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MEED
April 2010 Online Content

View all stories from this issue.

  • Emaar profit beats expectations

    Profit driven by Emaar’s hospitality and mall divisions

  • Iraq cuts signature bonuses for two oil field deals

    Oil Ministry cuts bonuses for West Qurna-1 and Zubair fields

  • Aabar and Arabtec call off acquisition

    Aabar was planning to take a 70 per cent stake in Arabtec

  • Aabar Investments establishes property unit

    Abu Dhabi's Aabar Investments has said it has formed a real estate subsidiary, just days after agreeing to call off its $1.7bn deal to buy a majority stake in construction firm Arabtec, Reuters has reported. 'Aabar Properties is committed to developing the extensive real estate portfolio invested by Aabar Investments,' it said in a statement.

  • Aabar Investments to issue $2bn of convertible bonds

    Bonds will be issued to Abu Dhabi’s International Petroleum Investment Company

  • Aabar invests in Dead Sea hotel project

    Abu-Dhabi based Aabar Investments has invested Dhs155m into a joint venture with Jordan's Dead Sea Touristic and Real Estate Investment, The National has reported. The joint venture will own a convention centre in the Dead Sea Valley, and a hotel will begin construction of a hotel.

  • Aabar's to issue $2bn convertible bonds to IPIC

    UAE-based Aabar Investments has said its planned $2bn convertible bonds sale will be made to International Petroleum Investment Co, Reuters has reported. In a regulatory filing, Aabar said it was mulling convertible bonds worth up to Dhs7.35bn at a conversion price of Dhs2.5 per share. The bonds are being issued for general corporate purposes, Aabar said.

  • ABB wins $108m substation order in Saudi Arabia

    Substations scheduled for completion by 2012

  • ABN Amro targets Middle East private banking clients

    Dutch bank moves private banking operations to Dubai

  • ABN AMRO to move Mideast private banking business to DIFC

    Abn Amro Bank has received to the required license from the Dubai International Financial Centre to move its Middle East Private Banking operations to the DIFC. The Category 1 licence will allow the Dutch lender's private banking business to offer services including accepting deposits, providing credit, offering a variety of trust, custody and investment services, as well as investment advisory and collective investment fund activities, among others.

  • Abu Dhabi airport sees 13.8 per cent increase in traffic

    Total volume of cargo handled at the airport also increased in the first three months of 2010

  • Abu Dhabi Airports Company appoints new chief executive

    James Bennett will take over the role on 1 June

  • Abu Dhabi company acquires German shipyard

    UAE’s Abu Dhabi Mar acquires Bloom & Voss yards in Hamburg

  • Abu Dhabi hotels drop rates in price war

    Some luxury hotels in Abu Dhabi hotels are offering rooms for less than four-star competitors amid oversupply in the emirate, the National has reported. Emirates Palace is offering rooms for as little as Dhs600 ($163) a night for a five-night stay, or Dhs900 for a two-night stay. By comparison, the four-star Holiday Inn was charging Dhs675 a night for weekdays, while the three-star Novotel was charging Dhs550 a night.

  • Abu Dhabi inspects safety conditions in schools

    Abu Dhabi Education Council (Adec) is conducting regular inspection visits to all Abu Dhabi public schools, as part of a comprehensive project to inspect health and safety conditions at schools, Khaleej Times has reported. The School Health and Safety Project (HSP) is implemented in collaboration with North America Safety Consultants (NASC) and includes a field surveillance of all public schools to identify their conformity with local and international health and safety conditions, as well as

  • Abu Dhabi Investment House posts $5m profit in 2009

    Abu Dhabi Investment House has posted Dhs17m ($5m) in net profit for 2009. Total income for 2009 was at Dhs207m ($56m) achieving net profit of Dhs17m ($5m). Total assets rose by 4% compared to year 2008 to reach Dhs1599m ($435m), Adih said.

  • Abu Dhabi invites firms to prequalify for Al-Bateen wharf works

    Contractors have until 8 April to express interest

  • Abu Dhabi jails two for health fraud

    Two people have been jailed in Abu Dhabi for two months for fraudently obtaining health insurance cards for people, The National has reported. The Abu Dhabi Court of Misdemeanours also ordered the deportation of the defendants, who used forged documents to help people to procure the cards. It is the first time anyone in the emirate has been imprisoned for a health-related fraud.

  • Abu Dhabi receives bids for Capital City District consultancy role

    At least four firms have submitted bids for the contract

  • Abu Dhabi receives bids for Louvre substructure

    The $1bn museum will be built on Saadiyat Island

  • Abu Dhabi receives bids for Sowwah Island Bridge

    At least five contractors have submitted bids

  • Abu Dhabi receives bids for the Shamkha South development

    About 20 firms are believed to be competing for the $2.4bn contract

  • Abu Dhabi school to adjust excess fee in next term

    Munira Abu Bana, principal of Emirates Future International Academy in Mussafah has said that increased school fees paid by parents will be adjusted in the next payment term, following an instruction from the Abu Dhabi Education Council (Adec) to roll back the hike, Khaleej Times has reported. Parents have complained about exorbitant fees they said were being charged by the school for the new term, as well as, other issues like quality and security. "They should charge no more than the same f

  • Abu Dhabi sets up rent panels

    The government of Abu Dhabi has set up special committees to settle rent disputes between landlords and tenants, Wam has reported. The committees include the Committee of First Instance (rent committee), Committee of Appeal and Committee of Cassation. The committees will implement a 2006 legislation on renting real estate and regulating the relationship between landlords and tenants. Another committee to settle disputes has also been set up in Al Ain.

  • Abu Dhabi shuts down two pharmacies

    The Health Authority - Abu Dhabi (Haad) has shut down a number of medical facilities and professionals for violating the rules and regulations of the healthcare system in the emirate, Gulf News has reported. The move followed recommendations by the Medical and Pharmaceutical Licensing Committee. Haad closed down two pharmacies for one month and withdrew two pharmacists' licenses and suspended another pharmacist for one month due to exchanging and buying counterfeit medicine.

  • Abu Dhabi starts first enhanced oil recovery project

    Carbon dioxide supplied by Praxair Gulf Industrial Gases

  • Abu Dhabi to build new convention centre

    The local Al-Fara’a wins construction contract for the first phase of Al-Ain project

  • Abu Dhabi to close six 'villa schools'

    Eighteen months after education authorities vowed to close all ageing "villa schools", the municipality Abu Dhabi education authorities have announced that they are shutting that six 'villa schools' for failing to meet new health and safety standards, the National has reported. The move will affect thousands of children at the six schools. Pioneers International Private School, the Azhar Palestine School, Al Sahaba Private School and KG, Al Mashreq Private School, the Cultural Private School

  • Abu Dhabi to tender for nuclear legal advisers

    Financial adviser set to be appointed soon

  • Abu Dhabi trade surplus falls

    The Abu Dhabi Department of Economic Development has said the emirate's foreign trade surplus had dropped 12.9% to Dhs237.3bn ($64.62bn) in 2009, as oil export income slipped due to the global economic downturn, Reuters has reported. Oil export income dropped 11% to Dhs313bn last year, after jumping 39% in 2008. Exports of Abu Dhabi fell 8.7% to Dhs331.2bn last year compared with 2008. Oil exports account for 95% of the overall figure.

  • Abu Dhabi University in medical training deal

    The professional training and development arm of Abu Dhabi University, the Abu Dhabi University Knowledge Group, has partnered with the UK-based Advanced Medicine Group, to develop applied research models aimed at addressing critical training requirements in the UAE medical and emergency fields. The strategic partnership will include designing large-scale training initiatives such as health and safety training, first responder training, and pre-hospital care training for medical professionals

  • Abu Dhabi villa schools to lodge complaint

    The six villa schools in Abu Dhabi which have been ordered to close by the end of the current academic year in June will approach the judicial and administrative authorities to scrap the order, Khaleej Times has reported. 'The six schools have lodged a complaint with the Abu Dhabi Chamber of Commerce and Industry as they are administratively run by it,' Lamiaa Al Madfaji, principal of Al Sahel (The Coast) Private schools told the daily. 'A joint meeting was held by the school management and t

  • Abu Dhabi’s Finance House records $8.4m profit

    Profit is driven by the company’s core business

  • Abu Dhabi's Mushrif Mall to open in Q4

    Abu Dhabi's 180,000 square-metre Mushrif Mall, which is expected to cost at least Dhs1.2bn ($326.7m), is expected to open in the fourth quarter of 2010, The National has reported. The mall is being developed by Line Investments and Property, a division of the Emke Group. Mushrif Mall was originally due to open this month, but that was pushed back until after the summer due to construction delays. It will now open to coincide with its clothing stores' autumn-winter collections, according to Yu

  • Acciona and Kuwait Finance House bid low on Muharraq wastewater

    Six bidders submitted proposals for the Bahrain scheme

  • ADAC appoints new CEO

    Abu Dhabi Airports Co has announced the appointment of James E. Bennett as its chief executive officer. Bennett, who was president and CEO of the Metropolitan Washington Airports Authority (MWAA) since 2003, will take over from the acting CEO, John Stent, on June 1.

  • Adac sees Duty Free sales increase

    Abu Dhabi Airports Co (Adac) has announced that duty free sales have seen an increase of 26.1% in the first quarter of 2010, Gulf News has reported. Chief Commercial Officer for Adac, Huraiz Almur Bin Huraiz, said: "We are encouraged by the first quarter results and to be 12.3% ahead of passenger growth in turnover reinforces our strategy to continue to drive penetration, conversion and spend with our retail partners."

  • ADCO to test CO2 injection project

    An enhanced oil recovery project has been initiated by Abu Dhabi Company for Onshore Oil Operations (Adco) to test the injection of carbon dioxide (CO2) into pilot wells in a carbonate reservoir in Abu Dhabi. Praxair Gulf Industrial Gases, an Abu Dhabi-based subsidiary of Praxair, Inc is supplying the required CO2 and injection operations under a contract with Abu Dhabi Future Energy Co (Masdar).

  • ADIA names Sheikh Hamed Al Nahyan as chief

    The Abu Dhabi Investment Authority has appointed Sheikh Hamed bin Zayed al Nahyan as its managing director, succeeding the late Sheikh Ahmed bin Zayed al Nahyan, Bloomberg has reported. Sheikh Hamed currently heads the Abu Dhabi Crown Prince's Court and is chairman of the Higher Corporation of Specialized Economy Zones. He is the half brother of Sheikh Khalifa bin Zayed al Nahyan, president of the United Arab Emirates, and a brother of his predecessor Sheikh Ahmed.

  • Adnoc boosts crude prices by 5%

    The Abu Dhabi National Oil Co (Adnoc) has raised selling prices for March crude more than 5% to the highest since November. Adnoc increased the price for Murban crude, its largest export grade, to $78.3 a barrel, while the price for Upper Zakum crude was raised by $3.7 a barrel, or 5.1%, to $76.25 a barrel.

  • ADX climbs 0.62%

    The Abu Dhabi Securities Index gained 0.62% to 2,865, led by the Real Estate sector, which gained 1.58%. Aldar Properties, which was the most widely traded stock by value, climbed 1.53% to Dhs4.63. The most widely traded symbol by volume, Dana Gas, rose 1.09% to Dhs0.92. Overall, 17 stocks ended higher, while 10 closed lower.

  • ADX dips 0.15%

    The Abu Dhabi Securities Exchange slipped 0.15% to 2,805 today, led by the Consumer sector, which fell 1.95%. Qtel had the day's biggest rise, moving up 8.34% to Dhs174.00. Overall, 14 stocks fell and eight ended higher.

  • ADX dips 0.19%

    The Abu Dhabi Securities Index dipped 0.19% today to close on 7,815, led by the Consumer sector, which fell 1.63%. Union Cement had the day's biggest gain, rising 6.38% to Dhs1.50. Abu Dhabi Ship Building had the day's biggest loss, tumbling 7.50% to Dhs3.33.

  • ADX drops 0.66%

    The Abu Dhabi Securities Exchange slipped 0.66% to 2,812 today, with 18 stocks falling and five rising. Real Estate, which gained 0.48%, was the only sector to end higher. Market heavyweight Sorouh Real Estate was the day's big gainer, rising 3.36% to Dhs2.46. National Bank of Fujairah had the day's biggest loss, falling 9.91% to Dhs5.00.

  • ADX drops 0.90%

    The Abu Dhabi Securities Exchange dipped 0.90% today to close on 2,777, led by the Real Estate sector, which fell 4.94%. Market heavyweight Aldar Properties tumbled 5.30% to Dhs3.92. Abu Dhabi Commercial Bank had the day's biggest loss, falling 8.60% to Dhs1.72.

  • ADX edges lower

    The Abu Dhabi Securities Index nudged down 0.03% today to 2,777, with 13 stocks rising, nine falling, and nine unchanged. Gulf Cement was the day's big gainer, rising 9.57% to Dhs2.06. while constrution was the best performing sector, climbing 3.20%. Taqa fell 5.74% to Dhs1.15.

  • ADX edges lower

    The Abu Dhabi Securities Exchange dipped 0.27% today to 2,803, led by the Healthcare sector, which fell 6.40%. Market heavyweight Dana Gas gained 1.12% to Dhs0.89. The day's big gainer was NBAD Subordinated Convertible Notes, which rose 9.84% to Dhs78.00.

  • ADX edges lower

    The Abu Dhabi Securities Index edged down 0.39% today to 2,810, led by the Consumer sector, which fell 3.96%. National Bank of Um Al Qaiwain was the day's big gainer, rising 9.36% to Dhs2.71. The Bank of Sharjah had the biggest loss, falling 6.87% to Dhs1.72.

  • ADX edges lower

    The Abu Dhabi Securities Exchange dipped 0.13% today to close on 2,844, with 19 stocks falling and nine rising. Market heavyweight Dana Gas fell 1.11% to Dhs0.88, while fellow market leader Aldar Properties dropped 1.30% to Dhs4.56.

  • ADX edges up

    The Abu Dhabi Securities Exchange (ADX) rose 0.24% to 2,821.82, with 17 stocks rising, 11 falling and three holding steady. Abu Dhabi National Hotels (ADNH) was the day's biggest gainer, moving up by 9.07% to Dhs3.85. Ras Al Khaimah Poultry and Feeding Co (RAPCO) suffered the biggest losses, moving down 7.14% to Dhs1.95.

  • ADX falls 1.68%

    The Abu Dhabi Securities Exchange (ADX) fell 1.68% on its last day of trading of the week, going to 2,859.57. Nine stocks fell, 14 rose and eight held steady. Finance house was the day's biggest faller, going down by 9.19% to Dhs4.15. Agthia was the day's biggest gainer, moving up by 5.79% to Dhs2.03.

  • ADX gains 0.22%

    The Abu Dhabi Securities Index dipped 0.22% today close on 2,853, with six stocks advancing and 16 falling. The Health Care sector, which moved up 3.04%, was the only sector to end higher. Gulf Pharmaceutical was the day's big gainer, rising 6.67% to Dhs2.08.

  • ADX gains 0.39%

    The Abu Dhabi Securities Exchange (ADX) gained 0.39% today to close on 2,848, led by the Telecommunications sector, which gained 0.95%. Qtel had the day's biggest loss, falling 3.27% to Dhs145.00. Market heavyweight Etisalat gained 0.95% to Dhs10.75. Overall, seven stocks ended higher and 16 closed lower.

  • ADX holds its level

    The Abu Dhabi Securities Exchange (ADX) rose by 0.04% to 2,860.73, with 12 stocks rising, 10 falling and five holding steady. Methaq Takaful Insurance was the day's biggest riser, moving up by 4.01% to Dhs2.87. Union Cement was the day's biggest loser, falling 9.43% to Dhs1.44.

  • ADX moves up 0.86%

    The Abu Dhabi Securities Exchange (ADX) moved up by 0.86% to 2,847.68, with 21 stocks rising, five falling and three holding steady. Qtel was the day's biggest gainer, moving up by 4.84% to Dhs158. Al Dhafra Insurance Co was the day's biggest faller, going down by 3.23% to Dhs4.50.

  • ADX nudges lower

    The Abu Dhabi Securities Index fell 0.19% today to 2,859, led by the Industrial Sector, which fell 2.58%. Market heavyweight Aldar Properties dipped 1.29% to Dhs4.55, while fellow market leader Dana Gas slipped 1.08% to Dhs0.92. Overall, 21 stocks ended lower and 11 closed higher.

  • ADX posts slight rise

    The Abu Dhabi Securities Exchange (ADX) rose 0.11% to 2,856.66, with 13 stocks rising, 15 falling and seven holding steady. Abu Dhabi Aviation Co was the day's biggest riser, going up by 9.66% to Dhs2.27. International Fish Farming Holding (Asmak) had the biggest losses, going down by 9.44% to Dhs15.30.

  • ADX rises 0.54%

    The Abu Dhabi Securities Exchange gained 0.54% today to close on 2,820, with 14 stocks rising and 11 falling. Construction, which dipped 0.07%, was the only sector to end lower. The most actively traded stock by value and by volume, Aldar Properties, gained 0.48% to Dhs4.18.

  • ADX slips 0.74%

    The Abu Dhabi Securities Exchange (ADX) fell 0.74% to 2,823.44, with 14 stocks falling, eight moving up and six remaining unchanged. Umm al Qaiwain Cementwas the day's biggest gainer, moving up by 6.76% to Dhs0.79. National Bank of Umm Al-Qaiwain was the day's biggest faller, going down by 9.63% to Dhs2.72.

  • ADX slips 0.83%

    The Abu Dhabi Securities Exchange (ADX) dropped 0.83% today to close on 2,836, led by the Telecommunications sector, which dipped 2.78%. Gulf Cement had the day's biggest loss, falling 3.83% to Dhs2.01. Overall, 13 stocks ended lower while nine closed higher.

  • ADX slips 0.99%

    The Abu Dhabi Securities Exchange (ADX) fell 0.99% to 2,828.35, with only three stocks rising, two holding steady and 22 falling. RAK Ceramics Co, First Gulf Bank and Abu Dhabi Islamic Bank were the only rising stocks, moving up by 1.72%, 1.07% and 0.32% to Dhs1.79, Dhs18.80 and Dhs3.10 respectively.

  • ADX, Turkish bourse may form joint indices

    The Abu Dhabi Securities Exchange and its Turkish counterpart, Istanbul Stock Exchange, have signed an agreement which could see the launch of joint indices, dual listings and creation of new instruments, Khaleej Times has reported. 'The scope of cooperation includes capital markets related information exchange, as well as technical assistance and employees exchange schemes through the secondment of staff to enhance mutual understanding for each party's activities,' Rashid Al Baloushi, deputy

  • Afrexim to increase loan size after oversubscription

    Deal is scheduled to close on 30 April

  • Afrexim to launch $250m loan deal

    Egypt-based bank will launch deal on 8 April

  • Afriqiyah Airways to increase flights between Dubai-Tripoli

    Libya's Afriqiyah Airways has said it will increase the frequency between Dubai and Tripoli from 4 flights to 6 flights a week beginning this summer. The airline said it has long-term plans to operate from Dubai to various points in the Indian sub-continent and Far East, namely Dhaka, Mumbai and Manila.

  • Agility delays posting results

    Agility the Middle East's largest storage and logistics company, has said that it has delayed announcing its 2009 results, pending a settlement to a contract dispute with the US military, Bloomberg has reported. The Kuwait-based firm said it may seek suspension in trading on its shares on the Kuwait Stock Exchange from today.

  • Agility, US near deal on fraud case

    The US government has said it is close to a deal with Kuwaiti logistics firm Agility over accusations of defrauding the US military in the Middle East on multibillion-dollar supply contracts, Reuters has reported. 'It is anticipated that an agreement in principle on an administrative resolution will be reached early next week,' US prosecutors said in a court filing.

  • Agility's Q4 profit rises 22%

    Kuwait's Agility has said its Q4 net profit rose by 21.8% to KD40.9m, compared to KD33.6m in the corresponding quarter of 2008. Full-year net profit stood at KD156.4m, compared with KD141m in 2008. Meanwhile, Agility said it continues its discussions with the US government to resolve the current legal cases with the US Department of Justice. 'However, there is no guarantee that the parties can reach a mutually agreeable settlement,' the logistics firm said in a statement.

  • Air Arabia delays launch of Egypt hub till May

    Adel Ali, chief executive of the Arab world's largest budget carrier, Air Arabia, has announced that the airline will open its third hub in Alexandria, Egypt in May instead of April as previously planned. 'We have yet to get final clearance to operate from Alexandria, and will not begin flights from the new hub this month as originally planned,' Ali said.

  • Air France-KLM launches new flights, routes from UAE

    Air France-KLM increases its flight frequencies out of the UAE this summer, with both airlines (Air France and KLM) operating flights from Dubai and Abu Dhabi, from May 2010. The total combined number of flights from the UAE will increase from 28 to 30 per week with the 2010 summer programme. In addition to the new Abu Dhabi-Paris route, new day/night flight options for Dubai passengers and the choice of a new class of cabin - Premium Voyageur will be offered.

  • Al Futtaim Carillion wins $32m Ikea deal

    Abu Dhabi-based developer Aldar Properties has awarded Al-Futtaim Carillion an estimated Dhs120m ($32m) contract to build a new Ikea furniture store on Yas Island in Abu Dhabi, Meed has reported. The 29,642 square metre retail outlet will be the retailer's largest store in the Middle East, and will have a total sales area of 18,100 sq m, a 2,100 sq m restaurant with 600 seats, and a parking structure with 1,563 parking spaces.

  • Al-Ahliyya Amman University inks US student deal

    Al-Ahliyya Amman University, in cooperation with US-based study abroad program provider, International Studies Abroad, plans to launch a new study abroad opportunity for North American university students in the kingdom. Scheduled to start in the spring of 2011, the program is the only one in the country that allows US students to take classes alongside Jordanian students through a US program provider.

  • Alam Steel to expand in region

    Dubai-based Alam Steel has partnered with South Africa's Macsteel to invest into multiple service centres around the region to provide customised steel plates to the oil and gas industry, Gulf News has reported. The first centre, based in Dubai's Jebel Ali Free Zone, will see construction begin by the end of this year.

  • Alaqaria's profit holds steady in Q1

    Qatar Real Estate Investment Co (Alaqaria) has posted QR64m ($17.59m) in Q1 net profit, compared to QR63.8m ($17.5m), Reuters has reported. Qatar's Barwa Real Estate Co was ordered by the government in January to take over Alaqaria. After the takeover, Alaqaria will become a subsidiary of Barwa with the market capitalisation of the combined firms reaching QR11.1bn ($3.05bn), the company has announced.

  • Aldar posts 54 per cent revenue decline

    Revenue decline driven by lack of property sales

  • Aldar wins $199m infrastructure contract

    Al Ain Municipality has awarded Abu Dhabi-based developer Aldar Properties a Dhs730m ($198.8m) infrastructure contract for the Shiebat Al Wata project, Reuters has reported. Set for completion in April 2013, the project involves the infrastructure for a residential development for Emirati nationals, which will include 1,045 homes and educational, health and retail facilities, the developer said.

  • Aldar wins Abu Dhabi infrastructure contract

    Al-Ain project will take 36 months to complete

  • Al-Futtaim Carillion wins Abu Dhabi Ikea deal

    Contractor to build Ikea’s largest store in region

  • Al-Futtaim Carillion wins New York University contract in Abu Dhabi

    Campus will be built on Saadiyat island

  • Al-Habtoor Leighton to complete Buildings by Daman

    Oger’s construction contract was terminated in January

  • Al-Kharafi & Sons wins $164m Kuwait airport contract

    The project is the latest in a series of contracts to expand facilities at the airport

  • Al-Kokache to finish Riyadh hotel expansion in June

    Al-Faisaliah Hotel expansion will increase the number of rooms by 32 per cent

  • All red line stations in Dubai ready

    Dubai Roads and Transport Authority has said that all 29 stations on the Dubai Metro's Red Line are ready and have been handed over by the contractor, Gulf News has reported. Seven stations will be opened on April 30 and another three on May 15, according to Adnan Al Hammadi, acting CEO of the Rail Agency at the RTA. The number of operational stations will reach 21 out of a total 29 by May 15, he said.

  • Allianz Saudi Fransi announces rights issue

    Saudi Fransi Cooperative Insurance (Allianz Saudi Fransi) has said that shareholders have approved the issue of 10 million new shares through a rights issue. The period for subscriptions to the rights issue, which will represent an increase of 100% in shares from 10 million to 20 million, has been set by the Capital Market Authority from April 10, 2010 until close of the market on April 19, 2010.

  • Al-Maabar to break ground on Jordan scheme in May

    The first phase of $10bn Marsa Zayed project is scheduled to be complete by 2014

  • Al-Mansour to finish Iraq housing development in May

    The Penjah Ali project is the first of several schemes planned for Kirkuk

  • Almarai posts Q1 profit results

    The largest dairy firm by market value in the Gulf, Saudi-based Almarai Co has posted SR234.1m in net profits for Q1 2010, its lowest quarterly net profit in a year after the completion of a $253.2m acquisition, Reuters has reported. Sales rose 17.6% to SR1.56bn during the first quarter, the company said, but operational profit fell by 12% to SR278m.

  • Almarai to invest $533m in poultry production facility

    Saud Arabia-based food producer Almarai has said it plans to invest SR2bn ($533m) to develop poultry production facilities, Bloomberg has reported. The investment will be financed from the company's own resources, which will affect its 2012 financial results, Almarai said in a statement.

  • Al-Mazaya board approves buying shares in subsidiaries

    Kuwait-based property developer Al-Mazaya Holding has said its board approved buying 36% of First Dubai Real Estate Development and 21% of Waterfront Real Estate, both of which are Al-Mazaya's subsidiaries, Bloomberg has reported. The board also approved raising capital by 30%, the developer said.

  • Al-Rajhi Bank Q1 profit dips 2.8%

    The Gulf region's largest Islamic bank by market value, Saudi Arabia's Al-Rajhi Bank, said it recorded a 2.8% decline in first-quarter net profit. The Islamic bank posted a net profit of SR1.684bn ($439m) in the three months to end March 31, down from SR1.732bn in the year-earlier period. The bank cited its conservative policy for taking provisions as a reason for the decline, without providing further details, Reuters reported.

  • Al-Tilal plans to build $150m resort in Saudi Arabia

    The Al-Tilal development will attract local tourists to Al-Qassim

  • Alutec rolling mill still on hold

    No immediate plans for $120m Abu Dhabi aluminium mill

  • Amman's light rail design awarded to Egis Rail

    Jordan's transport ministry has awarded France's Egis Rail the contract for the feasibility and preliminary design of Amman's $1.2bn light rail transit (LRT), Meed has reported. The study will decide whether the project proceeds as an LRT or a metro system. The ministry expects to invite contractors to bid for the construction package for phase one in the third quarter of 2010 with the contract to be awarded in the early part of 2011. The project, some of which will be underground, will be de

  • Anham wins $2.2bn US military deal

    Dubai-based Anham, an investment holding and services firm, has won a $2.2bn contract to provide food and support services to the US military in Kuwait, Iraq and Jordan, the Peninsula has reported. The announcement follows a decision announced this week by the US Defence Logistics Agency to replace Kuwait's Agility as the main supplier to the US military in the Gulf.

  • Anham wins US military contract

    The Dubai-based company will now provide food and services to troops in Kuwait, Iraq and Jordan

  • Aqaba Container Terminal signs agreement with Italian port

    Jordan's Aqaba Container Terminal has announced the signing of a memorandum of understanding with Italy's Port of Genoa, Jordan Times has reported. The agreement aims to facilitate the flow of European goods to the port of Aqaba, bring up the number of ships arriving at the pier, and increase the demand for transport and logistics services, Muhannad Qudah, secretary general of the transport ministry said.

  • Arab Banking Corp completes $1.1bn capital hike

    Bahrain-based Arab Banking Corp's (ABC) has announced the successful completion of a planned $1.1bn capital increase, Reuters has reported. The bank has earlier announced in December about the capital increase, which will be used to finance ABC's Middle Eastern growth strategy and make acquisitions, bringing its capital to $3.11bn.

  • Arab Banking Corporation completes $1.1bn capital increase

    Injection brings total capital to $3.11bn

  • Arab cellular lines rose by 17% in first nine months of 2009

    Egypt's MobiNil and Vodafone, and STC of Saudi Arabia were the largest Arab cellular operators in terms of subscriber bases by end of September 2009, according to a new report by research and consulting firm Arab Advisors Group. The number of mobile subscribers in the Arab world grew 16.6% to 241.3 million by the end of September 2009, from 206.9 million at year-end 2008, the report said. The UAE recorded the highest cellular penetration rate by September 2009 which stood at an estimated 193.

  • Arab Fund approves $359m worth of regional development

    Ninety-five per cent of economic aid goes to Sudan, Morocco, Djibouti and Yemen

  • Arab National Bank's Q1 profit dips 9%

    Saudi lender, Arab National Bank has said its first-quarter net profit had dropped 8.8% to SR634m ($169.1m) from SR695m in the same period a year earlier, Reuters has reported. The lender, in which Jordan's Arab Bank holds a 40% stake, posted a 12% fall in net lending income to SR803m, while net income from non-lending operations, which includes brokerage and foreign exchange, rose 31.4% to SR322m.

  • Arabia prepares for a solar future

    With an average of about nine hours sunshine and more than 5 kilowatt hours of solar energy falling on every square metre it covers each day, Arabia is probably the most irradiated part of the earth’s surface

  • Arabtec cancels bid for Saudi's Kingdom Tower

    A joint venture comprising Arabtec Construction and Samsung has cancelled a deal worth an estimated $1.5bn (Dhs5.5bn) to build the the 1.1km-tall Kingdom Tower in Saudi Arabia, The National has reported. Tom Barry, chief executive of Arabtec Construction, a unit of Arabtec Holding, said the two firms pulled out due to "various reasons associated with the requirements." The joint venture planned was due to submit its price this month.

  • Arabtec scraps plan to sell stake to Aabar

    UAE-based construction company Arabtec Holding and government-controlled Aabar Investments have decided to end a plan in which Aabar would buy a 70% stake in Arabtec. 'The parties have agreed that they will no longer purse the original transaction and will terminate the acquisition documents' as of today, Arabtec and Aabar said in separate statements posted on local bourse Web sites today. 'The parties have agreed that they will continue to work together in good faith towards future cooperati

  • Aramco in talks with international oil companies over $10bn Yanbu refinery project

    Several international oil companies have been approached to take over from departing ConocoPhillips

  • Aramco nears Yanbu contract decisions

    Main construction contracts on estimated $10bn project await approval from partner ConocoPhillips

  • Aramex posts 10% rise in Q1 profit

    Dubai-listed logistics company Aramex said its first-quarter net profit rose to Dhs47.5m ($12.93m) as global economic activity picked up. The firm said its net revenue climbed 14% to Dhs530m.

  • Armani Hotel opening delayed due to flight disruptions

    Emaar Properties has said the opening of Giorgio Armani's first hotel in Dubai has been delayed as ash from volcanic eruptions in Iceland forced flight cancelations from Europe, Bloomberg has reported. The developer and manager of Burj Khalifa, the world's tallest tower where the hotel is located, decided to delay the opening from April 21 to April 27, a spokesperson for the Dubai-based firm said.

  • Armani Hotel to open on April 21 in Dubai

    Giorgio Armani's first hotel in the Middle East will open in Dubai on April 21, the company said in an e-mailed statement. The hotel is in Burj Khalifa, the world's tallest tower. The 160-room luxury hotel is a product of the collaboration between designer designer Giorgio Armani and Emaar Properties.

  • Bahrain $1.2bn plant contracts awarded

    United Steel Co, a joint venture between Bahrain-based Gulf United Steel Holding Co (Foulath) and Japan's Yamato Kogyo Co, has awarded two major engineering consortiums contracts to set up a BD452m ($1.2bn) steel plant in Bahrain, Meed has reported. Japan's Kobe Steel and US-based Midrex Corp signed the contract to build the 1.5 million tonne a year (t/y) direct reduction iron plant on the scheme, while a consortium of Germany's SMS Demag and South Korea's Samsung Engineering and Construction

  • Bahrain Financial Exchange launch postponed to October

    Launch postponed to ensure successful trading activity

  • Bahrain inflation edges higher

    Data released by Bahrain's state statistics office has showed that the kingdom's inflation edged up to 1.8% year-on-year in March, from 1.7% in the previous month, Reuters has reported. The slight increase in March was driven by higher food prices, which edged up 0.38% from February, and higher clothing prices, which increased 1.15%. On the month, the consumer price index of the kingdom rose by 0.1% in March, after a 0.2% increase in February.

  • Bahrain inks aviation deal with Luxembourg

    Bahrain's Civil Aviation Affairs (CAA) and the Luxembourg Civil Aviation Directorate have signed a memorandum of understanding granting reciprocal rights to their national carriers, Gulf Air and Luxair and Cargolux, as the designated airlines of Luxembourg, Gulf Daily News has reported. The agreement includes unlimited capacities, frequencies and routes, in addition to the practice of full fifth freedom traffic rights on all points of their choice while operating any type of services.

  • Bahrain to start work on transport network in 2011

    Huda Fakhroo, road planning and design director at Bahrain's works ministry, has said that work on the kingdom's BD3bn public transport network is expected to start by the end of next year, Gulf Daily News has reported. The network, which consists of Light Rail Transport, a monorail, trams and a Bus Rapid Transport system, will cover a total of 184.2km. The ministry has shortlisted 10 consultants to complete a detailed feasibility study, which is expected to be ready by December next year, sh

  • Bahrain: Building renovation works

    Renovation of a Shura Council building

  • Bahrain: Hematology unit

    Supply of a hematology unit at a medical centre

  • Bahrain: Linear accelerator project

    Supply of medical equipment comprising a new linear accelerator project

  • Bahrain: Medical equipment

    Supply of medical equipment

  • Bahrain: Refinery process unit decontamination

    Provision of refinery process unit decontamination services

  • Bahrain's 2009 retail bank loans hit $15.6bn

    Total deposits stood at $21.2bn in 2009

  • Bahrain's Arab Banking Corporation profit grows 25 per cent

    Profit for first quarter is $41m

  • Baker Hughes opens new operations base in Saudi Arabia

    Baker Hughes, a US-based products and services provider for the global petroleum market, has announced the opening of a new operations centre in Dhahran, Saudi Arabia, as part of its expansion plans for the kingdom. In addition to repair and maintenance capabilities, the new centre will allow local teams to remotely manage and monitor operations in the region and to collaborate with clients and the company's technology experts located across the world, the company said. Baker Hughes also plan

  • Baniyas in Abu Dhabi Islamic Bank home loan deal

    Abu Dhabi-based Baniyas Investment and Development Co has announced a partnership with Abu Dhabi Islamic Bank to offer financing options of up to 80% of the unit's value for buyers at its project Bawabat Al Sharq, in Bani Yas City. UAE nationals could benefit from a home loan that could reach Dhs8m, while expatriates could secure a loan of up to Dhs5m, the developer said. Phase II apartments within Bawabat Al Sharq include a total of 500 units, spread across 14 buildings within 6 different b

  • Bank deposits in Jordan rise 2%

    Total deposits at licensed banks in Jordan at the end of February increased 2% to JD20.7bn compared to the end of 2009, due to a rise in private sector deposits and the financial non-banking institutions, official figures showed. Deposits in Jordanian Dinar increased by 1.5% while deposits in foreign currencies increased by 3.6%, reported Petra News Agency.

  • Bank Muscat opens branch in Kuwait

    Oman’s Bank Muscat has announced the opening of a new branch in Kuwait that aims to support investment and trade flows between Kuwait and the Sultanate. With the new branch in Kuwait, the lender has extended its footprint in the GCC region, covering all six countries through direct and indirect network entities.

  • Bank Muscat's Q1 net tumbles 49%

    Oman's largest bank by market value, Bank Muscat, has posted a 49% decline in Q1 net profit to OR24.5m ($63.6m) from OR48.4m in the same period in 2009, as provisions against bad loans remained high and the year-ago comparison figure was boosted by a stake sale, Reuters has reported. The results include an OR35.3m gain on the sale of the bank's stake in India's HDFC Bank. Impairments for credit losses for the quarter rose to OR11.8m, the lender said.

  • Bank of Beirut may buy two banks, says chairman

    The chairman of Bank of Beirut has said the bank may acquire by September two banks in Africa and Asia with assets of about $1bn each, Bloomberg has reported. 'Bank lending is growing but not as much as deposits are growing and this is why we are compelled to look for other opportunities out of the country,' Salim Sfeir told the news service. He didn't identify the banks involved.

  • Banks line up for financing Shuweihat 3 bids

    Five consortiums have bank groups in place

  • Banque Saudi Fransi posts fall in profit

    Saudi bank hit by slowdown in lending income

  • Banyan Tree considers $300m ME hospitality fund

    Banyan Tree Hotels & Resorts is considering setting up a $300m Middle East hospitality fund, Emirates Business has reported. Ho Kwon Ping, executive chairman of Banyan Tree Holdings, said the Middle East market remains attractive for the company over the long term. 'In the short term, however, the hospitality sector in this region is going through digestion problems given the industry's state post the slowdown in terms of liquidity and so on,' he was quoted as saying.

  • Barha supplies cables for Saudi metro project

    Saudi-based Bahra Cables Co, a member of CPC Group, has won a SR50m contract to supply cables for Al Mashaar Makkah Metro project. The company started supplying cables and electrical wires to the project, which will be finalized and delivered to the relevant governmental authorities by the end of 2010.

  • Barwa posts 8% rise in Q1 profit

    Qatar-based real estate firm Barwa Group has reported a 8.25% increase in net profits in the first quarter of 2010 to QR210m, compared to QR194m of the same period of 2009. The rise was attributed to increased revenues from rents and services, plus profit on sale of property, along with a decrease in net finance costs, the developer said. Earnings per share in the first quarter were QR0.82, compared to QR0.75 for the same period last year. The company's total assets reached QR42bn, compared t

  • Barwa repays financial facilities

    Qatari developer Barwa has said that it has repaid QR4.3bn in Islamic financial facilities involving the sale of some assets and on settlement of claims for projects undertaken for the government and other third parties, Gulf Times has reported. All of earnings from this transaction were used to pay back Tamweelat financing agreements, Barwa said in a statement.

  • Barwa to sell more assets

    Qatar's Barwa Real Estate has said it will continue to sell assets through the end of next year to meet its obligations. 'We will continue to pay down the financial facilities as per our long-term business strategy,' the firm's chairman and managing director Ghanim bin Saad al Saad, said in a statement on Qatar's bourse website. 'We expect to achieve our goals by selling assets and restructuring existing financial facilities during 2010-2011.'

  • Barwa: Saliyah complete by July

    Qatari developer Barwa has said that it is set to complete the Barwa Housing (Mesaken Saliyah) project by next July, one year later than originally scheduled. Last July, Barwa had terminated the contract of Panceltica, the project's main contractor, and assigned its operational partner, Waseef, to take over all of the contracting procedures for the QR1.3bn project.

  • Barzan gas gets moving

    Scheme will keep contractors busy for at least five years

  • Batelco cuts rates for VoIP calls

    Bahrain's Batelco has announced a reduction of international call rates for all its SimSim mobile customers who are using the VoIP service. Calls will be charged per second and there is one rate throughout the day (no peak/off-peak), the company said.

  • Batelco: Rates should drop

    Batelco's chief executive Gert Rieder has said the company's 54% share of the country's mobile market will 'rapidly change' with the emergence of the third operator after itself and Zain, Gulf Daily News has reported. The 'three-way' competition will lead to prices for services dropping in the next few months, he said. "We have some plans for our customers to try and retain our market share but we know we will lose some of it. We are looking to try and keep our premium customers with us even

  • Bid deadline extended for Oman water management contract

    Bidders have until 12 April to respond following another extension

  • Bid deadline extended for world’s tallest tower contract

    Bidders have until 28 April to respond following two week extension

  • Bidding starts for Ras al-Zour smelter construction contracts

    Main construction contract for Maaden/Alcoa smelter will be tendered in first quarter of next year

  • Bids submitted for Oman desalination plant extension

    Project will increase capacity of facility by 300 cubic metres a day

  • Bloom Properties to tender Abu Dhabi construction contracts

    Bloom Central development will be built on Airport road

  • Boeing to open office in Qatar

    Boeing has announced plans to open an office in Doha by the end of 2010, Qatar Tribune has reported. The new office will offer services for all Boeing equipment including civilian and military aircraft, Boeing Military Aircraft President Chris Chadwick told the newspaper.

  • Boots opens Jeddah store

    UK-headquartered Boots International has announced the opening of its first Boots branded store at Mall of Arabia Jeddah, Saudi Arabia. The new store, which is the brand's forty-third in the region, offers a selection of internationally trusted healthcare, toiletries and skincare products. The first Boots branded stores in the Middle East opened in May 2006 in partnership with regional franchiser M. H. Alshaya Co., and outlets are now operating in Bahrain, Kuwait, Qatar, and the UAE.

  • Borouge plans final $200m Ruwais plastics expansion deal

    State plastics producer will tender cross-linked polyethylene deal in May

  • Borouge starts up China plastics plant

    Scheme is part of plans to expand into China market

  • Burj Khalifa reopens observation deck

    A spokesperson for Emaar Properties has announced the reopening of the At the Top observation deck at the Burj Khalifa, after nearly two months of closure due to maintenance. At the Top is located on the 124th floor of the world's tallest building.

  • Burj Khalifa taps solar power

    Burj Khalifa, the world's tallest building, is tapping solar power for meeting a bulk of the water heating requirements of residents, Wam has reported. The tower, which was built by Emaar Properties, uses solar panels to heat 140,000 litres of water every day, which will be distributed to homes and commercial entities within the tower, bringing energy savings equivalent to 3,200 kilo watts per day and 690MWh of energy per annum.

  • Burooj in Egypt property sale MoU

    UAE-based Burooj Properties has signed a memorandum of understanding with Egypt-based real estate firm, Palm Hills Developments (PHD) to sell 425 units of PHD's Village Garden Katameya project with a total value of EGP315m, Zawya Dow Jones has reported. The agreement will help PHD to expand its client base to reach Egyptian expatriates throughout the GCC.

  • Cabot to start Dubai petrochemicals facility in June

    Jebel Ali facility will cost $50-80m to build

  • Cairo-Amman Q1 profit up 35%

    Jordan-based lender, Cairo-Amman Bank has said that its first quarter net profits rose by 35.6% to JD7m ($9.8m), on strong retail business and prime corporate lending, Reuters has reported. The bank also saw a 3% rise in deposits at the end of March 2010 to JD1.298bn ($1.83bn) compared to the start of the year. Gross income rose 29.7% to JD25.5m compared to the same period in 2009.

  • Capital Bank launches MBA student fund

    Capital Bank of Jordan has launched its 'Capital MBA Student Fund', aimed at helping exceptional students achieve their education ambitions through enrolling in one of the world's 50 top universities and receiving a Master of Business Administration degree. The bank will be investing JD500,000 annually to fund MBA student loans offered on a yearly basis. MBA graduates will be given a grace period of up to six months after their graduation before they begin paying back their student loan.

  • Carrefour to open Iraq store

    UAE-based Majid Al Futtaim (MAF) Retail is set to inaugurate its first Carrefour store in Iraq's Kurdistan Region in September, as part of its expansion plan in the region, the Kurdish Globe has reported. Carrefour is the second foreign hypermarket chain to enter the lucrative, untapped retail market in Kurdistan Region and Iraq. In November 2009, Kuwait-based City Centre opened a 13,000-square-metre hypermarket at Majidi Mall in Erbil.

  • Cavotec wins award for Bahrain International Airport

    The firm will have to supply ground services for the airport expansion

  • Cellucom closes its UAE stores

    Mobile phone retailer Cellucom has closed all of its stores in the UAE and is facing liquidation, the National has reported. Arun Nagar, the company's chief executive, and his brother, Ajay Nagar, are both no longer in the UAE, according to the report. 'Having reviewed Cellucom's business and financial affairs, Al Rostamani Group concluded that the Cellucom companies could no longer sustain themselves as going concerns,' the paper quoted a statement as saying.

  • Choueri to set up Dubai real estate fund

    Dubai-based real estate broker firm, Choueri Real Estate has announced plans to launch a real estate fund, Emirates Business has reported. The company is working with real estate fund managers to put together in excess of $100m (Dhs367m) for investing into the residential, commercial and hospitality sectors in the UAE, with a special focus on Dubai, Laura Choueri, CEO of Choueri Real Estate told the newspaper.

  • Citigroup looking to expand into Saudi

    Saudi billionaire Prince Alwaleed Bin Talal, a shareholder in Citigroup, has said that the New York-based bank is applying to open an office in Saudi Arabia, Bloomberg has reported. Six years ago, the bank sold its 20% stake in the Saudi American Bank, now known as Samba Financial Group, to the state Public Investment Fund for $760m, ending a business that started in 1955. 'Saudi Arabia welcomes the presence of a Citibank office here,' Prince Alwaleed said.

  • Cityscape Abu Dhabi opens

    Cityscape Abu Dhabi has opened with organisers saying that there will be more than 250 exhibitors at the show from 36 countries and they expect more than 800 CEOs to attend, along with thousands of investors. In addition, there will be more than 70 networking forums and a major conference with over 160 speakers from more than 25 countries.

  • CityStars to break ground on Sharm el-Sheikh scheme

    Egyptian developer plans to start work by mid-May

  • Combined Group wins Kuwait University contract

    Academic and sporting projects tendered at Shuwaikh campus

  • Commercial Bank Kuwait elects new board

    A new board for the Commercial Bank of Kuwait (CBK) has been elected by shareholders who also voted to delay releasing the old board from its responsibilities for its pay to be examined, Reuters has reported. The CBK board resigned in January, but the bank did not give a reason for their departure. Outgoing board chairman Abdulmajeed al-Shatti said board members had not received any bonuses, but the shareholder asked for the matter to be probed.

  • Conoco and Mubadala to bid for Caspian oil

    ConocoPhillips and Abu Dhabi-based Mubadala Development plan to jointly bid for oil and gas fields in the Caspian Sea off Turkmenistan, Bloomberg has reported, citing a person familiar with the matter. The two firms won access to Block N in Kazakhstan's sector of the Caspian in 2008 and plan to drill an exploration well in the third quarter.

  • Conoco exits Saudi refinery project

    ConocoPhillips has cancelled plans to build a new plant with Saudi Aramco in Saudi Arabia as part of its strategy to reduce its refinery operations, Reuters has reported. The refinery was to be built by the two oil companies in Yanbu Industrial City, and have a processing capacity of 400,000 barrels per day. 'We ultimately decided this project was not consistent with our current strategy to reduce our downstream footprint,' Willie Chiang, senior vice president for refining, marketing and tran

  • Conoco quits $10bn Yanbu refinery project

    Major refinery scheme is not consistent with US energy firm’s strategy

  • ConocoPhillips confirms departure from $10bn Shah gas project

    Firm was a 40 per cent stakeholder in the scheme

  • ConocoPhillips exits Abu Dhabi Gas Project

    ConocoPhillips has said it has decided against proceeding with the Shah Gas Field development with Abu Dhabi. Last week, the US oil company announced it would drop out of the Yanbu refinery development with Saudi Aramco. The company, which would have been a 40% stakeholder in a Shah joint venture with state-owned Abu Dhabi National Oil Co, didn't give an explanation for the decision.

  • ConocoPhillips quits $10bn Shah gas development

    Office of Adnoc chief executive confirms departure

  • ConocoPhillips to decide on Shah participation by 29 April

    US energy major wants to finalise plans before releasing first quarter results

  • Consortium bids low for $475m Shah gas gathering deal

    Contract is part of $10bn sour gas scheme being developed by ConocoPhillips and Adnoc

  • Construction to start on $100m first phase of Iraq schools project

    Overall scheme involves building 48 new schools across Iraq

  • Contractor selected for Abu Dhabi medical complex

    Al-Habtoor Leighton Group will build the Arzanah health centre on Abu Dhabi island

  • Contractors to hand over Abu Dhabi's Ferrari World in August

    Aldar Properties will open the Yas Island theme park in October

  • Council wants Qatar to retain solo clinics

    Qatar's Supreme Council of Health has been urged by the country's Advisory Council to review its decision to phase out all private clinics run by general practitioners by 2013, the Peninsula has reported. The Council also asked the health authorities to control the 'unreasonable' prices being charged by some private healthcare facilities, especially dental clinics. The Advisory Council said there was no justification in closing down such facilities since a mechanism is in place in the country

  • Court orders plaintiff to pay costs in Rumaila case

    Case challenges the legality of Iraq’s Rumaila oil contract

  • Creditors reject Dubai World's 1% interest offer

    Dubai World's offer of 1% interest rate on two new tranches of debt were rejected by creditors for being too low, Reuters has reported, citing two sources close to the discussions. Dubai World has declined to comment on the matter. A counter offer was made at market rate, which the sources estimated to be around 5%. "All elements of the proposal are conditional on sufficient support," a spokeswoman for the Dubai government said.

  • Cristal Hotels to expand in Saudi Arabia

    Abu Dhabi-based Cristal Hotels and Resorts has revealed plans to expand in Saudi Arabia. The company will expand in Saudi cities including Riyadh, Jeddah, Khobar and Mecca. Cristal has recently announced plans to expand into Qatar and is currently eyeing additional strategic locations within the region.

  • Daman to cover work-related injuries

    The National Health Insurance Co (Daman) has announced that it will cover medical expenses for work related injuries and illnesses under all its basic and enhanced health insurance plans. All Daman members enrolled in new and renewed policies, from March 22, 2010, will be covered for medical expenses arising from work related injuries and/or illnesses, the firm said. This move follows an announcement made recently by the Health Authority - Abu Dhabi (HAAD) that expenses related to the medical

  • Damas elects new board

    Dubai-based jewellery retail firm Damas International has elected a new board of directors at an extraordinary general meeting. The names of the new board members will be disclosed on the NASDAQ Dubai. The move is the latest change at the firm since the disclosure of transactions undertaken by Damas executives without board clearance.

  • Dar Al Arkan Q1 profit falls 6%

    Saudi developer Dar Al Arkan has reported a 6% drop in first-quarter net profit, Reuters has reported. The firm made SR398.6m ($106.3m) in the three months to end-March, compared to SR424.5m a year earlier. "The decline in net profit stems from a slight decrease in average profit margins from sales that was caused by the geographic location of sold products," the company said.

  • Deadline extended for Emal financing offers

    Emirates Aluminium gives banks extra time on export credit facility

  • Deadline extended for Oman desalination project bids

    Interested parties now have until 26 April to respond

  • Delayed Qatar affordable housing scheme to be finished in July

    Construction was delayed on the Mesaken Saliyah project after disputes with the original contractor

  • Delays continue for Kuwait Jurassic flowlines tender

    Kuwait Oil Company pushes back pipeline deal again

  • Depa posts 2009 results

    Interior contractor Depa has said that its full-year profit rose 23% to Dhs240m ($65.4m) before adjusting impairment losses on acquisitions. Net revenues also climbed 36% to Dhs2.7bn, compared to Dhs2bn in 2008 with significant contributions coming from Abu Dhabi, Asian operations, and infrastructure operations, Depa said. The firm's board has recommended an 18% increase in exceptional dividend to Dhs0.13 per share, subject to AGM approval.

  • Deutsche Bank forms Shariah-compliant home financing firm

    Deutsche Bank has announced the formation of a joint venture Shariah-compliant home financing company with a group of Saudi-based investors, led by Fahad Abdullah Abdulaziz Al Rajhi. The 40-60 JV, Deutsche Gulf Finance, has an initial capitalization of approximately $110m, and will initially provide Islamic home financing for properties located in Saudi Arabia, with plans to expand its operations into Bahrain, Qatar and Kuwait in the future. Deutsche Bank Research projects Saudi Arabia will n

  • Dewa 2009 income down 1.7%

    Dubai Electricity and Water Authority (Dewa) has said that its total comprehensive income in 2009 fell 1.7% to Dhs4.16bn ($1.13bn) from Dhs4.24bn in the previous year, as finance costs surged, Bloomberg has reported. Revenue rose 11% to Dhs10.3bn, while net finance costs more than doubled to Dhs1.04bn from Dhs460.2m, the state-owned utility said.

  • Dewa begins roadshow for bond issue

    Bond will not feature government guarantee

  • Dewa completes $1bn bond issue

    Final pricing on Dubai Electricity & Water Authority bond deal of 8.5 per cent

  • Dewa prices $1bn bond issue

    Price guidance offered at 8.75 per cent

  • Dewa to meet bond investors this week, says report

    Dubai Electricity and Water Authority (Dewa) plans to meet with bond investors in Asia, Europe and the US this week, Bloomberg has reported, citing two sources familiar with the matter. The utility company hired Citigroup Inc., Standard Chartered, Royal Bank of Scotland Group and National Bank of Abu Dhabi to arrange the meetings, the sources said.

  • Dewan to design six schools in Abu Dhabi

    Education council awards Dubai-based architect Al-Ain schools deal

  • Deyaar appoints Saeed Al Qatami as Acting CEO

    Deyaar Development, the Dubai-based developer, has announced the appointment of Saeed Al Qatami as Acting Chief Executive Officer. Al Qatami, who replaces outgoing Markus Giebel, has been serving at the firm since 2007 and most recently held the title of VP Business Development. The move "is part of an ongoing management restructuring being undertaken in line with the company's long-term strategic objectives," Deyaar said in a statement.

  • DFM climbs 0.82%

    The Dubai Financial Market (DFM) rose by 0.82% to 1,769.340, with 16 stocks rising, eight falling and two remaining unchanged. Hits Telecom was the day's biggest gainer, moving up by 4.59% to Dhs1.14. Gulf Navigation had the biggest losses of the day, falling 5.09% to Dhs0.541.

  • DFM climbs 1.41%

    The Dubai Financial Market rose 1.41% today to close on 1,754, with 17 stocks rising and nine falling. Gulf Navigation was the day's big gainer, rising 5.56% to Dhs0.570. Drake & Scull had the day's biggest loss, falling 5.80% to Dhs0.925.

  • DFM climbs 3.38%

    The Dubai Financial Market (DFM) rose by 3.38% to 1,824.97, with 21 stocks rising, three falling and two holding steady. Emaar was the most active stock by value and by volume, as well as the day's biggest riser, moving up 6.84% to Dhs4.06. Ekttitab, Almadina and Gulf Navigation were the day's only falling stocks, losing 5.26%, 2.02% and 0.68% to Dhs0.54, Dhs0.823 and Dhs0.58 respectively.

  • DFM dips 0.69%

    The Dubai Financial Market fell 0.69% today to 1,757, led by the Insurance sector, which dropped 2.864%. Emaar Properties, the day's most actively traded stock by value and by volume, slipped 1.98% to Dhs3.690. Overall, 15 stocks ended lower while 11 closed higher.

  • DFM falls 0.51%

    The Dubai Financial Market (DFM) fell 0.51% to 1,850.54, with only two stocks rising, 14 falling and seven holding steady. DMF and AlSalamSudan were the only stocks to rise, moving up by 3.13% and 0.80% to Dhs1.98 and Dhs2.52 respectively.

  • DFM falls 0.74%

    The Dubai Financial Market fell 0.74% today, led by the Utilities sector, which dropped 2.04%. Overall, 16 stocks ended lower, while five closed higher. The most widely traded stock by volume and by value was the Dubai Financial Market, which gained 0.51% to Dhs1.99. Global Investment House had the day's biggest rise, gaining 3.17% to Dhs1.30. Commercial Bank of Dubai had the biggest fall, dropping 3.17% to Dhs3.05.

  • DFM falls 1.66%

    The Dubai Financial Market fell 1.66% today to 1,746, with 21 stocks falling and six rising. The day's most widely traded stocks, Emaar Properties and Arabtec, fell 2.56% and 1.99%, respectively. Takaful House had the day's biggest loss, falling 7.20% to Dhs1.160.

  • DFM falls 1.89%

    The Dubai Financial Market fell 1.89% today to 1,714, with 23 stocks falling and just three rising. Market heavyweight Emaar Properties slipped 2.32% to Dhs3.790. Gulf Navigation was the day's big gainer, rising 5.77% to Dhs0.550.

  • DFM falls 1.94%

    The Dubai Financial Market (DFM) fell by 1.94% to 1,765.230, with six stocks rising, 18 falling and two remaining unchanged. Ekttitab was the day's biggest gainer, moving up by 5.56% to Dhs0.57. Dubai Islamic Bank was the day's biggest faller, going down by 7.84% to Dhs2.35.

  • DFM falls 2.12%

    The Dubai Financial Market fell 2.12% today to 1,800, led by the Transportation sector, which dropped 3.31%. Market heavyweight Emaar Properties slipped 3.00% to Dhs3.88, while the day's biggest decline was posted by Aramex, which fell 5.56% to Dhs1.70. International Financial Investments (IFA) had the biggest rise, climbing 15% to Dhs5.75.

  • DFM inches higher

    The Dubai Financial Market edged up 0.12% today to 1,839, led by the Banking sector, which gained 1.53%. Emirates NBD was the day's big gainer, rising 4.78% to Dhs3.07. Overall, five stocks ended higher while 16 closed lower.

  • DFM moves up 1.51%

    The Dubai Financial Market gained 1.51% today to 1,739, led by the Real Estate sector, which climbed 3.25%. Emaar Properties, the day's most actively traded stock by value and by volume, rose 3.17% to Dhs3.91. Arabtec was the day's big gainer, rising 6.01% to Dhs2.47. Overall, 17 stocks closed higher while seven ended lower.

  • DFM nudges higher

    The Dubai Financial Market edged up 0.09% to 1,744, led by the Real Estate sector, which rose 1.159%. The day's most widely traded stock by value and by volume, Emaar Properties, gained 1.58% to Dhs3.860. Overall, 12 stocks ended higher and 15 closed lower.

  • DFM nudges higher

    The Dubai Financial Market gained 0.12% today to 2,824, with 12 stocks rising and 11 falling. Arabtec, the day's most actively traded stock by value and by volume, gained 2.26% to Dhs2.710. Takaful House had the day's biggest gain, rising 6.30% to Dhs1.350.

  • DFM posts slight rise

    The Dubai Financial Market (DFM)rose 0.90% to 1,859.96, with 17 stocks rising, five falling and four holding steady. Shuaa was the day's biggest riser, moving up by 4.83% to Dhs1.52.

  • DFM rises 0.50%

    The Dubai Financial Market (DFM) gained 0.50% today to 1,834, led by the Real Estate sector, which rose 1.429%. Overall, ten stocks ended higher and 13 closed lower. Emaar Properties, the day's most active stock by value and by volume, moved up 1.97% to Dhs4.140. Dubai Islamic Bank fell 1.24% to Dhs2.390.

  • DFM slips 0.58%

    The Dubai Financial Market slipped 0.58% today to 1,747, with nine stocks rising and 18 stocks falling. Market heavyweight Emaar Properties fell 2.02% to Dhs3.880. Emirates NBD gained 2.71% to Dhs3.030. International Financial Advisors (IFA) had the day's biggest loss, falling 9.57% to Dhs5.200.

  • DFM slips 0.65%

    The Dubai Financial Market slipped 0.65% today to 1,822, led by the Utilities sector, which dropped 2.151%. Emaar Properties, the most widely traded stock by value and by volume, fell 0.72% to Dhs4.1110. Overall, 18 stocks closed lower and three ended higher.

  • DFM slips 0.80%

    The Dubai Financial Market dipped 0.80% today to close on 1,730, with 15 stocks falling and 10 rising. Takaful House was the day's big gainer, climbing 5.36% to Dhs1.180. Deyaar Development had the biggest drop, falling 4.98% to Dhs0.420.

  • Dialysis centre opened in Kuwait

    Kuwait's health ministry has said it will open a new centre for kidney dialysis in Farwaniya hospital today, Kuna has reported. The new centre will raise the number of kidney dialysis units in the country by 70% to some 300 units.

  • DIB launches online investor platform

    Dubai Islamic Bank (DIB) has announced the launch of a dedicated online investor relations platform. The new microsite is designed to provide financial reports, credit ratings, dividend information, share price charts, an investment calculator, financial announcements and related information.

  • DIFC to review its costs

    Abdulla al Awar, the head of the The Dubai International Financial Centre (DIFC), said the centre is conducting a wide-ranging review of its strategies and costs, the National has reported. Abdulla al Awar to the paper that the review, which is expected to be completed within months, would help chart a new direction for the centre. Rents at the DIFC are between double and triple those in other parts of Dubai, the paper said, citing recent estimates by property consultants.

  • Dohaland awards QR1.56bn contract

    A consortium led by South Korea's Hyundai Engineering and Construction Co has been awarded a QR1.56bn contract by Qatari developer Dohaland for the Musheireb project, Reuters has reported. The contract is part of the first phase of the developer's $5.5bn, 35-hectare project which will include hotels and retail, residential and government buildings. The project will be completed in five phases, with the first phase due to be finished by 2012 and the last by 2016, Dohaland said.

  • DP World container volumes up 15%

    DP World has seen gross volumes grow 15% to 11.2 million TEU across its portfolio of 49 operational terminals, driven by strong growth in Asia Pacific and Australia. The increase was primarily driven by volume growth in India Subcontinent and Australia as well as some volume growth returning to European ports, the company said. "During the first quarter of 2010 the industry has seen continued signs of a return to container volume growth around the world. It is however, too early to confirm su

  • DP World to invest Dhs2.7bn in Peru port

    Mohammed Sharaf, chief executive of DP World has said that the firm will have invested Dhs2.7bn in developing a section of Callao, Peru's largest port, when completed in 2012, Arabic Al Bayan has reported. DP World had made a Dhs4.8bn offer for the development of a container terminal in Callao's northern section, Sharaf said. The first phase of Callao's southern container terminal will be completed in May this year, while the third and last phase is expected to be finished in 2012, he told th

  • Du hopes to raise $272m via rights offer

    Osman Sultan, CEO of Du, has said the company plans to raise Dhs1bn ($272m) selling shares to fund expansion, Bloomberg has reported. Most of the planned investment will go to Du's mobile network to allow it to offer faster service and better internet connections, he said. Investment in the fixed-line network will be in partnership with larger rival Etisalat, he added.

  • Du inks €200m financing deal for NSN equipment

    Dubai-based Emirates Integrated Telecoms Co, Du has signed a financing cooperation deal with Nokia Siemens Networks (NSN) to buy equipment. The agreement, backed by Finnvera, the Finnish Export Credit Agency, will see €200m of vendor financing provided to Du to buy NSN end to end portfolio of equipment which will enhance and expand its network infrastructure with new base station sites and associated technologies.

  • Dubai airport aims for 150 million passengers a year by 2030

    A series of investments are under way to accommodate future growth in traffic

  • Dubai Bank appoints new CEO

    Dubai Bank has announced the appointment of Giel-Jan Van Der Tol as its new chief executive officer. Van Der Tol's most recent assignment was as managing director with Tier One Capital BV, Netherlands.

  • Dubai bonds offer 'value', says Nomura

    Nomura Holdings has said the Dubai government bonds and credit default swaps offer 'value' after a proposal by Dubai World to restructure $24.8bn of debt and renewed appetite for quasi-sovereign securities, Bloomberg has reported. 'Market pricing of Dubai's sovereign risk does not reflect current fundamentals, and we therefore recommend exposure either through CDS or government bonds,' Ann Wyman, head of emerging market research Europe at Nomura, wrote in a report. 'We continue to see value.'

  • Dubai bourse halts trading on nine Kuwaiti companies

    The Dubai Financial Market has suspended nine Kuwaiti companies for no disclosing their annual results within the deadline of three months from the end of the financial year. The suspended Kuwaiti companies are: Grand Real Estate, Hits Telecom, KFIC, Gulf Petroleum, International Investment Group, Bayan, National Industries, Ekttitab and Almadina Investment.

  • Dubai closes two varsity branches

    The University Quality Assurance International Board set up by Dubai's Knowledge and Human Development Authority has ordered the closure of branches of two foreign universities in the emirate for failing to maintain standards, Khaleej Times has reported. 'Two institutes have clearly not met our requirements and are no longer operating within Dubai,' Professor Roger Field, UQAIB member, said. The authority will release a list of the approved foreign universities and programmes this week.

  • Dubai considers replacing airport Terminal 2

    Dubai authorities will decide whether to replace or expand the terminal by the end of May

  • Dubai delays opening of metro stations

    The opening date of seven stations on the Red Line of Dubai Metro has been delayed by five days, Emirates Business has reported. The seven stations will open on April 30, while the remaining 11 stations that complete the Red Line will start functioning by October, Roads and Transport Authority spokesman Peyman Parham told the daily. Stations scheduled to open at the end of this month are Emirates Station, Airport Terminal 1 Station, GGICO Station, Al Karama Station, World Trade Center Station

  • Dubai developing health insurance models

    Dr Haider Al Yousuf, director of Health Funding at the Dubai Health Authority has said other funding models are being developed to replace the earlier announced compulsory health insurance scheme for the emirate, Khaleej Times has reported. Insurance models such as Daman being followed by Abu Dhabi are also under consideration, he said, adding that the proposal would soon be put to the Dubai Executive Council for approval.

  • Dubai Duty Free Q1 sales up 21%

    Dubai Duty Free (DDF) has report a 21% rise in sales in Q1 2010 to Dhs1.1bn, signalling the return of consumer confidence. The sales boost was driven by a pick up in airport traffic in the first quarter, DDF said. Perfumes and gold continued to be among the top selling categories at DDF in the first quarter, with perfume sales rising by 23% to over Dhs150m ($41.7m) while gold sales increased by 22% to Dhs123m ($34m) in the first quarter.

  • Dubai establishes cost cutting committee

    Government body to draw up 2011-14 financial plan

  • Dubai govt hospitals hike maternity fees by 100%

    Dubai Hospital and Al Wasl Hospital, both operating under the Dubai Health Authority, have announced increasing their fees for maternity-related services by as much as 100% with effect from April 11, Khaleej Times has reported. Normal delivery now costs Dhs7,000 with a two-day hospital stay while a caesarean section costs Dh10,000 with a four-day hospital stay. The move follows a comparative study by the authority against the prices of the same procedures being offered in private hospitals ra

  • Dubai Hospital expands emergency services

    The Dubai Hospital has said it has expanded its emergency section to include trauma cases. The hospital will cater to limited number of trauma cases which range from home injuries to fractures. However, the hospital said it will not cater to road accident emergencies which will continue to be directed to the Rashid Hospital Trauma Centre.

  • Dubai hospital unveils PET/CT medical imaging scanner

    The American Hospital Dubai has unveiled the emirate's first operational PET/CT medical imaging scanner, following the licensing of the hospital to provide PET/CT scanner services to patients. The new system will be used in determining the early response of a cancer treatment, which ultimately guides therapeutic decisions.

  • Dubai hotel room supply to rise 17%

    A new report by Jones Lang LaSalle says the total number of rooms in Dubai will grow to 54,751 by 2012, a jump of 17% from 46,886 (existing plus future supply) in 2010. The report also said that revenue per available room (RevPAR) in Dubai was bottoming out in February this year. The study divided the RevPAR from different Mena regions into four categories. While Riyadh, Abu Dhabi and Doha were displayed under 'RevPAR Falling', only Dubai fell under 'RevPAR Bottoming out', reported Emirates B

  • Dubai housing rents hold steady as prices decline, says report

    Demand from residents of neighboring emirates is helping to stabilise rents in Dubai, while property prices continue to fall in the emirate due to oversupply, Deutsche Bank said in a new report. Apartment rents rose 1.1% in March, compared with the previous month, the report said. Villa rents gained 1.3% during the same period. "We probably underestimated, a year ago, the amount of migration from the other emirates to Dubai that has created a lot of demand," Ahmed said in a phone interview t

  • Dubai Islamic Bank signs $215m financing deal

    Deal signed with Kuwait’s Kharafi National

  • Dubai moots Terminal 2 replacement

    Dubai is expected to decide whether to replace or expand Dubai International Airport's Terminal 2 to accommodate passenger growth by the end of May, Meed has reported. Terminal 2 is currently used for regional operations, charter services and pilgrimage flights and has an annual capacity of three million to five million passengers. The emirate's international airport currently consists of three terminals with a total capacity of 60 million passengers a year.

  • Dubai Petroleum tenders offshore oil construction deal

    State producer wants to produce oil from the offshore Al-Jaila field

  • Dubai Ramada to open Q4 2010

    The Ramada Jumeirah Dubai, a new four-star hotel with 252 rooms, is scheduled to open in the last quarter of 2010 at the crossroads of Al Mina and Al Diyafah roads, the company has said. The construction is almost complete and the hotel is currently in the final stages of interior design. Ramada Jumeirah Dubai is owned by Mohamed & Obaid Almulla LLC and will be managed by the group's subsidiary company Abjar Hotels International LLC under a licensed franchise agreement with Ramada Worldwide,

  • Dubai records direct exports increase in 2009

    Exports increase by 22.9 per cent from 2008

  • Dubai repays $229m civil aviation loan

    Dubai's Media Office has said the government has repaid Dhs840m ($229), the first of three equal instalments of a Dhs2.33bn ($635m) Dubai Civil Aviation multi-currency Ijara facility maturing in April 2011. The move re-affirms the Dubai government's commitment to honour all its financial obligations, Abdul Rahman Al Saleh, director general of Dubai's Department of Finance said.

  • Dubai RTA to open 10 more Metro stations

    The Dubai Roads and Transport Authority has announced that seven stations on the Red Line of Dubai Metro will be opened on April 30 and three more on May 15, 2010. "The remaining eight stations on the Red Line will be opened over the next months of this year" Mattar Al Tayer, chairman of executive director of RTA said.

  • Dubai to confiscate unregistered vehicles

    The General Department of Traffic at Dubai Police has announced that vehicles with expired registration will be confiscated by its undercover units, Gulf News has reported. Undercover traffic inspectors will fine owners and confiscate vehicles that have not been registered for at least three months, Major General Mohammad Saif Al Zafein, director of the department said.

  • Dubai to invite contractors to bid for waste-to-energy plant

    Project may commence operation in 2012

  • Dubai to open seven more stations on Red line

    A further three stations will be opened on 15 May

  • Dubai to prepare new finance plan

    Dubai has formed a team to create a finance plan to boost revenue and reduce spending as it seeks funding to bail out its Dubai World holding company, Bloomberg has reported. The team, which will be led by Jamal Hamed al-Marri, director of central accounts at the Department of Finance, will develop a plan for the period 2011 to 2014. The plan will be submitted to Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee.

  • Dubai to seize properties from defaulters

    Defaulting off-plan property owners in Dubai may soon have their properties seized by the Dubai Land Department, The National has reported. Notifications have been sent out by the authority to investors who have defaulted warning them of auctioning their properties and confiscating 40% of any money they have paid so far. The confiscated money, along with any profits from the auctions, will be handed over to the developers. The rule applies to projects that are 80% or more complete.

  • Dubai World owes Omani lenders about $49m

    The central bank of Oman has said that lenders in the country are owed OR19m ($49m) by Dubai World, Reuters has reported. The central bank will ask banks in the Sultanate to book provisions if loan maturities are extended, Hamood Sangour al-Zadjali said.

  • Dubai World restructure 'welcomed by creditors'

    Ahmed Bin Humaid Al Tayer, chairman of Emirates NBD, has said that Dubai World's plan to restructure $24.8bn of debt has been welcomed by creditors, Bloomberg has reported. Dubai World's proposal "takes into consideration the best interest of everybody" and the talks are now in the final stages, he said.

  • Dubai’s Mashreqbank profit falls 48 per cent

    Performance affected by high provisioning

  • Dubai's economy shrunk 2.5% in 2009, says report

    Dubai's economy contracted 2.5% last year after growing 5.7% in 2008, according to preliminary government estimates obtained by Bloomberg. The Dubai Statistics Centre has declined to comment on the data as economic growth rates for 2009 have not been made public yet.

  • Education projects cancelled in Karbala

    Eight education projects have been in cancelled by authorities in the Iraqi province of Karbala due to delays by contractors, Aswat al-Iraq has reported. The $4.5m projects will be awarded to other contractors, authorities said.

  • EFG receives Syria unit licence

    Egypt-based EFG-Hermes has said that the Syrian authorities have issued investment banking licences to a Syrian unit that it is setting up, Reuters has reported. "EFG Hermes is currently establishing EFG Hermes Syria LLC with a paid-in capital equivalent to $5m in order to begin operations on the Syrian market as soon as possible," The Cairo-based firm said.

  • Egypt bond deal to price at 5.875 per cent

    Cairo plans to issue about $1bn in bonds

  • Egypt delays power plant tender deadline

    Dairut combined-cycle power plant to be developed on build-own-operate basis

  • Egypt inflation falls in March

    According to data by Egypt's Central Agency for Public Mobilization and Statistics, the country's inflation rate had declined for a second month in March, giving the central bank more room to keep its benchmark interest rates at a three-year low, Bloomberg has reported. Urban inflation, the main rate the central bank monitors, slowed to 12.2% from 12.8% in February, the data showed.

  • Egypt may launch cigarette tax to boost health budget

    The Egyptian government may consider a new cigarette tax to boost healthcare spending for low income groups, Reuters has reported. Finance Minister Youssef Boutros-Ghali told the news service that the ministry has not discussed the cigarette tax, but that he is ready to discuss it if parliament sought it. The parliament wants to add EGP1bn for low-income groups to spending already earmarked in a draft health insurance law.

  • Egypt mobile subscriptions up

    According to Egypt's communications ministry data, the number of mobile phone subscriptions in the country rose by 642,000 to 56.49 million in February, a penetration rate of around 72%, Reuters has reported. However, industry executives and analysts estimate that some 20% to 25% of the market involves second phones. January subscriptions were 55.848 million.

  • Egypt to halt industry energy subsidies

    The Egyptian trade and industry minister has said the government plans to eliminate subsidies to all industries by the end of 2011, after having eliminated those to energy-intensive industries, Reuters has reported. The government, which suspended a plan to reduce subsidies after the 2008 global economic crisis, will begin raising prices in July for industries that are not energy intensive. "We are withdrawing the energy subsidy, going back to the original plan that we have put in place in 20

  • Egypt to issue cement licences

    Two cement production licences are set to be reissued by the Egyptian government after two firms had their permits cancelled, in a move that could help meet demand in a buoyant construction sector which has defied a regional downturn, Reuters has reported. The country is also planning to separately issue eight new cement licences this year, as it aims to boost production capacity to 80 million tonnes a year by 2015, from the current 50 million.

  • Egypt to let firms issue bonds in tranches

    Egypt's ministry of investment has announced a new rule allowing corporations and other bodies to issue bonds in batches once they receive approval from the regulator, Reuters has reported. Under the new rule, a company can sell bonds in tranches for up to a year after the Egyptian Financial Supervisory Authority approves their issuance, giving companies greater flexibility when it seeks to raise funds, the ministry said.

  • Egypt: Carboxy methyl cellulose

    Supply of carboxy methyl cellulose

  • Egypt: Chemical retention agent

    Supply of chemical retention agent

  • Egypt: Drainage network (zone 1)

    Construction of a sub-surface drainage network in zone 1

  • Egypt: Drainage network (zone 2)

    Construction of a sub-surface drainage network in zone 2

  • Egypt: Equipment supply and refurbishment

    Supply and refurbishment of equipment

  • Egypt: Financial services consultancy

    Provision of consultancy services comprising a market assessment of the supply, demand and enabling environment for financial services to women-owned small and medium-sized enterprises (SMEs)

  • Egypt: Gas distribution materials and pipes

    Supply of distribution materials and pipes for a natural gas connection project

  • Egypt: Hotel works

    Construction and renovation of hotels

  • Egypt: Insulating materials and valves

    Supply of insulating materials and valves for a natural gas connection project

  • Egypt: Mineral deposit exploitation

    Exploitation and mineral separation of economic mineral deposits (closing date and and amended conditions)

  • Egypt: Natural gas connection equipment

    Supply of equipment for a natural gas connection project

  • Egypt: Power transformer testing field

    Provision of a field for testing power transformers

  • Egypt: Purging compound

    Supply of non-ionic purging compound

  • Egypt: Refining dust

    Supply of refining dust

  • Egypt: Regulators and steel pipes

    Supply of regulators and steel pipes and valves for a natural gas connection project

  • Egypt: River and lake project equipment

    Supply of equipment for a river and lake watershed management project

  • Egypt: Sand blasting line

    Supply of a sand blasting line

  • Egypt: Tubular copper moulds

    Supply of 100 130-by-130-millimetre tubular copper moulds

  • Egypt: Tubular copper moulds

    Supply of tubular copper moulds

  • Egypt: Wind turbines

    Supply, erection and commissioning of 850kW wind turbines

  • Egypt: Wood pulp

    Supply of soft wood pulp in sheets

  • Egyptian Petroleum Corporation appoints banks on $2bn loan

    Mandated lead arrangers are JP Morgan and National Bank of Egypt

  • Egyptian Saudi Finance rebranded

    Adnan Yousif, CEO of Bahrain's Al Baraka Banking Group (ABG) has said that the bank has changed the name of Egyptian Saudi Finance Bank, Reuters has reported. The Cairo-based Islamic lender, in which ABG has a controlling stake, will now be known as Al Baraka Egypt Bank, and will invest EGP3.4bn ($617.5m) to expand its operations, he said.

  • Egypt's El Sewedy Cables expects profit in 2010

    Egypt's El Sewedy Cables is expecting profit rise of up to 25% to around EGP800m ($145m) in 2010, as its loss-making activities recover and sales pick up, Reuters has reported. "This year will be better than last year since we will have seven to eight projects operating and adding profit to the company," CEO Ahmed El Sewedy said. The firm has production plants in Egypt, Ethiopia, Nigeria, Yemen, Saudi Arabia, Syria, Algeria, Ghana, Zambia, Qatar, and Libya. The company plans to expand exports

  • Egypt's inflation eases to 12.2 per cent in March

    Inflation down from 12.8 per cent in February

  • Egypt's Juhayna mulls IPO

    Egyptian dairy goods and juice maker Juhayna Food Industries is considering an initial public offering, Chairman Safwan Sabet was quoted as saying by al-Borsa. Juhayna was working with investment bank EFG-Hermeson the IPO. 'The offering and its value are still being studied as market conditions improve,' al-Borsa quoted Sabet as saying.

  • Egypt's Pioneers to take over Beltone

    Egypt's Pioneers Holding and Beltone Financial have said their shareholders have approved a plan for Pioneers to take over Beltone, Reuters has reported. Under a merger agreement concluded in March, the new firm will be called Beltone Holding, and Beltone's chief executive, Aladdin Saba, will be its managing director, Saba said at the time. According to the all-share merger, first announced in November, Pioneers will issue 100 million new shares for Beltone's shares, giving Beltone's owners a

  • Egypt's Suez Cement to pay cash dividend

    Egypt's stock exchange has said that the country's largest listed cement maker, Suez Cement, has approved a cash dividend of EGP3.3 ($0.599) per share, Reuters has reported. The firm, a unit of Italy's Italcementi, also approved a EGP3 cash dividend for its subsidiary Torah Cement.

  • Elster wins Kuwait water meter contract

    Kuwait's ministry of electricity and water has awarded US-based Elster a contract to deliver 170,000 water meters for use in residences, government buildings and other facilities throughout the country. Elster's partner in Kuwait, Al Khatla, will provide customised meters that will enable Kuwait to more effectively monitor consumption and strengthen the nation's water management programs.

  • Emaar Properties posts $207m Q1 profit

    Dubai-based developer, Emaar Properties has announced a revenue increase for the first quarter of this year by 87% to Dhs2.89bn ($786m), compared to Dhs1.54bn ($419m) during the same quarter of the previous year. Net operating profits for the first quarter of the year have recorded 152% increase to Dhs760m ($207m), from Dhs302m ($82m) during Q1 2009.

  • Emaar to roll over Dhs4.5bn loans into long-term deals

    Emaar Properties is planning to roll over most of its loans maturing in 2010 into long-term project financing deals, Emirates Business has reported, citing company sources. Over half of the Dhs8.625bn interest bearing loans and borrowings as of December 2009, Dhs4.5bn, is maturing within 12 months from December 31, 2009.

  • Emco awarded Sharjah hotel construction contract

    Local contractor appointed for $177m project

  • EmerGeo signs agreement with Fourth Dimension Systems

    Regional IT solutions and services provider Fourth Dimension Systems Corporation has signed a strategic sales and marketing reseller agreement with EmerGeo Software Solutions Middle East, a subsidiary of Canada-based EmerGeo Solutions, a provider of emergency management software and consulting services, Jordan Times has reported. Under the agreement, FDS will market and support the complete suite of EmerGeo Software and Services throughout the GCC region and Middle East.

  • Emirates Aluminium forms banking group for $420m loan

    Emal gathers six banks for export credit agency loan

  • Emirates cancels flights to UK after volcano eruption

    Flights to Europe from around the globe have been disrupted following a volcanic eruption in Iceland. The impact of this on flights from the Middle East is severve, with Emirates cancelling all flights to the UK today, Thursday 15 April. This is following the closure of UK airspace because of the huge amount of volcanic ash in the sky from the volcano, which has erupted for the second time in less than a month. Emirates is re-booking flights for its affected passengers. Those in transit at Du

  • Emirates eyes more aircraft orders in 2010

    Sheikh Ahmad Bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline, has said the carrier is forging ahead with plans to expand its fleet and may announce more aircraft orders later this year. In an interview with Dubai One TV, Sheikh Ahmad said the airline is 'ready whenever' the government takes the decision to IPO the company. Emirates needs one year to prepare from that date, he added.

  • Emirates losing $10m per day from disruptions

    Emirates Airline has said the disruptions caused by the eruption of an Icelandic Volcano has already cost it $50m and led to the grounding of 30 planes, equivalent to a fifth of its fleet. The carrier is losing revenue from 18,000 passengers a day and is losing $10m daily due to the disruptions, it said.

  • Emirates NBD officials step down

    Emirates NBD's head of retail banking Suvo Sarkar will leave the bank at the end of May, Bloomberg has reported, citing a person familiar with the matter. His decision to leave follows that of Chief Financial Officer Sanjay Uppal, who will leave the bank, probably in July.

  • Emirates NBD Q1 net profit down 12%

    Emirates NBD has reported a 12% decline in Q1 2010 net profit from the same period in 2009, to Dhs1.1bn. Customer loans dropped 1% to Dhs211.9bn from Dhs214.6bn at the end of 2009, while customer deposits grew by 6% to Dhs191.3bn from Dhs181.2bn at the previous year-end.

  • Emirates resumes service to UK

    Emirates Airline said it expects to resume flights to the UK today for the first time in seven days following the volcanic eruption in Iceland. The carrier said it expects to operate flights into London Heathrow, London Gatwick, Birmingham, Manchester, Newcastle and Glasgow throughout the day. However, the situation across Europe remains unpredictable and developments are being very closely monitored, said an Emirates spokesperson. 'We are hoping to make some good progress today in helping th

  • Emirates to add service to Medina

    Emirates Airline has said it will launch a new service to Medina throughout summer, catering for increased demand during this peak travel period. The twice weekly flights will be in place from July 2 to September 24, 2010 and will be operated by an Airbus A330-200. The service will be available in a three-class configuration including; 12 First Class seats, 42 Business Class seats and 183 Economy Class seats.

  • Emirates, Etihad EU flights remain grounded

    Volcanic activity in Iceland has meant that all Emirates flights to the UK and most other European destinations remain cancelled on the 18 April, with the carrier not accepting passengers for travel until April 20. Currently, Emirates is only accepting passengers for Moscow, Athens, Larnaca, Malta and Istanbul the carrier said. To date, 229 Emirates flights have been cancelled and over 73,000 passengers have been impacted by the ongoing disruption caused by the closure of airspace in the UK

  • EMKE Group to open 5 new Lulu stores in Oman

    UAE-based retailer EMKE Group has said it plans to open five new Lulu stores worth Dhs900m in Oman in 2010. The new stores will be located in Wadi Kabir, Khaborah, Khasab, Salalah and Nizwa. The group already has six stores in Boushar, Darsait, Barkha, Sohar, Al Seeb and Salalah.

  • EnerMech expands in Middle East, opens Doha office

    Aberdeen-based EnerMech Ltd has announced its expansion activities in the Middle East following the opening of new offices in Doha, which will be soon followed by workshop facilities in Qatar. The cranes, lifting and rigging specialist has secured a general services contract from Maersk Oil Qatar to provide offshore crane maintenance and crane operator training and has mobilised 20 cryogenic tanks and associated nitrogen equipment to Qatar which will be used in commissioning work on offshore

  • Etihad Airways reports $30m loss due to ash crisis

    James Hogan, CEO of Etihad Airways has said the carrier has lost some $30m (Dhs110m) due to flights being grounded and passengers being accommodated in hotels while European airports were closed, Wam has reported. "The stranded passengers were given accommodation in 16 Abu Dhabi hotels." The impact of the volcanic ash crisis was far more damaging on the aviation industry than that of the 9/11 and the Tsunami, he told the news service.

  • Etihad Crystal Cargo launches service to Erbil

    Etihad Crystal Cargo has announced the launch of a weekly service from its Abu Dhabi hub to Erbil in the Kurdistan Region of Iraq. The service operates an A300-600F freighter to Erbil with a payload of 42 tonnes on the route. Flights commenced last month on March 26 and will operate every Tuesday and Saturday.

  • Etihad launches Chad cargo route

    Etihad Crystal Cargo, a division of Etihad Airways, has announced it will launch a weekly service from its hub at Abu Dhabi International Airport to N'djamena, the capital of the Chad. N'djamena will be Etihad's first cargo-only destination in Chad and in the region of Central Africa. The service commenced last month on March 22 and will operate every Monday to N'djamena. Etihad will be deploying an MD11 freighter with a payload of 88 tonnes on the route.

  • Etihad launches Iraq flights

    Etihad Airways has launched non-stop flights from Abu Dhabi to Baghdad, becoming the first airline in the UAE to operate to the Iraqi capital. The airline will operate five return services per week to Baghdad, using two-class Airbus A320 aircraft. Etihad said it will expand its operation with two additional A320 return services to Erbil from June 1, subject to government and regulatory approvals.

  • Etihad to fly to Iraq

    Etihad will become the UAE’s first airline to operate direct flights to Iraq

  • Etihad to launch Iraq flights

    Etihad Airways is waiting for regulatory approval to begin services to Iraq from April 26, becoming the first UAE carrier to fly direct to Iraq, The National has reported. Etihad, which has been operating cargo flights to Iraq since 2008, plans to operate five flights a week to Baghdad. It also plans to serve Erbil, in the northern Kurdish region, twice a week starting on June 1. Etihad will employ single-aisle Airbus A320s on both routes.

  • Etihad's traffic up 25% in Q1

    Abu Dhabi-based Etihad Airwaysthe ahs reported a strong rebound in traffic in the first quarter, with revenue passenger kilometres, a key industry measure, up by 25.4%. It also said its planes were 75% full, up from 73% one year ago.

  • Etisalat 'can withhold payment' in Pakistan deal

    Etisalat's Chairman Mohammed Omran has said that it has the right to withhold payments to Pakistan for failure to transfer some properties under a $2.6bn deal to acquire a stake in Pakistan Telecommunication Co, Bloomberg has reported. The company said its board of directors had obtained a legal opinion from international and external counsel that all steps for the sale of the asset had been followed and the acquisition was legally valid under Pakistani law. "Under the agreed terms of the tra

  • Etisalat completes HSPA+ rollout

    Etisalat has announced the completion of the advanced HSPA+ technology upgrade across the UAE. The new enhancement enables Etisalat 's 3G network, that covers 99% of UAE's populated area, to provide customers with mobile broadband speeds of up to 21MBps for downloads and 11MBps for uploads in peak conditions.

  • Etisalat to pay Dhs1.1bn short-term debt

    Etisalat has said it plans to pay down almost Dhs1.1bn of its short-term debt this year, according to Salem Ali al Sharhan, its chief financial officer, The National has reported. The telecoms company has Dh3.9bn of debt associated with its international subsidiaries. Sharhan added that the company is in talks with UAE government representatives about a reduction in the rate of the annual royalty the company pays to it. Etisalat pays 50% of its net profit as royalty.

  • Etisalat's Q1 profit drops 8.4%

    UAE's Etisalat has said its first-quarter profit had declined by 8.4% to Dhs1.99bn ($543m), without providing year-earlier numbers, Bloomberg has reported. Revenue for the quarter increased 5% to Dhs7.95bn. Total mobile subscribers in the first quarter reached 7.71 million, fixed-line subscribers were at 1.3 million and Internet customers at 1.38 million, the company said.

  • Europe oil prices hit 18-month high

    Average Opec and benchmark US prices close to highest levels since 2008

  • Extra store opens 5th branch in Riyadh

    Saudi-based United Electronics Co has opened its fifth Extra store in Riyadh, bringing the total number of Extra stores in the kingdom to 14. The company plans to open more new stores in Makkah and Yanbu in addition to another store in Dammam within the next six months. The new store offers more than 5,000sqm of retail space.

  • Ezz Steel April steel prices up by 25%

    Ezz Steel, Egypt's largest steelmaker has announced a 25% increase on its steel prices to EGP4,100 per tonne from EGP3,280, to recoup soaring raw material costs, Reuters has reported. "International raw material prices are going up, and iron ore prices have increased by 90 percent; therefore steel prices are going up," Kamel Galal, Ezz Steel's investor relations manager told the news service.

  • Fairmont plans 14 more regional hotels by 2014

    Canada-headquartered Fairmont Hotels and Resorts has unveiled plans to add 14 hotels in the Middle East by 2014, with a focus on Saudi Arabia, Reuters has reported. "By next year we will have (announced) four or five hotels in Saudi Arabia," said Mohammed Al Arkobi, vice president and general manager of the Makkah Clock Royal Tower. The 14 planned hotels will be all under the Fairmont brand, he said. The company has four new hotels planned for the UAE, at varying stages of development, with t

  • Falcon Aviation opens heliport in Abu Dhabi

    Abu Dhabi-based helicopter operator Falcon Aviation Services has opened the first commercial heliport in the capital, Gulf News has reported. Located next to Marina Mall, the Dhs3m terminal comprises three helipads and one master helipad, to be used for the company's aircraft services including its new helicopter sightseeing tours.

  • Fawry extends epayment service to 700 retailers

    Egypt-based electronic bill presentment and payment (EBPP) network, Fawry has added 700 bill payment and mobile top-up points at various retail outlets across Cairo and Alexandria. The company plans to increase its service reach to over 3,000 outlets by the end of 2010 and 12,000 outlets by 2012.

  • Finance Minister: UAE 2010 growth at 2.5%

    UAE economy minister Sultan bin Saeed al-Mansouri has said that the country's economy is expected to grow by up to 2.5%, Reuters has reported. "Up to 2.5% GDP growth in 2010 depending on oil prices," Mansouri told reporters, when asked about growth this year. "Definitely this is a positive supporting element to reinforce our performance in terms of the GDP." Last month the minister forecast 3.2% growth this year. The government revises its figures as often as every month and gave no reason fo

  • First shipment of iPads sold out in UAE

    The first batch of Apple's new iPad, which arrived in the UAE on Wednesday, is already sold out, Gulf News has reported. The product's supplier www.alshop.com, an online shop of IT products is retailing the products at Dhs4,500 ($1,226) for 16GB, while prices for 32 GB and 64GB iPads are sold at Dhs5,250 and Dhs6,000, respectively. 'The first batch of 35 units are sold out already,' Sheriff Rizwan, CEO of Alshop.com told the daily.

  • Fitch downgrades Taib Bank to 'B+', negative outlook

    Fitch Ratings has downgraded Bahrain-based Taib Bank's (TAIB) Long-term Issuer Default Rating (IDR) to 'B+' from 'BB', as well as its to 'D' from 'C/D'. The ratings agency cited a negative outlook due to the bank's uncertain strategic direction and guidance from the main shareholder, the Dubai Financial Group, and the multiple challenges the bank faces to recover the capital and franchise lost over the last two years.

  • Flight academy launched in Saudi Arabia

    Saudi Binladin Group and the Saudi Aviation Club have entered into a partnership to set up a flight academy in the kingdom to train commercial and private pilots, Arab News has reported. The SR300m Saudi Aviation Flight Academy complex will be built on the Thumamah airfield near Riyadh. Capt. William Roe, managing director of SAFA, said the academy would be ready to accept the first entry of trainees in December 2010.

  • Fluor wins Qatar gas recovery deal

    Delayed jetty boil-off scheme moves ahead

  • Flydubai adds service to Istanbul and Assiut

    Budget airline Flydubai has announced new routes to Assiut in Egypt and Istanbul, Turkey, bringing the carrier's network to 15 destinations. The three weekly flights to Assiut are scheduled to start on May 24, while the service to Istanbul starts June 17 with five weekly flights.

  • Flydubai adds two new routes

    Dubai-based low-cost airline Flydubai has said it will launch services to Kabul in Afghanistan and Egypt's Luxor in May. Starting on May 17, the carrier will begin operating five flights per week to the Afghan capital, which will be followed by three weekly flights to the ancient Egyptian city.

  • Flydubai expands routes

    Dubai's first low cost airline, Flydubai has said it will launch weekly flights to the Syrian city, Latakia, in June, Wam has reported. The four-weekly service will start on June 20 and will take the airline's network to 18 destinations. Latakia will be Flydubai's third Syrian destination, after Damascus and Aleppo, and is the fifth new route to be announced by the airline this month.

  • Flydubai to fly to Latakia from June

    It will be the Dubai airline’s third destination in Syria

  • Four Seasons to open hotel in Abu Dhabi

    Abu Dhabi's Mubadala Development Company has entered into a deal to build the first Four Seasons hotel in the UAE. The Four Seasons Hotel Abu Dhabi at Sowwah Island, which is due to open in 2013, will offer 200 rooms and 125 residences. The hospitality firm currently manages nine hotels in the region.

  • France Telecom Mobinil verdict upheld

    A verdict preventing France Telecom from gaining full control of the Egyptian Co. for Mobile Services (Mobinil), has been upheld by an Egyptian court, allowing Orascom Telecom Holding to keep its stake in the Egyptian firm, Bloomberg has reported. The court said that France Telecom's offer to buy the outstanding shares in the Egyptian Co. at EGP245 ($44.4) per share is unfair to minority shareholders. The presiding judge said France Telecom can appeal to a higher administrative court in the n

  • France Telecom to pay $300m settlement fee to Orascom

    France Telecom has announced it will pay Egypt's Orascom Telecom $300m in a settlement deal over ownership of MobiNil, Egypt's largest mobile operator by subscribers, Reuters has reported. Mobinil will also acquire Orascom internet assets LINKdotNET and Link Egypt for $130m under the terms of the final deal, France Telecom said.

  • Gaca receives 49 prequalifications for Medina airport

    Saudi Arabia’s General Authority for Civil Aviation expects to award the contract in December 2010

  • Gas prices are unfair, says Qatar

    Qatar's oil minister, Abdullah bin Hamad al-Attiyah, has said that gas prices should be more closely connected to that of crude oil, Press TV has reported. 'Current prices aren't fair. They should be linked to oil prices,' he told reporters in the Algerian city of Oran, where the Gas Exporting Countries Forum (GECF) ministerial meeting is to kick off. Qatar intends to 'discuss mechanisms to stabilize (gas) prices,' he added.

  • GCC banks plans Syria entry

    Adib Mayaleh, governor of Syria's Central Bank, has said the National Bank of Abu Dhabi (NBAD), Samba and the National Commercial Bank of Saudi Arabia plan to enter the liberalised Syrian market, and that interest from Western banks is rising despite US sanctions, Reuters has reported. The three lenders contacted the authorities to apply for licences this year, which could raise the number of private banks in Syria to 16, Mayaleh told the news service. "International banks have become convinc

  • GCC's drug supply needs to be maintained, says official

    The director general of the GCC executive board of the health ministers says countries in the region must ensure they have alternative sources of vital drugs in case the disruption caused by the Icelandic volcano is not resolved soon, the National has reported. Many critical drugs are not made locally and must be flown into the region in special refrigerated containers. If they are not kept correctly, they will spoil. 'We need to take this very seriously,' Dr Tawfiq Khoja was quoted as saying

  • GE wins $100m Algeria compressors order

    Contract award by Petrofac is part of wider $3bn-plus El-Merk oil and gas hub project

  • Global fund posts 14% in Q1

    Global Investment House has said that its GCC Large Cap Fund was one of the best performing funds in the region for the first quarter 2010, recording a strong performance of 14%. Global's flagship fund invests in a diversified portfolio of large cap stocks listed on the GCC stock exchanges.

  • Global Investment House seeks $805m capital hike

    Kuwait's Global Investment House has said its shareholders are expected to vote on a 76% capital hike on May 5, Reuters has reported. The company plans to raise its capital to KD231.24m ($805m) through issuing shares at a nominal value of 100 fils per share, GIH said in a statement.

  • Golden Systems and Zotrac ink distribution deal

    UAE-based regional distributor of IT products, Golden Systems Middle East, has signed a distribution agreement with Zotac International, global manufacturer of graphics cards, mini-ITX motherboards and mini-PCs. Under the agreement, Golden Systems will promote and distribute Zotac's products through its channel and reseller network across the Middle East region.

  • Goldman downgrades Zain

    Kuwait's Zain has been downgraded by Goldman Sachs to "Sell" from "Neutral", Reuters has reported. The brokerage said the market had reacted "too positively" to the sale of Zain's African assets to Bharti Airte for $9bn. Zain had one of the lowest real growth outlooks among its peers in Central Eastern Europe, Middle East and Africa due to a deteriorating home market, Goldman said.

  • Gold's Gym to launch in Middle East

    The Abu Dhabi-based Al Ahli Holding Group has signed a deal with the Texas-based Gold's Gym bodybuilding chain to open 26 gyms in the UAE, Oman, Qatar and Bahrain. The agreement also gives AAHG the option to open a further 66 gyms in Africa and the rest of the Middle Eastern region.

  • Gulf Air and Jet Airways ink codeshare deal

    Bahrain's Gulf Air has signed a codeshare agreement with India's Jet Airways, enhancing network connectivity on services between the two countries. Starting April 12, Gulf Air will place its flight code on Jet Airways' daily services between Mumbai and Bahrain while Jet Airways will place its flight code on all Gulf Air-operated flights between Bahrain and Mumbai, Delhi, Chennai, Kochi and Thiruvananthapuram.

  • Gulf Air to launch second route to Iraqi

    Samer Majali, CEO of Bahrain's national carrier Gulf Air, has announced that the city of Suleimaniya in Iraq's Kurdistan region will become the carrier's second destination in the country by the end of 2010, Kurdish Globe has reported. The carrier also plans to fly to the southern port city of Basra by the end of the year, Majali told the newspaper.

  • Gulf Bank Q1 profit falls 67%

    Kuwait's Gulf Bank posted a 67% drop in first-quarter profit as the lender allocated most of its operating profit for provisions to cover bad loans, Bloomberg has reported. Net income fell to 524,000 dinars ($1.8m) from 1.6 million dinars in the same period last year, the lender said. Gulf Bank returned to profit in the first quarter after posting a loss of 21 million dinars in the fourth quarter, according to Bloomberg data.

  • Gulf Cement to increase production

    Qatar's Gulf Cement Co has said that the launch of a second production line early next year will help increase its production to reach 12,000 tonnes per day, the Peninsula has reported. 'We are currently producing between 3,000 and 4,000 tonnes of cement per day because we are in production trial stages. In the next few weeks we will reach the full capacity of 5,000 tonnes per day,' Abdullah bin Nasser Al Misnad, chairman and managing director of Al Khalij Holding Co, of which Gulf Cement is

  • Gulf Extrusions stops Qatar plans

    Modar Al Mekdad, general manager of Dubai-based Gulf Extrusions has said the firm has decided against going ahead with its expansion plans in Mesaieed, Qatar, Emirates Business has reported. "Our partner will continue alone in Qatar," Al Mekdad told the daily. The aluminium extrusion firm will also take a decision on its Dhs400m joint venture with Abu Dhabi Basic Industries Corp (Adbic) in Abu Dhabi after the market study being undertaken by Dun & Bradstreet, he added.

  • Gulf International notes rated 'A'

    The SR3.5bn unsecured unsubordinated floating-rate notes of Bahrain-based Gulf International Bank have been assigned a Long-term 'A' rating by Fitch Ratings. The issue, which was launched through the bank's Riyadh branch, is due in April 2015.

  • Gulf Projects 14 April 2010: Index down 0.6 per cent

    The MEED Projects index fell 0.6 per cent in the week to 14 April.

  • Gulf Projects 19 April 2010: Index up 2.4 per cent

    The MEED Projects index increased by 2.4 per cent in the week to 19 April.

  • Gulf Projects 26 April 2010: Index up 1.9 per cent

    The MEED Projects index increased by 1.9 per cent in the week to 26 April.

  • Gulf Projects 5 April 2010: Index down 0.5 per cent

    The MEED Projects index decreased by 0.5 per cent in the week to 5 April.

  • Gulfinvest says it defaulted on $55m loan

    Kuwait-based investment company, Gulfinvest International, has said it has defaulted on a ($55m) loan from Abu Dhabi Commercial Bank, Bloomberg has reported. The company said the loan will now be repaid by Dubai-based Shuaa Capital, which guaranteed the loan. Gulfinvest has transferred its 19% stake in Al-Ahlia Holding Co. to Shuaa in lieu of the loan.

  • Halwani's Q1 net profit rises 68%

    Saudi-based Halwani Brothers Co has reported a 68% rise in Q1 net profits at SR21m ($5.6m), compared to SR12.5m in the same period last year, Reuters has reported. 'The reason behind the increase in net profits for the current quarter... is due to the improvement of the total and operational profits,' the food company said in a statement. Operational profit increased by 57.5% to SR24.1m in the quarter, the company noted.

  • Hamad Medical City to open adolescent unit

    Qatar's Hamad Medical City will add an exclusive department for adolescent medicine to its paediatric hospital, the Peninsula has reported. The proposed department would cater to patients in the age group of 12 years to 18 years, according to Dr Ibrahim Al Janahi, paediatric consultant at the Hamad Medical Corp (HMC). "There is no separate facility in Qatar for this category, which has been classified as adult," he said. The 216-bed hospital will have an emergency unit, surgical units, outpat

  • Harrys of London to open new store in Kuwait

    UK-based men's footwear and leather goods maker Harrys of London has announced plans to open their first freestanding retail store in the Middle East at the new 360 MALL in Kuwait on April 29. The London-based retailer plans to open five additional stores in the region during the current fiscal year.

  • Health Matrix launches Saudi operations

    Health Matrix has announced the launch of its operations in Saudi Arabia. The firm, which specializes in providing healthcare IT solutions, will offer solutions including primary healthcare and practice management, chronic diseases management, professional health contents, and health promotion.

  • Hill International wins Egypt gas consultancy contract

    Firm to manage planned gas compressor in Dashur

  • Hitachi plans 50% regional growth

    Eros Group, regional distributor of global electronics giant Hitachi, has unveiled plans to increase the brand's growth in the region by 50% in the coming three years. Eros, which expects the electronics sector in the UAE to grow by 15%-20% and the home appliances sector to grow by 5% to 10% this year, also expects a 5%-10% drop in prices of consumer electronics. However, appliance prices which held on in 2009 after steadily rising since 2006 are expected to remain unchanged in 2010, Eros sai

  • Honam exits Qatar petrochemicals joint venture

    Qatar Petroleum and South Korea's Honam Petrochemical have cancelled plans for a $2.6bn joint venture petrochemicals complex in Qatar, due to the global financial crisis, Meed has reported. QP had planned the 70-30 joint-venture with Honam for a petrochemicals complex at Mesaieed to include a 1.3 million tonne a year ethylene cracker and a 700,000 t/y polypropylene unit.

  • Honam quits Qatar petrochemicals joint venture

    South Korean firm will strengthen production at home

  • Housing demand in Saudi to grow to 5.6 million units by 2014

    A study by Saudi-based Jiwar Real Estate Management & Marketing has showed that the kingdom will need around 1 million new homes over the next five years to keep up with an estimated 3.3% compound annual growth rate in demand. The residential sector has grown substantially to account for 70% of Saudi Arabia's real estate market, with the remaining 30% being distributed among offices, retail outlets, hospitality and industrial sectors, the report said.

  • How to spot a great project

    The GCC construction market showing signs of reviving. Thoughts are once more turning to the project delivery challenge

  • HP acquisition of 3Com to expand Ethernet offers

    HP has said it has completed its acquisition of 3Com Corp at $7.90 per share in cash or an enterprise value of approximately $2.7bn. 3Com's network switching, routing and security solutions will be integrated in HP's ProCurve solutions, to create a comprehensive portfolio for customers, HP said. The company said the acquisition expands HP's Ethernet switching offerings, adds routing solutions and significantly strengthens the company's position in China.

  • HP launches ProLiant G7 servers

    HP has unveiled three HP ProLiant G7 server platforms that promise a significant performance boost and enhanced power savings over previous generations. The new line includes the HP ProLiant DL165 G7 and HP ProLiant DL385 G7 rack-optimized servers, as well as the HP ProLiant SL165z G7 scale-out "skinless" server. The new HP ProLiant DL165, DL385 and SL165z G7 platforms are expected to be available next month worldwide.

  • HSBC enters Kuwait retail banking market

    HSBC has become the first international bank to enter the Kuwaiti retail banking market with the launch of HSBC Premier - its global personal banking service. Kuwait joins over 39 other countries in offering HSBC Premier.

  • Hyatt to open two hotels in Abu Dhabi

    Peter Fulton, managing director for Hyatt Hotels & Resorts in South West Asia has announced Abu Dhabi will see two Hyatt-branded luxury properties within the next 12 months. This year, the first Hyatt property in the UAE capital, the 189-room Hyatt at Capital Centre, will open followed by the 270-room Park Hyatt Abu Dhabi in early 2011.

  • Hydro looks for Middle East expansion

    Norwegian aluminium supplier looking at various options in the region

  • Hyundai/HBK joint venture wins Dohaland contract

    Joint venture will build phase 1a of Musheireb development

  • IATA says airlines lost more than $1.7bn by Tuesday

    Tt will take the airline industry at least three years to recover from the volcano crisis, said Giovanni Bisignani, Director general and chief executive of the International Air Transport Association (IATA). 'For an industry that lost $9.4bn last year and was forecast to lose a further $2.8bn in 2010, this crisis is devastating,' he said. The international industry body said the crisis has cost airlines revenues of more than $1.7bn.

  • IATA, EU, FAA. ICAO ink information exchange deal

    The International Air Transport Association (IATA), the International Civil Aviation Organization (ICAO), the US Federal Aviation Administration (FAA), and the Commission of the European Union have signed a Declaration of Intent to exchange safety data. Audit data will be a key element in the project. IATA, ICAO, the FAA and the EU conduct audit programs that collect complementary safety information.

  • Ibn Rushd seeks bids on Yanbu project

    Arabian Industrial Fibre Co (Ibn Rushd), an affiliate of petrochemicals giant Saudi Basic Industries Corp (Sabic), has started the bidding process for a $400m contract to build a new plastics plant at its Yanbu petrochemicals complex, Meed has reported. The project is part of a wider scheme to boost production of polyethylene terepthalate, a plastic used in plastic bottles. The winning bidder will build a 350,000-tonne-a-year (t/y) purified terepthalic acid plant, which will act as an expansi

  • IDC: Q1 PC shipments up 24%

    Industry tracker IDC has said that global personal computer shipments rose by 24.2% in the January-March period to 79.1 million units, Reuters has reported. IDC analyst Jay Chou said the PC market performance was still notable in its strength, with good signs from markets around the world, particularly emerging markets. Hewlett-Packard Co retained the top spot in the global PC rankings, although its market share slipped to 19.7%, followed by Acer Inc which recorded a 43% rise in shipments dur

  • IEA raises growth forecast for oil demand in 2010

    The International Energy Agency has said that global oil demand will rise by 1.67 million barrels per day in 2010 to meet rising demand that is expected to reach 86.60 million bpd this year, up from 84.93 million in 2009, Reuters has reported. The IEA estimated demand this year for OPEC crude and stocks would fall by 200,000 bpd to 29.1 million bpd. It said production by the OPEC member states rose by 30,000 bpd, taking their compliance as a group with promised output cuts to around 55% at th

  • Independent body to investigate UAE air crashes

    Saif al Suwaidi, director general of The UAE General Civil Aviation Authority and the National Transport Authority are working on a proposal to set up an independent air crash investigation body, The National has reported. The proposal, which will be submitted to the federal government for approval within the next three months, aims to prevent conflicts of interest when assigning blame for accidents. The GCAA, which currently investigates air crashes itself, is also the regulatory agency for

  • India-based education group to expand into Saudi

    India's Narayana Group of Educational Institutions has announced plans to expand into Saudi Arabia, reported Arab News. The group, which has over 200,000 students on its rolls, will target Saudi and non-Saudi students, including over 60,000 students currently enrolled in different embassy-run schools, Saudi schools and private colleges.

  • Industries Qatar Q1 profit down 14%

    Qatar's largest publicly traded company, Industries Qatar has posted a 14% drop in Q1 profits compared to a year earlier, Bloomberg has reported. Net income fell to QR1.2bn ($274.7m) from QR1.4bn. The Doha-based company's year-earlier profit was boosted by a QR800m correction for losses on steel sales at locally capped prices at a time when global commodity prices were increasing.

  • Invest AD cancels property fund offer

    Abu Dhabi government-owned fund, Invest AD has said that due to market conditions it has shut its investment banking advisory team and cancelled plans to offer a property fund, Bloomberg has reported. "After careful consideration of market conditions, Invest AD has decided to close its small investment banking advisory team," a spokesman told the news service. Invest AD owns a stake in Airport International Group PSC, and holds a majority in Industrial City Cooling Co., owner and operator of

  • InvestBank posts Q1 profit results

    Sharjah-based InvestBank has said that its Q1 2010 net profit stood at Dhs85.6m, Emirates Business has reported. Operating income stood at Dhs117.2m, while total assets reached Dhs9.5bn. Total liabilities reached Dhs7.7bn and shareholders' equity reached Dhs1.8bn.

  • Investment banking rebounds in Middle East in Q1

    According to an analysis by Thomson Reuters, investment banking in the Middle East experienced a rebound in activity in the first quarter, indicating a return to confidence in the market, Reuters has reported. Investment banking and adviser fees climbed 11% to reach $175.9m, while syndicated loan fees made up 12% of total fees, with Standard Chartered topping the fee ranking for syndicated loans, the report said.

  • Investment Dar reports loss in 2008

    Kuwait's Investment Dar has reported a loss in 2008, as authorities allowed it to publish its result after a one-year delay, AFP has reported. The Islamic investment firm said it lost $279m in 2008 after a net profit of $458m the previous year. The investment firm has not yet published any results for 2009 and remains suspended from the Kuwaiti bourse.

  • Investor confidence rises in GCC

    Dubai-based Shuaa Capital has said that its investor confidence index across the GCC rose by 15.2 points, due largely to a sharply positive change in investor sentiment towards the UAE. 'The increase in investor confidence towards the UAE clearly indicates that the cloud of uncertainty hanging over the investment community has now been removed. The outcome of Dubai World's restructuring proposal has had a very positive impact on the investment community, both regionally and internationally,'

  • Iran calls for domestic gas price hike

    Oil ministry want ten-fold increase in prices

  • Iran grants third mobile network licence

    Iran's communications minister, Reza Taqipour, has said the government has awarded state-owned Tamin Telecom a license for the country's third mobile telephone network, IRNA news has reported. 'The license was given on Saturday to Tamin Telecom along with its consortium, and we are hopeful its sim cards will reach the market in the course of the current year,' the minister was quoted as saying. In January 2009 the licence was initially granted to a consortium of Tamin and UAE's Etisalat but w

  • Iran in Kuwait gas export deal

    The National Iranian Gas Export Co (NIGEC) has said that Kuwait has agreed to import 8.5mln c/m of gas and will set up a joint firm that will build a pipeline to transfer the gas, Fars news agency has reported. The two countries will establish a government/private sector company to construct a 577 km pipeline to transfer the gas from Iran's South Pars gas fields to Kuwait. Referring to the price of gas supplies to Kuwait, NIGEC head Seyed Reza Kassayeezadeh said that the two sides have presen

  • Iran in talks to finance Qeshm airport expansion

    Iran hopes the expansion will attract more foreign investment to Qeshm island free-zone

  • Iran inflation records 10.8%

    According to data released by Iran's central bank, the country's annual inflation rate stood at 10.8% in the past Iranian calendar year, ended 20 March, 2010, compared to 25.4% for the March 2008-2009 year, Meed has reported. The average inflation rate from March 2009-10 stood at 11.3% compared to 13.5% in the previous year, the data showed.

  • Iran looks for $200bn oil investment

    Iran's oil minister has said that the country is seeking $200bn in oil, gas and refining investments over five years to avoid a production decline, Iran Daily has reported. Masoud Mirkazemi said that given the depletion of existing oil and gas fields, the investments will "introduce a degree, a percentage of efficiency." 'For the next five years, we are...planning seriously for investment of upstream and downstream of $200bn investment ," the minister said.

  • Iran moves ahead with privatisation plans

    Includes refineries and petrochemicals

  • Iran opens CNG cylinder plant

    Iran has inaugurated a plant for the production of large compressed natural gas (CNG) cylinder with the annual capacity of 100,000 units, Mehr news agency has reported. The factory, which was designed and built by the defence ministry, will supply the domestic market with CNG cylinders of 28 up to 130 litres capacity ranging from 168 to 425 millimetres in diametre.

  • Iran opens region's largest iron ore plant

    Iranian president Mahmoud Ahmadinejad has inaugurated the Middle East's largest iron ore pelletizing plant at the southern city of Sirjan, Fars News has reported. The Gol-e-Gohar pelletizing plant has the capacity to produce five million tons of iron ore per year, enough for the production of 2.5 million tonnes of steel. The new plant has been built over four years and will use iron ore concentrates from the Gol-e-Gohar mine in the Kerman province. Approximately $600m has been invested in set

  • Iran proposes domestic gas price hike by 10 times

    Masoud Mirkazemi, Iran's oil minister has asked the government to approve raising domestic gas prices by 10 times to curb the country's spiralling consumption, Meed has reported. The government is hoping an increase to almost $0.1 a cubic metre would save the government some $17bn from wasteful consumption patterns. "To deal with this problem, I proposed to increase the price of gas to at least IR900-1,000 (almost $0.1) a cubic metre," Mirkazemi was quoted as saying by Mehr news agency. Consu

  • Iran to launch new satellites

    Iranian telecoms minister Reza Taghipour has announced that the country plans to launch new satellites capable of transmitting data and images by March next year, AFP has reported. The launch will take place once the "launcher, the ground station and the guidance system are ready," he said.

  • Iran to privatise petchem plants

    Iran's oil minister, Massoud Mirkazemi has unveiled plans to privatise all refineries and petrochemical units in the country, Reuters has reported. "The work on ceding (ownership of) oil companies has begun and based on plans, all petrochemical units and refineries will be ceded, including service, drilling and support companies," the minister said.

  • Iran to raise $12.5bn through privatisations

    Refineries and car manufacturers will be among those companies floated on the Tehran Stock Exchange

  • Iran to spend $5bn to further develop South Pars gas field

    The Iranian government has allocated $5bn to develop phases 20 and 21 of the giant South Pars gas field, Fars news agency has reported. 'This sum will be spent for developing phases 20 and 21 of the oil layer of South Pars and setting up the 1000-megawatt Pars Combined Cycle Power Plant,' Ali Vakili, managing director of Iran's Pars Oil and Gas Co was quoted as saying.

  • Iran: Canals and drainage system

    Construction of new canals and a drainage system for an integrated land and water management project

  • Iran: Carbon ferro-manganese

    Supply of carbon ferro-manganese

  • Iran: Catalyst

    Supply of catalyst

  • Iran: Centrifugal pump parts

    Supply of parts for centrifugal pumps

  • Iran: Chemical materials

    Supply of chemical materials (LP)

  • Iran: Copper refinery (Khatoon Abad)

    Implementation of a copper refinery (Khatoon Abad)

  • Iran: Copper refinery (Sungun)

    Implementation of a copper refinery (Sungun)

  • Iran: Drilling rig equipment

    Supply of equipment for drilling rigs

  • Iran: Heat exchanger tubes

    Supply of 6,000 heat exchanger tubes

  • Iran: Insecticides

    Supply of insecticides

  • Iran: Laundry equipment

    Supply of laundry equipment

  • Iran: Non-water revenue study

    Provision of consultancy services for a non-water revenue study

  • Iran: Oil production below capacity

    Iran's oil minister, Massoud Mirkazemi has said that his country has the capacity to produce more than 4.1 million barrels per day (bpd) of crude, but is pumping at well under that level due to Opec restraints, Reuters has reported. "Iran has always tried not to go beyond 3.6-3.7 million bpd to remain committed to Opec quotas," Mirkazemi said. Mirkazemi also spoke of Iran's potential to export gas, saying it was ready to start exporting to Switzerland as long as transit country Turkey gave it

  • Iran: Oxygen reactor catalyst

    Supply of oxygen reactor catalyst

  • Iran: Sulphuric acid and smelting plants

    Carrying out a sulphuric acid plant and a smelting plant project

  • Iran: Titanium dioxide

    Supply of titanium dioxide

  • Iran: Wastewater treatment project consultancy

    Provision of consultancy services for a wastewater treatment plant project

  • Iran: Water system equipment

    Provision of equipment for a circulating water system

  • Iran’s annual inflation falls to 10.8 per cent

    March inflation posts 10.4 per cent year-on-year increase

  • Iraq agrees Majnoon oilfield development plan

    New wells and processing facilities to be tendered

  • Iraq awards $500m Rumaila well deals

    Abdul-Mahdy al-Ameedi, director of the licensing office at the Iraqi oil ministry has said that Iraq has awarded contracts to drill 49 out of 56 new wells at the giant Rumaila oilfield, each valued at around $10m, Reuters has reported. Chinese firm Daqing and a joint venture between Schlumberger and the state-owned Iraq Drilling Co are each being awarded contracts to drill 21 new wells, while Weatherford International was awarded seven new wells, Ameedi said. "The remaining seven wells we hav

  • Iraq cement plant to issue tenders shortly

    Joint venture of Merchant Bridge and Lafarge to tender $150m Karbala cement project

  • Iraq crude oil exports down 1.4 per cent in March

    Revenues increase 3.6 per cent on higher crude prices

  • Iraq cuts key interest rate

    The Central Bank of Iraq cut today its key interest rate by one percentage point to 6% to boost economic growth, Bloomberg has reported, citing figures posted on the central bank's website.

  • Iraq establishes new state oil company

    Midland Oil Company will have working capital of $85m

  • Iraq invites bids for contract to manage Umm Qasr port terminal

    Iraq is also building the $6bn Great Faw port in Basra province that will be the biggest port in the northern Gulf

  • Iraq launches Dora plant rail project

    Iraq's electricity and transport ministries have announced the launch of a joint railroad project that will carry fuel to the Dora Power Station in southern Baghdad, Aswat al-Iraq has reported. Transport minister, Amir Abduljabbar has said that a similar project will be carried out in Basra province, south of Baghdad.

  • Iraq lowers base interest rate

    Iraq's central bank has cut its base interest rate by 100 basis points to 6% from 7% as of April 1, in reaction to subdued inflation, Reuters has reported. A senior advisor at the bank told the news service the move will also encourage private banks to lend to investors and traders and boost the economy.

  • Iraq plans $1bn tourism development

    The Iraqi ministry of tourism and the Wasit province investment commission have announced plans to build a $1bn tourism development near the Wasit capital city of Al-Kut, Meed has reported. Overlooking the Tigris River, the 500,000 square-metre Wasit Tourist City will include hotels, apartment blocks, private chalets, swimming pools, an amphitheatre, public gathering space and an amusement park for 2,000 people. The provincial government is relying on public and private funding at home as wel

  • Iraq plans Basra dry port

    The planned transshipment zone in Basra would support operations at the $6bn Great Faw port

  • Iraq plans new gas licensing bid round

    Akkas, Mansuriyah and Siba fields to be auctioned by the end of 2010

  • Iraq province grants $21m residential licence

    The investment commission of Iraq's Diwaniya province has granted an Iraqi investor a license to establish a $21m residential compound in the southern part of the province, Aswat al-Iraq has reported. The project, which includes 700 housing units and 350 stores, in addition to a number of garages, is scheduled for completion within 36 months.

  • Iraq to cut signature bonuses on oilfields

    Iraq's oil ministry has agreed to reduce signature bonuses on two oilfield development deals secured by oil companies, but is turning them into unrecoverable payments rather than soft loans, Reuters has reported. The signature bonus for the 8.7-billion-barrel West Qurna Phase One oilfield to be paid by Exxon Mobil and Royal Dutch Shell will be cut to $100m from $400m, while the bonus for the 4-billion-barrel Zubair oilfield won by Italy's Eni and its partners Occidental Petroleum Corp and Sou

  • Iraq: Air filters

    Supply of air filters

  • Iraq: Aluminium wires

    Supply of aluminium wires

  • Iraq: Base oil

    Supply of bright stock base oil

  • Iraq: Building construction

    Carrying out building construction works

  • Iraq: Calibration and test assembly equipment

    Supply of equipment for calibration and test assembly systems

  • Iraq: Centrifugal pumps

    Supply of two self-priming centrifugal pumps

  • Iraq: Circuit breakers

    Supply of circuit breakers

  • Iraq: Circuit-breakers

    Supply of outdoor circuit-breakers

  • Iraq: Condenser sump pumps

    Supply of condenser sump pumps

  • Iraq: Cooling water system

    Design and construction of cooling water system at a refinery

  • Iraq: Copper cables

    Supply of copper cables

  • Iraq: Cut-out fuses

    Supply of cut-out fuses

  • Iraq: Diesel pumps

    Supply of emergency diesel pumps

  • Iraq: Distribution transformers

    Supply of distribution transformers

  • Iraq: Electrical insulators

    Supply of electrical insulators

  • Iraq: Electrical materials

    Supply of electrical materials

  • Iraq: Gas turbine blades

    Supply of gas turbine blades for a power station

  • Iraq: Gas turbine rotor axial fan

    Supply of a gas turbine rotor axial fan for a generator at a power station

  • Iraq: Gas turbine spares

    Supply of spare parts for gas turbines for a power station

  • Iraq: Gas turbine speed governors

    Supply of speed governors for gas turbines for a power station

  • Iraq: Generator assembly equipment

    Supply of equipment for maintenance and generator assembly

  • Iraq: Inlet guide vane spares

    Supply of spare parts for inlet guide vanes for a power station

  • Iraq: Lattice steel poles

    Supply of lattice steel poles

  • Iraq: Oil pumps

    Supply of oil pumps for a power station

  • Iraq: Overhead cables

    Supply of overhead cables

  • Iraq: Portable pumping sets

    Supply of 50 portable pumping sets

  • Iraq: Power station building expansion

    Expansion of a 400kV power station building

  • Iraq: Pressure radar tank gauge

    Supply of a pressure radar tank gauge

  • Iraq: Pressure vessel

    Supply of a pressure vessel for a power station

  • Iraq: Ring main units

    Supply of ring main units

  • Iraq: Shaft turning equipment

    Supply of hydraulic shaft turning equipment

  • Iraq: Steel poles

    Supply of tubular steel poles

  • Iraq: Temperature controllers

    Supply of temperature controllers for a power station

  • Iraq: Tractors

    Supply of 1,850 tractors

  • Iraq: Truck-mounted drilling rigs

    Supply of three truck-mounted drilling rigs

  • Iraq: Water pipe production extrusion line

    Supply, installation and operation of an extrusion line for the production of polyvinyl chloride (PVC) pipes

  • Iraq: Water treatment plant works

    Carrying out improvements to a water treatment plant

  • Iraqi Airways launches Beirut service

    Iraqi Airways has said it will launch a new direct service to Lebanon on April 30, Aswat al-Iraq has reported. The airline will operate a direct weekly flight every Friday from the city of Mosul to the Lebanese capital, Beirut.

  • Iraqi Airways restores Baghdad-London service

    Iraqi Airways has launched it first service to London in two decades from Baghdad via Malmo in Sweden. The carrier plans to offer a twice-weekly flight between Baghdad and London, with the inbound service to Iraq to be non-stop.

  • Iraqi government sets up new oil firm

    A new a state-run oil firm has been formed by the Iraqi Council of Ministers with a capital of $85.57m, Aswat al-Iraq has reported. The Middle Oil Co will be responsible for oil production within the middle part of Iraq, Ali al-Dabbagh, the official spokesperson of Iraqi government said.

  • Iraq's Al-Muthanna signs industrial city agreement

    Samawa industry city is the latest Iraqi project for Lebanon’s Concritech

  • Iraq's West Qurna oilfield to hit 120,000 bpd in 2012

    Norway's Statoil has said that production at Iraq's West Qurna phase II oilfield will hit 120,000 barrels per day in 2012, Reuters has reported. Statoil along with its consortium partner Russian energy company Lukoil have already started issuing tenders for work at the field, according to Kjetil Tonstad, vice-president for International Exploration and Production, Middle East.

  • Islamic bond sales to rise 50% this year, says report

    The research arm of Kuwait Finance House, KFH Research Ltd, has said that Islamic bond sales will grow 50% to $30bn in 2010, driven by low interest rates and spending by governments on infrastructure programs aimed at supporting growth, Bloomberg has reported. Some $20bn of Islamic bonds announced last year are expected to be issued in 2010 and 'another $10bn or more could potentially enter the pipeline', KFH Research senior analyst Tursina Yaacob said.

  • IT city to be built in Jordan

    The chairman of Jordan Telecom Group, Shabib Ammari, has said the company is in talks with Al Shamel Co for the creation of an IT, communications and media city in the capital, Amman, Jordan Times has reported. The proposed city is aimed at making Jordan a regional hub for ICT, and is expected to attract $500m worth of investments, JTG said. The telecoms group will contribute to the project by providing a 247-dunum plot of land, as well as the required communications infrastructure. Al Shamel

  • Italian consortium wins Grand Faw design contract

    Impregilo leads the Italian consortium that will design Iraq’s $6bn Grand Faw port in Basra

  • Jabal Omar Development posts $2.4m Q1 loss

    Saudi-based real estate developer Jabal Omar Development Co has posted a Q1 loss of SR8.9m ($2.4m). This compares with a loss of SR4.1m in the year-earlier period, the company said in a statement.

  • Jacobs Group to project manage Cleveland Clinic

    The Six Construct/Samsung joint venture will build the hospital on Sowwah Island

  • Jazeera Airways' board approves raising capital

    The board of directors of Kuwaiti low-cost carrier Jazeera Airways approved issuing 200 million new shares aimed at increasing capital by 91% to KD42m ($146m), Bloomberg has reported. The capital increase requires shareholders approval, the airline said.

  • Jazeera Airways launches Kuwait-Lahore nonstop service

    Kuwait-based Jazeera Airways has announced the launch of three weekly non-stop flights to Lahore, the airline's first destination in Pakistan. The carrier plans to add three new services this summer to Antalya in Turkey, Hurghada in Egypt, and Salalah in Oman.

  • Jeddah airport contract not yet signed, says GACA

    Saudi Arabia's General Authority for Civil Aviation has denied media reports that a Saudi company has been awarded the contract to develop and modernize Jeddah's King Abdulaziz International Airport, Arab News has reported. 'Gaca is currently evaluating applications submitted by local and international bidders for the two separate contracts to develop KAIA,' Gaca spokesman Khaled Al-Khaibary told the daily.

  • Jindal is expected to secure deal for Shadeed steel plant

    Indian company might be favoured over Emirates Steel to finalise deal for Sohar plant

  • Jizan steel plant on schedule

    Mini-mill project to complete on time in second quarter of 2011

  • Jordan Disi water project to start in August

    Jordan's water and irrigation minister, Mohammad Najjar, has said that the implementation of the Disi Water Conveyance Project will start in August in eight locations, the Jordan Times has reported. The initial process includes digging 55 wells for production and 10 wells for monitoring the quality and quantity of water, he said. The project is planned to supply the capital with 100 million cubic metres of water annually by the end of 2012.

  • Jordan gets initial approval for Arabic Internet addresses

    Jordan has won preliminary approval for Internet addresses written entirely in Arabic. Until recently, Internet domain names such as those that end in '.com' have been limited to Latin characters, numerals and the hyphen. The Internet Corporation for Assigned Names and Numbers, known as ICANN, oversees domain names and is in the process of expanding the permitted characters.

  • Jordan needs to balance education, market needs, says IMF chief

    Dominique Strauss-Kahn, chief of the International Monetary Fund (IMF), has said that Jordan needs to strike a balance between its education system and market needs in order to boost the economy, AFP has reported. 'The paradox is that the level of education in Jordan is rather high, very high I could say, and at the same time you have a very high level of youth and unemployment,' he was quoted as saying. Strauss-Kahn said one reason for this is that 'the skills your people acquire at universi

  • Jordan oil shale exploration deal signed

    Jordan's Natural Resources Authority has signed an oil shale exploration agreement with the National Company for Oil Shale and Electricity Production, marking the first venture for a Jordanian public shareholding company in the field, Jordan Times has reported. Under the deal, the company will conduct two years of economic, environmental and technical feasibility studies in a 51-square-kilometre area in the Bayar region in the south of the kingdom.

  • Jordan potash export revenues up

    Official figures by the central bank of Jordan showed that revenues from exports of potash in January 2010 rose 10.2% to JD10.8m, compared to the same period of 2009, Petra news agency has reported. The rise was attributed to a 38.4% decline in potash prices and to an 80.5% increase in exported quantities. Italy, Japan and India accounted for 59.3% of Jordan's potash exports.

  • Jordan scraps oil deal with US firm

    The Jordanian government has cancelled a partnership deal with US Trans-Global Petroleum Exploration Co for exploring oil and gas in the Dead Sea and Wadi Araba areas, Kuna has reported. The decision was made by the Jordanian cabinet after the US firm had failed to fulfil its contractual commitments, including reluctance to pay $2m in fees, Jordan's Natural Resources Authority director general, Maher Hijazeen said.

  • Jordan Telecom to distribute 2009 dividends

    Jordan Telecom Group (JTG) has approved the distribution of JD105m in cash dividends for 2009 at a rate of 420 fils per share, Jordan Times has reported. In 2009, the group's net profit after tax rose 3.7% over 2008 to JD104m. JTG's base of subscribers also grew by 9.2% to a total of 2.75 million subscribers, compared to 2.52 million at the end of 2008.

  • Jordan to expand Aqaba airport

    The expansion will double capacity at the airport

  • Jordan to launch new classification system for restaurants

    Jordanian tourism ministry has unveiled plans to introduce a new classification system for restaurants across the kingdom, Jordan Times has reported. Restaurants wishing to upgrade their classification under the new system, designed according to international standards, will have to provide additional services to do so, a spokesperson for the ministry said. In addition to the quality of cuisine, the new classification system will rate restaurants according to their ambiance, cleanliness and s

  • Jordan to seek bids for wind power project

    Mahmoud Al-Ayss, director of planning at Jordan's ministry of energy, has said the government will ask 16 pre-qualified firms to bid for a wind-power generation project, Arabic Ad-Dustour has reported. The plant, expected to cost an estimated $150m, will have a capacity of between 80 megawatts and 90 megawatts and could be expanded to 200 megawatts, he was quoted as saying.

  • Jordan to survey blindness caused by diabetes

    A survey to gauge the prevalence of blindness caused by diabetes is set to be launched in Jordan by the health ministry, Jordan Times has reported. The JD1.3m survey will be implemented over three years in Amman and Irbid hospitals, in cooperation with the National Centre for Diabetes, Endocrinology and Genetics, VISION 2020, the global initiative for the elimination of avoidable blindness, minister of health, Nayef Fayez said. According to the International Diabetes Federation 2010 report, J

  • Jordan: Disability resource consultancy

    Provision of consultancy services for disability resource and information centres

  • Jordan: Dredging O&M works

    Operation and maintenance (O&M) of dredging works for solar ponds

  • Jordan: Economic reform consultancy

    Provision of consultancy services for an economic reform and development programme

  • Jordan: Insulators and conductor fittings

    Supply of insulators and fittings, and conductor fittings

  • Jordan: OHTL tower obstruction lights

    Supply of obstruction lights for overhead transmission line (OHTL) towers

  • Jordan: OPGW earth wire

    Supply of OPGW earth wire

  • Jordan: Parking management system

    Provision of a parking management system

  • Jordan: Power transmission consultancy

    Provision of consultancy services for an overhead transmission line project

  • Jordan: Substation switchgear and capacitor banks

    Supply of switchgear and capacitor bank equipment for substations

  • Jordan: Substation switchgear equipment

    Supply of switchgear equipment for substations

  • Jordan: Substation transformer equipment

    Supply of transformer equipment for substations

  • Jordan: Supports and fittings

    Supply of supports with fittings and accessories

  • Jordan: Yew conductors

    Supply of yew conductors

  • Jordanian water joint venture dissolved

    Company renamed AJ Water & Environment

  • Jordan's inflation rate hits 4.6 per cent

    Transport increases by 14.8 per cent in first quarter

  • Jordans inks deal with US Peace Corps for teaching English

    A memorandum of understanding has been signed between Jordan education ministry and the US Peace Corps to enhance the level of teaching English in government schools, Petra news agency has reported. Minister of Education Ibrahim Badran said that the deal would raise the quality of English language learning for students in public schools and assign volunteer teachers to areas in need

  • Juhayna mulls IPO after fire

    Juhayna Food Industries, the Egyptian dairy and juice maker, has said that despite major losses caused by a fire in one of its factories, it is still considering whether to proceed with its initial public offering, Reuters has reported. The fire that broke out last Thursday at Juhayna's 'Egyfood' factory on the outskirts of Cairo damaged buildings and equipment. Production has been halted at the factory, which cost EGP300m ($54.13m).

  • Jumbo Electronics plans marketing drive

    Peter McElwaine, CEO of UAE-based Jumbo Electronics, has said that the firm plans to increase spending on marketing by 30% to stay ahead in an increasingly competitive market, The National has reported. The firm has built a Dhs65m ($17.6m) customer service centre and warehouse in Jebel Ali. Jumbo plans to open at least two new stores in the UAE this year, one in Dubai and one in Abu Dhabi, in addition to its portfolio of 35 stores in Oman and the UAE. "Abu Dhabi is where in the next two or th

  • Jumeirah to open 10 hotels in 18 months

    Jumeirah Group, a unit of Dubai Holding, has said it expects to open ten hotels in the next 18 months, and launch a new hotel brand, after strong results in the first quarter. The new properties will include the Jumeirah Frankfurt, Jumeirah Messilah Beach in Kuwait, two hotels in the Maldives, Jumeirah Etihad Towers in Abu Dhabi, as well as properties in Al Ain, Dubai, Shanghai and others to be confirmed in the coming months. The company also said it has 32 management agreements in place to r

  • Kaspersky Lab launches new Internet protection solution

    A new class of products has been launched by Kaspersky Lab aimed at providing an integrated solution specifically designed to protect home stand-alone and networked computers. Kaspersky PURE combines protection against all types of web-borne threats with new, advanced features including extended parental control features, data backup and encryption tools, a password management programme and the ability to manage entire home networks or fine tune security settings of web browser and operating

  • Kaspersky Lab signs security deal with STC

    Kaspersky Lab has signed an agreement with the Middle East's biggest telecoms firm, Saudi Telecom Co to provide mobile security services to smartphone users in the kingdom. iAxcess and NOMD, the Saudi Arabian partners of Kaspersky Lab, will be in charge of the implementation process.

  • Kempinski hotel set to open in Doha this May

    Kempinski Hotels has announced its first property in Qatar, the Kempinski Residences and Suites, Doha, will launch its soft opening on April 15 and will be officially opened in May, the Peninsula has reported. The 62-storey hotel will comprise 370 one, two, three-bedroom suites, duplexes and sky villas on the roof of the hotel.

  • Kemya partners cancel Jubail storage tank deal

    Construction package will be rolled into a bigger contract to be tendered in July

  • KEO wins design work for four Abu Dhabi projects

    New schemes are planned by Aabar and Urban Planning Council

  • Kingdom Holding Q1 profit rises 50%

    Saudi-based Kingdom Holding, 95% owned by Prince Alwaleed bin Talal, has said its first-quarter net profit rose by 50% to SR75.2m ($20m) against SR50.2m a year-earlier, Reuters has reported. Subsidiaries and investments performed well with resilient revenue growth delivered across our hotels and real estate investments as well as a recovery in our investment portfolio,' Prince Alwaleed said in a statement. Kingdom is a main shareholder in Citigroup Inc, which on Monday reported its best quart

  • Kingfisher adds UAE, India routes

    India's Kingfisher Airlines has launched two new international routes out of Dubai with the launch of daily flights from Dubai to New Delhi and Dubai to Mumbai. With the launch of these routes, the carrier now flies to a total of three destinations from Dubai with daily flights to New Delhi, Mumbai and Bangalore and will now have a total of 21 weekly flights between the UAE and India. The flights on all these routes are being operated with the airline's fleet of Airbus A320 aircraft.

  • Kingston launches new flash drive

    Kingston Digital has announced the release of the Kingston DataTraveler 5000 USB Flash drive. The new drive is FIPS 140-2 Level 2 certified with Level 3 pending, and features 256-bit AES hardware-based encryption. It uses XTS cipher mode and also uses elliptic curve cryptography (ECC) algorithms to meet Suite B standards approved by the US government. FIPS 140-2 certification requires a validation process that meets federal requirements set by the National Institute of Standards and Technolog

  • Kingston Technology builds world's fastest memory

    Manufacturer of computer memory products, Kingston Technology has announced it has developed the world's fastest Intel-certified memory. The Kingston 2400MHz kit, which runs at 9-11-9-27-2 timings at 1.65 volts, will be available in Q2 2010.

  • Knowledge Horizon opens Cisco training centre

    Dubai-based Knowledge Horizon has announced a partnership with Cisco Systems to open a Cisco Entrepreneur Institute Training Centre in the UAE. The institute will offer attendance and distance learning sessions, to help entrepreneurs from across the UAE improve their skills and enhance business development opportunities. The group said that it will also provide a forum for owners of small and medium-sized businesses to collaborate and share business expertise.

  • Korean builder wins Aramco contract

    Saudi Aramco has awarded South Korean builder SK E&C a $320m construction contract, Arab News has reported. The contract involves the construction of a housing complex for Aramco employees, the Korean firm said.

  • Kuwait approves ABB pipeline proposal

    The $167m award involves construction of a cross-country crude oil pipeline

  • Kuwait awards $164m airport build deal

    A KD47m ($164m) contract has been awarded by Kuwait's General Directorate of Civil Aviation to a local firm for building additional administrative buildings, car parks and two fire stations at Kuwait International Airport, Meed has reported. The contract is one of several deals to expand facilities at the airport.

  • Kuwait developer to tender Abu Dhabi mall contract

    Reem island project to be completed in 2013

  • Kuwait extends acid-gas facility deadline again

    May deadline set for commercial bids on Mina al-Ahmadi scheme

  • Kuwait extends date for metro advisory bids

    Companies will now submit proposals for the advisory contract on 27 May

  • Kuwait Finance House gets buy back approval

    Kuwait Finance House has said it had received the central bank's approval to buy back up to 10% of its stock, Reuters has reported. The central bank gave a period of six months starting April 19 for the buyback.

  • Kuwait Finance House in Canada real estate JV

    Kuwait Finance House (KFH) has announced the formation of a joint venture with Canada's Killam Properties Inc to buy up to CDN$450m of residential property in Canada, Reuters has reported. The move, part of the Islamic lender's expansion strategy, will be followed with further investments in industrial, administrative, rehabilitation or senior citizens care real estate, according to market conditions, KFH said in a statement.

  • Kuwait Fund loans Lebanon $19m for Qaisamani Dam Project

    Loan is latest offering in almost $1bn of economic aid for Lebanon

  • Kuwait Investment Dar posts 2008 loss

    Kuwait's Investment Dar has said that it recorded a KD 214.6m loss in the fourth quarter of 2008, but that it was confident of meeting its debt restructuring obligations, Reuters has reported. Kuwait's central bank had delayed the approval of the 2008 results of the Islamic investment firm, and appointed a temporary supervisor last year to monitor the firm's debt restructuring and the compilation of its financial results. Dar did not release quarterly figures, but said it made a 2008 full-yea

  • Kuwait invites bids for Bubiyan port consultancy

    Kuwait's public works ministry has invited consultants to bid for the second stage of the first phase of the estimated $1.14bn Bubiyan port project, MEED has reported. The contract includes design audit and construction supervision services. The port project will have a container terminal, four berths, and a 1,300-metre-long quay wall.

  • Kuwait invites firms to express interest in stalled Failaka Island

    The development of Failaka Island was first announced in 2003

  • Kuwait may decide on new refinery by year end

    Bakhit Al-Rashidi, deputy managing director of planning at Kuwait National Petroleum Co, has said that the country may decide on plans to build a new refinery by the end of this year, Bloomberg has reported. A plan for what would be Kuwait's fourth oil refinery, to be located at Al Zour, was put on hold in March last year after the government cancelled contracts over political opposition.

  • Kuwait Petroleum restarts seasonal LNG imports

    Chief executive of Kuwait Petroleum Corp, Saad al-Shuwaib has said the country has restarted seasonal imports of liquefied natural gas and will continue to import LNG until the end of October, Reuters has reported. The gas would come from US-based Excelerate, Royal Dutch Shell and another unnamed company, he said. Excelerate's Explorer tanker was docked at the Al Ahmadi delivery teminal on Thursday.

  • Kuwait probes carbonated drink price hikes

    Kuwait's commerce and industry ministry has summoned officials from carbonated beverages companies to investigate the latest price hike, Kuna has reported. Recently, the local market saw a price increase of some carbonated beverages by 50%.

  • Kuwait property sales rise 130%

    A report by the National Bank of Kuwait has said real estate sales in the country rose 130% in March compared to the year-ago period, due to high turnover in residential and investment property, Reuters has reported. Sales in the Gulf state rose to KD205.83m ($714.6m) from KD89.35m in March 2009. 'March data suggest that there may be scope for activity to surprise on the upside, helped by improving confidence and stronger demand for land, especially as the government pushes on with its econom

  • Kuwait sets new deadline for $2bn pipelines contract

    State oil company delays submissions by one more week

  • Kuwait to announce new oil discoveries

    Kuwait's oil minister has said the government will announce new oil discoveries in the country, Al-Watan Daily has reported. The new discoveries are not limited to the Burqan oil field, but include all the oil fields of Kuwait, Sheikh Ahmed Al-Abdullah Al-Sabah said.

  • Kuwait to invest KD3bn in upstream

    Chairman and managing director of Kuwait Oil Co Sami al Rushaid has said the country plans to invest some KD3bn in upstream developments over the next five years, Reuters has reported. Kuwait's current oil production capacity was expected to hit 3.3 million bpd by August, he said. The world's fourth largest oil exporter is looking to expand oil production capacity to four million barrels per day (bpd) from three million bpd by 2020 and sustain the higher level for 10 years.

  • Kuwait to issue KD70m bonds

    Kuwait's Central Bank is set to issue KD70m worth of one-year bonds with a coupon of 1.25%, Reuters has reported. Data showed that bids reached KD439.5m in its Monday auction, below KD504.5m in the previous tender a week ago.

  • Kuwait to remain in currency basket peg

    Sheikh Salem Abdul-Aziz al-Sabah, governor of Kuwait's central bank has said the Gulf state will continue to keep pegging its dinar to a currency basket for the foreseeable future, Reuters has reported. "The present exchange rate arrangement is serving the Kuwaiti economy well and there is no reason for, or net benefit of, changing it," Sheikh Salem said. "Pegging the KD to a specially-weighted and undisclosed basket of currencies of major trade and financial partners of the State of Kuwait p

  • Kuwait University, Dasman Centre ink research pact

    Kuwait University's Medical Science Centre has signed an agreement with Dasman Centre for Research and Treatment of Diabetes for cooperation in scientific research, Kuna has reported. According to the agreement, the two centres will carry out long-term researches on such chronic diseases as diabetes, obesity, heart, vascular and renal diseases.

  • Kuwait, France ink nuclear deal

    Kuwait has signed agreements with France to develop nuclear energy for peaceful purposes, Reuters has reported. The agreements centre on developing nuclear energy to provide electricity and water desalination, the two countries said in a joint statement.

  • Kuwait: Accommodation and meals

    Preparation and provision of meals and accommodation services

  • Kuwait: Billing system

    Supply and installation of a new billing system

  • Kuwait: Clinic medical equipment and staff

    Supply of medical equipment and staff for clinics

  • Kuwait: Control centre O&M

    Operation and maintenance (O&M) of a control centre

  • Kuwait: Courts department building construction

    Construction, completion and maintenance of a military courts department building

  • Kuwait: Digging and casing pipes

    Supply of digging and casing pipes

  • Kuwait: Electronic gateway upgrade

    Upgrading of a contents and electronic gateway project

  • Kuwait: Electronic water and electricity meter system

    Supply of an electronic water and electricity meter system

  • Kuwait: Footbridges, sanitary and drainage systems

    Construction of footbridges, sanitary drainage and rainwater drainage systems

  • Kuwait: HVAC equipment works (Ahmadi, first)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment in Ahmadi (first)

  • Kuwait: HVAC equipment works (Ahmadi, second)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment in Ahmadi (second)

  • Kuwait: HVAC equipment works (Capital, first)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment in the Capital area (first)

  • Kuwait: HVAC equipment works (Capital, second)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment in the Capital area (second)

  • Kuwait: HVAC equipment works (Farwaniya)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment in Farwaniya

  • Kuwait: HVAC equipment works (Hawally, first)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment in Hawally (first)

  • Kuwait: HVAC equipment works (Jahra)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment in Jahra

  • Kuwait: HVAC equipment works (Mubarak al-Kabeer)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment in Mubarak al-Kabeer

  • Kuwait: HVAC equipment works (second)

    Operation and maintenance (O&M) of heating, ventilation, air-conditioning and cooling (HVAC) equipment (second)

  • Kuwait: Information system consultancy

    Provision of consultants and specialists for information systems

  • Kuwait: IT system consultancy

    Provision of consultancy services for an IT system

  • Kuwait: Landscaping and development works

    Landscaping and development of squares and markets

  • Kuwait: Library construction

    Construction, completion and maintenance of a library

  • Kuwait: Liner hangar

    Provision of a liner hangar

  • Kuwait: Marine works

    Purification and cleaning of sea bottom for basins, platforms and marine banks

  • Kuwait: Medical services

    Provision of medical services

  • Kuwait: Oil company security services

    Provision of security services for an oil company facilities

  • Kuwait: Patrol vehicles

    Supply of patrol vehicles

  • Kuwait: Port consultancy services

    Provision of design audit and construction supervision consultancy services for a seaport project

  • Kuwait: Power and water distillation plant agricultural works

    Carrying out cleaning and agricultural works for a power and water distillation plant

  • Kuwait: Power plant agricultural works

    Carrying out cleaning and agricultural works for a power and water distillation plant

  • Kuwait: Public network devices

    Supply and installation of public network devices

  • Kuwait: Residential construction and maintenance

    Carrying out modification, maintenance and construction works at various sites of Awqaf residences and annexes

  • Kuwait: School classroom equipment

    Supply and installation of equipment for school classrooms

  • Kuwait: School construction (Daeya)

    Demolition works and construction of a school building in the Daeya area

  • Kuwait: School construction (Doha)

    Construction and maintenance of a school building in the Doha area

  • Kuwait: School construction (Fintas)

    Construction and maintenance of a school building in the Fintas area

  • Kuwait: School construction (Kaifan)

    Construction and maintenance of a school building in the Kaifan area

  • Kuwait: School construction (Rabiya)

    Construction and maintenance of a school building in the Rabiya area

  • Kuwait: Site inspection and soil test works

    Carrying out site inspection and soil test works for an electricity power and water distillation plant project

  • Kuwait: Street lighting maintenance

    Maintenance of a street lighting network

  • Kuwait: Transformer and water pumping stations

    Supply of two main transformer stations and two water pumping stations

  • Kuwait: Transformers

    Supply of 150kVA pole-mounted transformers

  • Kuwait: University campus service tunnel (east)

    Construction of a service tunnel at the eastern side of a university campus

  • Kuwait: University campus service tunnel (west)

    Construction of a service tunnel and gravity lines at the western side of a university campus

  • Kuwait: Water filling stations control systems

    Supply, installation and maintenance of prepaid automatic control systems

  • Kuwait’s Public Works Ministry tenders road contract

    Ten firms prequalify for Gamal Abdul Nasser street deal

  • Kuwaiti developer launches 4-tower Al Reem Island project

    Kuwait-based National Real Estate Co has unveiled plans to develop a Dhs1.2bn four-tower residential project on Najmat Abu Dhabi on Al Reem Island. Standing at 22 stories each, the four residential towers are located at the entry to Reem Island approximately 300 metres from Abu Dhabi Island. The project covers a built-up area of 156,800 square metres, offering a variety of units including one, two, and 3 bedroom apartments; two and three bedroom duplex penthouse apartments; and eight water vi

  • Kuwaiti finance company defaults on $200m Islamic bond

    Kuwait International Investment Group bond could be dissolved

  • Kuwaiti firm defaults on $200m sukuk payment

    Kuwait-based finance firm International Investment Group has said it has defaulted on a $200m Islamic bond payment. 'IIG has communicated to the sukuk holders through IIG Funding Ltd. of its inability to make the periodic distribution amount of $3.35m due on April 12,' the company said in a statement. The firm has appointed an international firm to review its business, before a financial restructuring at a later date.

  • Kuwait's NBK eyes stake in Turkish bank

    Ibrahim Dabdoub, CEO of The National Bank of Kuwait, has said the lender is considering buying a stake in Turkey's Garanti Bank, Reuters has reported. 'NBK wants to expand in Turkey, a country that has a lot of potential,' he was quoted as saying. 'We need to have a stronger presence there... One of the options is a share in Garanti Bank.'

  • Laffan Refinery phase two EPC award soon

    Faisal M al-Suwaidi, CEO of Qatargas, has said an engineering, procurement and construction contract is expected to be awarded for phase two of Laffan Refinery in H1, 2011, Gulf Times has reported. 'We just finished the pre-FEED (front-end engineering and design) phase and getting on to the FEED stage,' al-Suwaidi told the newspaper.

  • Landmark Group to invest $150m in expansion

    UAE-based retailer, Landmark Group has said it plans to expand its business operations with an investment of more than $150m in the next three years, and is looking to drive growth in Egypt and further expand its footprint to Lebanon, Libya & Syria. As part of its expansion drive, the group has recently opened 25 retail brands and 3 restaurants at Mirdif City Centre. The Group currently occupies close to 1.1m sqft. across 10 Majid al Futtaim malls.

  • Landmark Group to open budget Dubai hotel

    UAE-based retailer, Landmark Group has announced that it will open its first Citymax Hotel in Al Barsha in Dubai on May 3, The National has reported. The new property is the flagship of the group's no-frills hotel brand, Citymax. The new 378-room hotel is expected to attract business travellers. Landmark is due to open another Citymax hotel in Bur Dubai and one in Sharjah later this year.

  • Larsen & Toubro wins Taweelah power transmission contract

    Project scheduled to reach completion by May 2012

  • Lebanon carrier Middle East Airlines mulls IPO

    Lebanon is planning to launch an initial public offer this year for the country's national carrier, Middle East Airlines (MEA) according to Mohammed Hout, chairman of Lebanon's national carrier and the listing of its shares on the Beirut stock exchange in 2011, the Associated Press has reported. The carrier is majority owned by the Central Bank of Lebanon after its rescue from bankruptcy 14 years ago. Hout told the news service he believed that the central bank's governor "will take a decisio

  • Lebanon debt hits 148% of GDP

    Lebanon's finance ministry has said that the country's public debt climbed 8.6% to $51bn, or 148% of gross domestic product, at the end of last year, Arabic Al-Akhbar newspaper has reported. The Lebanese government has been selling Eurobonds to refinance its public debt, which was 160% of GDP in 2001 and reached a record 180% of GDP in 2006, the daily said.

  • Lebanon's Bank Audi posts 31.6% net profit in Q1

    Lebanon's Bank Audi has reported a 31.6% increase in net profit at to $80.2m in the first quarter of 2010, compared to $61m in Q1 2009, Reuters has reported. The strong growth was due to a positive economic environment in the Middle Eastern and north African countries where it operates, particularly Lebanon, Egypt, Syria and Jordan, the lender's chief financial officer, Freddie Baz told the news service.

  • Lecico to build brassware plant

    Egyptian ceramics manufacturer Lecico has announced plans to build a brassware factory at a cost of EGP16.5m, of which it has already spent about three-quarters, Reuters has reported. The plant, a 70-30 joint venture with a family-owned group, will launch by mid-year and aims to bring in around EGP50m a year within four years, Lecico said.

  • LG opens Air Conditioning Academy in Amman

    LG Electronics has opened its Air Conditioning (AC) Academy, an educational academy to supply professional AC services in Amman. The initiative aims to educate the local and regional workforce on high-quality design and LG's smart technologies. The Academy will cover all Levant countries, providing commercial air conditioners training service, and is also expected to be the hub for technical seminars and professional round table for contractors, consultants, developers and others.

  • LG releases GW550 in Saudi Arabia

    LG Electronics has announced the launch of its new smartphone model Times GW550 in Saudi Arabia. LG GW550 is a 3G compatible mobile phone that features Microsoft Windows Mobile 6.5 operating system with Microsoft Office 2010, Windows Live messenger and facebook, a 2.4" colour screen that provides a 65k colour display with a screen resolution of 320 x 240 pixels, QWERTY keyboard, and a MicroSD memory card slot that supports up to 8GB.

  • Libya plans $94bn of housing and infrastructure projects

    Libya has 256 ongoing projects with 300 more to be launched by 2020

  • Libya: Air transport services

    Provision of air transport services for a drilling campaign

  • Libya: Customs clearance and forwarding services

    Provision of customs clearance and forwarding services in support of drilling activities

  • Libya: Drilling rigs

    Supply of rigs to drill wildcat wells

  • Libya: Environmental impact assessment studies

    Provision of environmental impact assessment studies for oil drilling locations

  • Libya: Fibre optic cables

    Supply of submarine fibre optic cables

  • Libya: Marine logistics support services

    Provision of marine logistics support services for a drilling campaign

  • Libya: Marine logistics support services

    Provision of marine logistics support services

  • Libya: Nitrogen gas system upgrade

    Upgrading of a nitrogen gas system at a natural gas liquids (NGL) recovery plant

  • Libya: Oil spill recovery

    Carrying out oil spill recovery operations

  • Libya: Oil well site preparation

    Provision of well site preparation for oil drilling locations

  • Libya: Painting and welding works

    Carrying out painting and welding works

  • Libya: Production unit inspection works

    Carrying out inspection works for production units at a technology company

  • Libya: Scale deposition study

    Carrying out a study to analyse and determine scale deposition

  • Libya: Seismic data acquisition

    Provision of 2D and 3D seismic data acquisition services

  • Libya: Seismic data processing (162 – closing date extension)

    Provision of 2D seismic data processing services (162 – closing date extension)

  • Libya: Seismic data processing (162)

    Provision of 2D seismic data processing services (162)

  • Libya: Seismic data processing (187 – closing date extension)

    Provision of 2D seismic data processing services (187 – closing date extension)

  • Libya: Seismic data processing (187)

    Provision of 2D seismic data processing services (187)

  • Libya: Supply vessel services

    Provision of supply vessel services for a drilling campaign

  • Libya: Tubular running services

    Provision of tubular running services for an offshore oil field

  • Libya: Wireline logging and perforating services

    Carrying out wireline logging and perforating services for an exploration drilling project

  • Limitless given 90-day loan payment extension

    A 90-day extension has been given by lenders to Dubai-based developer Limitless to repay a $1.2bn loan which matured yesterday, Bloomberg has reported, citing a banker familiar with the matter. The banker said that banks will continue to negotiate new terms for the loan that may be rolled over after the extension period.

  • LiveRoute SaaS Solutions launches in MIddle East

    The Middle East's first local company dedicated to providing Software as a Service (SaaS) to businesses in the region has officially launched its operations. The new firm, LiveRoute launched its SaaS portfolio in the Middle East in partnership with US-based Aplicor Inc to market, sell and provide professional services for the US vendor's SaaS based CRM, ERP and integrated BI solutions for mid-to-large businesses.

  • Local developer to build $25m business centre in Oman

    The Muscat project will take 18 months to complete

  • Local firm awarded Al-Raha beach hotel contract

    National Projects Construction wins $46m deal for Abu Dhabi hotel expansion

  • Loriblu enters UAE market

    Loriblu, the luxury Italian shoe brand, has inaugurated its first stand alone store in the UAE, at the Mall of the Emirates, Dubai. Loriblu, which currently has 15 mono brand stores and 35 shop-in-shop stores around the world, plans to open four more stores in the Middle East.

  • Louis Vuitton to develop hotels in Oman and Egypt

    French luxury goods giant LVMH Moet Hennessy Louis Vuitton has announced plans for two exclusive hotels in Egypt and Oman, Bloomberg has reported. Under the Cheval Blanc brand, the $100m project will be developed in collaboration with Orascom Hotels and Development, with Orascom providing $40m and the rest coming from other investors and banks. The Maison Cheval Blanc in Oman is on the 11 square-kilometre island of Al Sodah and includes 32 private villas, while the development in Egypt is on

  • Luberef postpones refinery expansion design deadline

    Saudi Arabia wants to look at value engineering options for $1bn project

  • Lufthansa to operate Riyadh-Munich route

    Three weekly flights will be introduced by German carrier, Lufthansa from Riyadh to the airline's second hub in Munich starting April 26, Saudi Gazette has reported. The carrier also operates a daily flight from Riyadh to Frankfurt. With the new flight, Lufthansa will be serving the Saudi cities of Riyadh, Jeddah and Dammam with 20 flights a week.

  • Lukoil to stop Iran gasoline supplies

    Lukoil, Russia's second-largest oil company plans to stop supplying Iran with gasoline, Reuters has reported, citing industry sources. The company has been supplying gasoline to Tehran intermittently, moving between about 250,000 barrels to 500,000 barrels of gasoline every other month, traders said, adding that Lukoil will stop "because of pressure coming from their head office in Moscow."

  • Maaden reveals financing breakdown for aluminium project

    The mining company will launch financing on 1 May

  • Maaden to issue financing request for Ras al-Zour smelter

    Banks will be given until 29 May to respond to financing invitations

  • Maaden ups Alcoa JV stake

    Saudi Arabian Mining Co (Maaden) has said that it has raised its stake in its joint venture with US-based Alcoa Inc for Aluminium Production from 60% to 74.9%, the Saudi press agency has reported. Maaden's board of directors has examined all financial means available to fund the increase of its share, the firm said, adding that this change will not affect the project.

  • Malaysia Airlines to fly twice weekly to Dammam via Dubai

    Two weekly flights will be introduced by Malaysia Airlines to the Saudi Arabian city of Dammam via Dubai from May 5. The Malaysian national carrier currently operates flights to Dubai, Jeddah, Istanbul and Beirut. It also serves Abu Dhabi, Cairo, Bahrain, Doha, Kuwait and Muscat via code share partners Etihad, Gulf Air, Qatar Airlines and Egypt Air.

  • Many European airports to reopen today

    Following several days of test flights by European carriers, many airports in Europe are expected to resume operations today, including those in France, Germany, Italy, the Netherlands, northern England, Northern Ireland and Scotland, The National has reported. London Heathrow is aiming for a 7pm resumption of flights, officials said. Air traffic is expected to return to normal by Thursday, said Bo Redeborn, director of Eurocontrol, which co-ordinates air traffic across the continent.

  • Masdar pushes back carbon capture application deadlines

    Series of major projects on sustainable energy scheme face delays

  • Mashreq posts $68.3m Q1 profit

    Mashreqbank said it recorded a net profit of Dhs251m ($68.3m) for the first quarter. The lender's operating profit for this quarter rose to Dhs1.2bn while net interest income and income from Islamic products, net of distribution to depositors grew by 2.08% from Dhs581m to Dhs593m compared to the same period last year.

  • Mecca to get international airport

    Saudi Arabia's Shoura Council has approved setting up an international airport outside Mecca, Arab News has reported. The proposed airport will be located outside the Haram area to allow both Muslims and non-Muslims to travel to the region.

  • Medina airport prequalification delayed

    Second delay pushes deadline back to 3 May

  • Mena airports to see $65bn development programmes

    The 10th edition of the Airport Show, Dubai, is a showcase for suppliers and providers for the region's dynamic airport development and refurbishment programmes, worth an estimated $65bn. Phil Blizzard reports on the show held at the Dubai Airport Expo.

  • Mena mergers, acquisitions value down 67%

    According to Ernst & Young's annual Mena update, mergers and acquisitions deals announced in the Middle East and North Africa (Mena) region fell by 67% in value to $34bn in 2009 compared to deals worth $102bn that were announced in 2008. The number of announced deals dropped by 24% from 465 in 2008 to 353 in 2009, the report said.

  • Mena region to grow 4.5 per cent in 2010

    Qatar will be the region’s strongest performer, says IMF

  • Merger of UAE stock exchanges 'imminent', says report

    A merger of the UAE's two main bourses is imminent, Reuters has reported, citing two people familiar with the matter. The Abu Dhabi Securities Exchange (ADX) is seen as the driver of a merger with its domestic rival, the Dubai Financial Market (DFM). The exchanges are seeking to create a single market as trading revenue slumps.

  • Metito wins Dubai Silicon Oasis Contract

    UAE-based Metito Overseas has won a Dhs30m contract to upgrade the first phase of the existing wastewater treatment plant in the Dubai Silicon Oasis. The project includes upgrading the plant's capacity from 3,000 cubic meters per day to 10,000 cubic meters per day. The first phase of the project is scheduled for completion by the end of 2010.

  • Metito wins Dubai Silicon Oasis wastewater contract

    Wastewater treatment plant contract is first of three contracts in capacity-building scheme

  • Microsoft Gulf expands partnership with ITE Distribution

    Microsoft has partnered with UAE-based ITE Distribution to include Microsoft Commercial products in its IT products distribution portfolio. ITE will be responsible for distributing Microsoft products such as Microsoft Windows, Office, and other commercial product suites available developed by the software giant in the UAE, Kuwait, Qatar, Oman, and Bahrain.

  • Microsoft posts 35% net income increase

    Microsoft Corp has posted a 35% increase in net income on increased computer shipments, the Associated Press has reported. For the January-March fiscal third quarter, Microsoft earned $4.01bn, compared to $2.98bn a year earlier. Microsoft didn't give revenue or earnings guidance for the next fiscal year, which starts in July, but Microsoft CFO Peter Klein said he expects sales of Windows 7, the new Office 2010 and updates to SharePoint and SQL Server to drive revenue.

  • Microsoft's SQL Server data warehouse to delay release

    Microsoft has said it is set to deliver most of its new SQL Server 2008 R2 versions to customer by May, but its high-end SQL Server 2008 R2 Parallel Data Warehouse will not be released in the first half of this year, as originally anticipated, Zdnet has reported. The Parallel Data Warehouse version of SQL Server 2008 R2 will be sold preloaded on servers as a data warehouse appliance. Using the DataAllegro technology Microsoft acquired in 2008, it will scale customers' data warehouses from the

  • Middle East banks in talks to open branches in Iraq

    Lenders hope to capitalise on Iraq’s massive reconstruction programme

  • Middle East carriers see 26% traffic growth

    International air traffic witnessed continued strengthening of demand during March this year compared to March 2009, with passenger demand up 10.3%, while cargo demand grew 28.1%, the International Air Transport Association (IATA) said in a new report. Middle Eastern carriers recorded the strongest traffic growth at 25.9%. While economic growth of 5% in the region is supporting some of this increase, a large part is attributed to market share gains on long-haul markets, connecting passengers

  • Middle East carriers see highest growth in March passenger traffic

    Volcano eruption likely to affect April results of European airlines

  • Middle East carriers to fly to Erbil

    Etihad Airways and Middle East Airlines have announced that they will launch flights to Erbil International Airport in Iraq. Following its recent announcement that it is begin flights to Baghdad from April 26, Etihad said its flights to Erbil will begin on June 1. Meanwhile, Lebanon's national carrier Middle East Airlines has said the airline is set to launch four weekly flights from Beirut to Erbil beginning May 4. The carrier has operated daily service to Baghdad since 2009.

  • Middle East’s buyout activity hits $8.6bn in first quarter

    Value of mergers and acquisitions more than doubles in quarter-on-quarter growth

  • Middle East’s buyout activity plunges 91 per cent

    Activity valued at $463m

  • Millennium & Copthorne awarded Oman hotel contract

    UK-based hotel group will manage hotel at Asian Beach Games site

  • Mivan Depa is frontrunner to win Oman museum fit-out contract

    The Heritage and Culture Ministry receives bids for Oman National Museum project in Muscat

  • Moody’s upgrades Lebanon’s government bond ratings

    Bonds remain in junk status

  • Moody's assigns Dewa GMTN provisional rating

    Dubai Electricity and Water Authority's (Dewa) Global Medium Term Notes (GMTN) programme has received a provisional (P) Ba2 rating by Moody's Investors Service, with 'Stable' outlook. The state-owned provider of electricity and water in Dubai operates as a vertically integrated multi-utility, with business activities including electricity generation, transmission and distribution as well as water desalination and distribution. Total generation capacity is 5,448 MW. The company also owns and o

  • Moody's confirms DP World ratings

    Moody's Investors Service has confirmed the Ba1 issuer and Sukuk ratings of port operator, DP World, with 'Stable' outlook. "DP World's overall 2009 financial performance was resilient despite a decline in consolidated volumes by 8%. The company has already recorded a 4% increase in volumes for the first two months of 2010 and we expect this trend to continue as the global recovery in trade volumes gains momentum," the rating agency said in a statement.

  • Moody's confirms DP World's ratings with a stable outlook

    Issuer and sukuk ratings confirmed for port operator

  • More airline mergers needed, says IATA

    The civil aviation industry needs more mergers among airlines in order to reduce costs and improve competitiveness, the head of the head of the International Air Transport Association was quoted as saying by Reuters. Noting that the industry is forecast to lose $2.8bn in 2010, Giovanni Bisignani, IATA director-general, said 'mergers and consolidation is a must ... No other industry is so fragmented, so we have to consolidate in order to build more efficiency'.

  • More companies join Desertec

    Scheme aims to provide 15 per cent of Europe’s power needs with renewable power

  • Morocco: Natural hazards risk analysis

    Provision of consultancy services for a natural hazards probabilistic risk analysis and national strategy development project

  • Morocco: Power line cable conductors

    Supply of cable conductors for an electricity power line

  • Most Dubai parents say schools are 'good'

    A new survey by Dubai's Knowledge and Human Development Authority has found that most parents are satisfied with the quality of teaching at schools in the emirate. Overall, roughly 85% of private school parents believed teaching was good, compared to nearly 95% of public school parents. Slightly less than 75% of private school parents thought there was a good range of activities offered, compared with more than 85% in public schools. Close to 40% of the emirate's parents participated in the s

  • Mott MacDonald wins Abu Dhabi transmission contract

    Contract covers engineering consultancy for future projects in the emirate’s central and western region

  • MTN May Buy All of Orascom

    Africa's largest mobile-phone firm, MTN Group, has said it may spend up to $10bn to buy all or part of Cairo-based competitor Orascom Telecom, Bloomberg has reported. Orascom, which confirmed that negotiations are taking place, is seeking to resolve regulatory obstacles that may scuttle a deal, three people familiar with the discussions told the news service.

  • Mubadala asks banks for commitments by 8 April

    Abu Dhabi state-owned firm offers bank margin of just 115 basis points on $2.5bn loan

  • Mubadala developing luxury resort in the Maldives

    Mubadala Development Co has said it has partnered with Maldives-based luxury hotel developer EoN Resorts to develop an ultra luxury resort in the Maldives. The hotel will be operated by Viceroy Hotels & Resorts, of which Mubadala is a 50% shareholder. Due to open in December 2010, the new property will be the first Viceroy to open outside of the Americas, and will feature 61 luxury villas.

  • Mubadala meets with investors in Asia

    Abu Dhabi's state-owned investment company Mubadala Development is meeting fixed-income money managers in Asia in a bid to to strengthen ties with potential investors, Bloomberg has reported. The company is working with banks including Citigroup and Royal Bank of Scotland Group to arrange the meetings with potential bond investors, the news service reported, citing three bankers familiar with the meetings.

  • Muscat invites companies to prequalify for railway design

    Oman’s national railway will eventually become integrated into the wider GCC railway

  • MWH sells stake in Arabtech Jardaneh JV

    US-based water management services company MWH has sold its stake in its joint venture with Jordan-based Arabtech Jardaneh to the company, MEED has reported. Arabtech Jardaneh has renamed the company AJ Water & Environment following the takeover. MWH Arabtech Jardaneh has been a joint venture for 18 years providing engineering design services in the water, waste, environment and sustainability sectors throughout in the Middle East.

  • Nabucco issues May prequalification deadline for gas pipeline

    Tender for cross-regional pipeline supplies estimated at $4.7bn

  • Naif Souq shops sold for Dhs61m at auction

    Dubai Municipality has announced that 42 shops in Naif Souq have been sold during a two-day auction for Dhs61.11m, Khaleej Times has reported. Most of the traders affected by the fire in the old Souq are relocating to the new Souq after operating from a temporary Souq built some 500 metres away for almost two years, the municipality said. Set to be inaugurated next month, the newly constructed Souq's centrally air-conditioned building houses 111 shops on the ground floor and 107 on the first

  • Nakheel creditors begin signing settlements

    Dubai-based Nakheel has said that its trade creditors have begun signing the settlement agreements presented to them last week. Under the recapitalisation plan announced by Nakheel, last month, trade creditors are offered 100% recovery of their agreed claims with a 40% cash payment and 60% in the form of a publicly tradable security, with a 10% annual return. "The 40% cash payment will be dispersed to trade creditors as soon as an agreement on 65% of the total agreed claims by trade creditors

  • Nakheel may offer trade creditors 10% return on bonds

    Dubai-based developer Nakheel plans to pay an annual return of 10% on Islamic bonds it seeks to issue to trade creditors, Bloomberg has reported, citing two people familiar with the proposal. The developer plans to issue the five-year bonds in July and list the securities on Nasdaq Dubai. The return will be paid twice a year. The deal is conditional on trade creditors representing at least 95% of the value of all claims agreeing to the proposal, the news service reported.

  • Nakilat Q1 profit triples

    The world's largest shipper of liquefied natural gas (LNG), Qatar Gas Transport Co (Nakilat) has said that Q1 profit more than tripled to QR163.4m ($44.91m), compared with QR54.1m in the first quarter of 2009, Reuters has reported. The results fell short of analyst's expectations who predicted the company would post Q1 profits of QR192m. Earnings per share were at 0.29 riyals against 0.10 riyals in the year-earlier period, Nakilat said.

  • Nasair adds route from Riyadh and Jeddah to Khartoum

    Saudi-based Nasair has announced plans to launch a new destination to the Sudanese capital Khartoum from Riyadh and Jeddah starting May 1, 2010. The new route will start with a frequency of 7 flights a week between both Riyadh and Jeddah to Khartoum, of which 3 flights will be between Riyadh and Khartoum (Sunday, Tuesday and Friday) and 4 will be between Jeddah and Khartoum (Saturday, Sunday, Tuesday and Wednesday). Starting July 1, 2010 the carrier will increase the frequency to daily flight

  • Nasair launches Syria route

    Saudi-based carrier Nasair has announced a new destination to Aleppo, Syria, from Riyadh and Jeddah to be launched from May 8, 2010. The new route will start with a frequency of six flights a week, of which three flights will be between Riyadh and Aleppo and three between Jeddah and Aleppo, the airline said.

  • National Bank of Bahrain's Q1 profit tops $35m

    National Bank of Bahrain has reported a net profit of BD13.22m ($35.16m) for the first quarter of 2010, compared to BD13.70m ($36.44m) for the first three months of last year, Gulf Daily News has reported. Net interest income for the three months was BD11.71m ($31.14m) compared to BD12.42m ($33.03m) for the corresponding period the previous year. The lender said the decline is due to lower yields on surplus liquidity consequent to a fall in market interest rates.

  • National Bank of Kuwait profit up 20 per cent

    Bank records $264m profit in first quarter

  • National Petroleum eyes Nigeria, Libya for expansion, says CEO

    Aqeel Madhi, CEO of Abu Dhabi government-controlled oil-services firm National Petroleum Construction Co, has said the firm is considering plans to expand into Nigeria, Libya and Kazakhstan, Bloomberg has reported. 'Our traditional region is the Gulf and India,' Madhi was quoted as saying. 'The board is encouraging us to look beyond our traditional areas.'

  • Nattiq Technologies unveils low-cost Braille display

    Dubai-based Nattiq Technologies has unveiled a low cost Braille display targeting cost conscious Braille users in the Middle East. A user may plug the Seika Braille display into a PC's USB port and with association with a screen reader such as Hal and Supernova will be able to read documents, email or surf the internet using their fingers. The display is available from the company's Sharjah branch. Nattiq also ships the Seika display throughout the Middle East.

  • NBAD mulls buyback of bonds

    The National Bank of Abu Dhabi has said it may buy back some of its bonds listed on the Abu Dhabi Securities Market. The bank's board will meet on April 27 to discuss the buyback of bonds, the lender said in a statement.

  • NBAD reports record Q1 profit

    National Bank of Abu Dhabi said first-quarter profit surged to a record on higher interest income and investment gains. The bank said its net income rose to Dhs1.03bn ($281m) from Dhs770.4m a year earlier.

  • NBK Bahrain reports net profit for 2009

    National Bank of Kuwait (Bahrain), a branch of NBK Group has reported $128.8m in net profit for 2009. Total assets declined to $3.2bn at the end of 2009, while shareholder equity increased by 44% to $412m, compared to $287m compared to December 2008, the bank said.

  • NBK Q1 net profit up 20%

    Kuwait's largest lender, the National Bank of Kuwait, has reported a 20% rise in Q1 net profit, bolstered by income from expansion in Egypt and Qatar, Bloomberg has reported. Net income climbed to KD76.3m ($264m), from KD63.5m a year ago. The group's total assets increased 5.9% to KD12.7bn, the bank said.

  • Net profits of listed firms on Qatari index rise 10% in Q1

    According to the figures posted on the website of the Qatari bourse, the total of net profits of listed companies in the country have increased by 10.18% in Q1 2010 to QR7.3bn, compared to QR6.62bn a year earlier, the Peninsula has reported. Key sectors including banking, services, insurance and industry, have reported profits with the services sector being the best gainer.

  • New head of Abu Dhabi sovereign fund announced

    Sheikh Hamed announced as new Adia head

  • New jet fuel supply pipeline to open for Doha airport

    Mohamed al-Sobai, vice-chairman and managing director of Qatar's Woqod has said a new pipeline to supply aviation fuel to New Doha International Airport (NDIA) from Mesaieed refinery will become operational by the end of this year, Gulf Times has reported. Woqod through its subsidiary QJet supplies jet fuel to more than 35 international airlines landing at the Doha International Airport. The company's total sales during 2009 amounted to 1.13bn litres, up by 6% compared to 2008.

  • New Kempinski to open in Doha

    The 62-storey Kempinski Residences and Suites in Doha, Qatar, is set to open to the public by next May or June, the Peninsula has reported. The new property will be the chain's first residences suites in the Middle East and Africa region.

  • New Paris Gallery store opens in UAE

    Dubai-headquartered Al Fahim Holdings has announced the opening of a new Paris Gallery store at Mirdif City Centre. The new store brings the total number of outlets in the UAE alone to 27. The Paris Gallery network includes more than 80 stores across the UAE, Saudi Arabia, Qatar and Bahrain.

  • New uses for existing buildings

    Re-fit contracts may become more common in Middle East construction market in the future

  • Nexans wins Dubai transmission contract

    Completion scheduled to occur within 18 months

  • Nike opens its first store in Abu Dhabi

    Global sportswear company Nike has announced the opening of its first store in the UAE capital, at the Abu Dhabi Mall. The new 140-square-metre store brings to five the total number of Nike stores across the UAE.

  • No air ticket price hike after EU airspace reopening

    Airline industry players in the UAE have said prices of air tickets are not expected to increase following the reopening of the European airspace, Gulf News has reported. Emirates Airline president, Tim Clark has said the airline will try not to increase fares once the situation improves and will recover losses in due course, "We're not here to take advantage of the situation. We've always managed to get back in good shape," he said. Lufthansa and British Airways have also said it has no plan

  • 'No excessive fee increase' for Dubai Gems schools

    Ainsley Edgar, principal of Our Own English High School in Dubai has said no decision has been made to close the school, or any other Gems school, while assuring parents that they will not be hit with an excessive increase in fees, Gulf News has reported. The reassurance to parents follows press statements by Gems Chairman, Sunny Varkey who said that Asian schools such as Our Own English High School will have to be shut down in two years' time if he is not permitted to restructure the fees to

  • No Limits to expand Go Sport in Jordan

    Jordan-based No Limits has announced plans to open the first Go Sport sports multi brand concept and Courir sports lifestyle stores at Mecca Mall in Amman in mid July. Group Go Sport and No Limits for General Trading have recently signed a master franchise agreement which will allow No Limits to expand and develop the sports retail chain operations under the Go Sport and Courir banners to Jordan.

  • No reprieve for villa schools in Abu Dhabi

    The government of Abu Dhabi has decided that six villa schools ordered closed will not be given time to address health and safety issues, the National has reported. The decision was reached in spite of a request from the Abu Dhabi Chamber of Commerce that the schools be given a grace period, the daily reported. The schools - Pioneers International Private School, the Azhar Palestine School, Al Sahaba Private School and KG, Al Mashreq Private School, the Cultural Private School and the Coast P

  • Noor Financial 'may revive' Syria refinery plans

    Syrian deputy oil minister Hasan Zainab has said that Kuwait's Noor Financial Investment may revive a project to build a 140,000 barrel-a-day refinery in eastern Syria, Bloomberg has reported. "They have recently expressed interest again in the project and we had discussions," he told the news service. "We are awaiting a new offer from them." The refinery had been due to be built between Riqqa and Deir Ezzor in the eastern part of Syria, he said. Syria has two operational refineries with a co

  • Nuclear energy centre set up in Saudi

    A scientific centre for civilian nuclear and renewable energy will be established in Saudi Arabia to meet rising demand for power and desalinated water, Reuters has reported. The King Abdullah City for Nuclear and Renewable Energy will be in charge of promoting research and sealing future deals. Saudi Arabia is investing $80bn on boosting installed power generation capacity to around 67,000 MW by 2020, up from 46,000 MW now.

  • Occidental plans 50% rise in Oman crude output

    Occidental Petroleum Corp plans to boost its crude production in Oman by 50% to 150,000 barrels per day in 2012, Reuters has reported. The fourth-largest US oil and gas company currently produces from the Mukhaizna field in Oman.

  • Oil price rise to erase projected Oman deficit

    Governor of Oman's central bank, Hamud bin Sangur al-Zadjali has said that rising oil prices could help the Sultanate avoid posting a budget deficit this year as forecast, even as it increases spending, Bloomberg has reported. Rising oil prices and signs of global economic recovery "will give a strong push to the economy and will help boost investor confidence" in Oman, he said. Last November, the country had projected deficit for 2010 of OR800m ($2.1bn), or around 4% of gross domestic produc

  • Oil prices fall on Europe debt worries

    Europe’s Brent contract falls week-on-week following Greece and Portugal downgrades

  • Oil prices stable week-on-week despite Europe volcano and US stocks rise

    Stronger Euro firms up prices

  • Oil prices to be $70-$80 in coming months, says Opec

    A new report by Opec predicts that oil prices are likely to trade between $70 and $80 a barrel in coming months, supported by improving economic and oil market conditions. 'Current conditions in the world economy and the very comfortable outlook for oil market fundamentals are likely to remain supportive for prices to continue to move within this range ($70-$80) over the coming months,' the report said.

  • Oman Air authorised capital put up to OR500m

    Ahmed Bin Abdulnabi Macki, Oman's minister of national economy and chairman of Oman Air has announced that the airline's authorised capital has been increased from OR300m to OR500m. "We are confident that over a period of time when the airline has established its presence in the industry and its network has matured, we will see positive returns on investment," Macki said. Oman Air will commence flights to Kuala Lumpur, Kathmandu, Dar-Es-Salaam, Islamabad, and Lahore in the summer schedule of

  • Oman Air raises capital to $1.3bn

    Oman Air will launch eight new routes in 2010

  • Oman Air to launch flights to UAE from 3rd countries

    Oman Air has announced plans to launch regular flights from third countries to the UAE emirate of Ras Al Khaimah and to the city of Al Ain in the emirate of Abu Dhabi next month, Arabian Aerospace has reported. A spokesman for the airline said it serves its strategy to remain as the first choice carrier for Omani customers by offering wide network coverage in neighbouring countries. 'Subject to connectivity, we intend to open regular air services from third countries to AAN and RKT, which unt

  • Oman Cement's Q1 profit rises 52%

    Oman Cement has said its Q1 net profit rose 52.75% to RO7.118m compared to RO4.66m for the same quarter last year. The company said it achieved sales of 498,958 metric tonnes of cement during the quarter, as against 583,154 metric tonnes, which included 89,794 metric tonnes of imported cement, during the same quarter last year.

  • Oman considers independent water and power project at Sur

    Request for proposals to be issued in September or October

  • Oman desalination plant tender deadline pushed back

    Deadline extended to 26 April

  • Oman inflation climbs to 2%

    Oman's national economy ministry has said the Sultanate's annual inflation rose slightly in February to reach 2%, well down from last year as monthly prices for food, rent and transport stayed unchanged, Reuters has reported. Consumer price inflation in the country started picking up again in December, when it rebounded to 0.9% from a low of 0.8% the previous month. It reached 1.7% in January but has remained well below the June 2008 high of 13.7%.

  • Oman launches bid for rail network contracts

    Oman's Government Tender Board has invited international firms to seek pre-qualification for the construction of its rail network. Two consultancy contracts are expecting submissions by end of May, one to undertake the detailed engineering design of the network, and the other to provide project management services. The route for a 475-kilometre network will connect Muscat, with the country's border with the UAE at Khatmat Malaha and Al Ain. Branch lines will also run from the industrial port

  • Oman moots Sur IWPP

    A large-scale independent water and power project (IWPP) is being considered by Oman Power and Water Procurement Co at Sur, near the eastern tip of the Sultanate, Meed has reported. While specifications for the new project are still under negotiation, the Sur IWPP is likely to have a capacity in excess of 1,000MW of power. A request for proposals to build the facility may be issued in September or October 2010 if the plan is adopted.

  • Oman National Ferries inks Austal maintenance deal

    Oman's National Ferries Co (NFC) has awarded Austal, the Australian firm that specializes in the design and construction of passenger and freight ferries, a contract for the maintenance of seven large high-speed craft. The contract requires Austal deliver vessel maintenance services for NFC's five high speed ferries and two Oman Coast Guard rescue boats, co-managed by NFC, for a period of up to five years. Work will be performed at various regional ports within the Sultanate, including the ca

  • Oman receives bids to build water scheme in Salalah

    Dhofar tender was launched in July 2009

  • Oman shortlists developers for Barka and Sohar power projects

    Each of the independent power projects will have 650-750MW of power capacity

  • Oman: Alarm monitoring systems

    Supply, installation and testing of monitoring systems for external alarms

  • Oman: Cardiac devices

    Supply of cardiac devices for a cardiac catheterisation laboratory

  • Oman: EB/SM unit process design

    Provision of a process design package for an EB/SM unit

  • Oman: Fire-fighting systems

    Installation of fire-fighting systems for an electricity transmission company

  • Oman: Hospital extension consultancy services

    Provision of consultancy services for a hospital extension

  • Oman: Ministry cleaning services

    Provision of daily cleaning services for ministry buildings

  • Oman: Petroleum operations inspection services

    Provision of operations inspection services for a petroleum company

  • Oman: Railway project consultancy services

    Provision of design and supervision consultancy services for railways

  • Oman: Railway project management consultancy

    Provision of project management consultancy services for railway projects

  • Oman: Residential complex construction (Alamrat)

    Construction of a temporary residential complex in Alamrat

  • Oman: Residential complex construction (Bushar)

    Construction of a temporary residential complex in Bushar

  • Oman: Road and infrastructure works

    Carrying out road and infrastructure works

  • Oman: Road construction

    Construction of track roads

  • Oman: Road design and construction

    Design and construction of internal roads

  • Oman: Scada system project

    Carrying out a distribution supervisory control and data acquisition (Scada) system project

  • Oman: School classrooms construction

    Construction and maintenance of school classrooms

  • Oman: Sports club

    Construction of a sports club

  • Oman: Substation upgrade

    Upgrading of a primary substation

  • Oman: Surgical items (1)

    Supply of surgical items (1)

  • Oman: Surgical items (2)

    Supply of surgical items (2)

  • Oman: Tourism consultancy services

    Provision of consultancy services comprising the design and construction supervision of tourist facilities

  • Oman: Vehicles

    Supply and delivery of four-wheel-drive vehicles

  • Omani firm wins $106.5m in infrastructure deals

    Oman-based Galfar Engineering & Contracting Co has won contracts worth OR41m ($106.5m) for infrastructure projects in the Sultanate, Reuters has reported. The contracts include three road projects and a hospital building.

  • Oman's inflation may hit 5% in 2010, says central bank

    The executive president of Oman's central bank, Hamood Sangour al-Zadjali, has said that inflation in the Sultanate could reach 5% this year due to imported price pressures, Reuters has reported. Oman's annual inflation maintained a modest upward trajectory to reach an eight-month high of 2% in February, but remained well below the June 2008 high of 13.7%. If oil prices remain high, the country's budget should not end in a deficit, al-Zadjali said.

  • Oman's inflation reaches 2 per cent in February

    Inflation increases 0.3 per cent from January

  • Oman's Port Sultan Qaboos sees cargo volumes rise 20%

    Oman's Port Services Corp has said that cargo volumes handled at Port Sultan Qaboos rose nearly 20% during the first quarter of this year, the Oman Daily Observer has reported. Some 2.678 million Freight Registered Tonnes of cargo were handled at the Sultanate's main commercial gateway during the January-March period, compared to 2.242 million FRT during the same period last year, PSC said.

  • Omran, Millennium ink management deal

    A management agreement has been signed by the tourism development and investment arm of the Omani government, Omran and Millennium Hotels and Resorts to manage a 4-star hotel under construction at the site of the Asian Beach Games-Muscat 2010. The new property will be Millennium’s first hotel in the Sultanate and will feature more than 250 rooms alongside a range of restaurants and sports and leisure facilities.

  • Opec: Oil to trade between $70, $80

    Opec's monthly report has said that oil prices are likely to trade between $70 and $80 a barrel in coming months, supported by improving economic and oil market conditions, Reuters has reported. "Current conditions in the world economy and the very comfortable outlook for oil market fundamentals are likely to remain supportive for prices to continue to move within this range ($70-$80) over the coming months," the report said.

  • Orascom Development cancels capital increase

    Orascom Development Holding has said it has cancelled a planned capital increase after detecting irregular trading activity in its shares listed on the Swiss stock exchange. 'Given the abnormal trade volume and significant decline in share price, the company has decided to call off the planned transaction,' Orascom said in a statement. The Swiss-based company said it had planned to sell shares yesterday representing 9.9% of its capital via an accelerated book-build.

  • Orascom in Algeria unit sale talks

    The Algerian government has said that Egypt's Orascom Telecom is in talks to sell its Algerian unit Djezzy to South Africa's MTN Group and that it takes a positive view of the sale, Reuters has reported. "We have been informed," about the negotiations between Orascom and South Africa's MTN, the Algerian government said. "Orascom had no alternative but to inform us, and it did that." Asked if the Algerian government would approve a deal, the source said that "having the South Africans in the t

  • Orascom pays off tax arrears of Algerian unit

    Egyptian telecoms firm Orascom said its subsidiary in Algeria has now paid authorities there a total of $587m in tax arrears and most of a $74m fine, AP has reported. The parent company said in a statement however that it had decided to suspend the rest of the penalty owed by Orascom Telecom Algeria until a ruling on the claim. Algerian tax authorities demanded the payments in November last year after a 2005 to 2007 audit found it had earned $5.25bn, an amount $830,000 more than it had declar

  • Orascom plans budget home project in Egypt

    Amr Sheta, vice chairman and co-chief executive of Swiss-based Orascom Development Holding, has said the firm will set up a EGP2bn ($361.5m) housing project as part of its expansion plans across Egypt, Reuters has reported. The project will include 100,000 units at a building cost of EGP20,000 each, in the southern province of Qena, he said.

  • Orascom wins Egypt Emaar contract

    Emaar Properties has awarded Orascom Construction Industries a contract worth more than EGP300m ($54.5m) for work on a development on Egypt's north coast, Reuters has reported. Orascom will help build homes in Marassi, a 6.25 million square metre tourist and residential project run by Emaar's subsidiary Emaar Misr, the Dubai-based developer said.

  • Palestine monetary authority to offer deposit certificates

    The governor of the Palestine Monetary Authority, Jihad al Wazir, has said the authority will issue deposit certificates to banks this year to bolster the stability of the $9bn Palestinian territories' financial system, Bloomberg has reported. The plan calls for introducing a financial instrument that institutions could trade and that will be guaranteed by the central bank, he told the news service. 'Banks can buy CDs from the PMA and use them as collateral,' al Wazir was quoted as saying. 'T

  • Palm Hills considers budget housing

    Egypt's Palm Hills Developments has said it is considering building low-cost housing and expand into sub-Saharan Africa, Bloomberg has reported. Chairman and CEO of the real estate company, Yasseen Mansour, said the firm would need a partner for low-income housing because it's new to that market.

  • Panasonic to launch full 3D home theatre

    Panasonic has announced that it will soon launch a line of Full HD 3D Viera Plasma HDTVs, 3D BD players & 3D Eyewears in the Middle East region. Viera 3D plasma televisions will have a contrast ratio of five million: 1, allowing consumers to benefit from extreme depth and the realism of the picture. The technology totally eliminates image retention, with high speed picture processing.

  • Patience is key in Libya

    Consultants already working in the country urge patience

  • Petra visitor numbers up 50%

    Jordan's Petra Development and Tourism Region Authority (PDTRA) has said that the numbers of tourists visiting Petra had witnessed a "progressive increase" over the past three months, rising by 50% in the first quarter of 2010, Jordan Times has reported. The numbers of foreign tourists increased by 53%, while Jordanian visitors rose by 23%, PDTRA chief commissioner, Nasser Shraideh said. From January through March, around 210,000 local residents and foreigners visited the city, up from 140,00

  • Petrofac preparing to tender Qatar gas sweetening civil works

    Qatar Petroleum projects are at Mesaieed and Dukhan

  • PetroRabigh seeks firms' interest to expand plant

    Saudi-based Rabigh Refining and Petrochemical Co (PetroRabigh) is looking for firms interested to start work on the second phase of its giant petrochemicals complex, Reuters has reported, citing industry sources. PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, can produce an annual 18 million tonnes of refined products and 2.4 million tonnes of petrochemicals, and is looking at producing about 17 new products, from the expansion, the company's chief executive, Ziad La

  • Piracy attacks drop by a third in Q1, says report

    The London headquartered International Maritime Bureau has said that the continued presence of foreign navies in the Gulf of Aden has contributed to a 'dramatic decline' of 34% in pirate attacks around the world in the first quarter of 2010 from a year ago, Reuters has reported. The area recorded 17 incidents in the first three months of this year compared to 41 in the same period in 2009, the report said. Foreign navies have been deployed off the Gulf of Aden since the start of 2009 and have

  • PM lays Damascus Rotana foundation stone

    Syrian Prime Minister Mohammad Naji Otri has laid the foundation stone for the Yasmeen Rotana Hotel in the Mezzeh area in Damascus, state-news agency Sana has reported. The 338-room hotel will have two VIP suites and a presidential suite, 35 businessmen rooms and suites, six conference halls, three restaurants, an executive lounge, and a 600-seat banquet hall.

  • Qatalum inaugurates new aluminium smelter

    Emir of Qatar opens $5.8bn facility at Mesaieed in Gulf state

  • Qatalum to launch aluminium sales to Europe in 3 months

    Hassan al-Rashid, deputy CEO of Qatar Aluminium Co (Qatalum), a joint-venture smelter between and state-owned Qatar Petroleum and Norsk Hydro, will start aluminium sales to Europe and North America in three months, Bloomberg has reported. The company, known as Qatalum, now ships aluminium produced by the plant to Asia and the Middle East, he said. The smelter, with an annual capacity of 585,000 tonnes, produces about 300 tonnes of aluminium a day and will reach full output in the fourth quart

  • Qatar aims to boost broadband speeds

    Qatar is seeking to enhance broadband speed in the country to help boost economic competitiveness and more efficient delivery of healthcare and education services, The Peninsual has reported. The head of the country's telecoms regulator, ictQatar, said she was hopeful that minimum access speeds of '50+' mega bytes per second (Mbps) could be achieved, although no definite timeframe was given. 'The availability of affordable, fast and reliable connectively is an important lever and enabler to s

  • Qatar Airways adds route to Ankara

    Qatar Airways has launched non-stop service from Doha to Ankara, Turkey. The airline already operates daily flights to Istanbul. Ankara becomes the airline's 88th destination and third new route of 2010. Over the past few weeks, the airline launched scheduled flights from Doha to both Bengaluru (Bangalore) and Copenhagen.

  • Qatar Airways launches flights to South America

    The airline will fly daily to Sao Paolo and Buenos Aires

  • Qatar Airways launches flights to Tokyo

    Qatar Airways has announced the launch of its inaugural flight to Tokyo, Japan, the Peninsula has reported. Tokyo is the carrier's 89th international destination and the second in Japan with the carrier already serving Osaka.

  • Qatar Airways moots Airbus A320 upgrades

    Akbar Al Baker, chief executive of Qatar Airways has said the airline is considering Airbus' proposed upgraded A320 family, which is expected to be offered with CFM International's Leap-X advanced turbofan and a version of Pratt & Whitney's GTF geared turbofan, as well as Bombardier's GTF-powered CSeries, Flightglobal website has reported. The carrier could opt for either the CSeries or the re-engined A320 family, or sign for both, and expects to firm up any move this year, he said.

  • Qatar Airways sends test flight to London

    Akbar Al Baker, CEO of Qatar Airways, has said the airline sent a plane to London Heathrow yesterday to test the effect of volcanic ash on aircraft engines, the Peninsula has reported. 'Qatar Airways is losing $5.5m a day due to cancellation of 120 flights since last Thursday. We spend $250 to $300 a day for accommodating each of the passengers who are on transit in Doha,' Al Baker told Al Jazeera International channel.

  • Qatar begins prequalification for Barzan

    Delayed gas scheme to be tendered by June

  • Qatar could export 1,100MW

    Abdulsattar al Rasheed, executive managing director of Qatar Power Co has said that the country is expected to have up to 7,000 megawatt (MW) power capacity by this summer, which could allow it to export up to 1,100 MW of electricity to its neighbours through the Gulf power grid, Reuters has reported. "We have a power plant with a capacity of 2,000 MW coming online this summer and this will provide the extra capacity," al Rasheed said during a Meed conference. Qatar Power Company is 55% owned

  • Qatar Diar buys stake in Fairmont Raffles

    Saudi-based Kingdom Holding has agreed sell a stake in Fairmont Raffles to Qatari Diar Real Estate Investment Co. in an $847m deal. Kingdom Holding's stake in Fairmont Raffles dropped from 60% to 35% after the transaction. Qatari Diar will hold 40% of Fairmont Raffles.

  • Qatar fund to invest in French shipping group

    Qatar Investment Authority (QIA) has offered to invest $1bn in the form of loan guarantees to French shipping group, CMA CGM, AFP has reported, citing France-based La Lettre de l'Expansion magazine. "CMA is in discussion with the Qatar fund," AFP has cited a source close to the matter, however CMA CGM has refused to comment when contacted. Qatar is considering whether to use its investment in CMA CGM as part of its planned maritime hub in the port of Doha, the report said.

  • Qatar gets domain name approval

    Qatar's Supreme Council for Information and Communication Technology (ictQatar) has received approval from the Internet Corp for Assigned Names and Numbers (ICANN) to have its internet domains written in Arabic. The council is targeting late2010/early 2011 for introduction of the country's Arabic IDN ccTLD. Egypt, Saudi Arabia and the UAE had already received similar approvals.

  • Qatar health inspector fine mall smokers

    A team of health inspectors has been deployed by Qatar's Supreme Council for health as part a campaign against smoking in shopping malls across the country, the Peninsula has reported. The team, which began its work two weeks ago, has booked 148 violations and collected QR50,000 in fines, SCH has said.

  • Qatar Islamic Bank posts QR300m profit in Q1

    Qatar Islamic Bank has announced a net profit QR300m for Q1 2010, while operating income has reached QR516m. The bank has reported total asset growth of QR39.7bn, a growth of 21% from Q1 2009. Net Funding Income was reduced to QR421m compared to QR427m in Q1 2009 while net fee income reported growth of QR79m compared to QR41m same period of last year.

  • Qatar launches Denmark route

    Qatar Airways has inaugurated a new route to Denmark from its operational hub in Qatar. The carrier will fly four flights a week to the Danish capital, Copenhagen, one of seven new routes planned by the airline for 2010.

  • Qatar may swap vaccine orders as H1N1 threat wanes

    Qatar's Supreme Council of Health (SCH) has expressed its plans to negotiate with vaccine manufacturers to provide the country with other vaccines in exchange for the large quantity of H1N1 vaccine it had ordered earlier, Gulf Times has reported. In November last year, the SCH has said it would be receiving up to 200,000 doses of H1N1 vaccine from manufacturers every month throughout the winter. "We are considering the possibilities of exchanging the orders which have not been delivered with

  • Qatar National Bank Q1 profit rises 25%

    Qatar National Bank has said its Q1 2010 profit rose 25% to QR1.27bn amid increased interest and financing activities. Net income increased to 1.27 billion riyals ($349m), while net interest income and income from financing activities rose 43% to QR1.2bn.

  • Qatar National Bank's first quarter profit rises

    First quarter profit increases 25 per cent to $349m compared to last year

  • Qatar Navigation posts Q1 profit

    Qatar Navigation has recorded QR554.59m in Q1 2010 profit, Emirates Business has reported. The company, which recently acquired Qatar Shipping Co, said the amount includes a transfer of QR236m fair value gains realised through acquisition of the 15% of Qatar Shipping shares held.

  • Qatar Navigation, Qatar Shipping merger approved

    Shareholders of Qatar Navigation and Qatar Shipping have approved the merger deal, Gulf Times has reported. This transaction will result in an enlarged entity that will render services across the shipping and logistics value chain, the two companies said. According to the transaction scheme, former shareholders of Qatar Shipping will hold approximately 37% of the outstanding share capital of the enlarged Qatar Navigation and the current shareholders of Qatar Navigation will hold about 63% of

  • Qatar plans $12bn in petrochemicals investments

    Petrochemical output to rise to 30 million tonnes a year

  • Qatar Steel buys South Steel stake

    Qatar Steel Co has acquired a 20% stake in Saudi Arabia's South Steel Co, the Peninsula has reported. South Steel is a SR450m closed joint stock firm owned by Saudi Pan Kingdom Co and other Saudi and GCC investors. Production is scheduled to commence by mid-2011 and will meet the shortage in the local markets. The markets of the Southern Province will be provided with their product requirements and the surplus will be sold in other provinces as well as the markets of Yemen and neighbouring Af

  • Qatar Telecom seeks $2bn in loans

    Qatar Telecom is seeking $2bn in loans to refinance a credit line it obtained last year, Bloomberg has reported, citing people familiar with the matter. The financing includes a $1.25bn, three-year revolving credit line and a $750m, five-year facility, the people said.

  • Qatar to build two power plants in Syria

    Qatar Electricity and Water Company plants to be commissioned by June 2013

  • Qatar to offer hexa-vaccine by year end

    Qatar's Supreme Council for Health has said it will launch hexa-vaccines by the end of the year, the Peninsula has reported. The vaccine contains protection against six diseases including diphtheria, tetanus, whooping cough, polio, Hib (a bacterial infection that causes meningitis) and hepatitis B.

  • Qatar to open robotic surgery centre

    A robotic surgery centre is set to be opened by Qatar Science and Technology Park, in collaboration with Hamad Medical Corporation and Weill Cornell Medical College in Qatar. The new facility aims to become a platform for technological development of medical robotics and to promote clinical application of the technology in the Middle East.

  • Qatar to post QR9.7bn surplus

    Qatar's finance minister Youssuf Hussein Kamal has said that the government expects to post a budget surplus of QR9.7bn ($2.67bn) in the fiscal year 2010/11 as rising oil prices counter a 25% jump in spending, state news agency QNA has reported. Qatar drafted its budget for the coming fiscal year, which starts in April, with expenditures of QR117.9bn, above the QR94.5bn budgeted for the current year. Revenues were set at QR127.5bn for fiscal 2010/11, compared with QR88.7bn in 2009/10.

  • Qatar to rebrand bourse index

    Qatar Exchange has said that the DSM20 Index will be renamed the QE Index following the rebranding of the exchange in June, Reuters has reported. The QE Index will be calculated based on free-float market value and the average daily traded value. The Qatar Exchange replaced its trading systems with NYSE Euronext technology after the Gulf state sold a 20% stake in the Exchange to NYSE Euronext for $200m in June.

  • Qatar to set up power plants in Syria

    Qatar Electricity & Water Co (QEWC) has said it will sign a memorandum of understanding with Syrian-Qatari Holding Co for the establishment of power plants in Syria, the Peninsula has reported. The agreement involves setting up two power plants with a capacity of 450 MW each. The agreement will be signed tomorrow at the QEWC head office, according to a statement posted on the Qatar Exchange website.

  • Qatar to tender national museum contract by the end of April

    Eight prequalified contractors will be invited to submit bids

  • Qatar, Cyprus ink JV for tourism

    Qatari Diar Real Estate has agreed to set up a joint venture with the Cypriot government to develop a hotel, office and residential complex in the capital Nicosia, targeting rising numbers of visitors to the east Mediterranean island, Reuters has reported. The first phase of the venture, which has an initial investment exceeding $150m, will be a five-star hotel, while the second phase will be apartments and offices, Mohmmed bin Ali Al Hedfa, Group CEO of Qatari Diar said.

  • Qatar: Cable diversion works

    Carrying out cable diversion works

  • Qatar: Cables

    Qatar: Cables - Tender DetailsDescriptionReplacement of cables Replacement, on a call-off contract basis, of old cablesBid closing date19 May, 201

  • Qatar: Common seawater facility O&M

    Operation and maintenance (O&M) of a common seawater facility

  • Qatar: Electricity distribution disconnection services

    Provision of electricity distribution disconnection services

  • Qatar: Gas lift compressor plant maintenance

    Provision of turnaround maintenance works at a gas lift compressor plant

  • Qatar: Lifting equipment training

    Provision of training into the use and operation of lifting equipment

  • Qatar: Non-destructive inspection services

    Provision of specialised non-destructive inspection services within the Dukhan fields

  • Qatar: Road construction

    Construction of peripheral roads

  • Qatar: Road development consultancy services

    Provision of consultancy services for the development of roads

  • Qatar: Road works

    Reinstatement of roadways and pavements

  • Qatar: School construction site supervision

    Provision of site supervision consultancy services for the construction of schools

  • Qatar: School modifications

    Carrying out modifications and additions to schools

  • Qatar: Sodium bicarbonate and coagulant

    Supply of sodium bicarbonate and coagulant

  • Qatar: Transmission protection system maintenance

    Preventive maintenance of a transmission protection system

  • Qatar: Trucks

    Supply of two trucks

  • Qatar: Water plant upgrade

    Upgrading of a water plant

  • Qatar: Water reservoir refurbishment

    Refurbishment of water reservoirs

  • Qatari banks provisions rise 1.5% in March

    Qatar's central bank has said that provisions made by Qatari banks rose 1.5% month-on-month in March, after a 0.1% increase in the previous month, while credit growth slowed sharply, Reuters has reported. Total provisions in the Gulf state reached QR6bn ($1.65bn) at the end of March, while bank loans rose 0.7% month-on-month to QR254.2bn, following a 7.4% jump in February.

  • Qatari doctors to get special training in France

    An agreement has been signed between Qatar and France aimed at providing Qatari doctors with specialized medical training in France. Under the agreement, a maximum of five Qatari doctors will be sent to France each year to qualify for the Professional Diploma of specialized complementary studies, University Diploma or Inter-University Diploma.

  • Qatari firm to acquire entire stake of AES in RLPC

    The Qatar Electricity and Water Co said it has entered into an agreement to acquire the AES Corp's entire stake in Ras Laffan Power Co, the Peninsula has reported. QEWC will buy AES's 55% interest in the Ras Laffan Power Co (RLPC) and its 70% interest in the AES Ras Laffan Operating Co (RLOC), which provides operation and maintenance services to RLPC. The deal, when completed will result in an increase in QEWC's interests in RLPC and RLOC to 80% and 100% respectively.

  • Qatar's Masraf al Rayan posts $86m profit in Q1

    Masraf al Rayan, Qatar's fourth-biggest lender by market value, has said its Q1 net profits rose by 48.5% to QR312m ($85.76m) on rising deposits and a surge in financing activity, Reuters has reported. The Islamic lender said its deposits grew to QR21.6bn from QR13.8bn, while financing activity climbed to QR20.5bn, compared to QR14.5bn in the first quarter of 2009.

  • Qtel launches 3G hotspot device

    Qtel has launched a My-Fi personal mobile hot spot device that enables users to create their own internet access from anywhere in Qatar. The device has up to four hours battery life and enables up to five people using Wi-Fi capable devices to access the internet at speeds of up to 7.2Mbps.

  • Qtel to issue 70% cash dividend

    Qtel's annual general meeting have approved issuing a total annual cash dividend of 70% of the share face value, the Peninsula has reported. The company said its consolidated revenue increased in 2009 by 18.2% to QR24.0bn, compared to QR20.3bn in 2008. In the same period, net profit attributable to shareholders also grew by 20.5% to QR2.8bn, compared to QR 2.3bn in 2008. The group's consolidated customer base at the end of 2009 stood at 60.53 million.

  • RAK Bank seeks to raise Euro-note programme limit to $1bn

    The National Bank of Ras al-Khaimah has said it is seeking to raise the limit of its Euro medium term note program to $1bn from $500m, Bloomberg has reported. The bank has called an extraordinary meeting of shareholders to approve the proposal.

  • RAK Ceramics posts 2009 profit increase

    RAK Ceramics has reported a 20.2% increase in net profits to Dhs261.9m for 2009, compared to Dhs217.9m in the previous year. The company recorded global sales of 100.7 million square metres of ceramic tiles in 2009, up from 92.3 million square metres in 2008. The total assets of the company also rose to Dhs5.2bn in 2009 from Dhs5bn in 2008.

  • Rakia, SeAH Steel ink lease deal

    Ras Al Khaimah Investment Authority (Rakia) and South Korea-based steel manufacturer, SeAH Steel Corp, have signed a lease contract for 250,000 square metres of land to build a manufacturing plant within Rakia's industrial park. SeAH plans to start construction on the production plant within three months, which is scheduled to be fully operational within a year.

  • Rasmala fund to invest in Saudi

    Tamer Bazzari, the head of Dubai-based investment bank Rasmala Investments, has said the firm plans to spend around one-third of proceeds from a planned private equity fund for investments in Saudi Arabia within the next four years, Reuters has reported. Rasmala plans to close this year a private equity fund with a target of $350m, which is focused on investing in the Gulf countries and Egypt. Bazzari also said that Rasmala is looking to go to the market with its first housing fund during the

  • RBS to sell UAE retail operations

    The biggest UK government-owned bank, the Royal Bank of Scotland Group (RBS) has announced its intention to sell off its retail business in the UAE, Gulf News has reported. The lender, which has more than $12bn in exposure to the UAE, chairs the coordinating committee of banks in Dubai World's debt restructuring. The move is part of RBS' effort to restructure its businesses across the world by selling off or closing down some non-core activities.

  • Reebok opens store at Mirdif City Centre

    RBK Middle East - the sole distributor for Reebok in the GCC, has announced the opening of the 11th Reebok brand store in the Middle East and the seventh Reebok store in the UAE at Mirdif City Centre. The brand plans to open 6 more stores by Dec 2010 across Bahrain, UAE and KSA.

  • Regent Hotel Doha set to open in 2012

    Construction work on the Regent Hotel Doha started yesterday, with plans to open the property in August 2012, the Peninsula has reported. The seven-storey hotel, to be managed by the Rezidor Group, will feature 365 rooms and Royal and Presidential suites plus five private bungalows.

  • Rio Tinto Alcan plans Algerian smelter

    Canadian company in talks with North African state over new aluminium plant

  • Rise in oil price not due to tight supply, says Qatar

    Qatar's Energy Minister Abdullah al-Attiyah has said that the recent rise in oil prices has not been caused by a supply shortage, Reuters has reported. Crude prices hit an 18-month high of $87.09 a barrel on April 6, although they have since slipped to just under $83. 'Inventory is very comfortable and even the highest in history,' he was quoted as saying ahead of a meeting of gas powers in the Algerian city of Oran.

  • Riyad Bank's Q1 net profit rises 55%

    Saudi lender Riyad Bank has reported a 55% increase in Q1 net profit on lower operating costs and better profit from banking services, Reuters has reported. The bank made a net profit of SR684m ($182.4m) in the three months to end March 31, up from SR441m in the year-earlier period.

  • Riyadh extends bid deadline for phase two of Haramain rail

    The winning consortium will operate and maintain the high-speed railway for 12 years

  • Roya, Deloitte offer management oversight services

    Hospitality consulting and services firm, Roya International has signed a memorandum of understanding with Deloitte to provide hotel management oversight (HMO) services to clients across the Middle East. The HMO services team will operate as a conduit between hotel owners and operators to support the realization of targets and improve shareholders value.

  • Royal Falcon launches flights to Stockholm

    Jordan's Royal Falcon Airlines has launched two weekly flights from Amman to the Swedish capital Stockholm, Petra news agency has reported. The carrier commenced its operation in August 2007 after being awarded its AOC for non-scheduled operation. In March 2009, the company started its scheduled operation to Sharjah, UAE with a frequency of two flights per week.

  • Royal Jordanian begins online check-in

    Royal Jordanian has announced the launch of its 'Online check-in' service, enabling passengers to issue their boarding passes electronically through its website. The service is accessible to RJ passengers travelling out of Amman to all international destinations except for the US, as a first phase, which will be activated soon. The service will be extended to cover all the airline's destinations at a later stage.

  • Saad Group promises to pay debts

    Saad Group, the indebted Saudi conglomerate has said it will repay the billions of dollars it owes but had not yet reached any agreement with banks, Reuters has reported. "Banks will be able to get their money back from both Algosaibi and Saad in due course," Maan al Zayer, chief financial officer of Saad Group, said.

  • Sabic agrees polyacetal plant deal

    Saudi Basic Industries Corp (Sabic) has signed an agreement with Celanese Corp for the construction of a 50,000 ton polyacetal (POM) production facility at the Sabic affiliate, National Methanol Co. (Ibn Sina) complex in Jubail Industrial City, Saudi Arabia. The facility is scheduled to go on-stream by 2013, using methanol already being produced by Ibn Sina. The new plant provides wider prospects for the Saudi national downstream industries to enter automotive and other advanced industries, S

  • SABIC expects boost from new units

    Mohamed al-Mady, chief executive of Saudi Basic Industries Corp (Sabic), has said the firm expects its Sharq, Yansab and Tianjin plants to have a positive impact on the petrochemical maker as of the second quarter of this year, Reuters has reported. Yanbu National Petrochemical Co (Yansab) is 55% owned by Sabic while Eastern Petrochemical Co (Sharq) is a 50:50 joint venture between Sabic and a consortium of Japanese companies led by Mitsubishi Corp.

  • Sabic plans new iron and steel plant in Jubail

    The Chief executive of Saudi Basic Industries Corp (Sabic), Muhammad Al-Mady, has said the firm plans to build a new iron and steel plant in Jubail Industrial City by 2012. The plant will have with an annual capacity of one million tonnes in order to meet the increasing demand in the local market, he said.

  • Sabic reports profit of $1.45bn

    Profits surge on back of rise in sales volume and prices

  • Sabic returns to profit in Q1 figures

    Saudi Basic Industries Corp (Sabic) has posted SR5.43bn ($1.45bn) in first-quarter profit, compared to a loss of SR970m in the year-earlier period, Bloomberg has reported. "There have been better overall volumes and pricing for petrochemicals, fertilizers and steel in the first quarter," Laurent-Patrick Gally, senior vice president of research at Shuaa Capital, in Dubai, told the news service. Ammonia and urea prices rose 19% and 9%, respectively, in the first quarter from the fourth quarter,

  • Sabic, Kaust to launch new research centre in Saudi

    Saudi Basic Industries Co (Sabic) has signed an agreement with a long-term research and innovation agreement with King Abdullah University of Science and Technology (KAUST). Scheduled to begin operations in 2012, the Sabic Centre for Research and Innovation will employ between 100 and 150 scientists on research and technology projects, especially in the areas of catalysis, composites and membranes.

  • Safco net profits up 33%

    Higher ammonia and urea prices had helped Saudi Arabian Fertilizers Co (Safco) to post its highest quarterly net profit since the start of the global slowdown, Reuters has reported. The firm's net profit rose by 33% to SR698m, compared to SR525m in the year-earlier period. Prices during the first quarter improved compared to the year-earlier period, Safco said. However, sales volumes were up compared only to the fourth quarter, the company noted.

  • Sagia set to approve Hail Economic City masterplan

    KEO International Consultants to move forward with detailed design

  • Saipem looking Shah gas subcontractor

    Italian firm is low bidder on three out of five packages on Abu Dhabi gas scheme

  • Sama to start flights to Khartoum

    Low-cost Saudi airline hopes for more equality through pending changes in Saudi Arabia’s regulatory environment

  • Sama: M3 money supply slowing

    Data by the Saudi Arabian Monetary Agency (Sama) has shown annual growth in the kingdom's M3 money supply, an indicator of future inflation, had slowed to 5.6% in February from 8.3% in January, Reuters has reported. Bank claims on the private sector rose to SR742.1bn in February, from SR735.6bn in January, and SR730.7bn in February, 2009, the data showed.

  • Sama: Saudi bank lending up 1.6% y-o-y

    The Saudi Arabian Monetary Agency (Sama) has said that lending by Saudi Arabian banks to businesses rose in February at the fastest pace for five months, helping to revive the economy after a credit squeeze, Bloomberg has reported. Lending to the private sector increased an annual 1.6% in February, double the rate of the previous month, Sama said. "It's only one month's data, but the trends are consistent with an economy coming back to life," Simon Williams, a Dubai-based economist at HSBC Ho

  • Samba Q1 net income falls

    Saudi Arabia's second-largest lender by market value, Samba Financial Group, has reported a 4.8% decline in Q1 net profit to SR1.21bn ($322.7m) in the three months to end-March from SR1.27bn a year earlier, Reuters has reported. Samba said that its net lending income fell during the first quarter by 10.5% to SR1.17bn. It also saw a 1.5% decline in income from non-lending operations which include brokerage and foreign exchange transactions.

  • Samba, SABB boost loan loss provisions in Q1

    Data from the Saudi stock exchange have showed that Samba Financial Group and SABB have booked additional provisions against loan losses during the first-quarter after a surge in bad loans last year, Reuters has reported. Samba booked SR160.1m in impairment charges for loan losses during the three months to end-March, while SABB booked SR176.5m during the same period against a total of around SR1.5bn for all of 2009, the data showed.

  • Samsung 3D TVs on sale in UAE

    Samsung Electronics has announced the introduction of its new line-up of 3D TVs in the UAE, including LED, LCD and PDP models. Samsung's new line-up includes innovative 2D to 3D conversion, one of Samsung's key features for the Middle East line-up. The 3D LED TVs come with the ability to stream content using AllShare and Internet@TV.

  • Samsung wins $434m Kuwait oil security contract

    South Korean firm seals Kuwait Oil Company deal

  • Saudi Arabia approves SR20bn Q1 projects

    The government of Saudi Arabia has approved 659 projects valued at SR20.89bn during the first quarter of this year, mostly on construction projects for roads, schools and hospitals, and waste water facilities, the Saudi press agency has reported. The kingdom plans to spend more than $400bn until 2013 to upgrade its infrastructure.

  • Saudi Arabia bank profits fall 14.8 per cent in 2010

    Bank profits stood at $1.38bn at end of February

  • Saudi Arabia delays prequalification for phase 1 of Medina airport

    The value of work at Prince Mohammed Bin Abdulaziz airport could rise to $2.4bn by the end of phase two

  • Saudi Arabia seeks fund for Medina airport

    Saudi Arabia's General Authority of Civil Aviation (GACA) will hold a roadshow in Dubai on April 7, in a bid to seek financing from international and regional banks for its first privately owned airport in Medina, Bloomberg has reported. Estimated to cost some SR6bn ($1.6bn), the new airport is planned to handle as many as 8 million passengers per year. "It's a huge project that requires private lending and we want to make sure that banks are aware of that," Alaa Samman, director of business

  • Saudi Arabia to build city for nuclear and renewable energy research

    King Abdullah City of Atomic and Renewable Energy will be headquartered in Riyadh

  • Saudi Arabia to prequalify firms for water pipeline project

    Saline Water Conversion Corporation will tender two contracts for the pipeline

  • Saudi Arabia: Administration school renovation

    Renovation of an administration school

  • Saudi Arabia: Airport security equipment O&M

    Carrying out cleaning, operation and maintenance (O&M) of security equipment at airports

  • Saudi Arabia: Airport service city consultancy

    Provision of consultancy services comprising legal advice for an international airport’s service city project

  • Saudi Arabia: Apartment buildings

    Construction of apartment buildings

  • Saudi Arabia: Boiler plant reconstruction

    Reconstruction and rehabilitation of a boiler plant at Jeddah 4

  • Saudi Arabia: Camp O&M

    Operation and maintenance (O&M) of manual camps and other facilities

  • Saudi Arabia: Electric current installation

    Installation of an electric current for a university campus

  • Saudi Arabia: Elongation barriers

    Completion of the renovation of elongation barriers

  • Saudi Arabia: Hospital maintenance (Nafi)

    Maintenance and cleaning of the Nafi hospital

  • Saudi Arabia: Hospital maintenance (Prince Salman)

    Maintenance and cleaning of the Prince Salman hospital

  • Saudi Arabia: Hospital maintenance (Sajer)

    Maintenance and cleaning of the Sajer hospital

  • Saudi Arabia: Hospital maintenance (Tameer)

    Maintenance and cleaning of the Tameer hospital

  • Saudi Arabia: Housing compound construction

    Construction of a housing compound

  • Saudi Arabia: Laboratory precision instruments

    Supply of laboratory precision instruments

  • Saudi Arabia: Medical centre and healthcare clinics O&M

    Operation and maintenance (O&M) of a medical centre and healthcare clinics

  • Saudi Arabia: Military city facilities

    Construction of facilities for a military city

  • Saudi Arabia: Mosque construction

    Procurement and construction of a Friday mosque

  • Saudi Arabia: Network warehouse extension

    Construction of a network warehouse building extension

  • Saudi Arabia: Public housing construction

    Construction of housing villas

  • Saudi Arabia: Pumping unit rehabilitation

    Rehabilitation of pumping units

  • Saudi Arabia: Railway line works

    Completion of the doubling of a railway line

  • Saudi Arabia: Road construction

    Construction of a road linking an industrial estate

  • Saudi Arabia: School rehabilitation works (Al-Qassab)

    Rehabilitation of a school and construction of a hall (Al-Qassab)

  • Saudi Arabia: School rehabilitation works (Marat)

    Rehabilitation of a school and construction of a hall (Marat)

  • Saudi Arabia: Substation switchyard asphalting

    Construction of a network warehouse building extension

  • Saudi Arabia: Television network O&M

    Cleaning, operation and maintenance (O&M) of a television network

  • Saudi Arabia: Transportation centre

    Construction of a transportation centre

  • Saudi Arabia: Wastewater pipeline (O&M)

    Operation and maintenance (O&M) of wastewater pipelines and cleaning materials for vehicles

  • Saudi Arabia: Wastewater pipeline (O&M)

    Operation and maintenance (O&M) of wastewater pipelines

  • Saudi Arabia: Water network completion

    Completion of water networks

  • Saudi Arabia: Water networks

    Construction of water networks

  • Saudi Arabia: Water pipelines and pumping stations

    Construction of water pipelines, pumping stations and tanks

  • Saudi Arabia: Workshop cables and instruments

    Supply of workshop cables

  • Saudi Arabia’s first solar power project comes online

    The roof-mounted facility has a capacity of 2MW

  • Saudi Arabia's IPO market rebounds

    Seven companies closed share sales in first quarter

  • Saudi Aramco produces 65 billion barrels of oil

    Saudi Aramco has said it has produced more than 65 billion barrels of oil from the world's largest oilfield, Ghawar, Reuters has reported. "Ghawar's original reserves are over 100 billion barrels. Ghawar is still going strong, we are pampering Ghawar...We can sustain production for many years to come," Saad Turaiki, vice president of Southern Area Oil Operations, said. He said that the five discovery wells at Ghawar, have produced more than 350 million (bpd) and are still producing today at a

  • Saudi bank to launch operations in Qatar

    Samba Financial Group, Saudi Arabia's second-largest lender by market value, has announced the opening of a branch in the Qatari capital, Doha, becoming the first Saudi bank to establish a presence in the Gulf state. The lender has been licensed as a Category 1 financial institution and is accordingly authorised to conduct banking activities within the Qatar Finance Centre.

  • Saudi British Bank’s profits fall

    Profits down by 18.3 per cent in 2010

  • Saudi British Bank's Q1 profit falls 18%

    The Saudi affiliate of HSBC Holdings, Saudi British Bank has said its Q1 profit had dropped 18% as lending and fee income declined, Bloomberg has reported. Net income fell to SR621m ($166m) from SR760m in the year-earlier period, SABB said.

  • Saudi budget surplus to hit $24bn in 2010, says state bank

    Saudi-based National Commercial Bank has said the kingdom will book a SR91bn ($24.3bn) surplus in 2010 based on an average oil price of $75 per barrel, and will avoid a deficit if prices stay above $60, Reuters has reported. The kingdom may end up spending 12% above the SR540bn it budgeted for 2010, and get revenues 48% above the planned SR385bn, Said al-Shaikh, chief economist at NCB said.

  • Saudi Cement profit up on sales rise

    Saudi Arabia's second-largest seller of building materials by assets, Saudi Cement Co, has reported a 16% rise in first-quarter profit, as sales increased in the kingdom, Bloomberg has reported. Net income climbed to SR176.6m ($47.1m) from SR152m in the year-earlier period.

  • Saudi 'could boost output' by 4.5m bpd

    Saudi Arabian oil minister Ali Al- Naimi has said that once demand recovers from recession, the kingdom could boost output by as much as 4.5 million barrels-a day, Bloomberg has reported. The kingdom is waiting for usage to rise after increasing capacity to 12 million barrels a day, he said. "Demand is gradually growing right now," Al-Naimi said.

  • Saudi Electricity Company prices sukuk issue

    Samba and HSBC-led deal is expected to be more than $1.9bn

  • Saudi Electricity gets SR15bn loan

    The chief executive of Saudi Electricity Co, Saleh al-Barrak, has announced plans to award contracts to build a 2,400 megawatt power plant after it obtained a SR15bn soft loan from the government, Reuters has reported. "The loan will finance expansion projects for power generation and mainly Rabigh's 2,400 megawatt power plant. Contracts for Rabigh plant will be awarded this year, within a few weeks," Barrak told the news service. The plant is expected to be completed in the summer of 2014

  • Saudi Electricity plans sukuk

    Ali Saleh al-Barrak, chief executive of Saudi Electricity, has said he is confident the state-controlled utility will raise up to SR7bn ($1.9bn) from an Islamic bond next month to fund expansion, even without a government guarantee, Reuters has reported. 'The amount that we plan to raise stands at between 5 billion and 7 billion riyals but we have not fixed it yet, pending the exact identification of the needs,' Barrak told the news service.

  • Saudi Electricity Q1 loss widens

    Saudi Electricity Co has reported a wider first-quarter loss on costs from buying power and lower seasonal demand, Bloomberg has reported. The net loss of the state-controlled power producer increased to SR782m ($208.5m) from SR771m a year earlier. Saudi Electricity's loss was due to 'an increase in energy bought from independent producers to meet an increasing demand,' the utility provider said.

  • Saudi firm to manufacture insulin

    Saudi Gulf Company for Basic Industries has signed two contracts worth SR800m with Germany-based Linde Engineering to manufacture insulin and blood plasma, the Peninsula has reported. Insulin and blood plasma will be produced on commercial scale to fulfil the requirements of Saudi Arabia and the rest of the region.

  • Saudi firm wins water deals in Syria

    Saudi-based AES Arabia has announced it had won contracts to build two water treatment units in Syria by the end of 2010, Arab News has reported. The two units will be installed at a cement plant being constructed by French firm Lafarge in the town of Ain Arab, about 110 miles east of Aleppo. The first plant will have a capacity to purify 140 cubic meters of water daily, while the second unit would have a capacity to treat 5,375 cubic meters daily.

  • Saudi Fransi Q1 profit down 3.6%

    The Saudi lender part-owned by Credit Agricole, Banque Saudi Fransi has said that its Q1 2010 profit fell 3.6% to SR714m ($190.4m) on lower commission income, Bloomberg has reported. The bank had made SR741m in same period of 2009. The lender said its loan book in the quarter declined 1% to SR80bn, while special commission income in the period dropped 5.7% to SR723m. Investments for the period increased 19% to SR25bn, it said.

  • Saudi Hollandi Bank Q1 profit drops 19%

    Saudi Hollandi Bank has reported a 19% decline in first-quarter profit on lower commission and operational income, Bloomberg has reported. Net income dropped to SR230m ($61.3m) from SR284.4m in the year-earlier period. The lender's loan book shrank 7.4% in the quarter to SR36.4bn, while its investments for the period fell 15.8% to SR13.3bn, the bank said.

  • Saudi inflation rises to 4.7%

    Data from Saudi Arabia's Central Department of Statistics have indicated that inflation accelerated to a nine-month high of 4.7% in March, led by rent, fuel and food costs, Bloomberg has reported. "The good sign is that this represents higher demand in the economy," John Sfakianakis, chief economist at Banque Saudi Fransi in Riyadh said. "The trade-off is you are having a pick-up in inflation." Inflation is likely to average 4.6% this year, Sfakianakis said, raising an earlier estimate of 4.3

  • Saudi investors open $260m cement plant in Yemen’s eastern region

    Cement plant is the latest Saudi-sponsored project in Hadramout province

  • Saudi investors open $260m Yemen cement plant

    A $260m cement factory has been opened by a consortium of investors from Saudi Arabia in Mukalla City, in the Hadramout province in eastern Yemen, Meed has reported. The 22 square-kilometre integrated factory plans to produce 1.5 million tonnes of cement a year. The plant is owned by the local Arabian Yemen Cement Co and is sponsored by a consortium of Dammam-based Eastern Province Cement Co and Saudi businessmen Sheikh Mohammed Hussain al-Amoudi and Abdullah Ahmed Bugshan, as well as five ot

  • Saudi Jarir posts 10% Q1 profit increase

    Saudi-based office supplies and electronics retailer Jarir Marketing Co has posted a 10% rise in Q1 net profit, Reuters has reported. The firm made SR118m in the three months to end-March, compared to SR107m a year earlier, Jarir said in a statement. First-quarter sales rose by 20% to SR795m, led mainly by higher smart phone sales and a rise in the number of its stores to 28 from 24 a year earlier.

  • Saudi Ministry accounts for 60% of services

    The Saudi minister of health, Abdullah Al-Rabeah has said that the ministry handles 60% of all health services in the kingdom, Saudi Gazette has reported. The private sector is responsible for 20% of the services while other sectors cover the remaining 20%, the minister said.

  • Saudi official forecasts oil demand peak

    Ibrahim Al-Muhanna, adviser to Saudi Arabia's oil minister, has said that oil use will probably peak in emerging markets by early next decade, Arab News has reported. 'The demand in emerging economies will take time to peak but definitely it will peak maybe this decade or early next decade,' he said.

  • Saudi opens emergency control centre

    The Saudi health ministry has opened an emergency control centre to coordinate the transfer of patients to and from hospitals located in all parts of the kingdom, Arab News has reported. The new centre will help expedite the transfer of emergency-room patients to hospitals where their injuries can be better treated, the ministry said.

  • Saudi Telecom's Q1 net drops 29%

    Saudi Telecom has reported a 29% fall in first quarter net profit, Reuters has reported. STC made a net profit of SR1.772bn in the three months to end March 31, down from SR2.49bn in the year-earlier period. The telecoms firm attributed the drop to a fall in international call prices, a rise in fees related to using external networks and an increase in expenses due to capital investments throughout the group, including establishing new networks and expanding existing ones.

  • Saudi to build medical city in Bahrain

    Saudi Arabia will build a SR1bn ($266.7m) medical city in Bahrain as a gift to its people from King Abdullah bin Abdulaziz Al Saud, Saudi press agency has reported. The planned medical city will be affiliated with the Arab Gulf University in Bahrain. No other details were released about the medical city.

  • Saudi to build six new industrial parks

    Tawfig Fozan al-Rabiah, head of the Saudi Industrial Property Authority, has said the kingdom plans to set up at least six more large industrial parks, Reuters has reported. The total area of parks would rise to 71 million square metres in a first step and later to more than 100 million square metres, up from 42 million, he said, adding that the government will float tenders worth between SR5bn to SR6bn ($1.3bn-$1.6bn) in the next five years to equip these cities with services such as housing

  • Saudi tourism sector revenue hits SR70bn

    The Saudi Commission for Tourism and Antiquities (SCTA) has said that the kingdom's tourism sector generated revenue of SR70bn and has contributed 6.5% to the country's GDP growth, the Saudi Gazette has reported. The tourism sector is set to create a number of job opportunities for Saudi nationals, a key concern and mission of the SCTA, said Abdullah Bin Sulaiman Al-Jehani, SCTA's Vice President for marketing and media. The number of tourism facilities in the country has reached 40,000, provi

  • Saudi utility appoints banks for sukuk issue

    Saudi Electricity Company plans to raise up to $1.9bn

  • Saudi-based Indian schools moot curriculum change

    International Indian schools in Saudi cities of Dammam, Riyadh and Jubail have signed up for a new international student curriculum recommended by India's Central Board of Secondary Education (CBSE), Arab News has reported. CBSE Chairman Vineet Joshi said the new curriculum will help students to compete better at international level. "It will be easier for them to study anywhere in the world," he said. Initially, the new syllabus will be introduced only in Class I and Class IX, he noted.

  • Saudi's Finance Ministry approves projects worth $5.57bn

    Construction projects include roads, schools, and wastewater facilities

  • Saudi's Maaden Q1 net profit rises 12%

    Saudi Arabian Mining Co (Maaden) has posted a 12% increase in first quarter net profit, citing lower Islamic tax obligations, Reuters has reported. Maaden made a net profit of SR20.6m ($54.9m) in the three months to March 31, compared to SR18.4m in the same quarter a year earlier. 'The increase in the first quarter of 2010 is due to the decline in the Zakat provision compared to a year earlier,' the firm said.

  • Saudi's Mobily Q1 net up 49%

    Saudi Arabia's Etihad Etisalat's (Mobily) has said that growth in subscribers in its broadband and fixed line services had boosted its Q1 net profit by 49% to SR714m, compared to SR480m for the same quarter of the previous year. Operating profit increased by 43% to SR763m, compared to SR533m in the corresponding period of 2009.

  • Saudi-Taiwan trade down by 40%

    Trade between Saudi Arabia and Taiwan in 2009 has reduced by around 40% to 9.34bn due to global recession, according to Ibrahim Chao, the newly designated representative of the Taipei Economic and Cultural Representative Office in Riyadh, Arabnews has reported. From 2005 to 2008, trade between the two countries increased by more than 50%, from $7.9bn in 2005 to $16.2bn. Chao said Saudi Arabia is one of the major economic partners of Taiwan, ranking fifth in terms of imports and 26th in terms

  • Savola CEO resigns

    Saudi food company Savola Group has announced that its chief executive Sami Baroum will step down on June 30, Reuters has reported. A source at Savola told the news service that Baroum will remain board member at some of Savola's units but his successor will be a Saudi national. "Baroum is resigning for personal motives. His family is settled in the United States and the man grew tired of the frequent travel to America. He was living alone in Saudi Arabia," the source said.

  • Saxo Bank looks to expand regional presence

    Plans to open second regional office in 2010

  • Sharjah Al Nujoom Island project 'to go ahead'

    Salah Butti Obaid bin Butti, director general of the Sharjah Planning and Survey Department has said that the emirate's government has not cancelled nor suspended the Al Nujoom Island project at Al Hamriya, Emirates Business has reported. "We are going ahead with it and the plans for the first 1,000 villas were approved by the department and will be finished in 18 months," he said. The project features Andalusian-style architecture and comprises residential, commercial, retail and hospitality

  • Sharjah Islamic Bank posts Dhs67.5m profit in Q1

    Sharjah Islamic Bank has reported net profit of Dhs67.5m for the first quarter of 2010, compared to Dhs85m achieved in the same period last year. Total assets stood at Dhs6.2bn compared to Dhs16bn, while total shareholder equity amounted to Dhs4.2bn, representing 26% of the total assets, the Shari'ah-compliant lender said.

  • Sharjah Islamic Bank records $18.4m profit

    First quarter profit declines 20.6 per cent

  • Sharjah sets aside Dh5bn for projects

    Sheikh Khalid bin Saqr bin Humaid Al Qasimi, director general of Sharjah's Public Works Department, has said the emirate has allocated Dhs5bn for infrastructure projects in 2009-2010, and Dhs500m for the maintenance of housing projects built for UAE nationals, Emirates Business has reported.

  • Sharjah to destroy defective LPG cylinders

    Inspectors of the Sharjah Economic Development Department (SEDD) have started to destroy thousands of expired and defective LPG cylinders, which were recently seized in the emirate. These LPG cylinders have been reported as unsafe for use, and as a result may cause accidents. SEDD has called on consumers to avoid purchasing domestic gas cylinders from unauthorized dealers, and to reject low priced cylinders, and ask dealers for the official bill that carries their name and address before they

  • Sharjah to roll out toll system for trucks

    The chairman of Sharjah's Public Work Department, Sheikh Khalid bin Saqr bin Hamad Al Qasimi, has announced the department is set to launch a toll system for trucks at designated roads in the emirate, as well as associated facilities, Wam has reported. A two-week trial phase will precede the official implementation of the new system, scheduled for early May, he said.

  • Sharq ethylene plant begins operations in Saudi

    The Sharq ethylene plant of Saudi Arabia's Eastern Petrochemical Co has started full commercial operation in Al-Jubail, The Shaw Group has announced. Shaw provided proprietary ethylene technology and engineering, procurement and construction management for the 1.3 million metric tons per year ethylene plant, as well as operational support during the commissioning and startup of the plant, which uses ethane and propane as feedstocks. The 1.3 million metric tonnes per year project is a joint ve

  • Sheikh Hamed named as Adia chief

    Sheikh Hamed bin Zayed al Nahyan has been appointed as the managing director of the Abu Dhabi Investment Authority (Adia), succeeding the late Sheikh Ahmed bin Zayed Al Nahyan, Bloomberg has reported. Sheikh Hamed currently heads the Abu Dhabi Crown Prince's Court and is chairman of the Higher Corporation of Specialized Economy Zones.

  • Shoe Mart Group opens 13 stores at UAE mall

    Landmark group's fashion footwear concept Shoe Mart has launched 13 new brand stores at Mirdiff City Centre. Shoe Mart plans to expand further into Syria, Pakistan and in the Mena region besides opening more stores in Abu Dhabi as well this year.

  • Shuaa hospitality fund seeks more acquisitions in 2010

    Omar al-Jaroudi, chief executive of Shuaa Capital Saudi Arabia, has said the firm hopes to raise more money for its hospitality fund through a second closing in October and to make more acquisitions this year as market conditions improve, Reuters has reported. The fund, which had its first closing in 2008, aims to raise close to SR2bn ($533m), he said. Shuaa launched its private equity hospitality fund with an aim to acquire hotels to be managed by Rotana Hotel Management Corp, Jaroudi said,

  • Shuaa says Gulfinvest default will not have major impact

    UAE-based Shuaa Capital said it doesn't expect major financial impact from Gulfinvest International KSC's default on a $55m loan to Abu Dhabi Commercial Bank. Shuaa guaranteed the loan in 2007 and will fulfill its obligations as they become due, the company said in a statement today. Shuaa made a provision for the loan guarantee near the end of 2009, it said.

  • Siemens wins Qatar transmission equipment order

    German firm will supply transmission equipment worth $800m

  • Skype eyes deals with Mideast telecom firms

    Internet telephony firm Skype has said it is in talks to form partnerships with Middle East telecoms carriers, Reuters has reported. 'The Middle East and Africa is emerging as a commerce and business hub, and we think at the bottom of that lies communication. We are putting a lot of effort into the region,' Skype's head of Middle East and Africa, Rouzbeh Pasha, was quoted as saying.

  • SMS Meer and Samsung look for more projects

    Companies hope to build on recent contract award in Bahrain

  • SOC invites contractor bids for southern Iraq export facilities

    Iraq's state-run South Oil Co (SOC) has invited interest from contractors for services to enhance its southern oil export facilities, as part of the country's plan to boost its crude output, Reuters has reported. The crude oil export facility project - funded by a Japanese government loan - includes the installation of two new onshore and offshore pipelines plus one floating oil terminal. "This is part of an extensive plan to raise the export capacity from Basra ports to more than four millio

  • Sony Ericsson launches XPERIA X10 in Gulf

    Sony Ericsson has announced the launch of its flagship offering in the new family of mobile phones, the XPERIA X10 smartphone. The new handset is equipped with an 8.1 megapixel autofocus camera with 16x digital zoom and includes geo tagging, video recording, smile detection and face recognition. It also features 4" scratch-resistant touch screen with 480x854 pixels and integrates interfaces such as imaging, music, entertainment, connectivity and messaging.

  • Sorbonne Abu Dhabi to overhaul bachelor's offering

    Prof. Jean Yves de Cara, executive director of Paris-Sorbonne University Abu Dhabi has announced plans to overhaul the university's bachelor's degree programme to better prepare students for higher education, The National has reported. Subjects such as history, philosophy, literature and art history will merge, beginning in the autumn. The curriculum will remain unchanged, he said.

  • Sorouh inks $1.5bn deal to build homes for Emiratis

    The government of Abu Dhabi has awarded the emirate's second-biggest developer by market value, Sorouh Real Estate, a $1.5bn contract to build homes for Emiratis. The 'Watani' and 'Shamkha' communities will provide 9,000 homes over the next five years, the developer said. The first phases of the developments should be completed in August 2011 and in 2013.

  • Sorouh posts 78% rise in Q1 net profit

    Abu Dhabi-based developer Sorouh Real Estate has announced that net profit for the first quarter of 2010 was Dhs131.6m ($35.83m), an increase of 78% on the previous quarter and 1% higher than the same quarter last year. The profit increase was driven by the sale of its Shams Abu Dhabi plot and a rise in lease income, the builder said in a statement.

  • South Korean steel company to build plant in Ras al-Khaimah

    Seah Steel to build manufacturing facility at the emirate’s investment park

  • South Koreans complete Kuwait oil gathering centre ahead of schedule

    SK Engineering & Construction completes job six months ahead

  • South Koreans still in talks for steel complex in Iraq

    STX Heavy Industries, a South Korean contractor is still in negotiations with Iraq's industry and minerals ministry over the $3bn contract for Basra steel mill project, Meed has reported, citing a source close to the deal. Upon completion, the Basra steel mill will have a capacity of 1.2 million-t/y of iron bars; 600,000-t/y of section steel; 1.2 million-t/y of hot-rolled products and a 500MW power station. The project involves either two or three phases as part of a gradual expansion and is

  • St. Regis to open second Abu Dhabi hotel

    Starwood Hotels & Resorts has announced it will open a St. Regis hotel in Abu Dhabi. Owned by International Capital Trading, The St. Regis Abu Dhabi will be located on the Corniche in downtown Abu Dhabi as part of the Nation Towers mixed-use development. The hotel will offer 281 guest rooms, including 56 suites, signature restaurants, a connecting bridge restaurant, meeting and event space, as well as dedicated health club with an outdoor swimming pool.

  • Standard & Poor’s may downgrade Abu Dhabi entities

    Downgrades of up to two notches mooted for firms in UAE capital

  • Standard & Poor's downgrades Commercial Bank of Kuwait

    Rating lowered due to deteriorating asset quality and funding profile

  • Stone & Webster wins Abu Dhabi offshore management deals

    The contractor will oversee design work by Fluor for Umm al-Lulu and Sath al-Raazboot oil production facilities

  • Sudan: Landcruiser vehicles

    Supply of Landcruiser vehicles

  • Sudan: Transport and infrastructure development

    Provision of project management consultancy services for emergency transport and infrastructure rehabilitation development

  • Suncor Syria gas plant ready by mid-2010

    Jon Ferrier, the head of Canada-based Suncor Energy's operations in Syria has said that the firm's gas plant in the country is expected to start production by the middle of 2010, Reuters has reported. Suncor's Ebla gas plant in the desert northeast of Damascus will produce 2.3 million cubic metres per day (mcm/d), he told the news service. Ferrier said output could rise to 2.7 mcm/d without changes to plant design, and by 50% more depending on "proving reserves, good reservoir performance, so

  • Syria cancels refinery deal

    Syrian oil minister Sufian Alao has said the government has cancelled a 140,000 bpd refinery deal with Kuwait's Noor Financial, Reuters has reported. The two sides signed a memorandum of understanding in 2007 to construct the $1.7bn refinery. Later that year, they signed an agreement with British consultants Wood McKenzie for a feasibility study. The minister did not give a reason for the cancellation, but said the government is in talks with other foreign investors for them to build two othe

  • Syria to spend $1bn to upgrade railways

    Georges Mokabari, director general of the Syrian Railways General, has announced plans to spend more than $1bn by 2020 on rehabilitating its railway network, Meed has reported. The investment includes rehabilitating about 1,450 kilometres of railway lines and building eight new lines comprising 1,350km, he said. Once the upgrade of the existing lines and construction of the new lines is complete, the Syrian railway network will have 3,845km of lines and will be able to transport about 5.3 mil

  • Syria, Unesco ink childhood education centre deal

    The Syrian education ministry has signed an agreement with the United Nations Educational, Scientific and Cultural Organization (Unesco) to create a regional centre for early childhood care and education, Kuna has reported. The centre will be responsible for spreading awareness among regional ministries of education about care and education in early childhood in addition to training, particularly teachers of the pre-primary schools, the ministry said.

  • Syria: Barite

    Supply of barite

  • Syria: Carboxyl methyl cellulose

    Supply of 300 tonnes of carboxyl methyl cellulose

  • Syria: Cathodic protection transformer rectifiers

    Supply of cathodic protection transformer rectifiers

  • Syria: Corrosion inhibitor

    Supply of corrosion inhibitor

  • Syria: Drill pipe and and pipe collar

    Supply of drill pipe and drill collar

  • Syria: Freight train wooden boards

    Supply of wooden boards for freight trains

  • Syria: Grease

    Supply of grease for rail and flange lubricators

  • Syria: Linepipe

    Supply of linepipe

  • Syria: Locomotive spares

    Supply of spare parts for diesel electric locomotives

  • Syria: Pump spares

    Supply of spare parts for pumps

  • Syria: Railway bearings

    Supply of bearings and bearing rings for railways

  • Syria: Railway bogies

    Supply of 50 bogies for railways

  • Syria: Seismic data acquisition

    Acquisition of land seismic data

  • Syria: Seismic survey data processing

    Processing of 3D seismic survey data

  • Syria: Sucker rod and tubing tongs

    Supply of tongs for sucker rods and tubing

  • Syria: Truck spares

    Supply of spare parts for trucks

  • Syria: Wireline

    Supply of wireline

  • Taaleem to open new school in Dubai

    UAE education provider Taaleem has said it will open a new international school next September. Taking over the American School of Dubai campus, the Jumeira Baccalaureate School will open its doors on September 12 to KG1 up to Grade 4, while middle and high schools will open in September 2011.

  • Taameer Jordan secures loan approval

    Jordan-based real estate development firm, Taameer Jordan Holdings has received the approval for a multimillion Jordanian dinar loan from a committee entrusted with examining financing needs of economic sectors in the kingdom, Jordan Times has reported. The developer is suffering a cash shortfall to complete the projects of the Andalucia residential compound and the Ahel Al Azm housing city in the Jiza District. Rami Adwan, deputy CEO for marketing and sales at Taameer, told the newspaper tha

  • Tabreed mulls alternatives to annual payment of bond

    UAE-based refrigeration firm National Central Cooling Co (Tabreed) has said its board of directors will meet on April 25 to discuss 'alternatives' to annual payments on Dhs1.7bn ($463m) of Islamic bonds, Bloomberg has reported. Tabreed said on March 8 it is seeking approval from shareholders to renegotiate terms on a $200m floating-rate note and the local currency-denominated convertible sukuk maturing in 2011.

  • Tabreed says Q1 profit doubled

    Abu Dhabi-based National Central Cooling Co (Tabreed) has said its net profits had more than doubled from Dhs21.7m in Q1 2009 to Dhs43.8m in Q1 2010. Total revenue was Dhs184.6m, compared to Dhs189.7m in the same period in 2009, the company said.

  • Tabreed's 2010 profit doubles

    Abu Dhabi-based firm’ profits driven by new plants coming online

  • Tadawul edges up

    Saudi Arabia's Tadawul All Share Index (Tasi) rose by 0.54% to 6,892.94, with 60 stocks rising and 58 falling. Al-Ahsa Development Co was the day's biggest gainer, moving up by 8.7% to SR13.75. Bupa Arabia had the biggest fall, going down by 5.38% to SR26.30.

  • Tadawul posts Q1 results

    Saudi Stock Exchange (Tadawul) has said that the Tadawul All Share Index (Tasi) closed at a level of 6,801.01 points at the end of the Q1 2010, rising 2,097.26 points (44.59%) over the close of the same period of the previous year. Total equity market capitalization at the end of Q1 2010 reached SR1.345bn ($358.63bn), an increase of 52.10% over the same period of the previous year.

  • Tadawul posts slight dip

    Saudi Arabia's Tadawul All Share Index (Tasi) fell slightly, losing 0.06% and giong down to 6,822.34. Of the 138 symbols traded, 59 rose and 58 fell. Allianz SF was the day's biggest riser, moving up by 9.98% to SR48.50.

  • Tadawul posts slight drop

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.25% today to close on 6,805. Of the 138 symbols traded, 59 rose and 58 fell. Saudi Kayan Petrochemicals Co, the most actively traded stock by volume and by value, fell 0.26% to SR19.20. Al Ahlia Insurance had the day's biggest fall, dropping 7.35% to SR78.75.

  • Tadawul posts slight rise

    Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.23% today to close on 6,774, led by the Building & Construction sector, which gained 1.30%. Of the 138 symbols traded, 55 rose and 56 fell. Yanbu National Petrochemicals Co. climbed 3.88% to SR40.20.

  • Tadawul slips 0.67%

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.67% today to close on 6,759, led by the Energy & Utilities sector, which dropped 5.69%. Of the 138 symbols traded, 29 rose and 87 fell. Saudi Electricity had the day's biggest decline, falling 6.40% to SR11.70. Market heavyweight Saudi Basic Industries (SABIC) slipped 1.74% to SR98.75.

  • Takreer pushes back final bids on Ruwais lubricants plant

    State refiner finished talks over technical bids on 22 April

  • Taqa appoints new CEO

    State-run utility, Abu Dhabi National Energy Co (Taqa) has announced the appointment of Abdulla Saif Al-Nuaimi as CEO. The company said that Carl Sheldon will continue as its general manager.

  • Tasi dips 0.64%

    Saudi Arabia's Tadawul All Share Index (Tasi) moved down 0.64% to 6,867, led by the Energy & Utilities sector, which fell 2.72%. Overall, 31 stocks ended higher while 96 closed lower. Saudi Kayyan, the day's most actively traded stock by value and by value, gained 0.90%% to SR22.35. Fellow market heavyweight Alinma Bank ended the day unchanged.

  • Tasi edges higher

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.23% to 6,730, with 62 stocks rising and 59 falling. The day's most widely traded stock by value and by volume, Saudi Kayan Petroleum Company, moved up 1.67% to SR21.25.

  • Tasi edges higher

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.12% to 6,852, led by the Industrial Investment sector, which rose 1.14%. Of the 138 stocks traded 54 fell and 62 ended higher. Saudi Kayan, the day's big gainer and most actively traded stock by value and by volume, rose 4.95% to SR22.20.

  • Tasi edges higher

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.10% to 6,890. Of the 138 stocks traded 76 fell and 42 rose. The day's most actively traded stock by value, Saudi Basic Industries (SABIC), gained 0.49% to SR103.25, while the most actively traded stock by volume, Alinma Bank, fell 0.40% to Dhs12.60.

  • Tasi edges lower

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.17% to 6,883. Of the 138 stocks traded 63 fell and 55 rose. Yanbu National Petrochemicals Company was the day's biggest riser, moving up 9.29% to SR45.90. Riyad Bank had the day's biggest loss, falling 6.45% to SR28.90.

  • Tasi ends flat

    Saudi Arabia's Tadawul All Share Index (Tasi) nudged down 0.01% to 6,883.80. Of the 138 stocks traded 76 fell and 52 rose. Yanbu National Petrochemicals Company was the day's biggest riser, moving up 3.37% to SR19.95. Riyad Bank had the day's biggest loss, falling 3.79% to SR27.90.

  • Tasi falls 2.01%

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 2.01% to 6,714, as all sectors ended lower save Transport and Multi Investment. Of the 138 stocks traded, 125 fell and 10 ended higher. Market heavyweight Kingdom Holding was the day's big gainer, rising 9.73% to SR10.15. Saudi Transport and Investment Co (Mubarrad) had the day's biggest loss, falling 9.95% to SR17.65.

  • Tasi posts slight drop

    Saudi Arabia's Tadawul All Share Index (Tasi) moved down 0.25% to 6,912, as all sectors ended lower save Cement. Overall, 36 stocks ended higher while 81 closed lower. Southern Cement was the day's big gainer, rising 3.65% to SR71.00. Saudi Kayyan, the day's most actively traded stock by value and by value, fell 1.12% to SR22.15.

  • Tasi posts slight gain

    Saudi Arabia's Tadawul All Share Index (Tasi) climbed 0.37% on its second day of trading of the week, to 6,894.55. Of the 138 stocks traded 64 rose and 50 fell. National Petrochemical Company was the day's biggest riser, moving up 8.31% to SR16.95.

  • Tasi rises 0.53%

    Saudi Arabia's Tadawul All Share Index (Tasi) rose by 0.53% to 6,929, with 68 stocks rising and 51 falling. Saudi Industrial Development was the day's big gainer, rising 4.97% to SR9.50. Saudi Kayyan, the day's most actively traded stock by value and by value, ended the day unchanged.

  • Tasweek to invest Dhs1.5bn in Dubai, Abu Dhabi

    Masood Al Awar, CEO of Abu Dhabi-based Tasweek Real Estate Development and Marketing has said that the company plans to invest Dhs1.5bn on buying properties in Dubai and Abu Dhabi, which it expects to generate Dhs300m in net profit over a period of three years, Emirates Business has reported. Tasweek is looking at properties in Dubai International Financial Centre, The Palm, Jumeirah Lake Towers, and Dubai Marina, while it is looking at opportunities in Abu Dhabi mainland, Reem Island and Sow

  • TDIC to deliver 1,800 hotel rooms

    The Abu Dhabi-based Tourism Development and Investment Co (TDIC) has said that it is set to deliver over 1,800 hotel rooms by 2012 along with its joint venture partners, as well as over 1,700 residential units. The announcement coincides with the launch of a comprehensive update on TDIC's portfolio. The group currently has over 55 projects, worth over Dhs120bn, planned for completion by 2020 across Abu Dhabi.

  • Tehran Stock Exchange's trade volumes hit $1.1bn

    Surge in trading driven by commodity price rally

  • Tender launched for two wastewater treatment plants in Iraq

    Companies have until 23 April to submit expressions of interest

  • Three new schools to open in Abu Dhabi in 2010

    The Abu Dhabi Education Council has announced plans to open three new schools in Abu Dhabi this year. Adec also plans to build 27 new schools and KGs in Abu Dhabi, 9 of which will be opened by 2010/2011 and 18 will be ready by 2011/2012.

  • Total seeks expanded role in Iraq

    French firm aims to increase stake in Halfaya field

  • Total, Partex eye oil concessions in Oman

    France's Total and Portugal's Partex both plan to bid for oil and gas exploration blocks that Oman plans to auction, Reuters has reported. The Sultanate plans to offer eleven oil and gas blocks for bidding by the end of this year. Total is already active in Oman, holding a 4% stake in the country's largest oil firm, Petroleum Development Oman. Partex holds a smaller 2% stake in PDO.

  • Toys 'R' Us recalls infant slings

    Toys 'R' Us has recalled its Infantino SlingRider, Burgundy floral infant slings, following reports in the US of a suffocation hazard. The move follows a notification from the product supplier Infantino, the company said. Customers who purchased the product should stop using it immediately and return it to the customer service desk at any Toys "R" Us store in the UAE where they will receive a full refund, the company added.

  • Transport Ministry receives bids for Oman road deal

    Local contractor submits lowest bid for road project in Al-Dhahira region

  • Tripoli to build 2,000 hotel rooms by 2012

    Tourism revenue in Libya is expected to increase to $22bn by 2019

  • Trusteer: Adobe PDF flaw exploitable by hackers

    Mickey Boodaei, CEO of security firm Trusteer has warned that hackers could soon exploit a design flaw in Adobe's popular PDF format to install financial malware on users' computers, Computer World has reported. The bug, which is not strictly a security vulnerability but actually part of the PDF specification, was first disclosed by Belgium researcher Didier Stevens last week, who demonstrated how a multistage attack using the PDF specification's "/Launch" function could successfully exploit

  • Turkey's Bank Asya signs $250m loan agreement

    Deal substantially increased from original size of $75m

  • Turkey's Bank Asya to sign loan deal on 8 April

    Gulf banks play major role in $75m deal

  • Turkish contractor frontrunner to win Yanbu public housing deal

    Bulgu Construction is already working on phase two and three of the scheme

  • Turkish group eyes Zain stake

    A Turkish company is interested in buying a stake in Kuwaiti mobile operator Zain, Reuters has reported, citing Arabic Al-qabas newspaper. If the owners do agree, the Turkish company will not specify the amount of shares it is interested in buying nor enter discussions until Zain finishes transferring its sold assets to India's Bharti Airtel, the newspaper said citing unnamed sources.

  • Two bids received for Egypt telco licences

    Egypt's telecom regulator has received bids by two consortiums for two licences to supply cable, voice and Internet services to residential compounds, Reuters has reported. "We have received two bids from consortiums and will study them technically and the NTRA board will make a decision sometime in May," Amr Badawi, the executive president of the National Telecom Regulatory Authority (NTRA), told the news service.

  • Two Saudi firms fined for poor disclosure

    Two listed firms have been fined by Saudi Arabia's Capital Market Authority for inadequate disclosure, Reuters has reported. Al Jazira Bank was fined SR50,000 for not immediately notifying CMA about changes in its senior management, while Advanced Petrochemical Co was fined for not disclosing the shutdown over the August 13-September 25 period of a plant for unscheduled maintenance, CMA said.

  • UAE air travel continues to rise

    The UAE's General Civil Aviation Authority has reported a 12% rise in the country's air movement in the first quarter Air traffic in March rose almost 13% to 53,750 from 47,800 in the same period a year ago. Total air movements in the first three months of the year increased to 153,000, from 137,000 a year earlier, GCAA said in a statement. The figures covers all air activities and operations, including air safety, security and infrastructure, air transport, licensing, aeromedical and other r

  • UAE aviation authority inks African training MoU

    The UAE's General Civil Aviation Authority (GCAA) has announced the signing of a memorandum of understanding with the African Civil Aviation Commission (AFCAC). Under the agreement, GCAA, in cooperation with the Academy of Technical Training and the Gulf Centre for Aviation Studies, will offer training courses and grants to AFCAC member-states during 2010-2012 for developing specialized human resources in the civil aviation field.

  • UAE bank loans grew 0.4% in March

    The UAE central bank has said that lending in March grew by 0.4% to Dhs1.02 trillion ($278bn) from February, while bank deposits rose 0.9% to Dhs967bn in the same period, Bloomberg has reported. Overall bank loans exceeded deposits by Dhs55bn, down from Dhs59.2bn in February, the central bank said.

  • UAE bank loans rise 0.4 per cent in March

    Bank loans still exceed deposits by $15bn

  • UAE banks' government deposits fall 13%

    According to official data by the UAE central bank, government deposits held in country's banks fell 13% in the first two months of 2010 to their lowest level since late 2008, Reuters has reported. The drop is seen by analysts as an indication that policymakers are more comfortable with liquidity in the system. "We have been seeing that net government deposits in the banking sector has been coming down since the second quarter of last year across the GCC," Monica Malik, chief economist at EFG

  • UAE banks have enough liquidity, says al-Suwaidi

    Sultan bin Nasser al-Suwaidi, governor of the UAE central bank, has said the banking system in the country has sufficient liquidity to meet the economy's needs, Bloomberg has reported. 'The situation of liquidity and deposits in the banking system is normal and compatible with the economy and its needs at the moment,' he was quoted as saying. 'The banks lend when there is demand, when there are big projects that require a lot of financing.'

  • UAE consumer prices edge up

    Official data has showed that consumer prices in the UAE rose 0.68% year-on-year in March, Reuters has reported. The consumer price index in the country edged up to 114.13 points in March, compared to 113.36 points in March 2009. Prices rose 0.09% month-on-month, the data showed, also the first increase after three consecutive months of declines.

  • UAE government deposits in local banks drop

    Local deposits by UAE government drop to lowest level since 2008

  • UAE hospitals to implement e-libraries

    The Ministry of Health in the UAE will implement e-libraries in the next few months at its 14 hospitals as well as health care and dental centres, Dr Ameen Al Amiri, CEO for Medical Practice and Licence at the ministry, was quoted as saying by Gulf News. The new system will enable health care professionals to collaborate and interpret medical literature with experts around the world and in the UAE. Al Amiri was speaking at the second annual Scientific e-Health Conference organised by the Hamd

  • UAE launches Certificate of Origin e-payment

    The UAE ministry of economy has announced the e-Payment service for the Gulf Certificates of Origin will be launched on April 25, 2010. The Ministry of Economy issued 139,000 certificates of origin in 2009 across the UAE.

  • UAE looks to modernise business laws

    The UAE economy ministry is working on developing new laws as part of the modernisation of the legislative system and the enhancement of the business environment, in line with the UAE strategic vision for 2021. The new laws will cover foreign investment, competition, certificate of origin, arbitration, industry affairs regulation, amendment of industrial ownership, anti commercial fraud, auditors profession regulation and companies' Law. The competition law will lay down mechanisms to govern

  • UAE lowers growth forecast to 2.5 per cent

    Forecast revised down from 3.2 per cent

  • UAE may cap school fee hike back to 2008 decree

    Mariam Al Ali, Director of Private Schools Supervision and Control Office, at the UAE education ministry has said school fee hikes could only be limited to a maximum of a 20% total over three years, Gulf News has reported. Al Ali hinted that upcoming fee rules might be going back to 2008 decree, at the sidelines of the event organised by The Gulf Comparative Education Society. A ministry decree in 2008 has capped 20% in fees. The ministry official said they've received requests from some scho

  • UAE may form federal credit bureau

    The UAE finance ministry is considering setting up a federal credit bureau aimed at serving as a centre for individual and corporate credit information services at the level of the UAE government. The planned entity would be a federal corporation tasked with preparing reports, statements and credit ratings to help the financial institutions take appropriate lending decisions, the ministry said.

  • UAE nursing profession to undergo revamp

    Dr Lauren Arnold, advisor to the UAE minister of health and the newly-established UAE Council on Nursing and Midwifery, has said that the nursing profession in the country will undergo major revamping in an effort to raise and standardise the quality of nurses, as well as to attract and retain manpower in the field, the Khaleej Times has reported.

  • UAE petrol prices to go up

    Starting next Wednesday, petroleum production distribution firms will raise prices of gasoline in the UAE by 15 fils, Wam news has reported. The move is part of a plan to gradually reduce the accumulated and increasing losses felt by companies due to high product costs.

  • UAE plans further satellites

    The Emirates Institute for Advanced Science and Technology (EIAST) has said that a second observation satellite funded by the Dubai government will likely be launched in the second half of 2012, and that there are plans to develop two more, Arabian Aerospace has reported. EIAST launched the UAE's first earth observation satellite at a cost of $50m in July last year. The images it collects are being used for urban development, scientific research, telecoms, transport, construction and mapping.

  • UAE projects under construction worth $143bn

    UAE-based research firm Proleads Global has said the UAE has a total of 1,296 projects that are under construction, valued at more than $418bn, Emirates Business has reported. An additional 303 projects worth $143bn are already in the design, planning, and or, bidding stage, Proleads said. The total state of the UAE civil construction market covers 2,552 projects with a combined budget value of about $930bn, it added.

  • UAE school attendance dips due to flight disruptions

    The disruption of flights across Europe due to the volcanic eruption in Iceland has impacted attendance at international schools across the UAE as teachers and pupils remained stranded, the National has reported. Paul Coakley, the principal of the British School-Al Khubairat, said roughly 10 of his 140 staff were stuck. Roughly 20% of the staff at the Dubai English Speaking College were off work yesterday, leading the school to double up classes.

  • UAE school plans tie ups with Asian institutions

    The UAE's Zayed University is planning a series of collaborations with Asian institutions to make its academic programme more 'global' and reach out to an increasingly important market, the National has reported. On the heels of last year's nuclear energy deal with Korea, the Sejong Institute, which has satellite institutions around the world, will launch a branch in the UAE later this year. 'Korea has an increasingly important role in the UAE, especially with nuclear energy,' Dr Dan Johnson,

  • UAE selects Braka as site for nuclear project

    Requests to prepare site and manufacture parts at Braka for nuclear reactors have been submitted

  • UAE should change TB deportation law, says official

    A senior health official in the UAE has said the law that requires compulsory deportation of expatriates with tuberculosis should be changed, the National has reported. Calling the law counterproductive, Dr Ali al Marzooqi, the director of public health and safety at the Dubai Health Authority, said fear of deportation causes most expatriates with the disease to 'disappear' once they are diagnosed.

  • UAE should ease lending ratios, says NBAD

    Michael Tomalin, CEO of the National Bank of Abu Dhabi, has said the UAE central bank should relax the loans-to-stable resources ratio to help bring down the cost of borrowing, Bloomberg has reported. 'We definitely do need to' bring down borrowing costs, he was quoted as saying. 'One way, of course, is to provide more liquidity to the system, another way is to change the loans-to-stable resources formula' used to regulate lending, he said.

  • UAE should not impose VAT, says Juma Al Majid

    Juma Al Majid, chairman of the Dubai Economic Council, has said that the UAE economy will not benefit from the Value Added Tax project that GCC members states are discussing to compensate for the lost custom tariff following the signing of free trade agreements with other countries, Emirates Business has reported. 'Such a project needs institutional readiness,' he said. Instead, it would be preferable to keep the custom tariff mechanism to fuel public revenues, with the possibility of revisin

  • UAE to amend cyber law to cover cloud computing

    Tariq Al Hawi, director at the UAE's National Computer Emergency Response Team (aeCERT) has said the country's cyber law will see amendments aimed at bringing cloud computing and social networking within its ambit, Emirates Business has reported. "There are no loopholes in the existing law. But it is being revised since the whole landscape has changed since 2006," Al Hawi told the daily.

  • UAE to increase petrol prices by 11 per cent

    Federal government currently charges AED1.37 a gallon

  • UAE to investigate steel price increase

    The UAE's Ministry of Economy has said it will investigate the more than 60% increase in steel prices since the beginning of the year. Ministry of Economy director-general Mohammad Al Shehi called the increase 'unjustified', and said, 'the ministry is always keen to create equilibrium in the market between traders and consumers and will tackle the steel prices issue very soon'.

  • UAE to set up biotech treatment centre

    The UAE health ministry has signed an agreement with South Korea-based GL Rapha Group to set up the region's first biotechnology centre in the country, WAM has reported. The Emirates Biotechnology Centre, to be established as a joint stock limited company, will be dedicated for the treatment of malignant neoplasm, stem cell surgery and immune cells treatment of tumours. The centre is planned to commence operations after one year.

  • UAE to set up dietitian guidelines

    The UAE, in coordination with the World Health Organisation (WHO), is developing national practice guidelines for clinic dieticians so as to regulate the profession, the Khaleej Times has reported. The guidelines are expected to streamline dietician practices and eventually benefit patients, especially those suffering from diabetes and obesity. "Currently there are no regional guidelines for organising clinical dietetic practice that will help member states to describe the responsibilities of

  • UAE, Oman sign power grid agreement

    The UAE and Oman have signed an agreement to link both country's electricity grids, the state news agency WAM reported on Wednesday. 'The agreement... will allow both countries to enhance power resources to fuel socio-economic development through linking their electricity grids,' WAM said, adding the project would secure enough electricity to meet urban and industrial expansion.

  • UAE: Cable laying and substation installation

    Provision of assistance in cable laying, substation installation and associated works

  • UAE: Chemical shed

    Construction of a covered chemical shed

  • UAE: Civil maintenance works

    Carrying out civil maintenance works

  • UAE: FGRP kiosks

    Supply of outdoor FGRP kiosks

  • UAE: Fuse links

    Supply of HRC fuse links

  • UAE: Office building construction

    Construction of a customer services office

  • UAE: Office building construction

    Construction of office buildings

  • UAE: Office/workshop construction

    Construction of an office/workshop

  • UAE: Overhead power line works

    Carrying out works to an overhead power line

  • UAE: Packaged substations

    Supply of packaged substations

  • UAE: Power plant lighting

    Carrying out civil works, and supply of lighting poles and a lighting system

  • UAE: Residential buildings consultancy

    Provision of consultancy services for a study for estimating the cost of constructing residential buildings

  • UAE: Water distribution pipelines

    Construction of water distribution pipelines

  • UAE: Water tank and booster pumping station

    Construction of a water tank, booster pumping station and interconnection of pumping station control systems

  • UAE: Water transmission system consultancy

    Provision of consultancy services for a water transmission system

  • UAE's Emke Group to build Lulu mall in Kerala

    Abu Dhabi-based retailer, Emke Group has unveiled plans for developing a Lulu Shopping Mall in Kochi in the south Indian state of Kerala, Gulf News has reported. Slated to open by mid-2011, the Dhs1.25bn mall has built up area of more than 2.5 million square feet in four floors and will include a family amusement centre, a food court with a capacity of 3,500 guests, restaurants, coffee shops and a nine-screen multiplex.

  • UAE's Lulu opens 77th store worldwide

    UAE-based retail firm Lulu has opened its new hypermarket in the Al Nahda area of Sharjah, taking the total store count to 77. The store is the company's third in the emirate. The group plans to have 100 stores by end of 2011.

  • UNB rolls out exclusive card for online shopping

    UAE-based Union National Bank has announced the introduction of a new Internet card exclusively designed for online shopping. The card features a MasterCard SecureCode program, a private code given to cardholders to protect them against unauthorized use of the UNB Internet card when shopping online. Customers can set their own limit for the card through UNB's online Banking service or by calling the call centre.

  • Union National Q1 profit rises 26%

    Higher interest income and lower investment losses have helped Union National Bank to report a better-than-expected 26% increase in first quarter profit, Bloomberg has reported. The lender in which the governments of Abu Dhabi and Dubai own stakes has achieved a net income of Dhs379.2m ($103.2m), up from Dhs300.7m. Net interest income rose 25% from a year earlier to Dhs477.3m, while the losses on property investments fell to zero from Dhs36m last year, the lender said.

  • Union National to distribute 10% stock dividend

    Abu Dhabi-based Union National Bank (UNB) has said that its shareholders have approved the distribution of stock dividend of 10%. Following the issuance of bonus shares, the paid-up share capital of the Bank would be Dhs2,269m, the lender said. Shareholders also approved the Board of Directors' recommendation to authorise the board to increase the Authorised Share Capital of the Bank to Dhs5bn over a period of five years.

  • United Arab Investors gets $222m finance

    Haytham Dahleh, chief executive of Jordanian investment firm United Arab Investors has said that the company has secured up to $222m in equity finance from a US-based emerging market fund, Gem-Global Emerging Markets to consolidate its holdings and explore opportunities, Reuters has reported. "I think the increase in our capital by this extent will allow us to seize opportunities and get much higher returns within the next two year as we get out of the woods. The market is already seeing sign

  • US files new indictment against Agility

    US authorities have issued a new indictment against Kuwaiti logistics firm Agility in a case involving alleged overcharging of the US military in the Middle East on multibillion-dollar contracts, Reuters has reported. The indictment, however, remained under seal and it was unclear whether it would include fresh charges against Agility.

  • US wants Agility to pay $750m settlement

    US authorities want Kuwaiti logistics firm Agility to pay up to $750m to settle fraud charges but the company hopes to pay less, Reuters has reported, citing local media reports. Agility wants to pay between $300m to $500m in compensation. The company has delayed the release of its financial results until today and requested a trading halt on its shares, pending clarity on talks to reach a financial settlement.

  • VAT in Gulf likely to be delayed till 2013

    Ehtisham Ahmad, adviser in the office of the Prime Minister of the UAE has said that a GCC-wide implementation of value-added tax (VAT) could be delayed to mid-2013 as administrations are unprepared for such a shift and an official decision is yet to be taken, Gulf News has reported. 'The problem of trying to get an integrated VAT by 2012 when the free trade agreements kick in, is going to be very tight,' said Ahmad, who is also a senior fellow at the Centre of Economic Research at the Univer

  • Viceroy Hotels plans two properties in Middle East

    Viceroy Hotels, a unit of Mubadala Development, has announced plans to set up two Viceroy Hotels in Abu Dhabi and the Lebanese capital, Beirut, Bloomberg has reported. 'Beirut is a crossroads for people from this region. It's a place we need to get to,' John Thomas, executive director of Mubadala Real Estate told the news service. The five-star brand had 12 operating hotels when Mubadala Real Estate bought its stake in 2008.

  • Volcano's impact on Air Arabia is minimal, says CEO

    Adel Ali, CEO of Sharjah-based low-cost carrier Air Arabia, has said the airline has not felt any major impact from the volcanic ash cloud that grounded thousands of flights in Europe, Reuters has reported. 'There have been a few disruptions but we haven't been majorly affected. We are only impacted in Kiev and of course our Morocco hub, where flights have been suspended. Hopefully, today, they will be able to go to France," he was quoted as saying. 'The real cost will only be known in a few

  • Warba Bank registered on Kuwait Islamic bank list

    As per a recommendation by Kuwait's finance minister, the central bank has said that it has registered Warba Bank on the "Operating Islamic Banks" list, effective as of April 5 Kuna has reported. In addition to the newly listed lender, the list includes Kuwait Finance House, Boubyan Bank, Kuwait International Bank, Al-Rajhi Bank branch, and Al-Ahli United Bank.

  • Wataniya opens Rome route

    Kuwait's Wataniya Airways has said it will launch regular service flights to the Italian capital Rome on May 31. Rome is the airline's eleventh destination and its second European city after its earlier announcement of launching Istanbul from the beginning of May.

  • Wataniya to fly to Alexandria

    Kuwait's Wataniya Airways has said that it will start a regular service to Alexandria in Egypt from June 1, its tenth destination since the launch of its commercial operations in January 2009. The new schedule will provide four flights a week from the Wataniya Airways Sheikh Saad Terminal to Alexandria's Borg El Arab airport. Alexandria is Wataniya's tenth destination since the launch of its commercial operations in January 2009.

  • Weekly FX roundup: Greece bailout activation prompts market relief

    The Euro closed 0.70% lower this past week at 1.3382 against the US Dollar. After earlier hitting a one year low at 1.3202 on Thursday, the pair recovered and rallied 1.21% during trading on Friday after Greece finally announced that they would formally request for the EU-IMF bailout package. After a week dominated by Greece concerns and spiralling sovereign CDS spreads across Europe, the long awaited news was largely expected, but it brought a breath of fresh risk sentiment into the markets

  • Weekly FX roundup: Greece bailout agreement continues to dominate

    The currency markets found themselves fluctuating between gains and losses this past week in anticipation of Greece triggering the proposed EU-IMF bailout package. However no such confirmation was given that the Hellenic Republic accepted the package and as a result, EURUSD came under pressure, closing the week lower on diminishing risk sentiment.

  • Weekly FX roundup: Traders wait for USD jobs report impact

    The US Dollar had a mixed performance this past week against its major counterparts and gained late Friday with the release of the all important non-farm payrolls data. With only the FX and bond markets open on Friday, traders will turn to trading on Monday to get a more accurate sense of what impact the jobs report will have on the Greenback.

  • Weekly FX roundup: US Fed leaves rates unchanged, Sterling hinges on election news

    The markets opened this past week in a bullish mood following the long Easter weekend with equities and commodities the best performing asset classes. Being boosted by the optimistic jobs report from the previous Friday, US equities and precious metals experienced a build up in risk appetite as the Dow Jones Industrial Average surged to an 18 month high of 11,000.98 before running out of steam and closing just below the 11,000 mark (10,997.35).

  • Weekly WTI oil price update: Crude holds steady as bears and bulls face off

    Crude oil prices ended the week virtually unchanged from a week ago as optimism about demand warred with trepidation about historically high inventories in both crude oil and gasoline. The benchmark West Texas Intermediate contract settled at $84.92 a barrel on Friday, only 5 cents ahead of the previous week's Thursday close after surging above $87 a barrel early in the week and then declining for three straight sessions.

  • Weekly WTI oil price update: Markets hit by Goldman fraud charge

    Oil prices plunged on Friday after the US Securities and Exchange Commission charged Goldman Sachs with fraud in its marketing of certain subprime mortgage securities, amid a general sell-off in financial and commodity markets.

  • Weekly WTI oil price update: US house sales fuel price rise

    After languishing most of the week, crude oil prices galloped to the finish line on Friday, tacking on 1.7% and recouping most of last week's losses as positive new-housing sale data spurred most markets forward.

  • Western Aviation sees 21% rise in air charter sales in Q1

    Dubai-based aircraft charter service firm Western Aviation has said its air charter sales turnover rose 21% in Q1 2010, compared to the same period in 2009. The company's number of charter flights also grew by 14% during the same period, compared to same quarter in 2009.

  • Western Digital unveils new WD VelociRaptor

    The world's second-largest computer hard disk drives manufacturer, Western Digital, has said it has started shipping the next generation of its 10,000 RPM Sata family of hard drives, the WD VelociRaptor 450GB and 600GB. The new hard drives offer twice the capacity and up to 15% performance increase over the previous generation, the company said. The VelociRaptor is designed for blade servers, high-performance PCs, Mac computers, professional workstations, as well as 1U and 2U rack servers tha

  • World Bank proposes $60m to develop Tunisia's northwest region

    The plan is the latest in a $180m strategy to develop Tunisia’s rural northwest

  • World's first Armani hotel opens in Dubai

    The first Armani Hotel in the world has opened its doors to reveal the bespoke design elements created by fashion guru Giorgio Armani. 'This is very special and I am delighted to have this relationship with Mohamed Alabbar and Emaar,'Armani said. Located in the world's tallest tower, the Burj Khalifa, the Armani Hotel Dubai is the first of several hospitality projects in this joint venture.

  • Yansab posts first profits

    Saudi-based Yanbu National Petrochemical Co (Yansab), an affiliate of Saudi Basic Industries Corp (Sabic) has posted its first profit in two years as it started commercial operations and as the prices of its products improved, Reuters has reported. Yansab swung to a net profit of SR259m ($69.1m) in the first quarter from a net loss a year earlier. Sabic owns 51% of Yansab whose shares gained more 350% since sold to the public in 2006.

  • Yemen LNG begins second train production

    Yemen LNG Co has announced the start of production at the second train of the multi-billion dollar Total-led liquefied natural gas plant on April 1, Reuters has reported. Last October, production started at the first train of the $4.5bn project to produce LNG. "With the completion of Train 2...the production of Yemen LNG Company will soon reach the design capacity of 6.7 million tonnes of LNG per year," the company said in a statement, adding that the launch was one month ahead of schedule.

  • Yemen to build new port at Sokatra Island

    Sokatra Island’s $40m port will connect the isolated island to the rest of the region

  • Yemen: SME industry project consultancy

    Provision of consultancy services for an IFC Yemen ventures assignment

  • Yemen: Veterinary and epidemiology equipment

    Supply of equipment for a veterinary laboratory and epidemiology unit

  • Yemen: Water service meters

    Supply of water service meters and valves

  • Zain Group appoints head of operations in Iraq

    Kuwait's Zain has announced that the management of its Iraq operation will be led by the group's chief executive, Nabeel Bin Salamah. The company has also appointed the former CEO of its Iraq's operation, Ali Al Dahwi, as special advisor on Iraq. The move is part of the 'company's long term development in Iraq, Zain said in a statement.

  • Zain predicts $3.3bn profit from African asset sale

    Kuwait's biggest mobile-phone company, Zain has said it expects a profit of about $3.3bn from the sale of most of its African assets to Bharti Airtel after settling debt and provisions, Bloomberg has reported. Profit from the sale will be reflected in Zain's second-quarter financial statement, the company said in a statement. The company plans to distribute a large part of the proceeds from the sale to shareholders as dividends, it said. The payment will be subject to the size of available re

  • Zain Saudi Arabia's Q1 loss narrows

    Zain Saudi Arabia said it narrowed its net loss in the first quarter to SR663m ($177m), Reuters has reported. The firm, 25% owned by Kuwait's Zain, made a net loss of SR765m in the first quarter last year. The loss had narrowed after it cut costs and increased its customer base by more than 101% in the quarter compared to last year, Zain said.

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