(MENAFN) Saudi Arabia is planning to build four new reform centers for USD1.39 billion, Arabian Business reported. Head of the DP Engineering Section said that the first reform center will completed in the next five months to accommodate 7,500 male and female prisoners. The centers will have more freedom, as inmates will be able to work in the close industrial city under a program to recruit and train prisoners and have their products sold at the local market.
(MENAFN) Dubai's SKAI Holdings announced that it will commence structural work on a USD1 billion project on Palm Jumeirah, Arabian Business reported. The Viceroy Dubai Palm Jumeirah project, a luxury and residential project, will offer 479 large rooms and suites and 222 signature Viceroy Residences with views of the Arabian Sea. CEO of SKAI Holdings said: "Following months of hard work, we are now starting to see the structure take form. We are delighted with the response from the market and are pleased to be able to show our investors that the project is progressing smoothly and ahead of target."
(MENAFN) The Qatari real estate market logged USD1.6 billion in transactions last month, The Peninsula reported. Transactions in Al Rayan Municipality came at USD576.3 million in the month, while Doha transactions came at USD494 million. The real estate market had its highest value of deals reaching in the month as 1,107 transactions were made at an average of USD1.4 million per transaction.
(MENAFN) Mubadala Development has made an agreement with a leading American producer of carbon fiber materials for planes to develop its expertise in aerospace manufacturing, according to the National AE. Mubadala, an Abu Dhabi-based investment and development company, revealed the agreement with Cytec Industries on Tuesday. Homaid Al Shemmari, the executive director of Mubadala Aerospace, Communications Technology and Defence Services, said: "This collaboration with Cytec will contribute positively to Mubadala"s efforts in creating a complete aerospace supply chain in Abu Dhabi as we remain focused on becoming a leading industry partner in the development of next generation commercial aircraft."
(MENAFN) The Libyan Oil Minister said that the country lost over USD7 billion as a result of strikes at oilfields and ports which significantly cut exports, The Peninsula reported. Also, Libya now faces fierce competition from Algeria and Nigeria in the Mediterranean oil market, and Libya is now searching for new markets in Asia. Oil output in the North African nation dropped from 1.4 million barrels per day (bpd) in July to 250,000 bpd, causing the country to lose nearly USD7.29 billion in oil revenue.
(MENAFN) Global aviation is expected to be led by the Middle East in the four coming years, as passengers to and from the UAE may increase 29.2 million, according to the National AE. The International Air Transport Association (Iata) reported that the Middle East has the strongest international passenger growth of 6.3 percent, in followed by the Asia- Pacific region of 5.7 percent. Tony Tyler, Iata"s chief executive, said: "The fact that the Asia-Pacific region, led by China, and the Middle East will deliver the strongest growth over the forecast period is not surprising. Governments in both areas recognize the value of the connectivity provided by aviation to drive global trade and development."
(MENAFN) Dubai"s Roads and Transport Authority (RTA) calls real estate companies to submit bids for building falts, offices, and blocks above Dubai's busiest metro station in Deira, according to the National AE. Public and private sectors and investors can partner in improving the two-level Union Metro station complex. A number of towers, which can extend over 19.000 square meters, can be built above the largest underground metro station complex in the world.