Middle East Business News Review – 21 June

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Middle East Business News Review – A look at today’s important financial news and business updates from the Middle East and North Africa region:

Fujairah receives first oil flows through UAE’s Hormuz bypass pipeline

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.

Abu Dhabi’s TAQA expands Morocco power plant with $1.4bn deal

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.

Abu Dhabi’s public spending hit an all time high

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.

Anantara announces opening of Eastern Mangroves Hotel & Spa in Abu Dhabi

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

Powerful Film Highlighting The Human Cost Of Piracy To Debut At Counter-Piracy Conference

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 an all time record low

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 eyes more Brazil business

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.

 

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