Drake & Scull International announced it has been awarded the MEP contract of the chilled water plant for the Sahara Centre Shopping Mall expansion in Sharjah. The contract is valued at AED140 million and is expected to be completed by December 2009. (Gulf News)

According to the Department of Planning and Economy the value of FDI in Abu Dhabi is set to reach AED27 billion in FY08 compared to AED17 billion last year. (Emirates Business 24/7)

According to the deputy assistant secretary general, GCC states are set to decide next week the location of a regional central bank. The monetary union proposal agreement will be studied on September 17th by gulf central banks governors and finance ministers to get the council started after 3 states ratify the deal in order to set the council soon. The GCC monetary council would be established one month after all the Gulf governments have ratified the agreement. In a related news item, the Gulf Cooperation Council (GCC) revealed plans that’s it is currently working to align methods Gulf States use to calculate consumer price inflation in preparation for monetary union. (Gulf News & Emirates Business 24/7)

UAE Minister of Energy, Mohamed Dhaen Al Hamli, stated that OPEC ministers meeting today will not alter the oil supplies as the market remains well supplied. (Emirates Business 24/7)