MUSCAT – In a major move to boost tourism, the Omani government launched a OR310 million ($805 million) resort project stretching along miles of virgin beachfront just west of the capital. The resort will include a marina, golf course, and luxury hotels and apartments.

    ETHIOPIA UNVEILS HYDROELECTRIC PROJECT

ADDIS ABABA – The Ethiopian prime minister and other senior officials inaugurated a massive new hydroelectric power plant, increasing the country’s total power generation by almost a third. The 184 megawatt plant is located in Gilgel Gibe, some 250 kilometers (155 miles) southwest of the capital Addis Ababa. BAHRAIN BANK SIGNS $100MN LOAN FACILITY

MANAMA – Bahrain-based Gulf International Bank, a leading regional merchant bank, said it had signed a $100 million syndicated loan with Kuwait’s Commercial Facilities Company. The four-year loan will be used for general corporate purposes. BAE INJECTS CASH INTO OASIS INTERNATIONAL LEASING

ABU DHABI – Defense and aerospace giant BAe Systems is to pump $10 million into aircraft leasing firm Oasis International Leasing. The cash injection is a loan convertible into shares when a planned rights issue takes place, Oasis announced. At the end of 2003, Oasis’ asset portfolio included 21 aircraft on lease to major regional and international flag carriers. DUBAI PROPERTY GROUP TO OPEN HOTELS WITH ARMANI

DUBAI – Giorgio Armani SpA and Dubai’s EMAAR Properties announced that they had signed a letter of intent to create a worldwide collection of Armani luxury hotels and resorts. The letter outlines the opening of 10 hotels and four vacation resorts within seven years. AL HOLDS INVESTMENT FORUM FOR SOUTHERN SUDAN

CAIRO – The Arab League held its first investment conference on southern Sudan, part of its efforts to make unity more attractive to southern rebels while peace talks are under way. About 200 Arab businessmen participated in the investment and development conference, which included a Sudanese government delegation but no representation by the rebel Sudan People’s Liberation Army.