All Countries and All Sectors

With work set to begin on Kuala Lumpur’s Mass Rapid Transit (MRT) network this summer, its supporters hope that the 150-km rail system will ease transportation congestion in the capital and boost economic growth. However, some sceptics are doubtful that the project can deliver on all of its promises and think the money would be better spent on improving the existing system.

Although it is a relatively newcomer to the local economy, Abu Dhabi’s aerospace industry is proving admirably nimble in its development. As part of the emirate’s long-term development plan, Economic Vision 2030, which was released in early 2009, policy experts highlighted aerospace as one of the many areas in which they envisage future growth, with this expected to play a key role in efforts to diversify the economy away from its traditional mainstay, hydrocarbons.

Looking to boost investment in its key industrial sector, Sharjah is broadening the scope of its promotional activities, with these aimed at showcasing local manufacturers and the opportunities on offer in the emirate.

Despite sluggish global market conditions, banks in Ras Al Khaimah are showing strong returns. The National Bank of RAK (RAKBANK) posted a net profit of Dh1bn ($272.3m) for 2010, a 38.1% increase over 2009, according to year-end results released on January 30.

In a dramatic move on February 17, the state government halted bidding for a new 300-MW coal-fired power station in Lahad Datu, citing environmental concerns. Sabah Chief Minister Musa Aman told local press that, “Sabah needs to increase power supply to meet the increasing development, but the state cannot afford to put its natural environment at risk.” He noted that protecting Sabah’s environment was crucial for the growing tourism sector, particularly given the state’s efforts to promote nature tourism.

Once again signalling the government’s intent to realign the local labour market, officials announced on February 8 that the Kuwaiti Manpower Restructuring Programme has targeted the placement of 20,000 citizens in private sector jobs over the next two years. The announcement comes at a time of growth, when the country and wider region are beginning to shrug off the effects of the global economic crisis.