Arabic Press Review - 17/04/2007

In the UAE today, the daily Al Bayan newspaper reveals that Dubai Holding's hospitality group, Jumeirah, has agreed to manage an AED 3.2 billion ($871.5 million) beach-front development in Abu Dhabi.

The Jumeirah Etihad Towers - located in the exclusive Khalideya area of Abu Dhabi - will be the group's first hotel in the UAE capital.

Hill International is handling the project management for this new development; the assigned architects are DBI, and ACC is the main contractor.

The 60-storey hotel tower is scheduled to open in late 2010.

***

Al Bayan reports on another property venture - this time Dubai's Al Fattan Properties' announcement of two new developments with a combined value of AED 1.85 billion ($503.8 million).

They include the Al Fattan Currency House, a mixed-use development comprising a 52-storey tower with serviced apartments, a modern office building and a retail and leisure pavilion that is being built next to The Gate at Dubai International Financial Centre (DIFC).

Another new project in the pipeline is the Jumeirah Al Fattan Palm Resort, an ultra exclusive resort development that is being built in The Palm, Jumeirah - to be managed by Dubai Holding's Jumeirah Hotels and Resorts.

The company yesterday announced the launch of the Al Fattan Experience Centre, a unique property marketing hub, to be located near the DIFC. The Al Fattan Experience Centre occupies an area of 700 square metres, and will act as an ideal resource centre, showcasing a show apartment and project models.

***

Kuwait's Al Rai newspaper reveals two KD 50 million fund approvals from the country's trade ministry.

KIPCO Asset Management Co. (KAMCO) has received the trade ministry's approval to set up a Kuwaiti education fund with a capital of up to KD 50 million ($173 million).

The trade ministry has also approved a KD 50 million local equity investment fund to be launched by Al Safat Investment Co.

...and in other news...

Al Riyadh, Saudi Arabia: King Abdullah will launch projects worth SAR 120 billion ($32 billion) in the capital Riyadh on Tuesday.

Al Jazirah, Saudi Arabia: Cement demand will reach 26 million tonnes in 2007 and cement firms' sales in 2006 reached 26.99 million tonnes, of which 24.8 million tonnes were sold locally.

Al Watan, Saudi Arabia: Saudi International Petrochemicals Co. made a
first-quarter net profit of SAR 150 million riyals, up 54% from the year-earlier period.

Al Watan, Saudi Arabia: The Capital Market Authority (CMA) has approved bonus share issues of 1-for-seven by Al Ahsa Development Co. and 1-for-eight by Nama Chemicals Co.

Al Watan, Kuwait: Aayan Leasing and Investment Co. plans to list three units on the bourse this year. Al Qabas, Kuwait: The central bank has asked local banks and investment firms to stop charging commissions on early repayments of loans. The banks plan to raise the issue with the central bank because commissions constitute a large part of their revenues.

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