Oman Air orders 3 A330-300 Airbus jets
(MENAFN) Airbus announced that it has received an order from Oman Air for 3 A330-300 planes, reported Reuters. The European plane manufacturer said that based on list prices, the order is worth USD720 million. It added that the planes will be used on long-haul routes; furthermore, they can carry around 300 passengers. It is worth noting that the new planes will boost the national airline of the Sultanate of Oman's A330 fleet to 10.
Economies of oil exporters in MENA, GCC to slow in 2013
(MENAFN) The International Monetary Fund (IMF) estimated that the GCC and other oil exporters from the Middle East and Africa will go through a slow economic growth in 2013, reported Gulf News. The mentioned regions and countries accomplished a solid growth of 5.7 percent during 2012. The GCC, Middle East, and Africa oil exporters are expected to face economic growth decline to 3.2 percent in this year, according to Masood Ahmad, director of the IMF's Middle East Department. This decline will occur due to the slow economic growth around the world, as the IMF expects.
Etisalat's Nigerian unit secures USD1.2b loan
(MENAFN) Etisalat Nigeria announced that it has signed a medium term loan facility of USD1.2 billion, reported Gulf News. The Nigerian operation unit of the UAE telecommunication services operator said that the aim of the loan is to cover the debt of USD650 million and to resume its business across the country. The company's first quarter net profits witnessed a 1-percent increase on yearly basis reaching USD489 million, and the revenue went up 17 percent to USD2.61 billion. It's worth mentioning that Etisalat has operations in 15 countries in the Middle East, Africa, and Asia.
Egypt's inflation rate to grow to 10.9% in 2013: IMF
(MENAFN) The International Monetary Fund (IMF) announced that it projects Egypt's inflation rate in 2013 to rise to 10.9 percent, up from an April forecast of 8.2 percent, reported Gulf News. Nevertheless, the rate is expected to reach 11.6 percent next year, down from April's forecast of 13.7 percent, as price pressures may be slightly lower than earlier estimates. The North African country's urban consumer inflation in the year to April grew to 8.1 percent, driven by higher food and energy prices and a struggling pound. It is worth noting that in the current fiscal year, which ends in June, Egypt's budget gap is projected to expand to 11.3 percent of gross domestic product (GDP), according to the IMF, from 10.7 percent a year before.
Qatar Okayed to start London Shell project
(MENAFN) Qatar's sovereign wealth fund has got the assent from the local government to establish about 900 homes and 8 office blocks at the Royal Dutch Shell's London headquarters, reported Arabian Business. UK capital's Lambeth Borough Council gave Diar Real Estate Investment, the property arm of Qatar Holding, the approval to start the project. The country is financially supporting 450 homes and offices at the city's Chelsea Barracks site as part of the project. It's worth noting that the Gulf state has already invested big in London's property market during the last five years.
GCC pension funds increase assets
(MENAFN) Gulf states' pension funds are boosting their investments through acquiring new assets, reported Arabian Business. According to Investment manager Invesco's Middle East Asset Management Study, it's expected that regional state pension funds will grow by 19 percent during this year. In 2012, regional state pension funds went up 16 percent, and in 2011, they increased by 9 percent. 15 percent of all new sovereign assets goes to state pension resources, and the estimated assets increase is 4 percent, according to Invesco.
Tourist arrivals to Egypt up 11.8% in Jan-Apr
(MENAFN) The Egyptian cabinet announced that the country received around 4 million tourists between January and April, a rise of 11.8 percent from a year before, reported Arabian Business. In the period, tourism revenue jumped by 16.2 percent, reaching around USD3.4 billion. The country's tourism sector, which contributed with more than 10 percent to gross domestic product (GDP) before the 2011 uprising, has been hit hard by kidnappings and accidents. It is worth noting that in 2012, the country received nearly 11.5 million tourists, compared with 9.8 million in 2011, however, below the 14.7-million figure posted in 2010.
