Bahrain's minister of oil and gas affairs said the planned expansion of the kingdom's Bapco plant would cost over $2bn, reported Reuters. Abdul Hussain Bin Ali Mirza said plan aims to boost capacity at Bahrain's only refinery by 100,000 barrels per day. The refinery currently has a capacity of around 260,000 bpd.

Petrol stations in Dubai will raise diesel prices by 1.50dhs per gallon from tomorrow, Gulf News has reported. The move, which reflects the current soaring oil prices, will bring the total cost per gallon to 18.50dhs.

Shaikh Ahmed bin Saqr Al Qasimi, Chairman of Ras Al Khaimah Customs and Ports Department, inaugurated the second Ras Al Khaimah Real Estate & Investment Show (RAK REIS) at the Ras Al Khaimah Exhibition Centre. RAK REIS that attracted the UAE's leading real estate developers, is showcasing Dh35 billion worth of realty projects, including some of the mega projects currently underway in Ras Al Khaimah.

Shaikh Ahmed said: "Ras Al Khaimah has emerged as one of the most sought after destinations for real estate and property investments in the region, with the emirate offering a rich and varied portfolio of mega tourism, residential and commercial projects. The Government of Ras Al Khaimah considers the property sector as a vital element in its development strategy and has created an optimum environment for investment through reforms in property ownership laws and focusing on infrastructural improvements in the emirate".

The event in Ras Al Khaimah aims to help investors tap into the thriving realty sector in the northern emirates. The exhibition will last till May 26.

Dubai Real Estate Corporation (DREC), the government-owned corporation that owns and manages all properties under the name of the Dubai government, has announced the establishment of ‘wasl', an Asset Management Group to oversee its rapidly expanding asset portfolio. ‘wasl' will focus on the Project Management, Property Management, Hospitality and Investment.

HE Ahmad Bin Byat, Chairman, DREC said, "Growth is paramount in Dubai's mandate for the real estate sector. As an organization that manages a sizeable land bank for Dubai, DREC and its new subsidiary, wasl will contribute to the city's strategic goals for the sector and beyond. What makes this launch even more noteworthy is that wasl will take the key experiences from Dubai's real estate sector growth to new levels of innovation and excellence."

wasl's project management capability will cover Residential, Commercial, Retail, Light-Industrial, Public Utilities, Educational Institutions, Leisure and Entertainment sectors. The divisions are expected to eventually operate as independent business units, while remaining committed to wasl's global benchmark of business excellence in day-to-day operations.

Al Barakah Group, Dubai-based  real estate group with a project portfolio of more than Dh8 billion, has announced the launch of ‘Manara Ajman', the tallest tower in Ajman, one of the fastest growing real estate cities in UAE. The 95-storey tower is a part of the Dh4 billion mixed-used development in Marmooka City that is being developed by Al Barakah group.

Imran Khan, CEO, Al Barakah, said, "The Crest is Al Barakah's most ambitious project till date and an iconic development in itself that gives Ajman its tallest tower, Manara Ajman".

Manara Ajman would be part of a larger multi-towered real estate project, The Crest. Envisioned to be an iconic development and the home of the tallest tower in Ajman, the Crest is being considered the most exclusive and desirable address in the entire Marmooka development. The Crest would offer freehold residential, commercial and retail space along with modern leisure, lifestyle, well-being, entertainment and fine dining opportunities.

Manchester United beat Chelsea 6-5 in a rain-soaked penalty shootout to win the European Champions League title Wednesday night following a 1-1 tie.

In the first final between two English teams, Edwin van der Sar batted away Nicolas Anelka's drive on the 14th kick to give Manchester United its third Champions League title. This championship, following titles in 1968 and 1999, came in the 50th anniversary year of the plane crash that killed eight United players in Munich, Germany.

Cristiano Ronaldo had scored in the 26th minute for Manchester United, his 42nd goal of the season. Frank Lampard tied it for Chelsea in the 45th at Luzhniki Stadium, pointing both hands skyward in honor of his mother, who died last month.

Ronaldo, considered by many Europe's top player this season, was stopped by goalkeeper Petr Cech on United's third penalty kick. That gave the advantage to Chelsea, which has never won Europe's top club title.

In these hallowed halls, Indiana Jones almost seems out of place.

A banner with a two-dimensional cutout of the swashbuckling archaeologist swings through the lobby of Industrial Light and Magic, where life-size replicas of Darth Vader and Bobba Fett from "Star Wars" stand guard.

The home of George Lucas' visual effects company is a high-tech temple to everything from the dinosaurs in "Jurassic Park" to the talking robots in "Transformers." But Indy can't take credit for the digital wizardry for which ILM has become famous over the last couple of decades.

Not yet, anyway. That's because he hasn't been around for 19 years, a time in which special effects has mostly migrated from soundstage to server.

Dubai Gold and Commodities Exchange (DGCX) will start trading two crude oil futures contracts from May 27. The new contracts will be based on the world's two most significant crude oil benchmarks: West Texas Intermediate Light Sweet Crude (WTI) Oil and Brent Crude Oil (DBRC), said Malcolm Wall Morris, CEO of the Dubai-based futures exchange. A fee waiver will be in place for the DBRC and WTI Crude futures contracts from launch through to 26th August 2008.