Bahrain to scrap subsidies

THE Bahrain government’s subsidies on asphalt are to be scrapped.

The price will be deregulated as of January 1 for lack of economic viability, the National Oil and Gas Authority announced.

“Accumulated asphalt subsidies have cost the public budget $68 million from 2009 until last October,” said Finance Minister and Minister in charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa.

Kaloti building a refinery

KALOTI Jewellery Group has broken ground on its 15,000 sq m gold and precious metal refinery which will be built at a cost of $60 million in the heart of Dubai’s gold and commodity
hub DMCC.

Kaloti, a leading gold and precious metals refiner and an international trading house, said the new Dubai Good Delivery precious metals refinery, will be one of the world’s largest with a capacity to refine up to 1,400 tonnes of gold and 600 tonnes of silver per year as well as PGMs and other metals.

Interface wins award

INTERFACE, a leader in the design and manufacture of carpet tiles, has won the ‘Most Sustainable Large Corporation’ title at the recent BGreen Awards ceremony in Dubai.

The event at Jumeirah Beach Hotel, was attended by more than 300 sustainability advocates including senior personnel, to recognise the sustainability initiative achievements of large and small organisations, said a statement from the company.

Dewa budget up $1.8bn

DUBAI Electricity and Water Authority (Dewa) has said it had increased its budget by Dh6.7 billion ($1.8 billion) for 2014 to pay for projects and purchases.

Dewa’s 2014 budget has been set at Dh20.56 billion compared with Dh13.835 billion in 2013. “Expenditures on projects and purchases will reach Dh7.057 billion,” the state-owned utility said.

Dewa did not say how it is going to finance the increase in the budget.