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Fujairah Oil Storage Expansion Complete

UAE : 07 July

Source: TradeArabia

United Arab Emirates’ Emarat has completed its oil storage expansion project at the port of Fujairah, boosting its capacity at the key Gulf of Oman terminal to 260,000 cu m, the fuel retailer said.

The Dh300-million ($81.68 million) expansion includes 10 new storage tanks for gas oil, gasoline and jet fuel with a total capacity of 210,000 cu m.

Sitting outside the strategic straits of Hormuz, Fujairah is a major bunkering hub and an emerging oil storage center for international oil traders looking to sell more into Asia.

The 13 storage tanks now available are vital for meeting growing regional demand for petroleum products storage, trading and bunkering, Adel Khalifa Al Shaer, acting general manager of Emarat, said in a statement.

Fujairah is one of the world’s top three bunkering destinations after Singapore and Rotterdam. Emarat manages five terminals with a total capacity of 383,000 cu m at UAE sites such as Jebel Ali, Ras Al Khaimah and Sharjah.

Total storage capacity at the strategically-important port is now 3 million cu m and is expected to rise to more than 7 million cu m by 2012.

30 June

More Jobs in the Gulf Expected as Business Confidence Rises

HSBC Business Confidence Index Finds That GCC Companies Are Positive
Middle East businesses are confident overall, as revealed by the GCC Business Confidence Index rising by more than two points for the second quarter.
The newest results state that more companies are positive about hiring and investment budgets, indicating that many are growing. CEO of the HSBC [...]

23 June

Job Creation Heating Up in Aerospace, Real Estate and Property Sectors in the GCC

Aerospace and Aviation is Booming in the GCC Region
Various projects are in the works in the aviation and aerospace industries throughout the GCC, notably in the UAE where Emirates Airlines is headquartered. The airline is part of the Emirates Group and has plans to add 500 staff members to its list of more than [...]

16 June

Economic Growth in GCC Outpaces Previous Expectations – Real Estate Hiring Again

Higher Economic Growth Expected in Saudi
The economy of Saudi Arabia will experience five percent growth in 2011 according to Business Monitor International, which is significantly higher than previous predictions of 3.9 percent. This increase is a result of the measures put in place by King Abdullah.
Analysts at BMI stated that increased public spending caused them [...]

06 June

IMF Expects Economic Growth of 6.5 Percent in Saudi for 2011

The growth in Saudi Arabia’s overall GDP is forecasted to hit 6.5 percent for this year as inflation likely rises around 6 percent due to imported and domestic factors, according to recent IMF statements.
Masoud Ahmad is the director of the IMF’s department covering Middle East and Central Asia. He stated that the Kingdom economy grew [...]