Middle East Business News Review – 7 May

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

Airbus suffers fresh blow as Etihad bows out on Airbus orders

Airbus suffered a fresh setback when Etihad cancelled a second batch of orders worth $2.2 billion for 7 for its A350-1000. According to a statement released by Airbus, Etihad revised its order tally for the 350-seat A350-1000 wide-body in April in addition to cancellation of six A350-1000s in December last year. The UAE flag carrier still has 12 A350s on order, expected to be delivered in 2017. Click here to read more…

UAE minister hails outstanding ties with China; Trade up 35%

The UAE Minister of Foreign Trade, said the volume of bilateral trade between the UAE and China has grown at a remarkable annual rate of 35% over the last 10 years and surpassed $35 billion during the last 12 months. Click here to read more…

Toyota recalls thousands of 4x4s in the UAE

Dubai’s Al-Futtaim Motors announced it is recalling more than 4,000 Toyota Fortuner cars in the UAE for service checks after reports emerged that some models made between 2006 and 2008 developed problems with the rear propeller shaft. Click here to read more…

Bahrain to invest $15 billion on oil, gas sector development

Bahraini Oil Minister Abdul Hussein Ali Mirza announced Monday plans to invest $15bn to develop crude oil and natural gas resources during the next two decades. Click here to read more…

Qatari oil minister assures Middle East oil supply stable

Qatar’s energy minister on Monday affirmed oil production in the Middle East remains stable and denied rumours of supply shortage in the market. Click here to read more…

Starwood to open 40 hotels in MENA in 5 years

Starwood Hotels & Resorts today said it will open 40 hotels in the Middle East and Africa over the next five years, primarily in the luxury and upper-upscale segments, represents an increase of nearly 60 per cent over the next period. The US-based hotel company has an existing portfolio of nearly 70 hotels in the region. Click here to read more. (Source – Gulf News)

Dubai’s Al Habtoor Group buys Le Meridien Budapest

Dubai conglomerate Al Habtoor Group has acquired Le Meridien Budapest, a five-star hotel in Hungary, its chairman announced Monday. Click here to read more. (Source – Arabian Business)

Kuwait’s Gulf Oil wants 350,000 bpd by 2014-15

Kuwait Gulf Oil Company (KGOC) is aiming to increase its oil output to 350,000 bpd by 2014-2015 from 250,000 bpd now, the company’s chairman told state-run news agency KUNA. Click here to read more. (Source – Reuters via Arabian Business)

Kuwait posts record $48bn surplus

The latest data from the Ministry of Finance in Kuwait show that the budget surplus reached 13.38 billion Kuwaiti dinars ($48 billion) by the end of February of the 2011-2012 fiscal year.  This represents 11 months out of the fiscal year, which begins on the first of April.  The budget was based on an estimated oil prices of $60 per barrel. Click here to read more. (Source – Nuqudy.com)

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