Middle East business news review

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middle east business news review

Sheikh Mohammed has approved an AED2bn construction package that oversees several tourism, residential and commercial projects across Dubai emirate. “The projects include the renovation of Al Maktoum Hospital, expansion of Le Meridien Airport Hotel, development of Al Muraqqabat and Jumeirah Beach Club project,” Arabian Business reported. http://bit.ly/vflG0T

Etihad Rail has approved the railway link between western region towns of Habshan, Shah and Ruwais. The AED3.3bn worth contract will ensure the construction of the railway infrastructure, Newz Globe explained. http://bit.ly/tqHnPm

Newz Globe said the UAE is going to adopt the international metric system of measurement on 11 November. “We have distributed questionnaires to the bodies to study the units used in their transactions and the results showed that there is a serious need to standardise the unit of measurements in the UAE,” Mohammad Saleh Badri, Acting Director General of the Emirates Authority for Standardisation and Metrology (Esma), said in a statement. http://bit.ly/rZjAxB

Property prices and rents in the UAE plummet another 30 per cent this year, according to a Newz Globe news report. “The availability of properties at competitive rates is forcing landlords to offer properties below market rates in order to reduce void periods and neutralise the loss of income through service charge dues,” the report added. http://bit.ly/usFdMV

Financial Times says Shell managed to double its profits thanks to the high oil prices. “Third-quarter profits at Royal Dutch Shell were $7.2bn, more than double the level they were at a year ago,” the FT report said. http://on.ft.com/uFEdry

Wall Street Journal has published a report that alleges Chinese tech giant Huawei of aiding Iran’s Islamic regime. “Huawei Technologies Co. now dominates Iran’s government-controlled mobile-phone industry. In doing so, it plays a role in enabling Iran’s state security network,” the journal claimed in its report. http://on.wsj.com/rAnRGX

Top international oil firms Exxon Mobil, BP and Eni have announced they will spend around $100 billion to upgrade oil fields in southern Iraq, according to a statement released by Iraqi oil ministry. http://on.wsj.com/nkG3LL

Troubled Blackberry maker, Research in Motion, is facing possible class action lawsuits over the global outage that frustrated millions of its customers for days earlier this month. The lawsuit, filed on Tuesday, 25th October 2011, argued on behalf of individuals that they were unable to access emails, internet or messenger service for three days despite paying a monthly data plan. http://bit.ly/uhXGst

Crude oil prices registered an increase soon after European leaders gave signals they’re united in measures tackling the sovereign debt crisis. http://bloom.bg/rpAHyx

 

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