A memorandum of agreement was signed Wednesday by Merapoh Resources Corporation Sdn Bhd and Kedah State Government, with the aim of developing a US$10 billion refinery project in Yan, Kedah.

It was put forth by the Merapoh Resources Corporation executive chairman, Md Nazri Ramli that the project consists of the development of a two-train refinery in Sungai Limau Hydrocarbon Hub (SULIH), with a total capacity of 350,000 barrels per day.

Yesterday, it was put forward by the data released by the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) that during the first half of the year, non-GCC investors were net buyers of shares in the UAE stock markets to the tune of Dh649 million.

The lion's share with non-GCC investors including Arabs and foreigners were taken by ADX at the end of the second half as net buyers of shares worth Dh600m. For the same category, DFM accounted for Dh49m.

Recently, the DMEDMELoading welcomed Dr. Fereidun Fesharaki and Mr. Anthony Loh as the new members of the DMEDMELoading Board of Directors.

Dr. Fesharaki, is also the Chairman of FACTS Global. He served as Energy Advisor to the Petroleum Minister of Iran in the late 1970's and for the last 30 years he has been associated with the East of Suez oil markets.

Mr. Loh has vast experience in capital markets in Asia. He has been associated in the running of the Asia Pacific operations for Commonwealth Bank of Australia, Bank Boston and Peregrine Fixed Income.

As per the media reports, a contract worth US$100 million has been awarded to Pakistani engineering company Descon Engineering in order to carry out the construction
of air separation units (ASUs) at Abu Dhabi Gas Industries (Gasco) at Ruwais in the UAE.

The company in charge of the project is Elixer, which is a JV between the state-owned hydrocarbons giant the Abu Dhabi National Oil Company (Adnoc) and German
contractor the Linde Group. It has been learnt that Descon will perform the job of a sub-contractor for Elixier. 

A Dh40 million safety improvement program has been unveiled by the Abu Dhabi Department of Transport for the Al Mafraq-Al Ghuwaifat Road, which ahs the reputation of the most dangerous in the UAE.

The UAE is linked to Saudi Arabia by this 327 highway only.

The main motive of the project is to boost traffic security along with bringing the road's safety features in line with international standards.

Contracts for the major gas projects in the Gulf emirate were awarded by Abu Dhabi Gas Industries Ltd (Gasco) valued at about $9 billion.

Consortium of Japan's JGC Corp (1963. T: Quote, Profile, Research) and Italy's Maire Tecnimont got contracts worth 17.3 billion dirham ($4.7 billion)

It has been decided by the low-cost Dubai-based carrier FlyDubai, which was supposed to begin its operations in India from July 13, to delay its operations there due to operational reasons.

Flydubai CEO Al Ghaith said in a statement: "Flydubai had planned to begin its operations to India with flight to Lucknow on July 13, Coimbatore on July 14 and Chandigarh on July 23, however, due to operational issues; we have had to delay these flights."