Middle East Business News Review – 13 May

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A look at today’s important financial news and business updates from the Middle East region:

Dubai Economic Council forecasts 4 to 5% GDP growth for 2012

Dubai’s Economic Council said the emirate’s GDP will grow by 4 to 5% this year, a much higher estimate than that projected by other institutions. The council hoped that strong performance of trade and other non-hydrocarbon sectors would fuel growth more than previously forecasted. Click here to read more…

Oman posts $2bn budget surplus

Oman posted a budget surplus of OMR768m ($2bn) in the first two months of 2012 thanks to rising oil prices that boosted revenue, data released by the finance ministry suggested on Sunday. Click here to read more…

IMF expresses concern over Kuwait public spending

Kuwaiti central bank governor said a preliminary report from the International Monetary Fund (IMF) has expressed concern about the sustainability of its public finances due to the government’s hike in public spending. Click here to read more…

Saudi to invest $109 bn in solar power

Saudi Arabia, the largest crude oil exporter in the world, is seeking investors for a $109 billion plan of establishing solar power industry that will increase the country’s electricity production capacity, according to the planning and development agency officials. Click here to read more…

Egypt banks outlook bleak, says rating agency

Moody’s Investors Service said in its outlook that Egypt’s banking system remains negative due to the country’s challenging operating environment. Click here to read more…

NPCC announces $500 million investment

Abu Dhabi-based National Petroleum Construction Company (NPCC) is upgrading its capabilities through an investment of more than $500 million, chief executive officer Aqeel Madhi has said. Click here to read more. (Source – Gulf News)

Abu Dhabi’s Man City wins Premier League title

Abu Dhabi-funded Manchester City sealed their first league championship triumph in 44 years after an amazing comeback against QPR at the Etihad Stadium on Sunday. Click here to read more. (Source – Arabian Business)

Dubai Investments posts 6.3% rise in Q1 profit

Conglomerate Dubai Investments posted a 6.3 percent rise in quarterly net profit on Sunday and said the company was reviewing opportunities to divest some of its businesses. Click here to read more. (Source – Reuters via Arabian Business)

GDF Suez sells Bahrain power stake to Malaysian firm

French utility GDF Suez has sold a 40-per cent stake in Bahrain’s Al Hidd power and water plant to Malaysia’s largest independent power producer, Malakoff, to meet a regulatory requirement following GDF’s acquisition of International Power. Click here to read more. (Source – Reuters via Alrroya)

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