Abu Dhabi / Emirates Business A traditional heritage-inspired boutique Souq Zone, modelled on the old port markets of Abu Dhabi, is set to reflect the cultural richness and openness the UAE at the first-ever Mother of the Nation Festival. Organised by Abu Dhabi Tourism & Culture Authority and being held along the Abu Dhabi Corniche Beach from March 24 to ...

Bloomberg Singapore-based Hyflux has been selected to build the Ain Sokhna integrated desalination and power project in Egypt. Hyflux has received a letter of intent from the General Authority for the Suez Canal Economic Zone (SCZone) for a $500m EPC contract for the plant, which will have a desalinated water production capacity of 150,000 cubic metres a day (cm/d). The ...

Bloomberg The Kuwait National Petroleum Company (KNPC) is pushing ahead with a KD3bn ($9.98bn) loan, according to local banking sources. The mandated lead arrangers have been appointed for the Kuwaiti dinar, Islamic and dollar tranches of the commercial loan. They will work on the loan syndication in the first half, with the size of the tranches depending on appetite. The ...

Japanese policymakers expressed diplomatic interest in the Arctic – a region rapidly being transformed by climate change –as early as 2009, when the country officially submitted an application to become a Permanent Observer in the Arctic Council. Japan’s bid (supported by, surprise, Russia), was approved in May 2013, along with China and South Korea’s. This instance of Russo-Japanese cooperation, particularly ...

Five years ago, a magnitude nine earthquake off the east coast of Japan triggered a tsunami that killed almost 20,000 people and led to meltdowns and release of radioactive material at Japan’s Fukushima Daiichi Nuclear Power Plant. The disaster inflicted nearly half a trillion dollars in economic losses and caused the shutdown of more than 50 nuclear reactors, depriving Japan ...

Bloomberg Qatar Airways said it could soon give up on Airbus Group SE’s revamped A320neo jetliner if Pratt & Whitney fails to resolve a cooling issue with the plane’s engines, erasing a 2011 order worth a potential $6.4 billion to the manufacturer. Delivery delays requested by Qatar Air because of the hitch, which means planes must sometimes be idled to ...

CORAOPOLIS / AP Dick’s Sporting Goods fiscal fourth-quarter performance missed Wall Street’s view as warmer-than-usual winter weather crimped the sporting goods retailer’s sales. It also provided guidance below analysts’ estimates. The stock dropped more than 5 percent this week. Many people are wondering how Dick’s will fare now that rival Sports Authority has filed for Chapter 11 bankruptcy protection. Last ...

NAIROBI / Bloomberg Kenya Airways Ltd., sub-Saharan Africa’s third-largest airline, is planning a 70 billion-shilling ($690 million) restructuring programme that includes reducing its fleet and cutting staff, Chief Executive Officer Mbuvi Ngunze said. The carrier, based in the capital, Nairobi, has been working on a turnaround plan after reporting the largest loss in Kenyan corporate history last year. The carrier plans ...

NEW YORK / AP Amazon is taking to the skies. The e-commerce powerhouse has finalised an agreement to lease 20 Boeing jets from Air Transport Services Group Inc. as it builds out its US delivery capabilities. Amazon has been investing heavily in its shipping infrastructure, adding sorting centers, which sort packages by zip code and deliver them to post offices. ...

Bloomberg Cathay Pacific Airways Ltd., Asia’s largest international airline by passengers, will soon start using Airbus Group SE’s most fuel-efficient plane as it tries to trim costs in the face of mounting competition. Cathay will receive 12 new A350 aircraft this year, with the first one due in May, Chief Executive Officer Ivan Chu said after a briefing Wednesday afternoon. ...