In part 2 of our interview with Peter Riddoch, CEO Damac Properties, we look at its recent controversy surrounding Palm Springs on Jebel Ali and how this has affected the company's reputation, and discuss other on-going projects in Dubai

Saudi Arabia has launched an initiative to set up a $1bn Opec fund and offered $500m in soft loans to help poorer countries cope with high oil prices. On the energy front, Saudi Oil Minister Ali Al-Naimi has said that the kingdom is willing to produce more than the 9.7 million barrels of oil a day for the rest of the year if the need arises. The kingdom also intends to invest a further $129bn in the energy sector in the coming five years according to the minister.

This is the newest super-luxury hotel in a European capital and brings standards of hospitality in Moscow to a higher level. The location, just behind Red Square, was formerly the site of an Intourist hotel that was demolished to make way for the 334-room Ritz-Carlton which opened a year ago.

The Hilton Jeddah, although often seen as a business traveller's hotel, was opulent enough that you would have been happy to stay there for a holiday. With its magnificent ground floor, large rooms and a choice of restaurants to dine in, it was easy to see why it is a popular hotel.

Six Senses Hideaway at Zighy Bay is a secluded resort in the Musundam, Oman accessible by car, boat and even a paraglider. Phil Blizzard took the twisting mountain road to discover this hotel resort built in the style of a traditional Omani Village.

Middle East airlines have so far shown little sign of being impacted by soaring oil prices, but as fuel costs continue to rise more carriers may soon follow the lead of Emirates, which has recently cut back on some of its routes.