Nicosia, July 25: The value of construction projects in the oil-rich countries of the Gulf exceeds 1.8 trillion dollar, a study published in the latest issue of the Investors Magazine says.

Currently, the Gulf region is the most active in the world in terms of construction and development projects, prompted by an oil-fired boom.

Demand in all material used in construction is expected to reach unprecedented heights.

Some of the major projects being executed in the region include King Abdullah Economic City project in Saudi Arabia at a cost of USD 54 billion, Abdelaziz bin Mousaed Economic City, also in Saudi Arabia, at cost of USD 53 billion, and Khalifah City in Abu Dhabi at a cost of USD 40 billion.

Nicosia, July 22: The Iranian government announced today its decision to proceed with the privatization of ten power plants.

The process will start in two weeks time and will be completed by next March, the Minister of Energy Parviz Fattah told journalists.

Fattah said that gradually 80 power plants would be handed to the private sector and added: “At present, the privatization of ten power plants is being finalized. We have completed our part of the process and it is now up to the Ministry of Economy and Finance and Iran''s Privatization Organization to decide about the rest," Fattah told the Mehr News Agency.

Athens/Nicosia - The two leaders of the ethnically divided island of Cyprus will decide on July 25 whether to proceed to direct reunification talks, Cypriot President Dimitris Christofias said Tues

Nicosia  - Parliament in Cyp

Athens/Nicosia - The drought-stricken eastern Mediterranean island of Cyprus accepted its first water shipment from neighboring Greece on Tuesday in order to deal with a severe water shortage.

Nicosia, June 28: The Bank of Cyprus (BOC) - Eastern Mediterranean island of Cyprus biggest bank – has said it has clinched a deal to buy 80 per cent in Russia’s Uniastrum Bank for 576 million dollars as part of its strategy to expand abroad.

Andreas Eliades, Chief Executive Officer of the Bank of Cyprus, said that Uniastrum Bank, being the 9th largest banking network in Russia, would significantly strengthen BOC’s presence in targeted markets.