Bahrain expects economic growth by 5% in 2013
(MENAFN) Bahrain is expecting an economic growth of at least 5 percent during the current year, reported Arabian Business. This expectation was due to the rebound in oil production and the growth in non-oil fields. Last year's GDP growth rate was 3.4 percent with non-oil fields expanding by 6.7 percent. The tradable fields should be at the middle of sustained economic growth in the country such as manufacturing, according to Dr Jarmo Kotilaine, chief economist at the Bahrain EDB.
UAE- Air Arabia arranges 2 weekly flights to Abha
(MENAFN) Air Arabia started its flights to Abha in Saudi Arabia, this new service is the eighth city in Saudi that will be reached by the Sharjah based carrier, reported Gulf News. The Airline arranged two flights to abha every week, which made it easier for passengers to come and go between the two cities. The total weekly flights from Sharjah international airport to Saudi Arabia is 88. It's worth mentioning that the Gulf carrier is working on enhancing its service to all Arab destinations and offering a choice for affordable traveling.
Mall of Qatar to open in 2015
(MENAFN) The Mall of Qatar constructing is already in progress, and it's planned to be ready in 2015, reported Arabian Business. The Gulf country spent USD820 million on this project, which will make it the largest retail center in the country. The Doha based mall is being built on 400,00 sqm, with more than 400 outlets across the floor, and there will be a parking that can contain more than 7,000 cars. It's worth mentioning that it will include cinemas, 20 international restaurants, a luxury hotel, and three-storey high market place.
Saudi to supply Pakistan with USD15b bailout
(MENAFN) It's estimated that Pakistan will receive up to USD15 billion bailout from Saudi Arabia, reported Arabian Business. This bailout's aim is to help Pakistan's energy sector. The Gulf state would supply the country with crude and furnace oil and receive several divided payments in order to help it with its debt situation. According to the deal, Saudi would supply Pakistan with 100,000 barrels crude oil and 15,000 tons of furnace oil, and the payment would be set for three years. It's worth noting that during the period of 1998-2002, Saudi Arabia made the same deal with Pakistan and supplied it with oil for around USD3.5 billion.
QPI to purchase share in Total's Congo operations
(MENAFN) Qatar Petroleum International (QPI) will buy a stake in Total's Congo operations, reported Arabian Business. This investment's major focus is the Moho North project. Neither of the two companies mentioned anything about the deal's value. It's worth noting that the Qatari company finished some other foreign investments in April such as its USD987 million alliance deal with Centrica to take over Suncor Energy's gas business.
Qatar, Tunisia negotiate possible CB deposit
(MENAFN) Tunisia's Prime Minister, Ali Larayedh, stated that the government is currently negotiating a Qatari deposit in the North African country's central bank, reported Arabian Business. Larayedh said that officials from Qatar are also planning to increase investments in Tunisia, which reached a USD1.75-billion loan agreement with the International Monetary Fund (IMF) in April to lessen the country's financial burdens. According to some official sources, the deposit value could reach nearly USD1 billion. Tunisia, which posted an economic growth rate of 2.7 percent in the first quarter, is suffering from increasing inflation, a large external deficit and an uncertain political outlook.
Bahrain's LIC posts 16.43% climb in 2012's investments to USD760.21m
(MENAFN) Bahrain's LIC (International) CEO and managing director, R Thamodharan, announced that the insurer's total investments jumped by 16.43 percent in 2012 to USD760.21 million, reported Gulf Daily News. Thamodharan added that in the year, income from investments reached USD47.2 million. He said that the firm, a subsidiary of LIC of India, launched a new product in 2012, bringing premium of USD25.42 million. The CEO also said that 2012 witnessed a rise of 23 percent in premium income, issuing 9,801 policies with sum assured of USD116.19 million. Furthermore, LIC paid USD27.06 million to policyholders by way of claims. It is worthy noting that the firm's total investments in 2011 stood at USD652.91 million.
