Middle East Business Review – 12 Mar

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Hyundai’s engineering arm scoops $1.5bn Saudi alumina project 

Seoul based Hyundai Engineering & Construction has won the $1.5 billion construction contract for an alumina refinery, part of the multi-billion dollar project to develop a fully integrated aluminium complex in Ras Al Khair, Saudi Arabia. Click here to read more.

Dubai International set to become world’s 3rd biggest airport

Dubai International Airport could overtake Hong Kong International Airport to become the third largest aviation hub in the world this year, with an expected rise of 11% in annual passenger traffic. The busiest Middle Eastern airport handled around 51 million travellers and current stands as the fourth busiest in the world after London’s Heathrow, Paris’ Charles de Gaulle and Hong Kong’s Chek Lap Kok Airport. Click here to read more.

Leading UAE bank to shed 15% workforce

According to Bloomberg report citing inside sources, Emirates NBD has plans of cutting around 15% of its workforce in a bid to reduce costs and overheads. More than 500 employees across all departments are likely to be affected by the job cuts which would be carried out this month, said one source on condition of anonymity. The source added that reductions will only affect Emirates NBD and not its sister concerns like Emirates Islamic Bank and Dubai Bank. The government of Dubai owns 56% of Emirates NBD. Click here to read more.

Yemen seeks GCC aid to revive battered economy

Yemeni President will visit Saudi Arabia to meet King Abdullah and thank him for the role he played during the Arab Uprising, a Saudi newspaper reported. He also hoped that Riyadh will keep playing a crucial role in the country’s politics and help it from further destabilisation, the English language daily quoted him as saying. Click here to read more.

UAE money exchanges feel threatened by US sanctions on Iran

Many exchange houses in the UAE are scaling back their exposure to Iran in a bid to save themselves from the wrath of US sanctions, financial sources in the country suggested. Click here to read more.

(By Moign Khawaja – Editor: Arabian Gazette)

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