News

  Manama / TNS Bahrain is aiming to earn BD1 billion per year from tourism by 2020, it was revealed. The estimated revenue for last year was BD600 million, which means almost doubling the income in the next four years. Economic Development Board (EDB) tourism and leisure investment executive director Jerad Bachar said it would be difficult, but achievable. He was ...

  Riyadh / Reuters Contracting giant Saudi Binladin Group (SBG) has repaid a 1 billion riyal ($266.7 million) Islamic bond that matured in late June, a sign of modestly easing pressure on the embattled firm, banking sources said. The payment came after a delay of several weeks and used money from a 2.5 billion riyal loan the company secured from ...

  Paris / Reuters Iran is assessing whether to apply for associate membership of the ITER multi-national nuclear fusion project, its director said, just a year after Tehran struck a deal with six world powers to curb its own atomic programme. The International Thermonuclear Experimental Reactor (ITER) project, which was launched 10 years ago by Europe, United States, China, India, ...

  Riyadh / Reuters A consortium of electricity companies led by Saudi Arabia’s ACWA Power has completed refinancing of more than $1.825 billion in debt for its Rabigh 1 power project, ACWA Power said. The consortium, which includes state-run Saudi Electricity Company (SEC) and Korea Electric Power Corporation (KEPCO), runs the 1240 MW fuel oil-fired plant on the western coast ...

  Riyadh / TNS While total number of retirees from government jobs declined to lowest levels in 2015, early retirement rates among public sector employees increased as compared to 2014. A recent report by General Organization for Retirement revealed a 7.5 increase in early retirement among government sector employees last year. According to report, the percentage of new retirees, as compared ...

  Riyadh / TNS Saudi citizens and residents can now enjoy a white winter in an environment that is safe. This follows the Kingdom’s indoor snow theme park at Al-Othaim Mall Rabwa in Riyadh. Riyadh Gov. Prince Faisal bin Bandar inaugurated the Kingdom’s first Snow City. The latest tourist destination is described as a new chapter and a huge leap in ...

  Abu DHABI / Emirates Business Abu Dhabi Islamic Bank (ADIB) reported a net profit of AED 989.5 million for the first half of 2016, a year-on-year (YoY) increase of 3.8 percent. Total assets grew by 5.6 percent YoY to AED 121.5 billion, with customer deposits rising 9.3 percent to AED 97.4 billion, while loans grew by 6.9 percent to ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan sent a congratulatory cable to the President of the French Republic, Francois Hollande, on the occasion of his country’s National Day. Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mohamed bin Zayed Al ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Decree No.159 for the year 2016. The Decree appoints Mattar Salim Ali Al Dhaihiri as Under-Secretary of the Ministry of Defence and is effective from the date of issuance of 10th July, 2016. Mattar Salim Ali Al Dhaihiri has worked as Assistant Under-Secretary ...

  ABU DHABI / WAM Strata Manufacturing PJSC (Strata), the advanced composite aero-structures manufacturing company wholly owned by Mubadala Development Company, announced that it has been awarded a multi-year contract by Boeing to manufacture vertical fins for the 787 Dreamliner family. The agreement, announced at the Farnborough Air Show, further expands the organisation’s role as a direct supplier of primary ...