(MENAFN) The National Bank of Abu Dhabi (NBAD) reported that the emirate produced 2.83 million barrels per day (bpd) in September, which is 6.8 percent more than the average recorded in the same month a year ago, Khaleej Times reported. Oil income affected current account forex inflows which increased 15.8 percent year-on-year to USD372.5 billion including USD118 billion from oil related exports, while non-oil exports increased 21.8 percent to USD232 billion. The current account outflows in the country also increased due to increased imports which came USD221.9 billion, growing 13.5 percent, and the remittances which went up 9.5 per cent to USD12.3 billion.
(MENAFN) The developer of the Dubai Sustainable City, Diamond Developers, is reportedly planning to float tenders for key components of the project in two months, Arabian Business reported. A USD82 million contract for building a school, a university and a planetarium will be issued in February by Diamond Developers, which is responsible for the Dubai Sustainable City project. Chairman of Diamond Developers said: "We are expecting to get the building permit soon from Dubai Municipality to start construction of the first phase of villas. We plan to handover the first phase by end-2014."
(MENAFN) UK"s AMEC, and engineering and project management firm, has won a USD124 million contract by Abu Dhabi Marine Operating Company (ADMA OPCO) for development projects, Arabian Business reported. Under the contract, which is for the Umm Lulu Phase-2 full field development projects, AMEC will provide management of the engineering, procurement and construction contractors who are working on a large complex on the Umm Lulu Field. The company"s operations director, Gulf and North Africa said: "It is good to see we are winning repeat business based on our previous performance and strength of our local capabilities."
(MENAFN) Cluttons said that the real estate market in Dubai needs more work to tighten regulations, Arabian Business reported. The of Cluttons Middle east said the property mortgage cap implemented by the UAE Central Bank limiting the amount that can borrowed against a new home is a positive step, but more is needed. He said: "The new mortgage cap regulations will go some way to deliver a more stable property market in the UAE and stabilise the recent surge in activity."
(MENAFN) Abu Dhabi National Energy (Taqa) plans to list shares in one of its foreign subsidiaries, with an IPO of its Moroccan operations, according to the National. The company plans to raise USD180 million by selling new shares in Jorf Lasfar Energy Company (JLEC) ), its wholly owned Moroccan subsidiary. The company plans to sell 2.23 million new shares via an IPO on the local bourse between December 10 and 12.
(MENAFN) Profits of Abu Dhabi-based International Petroleum Investment Company (Ipic) grew 6.7 percent in the current year's first half as a result of the global recovery in equity markets, according to the National. The company's net income boosted to USD871 million compared to USD816 million during the same period in 2012. However, revenue dropped to USD 26.05billion compared to USD26.32 billion.
(MENAFN) Oman Air has signed a codeshare deal with Turkish Airlines to improve services between Oman and Istanbul, according to Saudi Gazette. Wayne Pearce, CEO of Oman Air, and Temel Kotil, President and CEO of Turkish Airlines have signed the agreement at Turkish Airlines headquarters yesterday. The agreement aims to offer passengers new facilities offered by Oman Air and Turkish Airlines" on Istanbul to Muscat and Muscat to Istanbul routes, flights operated by Turkish Airlines.