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Metito eyes expansion plans

METITO, THE UAE-based utilities provider, is unlikely to go for an IPO this year and may opt to concentrate on aggressive expansions first.

Abu Dhabi optimistic

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ABU DHABI'S GROSS domestic product (GDP) is expected to expand up to six per cent on year in 2009, a top government official said recently. "It will be single-digit growth this year, between four per cent to six per cent," Nasser Al Suwaidi, Chairman of Abu Dhabi's Department of Economic Development, told reporters on the sidelines of the Korea-Abu Dhabi Investment Roadshow 2009. Abu Dhabi's economy is estimated to have grown at least 17 per cent in 2008 on the back of record-high global oil prices.

The largest chunk of Abu Dhabi's revenue is generated from crude oil exports. The emirate's oil exports comprise more than 90 per cent of the UAE's crude exports. "We see 2010 as a positive year. Abu Dhabi remains committed towards infrastructure projects. We expect global oil prices next year to be in the range of US$60-$80 [Dh220.2-Dh293.6] per barrel," said Al Suwaidi. Separately, he said foreign direct investments in Abu Dhabi have increased this year, compared to 2008. In addition, he said, Abu Dhabi is working on the Industrial Law and interacting closely with the private sector on specific issues. "A study on the Industrial Law is currently underway," he said. Al Suwaidi also said Abu Dhabi's draft Commercial Law is in the final stages. "It will be announced very soon. The Commercial Law will address concerns of the private sector - both foreign and local."

 

Business and Management

  • US$130mn Saudi Arabia power plant component order won

    Siemens Energy has secured a US$130mn order to supply gas turbine packages to Saudi Arabia. The components are to be installed in the Hail Extension II and Al Qurayat Expansion II power plants. The purchasers are the Alfanar Construction Company and Saudi Services for Electromechanic Works (SSEM) respectively and they will perform the project on a turnkey basis for the Saudi Electric Company (SEC) utility. Delivery of the components is scheduled for 2010 and 2011.

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Executives Calendar

September 2010

SEPTEMBER 2010
27-30 Project Iraq ERBIL
www.ifpqatar.com

October 2010

OCTOBER 2010

3-6 Saudi Build RIYADH
www.recexpo.com

4-6 Powergen Middle East DOHA
www.power-gen-middleeast.com

17-19 PG&WSME ABU DHABI
www.powerandwaterme.com
17-20 Recycling & Waste Management KSA RIYADH
www.recexpo.com

17-21 GITEX Arabia DUBAI
www.gitex.com

18-21 Erbil International Fair ERBIL
www.ifpqatar.com

25-27 Saudi Transtec Dharan
www.sauditranstec.com


November 2010

NOVEMBER 2010
1-4 GCC Power DOHA
www.ifpqatar.com

1-4 Adipec 2010 ABU DHABI
www.adipec.com

2-6 Jordan Motorshow AMMAN
www.ifpqatar.com
21-24 The Big 5 DUBAI
www.thebig5exhibition.com

28-30 Roadex/Railex ABU DHABI
www.roadex-railex.com
28-30 MEMEX 2010 ABU DHABI
www.memexnews.com