Middle East Business News Review – A look at today’s important financial news and business updates from the Middle East and North Africa region:
A new pipeline connecting Abu Dhabi oil facilities to Fujairah port on Gulf of Oman should be able to export nearly half of UAE’s crude for the first time from early July, three industry sources said on Thursday.
The strategic Hormuz bypass pipeline allows the UAE to pump oil and helps end the OPEC producer’s total dependence on a narrow shipping route out of the Gulf which Iran has threatened to block as US/EU sanctions on its oil exports tighten.
State-owned oil explorer and power supplier Abu Dhabi National Energy Co (TAQA) announced on Thursday it is signing a $1.4 billion financing arrangement for the expansion of its power plant in Morocco, with a total capacity of 2,056 megawatts
TAQA’s Jorf Lasfar coal-fired power plant is a 16-year multi-currency project financing to increase production capacity by 700 megawatts. It is the biggest coal-fired power plant in the Middle East and North Africa region, and Morocco’s first independent power producer.
The International Monetary Fund (IMF) said that Abu Dhabi’s public spending hit an all time high and grew to US$ 85.74 (AED 314.7) billion in 2011 compared to US$ 70.89 (AED 260.2) billion in 2010.
Abu Dhabi based Anantara announces the opening of the Eastern Mangroves Hotel & Spa in Abu Dhabi. Located on the natural green mangroves, the hotel boasts the Royal Mangrove Residence which is the largest suite in the UAE
Captives and their families tell their harrowing stories in documentary produced by DP World
Since 2007, 3500 seafarers have been held captive by pirates operating out of Somalia and 62 have lost their lives; today, more than 200 seafarers are still being held, often beaten and tortured, with no contact with their loved ones, while hundreds of seafarers are preparing to sail through waters where the pirates operate.
The Indian rupee hit its record lowest of Rs 56.57 against the US dollar on Thursday. Rupee’s previous record low was 56.52 on 31 May this year.
Indian Rupee has been on a freefall for various reasons and the latest being the US Fed slashing growth forecasts for the ailing economy.
Abu Dhabi’s Mubadala Development Company is looking to increase its investments in Brazil, three months after it struck a US$2bn deal with Brazilian tycoon Eike Batista.
Mubadala is looking especially at large Brazilian companies in order to set up partnerships in the renewable-energy sector.