Kuwait building slump ends
Kuwait's construction industry came out of a slump in 2000 and is on its way to a healthy recovery, the National Bank of Kuwait (NBK) said in a report.
The growth in the construction sector was the only bright spot in non-oil gross domestic product (GDP), which grew by 3.8 per cent to KD5.51 billion ($18.46 billion) in 2000, the lowest growth since Kuwait's liberation in 1991, when the sector grew by 1.1 per cent, the NBK said, quoting preliminary statistics from the Ministry of Planning.
'Construction sector growth increased to 1.6 per cent after a 3.4 per cent contraction in 1999. The sector, which suffered in 1998 and 1999 due to a reduction in government investment spending, benefited from increased home-building activity and spending on public works,' the NBK said.
Kuwait's total gross domestic product (GDP) grew by almost 28 per cent in 2000 to KD11.59 billion, mainly on the back of higher oil revenues.
Oman cement industry recovers
Muscat: Increases in government expenditure and a moderate recovery in construction activities have helped Oman's cement industry to recover from last year's downturn, a press report said.
The demand for cement and cement products in Oman is now on the rise, the report said, adding prices in general had recovered by nearly seven per cent in the domestic market.
According to unofficial figures, the demand for cement in Oman is nearly 1.50 million tonnes per year against an installed capacity of 2 million tonnes.
Qatar bank HQ nearly ready
Doha: Qatar International Islamic Bank's new headquarters on the Grand Hamad Avenue in Doha will be ready by October.
The 10,000 sq m, seven-storey building is almost ready and only interior decoration remains to be done, said Abdulbasit Al Shaibei, QIIB general manager.
The building was constructed by Arab Engineering Bureau at a cost of QR24 million ($6.6 million). Interior decoration is being done by Abdulla Al Emadi of Jameel Contractors.
Mideast steel website grows
Dubai: Middle East steel site www.mesteel.com has grown to about 500 fully registered members within a few months, according to the company.
More than 70 per cent are in the UAE, where MEsteel started its sales campaign, it says. More countries will be added in the next months, it added.
Members are reported to post offers and inquiries online, and the first e-Steel orders have been concluded.
