RAK Petroleum’s Business Strategy
Arab News
RAS AL KHAIMAH, 1 October 2006 — RAK Petroleum’s board of directors held a meeting at the company’s new premises in Ras Al Khaimah where the newly appointed Chief Executive Officer Philip Turberville and his management team presented the strategy and business development plans for the company. Turberville explained that several key investments would be announced in the near future to demonstrate clearly how the strategy was to be implemented. Turberville is a Scottish national who comes armed with a wealth of experience and qualifications, which he has gathered in the oil, gas and energy industries. Most of his prior experience has been gathered from working with Shell in the United States, Asia, Europe and the Middle East.
Investment Projects to Top AED665bn
Arab News
ABU DHABI — Investment projects in Abu Dhabi are expected to top the AED665 billion mark over the next five years, with AED340 billion going into the construction sector, according to the Chairman of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) Salah Al-Shamsi. “The national economy is heading toward openness, attracting more foreign direct investment and allowing foreigners to invest, particularly in sectors that result in added value,” Al-Shamsi said. “The Gulf region’s gross domestic product (GDP) grew by 26 percent in 2005, rising to almost AED600 billion. “The GCC oil revenue surplus was over AED300 billion last year. Still, inter-Gulf investment and trade is low,” AI-Shamsi said. “The private sector in Abu Dhabi is still young,” he added.
Sama Dubai Unveils Largest Billboard
Arab News
DUBAI — ‘The Lagoons,” master developer Sama Dubai has unveiled the Middle East’s largest billboard. At 400 meter long and 20 m high, at its upper most point, the billboard is part of Sama Dubai’s extensive outdoor marketing campaign promoting the 70 million square feet creek side development. Depicting Dubai’s breathtaking skyline, as seen from The Lagoons, the colossal hoarding will be visible to up to 250,000 motorists a day as they travel between junctions two and three on Dubai’s busy Sheikh Zayed Road which connects Dubai to Jebel Ali. The design and construction of the billboard involved more than 200 technicians who took 75 days to develop and erect, involving more than 2,880 man-hours.
UASC Creates Joint Venture
Reuters
KUWAIT — Kuwait-based United Arab Shipping Co. (UASC) said it had created a joint venture with German shipping agent Karl Geuther Group to form United Arab Shipping Agency Co., to operate in northwest Europe from Jan 1. UASC owns a majority stake in the new subsidiary, which will maintain offices in Germany, Belgium and Holland, UASC said in a statement. It gave no financial details of the deal. UASC was set up by six Gulf Arab states in 1976 to reduce the region’s dependence on foreign carriers. The largest ocean carrier of dry cargo to the Middle East has a capital of $991 million, a fleet of 33 vessels and more than 161,000 container units of various types and sizes, according to its website.
