A1SaudiArabia.com

DUBAI – Bahrains struggling national carrier Gulf Air, hit by falling passenger numbers, will shrink operations and seek cash from government funds, its chief executive said on Wednesday.

The move is in contrast to Middle East competitors such as Etihad, Qatar Airways and Dubai-based Emirates which have been expanding their networks.

“The downsizing will affect the network and affect the fleet,” CEO Samer Majali said. He said staff numbers would not be affected.

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DUBAI – A unit of Dubai Holding, a conglomerate owned by Dubais ruler, said Wednesday that it will repay $500 million in bonds maturing on February 1, while Fitch agency revised the rating of the group from negative to stable.

Dubai Holding Commercial Operations – a hospitality, media and property group – said in statement to Nasdaq Dubai financial market that it confirmed repayment of the $500 million maturing on February 1. The group “continues to meet its financial obligations as and when they fall due,” the statement said.

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ABU DHABI – Passenger traffic at the Abu Dhabi International Airport posted rose 3.9 percent in 2011 to a record-high 12.4 million, the Dubai-based Gulf News newspaper said on Thursday, quoting the Abu Dhabi Airports Company (Adac).

“The continuous increase in Abu Dhabi International Airports passenger traffic shows a true reflection of the growth that the emirate is witnessing in trade, industry and tourism, and illustrates the significant investment and vision by Adac in creating a world class airport,” it quoted Adac Chief Executive Officer James Bennett as saying.

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DUBAI, UAE – Etihad Airways, the fast-growing Gulf airline, agreed Wednesday to spend $20 million to buy 40 percent of the national carrier in the island country of Seychelles.

The deal with Air Seychelles is Etihads second investment in an overseas carrier in just over a month. The Abu Dhabi-based airline agreed in December to become the largest shareholder in Germanys second largest carrier, Air Berlin.

Wednesdays deal calls for the Seychelles government to pump another $20 million into Air Seychelles. Etihad has also agreed to provide the carrier with a $25 million loan to cover its cash needs and fund the development of its network.

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A man tries out a Nintendo 3DS portable game console at a Yamada Denki electronics retail store in Tokyo on Thursday. – Reuters

TOKYO – Nintendo Co. sank to losses for the April-December period, battered by a price cut for its 3DS handheld, a strong yen that erodes overseas earnings and competition from mobile devices such as the iPhone that offer games-on-the-go.

The Japanese video game machine maker behind the Super Mario and Pokemon franchises said Thursday it now expects to sell far fewer of its 3DS machines, which feature three-dimensional images. It is forecasting sales of 14 million machines for the fiscal year through March 2012, down from an earlier 16 million. Thats despite a price cut for the 3DS in August.

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By Fahoud Al-Harbi

Saudi Gazette

JEDDAH – A massive exhibition focusing on the Saudi tourism market is to be held in Jeddah next month. Over 200 local and international tourist companies will attend the event, which will be titled “Gateway to Tourism”.

Jeddah Chamber of Commerce and Industrys Tourist Committee Chairman, Prince Abdullah Bin Saud Bin Muhammad, said the tourism and travel exhibition will be held from Feb. 1-3.

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GENEVA, Switzerland – The first reviews of the Kingdoms trade policies since it joined the World Trade Organisation have begun at the WTO headquarters in Geneva. The Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al-Rabeah, is heading the Kingdoms delegation at the meetings which will run for three days.

In his opening speech Dr. Al-Rabeah said Saudi Arabia sees the review as a chance to enhance trade policy transparency.

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An incense burner made of sandstone dating back to the Nabataean period (1st century BC to first century AD). – AFP

BERLIN – Prince Sultan Bin Salman Bin Abdul Aziz, President of Saudi Commission for Tourism and Antiquities (SCTA), and Klaus Wowereit, Berlin Mayor, opened here Wednesday the Exhibition entitled “The Saudi Archeological Masterpieces through the Ages”. The three-month exhibition is hosted by the Pergamon Museum in Berlin, Germany.

The opening ceremony was attended by Saudi Ambassador to Germany Osama Bin Abdulmajeed Shobokshi, SCTA Vice President for Antiquities and Museums Affairs Dr. Ali Al-Ghaban and Undersecretary of the Ministry of Culture and Information for International Cultural Relations Saleh Al-Moghaileeth, in addition to more than 1,000 public and private figures and representatives from national and international organizations, as well as people from the field of heritage and culture from Saudi Arabia, Germany and other countries.

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By Saeed Al-Bahis
Okaz/Saudi Gazette

DAMMAM – Government project directors are to have their bank balances monitored under new anti-corruption legislation. The National Anti-Corruption Commission is also adding the heads of purchasing departments to its watch list. The officials will be forced to submit a clearance every three years to the commission.
A NACC spokesman said: “This will help us monitor the movement of public funds and stop officials abusing their powers to make money.”
The NACC is now urging civil society institutions to study the impact of corruption on social solidarity and development. It is also considering various ways to promote honesty amongst civil servants. __

By Mansour Al-Shehri

Okaz/Saudi Gazette

RIYADH – Security forces have foiled 220 terrorist operations which were about to be carried out by Al-Qaeda and other terrorist groups since 2003, a Ministry of Interior spokesman said Wednesday.

A large number of Al-Qaeda members therefore fled to nearby countries such as Yemen.

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