INTERNATIONAL. The global credit crisis will make 2009 a challenging year for car sales in the exporting Gulf region, top automakers said yesterday. Land Rover, Mercedes-Benz of Daimler and General Motors are among those who have noticed a slowdown in the region during the past couple of months.“There’s been a 10-15% reduction in sales in the last two months due to a lack of financing from banks,” said Mike Devereux, the Middle East managing director of General Motors.“Up to November this year, sales have been up 10% to 134,000 vehicles in this region, an all-time record,” he told Re
UAE. As part of its ongoing commitment to social responsibility, BMW Group has pledged its support and unity to the victims of the devastating floods that hit Pakistan.
UAE. Land Rover MENAP will be donating six Land Rover Defender 110 station wagons to the Pakistan Red Crescent Society and six more to the Pakistan Army in order to help the disaster relief operation.
KUWAIT. Huge transportation projects are underway in Kuwait in order to improve the country's connectivity with its neighbors and reduce its congestion and traffic problems.
INTERNATIONAL. President Obama's clean energy agenda is on track as the US tagged US$1.5 billion of the US$2.4 billion in electric technology development funds for battery manufacturing projects.
UAE. Allows vehicles to run on internal combustion, electric or combined power; Models to complement alternative energy initiatives in the Middle East.
UAE. National Automotive Trading Co. announced as official partner; Dealership to open in Erbil/Kurdistan in September; Further expansion in Iraq planned.
INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.
INTERNATIONAL. Masood Ahmed, Director of the IMF's Middle East and Central Asia Department, described the flooding as a "human catastrophe that is still evolving." Reconstruction costs expected to run into billions of dollars.
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