Saudi Arabia’s investment projects touch 3.2 tn riyals(Gulf Business Capsule)April 22nd, 2008 - 7:17 pm ICT by admin
Dubai, April 22 (IANS) Investment projects in Saudi Arabia so far are estimated to have touched a total of 3.2 trillion Saudi riyals (SR) ($854.4 billion). Civil sector tops the list with 39 percent of the total number of projects, according to a new report. At 19 percent, the power industry comes in second, followed by the oil and petrochemical industries with 15 and 13 percent respectively, the Khaleej Times reported ciing a report by Shuaa Capital.
According to the report, Saudi Arabia’s economy is expected to continue its momentum this year after recording strong gross domestic product (GDP) growth between 1999 and 2007.
According to the report, GDP per capita is expected to have almost doubled from 2002 to 2007, reaching SR.56,100 compared to SR.32,100.
New venture capital fund planned for Abu Dhabi entrepreneurs
A new venture capital (VC) fund is being planned to provide equity to entrepreneurs in Abu Dhabi.
Shaikh Khalifa Fund for Small and Medium Enterprises (SME) Development is in the initial stages of setting up the VC fund of a size of up to 500 million dirhams ($1.36 million), the Khaleej Times reported.
“It is still in the early stages of being set up but would change the course of SMEs in the (Abu Dhabi) emirate,” Hussain Jasim Al Nowais, chairman of Khalifa Fund for SME Development, was quoted as saying.
Al Nowais said banks, insurance companies and other institutions would take stake in the proposed VC fund, to provide an equity component to boost the SMEs.
The Khalifa Fund for the SME Development, launched two years ago, provides financing at cheap interest rates.
Dubai in talks with Airbus, Boeing to buy planes for new airline
The Dubai government is holding talks with both Airbus and Boeing to buy aircraft for its proposed budget airline. Emirates airline is involved in setting up the new company.
“We are talking to both Airbus and Boeing to decide on what type of aircraft we are going to have and what will be available in one year’s time from now,” the Gulf News quoted Shaikh Ahmad Bin Saeed Al Maktoum, president of Dubai Civil Aviation Authority and chairman and chief executive of Emirates Group, as saying.
The budget carrier is expected to start operations within one year and will serve destinations within four and half hours of flying distance from Dubai.
Airbus Middle East president Habib Fekih told the newspaper that the new airline could buy between 50 to 70 aircraft in the next five years.
“That is my expectation,” he said.
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