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GCC TodAy


GCC and the world


UAE BoosT for rolls-royCE


Rolls-Royce Motor Cars witnessed a 70 per cent increase in uaE business this year, said the firm’s CEo at the Dubai Motor show. The premium uk carmaker also saw 30 per cent growth across the region this year. “our biggest market is the us,


followed by China, the uk and the uaE. The Middle East contributes between 12 per cent to 15 per cent to global Rolls- Royce sales,” said Torsten Müller-Ötvös,


SOAPBOX


“i know the difficulties, the negatives, the positives, i will not hang on to power. whoever hangs on to power i think is crazY.”


Yemen’s President ali abDullah saleh told France 24 television that he would leave office within 90 days of an agreement with the GCC.


oman oil, gs eps deal


The oman oil Company and south korea’s gs Eps have signed an agreement with the korean province of Chungnam to build the fourth phase of the Dangjin power plant at a cost of $536 million. The facility isn’t expected to come on stream until the end of 2014 and it will have an output of 800 megawatts. oman oil holds a 30 per cent share in the plant,


while gs Eps owns the remaining 70 per cent and is the operator.


CEo, Rolls-Royce Motor Cars. “Dubai is now our biggest market in the world for customisable cars, nearly all the cars in the uaE are tailor-made.” Last year Rolls-Royce sold 2,711 cars


globally, and this year the CEo expects to sell 3,000 cars on the back of heightened consumer confidence and increased emerging markets demand. “Between 2010 and 2011 people were more comfortable with the economy,


but predicting future developments is difficult as we are not immune to global economic shake-ups,” said Müller-Ötvös. Rolls-Royce is part of the BMw


group, along with Mini. The german holding firm recently posted impressive financial results, claiming the strongest third quarter in its history. BMw’s Q3 pretax profit jumped 21 per cent to $2.26 billion, beating analyst estimates.


STATS Dhs1 billion


ThE aMounT ThaT wiLL BE invEsTED To RELoCaTE ThE 2013 DuBai aiRshow To a nEw vEnuE aT DuBai woRLD CEnTRaL.


Mideast group buys Uk hotels


Capital hill hotels, an unnamed Middle East investor with a worldwide portfolio of hotels, has purchased two more in London’s west End – The sanderson and the st Martins Lane hotel for around $300 million. Morgans hotels group, the 50 per cent owner of the


properties alongside an affiliate of walton street Capital, will continue to manage the hotels on a long-term basis as part of the deal. The deal should be completed before the end of the year.


guLf BusinEss / 21


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