(MENAFN) Food and drink consultancy Zenith International reported that dairy products market flourished after the 50 percent growth in the Gulf region in 2012 since 2007, according to Saudi Gazette. Laban (or labneh) ranked first in growth after the 9 percent rise last year, Sales of dairy products boosted 50 percent in five years to 2012, reaching USD5.8 billion in the GCC countries. Saudi ranked first in dairy products sales among the GCC countries, registering 74 percent of the volume.
(MENAFN) Egypt has announced its plan of repaying USD1.5 billion of the USD6 billion to oil firms, hoping its economy to recover, according to Saudi Gazette. "There is approval to pay $1.5 billion," Prime Minister Hazem El-Beblawi told the gathering designed to convince Gulf Arab states invest in the country. The country's central bank will be responsible for repaying the money to owed oil firms, said Finance Minister Ahmed Galal.
(MENAFN) Saudi Arabia's real estate is expected to value at USD26.65 billion in the Eastern Province (EP) over the following five years, according to Arab News. The Kingdom's real estate market sees normal changes focus on strategies and trends, though the sector needs modern approaches to improve and flourish. Changes in strategies for investors and market drivers are normal but the other part of the story is mandatory; the state policies and customer needs, said Mohamed bin Badr Al-Dosari, CEO of Dammam-based Al-Mashriq Real Estate Company.
(MENAFN) Pilling work of Kingdom Tower, the tallest tower in the world, has been completed in Jeddah, said Mounib Hammoud, Jeddah Economic Company"s (JEC) new CEO, according to Arab News. Kingdom Holding Company (KHC) reported that the construction work is considered to be the base of works over ground. Jeddah and Saudi Arabia will have a unique modern landmark of a world class standard by the new tower.
(MENAFN) Gross domestic product of Saudi Arabia boosted by 3.19 percent in three months to the end of September this year compared to 2.7 percent in three months earlier, according to Arab News. Value of GDP reached USD185.73 billion in three months to the end of September compared to USD180 billion in the same quarter 2012. The public sector saw a drop in GDP of 18.52 percent reaching USD27.35 billion in current prices compared to the same quarter in 2012.
(MENAFN) Saraya Bandar Jissah, the company developing Muscat's newest integrated residential and leisure development, has announced Atkins- Oman as the manager of its infrastructure projects, according to Oman Observer. Atkins- Oman will be responsible for controlling the company's infrastructure works in the site The infrastructure construction contractor is expected to be announced during the current month as the tender package has been floated. Shaikh Hamood al Hosni, CEO of Saraya Bandar Jissah, said: "Atkins will provide a clear and steady view of the progress of the infrastructure works, a phase of construction on site that is vital to maintaining our construction schedule and also to the final quality of the development as a whole. We are pleased to be working with such experienced partners who bring with them specific project expertise as well as regional knowledge and experience."
(MENAFN) Carlyle Group, a US-based firm partially owned by Abu Dhabi's Mubadala Development Company, has finalized the sale of the Millennium Bridge House in London, Arabian Business reported. The Millennium Bridge House, which is a 200,000 square foot, seve-storey commercial building, was sold to Shiva Hotels Ltd. for USD143 million. Abu Dhabi-based Mubadala Development Company holds a 7.5 percent stake in Carlyle Group.