Economy briefs

Author: 
Agencies
Publication Date: 
Wed, 2008-08-13 03:00

Oman invites telecom bids

MUSCAT: Oman’s telecoms regulator invited bids yesterday for long-term contracts to build and operate the country’s second fixed-line phone network, which would break the monopoly of state-controlled Omantel. Oman, which already has two mobile phone operators and is also selling a stake in Oman Telecommunications (Omantel), is liberalizing the telecoms sector as part of efforts to encourage foreign investment as its oil production dries up.

MNRB eyes foreign markets

KUALA LUMPUR: Malaysian Islamic reinsurer MNRB Retakaful Bhd is keen to tap the market for Shariah-compliant reinsurance in the Middle East, Pakistan and South Africa, its chief executive said yesterday. MNRB aims to do business in Kuwait, Saudi Arabia and the United Arab Emirates from Malaysia by year-end, the company’s CEO Ismail Mahbob told reporters. Its present foreign markets are Indonesia, Brunei and Sri Lanka.

Kuwait allows co-op imports

KUWAIT: Kuwait is allowing cooperative supermarkets to import products directly from the source in an effort to cut costs as the Gulf Arab state battles inflation. Commerce & Industry Minister Ahmad Baqer has already unveiled a package of measures including higher subsidies on basic food items, in an effort to curb inflation that held above 11 percent in April and May.

KOTC signs deal for tankers

KUWAIT: State-owned Kuwait Oil Tanker Co. has signed with South Korea’s Daewoo Engineering & Construction a letter of intent to build four very large crude carriers for $700 million, KOTC’s chairman said yesterday. “The final contract will be signed on Aug.21,” Nabil Bouresli told Reuters, adding delivery would be in end 2011 as part of a fleet renewal plan.

Revus Energy strikes oil

STOCKHOLM: Shares in Revus Energy ASA rose more than 10 percent yesterday after the Norwegian energy firm announced oil has been found in one of its prospects in the North Sea. Revus said the operator of the Jordbaer prospect, BG Norge, has found oil at the field and estimates an average oil rate of about 7,500 barrels per day. Revus has a 20 percent interest in the license. Other partners are BG Norge with 45 percent, Idemitsu with 25 percent and RWE-Dea with 10 percent.

Singapore GDP growth slows

SINGAPORE: Singapore’s economic growth slowed in the second quarter as weakening demand from the US slowed pharmaceutical and electronics exports. Gross domestic product expanded 2.1 percent in the three months ending June 30 from the same period a year earlier, the Ministry of Trade and Industry said.

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