Cabinet resigns, new Assembly meets Aug 6

Source: Kuwait Times (Read full story)

The Cabinet yesterday submitted its resignation to HH the Amir Sheikh Sabah Al-Ahmad Al-Sabah following the National Assembly election as required under the Kuwaiti constitution. The announcement came after the Cabinet held an extraordinary session to assess the outcome of the polls. It also approved an Amiri decree setting Aug 6 as the date for the Assembly to convene for the first time. The Amir later in the day issued the decree.

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Bahrain orders tougher penalties ahead of protests

Source: Khaleej Times (Read full story)

Bahrain ordered tougher penalties for what it called terrorist acts on Sunday ahead of planned anti-government protests next month. Bahrain’s lawmakers agreed at an extraordinary session on Sunday to proposals including stripping those who commit or call for ‘terrorism crimes’ of their nationality and preventing any protests from taking place in the capital Manama, the state news agency BNA said. His Majesty King Hamad bin Isa Al Khalifa of Bahrain ordered authorities to put the recommendations into effect as soon as possible “through the available constitutional and legal channels”, BNA said.

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Qatar’s first satellite Es’hail 1 arrives in French Guiana

Source: The Peninsula (Read full story)

Qatar Satellite Company Es’hailSat Monday announced the arrival of the Es’hail 1 satellite at the European Spaceport in Kourou, French Guiana, an overseas region of France on the north Atlantic coast of South America, ahead of its launch on August 29. Es’hail 1, Qatar’s first satellite, is now undergoing final preparations at the European Spaceport for a launch aboard an Ariane 5 rocket. Lift-off is planned on August 29 during a launch window opening at 11:30pm and closing at 12.20am Doha time. Commenting on the forthcoming launch, Es’hailSat’s Chief Executive Officer Ali Ahmed Al Kuwari said, “Es’hail is the name of a star which becomes visible in the night sky in this part of the world around the end of August.

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USD 900 bn worth of projects currently underway in GCC region

Source: bq Magazine (Read full story)

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Relatively less affected by the global financial crisis and political turmoil in the wider MENA region, the contracting industry in the GCC is witnessing strong growth, which is projected to increase further in the years to come, according  to a report by Kuwait Financial Centre (Markaz). Opportunities in the contracting sector can be segregated into multiple verticals depending on the industry they originate from. Among all industries, real estate tops the list with projects worth over USD 516 bn in the pipeline, to be awarded over the coming years. Urbanisation of a young, growing population, influx of expatriate labour and relaxation of rules allowing foreign ownership of real estate, have led to increased demands for affordable housing.

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Oman set to double value of investments projects

Source: Albawaba (Read full story)

Oman is set to see $65 billion worth of turnkey projects awarded between now and 2017, doubling the combined value of projects awarded in the Sultanate in the last five years. Among the projects at the forefront of Oman’s aggressive expansion programme are BP’s $15 billion Khazzan tight gas project, the development of a $10 billion refinery and petrochemical complex at Duqm and a nationwide railway construction project. Some of the largest projects expected to be completed this year include the $560 million Sohar Steel Complex expansion (Phase 3) and the $480 million Musandam Oil & Gas processing plant.

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UAE long-running banking saga gets closure

Source: Gulf News (Read full story)

An unsavoury chapter in the annals of UAE banking, depicting the pursuit of a grandiose dream gone terribly wrong, has finally ended. The four-decade-old drama involving the Bank of Credit and Commerce International (BCCI) has had its surfeit of passion, design and deceit before the inevitable denouement came in the form of liquidation. The curtains came down this month when a Luxembourg court announced the closure of the liquidation process after verifying that all the available assets have been distributed to the beneficiaries and that the liquidators had been granted release from their responsibilities.

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