Swicorp Joussour Company announce the successful sale of the sole asset held by Middle East Jackup Company
February 22, 2012
In an all cash transaction, MEJU has sold its jackup drilling rig Haffar 1 to Compañía Perforadora Mexico S.A.P.I. DE C.V. (PEMSA), a subsidiary of Grupo Mexico. The Haffar 1 is a completely outfitted and equipped, Friede & Goldman designed, Super M2 self-elevating Mobile Offshore Drilling Platform. The rig is designed to operate in water depths of up to 300 feet and has a rated drilling depth of 30,000 feet. The Haffar 1 was constructed in Sharjah, UAE by Maritime Industrial Services Co. Ltd. Inc. (MIS), a subsidiary of Lamprell PLC.
Swicorp's original investment in MEJU...
Qatari designer launches her first collection of jewellery
February 22, 2012
One of the newest brands to be launched at the Doha Jewellery and Watches Exhibition comes from a name with which jewellery aficionados in Qatar will be extremely familiar.
Noor Alfardan, vice-president of Alfardan Jewellery, has officially launched her first collection of jewellery, “Noudar”, which is on sale at the company’s stand at the exhibition.
“It was very important for me to wait for the Doha Jewellery and Watches Exhibition to launch as I am a Qatari and this was something that was very personal and important to me, and I wanted to see how people...
Syria-Russia trade up 58 per cent
February 22, 2012
Two-way trade between Syria and Russia jumped 58 per cent last year, climbing to $US1.97 billion ($A1.84 billion), with the balance heavily in favour of Moscow, the Russian embassy says.
"The total trade rose from $US1.15 billion in 2010 to $US1.97 billion last year, a 58 per cent increase," Roman Groshkov, secretary of the commercial and economic section at the embassy,"...
Iraq border town ready to repay debt to Syrians
February 22, 2012
Residents of Al-Qaem, an Iraqi town near the Syrian border, aim to repay a debt to Syrians who provided them with supplies, fighters and weapons when the region was facing U.S. forces in 2005.
“The brothers in Syria stood with the Iraqis ... when U.S. forces surrounded us in 2005, and opened their border and their hearts to us,” Sheikh Mohammad al-Karbuli"...
Iran, Syria to remove customs charges on bilateral trade
February 22, 2012
Syria and Iran on Monday signed a deal to remove customs charges for all trade between the two states. The deal, which will come into effect in a month, will establish a free trade zone that will apply to the $500 million of annual trade between Syria and Iran.
The agreement was made during Syrian President Bashar al-Assad's visit to Tehran in September 2010, and was endorsed in May 2011. In addition to the $500 million of annual trade between Iran and Syria, the Islamic Republic annually exports $1.7 billion of its technical and engineering services to Syria. The two sides have...
Syria and Trade Top Agenda for Chinese VP in Turkey
February 22, 2012
China's vice president is in Turkey for talks about the ongoing fighting in Syria and efforts to expand trade.
Chinese Vice President Xi Jinping praised Turkey's growing regional importance, in an interview with a Turkish newspaper. He also paid tribute to Ankara's efforts to resolve Middle East conflicts, including unrest in Syria and Iran's controversial nuclear program.
Observers say the fact Vice President Xi, who is widely touted as China's leader in waiting, is spending three days in Turkey, underlines the country's increasing importance.
But China and Turkey remain deeply...
Kuwait Fairs holds EDUCARE 2012 in March
February 21, 2012
Kuwait International Fair Grounds is to launch EDUCARE 2012 on March 12, with a host of local, Gulf, and international academic bodies and institutions taking part at Meshif Fairgrounds, exhibition director Khalid Al-Hindi said in press remarks, Monday.
The director pointed out that the participants include American University of Kuwait, Australian College of Kuwait, Ahlia University of Bahrain, and the Kuwaiti Ministry of Higher Education, among others. He added the standards of the institutions taking part stand testimony to the level of the event, which is one of a kind in Kuwait and...
Abraaj in deal to buy $1.3 billion buyout firm
February 21, 2012
Abraaj Capital, the biggest private-equity firm in the Middle East, is pinning its hopes on the success of small businesses all over the world with the acquisition of Aureos Capital, a London-based specialist in finance for small to medium enterprises (SMEs).
The combined entity, which Abraaj will own 100 per cent, will have about US$7.5 billion (Dh27.5bn) of assets under management, after the injection of $1.3bn of assets currently with Aureos.
Of total assets, about $2bn will be in investments in fast-growing emerging markets, making the enlarged group "the world's largest SME-focused...
Live Educational Seminars for Forex Trading in the Region from FXCM MENA
February 21, 2012
In addition to our online resources and to FXCM’s prominent DailyFX website, which offers up to the minute market news and analysis as well as online courses, FXCM MENA is now organizing a series of live educational seminars for traders in the region.
This educational program was successfully launched in Beirut in November 2011, with attendance exceeding expectations and excellent reviews from attendees.
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Jotun’s Revenues Rose by 9% in 2011
February 21, 2012
Jotun’s long-term growth trend continued in 2011 with improved sales in most segments and divisions, due to improved markets in Asia and parts of the Middle East.
The company reported operating revenues of NOK 10.7 billion in 2011, up from NOK 9.8 billion the previous year. Meanwhile operating profit was NOK 956 million in 2011, compared with NOK 1,240 million in"...
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