SHARJAH: Sharjah will have an International Logistics City by the end of this year, it was revealed here yesterday. Momentum Logistics, a third party logistics (3PL) company, will be developing a state-of-the-art facility to provide a true logistics hub for the emirate and the region. The 700,000 square meter development will be Momentum’s flagship project.

NBK opens first branch in Dubai

KUWAIT CITY: The National Bank of Kuwait, the Gulf emirate’s largest bank, announced yesterday the opening of its first branch in the booming emirate of Dubai. NBK Chief Executive Officer Ibrahim Dabdoub said the new branch, the first in the United Arab Emirates, is part of the bank’s successful expansion strategy in the region. The bank now has more than 50 branches in 13 foreign countries including the United States, Britain and France.

Japan cooperation forum in Dubai

RIYADH: The 33rd Japan Cooperation Forum for the Middle East is being held at InterContinental Dubai Festival City for two days from Aug. 27. The forum is organized by Japan Cooperation Center for the Middle East (JCCME), a body affiliated to the Japanese Ministry of Economy, Trade and Industry, according to Yosuke Okazaki, director, planning and project at JCCME.

TRA announces new regulations

MANAMA: The Telecom Regulatory Authority (TRA) yesterday announced the new regulations paving the way for the registration of around 600,000 prepaid mobile SIM users across the country. The registration will start from September 1 will be completed by the end of the year. All unregistered prepaid mobile SIMs will be suspended from Jan. 1, 2009.

Bahrain Air, Airbus sign deal

MANAMA: Bahrain Air, the first privately owned premium class with affordable fares, has sealed an agreement with Airbus for supply of six brand new A320-200s worth $450 million, taking the total number of planes to 11. Ibrahim Abdulla Al-Hamer managing director, who signed the letter of intent (LoI) with Airbus at a ceremony at Moevenpick Hotel Muharraq, said the airline would get the delivery in next three years.

Kuwait starts IPO of telecom firm

KUWAIT: Kuwait opened yesterday the $98.13 million initial public offering (IPO) of its third mobile telephone firm with experts expecting large demand as the sector still exhibited growth potential. The government is offering 50 percent of the operator, Kuwait Telecommunications Co., to citizens only. In November it sold 26 percent of the firm to Saudi Telecommunications Co. for 248.7 million dinars ($929.7 million) in November.

Kuwait money supply growth slows

KUWAIT: Annual Kuwaiti money-supply growth eased for a second month to 15.29 percent in July, the slowest annual growth rate in 20 months, as funds in savings and time deposits rose more slowly, official data showed. M3, the broadest measure of money circulating in the economy, hit 20.74 billion dinars ($77.53 billion) on July 31 compared with 17.99 billion dinars a year earlier, the central bank said in a monthly report on its website on Sunday.