International Business Opportunities

The Abu Dhabi National Energy Company (Taqa) said yesterday its wholly-owned subsidiary, Taqa Energy B.V., had signed a farm-in agreement with Cirrus Energy Corporation with respect to three licences and one unit area in the Dutch North Sea.
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India and the Philippines were significant contributors to Abu Dhabi International Airport’s 22.9 per cent year-on-year growth in passenger traffic in the month of August.
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Capitala, an Abu Dhabi-based real estate developer, has awarded the main construction contract for Rihan Heights, the first phase of its multi-billion-dollar flagship project Arzanah. The contract was awarded to a joint venture partnership between Malaysia's Sunway Construction Sdn Bhd and Silver Coast Construction & Boring Est, an Abu Dhabi-based contractor. Located in the Grand Mosque District at the gateway point on Abu Dhabi island, Arzanah is the 1.4 million square metre fully integrated, mixed-use development surrounding Zayed Stadium.
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A new report says sovereign wealth funds may increase investment in commercial real estate to a net 5bn by 2015 as they diversify their holdings from stocks and bonds, reported Bloomberg. CB Richard Ellis Group, the world's largest commercial-property broker, noted in its report that the funds will probably raise the proportion of money they invest in real estate to 7% from 4% in the next seven years. Abu Dhabi, Norway, Saudi Arabia, Singapore and China have the largest funds.
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Freezing rent increases for residential units for at least a temporary period and fixing rents according to locality are among steps being considered by authorities in the UAE to rein in rising inflation, reported Khaleej Times. Butti Al Qubeisi, Executive Director of the Department of Planning and Economy in Abu Dhabi, said these options have been discussed by a committee made up of representatives from the Ministry of Economy, the Department of Planning and Economy in Abu Dhabi and the Statistics Centre of Dubai as members. A decision about freezing rent hikes would be taken in the near future, he said.
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