Growth in the Middle East and North Africa (MENA) will be stronger, as key oil exporters continue to boost oil production and drive up domestic demand, while activity in Libya rebounds after the 2011 unrest
GCC developers’ bond sales are on the rise, benefiting from investors’ confidence that Dubai will refinance financial obligations of its related entities, and as a refuge for assets amid Europe’s financial crisis.
ABB, the leading power and automation technology group, will invest around $40 million, to construct a new manufacturing plant for high-voltage gas-insulated switchgear (GIS) and a transformer service workshop in Saudi Arabia, to serve the growing power infrastructure needs in the region.
Alstom Thermal Power, Alstom’s division in charge of thermal power generation equipment and services, has recently signed a contract worth over €100 million with Arabian Bemco Contracting Co. and GS E&C to provide the steam tail for the Riyadh PP12 gas-fired power plant being constructed by them for the Saudi Electric Company (SEC).
The number of Twitter users in Saudi Arabia increased by 3,000 percent in June, making the Kingdom the biggest growth market for the social network, the site’s CEO Dick Costolo said in an interview with the Los Angeles Times.