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 ...

  Seoul / AFP South Korea said on Monday it will fine Nissan for manipulating emissions data on a popular diesel sports utility vehicle, bringing the Japanese car giant into a widening global scandal that has already ensnared Volkswagen and Mitsubishi. Seoul said it would order recalls of hundreds of Qashqai model SUVs after tests revealed an emission defeat system ...

  New Delhi / Bloomberg India’s wholesale prices unexpectedly rose for the first time since October 2014, mirroring a hardening in consumer inflation that could prompt central bank Governor Raghuram Rajan to refrain from further cuts in interest rates. Wholesale prices rose 0.34 percent in April from a year earlier after an 0.85 percent decrease the previous month, the Commerce ...

  Bangkok / Bloomberg Thailand’s economy grew more than analysts estimated in the first quarter as the military government’s spending helped counter weak local demand and exports. Gross domestic product expanded 3.2 percent in the three months through March from a year earlier, the National Economic and Social Development Board said in Bangkok Monday. That compares with the 2.8 percent ...

  Tokyo / AFP The yen slipped on Monday on speculation Tokyo will postpone a sales tax rise to avoid denting Japan’s already fragile economy, while a lacklustre string of Chinese data took a bite out of emerging currencies. Japan’s leading Nikkei business daily said at the weekend that Prime Minister Shinzo Abe had told officials he wants to delay ...

  Beijing / Bloomberg China’s record daily output in April bodes ill for an embattled global steel industry already reeling from a deluge of exports from the world’s top producer. Crude steel output over the month rose 0.5 percent to 69.42 million metric tons from a year earlier, the National Bureau of Statistics said. The gains came after mills ramped ...