(MENAFN) Sohar Port and Freezone has received three, quayside container gantry cranes, and the complex operation of their offloading has been completed, according to Oman Observer. The last of three massive Post Panamax cranes arrived to shore safely by end of day on Tuesday despite the bad weather. The OICT engineer supervising the operation said: "We"ve built temporary rail bridges from ship to shore so we can move the cranes to the quayside. Each crane weighs hundreds of tons, so the transport ship needs to be balanced by water ballast as the cranes are removed in order to keep its height above the water line constant. Add to that the tide movements and the weather, and you can imagine the challenges we are dealing with."
(MENAFN) Bank credits of private sector are expected to increase 15.3 percent in Saudi Arabia over the following year, ranking first among the GCC countries, according to Arab News. Qatar ranks second after Saudi Arabia as the largest bank credit growth at 14.7 percent compared to the current 12.9 percent, followed by Oman at 12.6 percent compared to 14.3 percent this year. The financial institutions in the GCC countries have solid positions despite the increasing rates of non-performing loans (NPLs) in Bahrain and the UAE last year, a report by the International Monetary Fund (IMF).
(MENAFN) Pentair and Ali Abdullah Al-Tamimi Company have signed a term sheet to facilitate manufacturing and services in Damman, according to Arab News. Pentair aims to cover the needs of local customers and achieve the government's goal of economic diversification and local job creation. Pentair is considered as one of the leading global industrial companies, which provides advanced solutions in energy, food and water. Randall J. Hogan, chairman and CEO of Pentair Ltd., said: "We are excited to make this announcement, which reinforces Pentair"s long-term commitment to the Kingdom."
(MENAFN) Saudi Arabia has signed a USD1 trillion agreement with WTO in Bali aiming to boost the competitive position of Saudi Arabia, according to Arab News. Commerce and Industry Minister Tawfiq Al-Rabiah said: "It's a historic accord," and he expects the Saudi exports will be positively affected. Al-Rabiah added: "It will enable Saudi exporters to supply their goods in targeted markets at shorter time and lesser cost."
(MENAFN) The National Bank of Abu Dhabi (NBAD) reported that the emirate produced 2.83 million barrels per day (bpd) in September, which is 6.8 percent more than the average recorded in the same month a year ago, Khaleej Times reported. Oil income affected current account forex inflows which increased 15.8 percent year-on-year to USD372.5 billion including USD118 billion from oil related exports, while non-oil exports increased 21.8 percent to USD232 billion. The current account outflows in the country also increased due to increased imports which came USD221.9 billion, growing 13.5 percent, and the remittances which went up 9.5 per cent to USD12.3 billion.
(MENAFN) The developer of the Dubai Sustainable City, Diamond Developers, is reportedly planning to float tenders for key components of the project in two months, Arabian Business reported. A USD82 million contract for building a school, a university and a planetarium will be issued in February by Diamond Developers, which is responsible for the Dubai Sustainable City project. Chairman of Diamond Developers said: "We are expecting to get the building permit soon from Dubai Municipality to start construction of the first phase of villas. We plan to handover the first phase by end-2014."
(MENAFN) UK"s AMEC, and engineering and project management firm, has won a USD124 million contract by Abu Dhabi Marine Operating Company (ADMA OPCO) for development projects, Arabian Business reported. Under the contract, which is for the Umm Lulu Phase-2 full field development projects, AMEC will provide management of the engineering, procurement and construction contractors who are working on a large complex on the Umm Lulu Field. The company"s operations director, Gulf and North Africa said: "It is good to see we are winning repeat business based on our previous performance and strength of our local capabilities."