Saudi inflation up in April on high food prices
(MENAFN) The Saudi Central Department for Statistic and Information (CDSI) announced the Consumer Price Index (CPI) inflation report for April, reported Arab News. The report shows an increase of 4 percent on yearly basis, which is the higher compared with other countries. Prices fell to 0.2 percent in the month compared with 0.3 percent in March. One of the major reasons behind April's high inflation is food prices that increased by 6.2 percent on yearly basis.
Oman- Galfar Engineering secures USD38.85m contract
(MENAFN) Galfar Engineering and Contracting Company's chairman, Sheikh Salem Al Araimi, announced that the Omani company has secured a 2-year USD38.85 million contract, reported Times of Oman. The company will be in charge of establishing a pipeline and carrying out fabrication works at Safah and Wadi Latham Oilfield of Occidental of Oman. Furthermore, the biggest contracting firm in Oman has also secured a USD10.62 million contract from Oman Medical College to set up other buildings at their Sohar campus, with the project slated for completion before next year's July. It is worth noting that Galfar Engineering and Contracting posted a net profit of USD6.91 million in the first quarter, up by 55.23 percent from 2012's same period.
Lebanon to import Iranian oil and LPG
(MENAFN) Tehran and Beirut have discussed lately to export Iranian furnace oil and LPG to Lebanon, reported Tehran Times. Deputy Oil Minister Alireza Zeighami said that Iran's total daily exports of oil products stand at 20 million liters. He also said that 1.8 million barrels of crude oil is being refined per day. It's worth mentioning that Lebanon will be the second Asian country to import oil LPG from Iran.
Saudia receives 777-300ER Boeing plane
(MENAFN) Saudi Arabian Airlines (Saudia) deputy director general, Abdul Aziz Al Hazmi, announced that the carrier has received a 777-300ER extended range plane from Boeing, reported Gulf Daily News. Al Hazmi added that the new aircraft, the world's largest long-range twin-engine commercial airplane, is the first-of-its-type to be fitted with a 3-class cabin configuration, including first, business and guest class cabins. The fuel-efficient Boeing 777-300ER will allow Saudia to operate direct flights to Los Angeles and Toronto. It is worth noting that Saudia has a backlog of 21 Boeing aircraft on order, of which 13 are 777s and 8 are 787 Dreamliners.
Poland's LLP to open 10 stores in ME by 2014
(MENAFN) LLP deputy chief executive, Dariusz Pachla, announced that by next year, the Polish retailer will launch 10 outlets in the Middle East, reported Arabian Business citing the Warsaw Business Journal (WBJ). Pachla added that next year, the company will open stores in Saudi Arabia, the UAE, Kuwait and Qatar. Furthermore, the retailer, which has over 600 showrooms in Europe, plans to launch over 10 outlets each year in the region. It is worth noting that LPP was established in 2001 with four brands, RESERVED, CROPP, HOUSE, and MOHITO.
UAE- USD10b tourism receipts recorded in 2012
(MENAFN) The UN's World Tourism Organization (UNWTO) released data showing that the UAE ranked first in the Middle East in terms of total tourism receipts in 2012, reported Arabian Business. The country, which also ranked 31st globally, recorded USD10 billion worth of tourism receipts in the year. On the global scale, Saudi Arabia ranked 35th, with total receipts of USD7.4 billion. According to the UNWTO, the US was the number one globally, followed by Spain, France, China, and Italy.
US receives request from Qatar, Oman to buy military equipment
(MENAFN) The US Defense Security Cooperation Agency stated that it has notified the Congress about a possible USD210 million arms deal with both Oman and Qatar, reported Arabian Business. The two Gulf governments are most likely to by two Large Aircraft Infrared Countermeasures (LAIRCM) systems. The deal will include all the parts, trainings, tools, and repairs, according to the Agency statement. It's worth noting that the LAIRCM is an anti-missile system that can protect military planes.
