According to a new report from Bank of America Merrill Lynch (BofAML), governments in the Gulf Cooperation Council (GCC) have sharply increased spending in the wake of recent political unrest in the region, with the report estimating additional investment at US$150 billion.
Government spending in Oman is set to increase by nine per cent in 2012 from this year to finance construction projects and create more jobs for nationals.
Modon revealed that the total cost of the establishment, expansion and development of industrial cities in Saudi Arabia over the past four years has amounted to about US$1.86 billion.
Dubai will launch a gas strategy next year aimed at reducing rising energy demand in the emirate and will tender to appoint a specialist consultant for the plan by year-end, the emirate's top energy council said.
Drake & Scull International PJSC (DSI) reported higher profits and revenues for the second quarter 2011. Net income increased by 22 per cent to hit US$14.9mn compaired with US$12.25mn last year.
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