UAE. The Abu Dhabi Sewerage Services Company (ADSSC) is stepping up efforts to implement the Strategic Tunnel Enhancement Programme (STEP) during the next six years to establish a tunnel that will cater to the immediate, short and long-term needs of Abu Dhabi's wastewater and drainage issues.
The STEP project comprises 40 kilometres of deep sewerage tunnel and two new large pumping stations. Omur Akay, Senior Vice President of CH2M Hill Company, said in an interview for Khaleej Times that the company is keen to support Abu Dhabi Water and Electricity Authority (ADWEA) and ADSSC. "It is really important to execute a very fast track delivery schedule to meet the short- to long-term wastewater infrastructure needs of Abu Dhabi," said Akay.
"We believe this programme will play a very critical role in the implementation of Abu Dhabi's 2030 Urban Structure Framework Plan," he added. The team has been working on the development of initial plans for the last few months. "The STEP will benefit the city as it will be a relief for the critical parts of the existing system on Abu Dhabi Island [the Northern quadrant]," said Akay.
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.