Lebanon still continues to suffer years of political instability
Jul0
Lebanon has had years of political instability, wars and domestic unrest. However this year the tourist industry is brimming and tourists are heading towards Lebanon this summer which in turn will help the economy of this small Mediterranean country. The tourist minister has said that they are expecting 2 million Arabs alone by the end of 2009 making it a record in Lebanon’s history. The country has a population of 4 million and hosted a total of 1.3million tourists last summer and this year hotels are almost fully booked. Beirut topped the New York Times list of top vacation destinations in January and has been listed among the top 10 cities for 2009 for its charm and dynamism.
Adrenaline Sports Live Festival
Jul0
The organisers of the Adrenaline Sports Live Festival have confirmed that they are working with Majid Al Futtaim Leisure to bring the first ski slope to Abu Dhabi in October. This festival is the country’s first and proven meeting point for the various sporting communities and companies. The event is being planned as being a action packed family day out where visitors can try new sports as well as see professionals demonstrate their skills. Majid Al Futtaim own and operate the successful Ski Dubai and plans are in place to build a temporary slope at the festival. Mike Mahoney is the General Manager of Ski Dubai which is the region’s first indoor ski resort is delighted with the idea.
Middle East Carillion Projects Looking Financially Sound
Jul0
Construction giant Carillion is expecting to deliver strong first half earnings. The actual firm is base in Wolverhampton and has a whole set of projects. The contracts in the Middle East building services were another strong area for the company which saw growth in Abu Dhabi, Oman and Egypt with Abu Dhabi being one of the strongest. It’s estimated that Middle East contracts would increase 2009 revenues to around 600 million. It’s a myth that Dubai work has stopped but still a area with opportunities. Abu Dhabi is a stronger area for the company with a possibility of moving to Qatar next year.
Panceltica and Middle Eastern Shareholders
Jul0
The shareholders of a structural steel contractor Panceltica have caused a upheaval of the firm. Qatari shareholder Barwa and Dubai investor Ithmar want to de-list the company from the alternative investment market. The proposal itself was voiced by Ithmar but it’s understood that they will hold and review the plan after minority investors voiced their opposition. There are still fears that the company may end up going private. Barwa holds 20% of the company while Strategic Land Partner holds 26.5%. Frantic behind the scene conversations are taking place to persuade the Middle Eastern investors against taking the firm Private. If the firm did go private minority investors could loose out and be left out of pocket.
Oil in the Middle East
Jul0
The Middle East is renowned for its oil supply. The UAE in particular was dependant on fishing and the pearling industry before Oil was discovered in the 1950’s. Since 1962 Abu Dhabi became the first of the emirates to export oil and it’s since then the country’s society and economy have been transformed. The late Sheikh Zayed oversaw the development of all the emirates and directed oil revenues into healthcare, education and the national infrastructure. Today the oil industry has attracted a large influx of foreign workers and with expatriates make up three quarters of the population. Alongside Oil, Abu Dhabi has a growing business sector and its tourist industry have helped fuel the construction boom.