Qatar to invite tenders for railway project

host of the 2022 soccer World Cup, will invite bids for early work on a 130 billion-riyal (Dh130 billion) railway and metro system in the next two months, Geoff Mee, Qatar Railways Co's deputy chief executive officer, said. "We will start to invite people to come forward to discuss it with the intention we go to full contracts in the early part of next year," Mee said on the sidelines of the MEED Transport conference in Doha yesterday. Ten packages worth between $1 billion and $1.5 billion will be awarded for tunnels and metro stations in the second quarter of next year, he said. Most of the network will be operational by 2021, Abdullah Al Subaie, managing director of Qatar Railways Co, said yesterday. Qatar is using revenue from the world's third-biggest natural gas reserves to transform itself into a centre for culture, education and sport. IFA Hotels Kuwait-based IFA Hotels and Resorts said on Monday that a consortium led by the company has secured financing worth $240 million to acquire Yotel New York property from its developer. The financing of Yotel was led by US-based private investment firms Atrium Holding Co with co-funding from private equity firm Centerbridge Partners, the company said in a statement. The acquisition of the property from the developer Related Co happened simultaneously with the financing, bringing the total value of the transaction to $315 million. The Yotel in Manhattan New York, which opened to guests on June 3, is the fourth of the hotel chain after openings at Heathrow, Gatwick and Schiphol airports. IFA is the majority shareholder in Yotel. Union Properties Union Properties PJSC, a UAE developer, said it paid back Dh700 million ($191 million) in debt after receiving Dh1.1 billion from the sale of the Ritz Carlton Hotel in Dubai, the company said in a statement to Dubai's bourse yesterday. The developer said it finalised the sale of the hotel at the Dubai International Financial Centre on November 8. Doosan Heavy Doosan Heavy Industries & Construction Co won a $281.5 million order to supply power plant equipment for a Hanwha Engineering & Construction Corp. project in Saudi Arabia, according to a regulatory filing yesterday. Ezz Steel Ezz Steel, Egypt's biggest producer of the metal, had its price estimate raised to 13.50 Egyptian pounds from 13 pounds at Citigroup Inc. Citigroup also increased the share-price estimate of El Ezz Aldekhela Steel to 690 pounds from 685 pounds, according to a report to clients. Al Khaliji bank Qatar's Al Khaliji Commercial Bank slumped to a 2011 low after the lender said a proposed merger with International Bank of Qatar will not proceed, weighing on Doha's index. Al Khaliji's shares fell 7.1 per cent, tumbling to their lowest close since December 21 after the two banks failed to agree on terms for the deal, Al Khaliji said in a statement. IBQ is not listed. Qatar Telecom Qatar Telecom says it plans to comply with an order by Doha's telecommunications regulator to shut down a mobile phone service affiliated with Richard Branson's Virgin brand. Qatar Telecom, known as Qtel, said yesterday that it will move customers on its Virgin Mobile service to another service it offers, forcing users to swap out their existing SIM cards or seek refunds for existing prepaid balances on their telephones. Qatar's telecom regulator ictQatar ordered Virgin Mobile closed down because it says Qtel misled customers in marketing Virgin Mobile services and engaged in anti-competitive practices. DGCX DGCX volumes in May rose 70 per cent year-on-year to 237,920 contracts valued at $11.76 billion, the highest monthly value ever recorded on the exchange. Precious metals and Indian rupee futures were the standout performers during the month. Year-to-date volumes on the exchange climbed 55 per cent to 1,148,833 contracts while year-to-date average daily volumes also rose 53 per cent to 10,941 contracts. Gold futures sustained their solid growth this year to rise 39 per cent year-on-year to 60,638 contracts. Silver futures increased 46 per cent to 7,937 contracts.