(MENAFN) Colliers International reported that Doha hotels face the risk of oversupply as the FIFA World Cup 2022 approaches, Arabian Business reported. A report by Colliers said: "The announced forthcoming supply of hotels primarily consists of luxury/upscale properties, widening the existing gap in the market for midscale and economy hotels." Corporate tourism is the main driver for hotel demand in Doha, which makes up for 65 percent of the total demand in the country, while meetings, incentives, conferences, and exhibitions (MICE) is the second largest segment with eight percent.
(MENAFN) Dubai-based Jumeirah Group signed an agreement with Saraya Bandar Jissah SAOH to operate a luxury resort in Muscat, Arabian Business reported. Jumeirah will operate both the 206-room and 106-room hotels at the site including 400 residential properties, a 1,200 sqm Talise spa, a dive center, a range of sports and leisure facilities and a selection of restaurants, bars and cafes and a kids club. Saraya Bandar Jissah is part of the Sultanate's plans to invest over USD50 billion on infrastructure in transport, oil and gas and manufacturing in the coming years.
(MENAFN) Sahara Petrochemical Company has signed a memorandum of understanding with Saudi International Petrochemical Company (Sipchem) for continuing the non-binding negotiations related to the detailed terms of a proposed merger of equals, according to Saudi Gazette. In a note posted on the Tadawul website, it said the agreement was done on Wednesday, which came as a result of the preliminary conclusions of the studies and negotiations in relation to the proposed merger. Both companies have agreed that, in the event the proposed merger occurs, it will be implemented by way of an exchange of shares where, after the proposed merger is completed, the company will become a subsidiary of Sipchem. Under the terms of the proposed merger, Sipchem will issue 0.685 new shares for every one issued share in the company. Under the MoU, Sahara and Sipchem have agreed to continue to cooperate with each other to complete the financial, technical, commercial, market and legal due diligence, agree an integration plan, and the governance and strategy of the combined group as well as the preparation of the definitive documentation required to implement the proposed merger.
(MENAFN) The Dubai Electricity and Water Authority, or Dewa, plans to boost its annual budget for 2014 by 33 percent compared to the current year, and said the utility is able to meet all the requirements of World Expo 2020, according to Khaleej Times. The utility said that it will allocate USD5.59 billion for 2014 compared to USD3.76 billion this year. Dewa managing director and chief executive Saeed Mohammed Al Tayer said: "Expenditure on projects and purchases will reach USD1.920 billion. These include important projects like the project to generate power by using clean coal, produce power from solar energy, expansions of the M-Station for power generation and water desalination at Jebel Ali, consultancy services for introducing two gas turbines and connecting them to the 400kv D-Station, the project to increase production capacity of four gas turbines at K-Station, projects to establish main power substations, laying cables, setting up control systems and fit-outs for 11kv networks, as well as the smart grid infrastructure and smart meters."
(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."