(MENAFN) Abu Dhabi-based Etihad Airways is looking at the data room of Alitalia and is expected to decide on whether to invest in the Italian carrier by the end of the year, Arabian Business reported. Alitalia raised USD413 million in a capital increase which will help the toubled airline to keep flying for the next six months but a partner willing to invest in its fleet and return it to profit is needed. A source said: "Etihad has been in the data room as of some ten days and will complete the process by the end of this week."
(MENAFN) Habtoor Leighton Group announced that it had won a contract with the Al Habtoor Group worth USD395 million for a residential towers project, Arabian Business reported. Al Habtoor Residential Towers, part of the USD3 billion Al Habtoor City development in Dubai, will consist of two 75-storey and one 52-storey residential towers, in addition to a podium that includes a basement, ground floor and five floors of retail and parking. Construction is to commence when enabling works are completed and the main project will be finished in 32 months.
(MENAFN) Emaar Properties signed a memorandum of understanding with Dubai World Central for an urban centre and golf destination at the home of the Expo 2020 site, Arabian Business reported. The project is the first of the multiple infrastructure projects to be announced after UAE'won of the World Expo 2020 hosting bid. The development will be built on an area of 13.63 million suare meters with the first phase of the project to include a golf-course villa community and several hotels, in addition to a shopping mall, leisure attractions, and a business hub.
(MENAFN) Oman Gas Company (OGC) has announced its plan of two big projects as part of its plan of extracting commercially valuable components from natural gas flowing through its huge gas transportation network, according to Oman Observer. Talal al Balushi, Senior Project Engineer at OGC, said: "We have completed the concept studies for both projects." Al Balushi added: "The economics of both ventures are very promising, with studies indicating very high returns on revenue. OGC is now exploring various ways and strategies to meet the challenging timeframes identified for the commissioning of the plants."
(MENAFN) Saudi Arabia has announced its plan to invest in Azerbaijan"s petrochemical and refining industry, the head of Saudi Arabian General Investment Authority Abdullatif Al Othman said, according to Saudi Gazette. Al Othman said: "Azerbaijan is an economically developed country and there is every opportunity for the expansion of cooperation in many spheres including tourism and within socially oriented projects." He added that Saudi entrepreneurs will take advantage of investing in all Azerbaijan sectors as has strong economy, a step towards strong bilateral relations between the two countries.
(MENAFN) Abu Dhabi Department of Economic Development (DED) has seized 139.000 tons, or USD9.527 million worth, of counterfeit products during the current year, according to Gulf News. Government entities and private firms plan to fight this phenomenon especially as Expo 2020 approaches and the UAE economy is improving. Sharaf Al Hijazin, from Al Tamimi and Company, a UAE-based law firm, said: "The market is currently ripe, the country is booming and people want to exploit this fact. Counterfeit products in imports and exports are being stopped and seized."
(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.