ICD to set up Islamic bank
JEDDAH: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB), said it was committed to ensure that its plan to set up an Islamic bank in the Maldives in partnership with the government of the island would materialize soon. Khaled Al-Aboodi, CEO & GM of ICD said this in a statement in response to the numerous inquiries it received from various parties in Maldives regarding the status of the bank project.
Global airlinesto lose $5.6bn
AMMAN: The world’s air traffic industry is expected to incur losses of about $5.6 billion in 2010 due to the sluggish global recovery, a senior official of the International Air Transport Association (IATA) said Monday. “The global aviation industry is expected to lose $5.6 billion this year, compared with $11 billion in 2009 and $17 billion in 2008,” IATA’s MENA Vice President Majdi Sabri told the official Petra news agency in an interview.
ENI to invest $13bn in Uganda
MILAN: Italian oil group ENI plans to invest $13 billion (9.2 billion euros) to develop hydrocarbons in Uganda after acquiring rights from Canada’s Heritage group, an Italian daily reported Monday. ENI, which will acquire half ownership of two hydrocarbon production sites in northeastern Uganda from Heritage, plans to build a refinery and an electric power station, ENI chief Paolo Scaroni told La Repubblica.
Iran unveils $368bn budget
TEHRAN: Iranian President Mahmoud Ahmadinejad on Sunday presented to Parliament a large annual budget of $368 billion based on an oil price of $60 per barrel, nearly double the price from last year, indicating rising optimism over energy prices. Last year, Parliament approved a budget based on $37.5 per barrel for the fiscal year ending in March, reflecting the steep drop in prices that severely impacted the economy.
CBB grants license to ZIC
MANAMA: The Central Bank of Bahrain (CBB) granted a license to Zurich Insurance Company (ZIC) to open a branch in Bahrain, which allows the company to expand its activities as a general insurer from Bahrain, to provide services to their large corporate customers. ZIC is a subsidiary of Zurich Financial Services (ZFS), headquartered in Zurich, Switzerland, which has a long track record in the insurance field.
$1bn deals at Bahrain air show
MANAMA: The inaugural Bahrain International Air Show, held at the Sakhir air base, has proved to be a right platform for signing of a billion dollar deals. The organizers say that it has given a new dimension to the Kingdom’s aviation and tourism industry and will emerge as a vital pillar of the national economy.
— Compiled by Arab News
