Tuesday, September 15, 2009

Massive Investments in Gulf countries !

Following Dubai economic success all countries in the Gulf are investing in massive industrialization and infrastructure projects - Nuclear plants, artificial islands, petro-chemical plants, new Islamic Banking are all in the works.

The UAE is on its way to award a 41 billion dollar contract to build nuclear power plants saying that the decision between the three rival bidders was too close to call, an Abu Dhabi daily said Monday. A French group led by Areva, Electricite de France, GDF Suez and Total is competing against a Japanese-American alliance of Hitachi and General Electric, and a Korean-American consortium comprising Korea Electric Power, Samsung, Hyundai and US firm Westinghouse.

The Arab world's second-largest economy, the United Arab Emirates is seeking to reduce its dependence on hydrocarbons for power generation and to boost its image as an environmentally friendly country.

US President Barack Obama approved a civilian nuclear deal with the UAE in May.

Saudi Arabia :
Saudi Arabia: Barclays Bank plans to set up a private banking operation in Saudi Arabia to tap the market for wealthy individuals in the kingdom. Saudi Arabia is 'massive in terms of percentage of GDP of the Middle East, massive in terms of number of wealthy individuals, you absolutely have to be a player there if your aspirations are to be top of the league', according to Soha Nashaat, chief executive for Barclays private banking arm in the Middle East and North Africa. 'People are now more concerned on missing out on the market rebound than they are about the downside risk,' she added.

Kuwait :
Kuwait signs $2.65bn electricity agreement to boost power capacity. Kuwait Ministry of Electricity and Water and GE Energy yesterday announced the signing of a turnkey contract that will help address the growing demand for power in the State of Kuwait.

Kuwait is building a $8 billion 615,000 b/d oil refinery at al-Zour. This refinery will be one of the world largest.

Qatar :
Qatar holds the world's third largest natural gas reserves. Qatar Petroleum and Exxon Mobil Corporation inaugurted the largest operating liquefied natural gas (LNG) production facilities in the world.

This follows the start-up of the Qatargas 2 Train 4 in the second quarter of 2009. Each is designed with the capacity to produce 7.8 million tons per year, approximately 50 percent larger than any other global liquefaction facility currently operating outside of Qatar.

The biggest gas field in the world is located in the sea between Qatar and Iran. Qatar is expanding its fleet of ships to 40 to deliver liquified natural gas to countries around the world.

World largest gas exporters to form a cartel : Russian export monopoly Gazprom, Iran's National Oil Company and Qatar Liquefied Gas Company would hold 30 per cent each in a venture to export gas around the world. Another 10 per cent stake will be reserved for the most likely clients in China or South Korea.

Watch Qatar development :

Bahrain :
The breathtaking $1 billion Amwaj Islands – a group of man-made islands reclaimed from the crystal clear blue waters off the northernmost coast of Muharraq island in the Kingdom of Bahrain - is the flagship project of Ossis Property Developers B.S.C (c). The development covers an area of some 30 million square feet, is within easy access of the heart of Bahrain’s capital - Manama, and combines residential neighbourhoods, commercial districts and spectacular leisure resorts.

LuLu Island is one of the pioneering real estate development projects in Bahrain at the heart of Manama . This man made island is a partnership between the Government of Bahrain and The Mouawad Group Inc. For Real Estate Development. 39 Residential Buildings with a total of 1217 apartments, 1 Residential Icon Tower, 49 Chalets, 65 Villas, all overlooking private lagoons, a sea water enormous natural pool, 300 room 5-star Hotel with a private Marina & Yacht Club and a Spa Village, An Aquarium, A Medical Center, A Shopping Mall, A Multi Function Exhbition Center.

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