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MEED
Aug 2008 Online Content

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  • Kuwait delays bid deadline for Subiya power plant

    The bid deadline for the contract to build a combined-cylce power plant at Subiya in Kuwait has been extended until 7 October.

  • ABB bids low for Kuwait substations

    Europe's ABB is low bidder for three major contracts, totaling more than $300m, to build three 300/400-kV substations across Kuwait.

  • Abraaj buys stake in yacht maker

    Dubai-based private equity firm Abraaj Capital has acquired a 50% stake in Turkish luxury-yacht manufacturer Numarine. Abraaj will partner with Numarine Chief Executive Officer Omer Malaz, who founded the company in 2002. The investment is Abraaj's second in Turkey and third in the marine business. Last year, it bought part of Acibadem, the only healthcare provider listed on the Istanbul exchange. Abraaj also owns stakes in Dubai-based luxury-yacht distributor ART Marine, and Gulf Marine Mai

  • Abu Dhabi aligns technical bids for field development

    Abu Dhabi Company for Onshore Oil Operations (Adco) has aligned the technical bids for the full-field development of the Sahil, Asab and Shah (SAS) fields, in preparation for the submission of commercial offers on 18 August.

  • Abu Dhabi awards Mafraq sewerage deal to Concorde-Corodex

    Abu Dhabi Sewerage Services Company (ADSSC) has awarded a contract to the local Concorde-Corodex Group to design, fabricate, construct and commission a sewerage treatment plant for a labour camp in the Mafraq area of Abu Dhabi.

  • Abu Dhabi Commercial Bank delays Malaysian bond

    Abu Dhabi Commercial Bank (ADCB) has delayed issuing a bond priced in Malaysian ringgits, due to poor market conditions.

  • Abu Dhabi plans mass transit

    The government of Abu Dhabi has announced its plans to create one of the world's largest integrated mass transit systems to connect upcoming communities, The National has reported. The system will be complex network of trams, underground metro lines, high-speed rail as well as city and long-distance buses. The government has released a preliminary map of possible routes but is still considering options for new highways, and the final blueprint is not expected until early next year when the Su

  • Abu Dhabi to host Element Hotel

    Starwood Hotels & Resorts Worldwide and the Abu Dhabi National Exhibitions Company have announced the launch of a new Element hotel in Abu Dhabi. It is the first to be introduced in the Europe, Africa and Middle East division. The hotel will feature 36 studios, 144 one-bedroom rooms, and 90 two bedroom units. It is scheduled to open in the Capital Centre development in 2011.

  • Abu Dhabi water demand to rise 43%

    Demand for water in Abu Dhabi is seen to rise by 43% in the next five years while electricity is seen to double during this period, according to projections by Abu Dhabi Water and Electricity Authority (ADWEA), WAM has reported. ADWEA has created a 5-year strategy to produce 969m gallons of water per day, to double the present capacity of a number of desalination plants scattered across the emirate.

  • Adco kicks off field development tendering process

    Abu Dhabi Company for Onshore Oil Operations (Adco) has launched the tendering process for its so-called ‘1.8 million’ project, which is aimed at increasing oil output from five onshore fields by 400,000 barrels a day (b/d).

  • Adnec, Starwood on hotel deal

    Starwood Hotels and Resorts and Abu Dhabi National Exhibitions Company (Adnec) are developing a new Element brand hotel in Abu Dhabi, Gulf News has reported. The Element hotel will comprise of 36 studios, 144 one-bedroom guest rooms, and 90 two-bedroom units, a restaurant, swimming pool and fitness centre. The hotel targets to open by 2011 at the Capital Centre development in Abu Dhabi.

  • ADTA opens three offices in China

    The Abu Dhabi Tourism Authority (ADTA) has opened three new offices in China, one in the Chinese capital Beijing, as well as in cities Shanghai and Guangzhou. The agency seeks to capture the growing outbound market, seen to be the biggest by 2020. ADTA's Promotions Division is now looking to seal closer ties with the 930 travel agencies which operate within China.

  • Agility profit falls by 9% in Q2

    Agility has reported a net profit loss of 9% to KD35.13m compared to KD38.6m in the second quarter of 2007, Gulf News has reported. The total gross revenue for Q2 2008 increased by 10.5% from KD418.2m in 2007 to KD462.06m.

  • Agility wins $36m contract from US military

    Kuwait-based Agility, the Middle East's largest storage and logistics company, has announced that it has won a one-year, $36m warehouse and distribution contract with the US military in Kuwait, reported Bloomberg.

  • Agility wins Borouge logistics hub

    Agility (Abu Dhabi) has won the service contract to build the Borouge Compound Manufacturing Unit and Shanghai Logistics Hub in Shanghai, China. Agility will also provide local logistics services for Borouge's customers in Asia for a duration of 10 years with effect from its operational start up date in 2010.

  • Agrium sells stake in Egyptian venture

    Canada’s Agrium is to sell its stake in the EAgrium ammonia and urea plant in Egypt to state-owned Misr Oil Processing Company (Mopco), in return for shares in Mopco.

  • Air Arabia offers seat selection

    Air Arabia has introduced a new service where passengers can now select their choice of seat upon making a flight reservation. The service is available in all booking channels including websites, call centre, travel agencies and sales shops. The new service will be available for a nominal fee.

  • Air Arabia plans Nairobi route

    Air Arabia said in a statement it will launch service to Nairobi, Kenya, beginning October 26, 2008. Flights will initially be four times per week, operating on Mondays, Wednesdays, Fridays and Sundays, and departing Sharjah at 9:40am and arriving at Nairobi at 13:50pm.

  • Air Arabia profit up by 39%

    Air Arabia has reported a net profit of Dhs160m for the first half of this year, 39% higher than the same period of the past year. The 2nd quarter of the year has made Dhs82m, already 14% higher than the past year's performance in the same period. The airline has served more than 1.6 million passengers during the first half of 2008, 33% higher than of the previous year's record.

  • Air Arabia reports 39 per cent increase in profits

    Air Arabia has announced first half profits of AED160m ($44m), an increase of 39 per cent on the same period last year.

  • Air Arabia to fly daily to Riyadh, Jeddah

    Air Arabia has announced that it will fly daily to Riyadh and Jeddah from the carrier's primary hub in Sharjah, starting on September 16. Air Arabia currently flies six times a week to Riyadh and four times to Jeddah.

  • AirBlue touches down in Abu Dhabi

    AirBlue, Pakistan's largest privately-operated airline has touched down today at the Abu Dhabi International Airport. The flight is the airline's first commercial flight into the UAE capital. The airline is initially set to operate four flights per week from Lahore to Abu Dhabi, and soon plans to increase it to twice daily, to serve over 300,000 Pakistani expatriates living in the emirate.

  • Al Ezz Steel profit soars EGP1bn

    Egypt-based Al Ezz Steel Rebars has announced a net profit after tax and minority interests of EGP1bn during the first half of 2008, 63% higher than the same period of the previous year. Long products production for H1 2008 reached 1,545,676 tons compared with 1,536,302 during H1 2007, representing a slight year-on-year increase.

  • Al Qudra buys land for crops

    Al Qudra Holding plans to buy about 400,000 hectares of land in the Middle East, Africa and the Far East by the first quarter of 2009 to boost its agriculture operations, reported The National. Al Qudra Agriculture plans to grow corn, wheat and rice as well as raise cattle for local and foreign markets. The UAE-based company is negotiating to buy land in Pakistan, Syria, Vietnam, Thailand, Sudan and India, and has already acquired 1,500 hectares of land in Morocco and Algeria.

  • Al Rahji Steel to double output

    Saudi Arabian manufacturer Al Rahji Steel has announced that it plans to spend SR4bn on doubling its production capacity by 2012. The company plans to launch a one million tonne steel plant in Jeddah by 2011 and begin production from a 1.8-million direct reduced iron plant in the Eastern province in 2012.

  • Alafco agrees aircraft leasing deal with Saudia

    Kuwait's Aviation Lease and Finance Company (Alafco) is to lease eight aircraft to Saudi Arabian Airlines (Saudia).

  • Alafco leases to Saudi Airlines

    Aviation Lease and Finance Company (Alafco) has inked an agreement to lease 8 Airbus A320-200s to Jeddah-based Saudi Arabian Airlines for a period of 8 years. Alafco has now a total of 25 aircrafts provided to Saudi Arabian Airlines.

  • Aldar to form contracting joint venture with Cebarco

    Abu Dhabi-based developer Aldar Properties has signed a memorandum of understanding with Bahrain’s Cebarco that will lead to the two companies forming a contracting joint venture for construction projects across the region.

  • Alfardan denies holding talks with investors over jewellery business

    Omar Alfardan, president of Qatar’s Alfardan Group, has denied that he is in talks with a group of regional investors seeking to invest SR1bn ($267m) in the expansion of the group's jewellery subsidiary.

  • ALGERIA TENDER: Mining equipment

    Supply and putting into service of mining equipment. Closing date: 25 September 2008

  • ALGERIA TENDER: Tertiary chlorine drying tower

    Supply of a tertiary chlorine drying tower. Closing date: 25 September 2008

  • ALGERIA TENDER: UPS unit

    Supply of an uninterruptible power supply (UPS) unit. Closing date: 10 September 2008

  • ALGERIA TENDER: World Bank survey of manufacturing companies

    Surveys of companies to identify barriers to regional integration in the Maghreb. Closing date: 1 September 2008.

  • Algerian refinery upgrade prices due soon

    State energy company Sonatrach is expected to release commercial bid documents to bidding contractors by the end of September for the two major projects to upgrade the Arzew and Skikda refineries.

  • Algiers invites prequalification for water injection scheme

    State energy company Sonatrach is inviting local and international contractors to submit prequalification applications by 2 October for a major contract to build water injection stations in the south and east of the country.

  • Al-Qaeda claims car bombs in Algeria

    The North African branch of Al-Qaeda has claimed to have killed more than 60 people in Algeria over the past week, following a series of attacks by militants at locations across the country.

  • Alstom signs Fujairah 2 maintenance contract

    France’s Alstom has signed a long-term contract for the maintenance of the Fujairah 2 independent water and power project with Fujairah Asia Power Company (Fapco).

  • Amman to buy French nuclear reactor

    Jordan plans to buy a nuclear reactor from a French company soon, according to comments by Prime Minister Nader Dahabi during a meeting with Olivier Jarde, the head of Jordanian-French Parliamentary Friendship Committee.

  • Arab Banking Corp announces further sub-prime writedowns

    Arab Banking Corporation (ABC) has announced a net loss for the second quarter of 2008 of $71m, following further provisions of $134m relating to assets affected by the sub-prime crisis.

  • Arabian Construction awarded Pearl-Qatar contract

    Lebanon’s Arabian Construction Company (ACC) has been awarded an estimated QR565m ($155m) contract to build residential buildings at the Viva Bahriyah district on the Pearl-Qatar.

  • Arabtec Construction wins AED1.6bn Bawadi villa contract

    The Dubai-based Arabtec Construction has secured a AED1.6bn ($436m) contract to design and construct 1,437 villas in Dubailand.

  • Arabtec is front runner for Saadiyat resort

    The local Arabtec Construction is the front runner for the contract to build a resort on the North Beach of Saadiyat island in Abu Dhabi emirate.

  • Aramco awards $700m Manifa oil and gas deals

    Saudi Aramco is awarding a raft of contracts on its Manifa heavy oil field development, which forms a key plank of the kingdom’s efforts to ramp up crude production over the next three years.

  • Arcapita buys European logistics firm

    Bahrain-based Arcapita Bank and its affiliates have signed an agreement to acquire Compagnie EuropŽenne de Prestations Logistiques (CEPL), a European warehouse logistics service provider. Terms of the transaction were not disclosed but the deal ranks as the largest leveraged buyout in France this year. CEPL, headquartered in Beville le Comte, France, operates across 23 sites in France and Germany, and has approximately 2,200 employees.

  • Austrian mulls Saudi routes

    Austrian Airlines said it will soon be adding Riyadh and Jeddah to its destinations, Gulf News has reported. The airline will also fly daily from Dubai to Vienna starting September 1. An additional flight will also be added in October.

  • Azizi Investments to develop land at Dubai's Mina Rashid

    The Dubai-based property developer Azizi Investments has announced it will develop a plot at Mina Rashid, Nakheel’s redevelopment of Port Rashid.

  • Baghdad hopeful of resolution to Kuwaiti aircraft dispute

    Baghdad has expressed renewed confidence that an amicable solution will soon be found to the dispute between Iraqi Airways and Kuwait Airways.

  • Baghdad looks into island tourism

    Iraq's Tourism Board said in a statement, it is seeking investors for the development of Jazirat AI A'ras, also known as Jazirat Janain, an island in the heart of historic Baghdad. The island is located on the Tigris River, approximately half a kilometer down river from the new Diplomatic Quarter, and across the river from Baghdad University. The island was historically known as a romantic getaway for newlywed couples.

  • Baghdad suspends dealings with 31 companies

    Iraq's Planning and Development Co-operation Ministry has announced it is suspending all dealings with 31 companies, citing their failure to fulfil contractual obligations to the government.

  • Bahrain Air inks Airbus deal

    Bahrain Air has inked an agreement with Airbus to buy six brand new A320-200s valued at $450m. The airline will now own a total of 11 planes. The airline also announced it has surpassed it target to carry 250,000 passengers in its first six months out of the annual target of 500,000 passengers.

  • Bahrain Air new sales office

    Bahrain Air has opened their new office at Bab Al-Bahrain in Manama as part of ongoing expansion plans. The office is located at 136 Al Khalifa Avenue, Bab Al Bahrain, Manama 304, and will cater to the travel and holiday requirements of customers.

  • Bahrain awards $314m lube oil contract to Samsung

    A joint venture of Bahrain Petroleum Company (Bapco) and Finland's Neste Oil is awarding a $314m deal to build a lube base oil refinery at Sitra to South Korea’s Samsung Engineering.

  • Bahrain sees first iron shipment

    Bahrain has received the first shipment of iron from Turkey following a the signing of a memorandum by the Minister of Industry and Commerce with Turkish iron exporters, which included the sale of building materials, cement and iron to Bahraini suppliers at preferential prices. The first shipment totalled 16,500 tonnes and another shipment of 20,000 tonnes of iron is due to arrive soon, the Bahrain Tribune reported.

  • Bahrain sovereign fund raises $500m to fund foreign acquisitions

    Bahrain’s sovereign wealth fund, Mumtalakat, has appointed National Bank of Bahrain (NBB) to arrange a $500m syndicated loan to finance acquisitions outside Bahrain, as the fund seeks to balance its portfolio of foreign and domestic assets.

  • BankMuscat to advise on Aqaba water project

    Oman’s BankMuscat has been awarded a mandate to advise Jordan’s state-owned Aqaba Water Company (AWC) on the development of an independent water project (IWP) in Jordan.

  • Banyan Tree opens Ramadan Cafe

    Banyan Tree Desert Spa and Resort, Al Areen announced it is opening its 'Ramadan Café' way up in the Arabian-styled tower of Vertigo, in Bahrain during the Ramadan. 'Ghabgha' diners can enjoy a la carte menu including a variety of local and regional delicacies.

  • Banyan Tree Spa numbers soar

    The Bahrain-based Banyan Tree Spa Al Areen has reported a 97% increase in guest numbers month-on-month. The spa is the largest in the region, spanning 10,000sqm and therapists have to undergo a three-month training programme in Thailand before taking up residence.

  • Bids in for Dubai solar power consultancy

    A total of eight companies have submitted bids for the feasibility study for Dubai’s first solar power plant project.

  • Bids in for Rabigh 6 power plant

    Saudi Electricity Company (SEC) has received two bids for the phase 6 expansion of the Rabigh power plant.

  • Bids resubmitted for Qatar-Bahrain Causeway management contract

    Bids have resubmitted for the contract to provide programme management services on the $2bn Qatar Bahrain Causeway project.

  • Binladin to build Dubai aquatic centre

    Saudi Binladin Group has won an estimated Dhs1.1bn ($300m) design and build contract for an aquatic sports centre in Dubai, reported MEED. It will be used to host the World Swimming Championships in April 2010. The races will be held in a 10-lane, 25-metre pool. The event, which is held every two years, was held in Manchester in the UK in 2008.

  • BK Gulf wins Trump tower contract

    The local/ UK BK Gulf has been awarded the AED418m ($114m) mechanical, electrical and plumbing contract for the Trump International Hotel and tower project in Dubai.

  • Blom Bank to raise capital to $140m

    The Egyptian subsidiary of Lebanon’s Blom Bank has received approval for a rights issue to raise its capital to£E750m ($140m) from£E500.

  • British Airways launches Ramadan fares

    British Airways - which operates 21 weekly flights from the UAE to Heathrow - is launching a promotion for Ramadan with discounted fares to London and beyond, according to a statement. Customers can book on ba.com, from Dubai to London, as well as all other British Airways gateways in the UK, USA, Europe and Canada. All prices include all taxes and charges and tickets can be purchased online at ba.com between August 20 and September 3, for travel from 01 September until 31st October 2008.

  • Building materials prices to go 5% up

    Danube Building Materials FZCO said that prices of building materials will rise by approximately 5% during the 3rd quarter due to record oil prices, rising freight overheads and strong demand in the GCC. Steel has hit steep prices, which has doubled since January at $700 per ton and reaching $1,500 per ton in July. Wood products such as timber and film-faced plywood have also gone up by at least 25% during the past three months.

  • Canadian court backs Kuwaiti efforts to seize Iraqi planes

    A Canadian court has granted Kuwait Airways the right to seize aircraft that Iraqi Airways has ordered from Bombardier, a Canadian aircraft manufacturer.

  • Capital Markets Authority fines insurance company for non-disclosure

    Saudi Arabia's Capital Markets Authority (CMA) has fined a listed insurance company SR50,000 ($13,351) for failing to disclose that it had won a licence to sell insurance products.

  • Cathay plans daily on HK-Bahrain

    Cathy Pacific is planning to increase its flights between Hong Kong and Bahrain from October 1, Bahrain Tribune has reported. The new flight schedule will run a Bahrain-Dubai-Hong Kong route on a daily basis.

  • Central Bank of Bahrain sells sukuk

    The Central Bank of Bahrain has sold a BD5m ($13.2m) short-term sukuk, structured as an al-ijarah (Islamic leasing) bond.

  • Chadbourne & Parke wins Al-Qatrana advisory work

    Chadbourne & Parke has been selected to act as legal adviser to the lenders on Jordan’s Al-Qatrana independent power project (IPP).

  • Chemanol plants underway

    Saudi Arabia-based Chemanol has reported updates on its methanol/carbon monoxide plant, reaching 80% completion while the new acetaldehyde plant is at 93.55% of its completion. Chemanol is expanding five petrochemical plants scheduled for completion by end of 2008. Other plants being built are the methyl amines and dimethyl formamide plants, the pentaerythritol plant as well as the formaldehyde expansion plant.

  • Chemanol to launch SR723.6m IPO

    Methanol Chemicals Company (Chemanol)is launching its initial public offering (IPO) starting August 11, Arab News has reported. The SR723.6m offering will last until August 20 and will present 60.3 million shares to subscribers, representing 50% of Chemanol's total issued share capital.

  • Commercial International Bank profits rise 35 per cent

    Commercial International Bank (CIB), the largest bank in Egypt by market value, has reported a 35 per cent increase in profits for the second quarter of 2008, with a total profit of£E522m ($97m).

  • Companies line up for Oman consultancy contract

    A total of 17 companies have so far acquired the tender documents for advisory services on two planned independent water and power projects (IWPP) in Oman.

  • Consolidated Contractors to build Tripoli hotel

    Libya Consolidated Contractors (LCC), a joint venture of Athens-based Consolidated Contractors Company and the local Economic Social & Development Fund, is to build two new towers in Tripoli.

  • Consultant selected for Tijara Town cooling network

    Local district cooling provider Emirates Central Cooling Corporation (Empower) has appointed the local Allied Consultants to design and supervise the construction of a 7 kilometre chilled water distribution piping network at the Tijara Town development in Dubailand.

  • Consultants extend validity of bids for Saudi water privatisation

    Six out of seven companies selected as consultants on the privatisation of Saudi Arabia's Saline Water Conversion Corporation have extended the validity of their bids at the request of the client.

  • Contractor selected for Ras al-Khaimah island contract

    The local Construction Technology Contracting (CTC) has been awarded the AED1bn ($272m) contract to build the Pacific development on Al-Marjan island is the emirate of Ras al-Khaimah.

  • Contractors start work on Tripoli airport

    The joint venture of Turkey’s TAV, Athens-based Consolidated Contractors International Company (CCC), and Brazil’s Odebrecht has started work on the estimated $2bn contract to build two passenger terminals at Tripoli International Airport.

  • Contractors submit bids for Zabeel One project in Dubai

    At least three contractors have submitted bids for the estimated AED3bn ($817m) contract to build the Zabeel One project in Dubai.

  • Contractors to welcome Arzew plant award

    Analysts say the suprise award of the $4.5bn contract to build a liquefied natural gas (LNG) plant at Arzew, which saw the low bidder disqualified, will welcomed by contractors the move as it highlights the fact that state clients will not simply accept the lowest bid.

  • Corrtech wins Saudi venture

    Corrtech International, based in Ahmedabad, Gujarat in India has entered into a contract with Arabian Port Company of Saudi Arabia for pipeline projects, Khaleej Times has reported. Corrtech will provide the laying of pipelines, station piping work, cathodic protection work and metering skids for Arabian Port, in a five-year deal.

  • CPC pours in Dhs100m in precast

    Construction Products Holding Company said in a statement it has invested Dhs100m through its UAE affiliate to buy, modernize and develop techno, cast precast Abu Dhabi factory. CPC-UAE has allocated 300,000 sqm to establish its industrial complex in Abu Dhabi.

  • Crown Class lounge opens at QAIA

    Royal Jordanian has opened its Crown Class lounge established at Queen Alia International Airport (QAIA). The 1,800 m2 lounge was built amidst modernization at the airport to further offer services to RJ Crown Class passengers and other airlines operating from QAIA. Frequent flyer program's Platinum, Gold and Silver card holders, and oneworld's Emerald and Sapphire card holders are expected to benefit the 340-passenger capacity lounge.

  • Crowne Plaza to rise in IMPZ

    InterContinental Hotels Group (IHG) has inked an agreement with the Mohammad Omar Bin Haider Group (MOBH) to develop a Crowne Plaza hotel in the International Media Production Zone in Dubai. Crowne Plaza Dubai - IMPZ will comprise of 250 rooms and 70 serviced apartments. The deal is the third property agreement between IHG and MOBH.

  • Damac Properties approaches contractors for three Business Bay towers

    Local developer Damac Properties has invited selected companies to express interest in contracts to build three towers at Dubai’s Business Bay.

  • Deadline postponed for Moroccan wind farm

    State utility Office National de l’Electricite is extending the bid deadline for the Tarfaya wind farm project to 15 December.

  • Debt recovery remains concern for bondholders

    The UAE's legal framework for the recovery of investments made by bondholders is an area of concern in the light of the worsening credit environment, according to a new report by ratings agency Standard & Poor’s.

  • Delay to bids for Rabigh 6 power plant

    Saudi Electricity Company (SEC) is extending the bid deadline for the phase 6 extension of the Rabigh power plant by three days to 23 August.

  • Delays hit aircraft deliveries

    New production delays at the world's biggest aircraft manufacturers, Airbus and Boeing have sent major Middle East carriers into uncertainties, as the second A380 will not be delivered in September as expected, The National has reported. The double decker airline may join Emirates not until October 20, according to trade reports. The situation has been attributed to delays from Airbus suppliers in delivering interior outfitting.

  • Delta offers cut rate Kuwait-US fare

    Delta Airlines has offered an introductory return fare of KWD309 on direct flights between Kuwait City and Atlanta. The offer applies to tickets purchased before August 22, 2008 for travel between November 8 and December 11, 2008. Delta will operate four weekly services between Kuwait and the US.

  • Depa profit rises 75%

    UAE-based Depa Ltd., an interior design firm fitting out the world's tallest tower in Dubai, has announced that its first-half profit rose 75% after it won new contracts abroad, reported Bloomberg. Net income advanced to Dhs55.6m ($15m) from Dhs31.8m in the year-earlier period, the company said.

  • Deutsche Bahn to design Qatar rail projects

    Qatari Diar Real Estate Investment Company has signed a memorandum of understanding with Germany's Deutsche Bahn to develop the conceptual design for a national railway system in Qatar.

  • Deutsche Bank and Morgan Stanley buy shares on Tadawul

    Deutsche Bank and Morgan Stanley have become the first international investment banks to buy shares listed on Saudi Arabia's Tadawul on behalf of foreign clients.

  • Deutsche Bank opens Saudi stock market to clients

    Deutsche Bank has said that it is now ready to offer international clients the opportunity to trade in Saudi Arabian listed companies, following the announcement by the Capital Market Authority (CMA) that it would allow non-Saudi nationals to trade in its shares through swap agreements.

  • Development costs double on South Pars project

    Oil development firm Petropars, a subsidiary of National Iranian Oil Company, has conceded that costs have doubled to $6bn on phases 6-8 of the giant South Pars gas field.

  • Deyaar appoints new chief executive

    Deyaar Development has appointed Markus Giebel as the company’s new chief executive officer.

  • DHL, Al Zayani express deal

    DHL Express has enhanced its express and logistics solutions for high-end automotive brands. The logistics chain is now offering services for Al Zayani Trading Company in Kuwait which include Just-in-Time (JIT) solutions, cost-effective air and road express, and 24/7 proactive tracing and monitoring of all shipments globally. DHL Express also provides insurance and customs clearance as well as moving cars across the region.

  • Dhs91m for greener Dubai roads

    The Roads and Transport Authority has awarded a Dhs91m contract to expand greenery on Dubai's roads. The project covers the 72-km Dubai Bypass road. The project is expected to cover three million sqm. of greenery to the emirate.

  • DMCA looks into marine rules

    Dubai Maritime City Authority (DMCA) has held discussions with the Dubai Police Department concerning new strategies and regulations for security and maritime safety, Gulf News has reported. It also includes the training and registration of vessels and marine driving licences as Dubai transitions into an international maritime hub.

  • Dolphin Pipeline: Fast facts

    All you need to know about the GCC’s first cross-border refined gas transmission project.

  • DP World awards £400m contract

    DP World has awarded a £400m contract to build the first phase of a new port at London Gateway. The port, due to be built over the next 10 to 15 years, will be the most advanced container port in the world once complete, and integrated with Europe's largest logistics park. A joint venture between British construction firm Laing O'Rourke and Belgian group Dredging International won the contract, which will be completed in five years and see the construction of three berths and 1.2-kilometres o

  • DP World expands payment system

    The initial successes of DP World eServices using the Rosoom platform to enable online payments for port charges has led to further expansion. DP World is now also offering additional payment method where customers can open a deposit account and be able to top-up this cash deposit account through the Rosoom platform and utilize the balance for DP World online fees.

  • DP World H1 profit surges

    Dubai-based port operator DP World has announced that its first-half profit from continuing operations after tax more than doubled to $287m, reported Reuters. The company also said it expected to meet expectations and had outperformed the market so far in the second half of the year.

  • Drought hits Algerian cereal harvest

    Algeria's cereal harvest will be almost half the size of last year's harvest, according to the Agriculture & Rural Development Ministry, increasing the pressure on the government's budget.

  • Dubai adds 54 taxi ranks

    Dubai's Roads and Transport Authority has established 54 new taxi ranks across Dubai to help reduce passenger wait times. RTA has also implemented a new SMS service linked to the unique number given to each taxi rank. If a passenger arrives at a taxi rank to find there is no taxi waiting, they can text the taxi rank number to 4774 or call a list of numbers that are due to be displayed at the designated places.

  • Dubai buys 20% Cirque stake

    Istithmar World, part of Dubai World, and Nakheel have purchased a 20% stake in Cirque du Soleil. This follows an announcement earlier this year that Nakheel and Cirque du Soleil had agreed a 15-year partnership to develop a permanent show on the Palm Jumeirah, the first outside of the US and the Far East.

  • Dubai Capital buys stake in Egypt's Commercial International Bank

    Dubai Capital Group has bought a 5.2 per cent stake in Commercial International Bank, Egypt’s largest private bank, for AED580m ($158m).

  • Dubai Contracting awarded more tower work at Dubai Marina

    The local Dubai Contracting Company (DCC) has been awarded an estimated AED265m ($72m) contract to build a residential tower at Dubai Marina.

  • Dubai diamond trade up to $3bn

    Dubai's total trade of rough diamonds has increased by 36% to reach $3.03bn at the end of the first six months of 2008, according to the Dubai Diamond Exchange. Rough diamond imports to Dubai were up by 23% to reach $1.15bn from $937m, during the same period in 2007. Imports from Angola were 75%, and a 138% rise in imports from China. Exports hiked by 44% from the same period in 2007.

  • Dubai metro hits new milestone

    Dubai's Roads and Transport Authority has announced the completion of the viaduct installation for the Red Line of the Dubai Metro Project ahead of schedule. The 46.5 km viaduct superstructure for the Red Line was officially completed with the last span in Al Garhoud, opposite Al Bustan Rotana Hotel. The elevated section has 1,324 viaduct spans.

  • Dubai opens 350 AC bus shelters

    Over 350 fully-functional air-conditioned bus shelters are now available for public use in Dubai, according to Right Angle Media, the company behind the world's first air-conditioned bus queue shelters. The shelters are now located in more than 250 mass transit locations, such as Deira, Al Wasl, Jumeirah, Bur Dubai and Qusais, a press statement said.

  • Dubai outsourcing eyes 38% growth

    The Dubai Outsource Zone (DOZ) is expecting 80 companies to begin operations in the zone in the coming months, The National has reported. DOZ expects about 11,000 employees - or nearly 38% by the end of the year. The area now has 8,000 employees working in its grounds. The banking and finance sector comprises 60% of tenants in the zone, followed by insurance, information technology, health care and leisure.

  • Dubai Properties issues tenders for Crystal towers

    Local developer Dubai Properties has invited selected companies to bid by 21 August for the estimated AED1.7bn ($462m) contract to build the Crystal development at Dubai Media City.

  • Dubai regulator strikes deal with Banque de France

    The regulator of Dubai International Financial Centre has signed a memorandum of understanding with the French banking supervisor, the supervision division of Banque de France.

  • Dubai reiterates tough stance on corruption

    The government of Dubai has reiterated its tough stance on corruption in the wake of several investigations being launched into the real estate sector in recent days.

  • Dubai taxi fleet upped

    The Dubai Roads and Transport Authority has announced that the Cars Taxi fleet has been increased with the addition of 400 cars. Drivers will also be sent on training courses run by the RTA.

  • Dubai tops hotel occupancy in ME

    An analysis by Deloitte Touche Tohmatsu showed that the Middle East has enjoyed the highest hotel occupancy in the world for first half of 2008. Double-digit revenue per available room (revPAR) growth in the Middle East hit 21.6% to $135. RevPAR growth in Dubai has slowed down - only up by 9.6% to $274. But the emirate has achieved the highest occupancy and average room rates of any city in the Middle East at 85.3% and $321.

  • Dubai water taixs set for mid-2009

    Twenty locations have been approved as stations for Dubai's water taxis, which officials have said will be rolled out by mid 2009. These include Bur Dubai, Dubai Old Souk, Old Deira Souk, Al Sabkha, Bani Yas and Al Seef. Ten boats will be launched during phase one, at an estimated cost of Dhs30m.

  • Dubai-owned firm buys Stein hotels stake

    Singapore-based KOP Capital, which is owned by Dubai Group, will buy a 50% stake in European hotel chain Stein Group for $250m, and spend about the same amount on new hotels in Asia, reported Reuters. The company will look at buying smaller luxury hotels of up to 85 rooms in big Asian cities such as Singapore, Beijing, Tokyo and Hong Kong. The firm owns 15 small luxury hotels in European cities including in London, Monte Carlo as well as in Tuscany.

  • Dubai's Al Wasl road to be widened

    Al Wasl Road in Dubai is set for a major revamp, Hussain Mohammed Al Banna, Director of the Traffic Department at the Roads and Transport Authority (RTA) told Khaleej Times. The road will be widened with up to two additional lanes to help reduce traffic congestion on the road. In addition, many U-turns will be closed or signals put in place for the safety of the motorists on the road, which has seen many accidents over the past year.

  • Dubai's marina industry to surge

    Dubai is likely to be home to more than 20,000 berths within the next five years, according to Island Global Yachting (IGY), a luxury marina developer and management company. The 200% increase in berths on current numbers in Dubai will also lead to the creation of more than 1,500 jobs within IGY's operations in Dubai alone.

  • Dubai's Terminal 3 to open in October

    Dubai Airports has announced that Terminal 3 at Dubai International Airport will open for exclusive use by Emirates on October 14. The new facility will be opened to its full capacity in four phases to ensure that systems and processes are working smoothly. The new facility, which will more than double the current passenger handling capacity, has one million square metres of space.

  • Dusit to open in Dubai Marina

    Dusit International is soon to launch a soft opening of Dusit Residence Dubai Marina, a 35-storey landmark tower with 146 premier serviced residences. Dusit's third property in Dubai will offer three food and beverage outlets, including the Dusit Gourmet and a Fusion Lounge, including a health centre with swimming pool. A spa complete with Thai massage and foot reflexology will open later next year.

  • DWC to implement metro system

    Dubai World Central (DWC), a 140sqkm development located in Jebel Ali which will host the new Maktoum International Airport, is to have its own internal rail transport system. The system will link the residential areas of the developments with the logictics and business hubs. DWC's transport infrastructure will tie in with existing Roads and Transport Authority plans to link the project to Dubai.

  • EAgrium bank loans returned

    Banks involved in financing the EAgrium petrochemicals project in Egypt have been compensated for the loans they made to the development of the project as a result of the government’s decision to halt construction and relocate the plant.

  • EFG-Hermes profits increase 34 per cent

    EFG-Hermes has reported a 34 per cent increase in profits for the first of the year, driven by brokerage and asset management revenues.

  • EGF Hermes takes control of Kuwaiti brokerage

    EFG Hermes is expanding into Kuwait and the UK on the back of two new deals .

  • Egypt fines 20 cement businessmen

    An Egyptian court has issued fines of $1.87m each to 20 prominent businessmen in the cement industry price fixing and breaking an anti-monopolies law, reported Reuters. The judge said the businessmen had caused 'deliberate harm to the national economy through practices like price fixing, in violation of the law governing monopolies'.

  • Egypt receives 25% more visitors

    The number of visitors to Egypt climbed more than 25% in the financial year 2007-08, compared with the previous year, Tourism Minister Zoheir Garrana told Reuters in an interview. The number of nights tourists spent in Egypt and the amount of tourist revenue reaching the country increased 32% in the year, which ended in June, the minister added.

  • Egypt signs deal to supply energy to Lebanon

    An agreement between Cairo and Beirut will result in Egypt supplying Lebanon with electricity and natural gas in an effort to tackle the country’s energy shortage.

  • EGYPT TENDER: Airport terminal facilities management

    Provision of facilities management services for a third terminal at an international airport. Closing date: 17 August 2008

  • EGYPT TENDER: Housing construction

    Construction of 10 residential buildings. Closing date: 24 August 2008

  • EGYPT TENDER: Housing construction (1,000)

    Construction of eight residential buildings comprising 1,000 housing units. Closing date: 21 August 2008

  • EGYPT TENDER: Housing construction (14/372)

    Construction of 14 residential buildings comprising 372 housing units. Closing date: 26 August 2008

  • EGYPT TENDER: Housing construction (372)

    Construction of 16 residential buildings comprising 372 housing units. Closing date: 26 August 2008

  • EGYPT TENDER: Housing construction (432)

    Construction of 14 residential buildings comprising 432 housing units. Closing date: 27 August 2008

  • EGYPT TENDER: Irrigation canal rehabilitation consultancy

    Provision of consultancy services for the rehabilitation of irrigation canals. Closing date: 15 September 2008

  • EGYPT TENDER: Residential buildings

    Construction of eight residential buildings. Closing date: 21 August 2008

  • EGYPT TENDER: uPVC plastic pipes

    Supply of unplasticised polyvinyl chloride (uPVC) pipes. Closing date: 10 August 2008

  • Egyptian inflation rises to 23 per cent

    Year-on-year inflation rose to a record 23.1 per cent in July in Egypt, on the back of a 32.5 per cent increase in food prices.

  • Egyptian Transport & Commercial Services records 40 per cent rise in profits

    Egyptian Transport & Commercial Services has recorded first half profits of EGP3.7m ($697,000) for the first half of the year, a 40 per cent increase on the previous year.

  • Eight operators pre-qualify for Omantel auction

    Eight telecoms operators have pre-qualified for the auction to buy a 25 per cent stake in Omantel, Oman's monopoly fixed-line operator and its largest mobile phone company.

  • Einstein a hit with passengers

    Abu Dhabi Airport claims some 2.3 million people will see Einstein, the 140 million year old dinosaur, while it is on display in terminal 1. Since going on display in mid-July, the airport says some 360,000 travellers and residents have seen the 23m, 4.5 tonne Apatosauraus. Most are the 25,000 passengers arriving at the airport every day.

  • Elite Jets adds new Gulfstream G450

    Elite Jets, a luxury private jet operator based in Dubai, has added the new Gulfstream G450 to its existing executive aircraft fleet. Manufactured in the USA, the G450 seats 14 people and comes with upgraded engines, the latest avionics technology, and aerodynamic enhancements, according to a statement.

  • Emaar Misr reopens Alamein Hotel

    Emaar Misr has revamped the historic Alamein Hotel in Egypt in record time to offer its services this summer. The 50-year-old Alamein Hotel is the first beachfront hospitality project in the region. Emaar Misr has retained the traditional Egyptian facade while adding on luxury finishes and modern amenities.

  • Emaar Misr signs Egypt MoU

    Emaar Properties Egyptian subsidiary, Emaar Misr for Development, has signed a deal with the Ritz-Carlton Group to manage a beachfront resort in Marassi. The proposed development will include a 150-room resort and 50 private villas on the Mediterranean coast and is scheduled to open in 2012.

  • Emirates Industrial City utilities set up

    Al Hanoo Holding has completed the Dhs1.5bn installation works of basic services in Emirates Industrial City project in Sharjah. Basic services include water and electricity grids, gas pipes and communications. The 83m sqft project is divided into eight sections to cater to warehouses and logistic support; industrial investment areas; commercial areas; company offices; permanent sale exhibitions for factories; multi-purpose business centres; housing and general services; and health care and s

  • Emirates NBD finalises $280m facility for Russian bank

    Emirates NBD, the biggest bank in the region by assets, has closed a $280m syndicated loan for Russia’s Promsvyazbank, in a sign of the Dubai-based bank’s increasing involvement in the syndication market.

  • Emirates offers Ramadan hotel deals

    Emirates Airlines is offering passengers to Dubai packages for two-night stays from $57 per person per night at selected hotels. The offer is available for the month of September and includes a meet-and-greet service at Dubai airport.

  • Emirates Palace offers $1m stay

    The Abu Dhabi-based Emirates Palace hotel has applied to the Guiness Book of Records after putting together one of the most expensive packages on record. For $1m guests will be given a seven night stay, first class return flights and have a Maybach at their disposal. The package includes Emirates Palace Sunset and Desert Island Tour, gifts including Emirates Palace Gold Champagne, the rarest pearls in the world from Robert Wang and a selection from Holland and Holland Sporting Guns, as well a

  • Emirates receives Boeing 777s

    Emirates Airline has received the twin delivery of two Boeing 777 aircraft in Dubai. A Boeing 777-200LR and 777-300ER, brings Emirates' all-wide bodied passenger fleet to 111 aircraft and adds a further 620 seats to the airline's capacity. The new jets will be deployed on Emirates' long-haul routes, earmarked for North and South America journeys.

  • Emirates revises fares

    Emirates Airline has revised its fares for tickets issued in Middle East and GCC markets in over 20 cities. More than 30 flights will enjoy lower fares to destinations in Europe, Far East and the Middle East - including Manila, Dhaka, Jakarta, London Gatwick, China. Emirates fares to Cairo, Beirut, Damascus, Amman reduce by 4% while travellers in the Middle East will also see lower fares on Emirates flights to points in the GCC.

  • Emirates says oil prices to cost $500m

    Emirates airline President Tim Clark said rising oil prices will cost the carrier about $500m this year, reported Reuters. Clark said profits this year should rise by about $500m, but the rise in fuel prices will cost the airline more or less the same amount. He also said he sees oil prices falling to between $65 and $85 a barrel around the middle of 2009. In an interview with the newspaper Tim Clark also repeated the company was not interested in ailing Italian carrier Alitalia or in Austria

  • Empower wins Tijara cooling

    Emirates Central Cooling Corporation (Empower) has signed a contract with Allied Consultants for the supply of 53,000 refrigeration tonnes (RT) of district cooling services to the Tijara Town development. Empower will be responsible for the Tijara Town district cooling plant, while Allied Consultants will carry out the design and supervision of the seven-kilometre chilled water distribution piping network.

  • Enpark to apply sustainable policy

    The Energy and Environment Park (Enpark) has launched a Sustainable Development Policy, stipulating LEED Gold certification as the minimum standard for all developments within the free zone. Enpark requires all buildings within the free zone to be at least 24% more energy efficient than an ASHRAE-IESNA 90.1-2004 code building; achieve potable water savings of at least 50% over EPAct 1992 ratings and divert at least 50% of the construction and demolition waste from landfills during the constru

  • ETA opens StarMetro Al Barsha

    ETA Star has opened its hotel apartment line, StarMetro Al Barsha, located close to Dubai Internet City, Dubai Media City and Knowledge Village. StarMetro Al Barsha is available for short term and long term rentals with 47 single bedroom apartments. It has an executive floor rooms equipped with laptop, fax machine and DVD/music players.

  • Etihad adds Moscow in route

    Etihad Airways is launching flights to Moscow, from its Abu Dhabi home base on 1st December 2008. Etihad will have five flights a week to the Russian capital. Flights will depart Abu Dhabi on Mondays, Wednesdays, Thursdays, Fridays and Sundays at 9.40am and arrive at Moscow's Domodedovo international airport at 2.05pm the same day. Return flight will depart Moscow on the same days at 2.55pm, arriving in Abu Dhabi at 9.05pm.

  • Etihad boosts India flights

    Etihad Airways has increased its flights to India, launching daily flights from Abu Dhabi to Chennai (Madras) and Kozhikode (Calicut). The airline has also secured flying rights to two more cities in India, Kolkata and Jaipur, following successful bi-lateral talks between the governments of the UAE and India.

  • Etihad cuts prices for Ramadan

    Etihad Airways has slashed many of its airfares by up to 50% for travel during Ramadan and the autumn period. The special promotion, which runs from September 1 to November 10, sees prices to popular destinations like London reduced by 52% to Dhs1,900 ($518). The period covering October 1 to 3 is excluded from the special offer. Outbound travel must be completed by October 10.

  • Etihad launches luggage service

    Etihad Airways has launched a new luggage service, allowing passengers to send heavy or excess baggage before flying. The service is run by the airline's cargo division, Etihad Crystal Cargo, and customers will be given special rates that are cheaper than the excess baggage fees they would normally have paid.

  • Etihad launches Minsk route

    Etihad Airways is the first Middle East carrier to launch its Belarus route, landing in the capital Minsk yesterday. The twice-weekly service is the third route to be added so far this month following the launch of daily flights from Abu Dhabi to both Chennai (Madras) and Kozhikode (Calicut).

  • Etihad to fly to Kazakhstan

    Etihad Airways is launching a non-stop flight on December 2 this year to Almaty in Kazakhstan from Abu Dhabi. Etihad will fly the route four times a week from Abu Dhabi using an Airbus A319.

  • Etihad to fly to Nigeria

    Etihad Airways is to start flights next year to Nigeria from Abu Dhabi. The airline will operate four services a week to Lagos, Nigeria's commercial capital, and Abuja, the country's capital city. A start date for the new flights has yet to be determined but the airline may begin the service in March 2009. The 'triangular' flights, between Abu Dhabi, Lagos and Abuja, will be served by one of Etihad's Airbus A330-200 aircraft.

  • Expedia, Jumeirah tie up services

    Expedia, Inc., has signed a long term global agreement with Jumeirah Group, which will make available all Jumeirah hotels on all Expedia- and hotels.com-branded points of sale globally. Jumeirah hotels will access Expedia's global online travel marketplace through ExpediaConnect, Expedia's direct connection solution for chain hotels.

  • Financing for PP10 power plant in Saudi Arabia reaches close

    Financing for the SR11.5bn ($3.1bn) PP10 power plant near Riyadh has reached financial close with a group of exclusively Saudi Arabian banks.

  • Firms to submit bids for ministry headquarters in Riyadh

    Bids are to be submitted for a new Communications Ministry headquarters in Riyadh by early September.

  • Flood causes traffic jam on Dubai road

    Severe flooding on Dubai's Emirates Road near Silicon Oasis heading towards Sharjah caused a massive traffic jam for more than five hours on Monday morning. Sixteen tankers were used to pump the water out. The Roads and Transport Authority has yet to pinpoint responsibility for the situation.

  • FlyDubai appoints chief operating officer

    FlyDubai has announced the appointment of Kenneth Gile as the company’s first chief operating officer.

  • Fortune Group International plans more Ajman projects

    Dubai-based property developer Fortune Group International is planning five projects worth AED2.5 bn ($680m) at the Park View masterplan development in Ajman.

  • Fresh spending commitments put pressure on Jordan's budget

    King Abdullah has added to the pressure on the Jordanian government's heavily stretched budget by making new spending commitments of up to JD15m ($21m) during a visit to the southern governorate of Tafileh.

  • GCC nationals switch cash to Saudi Arabia

    Investors in Saudi Arabia's Tasi index made a quick return over the past week by cashing in on the Capital Market Authority's decision to allow international investors to buy shares with effect from 23 August.

  • GCC should drop dollar peg say Dubai economists

    The GCC countries should drop their pegs to the US dollar and make fighting inflation their number one concern, according to a report on progress towards monetary union by economists for the Dubai International Financial Centre (DIFC).

  • GE announces Qatalum power project

    GE Energy has announced plans for a greenfield power plant that will support Qatalum's plans to become the world's largest smelter of aluminium. Under a 16-year multi-million dollar contractual services agreement, GE Energy will supply a full range of services for GE gas turbines at the Qatalum power plant, which will generate approximately 1,350 megawatts of power for the aluminum production facility located in Mesaieed, Qatar. Once completed, Qatalum will have the capacity to produce 585,00

  • GE wins $500m Emal contract

    GE Energy has won the contract worth more than $500m to supply equipment to power Emirates Aluminum (Emal) production facility, located near Al Taweelah, Abu Dhabi. The installed facility expects to power up 2,000 megawatts of electricity to be used in the production of 700,000 tons of aluminum per annum.

  • GECO wins power plant deals

    The Sharjah Investment Centre has awarded GECO a contract to supply and install eight 33kV main power stations to cover all of the group's plots. The Dhs100m deal will see the plants being built over the next 14 months. Darwish Engineering Emirates won the contract to undertake the infrastructural developments of the projects.

  • Generals overthrow Mauritanian government

    Generals have overthrown Mauritania's government in an armed coup, ending the country's one-year-old democracy.

  • GGICO acquires Quality Intl

    Gulf General Investment Co. PSC (GGICO) has recently acquired Quality International Co. Ltd., an engineering company specialized in the manufacturing of process equipments. The company produces equipment for various industries including oil and gas, petrochemical, chemical and paint, power and desalination, water and food processing industries.

  • GMMOS unit gets $46m financing facility

    Standard Chartered Bank and Noor Islamic Bank have jointly arranged a $46m, eight-year financing facility for GMMOS Group's subsidiary, Stanford Charter, for the refinancing, construction and purchase of a fleet of 12 offshore service vessels. GMMOS Group is an oil and gas services and industrial group operating in the Gulf and Caspian markets. It is jointly owned by Abraaj Capital and Waha Capital.

  • GPIC to set up CO2 plant

    Bahrain-based Gulf Petrochemical Industries Company is to set up a carbon dioxide recycling facility in partnership with Italian firm Technoment and Mitsubishi Heavy Industries. GPIC will become the first petrochemical plant in the region to use the technology.

  • Gulf Air aims for break even by 2013

    Gulf Air aims to break even by 2013, despite recent reports of huge concealed losses at the airline.

  • Gulf Air appoints deputy CEO

    Bahrain-based carrier Gulf Air has appointed former CFO Ismail Karimi as deputy CEO. The Bahraini national has been with the group for 15 years. The carrier is undertaking a major realignment programme following financial setbacks.

  • Gulf Air eyes 6m passengers this year

    Bahrain's national carrier Gulf Air is aiming to fly six million passengers this year as it seeks to reposition itself as a network carrier, reported Gulf News. The airline also aims to double its fleet to 60 aircraft in the next five to six years, CEO Bjorn Naf said, and it has set a target of 10% annual growth.

  • Gulf Air forecasts $1bn loss

    Bahrain-based carrier Gulf Air has forecast a $1bn loss spread across two years according to a leaked internal memo, The National has reported. The airline will sustain losses of BD131.7m this year, followed by BD226.3m next year. The losses are expected to gradually subside over the next six years, down to BD22.6m in 2013. Gulf Air acknowledged the authenticity of the memo but played down its importance.

  • Gulf Air leases five planes

    Gulf Air is to lease five aircraft from International Lease Finance Corporation (ILFC), as part of the airline's ongoing expansion strategy.

  • Gulf Finance House to target agriculture sector

    Gulf Finance House (GFH) has started discussions with a number of governments about land concession agreements for the development of agriculture projects to promote Middle East food security.

  • Gulf Marine, Noble in ship deal

    Noble Denton has won a major deal worth $3.5m to carry out detailed design work for a new elevated support vessel of Gulf Marine Services in Abu Dhabi. The contract involves the preparation of a design package and license for a multi-purpose self-propelled jack-up vessel, the Gusto MSC NG-2500X.

  • Gulf Navigation gets new fleet

    Gulf Navigation Holding has received its newly-built Gulf Huwaylat chemical carrier, to serve a broad range of petrochemical products. It has a dead weight of 46,200 metric tonnes, a capacity of 54,300 cubic metres and has 20 especially-coated cargo tanks. Gulf Huwaylat, valued at $65m, was built at and delivered by the Hyundai Shipyard.

  • Gulf Projects 11 August 2008

    The GCC projects market rose 3.4 per cent to $2.1 trillion in the week to 11 August, according to MEED Projects, while the total Gulf market, including Iran and Iraq, rose 3.1 per cent to almost $2.42 trillion.

  • Gulf Projects 18 August 2008

    The MEED Projects index was virtually unchanged at $2.4 trillion in the seven days to 18 August in a sign that the summer lull has finally arrived in the Gulf.

  • Gulf Projects 26 August 2008

    The MEED Projects index edged up by 1 per cent to $2.44 trillion in the week to 26 August.

  • Gulf Projects 4 August 2008

    In the week ending 4 August, the MEED Projects index registered a 1 per cent rise, with the value of projects planned and under way in the Middle East reaching $2.32 trillion.

  • Gulftainer to set up UAE group

    Gulftainer Company has announced plans to create a third party logistics company, Momentum Logistics, in the UAE. The company will become operational in the final quarter of 2008 and will offer third party logistics and supply chain management solutions.

  • Guy Savoy to open Dubai restaurant

    The Tiger Woods Dubai, an exclusive residential golf community development and a member of Tatweer, has signed an agreement with world renowned French Chef Guy Savoy to open a signature restaurant at The Hotel in The Tiger Woods Dubai, a luxury boutique hotel in the exclusive 55-million sq. feet golf community development. Guy Savoy is the head chef and owner of the eponymous Guy Savoy restaurant in Paris and sister restaurant in Las Vegas. The Hotel is scheduled for completion in 2010.

  • Hail airport to get upgrade next year

    The Saudi aviation regulator will launch the redevelopment of Hail airport next year.

  • Hilton appoints new Abu Dhabi GMs

    Hilton Hotels Corporation has announced two new senior appointments for its Abu Dhabi properties. Jan Moenkedieck is the new General Manager of the 325-room Hilton Abu Dhabi, while Sherif Nassar takes over as Cluster General Manager for Hilton Baynunah and Hilton Corniche Hotel Apartments. Both came from Egypt as former GMs, in Conrad Cairo and Fayrouz Resort in Sharm El Sheikh, respectively.

  • Hilton tops usage in UAE, Saudi

    Hilton has led all hotels in Saudi Arabia in terms of usage and overall customer satisfaction, according to an online survey conducted among UAE and Saudi residents by Maktoob Research. Hilton remained atop the usage index in the UAE but was overtaken by Jumeirah Hotels in terms of overall customer satisfaction.

  • Hotel rates climb in region

    Daily hotel rates in the Middle East and Africa averaged $149.57 per night in July, an increase of 29.9% compared to the same period last year, according to a report by STR Global. Occupancy was up 3.5% to 70.7% for the month, while RevPAR stood at $105.75 for July, a gain of 34.5%.

  • HSBC Middle East profits rise 63 per cent

    HSBC has reported a 63 per cent increase in profits from its Middle East operations in the first six months of 2008, bringing total profit from the division to almost $1bn.

  • Hyder to design Palm bridges

    Nakheel has selected Hyder Consulting to design all 44 long-span bridges on the Palm Deira development, the largest Palm project being undertaken. The project has 26 interlinked islands connected to Dubai's waterfront, and will be the largest man-made island in the world.

  • Hydra issues tenders for Village in Abu Dhabi

    The local Hydra Properties is inviting selected companies to bid by 7 September for the contract to build 448 villas at its Hydra Village development in Abu Dhabi.

  • Hyundai Brave docks at Khorfakkan

    Gulftainer has announced the arrival of Hyundai Brave to its Khorfakkan Container Terminal (KCT) transhipment port. The 8,600 TEU, 339 metre-long, 99,000 DWT ship is the first of the new ships that were recently introduced by Hyundai Merchant Marine into the French Asia Line. KCT has reported an excellent productivity figures of 155 moves per hour, allowing the ship to depart on schedule for the Far East.

  • Ibn Battuta to offer tourist bus

    Ibn Battuta Mall has launched a strategic tourism initiative in Dubai offering a complimentary bus service between the city's 5-star hotels. The mall has currently tied up with 13 hotels, including Grosvenor House Hotel, Habtoor Grand, Le Meridien Mina Siyahi, Shangri-La, Sheraton, Westin, Emirates Green Lakes and the Palm Jumeirah among others.

  • IFA partners with Wings Travel

    IFA Travel & Tourism has entered into a joint venture partnership with Wings Corporate Travel (Wings) for the Middle East and North Africa region. The partnership targets integration of the business to the corporate travel market with particular emphasis on the oil and gas sector. Wings is a South African-based travel management company.

  • IFA posts $143m profit

    IFA hotels and Resorts has posted a profit of $143m, a 64% increase on the same period last year. Total revenues increased to $211.5m, compared to $113.9m in 2007. The company's total assets increased by 35% to total $1.06bn.

  • Indian firm bids low for Oman control systems work

    India’s Larsen & Toubro (L&T) is low bidder at OR5.3m ($14.8m) for the contract to upgrade the control system at pressure reduction stations for Oman Gas Company (OGC).

  • InterCon profits up 29%

    InterContinental Hotels Group posted a 29% increase in H1 profits over the same period last year, totalling $284m. The group, which manages over 4,000 hotels worldwide, covering the InterContinental, Crowne Plaza and Holiday Inn brands, has been pursuing an active expansion policy in the Middle East.

  • Investment Corporation of Dubai to syndicate $6bn loan

    Syndication of a $6bn multi-currency loan split between three- and five-year tranches by Investment Corporation of Dubai (ICD), the investment arm of the government of Dubai, is expected to begin by late August.

  • Iran invites Esfandiar oil field bids

    Iranian Offshore Oil Company (IOOC) has invited bids for a full study of the Forouzan oil field, as part of plans to develop it and the nearby Esfandiar oil field.

  • Iran prepares Laleh oil block award

    National Iranian Oil Company (NIOC) is expected to award the Laleh oil block to Iranian Offshore Engineering & Construction and Indonesia’s state-run Pertamina in mid-August, according to industry analysts, as part of Tehran's development of 17 separate oil and gas blocks.

  • Iran prepares oil and gas projects for energy majors

    National Iranian Oil Company (NIOC) is to offer more than 15 major oil and gas projects to local and international investors in the next year.

  • Iran reveals oil and gas field discoveries

    National Iranian Oil Company (NIOC) has discovered four new oil fields holding a total of around 3.7 billion barrels of oil and 1.5 million cubic metres of gas.

  • IRAN TENDER: Carbon steel line pipe

    Supply of 3,000 feet of carbon steel, black, seamless line pipe. Closing date: 17 August 2008.

  • IRAN TENDER: Construction of copper cathode production plant

    Construction of copper cathode production plant for National Iranian Copper Industries Company (NICICO) with a capacity of 100,000 metric tonnes per year. Closing date: 27 August 2008

  • IRAN TENDER: Engineering, procurement and construction of a cu-beneficiation plant

    Engineering, procurement and construction of a cu-beneficiation plant for National Iranian Copper Industries Company (NICICO) with a capacity of 17,000 metric tonnes per year. Closing date: 27 August

  • IRAN TENDER: Express train project construction investment

    Investment in the construction of an express train project. Closing date: not stated

  • IRAN TENDER: Gas refinery equipment

    Supply of equipment for a gas refinery. Closing date: 2 September 2008.

  • IRAN TENDER: Helicopters

    Supply of eight twin-engine helicopters. Closing date: 10 September 2008

  • IRAN TENDER: Molybdenum plant construction

    Carrying out, in two stages, the engineering, procurement and construction of a molybdenum plant. Closing date: not stated

  • IRAN TENDER: Oil field reservoir study

    Carrying out a study of oil field reservoirs. Closing date: not stated

  • IRAN TENDER: Power plants

    Construction of a total of 3,000MW of gas turbine power plants convertible to combined-cycle power plants. Closing date: 18 September 2008.

  • IRAN TENDER: Railway sleepers

    Supply of 50,000 metal railway sleepers. Closing date: 13 September 2008

  • IRAN TENDER: Railway sleepers

    Supply of 50,000 metal railway sleepers. Closing date: 13 September 2008

  • IRAN TENDER: Seamless alloy steel pipe

    Supply of seamless alloy steel pipe. Closing date: 13 August 2008

  • IRAN TENDER: Stainless steel plate

    Supply of stainless steel plates. Closing date: 13 August 2008

  • IRAN TENDER: Steel plates

    Supply of stainless steel plates. Closing date: 31 August 2008

  • IRAN TENDER: Supply of eight twin-engine helicopters

    Supply of eight twin-engine helicopters. Closing date: 10 September 2008

  • IRAN TENDER: Water treatment plant DBO services

    Provision of design, build and operate (DBO) services for a water treatment plant. Closing date: 16 September 2008

  • Iran to double crude storage capacity

    Iran is to start construction on four 1-million barrel oil storage tanks in Kharg Island next month as part of a long-term strategy to double the country’s crude reserves.

  • Iran to invest $8.5bn in agriculture after small harvest

    Tehran will invest $8.5bn in agriculture during the current Iranian year, according to the deputy minister of agriculture, Sadeq Khalilian.

  • Iranian reformists nominate candidate to stand against Ahmadinejad

    One of Iran's reformist political parties has nominated its leader Mehdi Karroubi to stand against President Mahmoud Ahmadinejad in the presidential election expected to take place in June 2009.

  • Iranian telecoms giant to float 5 per cent stake worth $425m

    Telecommunications Company of Iran (TCI), the country's monopoly state-owned operator, will float 5 per cent of its shares on the Tehran Stock Exchange on 9 August, in the market's most keenly anticipated initial public offering to date.

  • Iraq gas cylinder plant ups output 50%

    The liquid gas cylinder manufacturing facility in Wasit, southeast of Baghdad, is to increase production from 200,000 to 300,000 cylinders annually. The increased output will reflect the installation of new equipment at the plant. The factory is the only facility of its kind in Iraq.

  • Iraq invites bids for Akkas gas field

    Iraq’s state-run North Oil Company has invited companies to bid for new drilling work at its largest gas field Akkas, and on the East Baghdad oil field as part of plans to redevelop the energy sector.

  • Iraq issues Basra refinery pipe tender

    Iraq’s State Company for Oil Projects (Scop) is moving ahead with the upgrade of its 150,000 barrel-a-day (b/d) Basra refinery after inviting bids for the supply of pipes and fittings.

  • Iraq reissues major oil field drilling tender

    Iraq's state-run Oil Exploration Company has reissued tenders for the drilling of deep wells at two of the country's largest oil fields and extended the deadline for bids.

  • Iraq signs $3bn oil service deal with China

    Iraq has signed a renegotiated agreement with China for the development of the Al-Ahdab oil field in the province of Wasit - the first field contract to be approved by Baghdad in the post-war era.

  • IRAQ TENDER: Dam excavation pipes

    Supply of excavation pipes for a dam project. Closing date: 31 August 2008

  • IRAQ TENDER: Dam project generators

    Supply of three generators for a dam project. Closing date: 9 September 2008

  • IRAQ TENDER: Dam project materials

    Supply of injecting materials for a dam project. Closing date: 2 September 2008

  • IRAQ TENDER: Gas producing well workover and completion

    Turnkey workover and completion of four gas producing wells. Closing date: 30 September 2008

  • IRAQ TENDER: Hydropower plant rehabilitation equipment

    Supply of equipment for the rehabilitation of emergency hydropower plants. Closing date: 13 October 2008

  • IRAQ TENDER: Line pipe

    Supply of line pipe for an oil field. Closing date: 21 September 2008

  • IRAQ TENDER: Oil product storage and water tank roofs

    Supply of floating and fixed roofs for oil product storage and water tanks. Closing date: 31 August 2008

  • IRAQ TENDER: Oil refinery pipes and fittings

    Supply of pipes, fittings, valves and coating materials for an oil refinery. Closing date: 10 August 2008

  • IRAQ TENDER: Oilfield directional well drilling

    Turnkey drilling and completion of seven oil producing directional wells. Closing date: 15 September 2008

  • Iraq to renegotiate Al-Ahdab oil field deal with China

    Iraq’s oil minister is to renegotiate a deal with China National Petroleum Corporation (CNPC) by the end of August for the development of the Al-Ahdab oil field in the province of Wasit.

  • Iraq's Al-Maaqal Port reopens after four-month refit

    Al-Maaqal Port in Basra has reopened after a four-month closure for renovation work.

  • Ithmaar Bank and Global buy up BBK shares

    Ithmaar Bank, the Bahrain-based investment bank, and Kuwait’s Global Investment House have both purchased additional shares in Bank of Bahrain and Kuwait (BBK), bringing their combined shareholding to 45 per cent of BBK.

  • Ithmaar Bank reports 115 per cent increase in profits

    Bahrain’s Ithmaar Bank has reported a profit of $141.9m for the first six months of the year, a 115 per cent increase compared to the same period in 2008.

  • Jazeera Airways revenues up 47%

    Jazeera Airways has announced a 47% increase in its Q2 revenues, but has recorded KD897,895 in losses for the quarter ending on June 30. Losses have improved by 50% over the same period in 2007. The airline has firm orders for 34 additional aircraft, to be delivered in phases until 2014.

  • Jazeera to get Airbus order early

    Kuwait-based Jazeera Airways has said that it will take delivery of two new Airbus aircraft, scheduled for delivery in 2009, this autumn, The National has reported. The carrier agreed to take delivery of the A320 aircraft early, after another airline pushed back their demand with Airbus. Jazeera currently runs a fleet of six A320s and has a further 34 aircraft on order.

  • Jebel Ali resort reopens Sports Cafe

    Jebel Ali Golf Resort & Spa has reopened its Sports Cafe after stylish renovation in keeping with its sports theme. The cafe serves up guests in the resort's various sports facilities. The resort features 9-hole championship standard golf course with a practice facilities and golf academy, 80-berth marina operating water sports and deep-sea fishing trips, riding stables with horse riding tuition, shooting club, tennis courts, squash court, badminton, children's club, gymnasium and The Spa.

  • Jet Airways begins UAE routes

    Jet Airways has begun its Mumbai-Dubai route, landing on Saturday at Dubai International Airport at 8.15pm. The same day also marked the arrival of Jet Airways inaugural flight from New Delhi to Dubai. From Dubai to Delhi, flight 9W 547 departs from Dubai International Airport at 10.55pm and arrives at Indira Gandhi International Airport in Delhi at 3.35am.

  • Jet Airways to launch Dubai route

    Mumbai-based carrier Jet Airways is to launch flights between Dubai and Delhi from 23 August. The route will be operated daily as a direct service between the two cities. The carrier is also planning to launch a Saudi Arabian route later in the year.

  • Jet code-shares with Emirates

    India's Jet Airways, which is starting flights from Dubai to New Delhi and Mumbai on 23rd August will have a code-sharing agreement with Emirates as the two carriers seek to benefit from the growing traffic on the UAE-India sector. Jet Airways' Dubai flights will complement the airline's daily services to Abu Dhabi, Kuwait, Bahrain, Muscat and Doha from various gateway points in India.

  • JORDAN TENDER: Inter-city compactors

    Supply of 22 medium-sized inter-city compactors. Closing date: 22 September 2008

  • JORDAN TENDER: LPG

    Supply of liquefied petroleum gas (LPG). Closing date: 9 September 2008

  • Jordan to study feasibility of desalination plant in Aqaba

    Aqaba Water Company has signed an agreement with Bank Muscat to study the feasibility of a desalination plant at Aqaba on the Red Sea coast.

  • Jotun paints on Mesaieed projects

    Jotun Paints is set to supply seven million litres of paint for a massive housing project located at the Mesaieed Industrial City in Qatar. The project involves the construction of 1,244 housing units for employees of Qatar Petroleum and its subsidiaries, and will include an international school, kindergarten, and a power sub-station.

  • July steel prices 91% up

    Abu Dhabi's Department of Planning and Economy announced the prices of steel in July has soared to 91% while cement rose by 46% compared to the previous month. The market's imbalances have been attributed to the wide gap between the production and consumption of construction steel.

  • KOTC signs $700m deal

    The Kuwait Oil Tanker Co (KOTC) has signed a preliminary letter of intent for a deal worth $700m with Daewoo Engineering & Construction for the manufacture of four Very Large Crude Carriers. Delivery is expected to be in late 2011 or early 2012 as part of a fleet renewal programme.

  • Kuwait delays Subiya power plant deadline

    The deadline for bids for the Subiya power plant project has been extended to 17 August from the original date of 28 July.

  • Kuwait extends deadline for refinery pipelines scheme

    State upstream operator Kuwait Oil Company (KOC) has extended the bid deadline by more than a month to 7 October for the contract to build a pipeline network serving Kuwait’s new refinery at Al-Zour.

  • Kuwait invites firms to submit applications to build oil facilities

    State upstream operator Kuwait Oil Company (KOC) has invited international and local companies to submit prequalification applications by 7 September for concessions to build, own, operate and maintain oil and gas facilities in Kuwait.

  • Kuwait issues transmission tender

    Kuwait’s Ministry of Electricity & Water has issued a tender for the provision and extension of 400-kV ground cables in various parts of the country.

  • Kuwait money supply continues to slow

    The growth in money supply in Kuwait has slowed for the second consecutive month to its lowest level in 20 months, indicating that inflation in the country may be close to its peak.

  • Kuwait Oil Tanker Company plans huge fleet expansion

    Kuwait Oil Tanker Company (KOTC) is unveiling plans to expand its fleet of very large crude carriers (VLCCs) to 34 vessels, from its current eight, by 2020.

  • Kuwait seeks Asian food supply

    Kuwait is in talks with Asian countries about securing food supplies and investing in agriculture as the Gulf state looks to diversify its sources of food, agencies have reported. A delegation from Kuwait will visit Cambodia, Laos and Myanmar later this month to look at investments in agriculture and industry.

  • Kuwait set to to issue tender for ring road

    A tender for the eighth ring road in Kuwait is due to be issued in the near future, once design work has been completed.

  • KUWAIT TENDER: Air traffic management system

    Design, supply and installation of an air traffic management system for an international airport. Closing date: 9 September 2008

  • KUWAIT TENDER: Airport data exchange network

    Design, supply, installation and operation of a data exchange network at an international airport. Closing date: 7 September 2008

  • KUWAIT TENDER: College and institute civil and sanitary maintenance (1)

    Carrying out civil and sanitary maintenance works for colleges and institutes. Closing date: 28 September 2008

  • KUWAIT TENDER: College and institute civil and sanitary maintenance (2)

    Carrying out civil and sanitary maintenance works for colleges and institutes. Closing date: 28 September 2008

  • KUWAIT TENDER: Compressed gas and liquid oxygen

    Supply of compressed gas and liquid oxygen. Closing date: 7 September 2008

  • KUWAIT TENDER: Distilled water lines

    Construction, completion and maintenance of 12,000-millimetre-diameter main distilled water lines. Closing date: 2 September 2008

  • KUWAIT TENDER: Electricity transmission network line joints

    Supply of overhead line joints for electricity transmission networks. Closing date: 21 September 2008

  • KUWAIT TENDER: Fuses

    Supply of fuses for an electricity distribution network. Closing date: 7 September 2008

  • KUWAIT TENDER: Ground and pilot cables (132-kV)

    Provision and extension of 132-kV ground cables and pilot cables. Closing date: 16 September 2008

  • KUWAIT TENDER: Ground and pilot cables (400-kV)

    Provision and extension of 400-kV ground cables and pilot cables. Closing date: 16 September 2008

  • KUWAIT TENDER: International airport data exchange network

    Design, supply, installation and operation of a data exchange network at an international airport. Closing date: 7 September 2008

  • KUWAIT TENDER: Low-tension cut-outs

    Supply of low-tension cut-outs. Closing date: 7 September 2008

  • Kuwait to issue contracts for court complexes

    Kuwait’s Public Works Ministry is looking to issue two new construction contracts for court houses, pending design approval.

  • Kuwait wins seizure of IAC deal

    Kuwait Airways has obtained approval from the Superior Court in Montreal orders seizing the interests of Iraqi Airways (IAC) and the State of Iraq in the new Bombardier aircraft recently commissioned in a $5bn deal. The orders were made in support of earlier judgments handed down by the English High Court. The dispute between KAC and IAC, which commenced in 1990 following the invasion of Kuwait, has been the longest running commercial case in the history of the English Courts.

  • Largest sewage work on Palm

    Corodex Electromachanic is operating the world's largest vacuum sewage plant at Nakheel's Palm Jumeirah, agencies have reported. The system has the capacity to handle 16,000 cubic metres of waste water everyday, via four large vessels in the station. Currently serving 2,000 villas, with 40 kilometres of pipeline, the system will be connected to over 4,000 villas, officials said.

  • LEBANON TENDER: Archaeological site rehabilitation projects

    Carrying out a castle and archaeological sites rehabilitation project. Closing date: 3 September 2008

  • Lebanon's parliament approves national unity cabinet

    Lebanon's parliament has approved the cabinet appointed by the new national unity government, after the anti-Syrian March 14 bloc of political parties agreed that Hezbollah could keep its weapons.

  • LIBYA TENDER: Airplane services

    Provision of airplane services for planned operations at offshore bases. Closing date: 24 August 2008

  • LIBYA TENDER: Ethylene substation refurbishment

    Refurbishment of ethylene substations. Closing date: 4 September 2008

  • LIBYA TENDER: Exploration well drill bits

    Supply of drill bits for exploration wells. Closing date: 14 August 2008

  • LIBYA TENDER: Helicopter services

    Provision of helicopter services for planned operations at offshore bases. Closing date: 24 August 2008

  • LIBYA TENDER: Industrial sewerage line replacement

    Replacement of industrial sewerage lines at a refinery. Closing date: 22 September 2008

  • LIBYA TENDER: Oil concession area surveillance

    Design, supply and installation of surveillance systems for intrusion detection. Closing date: 30 August 2008

  • LIBYA TENDER: Oil exploration well drilling casing services

    Provision of a casing supply service for the drilling of an onshore exploration well. Closing date: 1 September 2008

  • LIBYA TENDER: Seismic data acquisition

    Acquisition of 2D and 3D seismic data. Closing date: 31 August 2008

  • LIBYA TENDER: Seismic data interpretation services

    Provision of interpretation services for 2D seismic data. Closing date: 12 August 2008

  • LIBYA TENDER: Training buildings refurbishment

    Refurbishment of training buildings. Closing date: 4 September 2008

  • Libya to sign free trade deal with EU, says Saif al-Islam

    Libya will sign a free trade agreement with EU soon, according to Saif al-Islam, the son of Libyan leader Muammar Gaddafi.

  • Libya's Agoco makes oil discovery in Slouq basin

    Benghazi-based Arabian Gulf Oil Company (Agoco), a subsidiary of state-owned National Oil Corporation (NOC), has made an oil discovery in the Slouq Depression basin.

  • Limitless approaches contractors for Downtown Jebel Ali Plaza

    Dubai-based developer Limitless is inviting contractors to prequalify for a contract to build the superstructure for the Central Plaza at its Downtown Jebel Ali development in Dubai.

  • Local firm wins Kuwaiti gathering centre deal

    The local O&G General Engineering & Contracting has won a KD5.7m ($20.4m) contract to upgrade power systems at gathering centre 23 in the north of Kuwait for state upstream operator Kuwait Oil Company (KOC).

  • Local firms submit bids for Oman pipeline work

    Technical bids have been submitted for the contract to build two new gas pipelines planned by Petroleum Development Oman (PDO) in the south of the sultanate.

  • LyondellBasell wins Ibn Rushd technology contract

    Rotterdam-based LyondellBasell has won the contract to provide its Spheripol licence technology to the new polypropylene plant planned by the Yanbu-based Arabian Industrial Fibres Company (Ibn Rushd).

  • Major new project planned for Dubai’s World Trade Centre

    A major new mixed-use development is currently being planned for the World Trade Centre area of Dubai.

  • Major rail projects in Saudi Arabia

    Saudi Arabia's current railway expansion plans involve some of the Middle East's largest engineering projects. MEED looks at a selection of ongoing rail schemes in the kingdom.

  • Mammut takes Meydan business park

    The local Mammut Building Systems has been awarded the estimated AED1.5bn ($408m) contract to build the business park at the Meydan development at Nad al-Sheba in Dubai.

  • Manazel receives bids for Material City residences

    The local Manazel Real Estate has received bids from four companies for the AED1.7bn ($463m) design and build contract for office blocks at Building Material City.

  • Maroc Telecom loses majority control of fixed-line market

    Maroc Telecom no longer controls the majority of the fixed-line market in Morocco after its market share fell to 48 per cent because of strong competition from Wana, a rival operator that launched its services just over a year ago.

  • Marubeni wins Doha North work

    Japan’s Marubeni Corporation has won a contract to build a pumping station, which will feed the Doha North wastewater treatment plant.

  • Masdar begins work on German solar energy plant

    Abu Dhabi Future Energy Company (Masdar) has broken ground on its first photovoltaic production plant in Ichtershausen, Germany.

  • Mashreqbank to launch UAE mobile banking system

    The UAE’s Mashreqbank is to launch the region’s first mobile banking system as part of a drive to increase the bank’s retail market penetration.

  • McDermott clinches Barzan offshore deal

    Jebel-Ali based J Ray McDermott has won the contract to provide front-end engineering and design (FEED) services for the offshore component of Qatar Petroleum’s giant Barzan gas field development.

  • Middle East Airlines agrees aircraft finance

    Middle East Airlines (MEA) has agreed a $65m loan with the Lebanese Canadian Bank to add a new aircraft to its fleet.

  • Middle East Airlines in SITA upgrade

    Middle East Airlines (MEA) has signed a five-year $3m agreement for its global IT upgrade with SITA to boost speed and data access. The solution will add more flexibility, security and bandwidth to MEA's network-supported services over SITA's IP VPN secure network.

  • Middle East Airlines plans pilot training centre in Beirut

    Middle East Airlines (MEA) is requesting government permission to build an advanced aviation training centre for its pilots and crew in Beirut.

  • Middle East contracts awarded: August 2008

    Almost $3.5bn worth of contracts were awarded across the Middle East region in August, according to this selected checklist compiled from MEED reports throughout the month.

  • Middle East defies global air freight downturn

    Middle East aviation has defied a downturn in international air freight transport during June, but has seen growth in passenger traffic dip sharply.

  • Middle East waits to see impact of Russia's revival

    Middle East events were behind the radical reversal in Russia's fortunes, and a strong, pragmatic Russia could create constructive co-operation with the region now.

  • Mile High Tower to be unveiled to public in October

    The design for Jeddah’s proposed Mile High tower will be unveiled in the first week of October.

  • Mobinil net profits fall 18% in second quarter

    Mobinil, the largest mobile phone operator in Egypt, suffered an 18 per cent drop in net profits to£E425m ($80m) over the three months to the end of June, as the cost of supporting its rapid growth in customer numbers hit its profits.

  • Morgan Stanley to set up Saudi equity fund

    The Capital Market Authority (CMA) of Saudi Arabia has given Morgan Stanley permission to establish an investment fund that will give foreign investors access to Saudi equities, in a sign of the gradual opening up of the Saudi stock market (Tadawul) to foreign capital.

  • Morocco sets January bid deadline for Safi power project

    Prequalified companies have until 15 January to submit bids for the Safi independent power project in Morocco.

  • MOROCCO TENDER: Electricity network interconnection reinforcement project

    Carrying out an electricity network interconnection reinforcement project. Closing date: 17 September 2008

  • MOROCCO TENDER: Power station gas turbines

    Design, supply of equipment and components, transport, assembly, testing and commissioning of gas turbines. Closing date: 4 September 2008

  • Morocco's inflation reaches 5.1 per cent

    Morocco's annual inflation rate rose to 5.1 per cent in July, according to the state planning body Haut Commissariat au Plan (HCP).

  • Mott MacDonald to design Bahrain tower

    UK-based Mott MacDonald has been appointed as the design engineer for a BD70m ($190m) mixed-use tower in the Al-Seef district of Bahrain.

  • Move to Dubai International Terminal 3 to begin in October

    Dubai Airports has announced that Emirates Airline will begin to move into Dubai International’s new Terminal 3 on 14 October.

  • MTN Irancell gains ground on state-owned rival

    MTN Irancell, the Iranian mobile operator owned by South Africa's MTN, has increased its share of Iran's mobile phone market to some 32 per cent.

  • Mumtalakat closes $500m loan facility

    Bahrain’s sovereign wealth fund, Mumtalakat, has closed a new syndicated loan facility of $500m arranged by National Bank of Bahrain (NBB).

  • Nakheel appoints Hyder Consulting for Palm Deira contract

    Local developer Nakheel has appointed UK-based Hyder Consulting together with LWK Architects to design bridges on its Palm Deira development in Dubai.

  • Nakheel to test monorail

    Dubai-based developer Nakheel has announced that tests on the Palm Jumeirah monorail will begin testing this October. The Palm Monorail is the first monorail project to be constructed in the Middle East. Nakheel has laid 100% of the 5.45km track, and the monorail vehicles are undergoing final inspection in Japan before arriving in Dubai for joint inspections with the RTA and operators SMRTE.

  • Nakilat raises $1.5bn for tankers

    The Qatar Gas Transportation Co (Nakilat) has raised $1.5bn in bank loans in order to purchase new tankers, the Peninsula has reported. Nakilat has ordered 54 tankers to help cope with growing global demand. The loans were raised from 12 banks.

  • Nakilat raises $1.5bn to buy gas tankers

    Qatar Gas Transport Company (Nakilat) has raised $1.5bn from banks to finance the construction of 25 new liquefied natural gas (LNG) tankers.

  • NAS launches Aviation Academy

    Kuwait's National Aviation Services (NAS) has launched the NAS Aviation Academy to provide training in travel and tourism, cargo and dangerous goods, airport and civil aviation procedures, passenger services and ground handling operations. NAS recently obtained its certification as an IATA Authorized Training Center.

  • NAS wins Delta ground handling

    National Aviation Services (NAS) has won the deal for a comprehensive security handling service to Delta Airlines. NAS will provide passenger, security, cargo and ramp handling for Delta Airlines at Kuwait International Airport. Delta Airlines will initially be operating four flights a week between Kuwait International Airport and Hartsfield-Jackson Atlanta International Airport in Georgia, USA.

  • National Aviation Services strikes Delta deal

    National Aviation Services (NAS) has struck a deal with Delta Airlines to provide a range of services in Kuwait for the US carrier.

  • North-South contract awards due in October

    Three ancillary contracts on the North-South minerals railway project are set to be awarded in October.

  • Norwegian oil firm cuts output following Kurdistan oil review

    Norway’s DNO does not expect to produce any oil from its Tawke field in northern Iraq in August, after the Kurdistan Regional Government (KRG) halted local output as part of a review of licensing and procedures.

  • Number of companies on Libyan Stock Exchange to increase by 50 per cent

    Tripoli has given the go-ahead for four companies to float on the Libyan Stock Exchange in a move that will increase the number of companies listed on the market by 50 per cent.

  • Nuqul leases fleet to Aramex

    Nuqul Leasing has won a deal to lease a fleet of more than 50 units of Volkswagen, Caddy and Transporter vehicles to Aramex-Jordan. The deal includes full maintenance, insurance coverage, licensing, registration and a replacement vehicle.

  • Octal opens PET complex

    Octal Petrochemicals has inaugurated the first pahse of its integrated PET complex in the south-east city of Salalah. The facility produces PET sheet for consumer products packaging. The company's adjacent PET sheet and PET resins plant will start commercial operation in October.

  • Oil majors line up for Jordanian gas field

    At least four oil companies have submitted bids to Jordan's Energy & Mineral Resources Ministry for exploration of the Risha tight gas field in the northeast, with a contract due to be awarded by November.

  • Oil price passes $120-a-barrel due to US-Russia tension

    Oil prices shot up by more than $6 on 21 August as the market focused on renewed geo-political tensions between the US and Russia, stoking fears of a disruption to Moscow’s energy shipments.

  • Oil prices rebound as US inventories drop

    Oil prices rebounded strongly for a second day on 13 August, after US data released showed an unexpectedly large drop in crude oil and product stocks.

  • Oil prices rebound past $120 after Turkish pipeline explodes

    Oil prices began to rebound following a four week slide after Turkey said its 1 million barrel-a-day (b/d) Baku-Tbilisi-Ceyhan pipeline carrying crude to the Mediterranean from Azerbaijan would remain shut for at least two weeks following an explosion.

  • Oil prices steady as Gulf of Mexico storms near

    Oil prices remained near $120 a barrel on 28 August, with concerns over the potential impact of Tropical Storm Gustav in the Gulf of Mexico keeping prices up.

  • Oil services group secures finance for 12 ships

    GMMOS, the regional oil and gas and industrial services group, has secured a $46m Islamic loan to finance the acquisition of 12 new vessels for servicing offshore oil platforms.

  • Oman Air appoints VP

    Barry Brown has been appointed as VP Commercial for national carrier Oman Air. Brown will be responsible for all passenger and cargo revenue generation, distribution, marketing and sales functions.

  • Oman Air new call center line

    Oman Air announced it has moved its call center at Knowledge Oasis, serving 24 hours and 7 days a week. The new call center telephone number is 2453 11 11. Customer services include reservations, ticketing, Sindbad Frequent Flyer Programme, among others.

  • Oman issues tender for Sohar airport infrastructure

    Oman’s Transport & Communication Ministry is inviting selected firms to bid for the airfield infrastructure package at Sohar’s new airport.

  • Oman moves on next phase of Duqm airport

    The Ministry of Transport & Communication has invited companies to submit prequalification documents by 22 September for the airfield and infrastructure package at its planned Duqm airport.

  • Oman Shipping aims to raise $4bn for expansion plan

    Oman Shipping Company (OSC) is seeking to raise $4bn in new credit facilities to finance the ongoing expansion of the company’s fleet.

  • Oman Shipping to raise $4bn

    Oman's state shipping firm, Oman Shipping Company is planning to raise $4bn by year-end, Reuters has reported. The fund will be used to finance its proposed fleet expansion programme. The company aims to meet the demand for energy transportation by adding between 15 and 20 refined product tankers to its fleet.

  • OMAN TENDER: Airport development

    Development of two international airports. Closing date: 3 November 2008

  • OMAN TENDER: By-pass road construction

    Construction of a by-pass road. Closing date: 22 September 2008

  • OMAN TENDER: Dam construction

    Construction of dams. Closing date: 15 September 2008

  • OMAN TENDER: Design and construction of headquarters building at Al-Ansab

    Design and construction of headquarters building at Al-Ansab. Closing date: 6 October 2008.

  • OMAN TENDER: IWPP advisory services

    Provision of advisory services for new independent water and power projects (IWPPs). Closing date: 22 September 2008

  • OMAN TENDER: Link road construction

    Construction of link roads to temporary bridges. Closing date: 18 August 2008

  • OMAN TENDER: Ministry headquarters building

    Construction of a new headquarters building for a ministry. Closing date: 15 September 2008

  • OMAN TENDER: Track road construction design (Rebid)

    Design of the construction of a track road. Closing date: 22 September 2008

  • Omran extends closing date for Duqm hotel contract

    The Oman Tourism Development Company (Omran) is extending the closing date for bids to build a hotel at Duqm by two weeks to 25 August.

  • Omran invites firms to bid for construction of Duqm hotel

    The Oman Tourism Development Company (Omran) has invited contractors to bid by 11 August for the contract to build a new hotel at Duqm.

  • Orascom Construction reports record second quarter results

    Orascom Construction Industries (OCI), Egypt’s largest construction firm by market value, has reported record second quarter results.

  • Outbound travel from UAE up 20%

    Outbound travel from the UAE surged 20% this summer compared to the same period last year, according to the Sharjah National Travel & Tourist Agency (SNTTA). The most popular destinations were Malaysia and Thailand in the Far East, and the United Kingdom, France and Germany in Europe. Zafar Imam, General Manager, SNTTA, said the key factors that governed the choice of destinations were costs, security and availability of halal meals.

  • Palm Utilities to start operations

    Palm Utilities, a wholly owned subsidiary of Istithmar World will begin its operations by the end of August to provide complete turnkey operations to the 2nd phase of Discovery Gardens and the Palm Jumeirah Trunk developments. The Palm District Cooling will utilise treated sewage effluent in the cooling process wherever water resources are scarce and expensive.

  • Paltel increases profits by 53 per cent

    Paltel, the monopoly telecoms operator in the West Bank and Gaza, increased its net profits by 53 per cent in the first six months of 2008, as the company enjoyed its fastest growth in years.

  • Panda increases revenues by 46 per cent in Saudi Arabia

    Saudi Arabian supermarket group Panda increased revenues by 46 per cent to SR2.2bn ($586m) in the first half of 2008, as consumers in the kingdom continued to increase their spending.

  • Petrofac starts Tunisian gas production

    The UK’s Petrofac has started commercial production of gas and condensate from the Chergui field in Tunisia as part of a $100m joint venture with state oil company, Entreprise Tunisienne d’Activites Petrolieres (Etap).

  • Petrofac to build Egyptian gas train

    Egypt's Khalda Petroleum Company has awarded the UK’s Petrofac a design, engineering and procurement contract to build a fifth gas processing train at its natural gas plant at Salam in the Western desert.

  • Petropars invites invites bids for South Pars 12 rig

    Oil development firm Petropars, a subsidiary of National Iranian Oil Company, has invited bids for an offshore drilling rig as part of ongoing exploration work on phase 12 of the South Pars gas field.

  • Petro-Rabigh delays consultancy award again

    The local/Japanese Rabigh Refining & Petrochemical Company (Petro-Rabigh) has again delayed the award of the consultancy contract covering the second-phase expansion of its integrated refinery and petrochemical complex at Rabigh on the Red Sea coast.

  • Piloting the Airbus A380

    Capt Patrick De Roeck, Project Pilot A380, Emirates Flight Operations, the pilot of the Emirates A380 delivery flight tells us what it is like to fly the plane and also talks about the training process for pilots moving upto to the A380 from other Airbus jets.

  • Platinum Two to rise in Dubailand

    ACW Holdings has recently launched its new freehold serviced apartment building, Platinum Two in Dubai. The property is located in Arjan, Dubailand positioned for the tourist market. Platinum Two is ACW Holdings' fourth project specifically designed as a pure investment product offering investors revenues generated from rental that is calculated and divided on a per square foot basis.

  • Plus Properties awards Reem island contract to Taahud

    Local developer Plus Properties has awarded the local Taahud General Contracting Company a AED400m contract to build the SkyGardens project on Reem island in Abu Dhabi.

  • Prequalification starts for Libyan oil harbour

    Azzawiya Oil Refining Company has invited local and international companies to prequalify for a major new contract to build an oil facilities harbour at Azzawiya, 45 kilometres west of Tripoli on the northwest coast.

  • Pricing revealed on Mumtalakat $500m loan

    National Bank of Bahrain (NBB) is hoping to secure a $500m syndicated loan for Bahrain’s sovereign wealth fund, Mumtalakat, at margins of 130 basis points over the London interbank offered rate (libor).

  • Qatar Airways delays Houston service

    Qatar Airways is delaying the launch date of its flights to Houston from November 10 to December 8, due to a shortage of aircraft, reported the Peninsula. The Houston sector will be served by Boeing 777-200 LR (Long Range) aircraft, the first of which is expected to be delivered in November.

  • Qatar Islamic Bank to raise sukuk

    Qatar Islamic Bank (QIB) is mandating ABN Amro and Standard Bank to arrange a new sukuk issue.

  • Qatar Petroleum awards seismic deal on Dukhan oil field

    Qatar Petroleum (QP) has awarded a $140m deal to French firm CGS Veritas for a 3D-seismic survey of its ageing Dukhan oil and gas field.

  • Qatar Petroleum buys controlling stake in vinyl firm

    Qatar Petroleum (QP) has bought a further 29.7 per cent stake in Qatar Vinyl Company (QVC) for $136m from Norway’s Norsk Hydro, giving it a majority shareholding in one of the state's major downstream petrochemicals projects.

  • Qatar Petroleum tenders Mesaieed infrastructure

    Qatar Petroleum (QP) has invited companies to bid by 14 September for the contract to rebuild roads and infrastructure in Mesaieed.

  • Qatar sets bidding deadline for Mesaieed cracker work

    The three contracting groups bidding for the contract to provide technology and build the new mixed-feedstock cracker at Mesaieed have been given until 28 September to submit their commercial bids.

  • QATAR TENDER: Interconnects and overhead line EPIC services

    Provision of EPIC services for the upgrade of interconnects and overhead lines. Closing date: 7 September 2008

  • QATAR TENDER: Marine hoses

    Supply of marine hoses. Closing date: 7 September 2008

  • QATAR TENDER: Road construction

    Carrying out road improvement works. Closing date: 26 August 2008

  • QATAR TENDER: Training centre construction

    Construction of a new training centre. Closing date: 28 September 2008

  • QATAR TENDER: Triethylene/ monoethylene supply

    Provision of stocking and supply of triethylene and monoethylene glycol on a call-off basis. Closing date: 31 August 2008

  • Qatari contractor to build School of Foreign Services

    The local Midmac Contracting has been awarded an the $165m contract to build the School of Foreign Services, at Education City in Qatar.

  • Qatari Diar signs $1bn rail contract

    Qatari Diar Real Estate Investment has signed a $1bn contract with Deutsche Bahn for a national rail project, reported The Peninsula. The project will include a high-speed rail link between Doha and Bahrain.

  • Rabat invites bids for pipeline work

    State-owned Office National des Hydrocarbures et des Mines has invited local and international contractors to submit bids by 17 September for a contract to provide cathodic protection services on its Korimat-Youssoufia gas pipeline.

  • Radisson SAS opens in Dubai Marina

    The Rezidor Hotel Group has opened the doors to its Radisson SAS Residence in Dubai Marina. The 20-floor property has 152 apartments including 22 studios and 130 one and two bedroom suites. The property is owned by Kuwaiti real estate developer, Abyaar.

  • Rakeen to raise $300m

    Rakeen, the Ras al-Khaimah owned property company, is seeking a $300m syndicated loan in the firm’s first attempt to tap the international banking market.

  • Ras Laffan C reaches financial close

    Financial close on the $3.5bn Ras Laffan C independent water and power project (IWPP) reached financial close on 5 August, after being hit by delays in finalising the documentation and the addition of a $250m Islamic finance tranche.

  • Red Sea-Dead Sea project studies get under way

    Work on the World Bank-backed Red Sea-Dead Sea conveyance project is going ahead despite an alternative plan for a canal to link the two seas, proposed by Israeli tycoon Yitzhak Tshuva.

  • Reem Island's road network on track

    Work on the main 25-kilometre road network that will criss-cross Abu Dhabi's 870-hectare Reem Island is on schedule, according to Tariq Hatim Sultan, CEO of Bunya. The road system is going to be unique in many ways, he said, as some 6m cubic metres of dredged infill are being used to create a series of raised roads more than five metres above sea level. This will enable utilities such as power, water, telecommunications, and sewerage corridors to be quickly and easily installed and ready for

  • Regional bourses enter cyclical downturn

    Was this the week that the Middle East's stock markets entered a cyclical downturn? All the major markets lost money with Egypt's Case 30 index registering the largest fall of 7.4 per cent to end the week at 8,223 points. The index has now lost 31 per cent of its value since its peak of 11,935 points on 5 May.

  • Revised prices submitted for Jubail ethylene dichloride plant

    Revised commercial prices were submitted in mid-August for the contract to build an ethylene dichloride (EDC) complex planned by the local Arabian Chlor Vinyl Company at Jubail.

  • Rezidor's Missoni to open in 2009

    Rezidor Group has announced that it is expecting the Middle East share of the portfolio of operational hotels to grow to 17% by the end of 2009, from 11% currently. The group announced new properties are scheduled for Dubai and Kuwait - where the first Hotel Missoni will open in early 2009. Rezidor has launched 15 hotels during the first seven months of this year.

  • Riyadh delays tenders for railway from Mecca to Medina

    The Saudi Railways Organisation (SRO) has delayed issuing the first package of tenders for the high-speed rail link between Mecca and Medina until the end of August.

  • RJ passenger numbers rise 18%

    Royal Jordanian transported 278,000 passengers in July compared to 236,000 during the same period last year, an increase of 18%, the carrier said. The airline attributed the growth to its increased flight frequencies, which rose 5% from 2817 flights in July 2007 to 3244 flights last month. The airline's seat factor in July reached 81%, up 5% over July 2007.

  • Rolls Royce inks waterjet services deal

    Rolls-Royce has signed an agreement with Abu Dhabi Ship Building that will further improve customer service for Kamewa waterjets in the Arabian Gulf region. Rolls-Royce has already provided Kamewa FF550 waterjets for 12 Amphibious Transport Boats (ATBs) and 4 Fast Supply Vessels built by ADSB for the UAE Navy and UAE Coast Guard. The new Waterjet Service Centre will offer naval customers a proactive service that will add value to their operations, by bringing together the manufacturers of the

  • Royal Commission issues Jubail site preparation tender

    The Royal Commission for Jubail and Yanbu has issued a tender for the site preparation works at Mutrafiah, part of the Jubail 2 industrial area.

  • Royal Jordanian flies to Kiev

    Royal Jordanian (RJ) has launched today its nonstop flights between Amman and Kiev, Ukraine. RJ will operate the Embraer 195 aircraft between the two cities, departing from Amman on Sundays and Wednesdays, and from Kiev on Mondays and Thursdays. The trip between Amman and Kiev lasts three-and-a-half hours.

  • Royal Jordanian posts JD3.1m loss

    Royal Jordanian has incurred net losses of around JD3.1m as against JD1.9m during the same period of last year. The airline however, posted 33% increase in operational revenues, registering JD315m this year as against JD236m in the same period the past year.

  • RTA builds Dhs400m bus depot

    Dubai's Roads and Transport Authority has announced it is constructing a Dhs400m public bus depot at Al-Rawiyya. The station is set to provide comprehensive services such as bus lining up yard, maintenance workshops, and supply services.

  • RTA launches double decker buses

    Three 81-seater, double-decker buses were introduced by the Roads and Transport Authority on the Dubai-Sharjah route, Khaleej Times has reported. The buses commence their journeys from Al Ghubaiba (Bur Dubai) bus station and drop passengers at the Al Jubail and Al Rolla bus stations in Sharjah.

  • RTA launches new address system

    The Dubai Roads and Transport Authority (RTA) has launched th trial phase for a new addressing and directional signs system in Dubai, which adopts building numbers, and road and zone names as a base rather than district names displayed on directional signs. The aim is to aid motorists in finding locations with smooth and easy access.

  • RTA pursues contractor

    Dubai's Road and Transport Authority has announced that it has taken legal action against a contractor responsible for subway excavations that have caused a service road off Shaikh Zayed Road, between interchanges 2 and 3, to collapse into the ground. The road has been sealed off by police.

  • RTA receives hybrid taxis

    The Roads & Transport Authority (RTA) has recently received 10 Toyota Camry cars fitted with hybrid engines from Al-Futtaim Motors in Dubai to join the fleet of RTA Dubai Taxi vehicles. The vehicles will be on a road test for six months.

  • Salalah tourists reach 2 million

    The 48-day annual Salalah Tourism Festival which concludes today has recorded about two million domestic as well as foreign tourists, Times of Oman has reported. The festival has witnessed The festival witnessed a number of religious, cultural, economic, recreational, social and sports activities, as well as specialised marketing, and consumer exhibitions.

  • Sama adds Asiut, Beirut routes

    Sama Airlines has launched two new international routes between Riyadh-Asiut and Dammam-Beirut, starting from 1st of September 2008. Sama's network has now increased to cover 10 international cities with 23 international routes departing from Riyadh, Dammam, and Jeddah.

  • Sama Dubai hires Trent Jones II

    Sama Dubai has appointed golf course architects Robert Trent Jones II to design the scenic 18-hole championship course at the Salam Yiti Resort-Oman. The golf course is set to open in 2010. International Golf and Leisure Services will operate the golf course as well as the marina at Salam Yiti.

  • Sama ties up with Safi Airways

    Sama Airlines has signed a bilateral commercial agreement with Safi Airways to offer more choices for travel to the customers of both airlines. The agreement seeks to serve Safi Airways passengers in its daily flights between Dubai and Kabul onward travel on Sama's Saudi domestic and international network via Sharjah.

  • Sama to expand international network from September

    Sama Airlines is expanding its international network with the launch of two new routes from 1 September this year.

  • Samarah resort contract awarded

    The Dead Sea Touristic and Real Estate Investment Company, a venture of Emaar Properties PJSC and a group of regional and Jordanian investors has awarded a construction contract to Engineering Enterprises Company (EEC), for Samarah Dead Sea Resort. EEC will construct three buildings in Rift Living, a key component of Samarah Dead Sea Resort.

  • SAUDI ARABIA TENDER: Drinking water bottles

    Provision of drinking water bottles. Closing date: 25 August 2008

  • SAUDI ARABIA TENDER: Housing construction

    Construction of housing for doctors. Closing date: 14 October 2008

  • SAUDI ARABIA TENDER: Materials and equipment transportation

    Transportation of materials and equipment in the south. Closing date: 20 August 2008

  • SAUDI ARABIA TENDER: Road construction

    Construction of roads at an air defence battalion area. Closing date: 31 August 2008

  • SAUDI ARABIA TENDER: Sports centre

    Construction of a sports centre. Closing date: 21 September 2008

  • SAUDI ARABIA TENDER: Substation construction

    Construction of Mutrafiah substation. Closing date: 21 October 2008

  • SAUDI ARABIA TENDER: Villa construction

    Construction of villas. Closing date: 12 October 2008

  • SAUDI ARABIA TENDER: Water network

    Completion of a water network. Closing date: 23 August 2008

  • Saudi Aramco delays Karan gas bids

    Saudi Aramco has delayed the deadline for technical and commercial bids for a platforms and pipelines package at its Karan gas field.

  • Saudi Binladin wins deal to build Dubai aquatic centre

    Saudi Binladin Group has been awarded the estimated AED1.1bn ($300m) design and build contract for an aquatic sports centre in Dubai. It will be used to host the World Swimming Championships in April 2010.

  • Saudi firm eyes agriculture abroad

    Saudi Arabia is planning to set up a SR2bn holding company focused on agriculture overseas, within two months time, Arab News has reported. The new company which will be a partnership between the public sector and domestic private companies seek to ensure adequate and cheap food supplies in Saudi Arabia.

  • Saudi Fransi to raise $300m new loan

    Banque Saudi Fransi has appointed Calyon, Intesa Sanpaolo, RZB, Sumitomo Mitsui Banking Corporation and WestLB as bookrunners to syndicate a new $300m loan for the Saudi bank.

  • Saudi Hollandi to finalise $195m financing for Jubail scheme

    Saudi Hollandi is close to finalising a $195m Islamic project financing facility for the $289m Arabian Amines petrochemicals development in Jubail by the Al-Zamil Group.

  • Saudi iron prices fall

    A group of contractors and builders who recently boycotted iron in Saudi Arabia has brought the prices down by around SR500 per ton, Arab News has reported. Iron factories and retailers had to lower prices, which had reached an unprecedented SR5,400 per ton. The kingdom's Ministry of Commerce and Industry has begun inspecting prices in the market in a bid to curb spiraling costs of iron.

  • Saudi surprise helps the Tadawul produce a positive performance

    If the Saudi Arabian authorities thought that shares would go up if they allowed foreign investors into the market, they were right. Saudi Arabia's Tasi index was the only major market in the Middle East to generate a positive return this week, gaining 3.4 per cent over the week.

  • Saudi Telecom to sell shares in Kuwaiti division on 22 August

    Saudi Telecom's new subsidiary in Kuwait will offer 25 per cent of its shares to Kuwaiti investors from 22 August, in advance of its flotation on the Kuwait Stock Exchange later this year.

  • Sawiris relinquishes role as chairman of Mobinil

    Naguib Sawiris has relinquished his position as chairman of Mobinil, the Egyptian mobile phone operator that is 34.6 per cent owned by the Sawiris-dominated Orascom Telecom.

  • Schneider sets up centre for hotels

    Schneider Electric has opened a Hotel Competency Center in Jebel Ali Free Zone to offer various solutions for the hotels vertical in the building segment. Solutions include integrated solutions in building management systems, office, audio, IP TV and phone, CCTV and security solutions, UPS, and power solutions.

  • Schon awards Dubai Lagoon work to Belhasa

    Local developer Schon Properties has awarded the local Belhasa Engineering & Contracting a AED1.7bn ($463m) contract to build zones three and six at the Dubai Lagoon project at Dubai Investments Park.

  • Sharjah looks into logistics city

    Momentum Logistics, a new third party logistics (3PL) company owned by Gulftainer is planning to set up a logistics city in Sharjah. The 700,000 sqm. development will be known as International Logistics City and will house distribution centres, warehouses, transportation park, container freight station, container repair workshop, self storage facilities, offices, personnel accommodation blocks and a food court.

  • Shaw wins Ruwais refinery tech deal

    The US’ Shaw Group has won the contract to provide its proprietary technology for the world’s largest residue fluid catalytic cracking unit at the grassroots expansion of the Ruwais refinery planned by Abu Dhabi Oil Refining Company (Takreer).

  • Shell confirms Empty Quarter hydrocarbons find

    South Rub Al Khali (Srak), a 50:50 joint venture between the UK/Dutch Shell Group and Saudi Aramco, has confirmed the discovery of a hydrocarbons system in Saudi Arabia’s Empty Quarter.

  • Silver Air gears up for UAE

    Silver Air has selected Jordan Aircraft Maintenance Limited to finalize all the preparation work required on Silver Air's Boeing 737-200 aircraft in order to register them in the UAE. JorAMCo will perform a C check on each aircraft at JorAMCo's facility in Queen Alia International Airport.

  • Simplex wins Dubailand tower contract

    India’s Simplex Infrastructures has been awarded the main construction contract for the AED1.3bn ($360m) G-Emporium project at City of Arabia in Dubailand.

  • SkyCargo upgrades cool chain

    Emirates SkyCargo has launched an innovative low-cost, light weight, breathable and reusable protective 'White Cover' designed for the shipment of temperature sensitive cargo during door to door transport. The technology has been developed in a team up with a leading US research institute and is exclusive to SkyCargo.

  • Sonatrach extends pipeline bid deadline

    State energy company Sonatrach has extended the technical bid deadline by more than a month to 7 October for the project to build a gas pipeline between Hassi R’Mel and Skikda on the northeast coast.

  • Sonatrach makes three gas discoveries in Algeria

    State energy company Sonatrach has announced three new gas discoveries in the south of Algeria.

  • Sri Lanka eyes ME travelers

    A high level travel delegation from Sri Lanka is to meet with prominent countries in the Gulf including UAE and Qatar in a bid to attract increased leisure traffic. During the four-day visit between 24th and 27th August, the delegation will meet large scale hospitality industry operators including tour operators and travel agencies. Sri Lanka recently reported a surge in tourist industry arrivals, especially from the Middle East, which registered an increase of 80.6% in comparison with 2007.

  • Sri Lanka seeks ME travellers

    Sri Lanka is taking a number of steps to attract the growing number of travellers from the Middle East, reported Gulf News. Marketing strategies have included promoting Sri Lanka on Al Jazeera television, media familiarisation trips for the regional media and setting up a tourism promotion bureau in Dubai. Air connectivity with the region over the last few years has also grown with more than 100 flights a week to the island nation.

  • Star Cruises opens office in Dubai

    Star Cruises Group, the leading cruise line in the Asia-Pacific, and the third largest cruise operator in the world, has recently opened its office at the Dubai Airport Free Zone. The new office will facilitate work on promoting cruises in Asia Pacific, Mediterranean, Europe and America. It services the passengers and travel agents in the Middle East and East Africa.

  • StatoilHydro makes Algerian gas discovery

    Norway’s StatoilHydro has made its second gas discovery in a month in the Hassi Mouina area in the south of Algeria.

  • StatoilHydro suspends involvement in Iran energy projects

    Norway’s national oil company, StatoilHydro, has joined Russian oil major Lukoil in suspending its work on the Anaran oil field in Iran but has not ruled out making future investments in the country.

  • Steel prices drop 15% in UAE

    Steel prices have dropped around 15% in the UAE since the end of July, Reuters has reported. A tonne of reinforcing steel bar fetched around $1,400 on Sunday, down from around $1,650 in last week of July, according to dealers.

  • Strong results for Aramex in H1

    Aramex announced its net profits for the first half of 2008 climbed by 18%, posting Dhs74.6m from Dhs63.4m compared to the corresponding period the past year. During this period, Aramex has introduced hybrid cars into its ground fleet and adopted eco-friendly packages across all operations.

  • Suez awarded Addur water and power project

    A consortium of Belgium’s Suez Energy International and Gulf Investment Corporation has been awarded the contract to build, own and operate the $2bn Addur independent water and power project (IWPP) in Bahrain

  • Suez Canal dredging to meet revised deadline

    Dredging work to deepen the Suez Canal remains on a revised schedule to be completed by early 2009, according to canal officials.

  • Suez selected for Addur water and power plant

    A team of Belgium’s Suez Energy International and Kuwait’s Gulf Investment Corporation has been awarded the preferred bidder status on Bahrain’s Addur independent water and power project (IWPP) and is expected to sign an agreement for the plant within weeks.

  • Sulb seeks financing for Bahraini steel project

    Jeddah-based Steel Rolling Mill Company (Sulb) is seeking bank support to finance a $1bn steel project in Bahrain, structured by Gulf Investment Corporation (GIC).

  • Syria forms aviation group with Kuwaiti backers

    Syria has joined forces with Kuwaiti investors to form a new aviation group, Loloa Aviation.

  • Syria receives 32% more tourists

    Syria received 512,346 visitors in July compared to 388,806 in the same month last year, an increase of 32%, reported Bloomberg. Tourists visiting Syria spent $2bn in the first seven months of the year. The number of Arab tourists, excluding Iraqis, reached 372,454 in July, 34% more than the 277,747 visitors in the same month last year.

  • Tameer seeks proposals for high-rise project in Dubai

    The local Tameer Holding is inviting selected contractors to demonstrate their capabilities and suggest cost and time-saving measures for its AED5bn ($1.36bn) 125-floor tower on Sheikh Zayed road.

  • Tangier Med records 22 per cent rise in passengers

    Morocco's giant Tangier Med, one of the largest ports in the Mediterranean, recorded a 22 per cent jump in the number of passengers using the port during the key August holiday period, compared with the same period in 2007.

  • Taqa reports 150 per cent jump in profits

    Abu Dhabi National Energy Company (Taqa) has reported a 154 per cent increase in second quarter profits, reflecting gains from its acquisitions and the impact of higher oil and gas prices.

  • Taqa secures $3bn loan at low interest rate

    Abu Dhabi National Energy Company (Taqa) has signed a $3.15bn three-year revolving credit facility at 65 basis points over the London interbank offered rate (libor).

  • Tatweer seeking to expand globally

    Tatweer, a Dubai leisure developer and unit of Dubai Holding, is seeking to team up with some of the world's biggest theme park developers, including DreamWorks Animation, to expand outside the region, reported Reuters. Tatweer chief executive Khalid Malek said areas of interest include India, Morocco, and Egypt. The company is developing seven theme parks in Dubai, including Six Flags and Legoland.

  • Tatweer to build wellness resort

    Tatweer announced it will establish the Dubai Wellness Resort in Phase-II of Dubai Healthcare City (DHCC), costing Dhs3.68bn. The Dubai Wellness Resort will include a rejuvenation centre for cosmetic services; healing and health-centre for integrated medical services; active-lifestyle centre as sports medicine facility, and healthy-living residences for eco-friendly living. It will also offer a healthy-lifestyle retail district in the town centre and 7-star luxury hotels.

  • TDIC signs deal with Troon Golf

    Abu Dhabi-based Tourism Development and Investment Company has signed a strategic technical services and operations alliance with Troon Golf, the world's largest upscale golf course management, development and marketing company. The alliance aims to drive a 'best-in-class' golf destinations network encompassing the entire emirate of Abu Dhabi, according to a press statement.

  • Technical proposals submitted for Jebel Ali gas terminal

    Technical bids have been submitted for the contract to build a liquefied natural gas (LNG) regasification terminal at Jebel Ali. Commercial prices are due to follow in mid-September.

  • Telecom Egypt increases net profits despite falling revenues

    Telecom Egypt, the country's monopoly fixed-line operator, increased its net profits by 15 per cent during the first six months of 2008, despite a small decline in revenues.

  • Terrible week for stock markets makes strong case for summer break

    Every major stock exchange in the region registered substantial losses in early August, lending weight to the old market trader's adage of 'sell in May and go away'.

  • The Address to manage The Palace

    The Address Hotels & Resorts will assume the management and operations of The Palace, The Old Town hotel within Downtown Burj Dubai, formerly managed by Sofitel of the Accor Group. The current branding of The Palace, The Old Town will continue with The Address Hotels & Resorts managing all operational aspects.

  • Tipping point nears for Gulf inflation

    Trends this summer suggest that relief may be forthcoming by the winter for businesses and employees struggling with GCC inflation.

  • Top hotels vie for City of Arabia

    City of Arabia owners, Ilyas & Mustafa Galadari Group announced it is taking its time to pick the best in the industry before signing the management contract for the 500-room five-star hotel property being built at City of Arabia in Dubai. The company will rely on family experience in the hotel business to make sure the operator will have the best service standards.

  • TUNISIA TENDER: Electricity connectors

    Supply of low-tension electricity connectors. Closing date: 15 October 2008

  • Tunisian group attracts Canadian government investment

    Tunisia's largest conglomerate, Poulina Group Holding, has attracted investment from a private equity fund set up by the Canadian government.

  • UAE bank loans outpace deposit growth

    Consumer loans in the UAE have grown by 46 per cent in the past 12 months, as high inflation and negative real interest rates make it more attractive to borrow than save.

  • UAE construction grows by 25 per cent in 2007

    The construction industry in the UAE grew by more than 25 per cent during 2007 to contribute AED58.3bn ($15.8bn) to GDP, according to figures released by the Central Bank of the UAE.

  • UAE TENDER: Reservoirs construction

    Construction of 120 million-gallon reservoirs. Closing date: 15 September 2008

  • UAE TENDER: Store construction

    Construction of stores. Closing date: 31 August 2008

  • UAE TENDER: Substation construction engineering consultancy

    Provision of engineering consultancy services for the construction of a substation. Closing date: 24 August 2008

  • UAE TENDER: Transformer online dehydration plant

    Supply of a vacuum separator-type transformer online dehydration plant. Closing date: 4 September 2008

  • UAE TENDER: Warehouse construction

    Construction of warehouses. Closing date: 18 September 2008

  • UAE theme park spend to hit $62bn

    The total investments in UAE theme parks is projected to exceed Dhs228bn ($62bn) by 2012, according to CMPi UAE organisers of Middle East Attractions, Amusements, Parks, Leisure and Entertainment International Trade Exhibition (MEAAPLE). Prominent theme parks currently under development in Abu Dhabi & Dubai include Warner Bros and Ferrari theme parks in the capital and Dubailand, a multi-billion dollar enclave of 24 theme parks, four and a half times the size of Manhattan, which will be the M

  • UK court freezes bank accounts of Consolidated Contractors Company

    Consolidated Contractors Company (CCC) has had 15 bank accounts frozen by the UK High Court, as part of a long-running breach of contract case brought by Palestinian businessman Munib Masri.

  • United Holdings sells stake to investment firm

    Dubai-based investment firm United Holdings has bought a 46 per cent stake in Dubai-based construction company BRM for an undisclosed amount.

  • Veolia and Besix seek finance for Abu Dhabi wastewater contract

    France’s Veolia and Belgium’s Besix are looking to raise $400m by January for two wastewater treatment plants in Abu Dhabi emirate.

  • Virgin Atlantic to use SkyChain

    Virgin Atlantic has signed a deal to implement SkyChain, an end-to-end IT cargo management system developed by Mercator, a Dubai-based business technology provider and Emirates Group subsidiary. The system will be implemented in Virgin Atlantic Cargo headquarters in Crawley, England, to be used by their staff and appointed partners globally. Mercator plans to complete implementation by the end of April 2009.

  • Wataniya chooses SabreSonic service system

    Wataniya Airways, the recently launched Kuwaiti airline, has chosen the SabreSonic solution, a new-generation customer sales and service system from Sabre Airline Solutions. The agreement allows Wataniya Airways to launch its operations in January 2009, as originally intended, and reservations are expected to be taken from November 2008 onwards, according to a statement.

  • Wataniya increases profits after Qtel takeover

    Kuwaiti telecoms operator Wataniya has returned to growth with a 66 per cent increase in its net profits to KD25m ($94.7m) between April and June, a year after it was taken over by the Qatari operator Qtel.

  • Wataniya signs lease deal for A320s

    Kuwait's Wataniya Airways, which plans to start operations in January, has signed a deal to lease three Airbus A320 planes from Dutch aircraft leasing company AerCap. The three aircraft have been leased for nine years as of 2010. The new aircraft would double the size of Wataniya's fleet plans to six planes.

  • West Bank buys record volume of water from Israel

    The West Bank and Gaza purchased a record 49.4 million cubic metres of water from Israel National Water Company (Mekorot) in 2007, at a cost of NIS129m ($37m).

  • White House needs new approach to nuclear Middle East

    As America's longest presidential race enters its final lap, neither John McCain nor Barack Obama appear ready to admit that US policy towards Iran has delivered the worst of all worlds.

  • Wonderland to get Dhs615m revamp

    Dubai's Wonderland theme park is to undergo a Dhs615m makeover to turn it into a smaller UAE version of Disneyland, Business 24/7 has reported. Work will begin this month and completion is due in 2010. The scheme will involve the creation of rides, water attractions, hotels, restaurants, shops and spas.

  • Work on Amman airport road to begin in September

    Work on the JD71m ($100m) Queen Alia Airport road will begin in September, according to Sami Halasa, secretary general of Jordan's Public Works and Housing Ministry.

  • World Bank launches Morocco energy study

    The World Bank has issued an invitation for expressions of interest for consulting services to develop an energy supply strategy for Morocco.

  • 'Yearly' license for new drivers

    The Dubai Roads and Transport Authority said it will be issuing driving licenses in Dubai in future valid only for one year only to ensure that a driver behaves on the road, Gulf News has reported. The licenses will be renewed only after reviewing a driver's performance. RTA said a driver will have to take a driving test or go back to driving school if he/she commits major traffic offenses, such as jumping red signals, causing a major accident or being involved in road rage, and having accumu

  • YEMEN TENDER: Market rehabilitation

    Rehabilitation of a market. Closing date: 14 September 2008

  • YEMEN TENDER: Water management equipment

    Supply of equipment for a water management project. Closing date: 24 September 2008

  • Yemeni private power report due in October

    The International Finance Corporation (IFC), a division of the World Bank, is expected to complete its study on how Yemen should proceed with independent power projects (IPPs) by October, according to an industry source.

  • Zain increases profits by 400 per cent in Iraq

    Zain, the Kuwaiti telecoms giant, increased its net profits at its Iraqi subsidiary by almost 400 per cent in the first half of 2008.

  • Zain to launch $4.5bn rights issue

    Zain, the Kuwaiti mobile phone giant, has announced that its $4.5bn rights issue will be launched on 17 August.

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