Middle East Business Review – 29 Mar

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

Dubai shows impressive performance in The Wealth Report 2012

Dubai found a place amongst world’s fastest growing cities in importance for high net worth individuals (HNWIs). For quality of life, Dubai ranked 10th globally while it was ranked 11th for knowledge and influence and was ranked fifth for economic activity. However, it failed to make it to the top 20 for political power. Click here to read in detail…

Abu Dhabi’s $600m solar power project to be ready by year end

The $600m Shams 1 solar power plant project in Abu Dhabi is in its completion stages and will be ready by the end of this year.

“Construction began during the third quarter of 2010. The project’s cost is $600m and with its completion; it will be the largest solar project in the world,” Yousuf Al Ali, General Manager of Shams Power Company, said. Click here to read more…

Dubai aims bigger global trade slice in 2012

One of Dubai’s top foreign trade officials announced city’s global trade is expected to increase by 20% to AED1.1 trillion ($300 billion) in 2012.

Abdullah Al Saleh, Undersecretary of the Ministry of Foreign Trade, said he expected a strong boost in trade. ”Because of uncertainty in the world economy, our expectations for 2012 are 15-20% growth for non-oil and non-free zone. There are expectations of a drop in Eurozone GDP and in China’s and India’s GDP,” Al Saleh said while speaking on the sidelines of the Diplomatic Circle Dinner held by the Dubai Chamber of Commerce and Industry Wednesday. Click here to read more….

Jordan announces work on ambitious Red Sea water project

Jordan has announced that the work on the first phase of the Jordan Red Sea Project (JRSP) will commence in 2013. The project aims to provide the Hashemite Kingdom with one billion cubic meters of water by 2022, aiding the existing Disi Water Conveyance Project, to reduce the country’s acute water problems. Click here to read more…

Italy moves on to seize late Gaddafi’s assets worth billions

The Italian tax police on Wednesday moved to confiscate assets of former Libyan ruler and his relatives worth €1.1 billion ($1.46bn). The measures included a seizure of a 1.5% stake in the Juventus football club. Click here to read more…

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