(MENAFN) Investment Corp of Dubai (ICD) has announced its acquisition of the Atlantis hotel, previously owned by Dubai World, Arabian Business reported. Deputy chief executive officer of ICD said: "Our acquisition of an asset that is a major contributor to the domestic tourist industry is in line with our overall strategy to support long-term sustainable growth for Dubai." This sale comes as part of Dubai World's series of asset sales to repay its debts following the USD25 billion restructuring two years ago.
(MENAFN) The UAE's non-oil private sector's business activity has accelerated last month to hit a record high, The Peninsula reported. A purchasing managers' survey revealed that both output of the private non-oil sector and orders registered a considerable increase. The HSBC UAE Purchasing Managers' Index increased last month to 58.1 point from 56.3 in October. The index measures the performance of manufacturing and services in the country. A senior economist at HSBC said: "With the announcement that Dubai will host Expo 2020, and improved sentiment around the geopolitical situation, there is ample reason to believe that the strong performance seen in the UAE in 2013 will continue into 2014."
(MENAFN) Qatar Chamber's (QC) plan for a USD549 million private company received preliminary approval from authorities, The Peninsula reported. The new firm is expected to be instrumental in transforming Qatar's industrial economy as it will act as an umbrella for the country's start-up firms. The company will primarily focus on the non-oil industrial sector and QC has already identified many project opportunities through this venture.
(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.