Middle East

Saudi-owned Al-Muhaidib Contracting Company is focusing on its home market and the provision of large-scale projects to cater for its booming economy and population.

The so-called ‘developed world’ may be facing economic slowdowns and currency turmoil but activity in Saudi Arabia is sufficiently vigorous for Al-Muhaidib Contracting Company to refocus on its home country and reduce the distractions of international exposure.

In one of the first major solar energy projects in the Middle East, Bahrain plans to implement a solar smart grid in Awali.

"The Middle East has for some time evaluated the integration of solar energy for reduction of reliance on non-renewable energy sources,” said Marty Youssefiani, CEO of Caspian Energy Holdings. “However, Bahrain is among the first in the region to implement a project of this kind, demonstrating a serious commitment to long term solutions."

EnQuest has signed an agreement to farm out a 35 per cent interest in its UK Alma and Galia oil field developments to the Kuwait Foreign Petroleum Exploration Company.

Under the terms of the deal, the Kuwait Foreign Petroleum Exploration Company (KUFPEC) will invest approximately US$500 million (around £300 million) in cash, comprised of up to $182 million in future contributions for past costs, a development carry for EnQuest, and KUFPEC’s direct share of the development costs.

The Big 5 International Building and Construction Shows in Dubai and Jeddah are going from strength to strength. Event director Andy White talks about innovating to attract more high value visitors and to facilitate exhibitors’ export potential.

Etihad Airways, the national airline of the United Arab Emirates, has confirmed its acquisition of a 2.987 per cent stake in Ireland’s national carrier, Aer Lingus.

Etihad said the purchase reflected its desire to forge a commercial partnership with Aer Lingus, believing this could lead to significant commercial benefits for both airlines.

Etihad Airways operates 10 flights a week from Abu Dhabi to Dublin and has carried more than 750,000 passengers between the two destinations since it began flying the route in July 2007.

The eagerly awaited Deerfields Town Square Mall is just eight months from opening in Abu Dhabi. General manager Banu Tas talks to Gay Sutton about fulfilling the needs of the community.

In December this year, the new Deerfields Town Square Mall will be opening its doors to the public in the Al Bahiya area of Abu Dhabi, providing a much needed blend of shopping outlets, entertainment venues, restaurants and family activities for the rapidly growing communities living on the mainland close to the Emirate’s island capital. 

The IFC, a member of the World Bank Group, and the Islamic Development Bank (IDB) have announced an investment of up to $100 million to support the construction of major infrastructure projects across the Middle East and North Africa.

The investment is part of an effort to stimulate economic growth in the MENA region. The IFC and IDB are each investing $50 million in the Arab Infrastructure Investment Vehicle (AIIV), part of the Arab Financing Facility for Infrastructure (AFFI), a joint initiative of the World Bank, the IDB and IFC.

Abu Dhabi National Energy Co. (TAQA) has sold its seven percent stake in US electric automaker Tesla Motors, making a profit of $113 million (£71m) on the sale.

The 75 percent state-owned utility had 7.3 million Tesla shares transferred to it by the Abu Dhabi Water and Electricity Authority in late 2010. A spokesman said TAQA had "admiration for Tesla's vision, technology and products", but that the automaker was a non-core investment for the organization.

Otis Elevator Company Saudi Arabia has won six contracts to supply and install elevators and escalators to different buildings in the King Abdullah Financial District in Riyadh, Saudi Arabia.

The contract is to supply and install 263 elevators, including 10 double-deck elevators, and 90 escalators.

Shell Iraq is part of a consortium working to significantly increase production at the Majnoon oil field in southern Iraq. But the project has not been easy: some of the major challenges to date have included de-mining, safety and marsh preservation, as Becky Done discovers.