Saudi bounced cheques dive 74.6% in 2012
(MENAFN) The Saudi Credit Bureau announced that USD1.01 billion worth of bounced cheques were recorded last year, marking a drop of 74.6 percent from 2009, when tougher penalties were introduced, reported Arabian Business. The bureau said that in 2009, USD3.99 billion worth of bounced cheques were reported in the Kingdom. It added that 63 percent of the cheques were bounced in 2012 due to inadequate funds in the account. The Kingdom passed new law that provides tougher penalties on bounced cheques, including fines of between USD26.66 and USD533.23 and jail from 15 days to 6 months, or both. In 2012, the number of personal cheques rose by 2 percent to around 22,800, nevertheless, the value posted a decrease of 29 percent to USD346.6 million, meanwhile, corporate bounced cheques dived by 44 percent in volume terms to 22,189 and their value declined to USD666.5 million.
Drake & Scull Construction secures USD459m Saudi contract
(MENAFN) Drake & Scull Construction Saudi Arabia stated that it has secured a USD459 million contract from Lamar Investment and Real Estate Development Co, reported Arabian Business. The company will be in charge of completing the Lamar Towers project in Jeddah, which was launched in 2007 at first; however, work on the project was stopped in 2009. The project spans over 34,800 sq m area, and has a total built up area of 409,770 sq m on Jeddah Corniche. The Lamar Towers project consists of 2 commercial and residential towers, comprising 57 and 49 levels. It is worth noting that the Lamar project was restructured and refinanced during the current year.
Jordan posts 40% jump in property trading in Jan-Apr
(MENAFN) Jordan's Lands and Survey Department stated that between January and April, property trading surged by nearly 40 percent, reaching around USD2.9 billion, reported Xinhua News citing state-run Petra News Agency. The department added that non-Jordanians sold USD188 million worth of properties during the period, showing a decline of 5 percent from a year earlier. Meanwhile, revenues of the department jumped by 35 percent, to almost USD158 million.
Dubai's DEWA launches USD29m substation
(MENAFN) Dubai Electricity and Water Authority (DEWA) MD and CEO, HE Saeed Al Tayer, announced that the utility has opened a substation in Dubai Marina valued at USD29 million, reported Arabian Business. Al Tayer added that the facility, part of the authority's strategy to meet rising energy demand in the emirate, has a capacity of 150 megavolt amperes. He said that DEWA has extended a further 320 meters of 132 kV ground cables to link the new 132/11 kV facility to the main distribution station at The Palm Jumeirah, and the distribution station in Jebel Ali. It is worth noting that last year; the capacity of DEWA grew by over 10 percent.
Etihad Airways to acquire 3 airport services companies from ADAC
(MENAFN) Etihad Airways' president and CEO, James Hogan, announced that the carrier will buy 3 airport services firms from Abu Dhabi Airports Company (ADAC) to insure the airline's sustained growth, reported Arabian Business. Hogan added that the acquisition of Abu Dhabi Airport Services (ADAS), Abu Dhabi In-Flight Catering (ADIFC), and Abu Dhabi Cargo Company (ADCC) will boost revenues, save costs, and provide operational efficiencies across the business units. He said that the three companies are being incorporated into Etihad Airport Services, which is a subsidiary of Etihad Airways. It is worth noting that the transaction will hasten and consolidate the development of in-flight catering services, ground handling and cargo operations at Abu Dhabi International Airport, according to Hogan.
Over 33m passengers use Dubai Metro in Q1: RTA
(MENAFN) Dubai's Roads and Transport Agency (RTA) stated that the number of passengers who used the emirate's Metro system during the first quarter exceeded 33 million, reported Arabian Business. In 2012, the number of passengers that used the metro grew to 109.5 million, up from 69 million a year earlier. The RTA, which plans to lower the use of private vehicles and raise the share of public transport to 30 percent in 2030 from 13 percent in 2006, added that during the first 3 months of the year, Deira City Centre attracted 1.64 million commuters, while the Al Fahidi station, on the Green Line, attracted 1.37 million. It is worth noting that last year, over 367 million passengers traveled on public transport in Dubai, compared with 346.5 million in 2011.
Jeddah to welcome Saudi Arabia's first One&Only Resort
(MENAFN) Kerzner International Hotels Limited CEO, Alan Leibman, stated that the luxury resort operator will develop Saudi Arabia's first One&Only Resort, reported Arabian Business. Leibman added that the 95,000 sq m resort will comprise around 150 guest rooms, suites and villas, in addition to a One&Only residential component, dining and retail options, a health spa and 230 meters of beachfront. The property, located in Obhur, north of Jeddah, will be developed in partnership with Saudi developer Al Khozama Management Company and operator Saudi Oger. It is worth noting that Bahamas-based Kerzner is the company behind the Atlantis resort on Dubai's Palm Jumeirah.
