|
|
Transport projects worth $170bn are expected to be put in place in the GCC region over the next 10-15 years, an industry expert has said.
About 85 percent of the investment is seen being made in the UAE, Saudi Arabia and Qatar while $108bn of it is set to be spent on rail projects.
Satish Khanna, general manager, Al Fajer Information and Services, which is staging the first GulfRail show and conference in Dubai in 2012, said that it would soon "be common for a person to travel from Dubai to Jeddah or Abu Dhabi to Doha in few hours, with convenience". He added: "In order to meet the pressing regional logistics demands, the next 10-15 years will see transport projects worth $170 billion. Out of this, 85 percent will be spent by UAE, Saudi Arabia and Qatar."
He added that plans to link Saudi Arabia to Europe by rail were no longer a "distant dream", adding that the key driver of the rail industry for the GCC would be public-private partnerships.
"Investment opportunities in intelligent transport systems in the GCC are huge. The rail sector in this region is growing rapidly. Many companies outside the region regard the upcoming rail sector in the Middle East as the most lucrative opportunity to do business," Khanna added.
He said the GCC network will include one rail line of 1,970km connecting all GCC countries and Qatar via a bridge. The second line of 1,984km will stretch between Kuwait, Saudi Arabia, the UAE and end in Oman.
Following the completion of phase one of the Dubai Metro, rail projects in GCC have become a point of focus with multi-billion dollar investments being made by each Gulf state.
A $11bn network in the UAE will be rolled out over the next 7-8 years while Abu Dhabi has revealed plans for a new rail network serving the city of Al-Ain.
Abu Dhabi has also said it has plans for a 131km metro rail system which is expected to partially start in 2015.
Saudi Arabia is spending $25bn on its rail network adding 3,900km of track through three major projects. The kingdom has already begun work on four different railway projects.
A 1,500km railway line costing $14bn linking Kuwait's border with Iraq, down the Gulf coast to the Omani port of Salah on the southern top of the Arabian Peninsula is on also mooted.
A metro light rail network is also planned in Doha while Bahrain is planning a $8bn railway project, Khanna said.
GulfRail 2012 will make its debut at Dubai International Convention and Exhibition Centre from April 17-19, 2012. Source: Arabian Business
|
|
|
Web-enabled phone call service Skype confirmed on Monday that it was to set up its Middle East headquarters in Bahrain, despite the service being banned in neighbouring countries.
At a joint press conference with the Bahrain Economic Development Board (EDB), Skype said Bahrain’s liberal and advanced ICT infrastructure and policies and its geographic position providing unparalleled access to the Gulf’s trillion dollar market were key reasons for establishing a regional representative office in the kingdom.
Skype, which allows users to make free voice and video calls through the internet, has been available to consumers in Bahrain for the past two-and-a-half years. It remains blocked in some other Gulf countries, like Oman and the UAE. Skype’s CEO Josh Silverman said in a statement: “Bahrain provides one of the most energetic environments to support and encourage innovation – with a talented local workforce, and forward thinking economic development strategies that help support business and broaden regional presence.”
He added: “In addition, as a Gateway to the Gulf, Bahrain is the ideal location from which to support our global strategy of making Skype available to as many people as possible wherever they happen to be. The Middle East and Africa has a young, tech savvy population and we believe that Bahrain will play a central role in making Skype even more popular in the region."
The World Economic Forum Global Information Technology Report 2009-2010 ranked Bahrain in the top 30 economies, a climb of eight places putting the Kingdom 29 out of 133 economies worldwide.
Bahrain was also ranked first in the Middle East and 13th out of 192 countries worldwide in the 2010 United Nations Global e-Government Readiness Survey.
Sheikh Mohammed bin Essa Al Khalifa, chief executive of the EDB, said: "We are delighted that Skype has decided to set up its regional representative office in Bahrain. It is a tremendously innovative company and their decision to move here reflects the positive impact resulting from the economic reforms being driven forward by the EDB in Bahrain." Source: Arabian Business |
|
Saudi Arabia's stock market regulator said on Sunday it approved two initial public offerings (IPOs) to be completed before the end of the year.
Al Jouf Cement Co will offer 50 percent of its shares to the public, or 65 million shares at 10 riyals ($2.7) a share, the regulator said a statement on Sunday.
The offering will take place from July 19-25, making it the ninth cement company to be listed on the Saudi stock exchange. The statement said: "Portion of the offered shares will be allocated for mutual funds & authorised persons."
The Saudi stock market is the largest in the Gulf and several Saudi companies have unveiled IPO plans this year but in February travel agent Al Tayyar travel Group put on hold its IPO plans due to weak demand. (Reuters) |
|
Saudi Arabia's financial regulator has fined state controlled Saudi Telecoms Co (STC) for violating stock market disclosure rules, the regulator said on Sunday.
STC was fined 100,000 riyals ($26,670) for failing to disclose stock option programmes for senior management in its 2009 annual report, the Capital Market Authority (CMA) said in a statement.
Like others in the Gulf region, Saudi Arabia's stock exchange has been dogged by allegations that it lacks transparency and is vulnerable to price manipulation.
But the bourse is gradually opening up to direct foreign ownership amid tough competition from regional bourses and over the past two years the CMA has stepped up efforts to clamp down on irregularities, imposing one jail sentence and revoking the licences of several brokerage firms for violations. (Reuters) |
|
The Saudi regulator, CMA, has imposed fines of up to $27,000 on three firms for breaching disclosure rules, as it tries to polish the image of an opaque bourse gradually opening up to foreign investors. It brought to 13 the number of companies fined for violating disclosure regulations since May 16. Al Baha Investment and Development Co was fined 100,000 riyals ($27,000) for disclosing acquisition plans to the Capital Market Authority after they were leaked to a website, the CMA said. Methanol Chemicals Co (Chemanol) was also fined $27,000 and Saudi International Petrochemical Co was fined $13,332 for other disclosure violations. Source: Arabian Business |
|
|
|
|
|
|
Page 1 of 5 |
