Rising prices: Oil's well that ends well

World oil market is expected to see a partial recovery in 2017 and 2018 in light of the Opec and non-Opec output cuts of 1.8 million barrels per day, Arab Monetary Fund (AMF) said in its Arab Economic Outlook.



Nissan appoints new leadership for India, Africa, Middle East

Japanese auto major Nissan has appointed Peyman Kargar as chairman of its Africa, Middle East and India region and Kalyana Sivagnanam as the regional vice-president of marketing and sales for these markets.

Toyota recalls 2.9 mn vehicles globally over airbags

TOKYO: Toyota Motor Corp on Thursday said it was recalling a total of about 2.9 million vehicles in Japan, China, Oceania and other regions including its Corolla Axio sedan and RAV4 SUV crossover due to potentially faulty airbag inflators.

Arab Contractors bags $560mn Kuwait Road contract

Arab Contractors has signed a KWD 170mn ($560mn) contract with the ministry of public works in Kuwait to develop the Nuwaiseeb Road.

Dubai awards $330m contracts to build key roads

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the award of two contracts worth AED1.2 billion ($330 million) to build key roads in the emirate.

IRAN, IRAQ TO LEAD MIDDLE EAST OIL GROWTH

Oil field development in Iran and Iraq is expected to drive the largest production growth in the Middle East over the next four years, according to research consultancy Rystad Energy.

More than just logistics - Panalpina opens new Dubai base

Panalpina has officially opened a new logistics manufacturing centre in Dubai South next to Al Maktoum International Airport. The 40,000sq m site, three times bigger than the one it replaces, will help the forwarder increase its logistics and freight business in the Middle East, Africa and CIS (MEAC) region.

Dh32b invested in Mena power and utilities green solutions

Mergers and acquisitions in the renewables sector picked up in 2016 across the Middle East and Africa after a long period of slow activity, with greenfield activities continuing to dominate power and utility transactions in the region, attracting $8.7 billion (Dh31.95 billion) of investment last year, according to a report.

Dubai harvests desert sun at vast solar power station

The 'Mohammed bin Rashid Al-Maktoum Solar Park' is set to pump out a total of 1,000 megawatts by 2020.

Dubai Municipality on a power saving drive

The Dubai Municipality has replaced electric bulbs in varius city parks with power-saving LED lights to conserve energy.