Middle East Business News Review – 21 May

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

Goldman Sachs, other intl banks to advise on Aldar, Sorouh merger

Reports coming from Abu Dhabi on Monday said four international banks have been selected as financial advisors for the potential merger of Aldar Properties and Sorouh Real Estate, state-backed property developers. Click here to read more…

Dubai’s Drake & Scull set to win $300mn Iraq contract

Dubai contractor Drake & Scull’s CEO announced on Monday the firm is close to winning a $300 million contract in Iraq. Click here to read more…

Kuwait Petroleum Corp. posts record 2011 profit

The Kuwait Petroleum Corporation (KPC) posted a record profit of one billion dinars ($3.58 billion) for the 2011 fiscal year. The profits soared at 9.1% for the year compared to the previous fiscal year with an increase of 183 million dinars. Click here to read more…

Desert nation Qatar steps on international ice hockey arena; joins IIHF

Qatar has become the 71st member of the International Ice Hockey Federation, after being accepted during the Annual Congress in Helsinki this weekend. The tiny Gulf desert nation has joined the ranks as a full member under the precondition of an audit. Qatar Ice Hockey Federation was founded in 2010 and is the third Gulf state to join the winter sports federation, following the UAE and Kuwait. Click here to read more…

Russia still top oil producer suggests Moscow data

Russia Energy Ministry has denied Saudi Arabia has toppled its position as the world biggest oil producer by releasing data that suggests the federation is pumping hundreds of thousands of barrels of oil a day more than the Gulf kingdom. The ministry insisted it is confident it can increase output year on year, contradicting a previous report that said Saudi Arabia has become the world’s biggest oil producer. Click here to read more…

DIFC Investments close to $1bn loan deal

DIFC Investments, which owns properties in Dubai’s financial centre, has almost completed raising a $1bn loan to help repay an Islamic bond due in June, three bankers familiar with the matter said. Click here to read more. (Source – Bloomberg via ArabianBusiness.com)

Dubai residential tower confirmed as world’s tallest

Guinness World Records has officially recognized Tameer’s Princess Tower as the world’s tallest residential building. The Dubai Marina skyscraper towers above the skyline at 414m from base to tip, Tameer said in a statement. Click here to read more. (Source – ArabianBusiness.com)

Iran starts court case against Reuters

Iranian authorities said on Monday they have formally started court proceedings against the international news agency Reuters, after suspending its Tehran bureau over a report about female ninjas. Click here to read more. (Source – AFP via Zawya.com)

Facing edgy vote, Egypt army hikes diesel imports

Egypt’s military rulers plan to spend close to $1 billion on diesel this summer, a spike in imports as they brace for a first free presidential election triggered by last year’s uprising with a wary eye on renewed civil unrest. Click here to read more. (Source – Reuters via Yahoo! Maktoob)

Egypt studies $6bn oil refining and petrochemical projects

Egypt’s Industrial Development Authority is examining proposals from several investors worth EGP 48 billion (USD 6 billion) for developing downstream oil and gas projects including refineries and petrochemicals production, a senior official told Zawya. Click here to read more. (Source – Zawya.com)

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