Iraq to increase Iranian diesel imports
(MENAFN) The National Iranian Oil Refining and Distribution Company's (NIORDC) director, Alireza Zeighami, announced that his country will increase its exports of diesel to Iraq to around 5 million liters per day, reported Reuters. Zeighami added that during the current Iranian year, the country's output of diesel is expected to reach 100 million liters per day, noting that after meeting domestic demand, there would be at least 3 million extra to ship to its neighbor. In March, Iran's Oil Minister inked an agreement to export 2 million liters per day of diesel to Baghdad. It is worth noting that mutual trade between Iraq and Iran amounted to nearly USD12 billion.
Dubai- Investments in DWC reach USD6.66b so far
(MENAFN) Dubai Aviation City Corporation's (DACC) COO, Rashid Bu Qara'a, stated that investments in Dubai World Central (DWC) have reached USD6.66 billion until now, reported Gulf News. Qara'a added that another USD136 million is being invested by Emirates Airline in the USD32.66 billion facility to develop its pilot and cabin crew training facility. He said that 37 large logistics service providers have already moved their operations at the Logistics District of the DWC. It is worth noting that DACC is the developer of the DWC.
Qatar Holding to acquire stake in Milan's Porta Nuova
(MENAFN) Qatar Holding LLC announced that it will acquire a stake of 40 percent in Milan's Porta Nuova, reported The Peninsula. The announcement confirms reports last month that Qatar was in negotiations to acquire some or all of Milan's newly established Porta Nuova business district. The company will subscribe to newly issued shares, while the remaining 60 percent will continue to be held by the project's current sponsors. It is worth noting that the real estate development project has a market value of over USD2.57 billion.
Dubai- Emaar's revenue from villa sales up to USD84m in Q1
(MENAFN) Emaar Properties stated that its revenue from villa sales grew to USD84.02 million in the first quarter, compared with USD41.91 million in 2012's same period, reported Khaleej Times. The real estate developer attributed the increase to strong demand and high prices of luxury villas. It added that income from the sale of apartments, land and commercial units reached USD172.76 million, up from USD166.58 million. Meanwhile, income from rents went up to USD203.92 million, compared with the USD177.41 million it recorded a year earlier. It is worth noting that Emaar is the developer of Burj Khalifa, the world's tallest building.
Abu Dhabi's inflation at 1% in Jan-Apr
(MENAFN) Statistics Center - Abu Dhabi announced that the emirate's April consumer price index (CPI) stood at 1 percent during January-April, reported Qatar News Agency. Thus, the CPI reached 123.3 points in the period, compared to 122.2 points in 2012's same time. The increase was mainly attributed to higher prices in the "Restaurant and Hotels " group, which made up 37.5 percent of the increase in the period's inflation. It's worth noting that prices of "Restaurant and Hotels " group rose by 9.1 percent in the four-month period.
Dubai's dnata buys Italy's Servair Airchef
(MENAFN) Dnata's Divisional Senior Vice President, Stewart Angus, stated that the air services provider purchased the 50-percent stake it hadn't already own in Italy's Servair Airchef, reported Emirates 24/7. In 2001, Alpha, dnata's subsidiary, acquired a stake in Servair, the leading in-flight caterer in Italy with a presence in 23 airports. According to Angus, the full acquisition of Servair reflects dnata's long term strategy to make investments in its core business, adding that the business will enhance and expand dnata's in-flight catering and cabin cleaning operations worldwide. It is worth noting that Servair, with nearly 700 employees producing around 40,000 meals a day, provides aircraft cleaning services at 7 Italian airports.
Jordan- Hikma Pharmaceuticals expects 2013 revenue to grow 13%
(MENAFN) Hikma Pharmaceuticals Plc CEO, Said Darwazah, stated that the drugmaker expects its 2013 revenue to grow by nearly 13 percent from 2012, compared with an earlier forecast of 10 percent, reported Reuters. Darwazah added that the increase would be driven by higher revenue of its generic antibiotic doxycycline. Last year's revenue stood at USD1.11 billion, of which generic business accounted for USD103.7 million and injectables for USD470 million. Jordan's Hikma has been taking advantage of a drug shortage in the US as a number of generic drug manufacturers have been forced to lower capacity in the face of stringent regulatory scrutiny. In November, the firm discontinued commercial production at its Eatontown, New Jersey plant to ensure conformity with US FDA rules. It is worth noting that Hikma, established in 1978, projected the generic business to incur one-off remediation costs and inventory write-downs of between USD25 million and USD30 million in 2013.
