooling plant at Dragon Mart extension project. Meanwhile, the second USD3.42-million contract was granted to Ascon Road Construction, which will be responsible for infrastructure and road works at a new 140,000 sqm warehousing district in International City. It is worth noting that Dragon Mart is a retail complex comprising retail stores, a hypermarket, cinema, children's amusement area, gym, in addition to food and beverage venues.
Oman to use solar power to extract more oil
(MENAFN) Petroleum Development Oman (PDO) announced that it has started a solar enhanced oil recovery (EOR) project, in collaboration with US GlassPoint Solar, reported Arabian Business. The project, the first of its kind in the Middle East, opened in 2010 and is aimed at extracting more oil from low-pressure reservoirs. Since its launch, the project has used several new techniques to enhance output, and is now using sun's energy rather than scarce natural gas to generate an average of 50 tons on daily basis of steam, which is fed into the company's Amal West EOR field. It is worth noting that EOR projects make up a considerable volume of natural gas use in Oman, which has to buy gas to meet growing industrial demand.
Oman Air orders 3 A330-300 Airbus jets
(MENAFN) Airbus announced that it has received an order from Oman Air for 3 A330-300 planes, reported Reuters. The European plane manufacturer said that based on list prices, the order is worth USD720 million. It added that the planes will be used on long-haul routes; furthermore, they can carry around 300 passengers. It is worth noting that the new planes will boost the national airline of the Sultanate of Oman's A330 fleet to 10.
Economies of oil exporters in MENA, GCC to slow in 2013
(MENAFN) The International Monetary Fund (IMF) estimated that the GCC and other oil exporters from the Middle East and Africa will go through a slow economic growth in 2013, reported Gulf News. The mentioned regions and countries accomplished a solid growth of 5.7 percent during 2012. The GCC, Middle East, and Africa oil exporters are expected to face economic growth decline to 3.2 percent in this year, according to Masood Ahmad, director of the IMF's Middle East Department. This decline will occur due to the slow economic growth around the world, as the IMF expects.
Etisalat's Nigerian unit secures USD1.2b loan
(MENAFN) Etisalat Nigeria announced that it has signed a medium term loan facility of USD1.2 billion, reported Gulf News. The Nigerian operation unit of the UAE telecommunication services operator said that the aim of the loan is to cover the debt of USD650 million and to resume its business across the country. The company's first quarter net profits witnessed a 1-percent increase on yearly basis reaching USD489 million, and the revenue went up 17 percent to USD2.61 billion. It's worth mentioning that Etisalat has operations in 15 countries in the Middle East, Africa, and Asia.
Egypt's inflation rate to grow to 10.9% in 2013: IMF
(MENAFN) The International Monetary Fund (IMF) announced that it projects Egypt's inflation rate in 2013 to rise to 10.9 percent, up from an April forecast of 8.2 percent, reported Gulf News. Nevertheless, the rate is expected to reach 11.6 percent next year, down from April's forecast of 13.7 percent, as price pressures may be slightly lower than earlier estimates. The North African country's urban consumer inflation in the year to April grew to 8.1 percent, driven by higher food and energy prices and a struggling pound. It is worth noting that in the current fiscal year, which ends in June, Egypt's budget gap is projected to expand to 11.3 percent of gross domestic product (GDP), according to the IMF, from 10.7 percent a year before.
