Abu Dhabi Int'l Airport to see 15% growth in this summer's weekly flights
(MENAFN) Abu Dhabi Airports Company (Adac) COO, Eng. Ahmad Al Haddabi, stated that starting this summer, flights at Abu Dhabi International Airport will grow by 15 percent a week from last summer, reported Emirates 24/7. The facility is projected to receive 1,065 weekly flights during the summer months, up from 956 weekly flights in the summer of 2012. The increase implies also a rise of 11 percent in weekly available seats, which will rise to 32,004 from 28,751 in last year's same period. It is worth noting that year-to-date, aircraft movements at the airport posted a growth of 10 percent from a year ago.
Air Arabia secures USD350m financing to buy 10 Airbus A320 planes
(MENAFN) Sharjah-based Air Arabia stated that it has inked a USD350 million financing deal with two GCC banks to fund the purchase of new planes, reported Arabian Business. The low-cost airline added that the financing facility will provide the company with the needed money to acquire the 10 Airbus A320 jets. The UAE's only publicly-listed airline added that the purchase is part of a larger order for 44 A320s placed with the European plane maker in 2007. It is worth noting that during the first quarter, Air Arabia's net profit jumped by 20 percent from a year before to USD16.06 million.
Qatar's Msheireb Properties grants Downtown Doha Phase 3 contract
(MENAFN) Msheireb Properties CEO, Abdulla Hassan Al-Mehshadi, announced that the company has granted a construction contract worth USD690 million for Phase 3 of its Msheireb Downtown Doha project, reported Arabian Business. Al-Mehshadi added that constructing the phase, which comprises 11 residential buildings, a mosque, two office blocks and a hotel, is projected to begin at the end of May. He said that the contract has been granted to a consortium including Obayashi Corporation and HBK Contracting. It is worth noting that Msheireb started the USD5.5 billion Downtown Doha project in 2010, with the project expected to be finished in four phases.
First Staybridge Suites in Jeddah by IHG
(MENAFN) InterContinental Hotels Group (IHG) has agreed with Dyafah Al Mutahida to launch Staybridge Suites in Jeddah, reported Arabian Business. The project will be the first of its kind to open in Saudi Arabia, according to a statement by IHG. The 200 suites will offer many options, such as separate working areas and entertainment facilities, in addition to free WiFi. It's worth noting that this will be IHG's fourth property in Jeddah.
Trade between Saudi, Malaysia at USD3.99b
(MENAFN) The Consulate General of Malaysia Commercial section in alliance with Council of Saudi Chambers (CSC) and Jeddah Chamber of Commerce (JCCI) businessmen and their Malaysian counterparts in Jeddah organized a business meeting between Saudi and Malaysian businessmen, reported Arab News. The total trading value between the two countries is USD3.99 billion. USD1.22 billion was the value of Malaysian total exports to Saudi Arabia in 2012. 11 Malaysian companies specialized in metal industry, engineering services, construction companies, are participating in the currently held Saudi International Exhibition of Food, Hotels and Hospitality 2013 in Jeddah. It's worth noting that Saudi Arabia is a major trading partner for Malaysia.
Damac invests USD100m in Baghdad's Princess Tower
(MENAFN) After years of announcing its intentions to expand into Iraq, Damac Properties has already started constructing the company's first residential complex in the country, reported Arabian Business. The company invested USD100 million in the Baghdad-based Princess Tower, which consists of a 26-storey apartment building. The building will be ready by 2016, and it will be one of the highest residential towers in the Iraqi capital. Dubai-based Damac is discussing with the government new projects located in several Iraqi cities.
Saudi bounced cheques dive 74.6% in 2012
(MENAFN) The Saudi Credit Bureau announced that USD1.01 billion worth of bounced cheques were recorded last year, marking a drop of 74.6 percent from 2009, when tougher penalties were introduced, reported Arabian Business. The bureau said that in 2009, USD3.99 billion worth of bounced cheques were reported in the Kingdom. It added that 63 percent of the cheques were bounced in 2012 due to inadequate funds in the account. The Kingdom passed new law that provides tougher penalties on bounced cheques, including fines of between USD26.66 and USD533.23 and jail from 15 days to 6 months, or both. In 2012, the number of personal cheques rose by 2 percent to around 22,800, nevertheless, the value posted a decrease of 29 percent to USD346.6 million, meanwhile, corporate bounced cheques dived by 44 percent in volume terms to 22,189 and their value declined to USD666.5 million.
