Regional News

MANAMA / WAM Bahrain’s Economic Development Board, EDB, has said that it expects Bahrain’s Gross Domestic Product, GDP, to grow by 2.9 per cent in 2016. EDB Chief Economist, Dr. Jarmo Kotilaine, said that the forecast rate will enable Bahrain to maintain the same rate of economic growth which was achieved last year. The Bahrain News Agency, BNA, quoted Kotilaine ...

  Reuters Saudi Arabia’s largest lender by assets, National Commercial Bank (NCB), plans to expand overseas, growing its Turkey franchise while exploring new markets including Malaysia, Indonesia and Egypt, its chairman said. The move could break the mould of the kingdom’s banking sector, which hosts a range of large and well-capitalised financial institutions but which have traditionally focused on serving ...

  DUBAI / Emirates Business Oman Power and Water Procurement Company SAOC (“OPWP”) announced that a consortium led by Mitsui & Co., Ltd., ACWA Power, and Dhofar International Development and Investment Holding Co. SAOG (“DIDIC”) has been awarded the 3,219 MW Ibri Sohar-3 power generation project, which is the largest single tendered Independent Power Project in Oman in the official ...

  Dubai / Emirates Business According to the latest edition of the EY Capital Confidence Barometer (CCB), low oil price is having little impact on M&A strategy as MENA executives continue their steadfast pursuit of deal-making. Of the MENA executives surveyed, 37% expect to actively pursue acquisitions in the next 12 months. Geographically, MENA companies are sticking close to home, ...

    Riyadh / Emirates Business One of the world’s foremost voices in pioneering District Cooling technologies believes public and private sector entities across the Kingdom of Saudi Arabia must embrace the next generation of efficient, renewable energy solutions to meet the ambitious economic diversification targets outlined in the Saudi Vision 2030. To solve the country’s over-reliance on traditional energy ...

  Jeddah / Emirates Business The ‘Jeddah Hotel Market Overview’ report by JLL prepared ahead of The Hotel Show Saudi Arabia 2016 (May 17–19) reveals that the current supply of 8,600 rooms (Q1 2016) in the city will double — with another 8,600 rooms forecast to be added to the market by 2018. With a total stock of 17,200 hotel ...

  Riyadh / Emirates Business Cayan Group, the leading property developer in the Middle East, has signed a strategic care agreement with ‘Patients Friends Committee’ Riyadh, in the context of twinning philanthropic strategy between both parties. Representing the mutual trust between them since 2014, this step underlines Cayan’s belief in the importance of the company’s contribution to society, and further ...

  Emirates business Infoblox Inc., the leader in DDI and DNS Security, and Fortinet, global leader in high-performance cybersecurity solutions, will jointly host a security seminar entitled ‘Together We Protect’ at the Four Seasons Hotel in Riyadh, Saudi Arabia on Monday, May 30. Cherif Sleiman, General Manager, Middle East at Infoblox says, “We are in the midst of a wave ...

  Emirates Business JLL — the world’s leading real estate investment and advisory firm — has signed a Memorandum of Understanding (MoU) with the Saudi Eastern Province Chamber of Commerce & Industry to improve transparency in the region’s residential, retail, office and hospitality real estate market. As an independent consultant, JLL will assist the Damman-based Chamber to improve the quality ...

  Emirates Business GE (NYSE: GE) has achieved breakthrough results in Hot & Harsh technology development currently being undertaken in Saudi Arabia to identify localized solutions for enhancements in performance, availability and reliability against depleting factors such as temperature, dust, corrosion and fuel harshness. Research and development by a dedicated team from Power business, at the GE Saudi Technology & ...