International Business Opportunities

Qatari retailer Al Meera has announced the allocation of QR1.7bn for the development of current outlets and the construction of new ones in the next three years, Gulf Times has reported. The company plans to open a new retail outlet in the West Bay area with the construction work of the complex set to begin in the first quarter of 2011. The company has allocated QR400m for development projects in 2011, Al Meera deputy CEO Mohamed bin Nasser al-Qahtani said.


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Saudi private equity firm Amwal Alkhaleej has announced that it has resolved its m legal dispute with Damas Investments and the Abdullah Brothers. The brothers said they have transferring 20 million shares in Damas International to the private equity company as part of a settlement. Amwal AlKhaleej sued the brothers, who are majority shareholders of Damas International, after accusing the jewellery retailer of not paying for shares it acquired before the Dubai company went public in 2008.
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Ghazi Al Nafisi, chairman and managing director of Kuwait-based developer, Salhia Real Estate has said the firm has delayed two projects, one in Bahrain, the other in Oman, due to the fallout from the global financial crisis, Arabic Al-Watan has reported. Preparatory work on the Bahrain project was scheduled for completion this year, Al Nafisi told the daily. The project involves the construction of an office tower at a total cost of KD43m (9m), he added.


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Gulf Metal Craft, a subsidiary of Masharie, the private equity arm of Dubai Investments, has announced plans to double production capacity by expanding its existing factory in Jebel Ali, Dubai. The expansion is to include construction of new buildings as well as procurement of additional machinery and equipment, which will increase GMC’s production capacity by 75%, and will facilitate the manufacture of new products including cable tray management system.


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Mall of the Emirates has announced the opening of its new wing, the Fashion Dome. Spread over a gross leasable area of 10,500 sq m, the wing adds 42 brands to the mall’s existing 477 retailers including Christian Louboutin, Cartier, Canali, Galliano, Versace, Bottega Veneta, Mulberry, Diane von Furstenberg and the largest D&G boutique in the region.


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The Sharjah Investment and Development Authority (Shurooq) has announced the commencement of construction works on the ‘Heart of Sharjah’ project. The multi-phase project includes ongoing development works with the aim of reviving the historic and heritage areas of the Emirate. Construction on the first phase of the project began last week, and is scheduled for completion within two years.


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Lebanese developer, Antonio Projects expects to award the main construction contract for the capital’s tallest tower in October, Meed has reported, citing a source involved with the project. The 50-floor, 200-metre, Sama Beirut Tower will include seven floors of offices and 40 residential floors, which will contain 71 apartments. The tower will also contain seven basements, which will contain parking facilities for more than 700 cars.
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Saudi state-run mining firm Maaden, and US partner Alcoa have awarded SR1.03bn (5m) worth of contracts for an aluminium complex in Saudi Arabia, Reuters has reported. The contracts were awarded to Germany’s SMS Siemag and BWG Bergwerk, Austria’s Ebner and US Wagstaff, Maaden said. The contracts are mainly to provide equipment for the rolling mill at Ras Azzour on the Gulf coast, where the two companies plan to build the world’s largest fully integrated aluminium complex.


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State-owned Kuwait Oil Tanker Co (KOTC) has signed a KD45.5m (9m) agreement with South Korea’s Hanwha Engineering and Construction to build a liquefied petroleum gas (LPG) bottling facility in the north of Kuwait, Meed has reported. The plant is to include six LPG storage tanks, pump and compressor stations and three production lines, each capable of filing 1,600 12 kilogramme bottles every hour. When complete, it will service Kuwait’s domestic market until 2030.
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Qatar Holding (QH) has denied media reports about the firm being close to acquiring an Egyptian department store, Arabic Al Raya has reported, citing an official company source. A local Egyptian newspaper had said the investment arm of the country’s sovereign wealth fund was in talks over the acquisition of Omar Effendi department store from Saudi businessman Jameel Al Qunaibit. “I have not heard of any negotiations in this regard between Qatar Holding and Omar Effendi,” the source said.


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