Middle East Business News Review – 2 May

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

Dubai’s Mohammed bin Rashid Al Maktoum Solar Park project gain momentum

Dubai’s plans to full steam ahead with it’s Solar initiatives gained further momentum after Dubai Electricity & Water Authority (DEWA) announced that it has received around 150 Expressions of Interest (EOI) from contractors to build its first 10 MW solar PV power plant of the Mohammed bin Rashid Al Maktoum Solar Park, the largest solar park in the region.

The Solar park was launched in the beginning of 2012 on the initiative of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The park is expected to cost AED 12 billion and will have a 1,000MW capacity.

The project is in line with Dubai’s vision, as part of its Dubai Integrated Energy Strategy 2030, to build a “green sustainable economy.”  It also plans for the preservation of natural resources while protecting the environment from pollution.

Emphasising the importance of the project, Saeed Mohammed Al Tayer, MD & CEO of DEWA, expressed his satisfaction regarding the number of EOIs received from international organizations in this important sector: “The program aims to prepare and develop qualified UAE Nationals in the areas of Solar Energy, and create new job opportunities for UAE citizens in the fields of research and development, planning, design, construction and operation in solar energy.” (Source – Zawya.com)

UAE to join UN tourism agency

The UAE is all set to become full member of the United Nations World Tourism Organisation (UNWTO) by the end of this year, a top tourism official said. Click here to read more…

Ras Al Khaimah announces $250m investment in tourism infrastructure

The government of Ras Al Khaimah has announced it will invest $250m into tourism projects during the next 12 months.

The emirate’s Tourism Development Authority (TDA) said some of the latest tourism projects include the 349-room and suite Waldorf Astoria, Hilton’s Worldwide luxury brand. The other landmark project is the 627-room and suite Rixos Bab Al Bahr, a high profile ‘all-inclusive’ resort on Al Marjan Island, set to be completed by year end. Click here to read more…

Sharjah most diversified economy in the region – report

The Sharjah Investment and Development Authority (Shurooq) announced finalising an in-depth study on the emirate’s business environment and investment opportunities in various sectors, part of its efforts to develop the economy and encourage investment. Click here to read more…

Ties with Iranian central bank essential – IMF

The International Monetary Fund on Tuesday rebuffed an anti-Iran American group’s call to cut its relations with Tehran’s central bank in order to comply with US-led economic sanctions. Click here to read more…

Jordan’s nuclear power plant cost may hit $9.8bn – report

An international nuclear organisation has warned rising construction costs will push the price of Jordan’s first nuclear reactor to around $10 billion. Click here to read more…

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