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MEED
August 2010 Online Content

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  • Iran to launch first initial public offering on 17 August

    Dana Insurance will offer a 5 per cent stake

  • Iran's Dana Insurance initial public offering raises $14m

    Investors buy 5 per cent stake in nine minutes

  • Kuwait extends bid deadline for university project

    Submission date for construction contract is moved to 29 August

  • 83% of UAE nationals connected to the internet

    According to a survey by the UAE Telecoms Regulatory Authority (TRA), internet connection penetration in households has reached 66% among the total population in the country, while penetration rates among nationals is 83%, Khaleej Times has reported. The research showed 74% of UAE households have at least one computer, while 72% of the UAE population aged between 15 and 74 used the internet in the last 12 months, although not necessarily from home.

  • AA Properties to develop villas on The World

    Dubai-based broker and developer, AA Properties has announced plans to build luxury villas and houses on The World, as it targets wealthy foreign buyers, Bloomberg has reported. The firm will award a construction contract worth between Dhs200m ($54m) and Dhs300m to Arabtec to build 12 beach villas on Taiwan Island, priced at $8.2m to $9.5m, as well as three houses. Power and water on the islands will be provided using gas generators and desalination facilities, AA Properties partner Jeroen va

  • Aabar Investments to convert to private joint stock company

    Shareholders of Abu Dhabi's Aabar Investments have approved its conversion to a private joint stock company and subsequent delisting, Reuters has reported. The delisting, set to take effect on September 1, will mark the first delisting of a local firm from the Abu Dhabi bourse. Aabar's portfolio includes stakes in Italian banking giant UniCredit and Virgin Group's space travel unit Galactic.

  • Aabar Investments to convert to private joint-stock company

    Subsequent delisting due for 1 September

  • Aabar posts H1 profit of $55m

    Aabar Investments has posted a first-half profit of Dhs202m ($55m), Bloomberg has reported. The firm said its real-estate portfolio grew to Dhs9.4bn in the three months up to June 30 from Dhs8.57bn in the first quarter, while construction has begun on a number of plots. The firm recently held an extraordinary shareholders' meeting to seek approval for a share delisting.

  • Aabar to close $2bn loan in early August

    Abu Dhabi firm secures loan despite calls for state guarantee

  • Aaron Shum Jewelry opens office in Dubai

    Hong Kong-based jewellery wholesaler, Aaron Shum Jewelry has announced the opening of its Middle East headquarters in Dubai to meet the growing demand from the region. The new office-cum-showroom will offer retail customers a collection of jewellery and time pieces. "With the opening of our Middle East headquarters in Dubai, we are consolidating our presence here and will embark on a focused regional expansion strategy," said Aaron Shum.

  • ABB wins $20m Saudi Petrochemical contract

    Saudi Petrochemical Co (Sadaf) has awarded ABB a $20m contract to implement a power factor correction and power management solution at the company's Jubail manufacturing complex. ABB's contract is a lump sum turnkey project which includes the construction of a new substation for installation of power factor correction equipment and the supply of a power management solution to be integrated along with existing high and medium voltage electrical system into the plant's electrical grid. The powe

  • ABB wins Al Muneera contract

    Aldar has awarded ABB a $4.5m contract to design and install four state-of-the-art substations for the Al Muneera Apartment project. As part of the turnkey contact, ABB will be responsible for the design, engineering, supply, installation, testing and commissioning of four 22/0.4kV substations. The substation contract includes twenty-four 2000 kVA transformers, forty-eight 22 kV air-insulated switchgear panels, telecommunications equipment, DC systems and a host of medium- and low-voltage cab

  • ABC Islamic Bank posts H1 results

    Bahrain's ABC Islamic Bank has reported a net profit of $1.4m for the first half-year of 2010. The Shariah-compliant lender posted a $0.4m in net loss for the second quarter compared to profit of $1.8m in the first quarter, primarily due to impairment provisions. Impairment provision of $2.9m was taken during the quarter, $2.2m higher than the previous quarter.

  • ABG posts H1 profits

    Bahrain-based Al-Baraka Banking Group (ABG) has reported a 3% increase in net income for the first six months of 2010 to $95m, Arab News has reported. Net income during the second quarter fell to $47m, compared to $49m recorded in the corresponding quarter of 2009. Total operating income for the period rose 2% to $307m from $302m a year earlier.

  • Abu Dhabi bans junk food in schools

    The Abu Dhabi Food Control Authority (ADFCA), in collaboration with the Health Authority-Abu Dhabi (HAAD) and the Abu Dhabi Education Council (ADEC) has issued revised guidelines regarding the type of food school canteens can serve, Khaleej Times has reported. The move is part of efforts to improve children's health by adopting healthy eating habits at school, in addition to more physical activities. According to the new rules, junk foods, soft drinks, foods high in fat and sugar and processe

  • Abu Dhabi bourse adds 0.42%

    The ADX General Index closed at 2,506.29 points, recovering from heavy losses at the beginning of the week as the benchmark closed 10 points higher compared to the finish of last week. National Bank of Abu Dhabi (NBAD), the emirate's largest lender, added 1.79% and finished at Dhs11.45. Its rival First Gulf Bank closed 0.36% lower at Dhs13.95.

  • Abu Dhabi bourse bucks global worries, adds 0.55%

    Driven by gains in the energy and construction sector, the ADX General Index ended 0.55% higher on Sunday at 2,485.40 points. Dana Gas surged 2.63% to Dhs0.78. Gulf Cement Co. (up 9.74% at Dhs1.69) topped the list of gaining shares. Shareholders of government-related Aabar Investments approved today to delist the 9.1%-Daimler shareholder from the ADX and transform it to a Private Joint Stock Company. Aabar reported also a net profit attributable to shareholders for the half year of Dhs202m.

  • Abu Dhabi bourse decline continues

    The ADX market failed to join the general positive trend at GCC markets and ended 0.64% lower at 2,511.45 points, falling for the fourth consecutive trading day. Real estate bellwether Aldar Properties weakened to Q1 2009 levels at Dhs2.15 (down3.67%). Green Crescent Insurance Co. topped the charts, gaining 9.43% to Dhs0.58. Its rival Sorouh Real Estate added 0.60%, finishing at Dhs1.64. Abu Dhabi National Energy Co., dubbed Taqa, (Arabic for energy) bucked the trend by gaining 0.83%, ending

  • Abu Dhabi bourse dips a quarter percent

    Weak real estate share weighed on the ADX General Index (off 0.25% at 2,502.93 points). Industry bellwether Aldar Properties was the most liquid stock, finishing 0.90% down at Dhs2.17. Qatar Telecom (Qtel) added 0.94% at Dhs161.00. According to Dubai-based Gitex Technology Week, global mobile applications sales and downloads are forecast to reach US$15.65 billion by 2013 and Middle East operators and device manufacturers are preparing for a telecoms windfall. Seven shares advanced, six ended

  • Abu Dhabi bourse ends unchanged

    Amid a lack of news, the ADX General Index closed flat at 2,494.55 points. Dana Gas was the most liquid share in relation to trading volumes, as the Sharjah-based energy firm finished 1.30% higher at Dhs0.77. Former telecom monopolist Etisalat weakened by half a percent and closed at Dhs10.

  • Abu Dhabi bourse gains insignificantly

    With only a few significant movements being seen, the Abu Dhabi market ADX ended 0.05% higher at 2,495.70 points. The exchange's heavyweights ended on a mixed note, such as Aldar Properties (up 0.47% at Dhs21.3) or Dana Gas (down 1.28% at Dhs0.76). Eleven shares gained in value, 11 ended flat and seven stocks declined.

  • Abu Dhabi bourse loses 0.03%

    Abu Dhabi's ADX market closed nearly unchanged at 2,505.58 points in a lackluster trading session. Shares of Sharja Islamic Bank (SIB, up fiver per cent at Dhs0.85) topped the list of gaining shares, while heavyweights Aldar Properties and Dana Gas ended flat at Dhs2.20 and Dhs0.77, respectively. Energy bellwether Taqa dipped 0.82% at Dhs1.21 after oil prices declined to around $73 last week on mixed economic data in the United States. Reaseach firm CPM Group said on Sunday that "if investors

  • Abu Dhabi brokerage firm to close

    Hatim el-Atabani, managing director of Abu Dhabi-based brokerage Makaseb Islamic Financial Services, has requested the UAE's market regulator to freeze operations for a year after volumes and stocks slumped, Reuters has reported. "The decision was taken mainly due to the drop in market liquidity, which has affected the industry drastically," he told the news service. "We thought it would be unwise to continue operations and incur losses, especially when we don't see a turnaround happening soo

  • Abu Dhabi Department of Transport appoints Fluor for management consultancy services

    Abu Dhabi Department of Transport (DoT) has signed an agreement with Fluor Corp for the firm to provide programme management consultancy services for the emirate's integrated public transportation network, Gulf News has reported. The mass-transit system is in response to the emirate's anticipated growth in coming decades. Integrating the network with the surrounding residential and commercial developments will be a focus of the project.

  • Abu Dhabi Department of Transport concludes training programme

    Abu Dhabi's Department of Transport (DoT) has concluded its training internship programme for students studying transport engineering at the Higher College of Technology (HCT) who have been awarded the DOT Scholarship, Wam has reported. Thirty students have participated in the summer programme which covered all aspects of maritime surface and land transport sectors including highways, public transport and road project design and engineering, among other topics.

  • Abu Dhabi extends tender deadline for Louvre

    Bid deadline for main package is extended to 30 October

  • Abu Dhabi Health Services welcomes private sector competition

    Abu Dhabi Health Services Co (Seha) has welcomed competition from the private sector as it will benefit patients and the community with improved facilities and services, Khaleej Times has reported. "Maybe we have a market share level that is too high to have good competition, and maybe it needs to be balanced a little more. The private sector should step up to the plate and take some of this fast growing market. But the key word is take, we're not going to lay down and let them have it, they

  • Abu Dhabi International Airport reports 9.2% passenger traffic increase

    Passenger traffic through Abu Dhabi International Airport has increased 9.2% for the month of July 2010, compared to the previous year. For the first time in the airport's history, more than one million passengers travelled through the airport in any one single month. Aircraft movements increased by 10.1%, while cargo traffic increased by 12.3%, with a total of 36,755 tonnes transported through the airport.

  • Abu Dhabi market index recaptures 2,500 points

    The ADX General Index ended 0.19% higher at 2,500.62 points. Real estate heavyweights Aldar Properties (up 4.57% at Dhs2.34) and Sorouh Real Estate (gaining 2.52% at Dhs1.65) lifted the sentiment in particular. Most banks suffered losses, with First Gulf Bank (down 1.09% at Dhs13.65) and retail banking focussed Abu Dhabi Commercial Bank (0.60% lower at Dhs1.68) underperforming the sector index (off 0.17%). The ADX benchmark lost some five points over the week.

  • Abu Dhabi National Energy Company's profit jumps 160 per cent

    Profit driven by increases in capacity and commodity pricing

  • Abu Dhabi nominal GDP down 18%

    According to preliminary data published in the Abu Dhabi Statistics Centre's yearbook, the emirate's economy shrank 18% in nominal terms in 2009, but analysts attributed much of the drop to lower oil prices and said real activity may not have shrunk by that amount, Reuters has reported. Nominal gross domestic product fell to Dhs546.476bn ($148.775bn) last year from Dhs666.732bn in 2008, the data showed. Analysts have said the emirate managed moderate growth in real terms last year.

  • Abu Dhabi plans to raise oil output capacity

    A report by Abu Dhabi's Department of Economic Development has said the country aims to increase its oil production capacity to 3.5 million barrels per day (bpd) by 2018 from the current 2.7 million bpd, Reuters has reported. The report also estimated the UAE's proven oil reserves at 98.2 billion barrels, slightly higher than the 97.8 billion number released by the Organization of the Petroleum Exporting Countries (OPEC) earlier this year.

  • Abu Dhabi real estate shares rebound

    The ADX General Index added 0.15% higher and clsoed at 2,509.28 points, mainly due to gains at real estate heavyweight Aldar Properties (up 1.36% at Dhs2.23) and Ras al-Khaima (RAK) Properties. Gulf News reported today that Aladar plans to deliver residential units of the Dhs55bn mixed-use Al Raha development "in the coming weeks". Abu Dhabi National Energy Corp., dubbed Taqa, dipped 1.65% lower at Dhs1.19 due to uncertainties in the oil market. Oil prices gained slightly and traded 0.35% hig

  • Abu Dhabi to open two new private schools

    The Abu Dhabi Education Council (Adec) has provided two buildings that were vacated by public schools to become private institutions, Gulf News has reported. The first, named the 6th of August, will be located in Muroor Street and will be targeted mainly at former students of Pioneer's International. The second, the Saad Bin Obaidah School, is in Bani Yas, which will mainly cater to students in the vicinity, in addition to students who attended Azhar Palestine School, Al Sahaba Private School

  • Abu Dhabi to open vocational centre

    A new vocational centre is to be set up in Abu Dhabi, following a decree by General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince, Gulf News has reported. The centre will be financially and administratively subordinate to the executive council and will aim to boost training and educational opportunities and develop human resources plans for the sector. The new centre will also be responsible for setting standards, conditions and controls for vocational and technical education an

  • Abu Dhabi: Consultancy services

    Consultancy services for food safety document preparation

  • ACC to build Jordan's tallest tower

    The Rotana hotel tower is part of the Abdali Urban Regeneration project

  • ACC wins tallest building in Jordan contract

    Lebanon-headquartered Arabian Construction Co (ACC) has been awarded a Dhs342m ($93m) contract by Abu Dhabi's Emirates Tourism Investment (ETI) to build the Rotana Hotel Tower in Amman, Jordan. ACC is the general contractor, and will oversee the tower's structural and façade cladding, architectural and civil works, mechanical, electrical and plumbing (MEP), back of house (BOH), interior finishes and external works. Upon completion in 2013, the tower will be the tallest building in the kingdom

  • Accor planning huge expansion

    Hospitality chain Accor plans to almost double the number of hotels in its global portfolio to 7,000 in the next seven years, the Financial Times has reported. The €1.4bn expansion plan includes boosting the presence of the world's fourth-largest hotel group in North Africa in Algeria, Morocco and Egypt with its Sofitel, Ibis, Novotel and Formula 1 brands.

  • ADEC opens scholarships registration

    Abu Dhabi Education Council (Adec) has said that registration has opened for its local higher education scholarship programme for the 2010-11 academic year. The programme is open to UAE nationals who have scored 85% and above on their General Secondary Certificate or its equivalent at private schools. The scholarship is aimed at attracting students interested in pursuing degrees in a number of different subjects.

  • ADEC to integrate 20 government schools

    The Abu Dhabi Education Council (Adec) has announced plans to integrate 20 government schools and open 11 new school buildings in the UAE capital for the academic year 2010-2011. The schools are located in Abu Dhabi, Al-Ain, and Al-Gharbia.

  • ADIB reveals Al Khair repayments postponement

    Abu Dhabi Islamic Bank (ADIB) has announced a four-month postponement of monthly installments for customers who subscribe to its 'Al-Khair' refinancing programme during Ramadan. Al-Khair is ADIB's Shari'ah-compliant repayment plan through which customers can transfer all their conventional bank liabilities to ADIB. As part of the offer, customers who subscribe to ADIB's 'Al-Khair' programme during Ramadan can defer their monthly installments by 90 to 120 days.

  • ADIB signs Sheikh Zayed Housing Programme MoU

    Abu Dhabi Islamic Bank (ADIB) has signed a memorandum of understanding (MoU) with Sheikh Zayed Housing Programme (SZHP) to provide banking services and incentives to the programme's employees. Under the agreement, ADIB will also provide special discounts on all financing solutions provided to all SZHP employees at competitive profit rates. In the first half of 2010, the SZHP signed 10 MoUs.

  • ADNOC denies increase in UAE gasoline prices reports

    Local media reports about a new increase in gasoline prices in the UAE have been denied by Abu Dhabi National Oil Co (ADNOC Distribution), Wam has reported. The company which dismissed the reports as "completely false" said that no official of the company has spoken on the issue.

  • ADNOC in Korea talks over oil stockpiling

    Abu Dhabi National Oil Co has signed a preliminary agreement with state-run Korea National Oil Corp to cooperate on energy exploration and stockpiling of crude oil, Bloomberg has reported. They two firms will form a team to study the possibility of oil and gas exploration in Abu Dhabi and will discuss a plan for Abu Dhabi National to use storage facilities owned by KNOC.

  • Adnoc looks to cut term naptha delivery

    Abu Dhabi National Oil Co (Adnoc) is seeking to shorten its term naphtha delivery period to three months from 12 starting October, but buyers considered its price offers too high in an oversupplied market, Reuters has reported, citing oil traders. "Adnoc is looking to sell around 1 million tonnes of naphtha for October 2010 to September 2011 delivery, but they are facing high supplies because several of the buyers had either previously cut their term volumes or dropped their contracts for oth

  • Adnoc to temporarily close Ruwais units

    Abu Dhabi National Oil Co (Adnoc) plans to shut its two gasoline units at its 415,000 barrels per day (bpd) Ruwais refinery for a month starting in September, which could lead Adnoc to import 150,000 tonnes of gasoline, Reuters has reported, citing traders. The state-owned company cancelled a tender last week to buy 180,000 tonnes of gasoline, and would instead issue a tender to import 150,000 tonnes of gasoline, the traders added. The Ruwais plant, the largest in the world's third-largest oi

  • ADTA reports 29% more Saudi tourists visiting Abu Dhabi

    Abu Dhabi Tourism Authority (ADTA) has said the number of tourists from Saudi Arabia has grown 29% in the first five months of this year over the same period last year to 18,601 guests in the emirate's 116 hotels and hotel apartments, Arab News has reported. "We are convinced we can significantly build on this performance over the coming months," Dayne Lim, ADTA product development director said.

  • Aecom acquire Davis Langdon

    US-based firm will acquire UK consultancy firm for $324m

  • Affordable housing market in MENA region worth $125m annually

    A.T. Kearney has estimated the affordable housing market in the MENA region to be worth as much as $125m annually. In Saudi Arabia, it is thought there is an annual shortage of 150,000 units and in Egypt of 280,000 units. Many regional developers are revising plans for high-end mixed-use projects to incorporate more affordable residential space, and more can be expected in this area, the firm said. "To succeed in the middle-income markets in the Gulf region, government agencies and developers

  • Agility auditors warn of US contract suspensions

    Auditors of Kuwait's Agility have said that a long-term suspension of US contracts could have a material impact on government-related businesses of the logistics firm, Reuters has reported. "Prolonged suspension could have a material impact on the group's government related business and may result in the associated assets being impaired," Ernst and Young and Kuwait's Albazie and Co said in a report.

  • Agility Q2 profit down 52%

    Kuwait-based Agility has posted a 52% drop in second-quarter profit to KD18.1m ($63m) from KD38m in the year-earlier period, Bloomberg has reported. Total assets were valued at KD1.6bn at the end of June, Agility said, without providing further details.

  • Agthia inks franchise deal with Yoplait Group

    UAE-based Agthia Group has signed a franchise agreement with France-based Yoplait Group for exclusive rights to manufacture and distribute fresh dairy products under the Yoplait brand, starting in the UAE and expanding eventually in the rest of the GCC. Agthia will start manufacturing and distribution of Yoplait branded products by the end of 2011.

  • Air Arabia reports passenger increase from Sharjah hub

    UAE-based low-cost carrier, Air Arabia has said passenger traffic between its main hub in Sharjah and other GCC destinations grew 16.8% to 551,041 in the first half of 2010, compared to 471,828 in the same period last year. The airline recorded an average seat load factor of 81.8% during this period with a total of 83 flights per week to nine destinations in the GCC.

  • Air Arabia reveals net profit decline

    Air Arabia's Q2 net profit has fallen 44% to Dhs50m ($13.6m) from Dhs90m in the corresponding period in 2009. The Sharjah-based carrier said the decline was due to increase in fuel costs and continued pressure on yield margins. Turnover during the period rose 6% to Dhs485m compared to Dhs458m a year earlier, while passenger numbers climbed 11% to 1.1 million in the period.

  • Air Arabia sees 44 per cent drop in second quarter profits

    The carrier made a net profit of AED50m in the second quarter of 2010

  • Airbus expects over 50 Middle East aircraft orders

    Airbus is on track to secure orders for over 50 aircraft in the Middle East and North Africa in 2010, Reuters has reported. "Experience is showing the fast recovery is there, and it is faster than expected," Habib Fekih, Airbus's president for the Middle East, told the news service in Cairo. "Traffic is growing, demand is back." The plane maker had been working with two scenarios for regional orders this year, a conservative scenario of around 50 planes and a more bullish hypothesis for 70 to

  • Ajman Bank losses shrink 28% in H1

    Ajman Bank has said its losses in the first half of 2010 decreased 28% to Dhs15.968m, compared to Dhs22.170m for the corresponding period last year. Total assets grew 42% to Dhs2.595bn at the end of June 30, 2010, from Dhs1.5bn for the corresponding period last year. Customer deposits also rose to Dhs1.425bn during the period from Dhs786.65m at the end of December 31, 2009.

  • Ajman municipality launches cheaper Ramadan foods scheme

    The municipality of the emirate of Ajman has launched an initiative to reduce the price of food items during Ramadan by 50%, Khaleej Times has reported. The initiative started on Saturday in Ajman Carrefour, Lulu Hypermarket, Safeer Mall, Makkah Markets, Al Hoot Shopping Centre and Al Mayalal's Shops, offering discounted products carrying the logo of the municipality. The move follows complaints from the public about an increase in prices of food items during the holy month.

  • Al Ain: Medical Equipment

    Hospital medical equipment

  • Al Ansari to launch mobile branch

    UAE-based Al Ansari Exchange has unveiled plans to launch a mobile branch, the region's first roving branch that provides 'Wage Protection Scheme' (WPS) to labourers. The Mobile Branch is equipped with state-of-the-art wireless technology to facilitate real time, 24/7 connection with the head office. It is also networked with the UAE central bank.

  • Al Baraka Egypt posts 57% H1 net profit increase

    Al Baraka Egypt Bank has posted a 57% increase in first-half net profit to EGP65.6m ($11.5m), Reuters has reported. The Shari'ah-compliant lender, in which Bahrain's Al Baraka Banking Group (ABG) has a controlling stake, revealed in May its net profit had more than tripled in the first quarter to EGP44m. The bank is expected to buy a stake in Malaysia's Bank Muamalat by the end of 2010 and also plans to open a representative office in Libya.

  • Al Hilal to launch Ramadan auto finance offer

    Al Hilal Bank has unveiled new auto financing services during the month of Ramadan. The Shari'ah-compliant offer includes deferring payment until January 2011, a profit rate of 3.99% for new cars and 4.99% for used cars for up to six years. The deal also includes zero-down payment, free vehicle registration, and Takaful car insurance with a starting rate of 3.5%.

  • Al Jaber Aviation receives Airbus A318 Elite

    Airbus has announced that Abu Dhabi's Al Jaber Aviation (AJA) has become the first Middle East customer to offer Airbus aircraft for VVIP charter flights, following the delivery of its first A318 Elite. The company has three more A318 Elites and two Airbus Corporate Jetliners (ACJs) on order. The A318 Elite can accommodate up to 19 passengers.

  • Al Jaber LEGT opens new factory in Dubai

    Al Jaber LEGT Engineering and Contracting has opened a new factory at the machinery and equipment zone of Dubai Industrial City. With five manufacturing/processing divisions including rebar, formwork, MEP, ceiling and partition as well as facilities management divisions, the new facility aims to serve the projects undertaken by the construction division of the parent company ALEC.

  • Al Jazeera Finance eyes retail market expansion

    Qatar-based Islamic finance firm, Al Jazeera has unveiled plans to launch a group of consumer products for individuals, Gulf Times has reported. A variety of products for individuals have already been designed including financing vehicle, home, home equipment and furniture purchases. Al Jazeera is also working on new offers aimed at assisting clients meet their education, holiday and travel finance, wedding and event-related expenses.

  • Al Nouran Holdings gets approval to build sugar plant

    Ashraf Mahmoud, chief executive of Egyptian sugar trader Al Nouran Holdings, has announced plans to set up a 1-million-tonne sugar plant in the northeast of the country, Bloomberg has reported. "We have obtained all the licenses," he said. "Now, we're just waiting to finalize the loan." Construction of the EGP1.9bn ($334.5m) hybrid beet-sugar mill and raw sugar refinery will begin by November this year and production at the facility is due to start in 2013.

  • Al Rajhi Bank edges closer to opening Jordan branch

    Saudi Islamic lender Al Rajhi Bank is to launch its Islamic banking operations in Jordan within the coming two months, Jordan Times has reported. The bank has to open its first branch in the kingdom before the end of November this year, as regulations by the central bank of Jordan stipulate that newly licensed banks must start operations within one year of the date the licence was given. Al Rajhi recently appointed a general manager for the bank, while it is still looking for suitable premise

  • Al-Bakra signs ICD Islamic Finance deal

    Bahrain-based Al-Baraka Banking Group has signed a memorandum of understanding with the Islamic Corporation for the Development of the Private Sector (ICD) to jointly provide Islamic financing services, Arab News has reported. As part of the agreement, the two parties will organise the invest surplus liquidity and exchange information relating to increasing awareness of the Islamic products.

  • Alcatel-Lucent wins Saipem communications contract

    French telecoms company to install network at Algerian gas project

  • Aldar Properties downgraded by Moody's

    Downgrade reflects weak financials and local property market

  • Aldar reveals Al Raha Gardens Village centre details

    Abu Dhabi property developer, Aldar has announced a number of retail kiosks operated by Al Raha International Integrated Facilities Management supplying basic goods through the Abela supermarket group will open this September at three locations across Al Raha Gardens. The project's Village Centre will comprise a 2,300 sq m community shopping centre as well as a range of coffee shops and restaurants including Jones the Grocer, Zyng Asian Grill and an Arabic restaurant for which terms are being

  • Aldar shares recover at Abu Dhabi bourse

    Shares of Abu Dhabi real estate leader Aldar Properties rebounded 2.13% to Dhs2.16, after the stock shed 16% during the first week of August. The ADX General Market Index ended 0.11% lower at 2,508.62 points amid weak turnover. First Gulf Bank (FGB) closed flat at Dhs14. The bank announced today details of its shares buyback transaction on August 9, 2010 which was approved by the regulator on November 3 2008. FGB bought so far 35.45m shares back for the price of Dhs14.00 each.

  • Alec opens new factory in Dubai

    Construction contractor opens facility that will make building materials for projects

  • Alexandria Cement sees H1 profit increase

    Egypt's stock exchange has announced that Alexandria Cement has posted a 13% increase in first-half net profit to EGP286.5m ($50.32m) from EGP253.3m a year earlier, Reuters has reported. Last month, the firm received a green light to raise EGP2.45bn in a rights issue, making it possible for it to sell a 16% stake to International Finance Corp for €80m ($104.6m).

  • Algeria tenders transmission line contracts

    Bids to be submitted by 27 September

  • Algeria: Bulldozer parts

    Supply of spare parts for bulldozers

  • Algeria: Electrical switchboard components

    Supply of components for switchboards

  • Algeria: Gas pipeline route study

    Provision of a study to plan the route of a gas pipeline

  • Algeria: Ironmongery products

    Supply of ironmongery products

  • Algeria: Minibuses

    Supply of 10 minibuses

  • Algeria: Switchboard components

    Supply of components for public switchboards

  • Algeria: Tractors

    Supply of 10 agricultural tractors

  • Alitalia resumes Jordan services

    Alitalia has resumed its services to Jordan following a six-year hiatus, Jordan Times has reported. The Italian airline will launch four weekly direct flights from Rome to Amman, operating its Airbus 320 family. The airline flies to several other Middle East destinations including Cairo and Beirut.

  • Al-Jaber Aviation receives first Airbus A318 Elite

    The jet seats up to 19 passengers

  • Alsalam repair station has certification renewed

    The US Federal Aviation Administration (FAA) and Saudi Arabia's General Authority of Civil Aviation (GACA) have renewed the certification of a major aeronautical repair station of Riyadh-based Alsalam Aircraft Co, Arab News has reported. Alsalam's customer base includes Saudi Arabian Airlines, Royal Saudi Air Force, National Air Services (NAS) and Saudi Aramco.

  • Ameco signs five year agreement with Sunridge

    Dubai-based Ameco Medical Equipment has signed a $6.5m five-year agreement with US-based Sunridge International for distribution rights in several Middle Eastern countries. As part of their marketing strategies, Ameco will initiate a short study to involve local opinion leaders with first-hand experience of Pneumatic Trabeculoplasty (PNT), and to facilitate government reimbursement for the procedure within the region. PNT is non-invasive treatment for glaucoma and ocular hypertension.

  • American University in Dubai offers MSU students first year scholarships

    The American University in Dubai has announced an offer of first year scholarships and course repeating provisions to Michigan State University (MSU) Dubai students. The move follows a decision by MSU last month to phase out its undergraduate programme in the UAE due to "low student enrollment and economic difficulties." The move gives students a chance to continue their studies at an American accredited university in Dubai.

  • Apicorp reports $47m first half profit

    Profits up by 95 per cent on 2009

  • Arab Bank Group posts 11.7% decrease in H1 profits

    Jordan-based Arab Bank Group has posted $303.261m in first-half net profits, down 11.7% from the same period last year, Reuters has reported. Net revenues in the period grew slightly to $904m from $898m in the same period last year, the kingdom's largest lender said in a statement.

  • Arab Banking Corporation

    The bank specialises in wholesale banking, with a focus on trade finance, syndication and project finance, and operates across over 20 countries.

  • Arabian Perfumes Group to increase UAE retail outlets

    UAE-based Swiss Arabian Perfumes Group has unveiled plans to increase the number of its retail outlets across the country from 56 to 70 by the end of this year. The firm has a total of 107 retail outlets across the GCC, including the recently launched Sharjah Cooperative - Dibba outlet.

  • Arabtec reports net profit loss

    Dubai-based Arabtec has said its net profit for the second-quarter dropped 40% to Dhs111.1m ($30.25m), compared to a net profit of Dhs183.9m in the same period last year, Reuters has reported. Profit for the first six months of the year fell 29% to Dhs245.6m compared to a net profit of Dhs345.1m in the same period of 2009. Arabtec is currently attempting to expand overseas to diversify its work away from Dubai.

  • Aramco invites contractors to express interest in Jeddah sports stadium

    Saudi Aramco has invited contractors to prequalify for the contract to build a 60,000 seat stadium and four other construction packages at its $10bn King Abdullah Sports City development near Jeddah, Meed has reported. Covering an area of 9 sq km, the project includes the 60,000-seat main stadium, indoor arena, grand mosque and outdoor athletics stadium, sports academy, sports medical centre, residential complex for athletes, outdoor football pitches, aquatic centre, women's sports complex, a

  • ArcelorMittal to complete $670m steel plant deal

    Saudi steel project nears financial close

  • Arvand Petrochemical Complex set to come on stream

    Iraj Me'marian, the managing director of Iran's Arvand Petrochemical Complex has said the Arvand Petrochemical Complex, which will soon be officially inaugurated, will be the Middle East's largest polyvinyl chloride (PVC) producer, the Islamic Republic of Iran News Network reported. Located in Mahshahr, southwest of Iran, the €1bn ($1.32bn) complex will have an annual production capacity of over 240,000 tonnes of polyvinyl chloride (PVC), 660,000 tonnes of caustic soda, 340,000 tonnes of viny

  • Attackers of ship in Iraqi waters apprehended

    The two men boarded an American cargo ship on 8 August and stole the crew’s possessions

  • Baby Gap recalls coats over safety issue

    Mounia, the operator of Gap stores in the UAE has recalled Duffle Coats and Toggle Coats over a potential safety problem with the garments, Emirates Business has reported. The coats have plastic toggle fasteners that may break and separate, posing a potential choking hazard to young children. Consumers who return these garments will receive a 25 per cent discount on any one regular priced item, the company said.

  • Baghdad scraps signing-on fees for gas bid round

    International oil companies will not be asked to pay signing-on fees for first gas licensing round

  • Bahrain bank's Turkish unit closes in on $100m loan

    Bahraini bank raising cash cash for Turkish unit

  • Bahrain bourse ends slightly lower

    The BSE benchmark index weakened on Thursday, as profit taking dragged the market 0.31% lower to 1,409.12 points. Islamic bank Ithmaar lost 6.9% (at $0.135), after its shares hit a seven-week high on Tuesday. Arab Insurance Group plummeted 9.80% to $0.46.

  • Bahrain contractor to build $200m steel plant

    Ahmed Mansoor Al-A’ali Company plans 500,000-t/y steel mini-mill at Hidd

  • Bahrain Duty Free H1 net profit up 13.5%

    Bahrain Duty Free has said that its net profit for the first six months of 2010 grew by 13.5%, with a 9.6% year-on-year rise in consolidated sales, according to website DFNI. Spend per passenger was up by 5.3%, consolidated passenger penetration rates rose by 3.3%, transaction numbers increased by 6.1% and consolidated transaction values rose 2%. All categories with the exception of music performed strongly compared with 2009, according to the retailer, with electronics and fashion showing th

  • Bahrain exchange defiant of Moody's downgrade

    The Bahrain Stock Exchange (BSE) in Manama extended its step-by-step recovery as it ended Monday 0.39% higher at 1,424.27 points thanks to gains in the banking and insurance sector. Rating agency Moody's Investors Service downgraded Bahrain's sovereign rating to "A3" from "A2". Moody's sees "gradual but significant rise in the breakeven oil price" for Bahrain's national budget", along with a "relatively modest level of official financial assets" in the Kingdom. Nevertheless Manama plans to op

  • Bahrain exchange surges to 14-week high

    The Bahrain Stock Exchange (BSE) closed 0.70% higher at 1,434.25 points due to gains in the banking sector. United Gulf Bank surged 6.15% to BD0.380. Al Baraka Banking Group, a 100% Sharia-compliant bank, ended flat at $1.490. Al Baraka, one of the oldest regulated Islamic banks announced that it plans to expand to Saudi Arabia depending approval of the Saudi regulator. It also reached an MoU with the Islamic Corporation for the Development of the Private Sector.

  • Bahrain market only GCC gainer on Wednesday

    The Bahrain All Share Index gained insignificantly and closed at 1,409.19 points. Shares of Ithmaar Bank surged 4.55% to $0.115. Bahrain based leading Islamic banking group, Al Baraka Banking Group (ABG) ended flat at $1.49. ABG reported that net income increased by 3% to reach $95m and total operating income by 2% to reach $307m in the first six months of 2010. The bank continued to expand carefully and launched operations in Syria with the establishment of Al Baraka Bank Syria. The capital

  • Bahrain plans new industrial city

    Bahrain is planning a new industrial city similar to Saudi Arabia's Jubail Industrial Zone, according to Industry and Commerce Minister Dr Hassan Fakhro. He said his ministry will select the winning bidder to build the site in a few days.

  • Bahrain says it has no plans to ban Blackberry

    Bahrain's Telecommunications Regulatory Authority (TRA) has reiterated it has no intention of blocking Blackberry services in the kingdom. The TRA "has issued no directions to licensees requiring the blocking of BlackBerry or other services," the watchdog said in a statement.

  • Bahrain Securities and Investment Co Q2 profit down 80%

    Bahrain's Securities and Investment Co has said its second-quarter net profit plunged 80% to BD252,000 from a profit of BD1.28m for the previous quarter. The firm said it was affected by a drop in its trading revenues, in addition to a lack of client activities particularly in investment banking during a particularly volatile second quarter. However, net profit for the first six months of the year rose 64% to BD1.532m from BD935,000 for the first half of 2009.

  • Bahrain Stock Exchange gains half a percent

    Manama's stock market continued ist recovery and closed 0.50% higher at 1,407.87 points. Bahrain Telecommunications Co. (Batelco) finished 2.80% higher at BD0.550. Gulf Finance House (GFH) closed unchanged at $0.14, contrary to the Dubai Financial Market where its shares gained 3.65%. GFH announced today it has reached formal agreement with the German WestLB syndicate for a S$100m Murabaha Facility Agreement. The agreement is for a two year period with an additional one year term at GFH's opt

  • Bahrain sugar plant on schedule

    Bahrain-based Arabian Sugar Co (ASC) has said work on its $150m (BD56.7m) sugar manufacturing plant in Hidd is gathering pace, Gulf Daily News has reported. The 585,000-tonne a year factory is being set up within Bahrain Industrial Investment Park and is to be managed by the UK-based sugar technology and engineering firm Sugar Knowledge International. "The deficit of white sugar produced in the region compared to the demand has led to ASC signing more off-takes with leading sugar wholesalers

  • Bahrain to crack down on unregistered mobile subscribers

    Bahrain's Telecommunications Regulatory Authority (TRA) has instructed the three mobile licensed operators to properly register all prepaid mobile subscribers in the kingdom. The existing unregistered prepaid mobile subscribers will have until September 26, 2010 to register and complete their personal details, after which the unregistered mobile lines will be suspended.

  • Bahrain to create tourism watchdog

    Bahrain's culture ministry is preparing a law to set up a tourism authority in the kingdom, as part of plans by the supreme committee of tourism to regulate the sector, Gulf Daily News has reported. The watchdog will be in charge of the tourism sector, operating as an independent entity under the ministry. The 10-member authority will comprise three members representing hotels and travel and tourism agencies and the remaining will represent government bodies.

  • Bahrain: Construction of four new houses

    The construction of four new houses in Awali for Bahrain Petroleum Company (Bapco)

  • Bahrain: Management of People Excellence Awards

    Development and management of People Excellence Awards

  • Bahrain: Management of youth business centre

    Management of youth business plan competition and web-based resource centre

  • Bahrain: Medical equipment

    Supply of medical equipment

  • Bahrain: Provision of windows and doors

    Provision of aluminium windows and doors for Bapco housing

  • Bahrain: Vehicle lease

    Short term vehicle hire for Bahrain Petroleum Company

  • Bahrain: Vehicles

    Supply of vehicles

  • Bahrain's Al Baraka eyes Saudi market through acquisition

    Bahrain's Al Baraka has announced plans to enter the Saudi market through an acquisition, Reuters has reported. The Islamic lender did not disclose the name of the Saudi company it is planning to buy, saying it would disclose further details upon gaining official approval. "The group is in the process of obtaining approval from Saudi authorities to enter the kingdom this year through acquiring one of the companies operating in the Saudi market," the lender said in a statement.

  • Bahrain's GFH plans to increase capital base by $300m

    Bahrain's Gulf Finance House (GFH) has announced plans to increase its capital base by $300m, and asked the Bahrain bourse to suspend trading in the stock until August 23, Reuters has reported. The capital raise will be the Islamic investment firm's second in less than a year as it looks to boost its liquidity position.

  • Bahrain's Investcorp to delist from London stock exchange

    Firm will offer investors $4.76 per share

  • Bahrain's NFH sees net profit increase

    Bahrain-based National Finance House (NFH) has posted BD472,000 ($1.25m) in net profit in the first half of 2010 compared to BD470,000 during the same period last year, Gulf Daily News has reported. Total income rose by 4% to reach BD1.1m and the total of interest received increased by 6% to reach BD1.5m.

  • Baiji resumes production following shutdown

    Iraq's state-owned North Refineries Co has said that its Baiji oil refinery has resumed production and is looking to boost production levels to 80% to make up for losses after a temporary shutdown, Reuters has reported. The stop in work was due to an electrical fault caused by overloading of the grid. The refinery normally operates at 70% of its production capacity. North Refineries Co, which operates the refinery, has a capacity of 300,000 barrels per day (bpd).

  • Bank Audi acquires majority stake in Arabeya Online

    Lebanese lender Bank Audi has acquired 90% of online brokerage Arabeya Online from the firm's chairman and majority owner Naeem Holding. Arabeya Online, which mainly serves retail and day traders, had transactions worth more than EGP18bn ($3.2bn) in 2009. Hisham Tawfik, chairman of the online brokerage, will hold the remaining 10%. Bank Audi did not disclose the value of the deal.

  • Bank of Sharjah closes $150m loan facility

    Bank of Sharjah has closed a $150m club term-loan facility, which exceeded by 50% the initial target amount of $100m. The loan, which will be used for general corporate purposes, is the first term loan to be closed by a bank based in the GCC region since the financial crisis and reflects growing demand for sound investment-grade assets in the region, the lender said.

  • Bank of Sharjah secures $150m loan

    Deal increased in size after strong response

  • Banks line up for Medina airport project

    Bidders for Medina airport start to arrange bank support

  • Banks, real estate firms support Abu Dhabi bourse index

    The Abu Dhabi-based ADX General Index extended its step-by-step rebound by adding 0.34%, closing at 2,493.76 points. National Bank of Abu Dhabi (NBAD, up 2.73% at Dhs11.30) and National Bank of Umm Al-Qaiwain (NBQ, 9.33% higher at Dhs2.46) topped the charts, as well as UAE real estate firms (RAK Properties finished 2.63% higher at Dhs0.39). Eight shares advanced, nine ended flat while nine stocks declined in value.

  • Barclays to offer Islamic repurchase agreements

    Harris Irfan, head of Islamic finance products at Barclays Capital, the investment banking arm of Barclays, has said the UK-based lender is offering Islamic repurchase agreements to allow Islamic banks and investors to manage their funds, Bloomberg has reported. The product is aimed at clients in the Middle East and Malaysia. The Islamic repurchase agreements will be based on a Shari'ah-compliant sale and repurchase agreement and the underlying assets used as collateral, typically sukuk, will

  • Barwa Bank 'close to listing'

    Qatar's Shariah-compliant Barwa Bank is close to listing its shares on the Qatar Exchange, Gulf Times has reported. The bank is about to complete all the procedures and requirements for the listing operation and its board will set the right time for the listing, Khalid Al Sulaiti, chief executive of First Finance Co, a recently-acquired unit of Barwa Bank was quoted as saying.

  • Barwa Real Estate announces first half profit growth

    Qatar's Barwa Real Estate has said its first-half profit grew 33% after receiving government support to repay some Islamic finance obligations, Bloomberg has reported. Net income rose to QR498.4m ($137m) from QR374.2m in the year-earlier period. The developer recorded QR914.9m in gains after the government approved a request to free the company from obligations under Islamic financing contracts provided by Qatari banks and related finance costs.

  • Basra Sheraton to reopen in September

    Iraq's 400-room Basra Sheraton, which has been under redevelopment for the past six months, will be opened in mid September 2010, Aswat al-Iraq has reported. "The rehabilitation project has been executed by a local firm at a total cost of $55m," a local media source was quoted as saying. The building was heavily damaged during military operation in 2003.

  • Beltone downgrades rating of Egypt's Mobinil

    Rating of Egypt's MobiNil has been lowered by Beltone Financial to 'add' from 'buy', reflecting the mobile network operator's exceptionally weak operational performance amidst escalating competition in the market, Reuters has reported. "Due to the expected annual decline in revenues and the tightening margins, we expect net income to come under pressure, affecting the company's payout ratio, and its ability to distribute dividends, negatively," Beltone said.

  • Beltone Financial to invest in technical analysis traded equity fund

    Egyptian investment bank, Beltone Financial plans to invest EGP5m ($880,000) into a new open-ended equity fund that will make investments relying only on technical analysis, Bloomberg has reported. Beltone will issue shares in the fund, which will have a total initial investment of EGP10m, on August 29 through government-owned Banque Misr.

  • Bids invited for Saudi Arabia pipeline scheme

    Contracts cover the third phase of the Yanbu-Madina transmission system

  • Bids opened for Dubai water pipeline contract

    Local company submits lowest bid

  • Biotechnology University College inaugurated in Dubai

    The first educational institution in the region to offer biotechnology degrees has been inaugurated in Dubai. The Biotechnology University College (BUC) offers programmes that are accredited and licensed by the ministry of higher education and scientific research in the UAE. Furthermore, students will have the option to earn a second bachelor's degree in Biotechnology from State University of New York at Oswego in the US.

  • Blackberry maker defends handset

    Canadian manufacturer claims strong encryption is essential

  • BP plans more Libya offshore exploration work

    UK energy major looks for contractor to complete seismic surveys

  • Bridgestone, Towell open Oman tyre retreading facility

    Oman's Towell and Japanese tyre major Bridgestone have jointly opened a retread facility in the Sultanate, Times of Oman has reported. Located in Mabella, near Muscat, the new facility has a capacity to retread 26,000 tyres in two shifts, according to Shoichi Sakuma, president of Bridgestone Middle East and Africa.

  • British University in Dubai to offer postgraduate students taster courses

    The British University in Dubai has announced it will offer prospective MSc students a limited number of places on a choice of five taster courses in the next semester. Each taster course comprises six to nine sessions and will take place on one evening per week between September and November. The places on the taster courses are offered free of charge.

  • Byblos bank posts 15% rise in H1 profit

    Lebanon's Byblos Bank has said its net profit for the first six months of 2010 rose 15% to $72.4m, driven by growth in net interest income and net commission income. Total assets increased by 7.6% to $14.6bn compared with last year and customer deposits rose 8.8% to $11.2bn.

  • Canon and Sharaf DG introduce DSLR Zone

    UAE-based Sharaf DG and Canon Middle East have teamed up to launch a DSLR Zone, in response to the growing market trend of consumers upgrading from DSC to DSLR photography. The permanent stand at Times Square Mall will feature a range of Canon DSLR cameras, lenses and accessories as well as provide expert tips on DSLR photography.

  • Capital Intelligence raises OAB rating

    Capital Intelligence (CI) has raised Oman Arab Bank's (OAB) foreign currency ratings to 'BBB+' long-term and 'A2' short-term, from 'BBB' and 'A3' respectively, Times of Oman has reported. The rating upgrade reflects the firm's increased confidence that government support for the local banking sector will be high in case of need, the rating agency said.

  • Cass Business School introduces scholarship fund

    UK-based Cass Business School, which has a campus at the Dubai International Financial Centre (DIFC), has launched a new Middle Eastern scholarship fund designed to nurture the region's future business leaders. The new scholarship aims to build the leadership, management, financial and entrepreneurial skills in the region by funding the studies of talented, locally-based students through the Cass Executive MBA (EMBA) offered at DIFC.

  • China Harbour wins Yanbu waterfront work

    Contract will build phase 3 of Yanbu waterfront

  • Christian Louboutin boutique to open in Dubai

    Christian Louboutin is to open a boutique in Dubai's Mall of the Emirates Fashion Dome on September 1st. The opening will mark the first boutique of the designer's in the UAE and will offer styles for both men and women. The boutique will be the company's third in the Middle East after openings in Jeddah, Saudi Arabia and Beirut earlier this year.

  • Citadel Capital restructuring $145m loan

    Egyptian private equity firm also looks to raise its debt to $300m

  • Citigroup decreases Air Arabia estimates

    Share price target and earnings estimates for UAE-based budget carrier Air Arabia have been cut by Citigroup, following a disappointing second quarter and an expected fall in 2010 average ticket price, Reuters has reported. Citigroup lowered its price target on the stock of Air Arabia to Dhs1.15 ($0.3) from Dhs1.35, while EPS estimates for 2010 were reduced by 30% to Dhs0.0583. Average ticket price in 2010 is expected to fall by 2%, compared with its prior view of a 3% growth, the brokerage s

  • Citigroup downgrades First Gulf Bank to 'hold'

    Citigroup Inc has lowered First Gulf Bank to "hold" from "buy" citing deteriorating asset quality and exposure to the real-estate sector, Bloomberg has reported. "We see few positive catalysts for FGB shares in the near term," London-based analyst Simon Nellis wrote in a report. "Business activity remains sluggish, continued uncertainty over the impact of the Dubai World restructuring, and the bank's heavy exposure to property are all expected to continue to weigh on the shares."

  • Closing bell prevents Tadawul market from sellout

    With two gainers and 137 losing shares (five stocks ended flat), the Saudi Arabian Tadawul bourse witnessed one of its worst advance-decline ratio in the year, as the exchange's benchmark index TASI dipped 1.45% to 6,018.27 points. As oil prices dipped further on Monday, down 1.5% at around $71.86 as of the close of trading in Riyadh, energy and petrochemical shares weighed on the market. Bellwether Sabic plummeted 2.34%, finishing at SR83.50. Credit Suisse's research daily stated today: "At

  • Cloud computing set to drive server hardware spending

    IDC has said that the pursuit of cloud computing options will drive new spending on server hardware from $582m in 2009 to $718m in 2014. "Many IT decision makers are seriously considering cloud computing as a way to dramatically simplify their sprawling virtual and physical infrastructure," according to Katherine Broderick, research analyst, Enterprise Platforms and Datacenter Trends. "However, there is still some lingering apprehension over issues like integration, availability, security, an

  • CNPC group to start drilling at Iraq's Halfaya oilfield next September

    China's CNPC has said it plans, along with its partners Total and Petronas, to start drilling new wells next month in Iraq's Halfaya oilfield in an attempt to boost output to 70,000 barrels per day in 2011, Reuters has reported. The group is to drill three appraisal wells this year for which it already issued a tender and is now evaluating the bids, the CNPC executive, Yan Shihe told the news service.

  • Commercial Bank International reports net profit rise

    Dubai-based Commercial Bank International has reported a 3.3% rise in net profit for the first six months of 2010 to Dhs70.28m ($19.1m) compared to the same period in 2009. The lender also said its overall provisions declined 36.3% over the corresponding period in the previous year, mainly due to lower loan loss provisions. Loan loss provisions declined nearly 65% to Dhs31m from Dhs88m in the previous year.

  • Commercialbank of Qatar signs LMBS training agreement

    Commercialbank of Qatar has signed a strategic partnership with the London Metropolitan Business School (LMBS) aimed at establishing a new Doha-based Training Academy that will provide training and development opportunities to employees of the bank. The Training Academy, which will be supervised and developed by LMBS, will bring together professional development, certificate, diploma and eventually, masters programmes, tailored to the needs of the bank's management trainees and executive lead

  • Construction begins on $100m Dubai steel plant

    UAE-based BRC Arabia has broken ground on the first phase of a new $100m steel plant at the Dubai Industrial City, Meed has reported. The new plant will produce around 75,000 tonnes-a-year of steel rebar, steel mesh and drawn wire. It will be built on the edge of Dubai Industrial City, close to the Dubai-Abu Dhabi border. Phase I of the new plant will double BRC Arabia's current total capacity to around 150,000-t/y with a potential phase II increasing that further to 225,000-t/y.

  • Construction to resume on Jordan Gate twin towers

    Kuwait's Bayan Holding has signed an agreement with Qatar's Al Hamad Construction and Development Co, paving the way for construction at the Jordan Gate twin towers in Amman to resume soon, Jordan Times has reported, citing sources close to the project. Under the agreement, Al Hamad will receive $30m in addition to ownership of the south tower, which will be transformed into a five-star hotel operated by Hilton Hotels, the source told the daily, adding that the project is expected to be compl

  • Contractors encouraged to bid for Saudi Aramco offshore work

    Contractors have been invited to bid for offshore work at Saudi Aramco's non-associated gas fields feeding Wasit, the biggest gas plant built in the kingdom, Reuters has reported. The state oil giant invited contractors to bid for the onshore packages last month. Wasit, which is set to process up to 2.5 billion cubic feet per day (cfd) of gas from the Arabiyah and Hasbah offshore fields, along with the Khursaniyah and Karan gas plants, would help the kingdom to reach its target of increasing

  • Contractors invited for Iranian wastewater unit

    Requests for qualification to be submitted by 5 September

  • Contractors see opportunity in Kuwait’s education plans

    Competition is fierce for state-backed contracts

  • Corniche Hospital launches new pelvis surgery programme

    Abu Dhabi's Corniche Hospital has launched a new surgery programme for women with serious conditions of the pelvis and lower abdomen. The new Corniche Urogynaecology and Reconstructive Surgery Programme will provide complete diagnostic evaluation and comprehensive, integrated care, ranging from physical therapy and diet, and aesthetic gynaecological services to surgery for disorders affecting the female pelvic floor.

  • Crescent Petroleum denies Iran gas cancellation

    UAE-based Crescent Petroleum, the largest shareholder in Dana Gas, has said media reports regarding the cancellation by Iran of a 25-year gas supply contract with the National Iranian Oil Co (NIOC) have been misinterpreted, Reuters has reported. Earlier this week, Iranian media reported that the contract had been cancelled, quoting an official from NIOC. "The 25-year contract between NIOC and Crescent is valid, internationally binding and currently in international arbitration, as is known, a

  • DAE cancels $3bn jet orders

    Dubai Aerospace Enterprise has cancelled $3bn in orders from Airbus, Reuters has reported. The Dubai-based lessor slashed an order for 100 Airbus passenger jets by 25% in volume terms, shedding 18 orders for narrow-body A320 planes and 7 orders for A350-900 mid-sized jets, figures released by the European planemaker showed. The move brings to more than $8bn the catalogue value of apparent DAE cancellations, totalling 50 aircraft, revealed in Airbus and Boeing data published in the past few da

  • Damas posts full-year loss

    Dubai-based jewelry retailer Damas International has reported a full-year loss as it set aside money to cover losses from investments and from falling sales, Bloomberg has reported. The loss in the 12 months through March was Dhs1.9bn ($523m), compared with a profit of Dhs217.3m in the 15 months to March 2009, the company said in a statement to Nasdaq Dubai. Non-recurring expenses and impairment charges were Dhs1.92bn dirhams, Damas said.

  • Dana Gas posts Dhs33m Q2 profit

    UAE-based Dana Gas has posted a net profit of Dhs33m ($8.98m) in the second quarter, on strong production growth in its Egypt and Kurdistan operations. Revenue from the sale of hydrocarbons increased 41% to Dhs428m, while gross profit climbed 84% to Dhs179m compared to the same period last year.

  • Dana Gas shares lose on second quarter results

    Abu Dhabi's ADX General Index ended 0.52% lower at 2,495.66 points. Shares of Sharjah-based Dana Gas, one of the largest energy firms in the UAE, lost 1.32%, closing at Dhs0.75. Dana Gas reported for the second quarter a net profit of Dhs33m ($9) compared to Dhs392m ($107), along with a Dhs0.005 earnings per share. The emirate's largest financial institution National Bank of Abu Dhabi (NBAD) gained against the weak market trend and finished 0.90% higher at Dhs11.25.

  • Dana Gas shares recover by 1.33%

    Shares of Sharjah-based Dana Gas regained territory and closed 1.33% higher at Dhs0.77. Only four stocks surged at the ADX in Abu Dhabi, whose General Index dropped by 0.96% to 2,471.70 points. Real estate bellwether Aldar Properties weighed on the index, falling by 3.30% to Dhs2.03. Government-backed Aabar Investments plummeted 8% to Dhs0.77. Last Sunday was the final day for Aabar's shareholders to sell their stocks at Dh1.95 a share as the firm decided to delist and become a privatly owned

  • Depa wins $60m contract

    Dubai-based contractor wins interior fit-out deal

  • Deutsche Bank sets up corporate treasury sales platform

    Deutsche Bank has set up a corporate treasury sales platform, focused on FX, commodities and rates products for Saudi corporates, as part of its efforts to expand its suite of services and products in the kingdom. The bank established its Riyadh branch in 2006, and then soon after established a securities subsidiary, Deutsche Securities Saudi Arabia. The bank offers the full suite of investment banking services in the kingdom.

  • Deutsche Gulf Finance launches 'cash out' product

    Saudi-based Deutsche Gulf Finance has launched a new product allowing consumers to unlock equity in their home and finance payments for up to 30 years. The Shari'ah-compliant product is aimed at consumers seeking investment in land, residential property or other important family initiatives requiring substantial amounts of capital. Financing rates for the programme start at 2.99% and, subject to credit terms, Deutsche Gulf Finance would finance up to SR5m.

  • Dewa reports increase in Dubai peak load

    Dubai Electricity and Water Authority (Dewa) has revealed Dubai's annual electricity peak load grew by 6161MW as of July 2010 compared with 5622MW in total for the same period in 2009. The rate of peak demand for water in the emirate during the month of July rose to 287 million gallons per day, compared to 271 million gallons per day for the same month last year, recording an increase of 5.9%. The total installed capacity of the current production is 7830 MW for power and 330 million gallons

  • Deyaar may abandon Flamingo Creek plans

    Dubai's Deyaar Development has said it may abandon a Dhs372m ($101m) project as it believes the master developer Sama Dubai is unlikely to complete the infrastructure, The National has reported. The project, Flamingo Creek, launched by National Bonds in The Lagoons, is a planned Dh80 billion development of towers that were to have been built around Dubai Creek. "The management now believes that the master developer may not complete the related infrastructure and therefore, the project may hav

  • DIFC Investments needs up to $600m cash from Dubai government

    Government may also have to convert $1bn loan into equity

  • DMCC signs Bank of Baroda agreement

    Dubai Multi Commodities Centre Authority (DMCC) has signed an agreement with Bank of Baroda (BOB) to provide services to DMCC-registered companies. Companies licensed by DMCC will have access to a wide suite of financial products and services provided by BOB, including borrowings for property purchases in JLT, working capital and long-term financing, trade and commodity financing and other commodity related services.

  • DP World records first half net profit of $206m

    Growth in container volumes has been driven by terminals in Asia

  • DP World reports profits increase

    Dubai-based global port operator, DP World has reported a better-than-forecast profit in the first half of 2010 because of cost cuts and higher container volume, Bloomberg has reported. Net income for the first six months of the year stood at $176.6m compared with $175.3m a year ago. Container volume at the 28 ports DP World grew 7% in the first-half to 13.2 million TEUs, or 20-foot-equivalent container units, the company said. Revenue rose 5.1% to $1.45bn. "Volume has almost come back to the

  • DP World shares surge on half year results

    The DFM General Index started the day positively but failed to sustain its momentum and ended 0.39% lower at 1,481.52 points, dragged down by fickle real estate and financial shares. Dubai Ports (DP) World topped the list of gaining shares by closing 3.13% higher at 0.495 US-Dollars. DP World, which is listed at the Nasdaq Dubai and the DFM simultaneously, reported for the first six months net profit after tax from continuing operations up 10% to $206 million (compared to $188 million in H1 2

  • Drake & Scull profits climb 7 per cent

    Company plans acquisition of two Saudi companies

  • Drake and Scull Q2 profit up 7%

    Drake and Scull International (DSI) has posted a 7% increase in net profit to Dhs44.5m for the second quarter of 2010, compared to the previous quarter. Revenue for the same period also rose 7% to Dhs411m. "DSI has maintained its margins, improved its revenues and bettered its collections in Q2, and our momentum of winning projects has also improved since the beginning of the year," chief financial officer, Osama Hamdan said. The engineering firm had won a number of projects across the region

  • DSI looking to acquire two Saudi companies

    Zeina Tabari, chief corporate affairs officer at Drake and Scull International (DSI) has said the firm is in the due diligence stage for two new acquisitions in Saudi Arabia worth around Dhs700m and that it is eyeing India next, Gulf News has reported. Tabari did not name the two firms but said one of them is a mechanical, electrical and plumbing (MEP) company and the other a civil construction company, both of which were established in the kingdom over 20 years ago. "Fifty per cent will be f

  • Du announces second quarter net profit rise

    Du's net profit for the second quarter has more than doubled to Dhs275m compared to Dhs115m in the same quarter a year ago. The number of subscribers had also seen the addition of 182,100 net active mobile users during the period, taking the total at quarter end to 3,921,100. The telco's fixed line subscriber base also grew 52% from 328,600 lines in Q2 09 to 499,900 lines in Q2 10, with 43,200 lines added during the quarter.

  • Du launches global IP VPN services

    Du has launched its fully managed and converged Global IP VPN services, a product that offers global connectivity solutions for businesses in the UAE. The new service is aimed at multinational companies and local conglomerates who want to connect their offices across the globe and extend their local area networks (LANs) across IP VPN wide area networks (WANs).

  • Du offers smart phone discount to Blackberry users

    Du has unveiled an Assurance Plan for its Blackberry customers in wake of the TRA's decision to ban Blackberry services from October. Consumers who wish to switch from their Blackberry to a different smart phone will be given a AED1500 discount on a new device. Alternatively they can keep their Blackberry and will receive unlimited data plans and free text messages. Speaking at a press conference, Osman Sultan, CEO of DU said that the offers will be pulled if the TRA reaches a deal before t

  • Dubai airport considers one-stop passenger check-in

    The new Dubai World Central-Al Maktoum International airport has conducted tests of a Siemens technology that could to facilitate air travel procedures at the airport, Bloomberg has reported. The new technology allows passengers to pass through check-in, customs, immigration and security screening in one place. "It's out there, it just needs to be driven forward," James Robinson said. The airport operator is deciding whether to implement the system, he said.

  • Dubai Airport Freezone reports 63% sales increase

    Dubai Airport Freezone has posted a 63% increase in sales in the first six months of 2010 compared to the first half of the previous year. It has also reported an 80% increase in the number of companies that have doubled investments in the same period, as well as a 64% jump in office space leased. The operating profits recorded 11% above target.

  • Dubai bourse rebounds on Dubai World hopes

    Reported news that that government-related Dubai World group offered a specific restructuring plan of its $23.5bn debt to creditor banks (that plan allegedly included proposed sales of key assets such as DP World) lifted the DFM General Index by 0.8%5% to 1,497.47 points. Real estate bellwether Emaar pushed 2.17% higher at Dhs3.30. Nasdaq Dubai-listed DP World, which is controlled 80% by Dubai World, ended flat at $0.48. Traded value surged 96% to Dhs87.71m, 50.27m shares changing hands (up 4

  • Dubai Customs emphasises Dhs40k passenger cash limit

    Dubai Customs has issued a statement reminding passengers entering the UAE to declare cash they are carrying in excess of Dhs40,000 or its equivalent, WAM has reported. This applies to passengers entering the country through the airport, sea ports and land entry points. Yousuf Al Sahlawi, CEO of policies and legislations at Dubai Customs, said that these procedures are in line with the declaration system issued by the UAE Central Bank concerning sums of money allowed to enter the country. The

  • Dubai Export Development launches new programme

    The Dubai Export Development Corp has launched its new Export Assistance Programme that aims to provide financial assistance to aspiring and current exporters. The programme has been developed to help privately owned small and medium enterprises in gaining access to financial assistance that will help them to commence and develop their export activities which would result in the export of goods and services of UAE origin. "This new scheme is aimed at promoting exports of goods and services th

  • Dubai exports increase in first half of year

    Exports and re-exports by members of Dubai Chamber of Commerce and Industry (DCCI) during the first six months of this year rose 13.7% to Dhs103.2bn ($28bn) compared to the same period of last year. Total value of July exports fell 4% to a total of Dhs17.2bn compared to Dhs18bn in the previous month due to the summer holiday season, but DCCI expects demand to grow during the coming month of Ramadan.

  • Dubai Festival City opens 21 stores in Q2

    Festival Centre, the award winning retail resort of Dubai Festival City, said it has opened twenty one new stores in the second quarter and continues to attract new brands. Dubai Festival City is an Al-Futtaim Group Real Estate development project which covers 5.2 million sq ft and stretches 3 kilometres along Dubai Creek.

  • Dubai freezes Persia International's assets

    The assets of Persia International Bank's Dubai branch have been frozen by the Dubai Financial Services Authority (DFSA) in compliance with EU sanctions on Iran, The National has reported. "As part of this [EU] regulation, the assets of a number of persons, entities and bodies were frozen, including Persia International Bank," the regulator said. A source at the bank in Dubai told the daily the freeze "means we stop". "New business will not come to us and the old business can be finalised sub

  • Dubai has no plans for credit rating

    A spokeswoman for Dubai's Department of Finance has said the emirate has no plans to seek a credit rating for the time being, Reuters has reported. She did not give a reason, saying she had no indications whether the government's attitude might change in the future. Earlier this week, the emirate had said it planned to launch a non-deal road show for fixed income investors in Asia.

  • Dubai Healthcare City launches blood drive

    Dubai Healthcare City has launched a blood donation campaign to meet demand by medical facilities in the emirate, Gulf News has reported. "The demand from hospitals and clinics in Dubai is such that we need to conduct almost daily donation campaigns across Dubai," Dr Rena Saheb, head of the medical unit at Dubai Blood Donation Centre at Al Wasl Hospital said. The campaign is held in collaboration with Blood Donation Centre, the central blood bank of Al Wasl Hospital, and supported by Empower.

  • Dubai Holding sells Bombay Stock Exchange stake

    Dubai Holding has sold its 4% stake in India's Bombay Stock Exchange to the American billionaire hedge fund investor, George Soros, The National has reported. The sale provides Dubai Holding with cash as it restructures its businesses and sells assets to repay debts. The sale is set to provide Dubai Holding with cash as it looks to pay its various debts.

  • Dubai hotel spa revenues rise by 45.5%

    Revenues for hotel spas in Dubai have risen by 45.5% in Q1 2010, Ernst and Young has revealed. Revenue per Available Treatment Room Hour (RevPATH) in Q1 2010 stood at Dhs77, a 5.5% increase from the previous year. Year-to-Date utilisation of treatment room hours also increased to 25% in Q1 2010 from 24% the previous year.

  • Dubai International Airport sees 14.3 per cent traffic growth

    The airport handled 197,845 tonnes of freight in July

  • Dubai International Airport sees passenger increase

    Number of passengers passing through Dubai International Airport has seen a year-on-year growth of 14.3% to 4,307,926 passengers in July compared to 3,768,965 in July 2009. Year to date traffic reached 26,862,371, up 16% compared to 23,166,054 in the corresponding period in 2009. The airport reported its tenth consecutive month of double-digit cargo traffic growth as the airport handled 197,845 tonnes of freight compared to 160,289 tonnes during the same period in 2009, an increase of 23.5%.

  • Dubai Islamic Bank reports 50% increase in Q2 profits

    Dubai Islamic Bank has posted a 50% increase in second-quarter profit to Dhs301m ($81.2m) from Dhs201m in the previous quarter of this year. Total income for the period also grew to Dhs1.108bn compared to Dhs1.079bn in the first quarter of 2010. The bank's total assets as of June 30, 2010, stood at Dhs83.8bn compared to Dhs84.3bn at December 31, 2009. Customer deposits were worth Dhs64.8bn compared to Dhs64.2bn as of December 31, 2009.

  • Dubai July inflation lowers

    According to data by the Dubai Statistics Centre, inflation had dropped to the lowest level in three months in July to 0.4% year-on-year, as food price growth decelerated and housing costs fell again, Reuters has reported. On the month, consumer prices rose 0.1% in July, down from a 0.2% in the previous month. Prices for housing and energy, which have a 44% weight in the Dubai basket, fell by 0.1% month-on-month after staying flat in June. Food prices, which account for 11% of the overall ind

  • Dubai market adds half a percent

    The Dubai bourse recovered from Sunday's slump to a six-week-low and ended 0.51% higher at 1,501.25 points. Emaar was the most liquid stock and closed 0.93% higher at Dhs3.24. Shares of Air Arabia lost 0.94%, finishing at Dhs0.84. The Sharjah-based low-cost carrier reported revenues of Dhs485m in Q2 2010, up 6% year-on-year and up 1% quarter-on- quarter and ahead of EFG Hermes Dhs461m forecast, rating the shares with a 'buy'. EFG Hermes, however, criticised the 'limited amount of information'

  • Dubai market decline halted

    Lifted by positive inputs from Asian markets and stabilising oil prices, the Dubai Financial Market (DFM) General Index closed 0.56% higher at 1,473.71 points. Construction and real estate shares, such as Emaar Properties (up 1.28% at Dhs3.16) or Arabtec (three percent higher at Dhs1.67) were demanded in particular, while insurers lost. The DFM itself added 2.82%, closing at Dhs1.46. as Dubai's local exchange announced today that its listed local public joint stock companies have recorded a 1

  • Dubai market declines 1.59%

    Losses at real estate and financial firms dragged the DFM index down by 1.59% to 1,493.60 points. Emaar Properties (down 2.43% at Dhs3.21) and Arabtec (3.43% lower at at Dhs1.69) were top value losers. DFM shares weakened by two percent to Dhs1.45. International Financial Advisors (IFA) surged 14.9%, closing at Dhs0.931. Traded value went up 58% to Dhs88.5m as 88.5m shares changed hands, 21% more than last Thursday.

  • Dubai market dips 0.03%

    The start of the third week in August was marked by a very volatile trading at the DFM, as its General Index closed nearly flat at 1,491.67 points. Telecom provide Du bucked the trend and closed 3.43% higher at Dhs2.11. Nasdaq Dubai-listed Dubai Ports (DP) World was hit by profit bookings, plummeting 4.40% to $0.50. DP World shares surged last week after the firm reported a 10% higher net profit for the first half year 2010, triggering hopes for a sustainable global economic recovery. Some 39

  • Dubai market down after Fed comments

    On the first day of Ramadan, trading volumes at the Dubai Financial Market (DFM) plummeted 35% to 43.91m shares changing hands. The DFM Index weakened 0.91% to 1,482.58 points after the U. S. Fed said that "the pace of recovery in output and employment has slowed in recent months", adding that it still expects the economy to grow, but the improvement will be "more modest in the near term than had been anticipated." Shuaa Capital, which reported a second-quarter loss of Dhs56.6m ($15m) compare

  • Dubai market finishes the week positively

    The DFM General Index ended 0.72% higher at 1,492.16 points, lifted by rebounds in the real estate sector. The industry's bellwether Emaar Properties gained 1.88%, closing at Dhs3.25. Banks performed bullish as well, as Shuaa Capital surged 2.70% (at Dhs0.95). Dubai Ports (DP) World jumped 5.66% to $0.523. 18 shares advanced while five securities declined and five ended flat. Traded value doubled to Dhs111.4m, while 68.59m (73% higher).

  • Dubai market index knocks at 1,500 points

    The DFM's benchmark index extended its recovery, ending 0.91% higher at 1,487.28 points. As of the time of closing at 2pm local time, the DFM outperformed all other GCC exchanges. The Middle East's largest bank Emirates NBD surged two percent to Dhs2.47. Traded value increased 19% to Dhs64.31m and volumes added 24% as 45.85m stock changed hands.

  • Dubai market loses 0.57%

    Influenced by weak U. S. economic data, the DFM General Index ended 0.57% lower at 1,484.89 points. U. S. home sales plummeted 27% July to an annual rate of 3.83 million units, the lowest sales pace since the National Association of Realtors began tracking the figure in 1999. Emaar Properties (down 0.92% at Dhs 3.23) remains stuck in a three-month tradig between Dhs 3.10 and Dhs3.40. Kuwait's Global Investment House surged 7.94% to Dhs0.897. While trading volumes stabilises at 35m shares, tra

  • Dubai market rises to 1,500.15 points

    Thanks to a last-hour surge the DFM General Index closed 0.57% higher at 1,500.15 points. News that state-owned real estate developer Nakheel paid off Dhs2.5bn of debt (Gulf News reported) spread some form of optimism. Bellwether Emaar added 1.23% at Dhs3.29. Nasdaq Dubai-listed DP World closed flat at $0.50. Financial shares ended on a mixed note. Bank Emirates NBD finished 1.64% higher at Dhs2.48, while Shuaa Capital weakened four percent at Dhs0.912. Traded volumes declined by 17% to 37.34

  • Dubai market sinks to 1,472 points

    The DFM Index lost 0.71% on Thursday and 6.56% since the closing of last week. Financials and transport firms were the major losers today, with Sharjah-based budget carrier Air Arabia (off 2.55% at Dhs0.803). Shares of Islamic real estate developer Deyaar bucked the trend, closing 0.33% higher at Dhs0.307. Deyaar reported today a net loss of Dhs243m for the second quarter of 2010, down from a profit of Dhs75.332m in Q2 2009. The company's gross revenues for the three months ending June 30, 20

  • Dubai market weak ahead of FOMC meeting

    The DFM Index started flat and eventually lost 0.35%, closing at 1,496.12 points. 61.6m shares changed hands, 18% less than on Monday as global capital markets wait for the outcome fo the U. S. Federal Open Market Committee (FOMC) on Tuesday evening. Arabtec (down 1.18% at Dhs1.68) was the most liquid stock. Bahrain's Islamic investment bank Gulf Finance House (GFH) surged 3.65% to Dhs0.539. GFH announced today it has reached formal agreement with the WestLB syndicate for a new $100m Murabaha

  • Dubai market weakens 0.45%

    Following a weak debut of the third week of August in Riyadh in Sunday (where the Tadawul bourse lost 1.1%), the DFM General Index closed at 1,465.59 points (off 0.45%) amid continuing worries about a global economic "double-dip". Bellwether Emaar Properties finished 0.32% lower at Dhs3.12. while shares of Dubai Islamic Bank (DIB) ended flat at Dhs1.87. DIB, the oldest regulated Islamic bank (founded in 1975) reported for the second quarter a net profit for Dhs310m, a 50% quarter-on-quarter i

  • Dubai may write off $1bn DIFCI loan - JPMorgan

    JP Morgan Securities has said that the government of Dubai may write off its $1bn loan to DIFC Investments in exchange for shares and infuse additional capital of up to $600m to help the group restructure more than $3bn in debt, Reuters has reported. "A key belief associated with a positive outcome for DIFCI's sukuk holders is an assumption of support by the government," JP Morgan analyst Zafar Nazim said in a research note. Nazim upgraded DIFC Investment's Islamic bond maturing in 2010 to "n

  • Dubai might make car phone kits compulsory

    Dubai Roads and Transport Authority has said that it is considering a proposal to make hands-free kits mandatory in the car at the time of registration, as part of the campaign to reduce road accidents related to the use of cell phones while driving, Gulf News has reported. The RTA has partnered with Nokia for the awareness campaign to encourage drivers to follow safety standards. "We may resort to strict rules with heavier fines if drivers continue to use phones without hands-free kits in vi

  • Dubai Municipality denies new fees rumours

    Dubai Municipality has denied rumours suggesting the authority has imposed new fees on people living in the emirate including residents and citizens, Wam has reported. The municipality said the housing fee has been levied on all non-citizen residents in the emirate since 1962, and that it had recently launched an integrated e-transfer system for payment of fees through the invoice issued by Dubai Electricity and Water Authority (Dewa).

  • Dubai RTA looks at water taxi service expansion

    Dubai's Roads and Transport Authority (RTA) is considering plans to expand the emirate's water taxi services to nearby emirates, The National has reported. Water taxis to Sharjah and Ajman are likely to be rolled out late next year once the service catches on in Dubai, according to Khalid al Zahed, the director of the Roads and Transport Authority (RTA) marine projects department. "Right now we are doing full assessment work," he said. "We have just started the water taxis so we must test it

  • Dubai RTA to launch first PPP

    Dubai's Roads and Transport Authority (RTA) is set to launch its first public private partnership (PPP) as Dubai changes its model for financing infrastructure projects in the emirate, Meed has reported. The RTA's first project involves the development of a Dhs200m ($54m) water transportation scheme that will run along the coastline of Dubai, with the possibility of extending the service into neighbouring emirates including Sharjah and Abu Dhabi.

  • Dubai says 56m passengers used buses in H1

    Dubai's Roads and Transport Authority has said that public buses have commuted about 56 million passengers in the first half of this year, and predicts that the total number of public bus commuters to reach 119 million passengers by the end of the year. Mattar Al Tayer, chairman of the board and executive director of RTA, added that there was a 62% increase in bus punctuality, along with a drop in accidents to 1 per hundred thousand kilometres.

  • Dubai sets new rules for renewing medical licences

    The UAE health ministry has set new rules for renewing medical licences of all medical staff in the country that will require them to put in certain hours to further educate themselves in their fields of specialization, Gulf News has reported. In addition to the professional development programme, doctors must complete 30 hours training; pharmacists must finish 20 hours; nurses 15 hours and technicians 10 hours. The new requirements have been put into effect retroactively from last month, the

  • Dubai Silicon Oasis Authority posts 131% rise in H1 profit

    Dubai Silicon Oasis Authority said it posted a 131% surge in profits for the first half of this year, compared with the same period last year. The high-tech park also registered a 148% increase in revenue while the number of companies rose by 25% to 318 for the same period.

  • Dubai speed limits to be revised

    Dubai Roads and Transport Authority (RTA) has announced it will soon finalise the 'Speed Manual' detailing the strategies and procedures of fixing the speed limits on Dubai roads. The move is based on the outcome of the Speed Management Strategy Project which is nearing completion. The project was launched in June last year to assess proper speed limits for Dubai roads in accordance with the road designs and how they are used.

  • Dubai to hold Asia investor meetings

    The government of Dubai has announced that the department of finance will hold a series of non-deal fixed-income investor meetings in Asia starting on August 26, Bloomberg has reported. "This follows European investor meetings in June this year and is in line with the strategy of providing regular updates to both existing and prospective fixed-income investors around the world on the Emirate of Dubai's economy," the government said in a statement.

  • Dubai to merge district cooling operators

    Two of Dubai's providers of district cooling could be merged by the emirate's Electricity and Water Authority, following cases of shutting down air conditioning for some residents, The National has reported, citing informed sources. Palm District Cooling (PDC), owned by Dubai World, and Empower, owned by TECOM and DEWA, will have its district cooling operations overseen by a new division being formed at DEWA. "The idea is to have uniformity for the customer side after the issues that have ari

  • Dubai urges residents to register tenancy contracts

    Dubai Municipality has said that residents could face a housing fee based on Real Estate and Regulatory Agency's Rental Index if they do not register their tenancy contract with the civic body, Gulf News has reported. Less than 50% of residents have declared their annual rent online by filling out an application form on www.dm.gov.ae, according to Abdullah Hashim, head of the municipality's Housing Fee Section. The housing fee, based on a 1962 law, is calculated as 5% of the tenancy contract.

  • Dubai warns against use of hormonal enhancements

    Dubai Police have warned against increased use of hormonal enhancement treatments among youth, Gulf News has reported. The call came after two suspects were arrested for dealing in unlicensed treatments for sexual enhancement and muscle growth. "We urge the public not to fall for false claims and promises. People who illegally traffic these items are in it for easy profit making," Major General Khamis Matter Al Mazeina, acting chief of Dubai Police, said. "The wrong usage of these treatments

  • Dubai World could raise up to $19.4bn through asset sales

    Dubai World could raise as much as $19.4bn in eight years by selling assets, Bloomberg has reported, citing a person with knowledge of the matter. Dubai World and a group of its seven biggest lenders that are negotiating on behalf of about 70 creditor banks agreed on these asset values, the person said.

  • Dubai's global Village opens registration for commercial outlets

    Dubai's culture and entertainment venue, Global Village has said that registration for commercial outlets has started for the 15th edition of the 111-day event that will kick off on November 11, 2010. Retailers, services providers and restaurateurs are invited to submit applications before the end of August, while registration for kiosks will continue until September 19.

  • Duty free revenues increase at Abu Dhabi airport

    Abu Dhabi Airports Co (Adac) has said that duty free retail revenue at the capital's international airport grew 19% during the first half of this year to $75m, while spend per passenger increased by 7.2% to $14.47. All categories were said to have performed strongly, with luxury, perfume and cosmetics, liquor, gold and electronics seeing particularly strong returns, Adac said.

  • Edutech partners with eInstruction in UAE

    UAE-based Edutech Middle East has signed a partnership agreement with US-based interactive teaching, learning, and assessment technology and services provider, elnstruction. The agreement involves a new breed of interactive learning technologies, including interactive whiteboards, student response systems and mobile class pads, which can help enhance student engagement and interaction with their teachers and peers.

  • EFG-Hermes secures 65% stake in Credit Libanais

    Egyptian investment bank, EFG-Hermes is set to buy a 65% stake in privately owned Lebanon's Credit Libanais, as part of its plans to expand into commercial areas such as retail and online banking, Reuters has reported. EFG-Hermes agreed to pay $542m from its own cash resources for the stake and has an option to buy an additional 25% over the next two years at the same price.

  • Egypt Air predicts $132m profit

    The carrier made a profit of $100m during 2009- 2010

  • Egypt awards contract for power plant

    Joint venture to complete work by 2012

  • Egypt inflation remains at 10.7%

    According to Egypt's Central Agency for Public Mobilisation and Statistics, inflation in the country has remained unchanged in July at 10.7%, Bloomberg has reported. Prices rose 2.3% in the month, the most since August 2008, because of high food and tobacco costs, the agency said. Core inflation, which excludes the costs of fruits and vegetables as well as regulated prices, increased to 7.08% in July from 6.7% the previous month, the central bank revealed.

  • Egypt needs pipeline of projects to deal with blackouts

    Power shortages continue throughout the country

  • Egypt oil, gas reserves rise to 18bn barrels

    The Egyptian Petroleum Authority (EPA) has said that the country's reserves of oil and natural gas have risen to 18.3 billion barrels in (2009-2010) in what makes the proven reserves rise to 20 billion barrels in the next two years, Kuna has reported. During the last decade, Egypt achieved the highest rate of success on prospecting and exploration activities in Northern Africa region, with the total reserves discovered of oil and natural gas exceeding those found in Libya, Tunisia and Algeria

  • Egypt Refining secures $2.6bn financing for Cairo project

    Egypt-based private equity firm Citadel Capital has said a company in which it is an investor had secured $2.6bn in financing for a refinery project in the Greater Cairo area. The Egyptian Refining Co (ERC), in which Citadel has a 10% stake, signed the loan to finance construction of its $3.7bn oil refinery. Once completed, the refinery will produce over 4 million tonnes of refined products per annum, including 2.3 million tonnes of EURO V diesel.

  • Egypt to buy 180,000 tonnes of wheat from Russia

    Egypt has agreed to buy 180,000 metric tonnes of wheat from Russia, Nomani Nomani, vice chairman of the General Authority for Supply Commodities said. Egypt will buy 60,000 tonnes from Bunge Ltd. at $239.50 per ton, 60,000 tonnes from Cargill Inc. at $238 per ton, and a further 60,000 tonnes from Cargill at $243 per ton.

  • Egypt to issue 12 new cement licenses

    The Egyptian government is to offer new licences for 12 cement production lines as it aims to boost cement output by 40% by 2015, Reuters has reported. "Demand is increasing by 8% a year," cabinet spokesman Magdy Rady said. "It is expected to reach 77 million tonnes in 2015 so we need to boost output." Some licences could cover more than one line, he added.

  • Egypt to issue nuclear power tender this year

    Egypt's electricity and energy minister, Hassan Younes has said the country plans to start an international bidding process this year for its first nuclear energy plant. "Egypt's nuclear project is progressing steadily and we expect to start the tender before the end of this year," Younes was quoted as saying by state-owned al-Ahram newspaper. The ministry has invited several firms for consultancy and project briefings, such as the French nuclear reactor maker Areva, engineering group Alstom

  • Egypt to prequalify contractors for wind farm transmission line

    Companies to respond by 9 September

  • Egypt wastewater tenders remain on hold

    Requests for proposals for Abu Rawash and 6th October wastewater treatment projects yet to be issued

  • Egypt: Building works and water tanks supply

    Revamp of hospital’s main reception office and the supply of hot water storage tanks

  • Egypt: Cafeteria leases

    Leasing of 12 cafeterias

  • Egypt: Drainage works

    Rehabilitation of drainage networks

  • Egypt: Heat recovery steam generators

    Carrying out the heat recovery steam generator package for a 1,500MW combined cycle power project

  • Egypt: Housing buildings

    15 residential buildings in Zagazig, Kafr and Saqr

  • Egypt: Hydraulic structure project consultancy

    Provision of consultancy services comprising the preparation of a masterplan for the rehabilitation of major hydraulic structures

  • Egypt: Overhead transmission line

    Construction of an overhead transmission line as part of a wind power development project

  • Egypt: Paving roads

    Paving of roads and village entrances

  • Egypt: Pops Management Services

    Provide sustainable POPs management services

  • Egypt: Power plant distributed control systems

    Supply of distributed control systems for a gas/oil-fired supercritical thermal power plant

  • Egypt: Purging and removal of aquatic weeds

    Three tenders for the purging and removal of aquatic weeds from canals at subordinated locations

  • Egypt: Residential buildings at Kafr Saqr, Belbeis & Al Ibrahimiya

    Construction of 10 residential buildings in Kafr Saqr, Belbeis and Al Ibrahimiya under 7 contracts

  • Egypt: Supply and erection of cabinets

    Supply and erection of cabinets for the connections to the medical gases network at the buildings of the new Faculty of Pharmacology

  • Egypt: Supply of chemicals for water treatment

    Supply of chemicals for the treatment of water for the New Kasr El-Eini Teaching Hospital in Cairo

  • Egyptair seeks profits boost

    Egyptair plans to boost its full-year profit by nearly a third and is going ahead with plans to further expand its fleet, Reuters has reported. The carrier aims to raise full-year profit to EGP750m ($132m) in the year to June 2011, Hussein Massoud, chairman and CEO told reporters on the sidelines of an AVEX international airshow conference. The carrier has received an Airbus A330 ahead of schedule and expects four Boeing 737-800 aircraft by the end of 2010 and two 777-300 aircraft in November

  • Egyptian corporate bond issuance sees sharp revival

    Companies favour bonds as bank credit remains tight

  • Egyptian firm Palm Hills reports sales increase

    Egyptian real estate firm Palm Hills Developments (PHD) has said reservations of new units in the second quarter rose to its highest levels ever, driven by demand for homes in the country, Reuters has reported. The firm said a new financing and advertising campaign also helped it sell EGP1.75bn ($308m) of new reservations, more than double last year. PHD has reported a 12% decline in net profit for the period to EGP84.3m, hit by higher minority interest and tax provision estimates.

  • Egyptian Resorts takes back land plot

    Real estate firm Egyptian Resorts has announced it is to take back a piece of land the company sold for about $11m after the buyer failed to meet sale requirements, Reuters has reported. The sale of the 80,900 square metre plot, which had been made at about $139 per square metre, fell through after the buyer failed to meet some largely procedural requirements, investor relations manager Abu Bakr Makhlouf said. "There were several other issues than just the financial issues," he said.

  • Egypt's EFG-Hermes reports H1 profits rise

    Egyptian investment bank EFG-Hermes has reported an 83.2% increase in first-half net profit to EGP580m ($101.7m) compared to EGP316.5m achieved in the same period a year earlier, Reuters has reported. The figure implied a second-quarter net profit of EGP96.4m based on previous calculations of reported first-quarter net profit of EGP483.6m.

  • Egypt's Lecico posts 15% decline in Q2 profit

    Egypt-based sanitary ware and ceramics maker Lecico has reported a 15% decline in net profit for the second quarter of 2010 to EGP25.7m, compared to a year earlier, Reuters has reported. Revenue also fell 6% to EGP255.7m for the quarter. The company attributed the decline in net income and revenue to costs from a fire at one of its export warehouses. The fire caused damage worth EGP70m, the firm said in June.

  • Egypt's NBD reports net loss increase

    Egypt's stock exchange has said the net loss of the country's National Bank for Development has widened 4.7% in the first half of the year, Reuters has reported. Net loss for the period stood at EGP203.4m ($35m), up from a loss of EGP194.2m in the same period last year. NBD is to become Egypt's third Islamic bank after Abu Dhabi Islamic Bank bought a 49% stake in the bank in 2007. ADIB said in February it plans to raise its stake in NBD to over 51% when NBD becomes fully Islamic.

  • Egypt's Sawiris in talks over VimpelCom merger

    Egyptian billionaire Naguib Sawiris is in talks to merge the bulk of his telecoms assets with Russian mobile-phone firm VimpelCom, Bloomberg has reported, citing two people familiar with the matter. The transaction could create a company worth more than $25bn, with a combined total mobile subscriber base of more than 200 million customers and give VimpelCom access to markets in the Middle East.

  • Egypt's Talaat Moustafa group Q2 profit up 5%

    Egypt's biggest listed property developer, Talaat Moustafa Group has registered a 5% increase in second-quarter net profit to EGP338m ($60m), but said that home sales declined compared to the first quarter after a court ruled against one of its land deals, Reuters has reported. An Egyptian court ruled in June that a government body broke the law when it sold land for the company's main project directly to a Talaat Moustafa unit instead of opening it up to bidding, which analysts have said cou

  • El Sewedy Cables reveals 53% rise in profits

    Egypt-based El Sewedy Cables has reported a 53% rise in second-quarter net profit to EGP270.1m ($47.4m) from EGP176.5m in the same quarter of 2009, after it took business from its rivals, Reuter has reported. Sewedy's chief executive had in May forecast higher profits, saying other cable makers had cut production to ride out the recession in Europe, offering the firm an opportunity to boost exports and increase profit margins.

  • Emaar Healthcare ends Methodist International partnership

    Emaar Healthcare Group has ended its two-year partnership with Methodist International, the international subsidiary of the US-based Methodist Hospital. "Three medical centres in The Dubai Mall, Arabian Ranches and The Meadows communities have been opened with Methodist International, and through rigorous training sessions, transfer of knowledge, and multiple educational tools, Emaar Healthcare has strengthened its capabilities," Emaar Healthcare said in a statement.

  • Emaar MGF Land to cut IPO offering

    Emaar MGF Land, the Indian unit of Dubai's Emaar Properties, plans to cut a proposed initial public offering to a maximum 20 billion rupees ($433m), Bloomberg has reported. The company will seek approval this month from India's capital markets regulator to sell shares this year, the sources said, declining to be named before a public announcement. The offer may raise as little as 15 billion rupees, they said.

  • Emaar suffered $10.5m loss in Hamptons sale

    Emaar Properties has incurred a loss of Dhs38.5m ($10.48m) from the sale of part of the operations of its Hamptons International subsidiary to UK estate agency Countrywide, Reuters has reported. The Dubai-based developer announced the sale in June and said it would continue to operate Hamptons in the Middle East and North Africa (Mena). Emaar also said it sold one of its commercial buildings for Dh331m to an undisclosed buyer in the second quarter.

  • Emcor wins Abu Dhabi mosque maintenance contract

    Bahraini firm will look after 650 mosques in the Al-Ain region

  • Emirates increases flights to Los Angeles and Houston

    The additional flights will increase trade between the US and the UAE

  • Emirates launches A380 China service

    Emirates Airline has launched the first scheduled Airbus A380 service to China. Currently, the carrier operates double-daily services each to Beijing, Shanghai and Hong Kong, and daily services to Guangzhou; while the airline's fleet of 11 A380s are currently operating on services from Dubai to London Heathrow, Paris Charles de Gaulle and Toronto among others.

  • Emirates launches extra US flights

    Emirates Airline has announced the launch of second daily flights to two US destinations. The carrier will start daily flights to Los Angeles on October 31 and to Houston on November 1 twice a day on Boeing 777 aircraft.

  • Emirates offers Ramadan fares

    Emirates Airline has announced a 10% reduction on economy and business class fares to 20 destinations across the Middle East, Far East and Africa. The destinations include Ahmedabad, Amman, Beirut, Bangkok, Bengaluru, Cairo, Chennai, Damascus, Delhi, Dhaka, Hyderabad, Istanbul, Jakarta, Johannesburg, Karachi, Kuala Lumpur, Manila, Mumbai, Nairobi and Tehran. The offer is valid for booking as of August 1, for travel from August 10 to August 31, 2010.

  • Emirates Steel closes project finance

    Abu Dhabi firm completes $1.1bn loan

  • Emirates Steel Industries secures $2.2bn in financing

    Emirates Steel Industries (ESI) and its parent company, General Holding Corp (GHC) have secured a total of $2.2bn in financing to support ESI's expansion plans. Early last month, GHC had secured a $500m export credit facility, while ESI secured project finance and working capital commitments from both conventional and Islamic institutions for facilities totalling $1.7bn.

  • Emirates Steel secures $1.1bn financing deal

    Abu Dhabi Emirates Steel Industries (ESI), a subsidiary of Abu Dhabi Basic Industries Corporation (ADBIC), has signed a $1.1bn, seven-year project financing deal as it moves ahead with expansion plans. The steel producer currently has an output capacity of 2 million metric tons per annum, with capacity expected to reach 3 million metric tons in 2011 through its Dhs9bn expansion plan.

  • Emirates unveils Dubai Metro check-in kiosks

    Emirates Airline has introduced self-service check-in kiosks at three Dubai Metro stations. The new kiosks are located at Mall of the Emirates, Burj Khalifa / Dubai Mall and Financial Centre metro stations on the Red line. Check-in at the metro stations can be done at least two hours prior to the flight's departure time, in accordance with Dubai Metro timings, the carrier said.

  • Emirates unveils new Hong Kong A380 route

    Emirates Airline has named Hong Kong as the latest destination for its A380 super-jumbo. Starting on October 1, the carrier's A380 will operate daily from Dubai as EK384 via Bangkok with the return flight operating as EK385. The airline has a total of 12 A380s in service with 78 on order.

  • Emirates, Etihad up Saudi services

    Emirates Airline has said it will add a total of 129 additional services to and from Saudi Arabia across August, September and October. A total of 75 additional flights will operate to and from Jeddah throughout August and September, with Riyadh receiving 54 extra services up until the end of October this year. The Dubai-based carrier operates to four gateways in the kingdom including Jeddah, Riyadh, Dammam. Etihad Airways has announced it will provide additional flights between Abu Dhabi and

  • Enayah unveils Fujairah medical community convoy

    The Emirates National Field Hospital, Enayah has launched medical community convoys to serve areas and residential neighbourhoods in Fujairah, Wam has reported. Launched by the Zayed Giving Initiative in cooperation with department of transport in Abu Dhabi, Fujairah Medical Zone and Fujairah Municipality, the campaign utilises a bus equipped with the latest medical equipment under the supervision of a group of senior physicians and surgeons.

  • Energy, real estates weigh on Abu Dhabi bourse

    The Abu Dhabi Securities Exchange (ADX) ended 0.10% lower at 2,526.83 points. Among the three shares which added value, Gulf Cement Co. jumped 6.79% to Dhs1.77. ADX real estate development heavyweight Aldar Properties and oil giant Taqa fell by 5.22% to Dhs2.15 and by 3.20% to Dhs.1.21, respectively.

  • Etihad CEO expects recovery over coming year

    James Hogan, CEO of Etihad Airways has said he expects the return of business travel over the coming year. "The signs of recovery are there, with most of our markets - particularly Asia and the Middle East - showing clear signs of improvement across all cabins," Hogan said in a CEO Exchange at the 2010 NBTA Conference and Exposition.

  • Etihad Crystal Cargo launches Beijing service

    Etihad Crystal Cargo, a division of Etihad Airways, is to launch a twice weekly service from its hub at Abu Dhabi International Airport to Beijing, China. The service will commence operations on August 11, 2010, and deploy the airline's MD11 freighter with a payload of 88 metric tonnes on the route.

  • Etihad launches first cargo service to Beijing

    The cargo division of Etihad Airways will start operating the service to Beijing from 11 August

  • Etihad offers extra Jeddah flights in Ramadan

    The airline currently operates 28 flights each week to Saudi Arabia

  • Etihad to unveil 'all economy' service in October

    Abu Dhabi-based Etihad Airways has said it will introduce its first 'all economy' class aircraft into its fleet in October 2010. The two Airbus A320s, which will see an increase of 42 additional seats from the current economy capacity to carry 162 economy class passengers, will operate to short haul destinations including Alexandria, Calicut, Colombo, Damascus, Doha, and Thiruvananthapuram. The carrier plans to expand the all economy fleet to 10 A320 aircraft.

  • Etisalat and Du to develop alternative Blackberry services

    Etisalat and Du have said they plan to develop alternative services for BlackBerry users in the UAE who will be affected by a restriction in services from October 11. Etisalat said it will "soon be announcing a range of alternative mobility products and services for its existing blackberry customers," while Du said it will provide all its affected customers with an alternative solution with minimal disruption to their services.

  • Etisalat offers free iPhones to Blackberry subscribers

    Etisalat has announced alternative packages for their Blackberry customers in response to the banning of Blackberry phones in the UAE. Etisalat customers who subscribed to the affected services on or before July 31st will have the choice of a range of free devices or local minutes. The devices include the iPhone, the Samsung Galaxy S, Samsung Wave, Nokia E72 or a Nokia N97. Du has announced that an alternative package for its customers is on the way.

  • Exxon denies quitting Ras Laffan project

    Exxon Mobil has denied reports it has quit a planned $6bn petrochemicals project with Qatar Petroleum (QP), Reuters has reported. "We signed a heads of agreement (document) with Qatar Petroleum in January 2010 to progress the joint development of a world-scale petrochemical complex and we continue to work with Qatar Petroleum on the project," a company spokesman said in a statement. The complex is scheduled for start up in 2015.

  • ExxonMobile and QP end $6bn Ras Laffan agreement

    Qatar Petroleum (QP) and ExxonMobil have formally ended an agreement to develop a $6bn petrochemicals facility at Ras Laffan, Meed has reported, citing sources close to the partners. The two firms signed a renewed agreement to develop the project in January, following plans to study the feasibility of such a project, first made public in 2004. Designs for the complex included a 1.6-million-tonne a year (t/y) steam cracker, two 650,000-t/y gas phase polyethylene plants and a 700,000-t/y ethyle

  • Fifteen firms prequalify for Egypt airport contract

    Fifteen groups have been prequalified by Egypt's Cairo Airport to bid for the construction contract for the $400m renovation of terminal two at Cairo International Airport, Meed has reported. The project includes upgrading the capacity of the existing terminal to handle up to 7.5 million passengers a year from the current 3.5 million passengers a-year. It also covers building a new departure hall and airside pier as well as the construction of larger gates to accommodate Airbus A380 aircraft.

  • Filipino school in Abu Dhabi to change name

    The 6th of August School, one of the new schools granted by Abu Dhabi Education Council (Adec) to house former villa school students, plans to rename itself the Abu Dhabi Philippine Academy, Gulf News has reported. The school will provide an alternative to students who had attended Pioneers International School, which was largely made up of students of a Filipino background. "The school will basically follow an English language curriculum but with Filipino supplements," Esref Temel, operation

  • Firms line up for Ruwais refinery design deals

    Takreer set to award project management and design contracts

  • Firms name Amal steam injection favourite

    Firm submitted lowest price in 15 August bid round

  • First phase of Ras Laffan power plant complete

    Qatar's Ras Girtas Power Co (RGPC) has announced the completion of the first phase of the Ras Laffan C power and water project, Gulf Times has reported. The completion of this phase raises the firm's ability to supply the national grid up to 1,833MW. The project is set to reach its design capacity of 2,730MW of power and 63MIGD of desalinated water, upon the completion of the remaining phases in 2011.

  • First phase of Shaikh Zayed District completed

    The Palestinian National Authority has announced the completion of the first phase of the Shaikh Zayed District in central occupied Jerusalem, Gulf News has reported. The project in Beit Henina is being financed and undertaken by the UAE Red Crescent Authority in the Palestinian Territories. The $4m (Dhs14.68m) phase includes 58 residential units built in Islamic architectural style over an area of 7,000 sq m. The units will be distributed among teachers' association members in occupied Jerus

  • Fitch affirms HSBC rating

    Fitch Ratings has affirmed HSBC Bank Middle East's (HBME) long-term Issuer Default Rating (IDR) at 'AA-', short-term IDR at 'F1+', and support rating at '1'.The Individual 'B/C' Rating remains on Rating Watch Negative (RWN), with outlook for the Long-term IDR as 'Stable'. "The Individual Rating reflects the strength of HBME's regional franchise, its sound liquidity and satisfactory capitalisation as well as the benefits of being part of the HSBC group," Fitch said.

  • Fitch downgrades Commercial Bank of Kuwait individual

    The individual rating of the Commercial Bank of Kuwait (CB) has been downgraded to 'D' from 'C/D' by Fitch Ratings, citing weakening loan quality and the impact of the more difficult operating environment on the bank's profitability. "Slower profit generation will make it more difficult for CB to reserve adequately for its growing impaired loans," the rating agency said.

  • French company wins Bahrain waste-to-energy project

    Cnim seeks debt finance for project

  • Fujairah Asia Power to open $2.8bn power plant in UAE

    Fujairah Asia Power, partly owned by International Power of Britain and Japan's Marubeni Corp, plans to open a 2,000MW power plant in the UAE that will supply the world's third-largest port for refuelling ships. The $2.8bn F2 plant in Fujairah will use natural gas from Dolphin Energy. "The entire plant is in commissioning and should be commercial before the end of the year," Steve Yarrington, executive managing director of Fujairah Asia, said.

  • Garmco exits $350m Oman rolling mill JV

    Adel Hamad, chief executive of Bahrain-based Gulf Aluminium Rolling Mill (Garmco) has said the firm has exited a joint venture with Abu Dhabi Water and Electricity Authority (Adwea) and Takamul Investments, which planned a $350m aluminium rolling mill project at Sohar in Oman, Meed has reported. "The Garmco shareholders have opted not to participate in the Oman project," Hamad said. "Takamul and Adwea will now go ahead with the project without our involvement. The shareholders do not want to

  • Garmco pulls out of $350m Oman rolling mill

    Bahrain-based aluminium specialist decides to expand existing facilities

  • Gasco delays sulphur project bid deadline

    Abu Dhabi Gas Industries (Gasco) has delayed the bid deadline until September 7 for a major new sulphur handling and processing project at Habshan in the south west of the emirate, Meed has reported. The winning bidder will build new facilities capable of handling up to 10,000 tonnes a day (t/d) of sulphur. The project will add 700 million cubic feet a day of gas containing 4.5% to 7.2% of sulphur from 2014 onwards.

  • Gaza/West Bank: Classroom and auditorium furniture

    Supply of furniture for classrooms, dormintories and auditoriums

  • Gaza/West Bank: Sanitary landfill

    Construction of a sanitary landfill

  • Gaza/West Bank: Telecommunications cabling and wiring

    Carrying out telecommunications cabling and wiring works

  • GCAA rolls out first ROSI road show

    The UAE General Civil Aviation Authority (GCAA) has launched its first road show on the Reporting of Safety Incidents (ROSI) system at the Sheik Zayed Air Navigation Centre in Abu Dhabi. The initiative is to further enhance the Reporting of Safety Incident (ROSI) system that was launched earlier this year, and involves the introduction of advanced incident reporting modules to support the services of both Air Traffic Control and Aerodrome Operations.

  • GCAA signs statistics agreement

    The UAE General Civil Aviation Authority (GCAA) has signed a five-year memorandum of understanding with the National Bureau of Statistics (NBS) aimed at setting up statistical databases at a national level in the civil aviation sector. The five-year deal is expected to help the GCAA establish an accurate national database in the civil aviation sector which will in turn help decision-making in line with the strategic plan of the authority.

  • GCAS signs MEBAA MoU

    The Middle East Business Aviation Association (MEBAA) has signed a memorandum of understanding (MoU) with Gulf Centre for Aviation Studies (GCAS). Through the MoU, GCAS will expand its clients' network, to offer internationally accredited programmes certified by world leaders in aviation training such as JAATO and ACI. Furthermore the centre will have access to all MEBAA's events, trade shows, conferences, exhibitions and seminars.

  • GCC banks lose out on Libya licence

    UAE-based Mashreq and Emirates NBD and Qatar Islamic Bank have lost their bids for a licence to operate in Libya, but analysts expect them to continue their search for growth away from their home bases, Reuters has reported. The three lenders had been shortlisted for a licence, but only Italy's UniCredit won preliminary approval to open a subsidiary in a decision announced by the Central Bank of Libya on August 9. "Contrary to previously advised intentions, they will only be issuing one new l

  • GCC banks told to cut annual interest rates on credit cards

    Commercial banks in the GCC region have been asked by central bank authorities in the six Gulf states to lower annual interest rates on credit cards from current levels, Saudi Gazette has reported. The GCC central banks consider current increases to be unjustified and believe they should be cut to help safeguard the economy.

  • GDF Suez unit to merge with International Power

    GDF Suez to own 70 per cent and International Power to own 30 per cent of new company

  • German firm inks deal to operate Iraqi port

    The State Company for Iraqi Ports has announced the signing of an agreement with a German firm to operate dock number 7 at Khour al-Zubeir port, Aswat al-Iraq has reported. "The agreement includes the right to operate the dock for seven years, while the State Company will receive 100% of revenues and wages," Anmar al-Safi, public relations and media director at the state firm said.

  • GFH suspends trading ahead of plans to raise restructuring capital

    Gulf Finance House (GFH) has suspended trading in its shares in the Bahrain and Dubai stock markets until August 23 ahead of plans to raise capital as part of its restructuring, Gulf Daily News has reported. Details of the restructuring and the amount of capital it wants to raise are expected to be announced shortly. GFH had raised $300m of fresh capital in November.

  • GIB launches $100m emerging markets fund

    The UK-based subsidiary of Bahrain's Gulf International Bank has announced the launch of a new Emerging Markets Opportunities Fund, with assets of more than $100m. The fund, which aims to generate returns by identifying undervalued opportunities in emerging markets, will be denominated in US dollars but may take positions in emerging market currencies. Credit Suisse is the fund's prime broker, while Citco is the administrator.

  • Glimmer of hope at Qatar Exchange

    The QE Index in Doha rebounded saved the psychological important barrier of 7,000 points by closing 0.31% higher at 7,042.19 points. Shares of Qatar Telecom (Qtel) weakened 0.41% to QR168.00 as the former local telecom monopolist reported net profit attributable to Qtel shareholders for the second quarter of QR571m, a 45.3% decline compared to the same quarter in 2009. The QE Index in Doha rebounded saved the psychological important barrier of 7,000 points by closing 0.31% higher at 7,042.19

  • Global economy woes halt Qatar market rally

    The Qatar Exchange (QE) series of advanced was ended Tuesday, as the QE Index dipped 0.76%, closing at 7,145.51 points. Al Khaliji Commercial Bank (down 2.50% at QR15.50) and Doha Bank (1.71% lower at QR46.00) hit the bottom of the charts. Four insurance firms bucked the trend, as Qatar Insurance (up 3.59% at QR75.00) posted the second highest gain. 4.1m shares changed hands in Doha, while six stock advanced, 30 declined and one listed security ended flat.

  • Global Investment House posts KD34m H1 loss

    Kuwait-based Global Investment House (GIH) has posted a loss of KD20.2m ($70.24m) in the second quarter, compared to a net loss of KD14.2m dinars in the first quarter, due to "turbulence" in the region's markets, Reuters has reported. The firm made a loss of KD34.4m in the first half of the year, compared with a loss of KD98.6m in the year-earlier period, GIH said in a statement. "The performance of Global's principal investment book continued to be negatively impacted by the market turbulenc

  • Global Investment House posts loss of $119m

    Bank attributes loss to regional market turbulence

  • Global sukuk bonds gain 2.1% in July

    Islamic bonds gained at half the pace of emerging-market debt in July, Bloomberg has reported. Global bonds that comply with Shariah law gained 2.1%, double the return in June and the most since a 4.1% advance in March, according to the HSBC/NASDAQ Dubai US Dollar Sukuk Index. JPMorgan Chase & Co.'s EMBI Global Diversified Index, which tracks debt from 46 emerging-market countries, climbed 3.9%.

  • GMG Airlines to begin Saudi flights

    GMG Airlines, a Bangladeshi private carrier, has announced the launch of flights from Dhaka to Jeddah and Riyadh, Saudi Arabia. The carrier will operate six flights from Dhaka to Jeddah and four from Dhaka to Riyadh. A 767-300 ER Long Range aircraft with a seating capacity of 264 will be deployed for the two routes.

  • Google pays hackers for Chrome vulnerabilities

    Google has released its internet browser Chrome 5.0.375.127 with patches for 9 security holes and a workaround for a Windows kernel bug, ZDNet has reported. The online firm has paid $10,011 in rewards to the hackers who reported the issues. The update is available for Windows, Mac and Linux.

  • Greek firm wins Abu Dhabi presidential palace contract

    Greek firm Consolidated Contractors Co (CCC) has been selected by the UAE presidential affairs ministry for the estimated Dhs1.8bn ($490m) main construction contract on the presidential palace project in the Ras al-Akhdar area of Abu Dhabi Island, Meed has reported. The new palace will cover a total built-up area of 220,000 sq m between the existing presidential palace and the Emirates Palace Hotel. US-based RW Armstrong is the project manager, while the local firm Ewan Architectural & Engine

  • GS in front for $690m Abu Dhabi pipeline deal

    South Korean firm was one of seven bidders for construction deal

  • Gulf Air announces three new destinations

    Gulf Air has announced the launch of services to three new destinations - Addis Ababa, the capital of Ethiopia, Basra in Iraq and Isfahan in Iran. The carrier will begin services to Isfahan from October 30 with three weekly services while service to Basra will be launched on October 31 with three weekly services. Addis Ababa will be served from December 6 with five weekly services.

  • Gulf Air looking cut losses

    Samer Majali, CEO of Bahrain's Gulf Air has said the airline is to get closer to breaking even and be in a manageable situation by 2012, Gulf Daily News has reported. The carrier expects to reduce last year's $500m loss to $300m this year, and half that in 2011. The airline is looking to link up with one of the global alliance airlines in a bid to expand its network. "We have been talking to the three alliance partnerships with a view to extending our reach," Majali said.

  • Gulf Air not threatened by Iran's demand

    An Iranian official has called for the airline to be punished for not referring to waterway between Iran and the Gulf states as the Persian Gulf

  • Gulf Air to start five more routes from September

    The airline will fly to Addis Ababa, Esfahan, Aden, Colombo and Basra in 2010

  • Gulf Bank of Kuwait remains top performing stock

    The Kuwait Stock Exchange (KSE) closed at 6,693.8 points (up 0.47%). Shares of Gulf Bank of Kuwait (GBK), the second largest commercial bank in the Northern Gulf state, continued its rally, ending 3.33% higher at KD0.465. GBK stocks gained 60% on a year to date basis. The market leader Naitional Bank of Kuwait (NBK) also added 3.33% and finished at KD1.240.

  • Gulf businesses must plan for growth and volatility

    Oil prices are forecast to rise by almost 100 per cent in the next 25 years in real terms. Volatility will be the biggest challenge facing companies serving the boom markets of the Middle East

  • Gulf Finance House agrees $100m debt extension

    Bahraini bank secures last minute extension

  • Gulf Finance House signs new Islamic financing deal

    Agreement valid for two years

  • Gulf Finance House to raise $300m in new equity

    Funds will be used for acquisitions

  • Gulf Insurance Company surges to new-year high

    Kuwait's KSE market or price index stabilised on Sunday at 6,685.2 points. Shares of the local Gulf Insurance Company closed 5.61% higher at KD0.470. Real estate and industrial shares posted mostly losses. Grand Real Estate Projects shhares posted the second largest decline, ending 8.5$ lower atKD0.0215.

  • Gulf International Bank's UK subsidiary launches $100m fund

    Fund will focus on opportunities in emerging markets

  • Gulf Marine secures $185m loan deal

    UAE marine services firm borrows $185m

  • Gulf petrochemical firms to switch to naptha feedstock

    Petrochemical producers in the Gulf region are turning to naphtha as a feedstock, amid growing power-plant demand for natural gas, Bloomberg has reported. Abu Dhabi plans to build the Middle East's first plant that will use only naphtha to make plastics, while Saudi Aramco, France's Total and Sumitomo Chemical plan to develop similar units as part of two refinery ventures. "They are running short of gas, especially in the UAE and in Saudi Arabia, where they require gas for power generation as

  • Gulf petrochemicals producers protest against Indian anti-dumping moves

    Umbrella body could lobby for retaliatory measures

  • Gulf Projects 12 August 2010: Riyadh and Baghdad sustain market

    At its peak, at the start of 2009, the value of projects planned or under way in the Gulf topped $3 trillion, according to projects tracker MEED Projects. The GCC accounted for about $2.6bn.

  • Gulftainer announces new berth opening in Iraq

    Sharjah-based Gulftainer has announced the opening of berth 8 at Umm Qasr port in Iraq, Meed has reported. The port operator expects to introduce two mobile harbour cranes designed to handle all forms of cargo in September that will ensure high efficiency at the berth. Gulftainer is also working on the completion of berths 10 and 11, for which it had won the concession last April, and upon completion, it plans to order gantry cranes with the aim of starting operations one year later.

  • Gulftainer opens berth 8 at Umm Qasr

    The port operator expects to take delivery of two mobile harbour cranes in September

  • H1N1 pandemic is over - WHO

    Margaret Chan, director-general of the World Health Organisation (WHO) has announced that the H1N1 pandemic is over and the global outbreak turned out to be much less severe than was feared just over a year ago, Reuters has reported. "We are now moving into the post-pandemic period. The new H1N1 virus has largely run its course," Chan said. However, she told a news conference that the swine flu virus will continue to circulate as part of seasonal influenza for years to come, requiring health

  • Halliburton wins Iraq oil contract

    An Iraqi oil official has said Iraq, along with oil and gas major Royal Dutch Shell and Malaysia's Petronas, has awarded a contract to Halliburton to drill 15 oil wells in the giant Majnoon oilfield, Reuters has reported. Petrofac also secured a contract to build two crude processing plants with a capacity of 50,000 barrels per day (bpd) each and to rehabilitate the existing crude plant, the official added. "These contracts are part of implementing the preliminary plan to develop Majnoon oilf

  • Hanwha to sign Kuwait gas bottling plant deal

    Firm will build a $189m facility in north Kuwait

  • Hard Rock Cafe in Dubai to reopen

    Hard Rock International has announced its rock memorabilia restaurant in Dubai is set to reopen soon after Ramadan at Dubai Festival City (DFC), following its closure in March last year.

  • Hilton launches high-speed internet access offer

    Hilton Worldwide has announced a complimentary high-speed internet access offer to all gold and diamond Hilton HHonors members beginning September 1, 2010. Elite-tier members will receive this benefit during stays at any of the more than 3,600 hotels within the company's global portfolio of 10 hotel brands, which include Waldorf Astoria Hotels and Resorts, Conrad Hotels and Resorts, Hilton, Doubletree, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2

  • Hilton Worldwide signs Saudi management contracts

    Hilton Worldwide has signed a management agreement with Saudi Arabia's King Saud University Endowment for the 241-room Hilton Riyadh King Saud University and the 155-room Hilton Riyadh King Saud University Residence. With preliminary groundwork already underway, the new-build properties will feature dining facilities, health clubs, swimming pools and business centres. The new properties are to open in 2012.

  • Hotel occupancy rises in Qatar

    Hotel occupancy rates in Qatar rose to 61% in the first six months of this year, compared to 59% in the same period last year, according to the Qatar Tourism Authority. The improvement in hotel performance can be attributed to the effort the government has put in motion to increase tourism activities, and in hosting sporting and cultural events, QTA said. It is also due to the continuous expansion of Qatar Airways into new routes in spite of the global economic crisis, the authority added.

  • HSBC Iraq unit looks to infrastructure

    James Hogan, chief executive of HSBC's Iraqi subsidiary has said the lender is eyeing opportunities in funding infrastructure projects as the country is being rebuilt, while it gradually opens more branches, Reuters has reported. "Once we have a new government in place, they will likely focus on the budget for next year, and we will see capital spending largely being driven by new infrastructure such as road projects, the need for cement, and building a telecommunications infrastructure," Hog

  • HSBC launches Amanah Advance service

    HSBC Amanah has launched its global current account and banking service HSBC Amanah Advance to consumers in Qatar. The new account offers benefits and services including a dedicated teller counter and designated service area, preferential pricing for personal and vehicle finance and 50% waiver of arrangement fee for vehicle finance among other features. The Amanah Advance service will replace HSBC Amanah Status in the bank's portfolio of current accounts, with existing customers automaticall

  • Hyundai, Petrofac win Kuwait contracts

    Kuwait Oil Co has said it has awarded Hyundai Engineering and Construction Co and Petrofac contracts worth KD520m to design and build pipelines, Reuters has reported. Hyundai will build low sulphur fuel oil, fuel gas and gas oil pipelines from Mina al-Ahmadi refinery to Subbiya and Doha power stations. The KD404m project will be completed by April 2013. Petrofac will build fuel gas and gas oil pipelines plus a pumping station from the same refinery to al-Zour and Shuaiba power stations for KD

  • IBM buys Unica

    IBM has announced that it will buy enterprise marketing management software firm, Unica in a deal worth $480m, ZDnet has reported. IBM said it will take Unica's software to better target marketing efforts and predict consumer behaviour. The acquisition is part of plans by IBM to spend $20bn on acquisitions through to 2015.

  • IBM launches Power 7 systems

    IBM has launched new Power7 systems designed to manage demanding workloads and emerging applications, including a high-end system that offers better energy efficiency. The new Power7 technology supports four times as many processor cores as prior systems and uses the latest PowerVM virtualisation software to allow customers to run over 1,000 virtual servers on a single physical system,

  • Ibn Rushd to award Yanbu contract by year end

    Saudi Arabia's Arabian Industrial Fibre (Ibn Rushd), an affiliate of regional petrochemicals giant Saudi Basic Industries Corp (Sabic) is to award the contract to build a new petrochemicals plant at its Yanbu production complex before the end of the year, Meed has reported. The winning bidder will build a 350,000-tonne-a-year (t/y) purified terephthalic acid (PTA) plant, which will act as an expansion of an existing 350,000 t/y production unit at Ibn Rushd's Yanbu complex.

  • IMF approves $369.8m Yemen aid package

    The International Monetary Fund (IMF) has approved a three-year $369.8m extended credit facility arrangement for Yemen to support the country's economic reform programme, Yemen Observer has reported. Yemen is embarking on a three-year economic programme that aims to achieve high and sustained growth and durable poverty reduction over the medium term, the IMF said. "An initial disbursement equivalent to $52.8m is available to the Yemeni authorities immediately, with subsequent disbursements su

  • Impregilo starts expansion works at Qurayyah power plant

    Contract will involve off-shore construction works

  • Indian festival drives gold demand in UAE

    The World Gold Council (WGC) has said the Indian festival Akshaya Tritiya has driven demand on gold jewellery in the UAE during the second quarter of 2010. Additionally, anticipation of further price increases in Saudi Arabia has fuelled sales of the commodity in the kingdom during the same period. Demand in Egypt was 15% down on year-earlier levels as the higher gold price took its toll, the WGC said.

  • Indian firm to set up steel plant in Oman

    Zoom Steel, a subsidiary of Indian conglomerate, Zoom Group is developing a large 1.2 million tonne-capacity steel manufacturing plant in Sur, Oman, Times of Oman has reported. The project will have two production lines to manufacture 0.6 million tonnes per annum each of billets and blooms. The project, which will use imported iron, is estimated to cost $665m and is expected to go on stream by November 2012.

  • Industrial Bank Kuwait FSR outlook revised down

    The foreign currency long-term and foreign currency short-term ratings of the Industrial Bank of Kuwait's (IBK) have been affirmed by Capital Intelligence (CI) at 'A' and 'A2' respectively. The lender's financial strength rating has also been affirmed at 'A', but the outlook for this rating has been revised to 'Negative' from 'Stable' due to IBK's deteriorating loan asset quality and weakened profitability, CI said.

  • Industries Qatar profit rises 18% in Q2

    Industries Qatar, the Gulf's second-largest chemical producer by market value, has posted a second-quarter net profit of QR1.4bn ($384.7m), Reuters has reported. Net profit for the first half of the year rose to QR2.6bn, on higher steel prices. "The strong half-yearly net profits can be attributed principally to buoyant steel prices feeding through to good segmental profitability, with quarterly gross margins in the steel business reaching 41.5%," the company said.

  • Industries, insurers weigh on Kuwait exchange

    The KSE Market or Price Index lost 0.42% in Thursday and closed at 6,645.6 points. Advanced Technology Co. posted the largest loss (off 6.25% at KD0.750). While banks performed overall weaker, Bahrain's Islamic Ithmaar bank bucked the trend, finishing at the top gainer at KD0.039 (6.84% higher).

  • Intel to acquire McAfee in $7.68bn deal

    Intel has agreed to acquire security software maker McAfee for $7.68bn, CNN has reported. The deal has been approved by boards of directors at both companies, and must be approved by McAfee shareholders and government regulators for it to become final. "The deal positions Intel well for the future of computing across a broad range of devices and usages," Intel chief executive Paul Otellini said.

  • International Investment Group to suspend 2009 dividend

    Kuwait's International Investment Group, the investment house in the midst of a restructuring process, has said it would ask shareholders during a meeting on September 2 to suspend its 2009 dividend, Reuters has reported. Last month, IIG was unable to make a $152.5m sukuk payment and appointed KPMG to advise it on restructuring its business after it posted a 2009 net loss of KD36.5m due to a slump in income from investments and fees and foreign exchange losses.

  • International passenger traffic rises 9.2%

    The International Air Transport Association (Iata) has said international passenger and freight traffic rose 9.2% in July compared to a year earlier, while international scheduled freight traffic showed a 22.7% improvement. Middle Eastern carriers saw the largest increase of capacity with 12.8% in July and 13.2% over the first seven months of the year. The region's carriers have managed to increase demand at even higher levels with 16.8% in July and 19.4% over the first seven months of the ye

  • IPG announces net profits drop

    Kuwait's Independent Petroleum Group (IPG), which deals with crude oil and oil products, has said its net profits for the six months of 2010 dropped to KD2.2m ($7.6m) from KD2.6m ($9m) in the same period of 2009, Kuna has reported. Second quarter net income stood at KD634,700 ($2.2m), while total assets amounted to KD303.7m ($1.058bn), IPG said.

  • Iran Air plans IPO

    Farhad Parvaresh, CEO and chairman of Iran Air, the state-owned flag carrier, has unveiled plans to sell the carrier's first shares to the public and buy as many as 100 new aircraft to expand in the face of tighter international sanctions, Bloomberg has reported. "Our company will be going into the Tehran Stock Exchange," Parvaresh told the news service in an interview. "We are creating the conditions for this. Whether that will be 100%, 70%, 60%, we are working on this." He said it was too e

  • Iran and Iraq sign gas deal

    Agreement paves the way for gas imports to Iraq

  • Iran and Syria to open bank in Damascus

    The Syrian cabinet has approved a license for setting up a Syrian-Iranian bank in Damascus, with an initial capital of 1.5bn Syrian pounds (approx. $32m), the Islamic Republic of Iran News Network has reported. Iran's Saderat Bank, Alghadir Co, and Saipa Co, own 25%, 16% and 8%, respectively, of Al-Aman Bank's shares, while the remaining 51% of the shares will be offered to the public through Syria's stock exchange market.

  • Iran begins fuelling of first nuclear power plant

    Iran has begun fuelling its first nuclear power plant, Reuters has reported. Iranian officials said it will take two to three months before the Bushehr plant starts producing electricity once the uranium-packed fuel rods are moved into the reactor. The fuelling of the plant is part of the country's attempts to reduce consumption of fossil fuels.

  • Iran begins loading Bushehr nuclear power plant

    The plant will produce 1,000 megawatts of electricity once all 163 fuel rods and fuels have been loaded

  • Iran Bushehr nuclear plant to launch

    Ali Akbar Salehi, head of Atomic Energy Organization of Iran (AEOI) has confirmed the launch of the country's first nuclear power plant on August 21, Moj News has reported. "We are getting ready to transfer fuel of Bushehr Power Plant to the pool located near the heart of reactor next week, "Salehi said. Bushehr, which is located in one of Iran's hottest districts on the Gulf coast, was originally scheduled to start in September 2007.

  • Iran gas exports to Turkey halted following explosion

    Iran's natural gas exports to Turkey came to a halt yesterday after an explosion hit the pipeline between the two neighbouring countries, Mehr news agency has reported. Repairs could take six to seven days to be completed, an official at the Turkish pipeline operator Botas said. Iran is Turkey's second-biggest supplier of natural gas after Russia.

  • Iran now leads the region for nuclear technology

    Other countries in the region are following closely behind

  • Iran seeks to cut imports in order to cope with sanctions

    Iran is seeking to cut unnecessary imports to boost domestic production in response to international sanctions, Mehr news agency has reported. Arsalan Fathipour, head of the country's parliament has said that the national economy could face serious problems if the quality of domestic products is not improved and the consumer prices are not lowered. The central bank also said that the nation should limit imports to "necessary goods" to help lift domestic production and reduce the amount of har

  • Iran set to launch first nuclear power plant

    Russian built plant awaiting fuel

  • Iran sets aside $2.2bn for gas projects

    Alireza Zeighami, Iran's deputy oil minister has said the country has allocated $2.2bn for seven gasoline production and refinery renovation projects, Mehr news agency has reported. The projects include Tehran, Abadan, Esfahan, Tabriz, Bandar Abbas, Imam Khomeini and Lavan gasoline production refineries, he said. "Once the projects come on stream, 12 million litres of gasoline would be added to the country's production capacity and 70% of the nation's demand to the product will be met," Zeigh

  • Iran to buy 19 new passenger planes

    Iran plans to buy 13 Boeing MD and six Airbus passenger planes in the near future, as the country seeks to renew its air fleet, Fars news agency has reported. "Five Boeing MD planes (out of 13 planes) have already been imported and the rest of the planes will arrive in the country soon," Iran's roads and transportation minister, Hamid Behbahan, was quoted as saying. The country is seeking to renew its air fleet through the purchase of foreign planes and domestic production in a bid to improve

  • Iran to issue $1bn bonds for gas field

    Iran is to issue the equivalent of $1bn in bonds in local currency this week to help finance the development of its South Pars gas field in the Gulf, Reuters has reported. Ali Vakili, managing director of the Pars Oil and Gas Co (POGC), a subsidiary of the National Iranian Oil Co, said 30,000bn rials of bonds are part of a $3bn bond issue to happen by the end of the year. POGC needs some $40bn for the remaining phases of the giant Pars gas field in the Gulf which it shares with Qatar, Vakili

  • Iran unveils first unmanned bomber

    President Mahmoud Ahmadinejad refers to the aircraft as an “ambassador of death”

  • Iran: Air compressors

    Supply of four centrifugal type air compressors

  • Iran: Al-Borz Canals and drainage system

    Talar left bank canals and drainage system for improvement zone, as part of the Al-Borz integrated land and water management project

  • Iran: Calcined aluminium powder

    Supply of 200,000 tonne of calcined aluminum powder

  • Iran: Canals and drainage system

    Implementation of bank canals and a drainage system

  • Iran: Canals and drainage system

    Canal and drainage work for Al-Borz integrated land and water management project

  • Iran: Caustic tower

    Supply, provision and design of two stages of caustic tower internals OL-DA-203

  • Iran: Coke supply

    Supply of 180,000 tonnes of coke

  • Iran: Communications unit

    Supply, shipping installation and delivery of two Navtex communications units

  • Iran: Diesel engine generator

    Supply of diesel engine generator

  • Iran: Dimethyldisulfide

    Supply of dimethyldisulfide

  • Iran: Down hole equipment

    Supply of down hole equipment

  • Iran: Esfahan Steel

    Supply of raw materials

  • Iran: Expansion joint

    Supply of 4-inch expansion joint

  • Iran: External casing packer

    Supply of external casing packer

  • Iran: Graphite electrode

    Supply 8,000 tonnes of UHP grade 600-millimetre graphite electrodes

  • Iran: Graphite electrodes

    Supply of 600-millimetre graphite electrodes

  • Iran: Graphite electrodes

    Supply of 450-millimetre graphite electrodes

  • Iran: Hormozgan Steel Complex

    Sale of 100,000 tonne of direct reduced iron (DRI)

  • Iran: Hoses and accessories

    Supply of floating hoses and accessories

  • Iran: Hot rolled steel plate

    Supply of 50,000 tonnes hot rolled steel plate

  • Iran: Hovercraft

    Provision and delivery of lake search and rescue hovercraft of Uromia port

  • Iran: Locomotive parts

    Supply of 294 parts for Russian and German locomotive

  • Iran: Medical laboratory microscopes

    Supply of medical laboratory microscopes

  • Iran: Mobile loading arms for oil terminals

    Manufacturing and delivery of mobile loading arms for oil terminals at Amirabad and Anzali ports

  • Iran: Oil Drilling

    Supply of rotary tong parts

  • Iran: Oil field development

    Iran: Oil field development - Tender DetailsDescriptionProvision of an integrated reservoir study, development planning and consultancy services for oil field development. Provision in two stages of an integrated reservoir study, development planning and con

  • Iran: Plasma products

    Production of plasma products

  • Iran: Reactor effluent drier molecular sieve

    Supply of reactor effluent drier molecular sieve

  • Iran: Reduction gear parts

    Supply of reduction gear parts

  • Iran: Ro-water desalination part

    Supply of parts for Rochem ro-water desalination

  • Iran: Sand control services

    Provision of sand control services

  • Iran: Seamless line pipe supply

    Supply of 8,460 length seamless line pipe for sour condition

  • Iran: Sell iron ore

    Sell 200,000 tonnes iron ore

  • Iran: Submarine Pipelines

    Provision of submarine pipelines between Balal production platform and Lavan Island

  • Iran: Sulfolane

    Supply of sulfolane

  • Iran: Supply of expansion joint

    Supply of expansion joint for Iranian Offshore Oil Company

  • Iran: Supply of F.L cleaner

    Supply of parts for Derrick F.L cleaner 2,000, four panels

  • Iran: Supply of fire truck

    Supply of ladder and platform fire truck

  • Iran: Supply of roll

    Supply of 4 items of roll

  • Iran: Tools and equipment

    Four tenders for the supply of tools and equipment

  • Iran: Top drive system

    Supply of top drive system

  • Iran: Tubular goods

    Supply of tubular goods

  • Iran: Turning machine

    Supply of a set of vertical turning machines

  • Iran: Vacuum Lorry Truck

    Supply of vacuum lorry truck

  • Iran: Vapour absorption chiller

    Supply three absorption chillers

  • Iran: Wastewater treatment plant module

    Construction of a primary module for urban wastewater treatment plants

  • Iran: X-over, pup joint and coupling

    Supply of X-over, pup joint and coupling

  • Iran’s gasoline consumption down 12 per cent

    Fuel consumption at lowest level since March

  • Iranian president survives grenade attack

    President Mahmoud Ahmadinejad was travelling in a convoy in Hamedan province when the attack took place

  • Iran's ports see 5.4 per cent increase in traffic

    The ports saw 53.2 million tonnes of cargo the previous year

  • Iraq central bank cuts reserve requirements of banks

    The central bank of Iraq has cut commercial banks' reserve requirement to 15% from 20% effective September 1, to spur bank lending as core inflation continues to slow, Reuters has reported. The move is aimed at enhancing investment in Iraq, where economic development has been slow to materialise, Mudher Kasim, a senior advisor in the bank, said.

  • Iraq confirms Iranian gas import deal

    Baghdad previously denied agreement with Tehran

  • Iraq denies Iran gas import deal

    Oil ministry says it has not signed agreement

  • Iraq losing oil revenue due to Kurdistan

    Iraqi oil ministry has said that because the northern Kurdistan region is not producing oil, the country is currently losing oil revenues of 100,000 barrels per day (bpd), Aswat al-Iraq has reported. "Kurdistan will not affect the Iraqi budget by stopping oil production, but the country is losing additional revenues that can be used in the rebuilding processes," spokesman for the ministry, Asim Jihad was quoted as saying. "Iraq needs to export as much oil as possible to ensure revenues for bo

  • Iraq may delay gas fields auction

    Iraq's oil ministry has said the country could postpone an auction for companies seeking to develop its gas fields to give them more time, Reuters has reported. The government had said it will invite all 45 international companies, who were prequalified in the two oil auctions last year, to bid to develop three gas fields and the auction was to have taken place on September 1. "I think there will be an extension for the period... It could be by the end of October or start of November, until n

  • Iraq oil exports decrease slightly

    Iraq oil ministry spokesman, Asim Jihad has said the country's oil exports have slipped to 1.816 million barrels per day (bpd) in July from 1.823 million bpd the month before, Reuters has reported. Iraq exported an average of 1.432 million bpd from the southern oil hub of Basra and 383,000 bpd from the northern oilfields around Kirkuk, including 10,000 bpd by trucks to Jordan, he said.

  • Iraq selects firms for $50bn housing project

    Dr Sami Al Araji, chairman of Iraq's National Authority for Investment has said the government has selected 35 international firms to build one million new housing units across the country, Arabic Al Sabah newspaper has reported. The $50bn project will include 244,000 units in the capital, Baghdad, 80,000 in Basra, and 100,000 in Mosul with the remaining units to be constructed in other provinces, including the Kurdistan region, according to population density. The project is expected to be c

  • Iraq will struggle to replicate earlier successes

    Politics may be the biggest obstacle for Iraq’s third licensing round

  • Iraq: ACSR aluminium wire

    Supply of ACSR aluminium wire

  • Iraq: Aviation staff training

    Provision of professional staff training for priority aviation disciplines

  • Iraq: Calling and intercom systems

    Supply of complete calling and intercom systems

  • Iraq: Cement plant clay feeder

    Supply of clay feeder for the Al-Muthuna cement plant

  • Iraq: Centrifugal pumps

    Supply of diesel and electric centrifugal pumps

  • Iraq: Conflict Assessment Fund

    UNOPS Support to Reconciliation Strategies for Iraq

  • Iraq: Cranes

    Supply of 80-tonne cranes

  • Iraq: Demulsifier

    Supply of demulsifier

  • Iraq: Design, supply, installation and starting of sea water intake

    Design, supply, installation and starting of sea water intake and pretreatment unit for state company of fertiliser in Basra

  • Iraq: Electrical copper cables

    Supply of low-tension electrical copper cables

  • Iraq: Electrical support services

    Provision of electrical support services

  • Iraq: Electronic control cards

    Supply of electronic control cards

  • Iraq: Energy meters

    Supply of energy meters

  • Iraq: Ethylene and polypropylene

    Supply of high-density ethylene, masterbatch and polypropylene

  • Iraq: Excavator

    Supply of a dragline excavator

  • Iraq: Feed water systems

    Supply of feed water systems

  • Iraq: Fuel station download meters

    Supply of download meters for fuel stations

  • Iraq: Fuel tankers

    Supply of fuel tanker truck tractors

  • Iraq: Fuel transporting trucks

    Supply of semi-trailers trucks for transporting aviation fuel

  • Iraq: Gas turbines

    Provision of 10 760MW gas turbines for a power plant

  • Iraq: Human rights defenders project

    Implementation of awareness raising and capacity building activities for a human rights defenders project

  • Iraq: Investment Climate Survey

    Interviewing 1,000 manufacturing and services firms in Nineveh, Kirkuk, Baghdad, Babil, Karbala, Najaf, Basra, Suleimaniyah and Erbil.

  • Iraq: Laboratory equipment

    Supply of laboratory equipment

  • Iraq: LPG plant works

    Carrying out works at a liquefied petroleum gas (LPG) loading and unloading plant

  • Iraq: Mobile centrifugal pumps

    Supply of mobile diesel centrifugal pumps

  • Iraq: Power station

    Provision and installation of a 135 megavolt a year power plant

  • Iraq: Power station heat exchangers

    Supply of heat exchangers for a power station

  • Iraq: Power station technical maintenance

    Carrying out technical management maintenance works at a power station

  • Iraq: Safe lockers

    To supply safe lockers to Al-Tahady State Company in Iraq

  • Iraq: spare parts for transmitters

    Spare parts for pressure, differential, level and flow transmitters

  • Iraq: Stainless steel plate

    Supply of stainless steel plates for a gas company

  • Iraq: Steam pumps

    Supply of reciprocating steam pumps

  • Iraq: Steel profiles

    Supply of steel profiles

  • Iraq: Submersible pumps

    Supply of submersible pumps

  • Iraq: Textile Machines

    Supplying textile machines for the textile factory in Mosul, Iraq

  • Iraq: Tube and tube bundle boilers

    Supply of tube and tube bundle boilers

  • Iraq: Tube bundles and heat exchanger tubes

    Supply of tube, tube bundles and heat exchanger tubes

  • Iraq’s July oil exports up 2.8 per cent

    Oil revenues reach $54.6bn

  • Iraqi labour minister rejects World Trade Organisation proposal

    Iraq's labour and social affairs minister has rejected the idea of the country joining the World Trade Organisation (WTO), as it will negatively affect work efficiency in Iraq, Aswat al-Iraq has reported. "My ministry examined this issue considering its effects on the levels of labour and unemployment," the minister was quoted as saying.

  • Irish company wins Bahrain electricity transmission contract

    ESB International will advise Bahrain on its electricity transmission upgrade scheme

  • Islamic finance regulator to change scholar rules

    Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is set to overhaul rules governing Islamic finance scholars whose role and potential conflicts of interest have come under increased scrutiny, Reuters has reported. The industry body plans to devise new standards to regulate shareholdings of Shari'ah scholars in financial institutions and advisory services provided by companies owned by scholars. AAOIFI also said it has approved two new accounting s

  • Israel and Palestinian National Authority to resume direct talks

    Representatives of Israeli government and Fatah-led Palestinian National Authority to meet in Washington on 2 September

  • Istithmar World sells London property

    Istithmar World, a unit of Dubai World, has sold an office building on London's Trafalgar Square to a private Russian investor for around £172m ($272m), Bloomberg has reported, citing a person with knowledge of the transaction. The 200,000 sq ft property known as Grand Buildings was bought by Istithmar in 2005 for £155m.

  • Ithmaar Bank shares hit seven-week high

    The Manama-based BSE Index continued its step-by-step rally, ending on Tuesday 0.42% higher at 1,415.50 points. Islamic financial institution Ithmaar Bank surged to a seven-week high, closing eight percent higher at $0.135. Ithmaar reported Sunday a profit attributable to the shareholders' for the second consecutive quarter and announced year-to-date profits of $4.6m as compared to a loss of $47.6m during the same period in 2009.

  • Ithmaar Bank shares surge on second quarter results

    Kuwait's KSE Market or Price Index ended 0.16% lower at 6,647.80 points. Top gainer at the KSE was Bahrain's Islamic bank Ithmaar. Its shares surged 7.81% to KD0.0345. Ithmaar reported Sunday a profit attributable to the shareholders' for the second consecutive quarter and announced year-to-date profits of $4.6m as compared to a loss of $47.6m during the same period last year. Logistic-specialist Public Warehousing Co. or Agility lost 2.17% and finished at KD0.460. Agility reported on Sunday

  • Japan investigates alleged terrorist attack on oil tanker

    An oil tanker owned by Mitsui OSK Lines was attacked in the Strait of Hormuz on 28 July

  • Jaz Hotels to open new property next year

    Egypt's Jaz Hotels, Resorts and Cruises has announced that its Sol Y Mar Riva Club hotel will be opened in Sharm El Sheikh in April next year. The five-star 2887-room property features five restaurants and bars, Olympic-sized heated swimming pools, children's freshwater pool, kids club, tennis court and a spa. It will be the company's 12th property in the area.

  • Jazeera Airways posts Q2 loss

    Kuwait's low-cost carrier Jazeera Airways has reported a loss of KD4.7m ($16.41m) in the second quarter, compared to KD1.26m in the year-earlier period, Reuters has reported. The carrier made a loss of KD9.22m in the first half of the year, compared to a loss of KD2.23m in the same period of 2009.

  • Jindal set to start up Shadeed in January

    Cold commissioning to begin in October at the Oman steel plant

  • Jordan and Malaysia strengthen air services agreement

    Jordan and Malaysia has upgraded their air services agreement to liberalise direct air transport between the two countries, Petra news agency has reported. Under the new agreement, Malaysian air carriers will be allowed to operate flights to and from the King Hussein International Airport in Aqaba without restrictions.

  • Jordan appoints banks for $500m bond

    Deal will be first bond issue by Jordan

  • Jordan brain drain leaving hospitals understaffed

    Jordanian health officials have said a trend of doctors leaving the country to practise elsewhere could leave the kingdom's public hospitals understaffed, Jordan Times has reported. According to the Jordan Medical Association (JMA), more than 200 physicians, a majority of whom used to work for the health ministry, have left the country since the beginning of the year in search of better employment opportunities. "They are overworked and underpaid, we cannot prevent them from looking for bette

  • Jordan budget deficit drops by over 30%

    Jordan's state budget deficit in the first six months of this year dropped by over 30% to JD156m ($219m) from JD560m recorded in the same period of 2009, Jordan Times has reported. Effective austerity measures taken by the government earlier this year contributed to the decline, finance minister Mohammad Abu Hammour told the daily. The government is to continue with these measures adopted in its action plan in order to address the unprecedented JD1.5bn deficit, he added.

  • Jordan budget deficit shrinks 70%

    Jordanian finance minister, Muhammad Abu Hammour has said the kingdom's budget deficit has shrunk by 70% in the first six months of the current year, due to an 8.2% drop in capital expenditure, Petra news agency has reported. Jordan's budget deficit fell to JD175m from JD530m for the same period of 2009.

  • Jordan Phosphate Mines suffers H1 profits drop

    Jordan Phosphate Mines has said its profits for the first half of this year have dropped 48.5% to JD34.6m ($48.7m), Reuters has reported. Second-quarter net profit fell 32% to JD24.6m, the company said. Despite steady demand in the group's main markets including the India, Japan and Asian markets, lower prices and higher production costs reduced the profit margins, according to an unnamed company source. Net sales from exports of fertilisers and phosphate fell 1.6% to JD248.45m in the first s

  • Jordan private school student numbers rise

    According to a survey by Jordan's Department of Statistics, 21% of the 1.6 million students enrolled in school are studying at private schools, up 3% from 2002, Jordan Times has reported. This is attributed to the kingdom's relatively young population, as the majority of students enter private schools at the elementary level before moving on to public secondary schools, the education ministry said. "A majority of students join private elementary schools as their families believe that private

  • Jordan selects preferred bidders for renewables contracts

    Advisers will assist the government in developing a renewable energy framework

  • Jordan to float Aqaba Industrial Terminal tenders in September

    Jordan Phosphate Mines Co (JPMC) plans to float tenders for the $100m Aqaba Industrial Terminal by the end of September, Meed has reported. The proposed terminal will handle various cargoes including steel, iron ore, potash, sulphur, fertiliser, ammonia and timber. The terminal is to replace an existing facility that will eventually be turned into a tourism area.

  • Jordan wastewater treatment plant bidders given extension

    Companies now have until 15 September to respond to request for proposals

  • Jordan: Pressure vessels and tube bundles

    Supply of pressure vessels and tube bundles

  • Jordan: Sewer network consultancy

    Provision of consultancy services for the sewer networks

  • Jordan-Kuwait Bank profit drops 19% in H1

    Abdel Karim al-Kabariti, chairman of Jordan-Kuwait Bank has said that a further downturn in the economy has brought the lender's first-half profit lower by 18.8% to JD23.5m, Reuters has reported. Gross income fell 10.75% year-on-year to JD53.5m, while customer deposits were down 5% from the end of 2009 to JD1.2bn. There are signs the downturn in Jordan is steeper than last year and the continued slowdown in economic activity had hit the results, which were in line with the bank's expectations

  • Jordan's Queen Alia International Airport reports passenger increase

    Jordan's Queen Alia International Airport has recorded growth in July's traffic performance with 597,068 passengers, compared to 524,626 passengers in July 2009, translating into a 13.8% year-on-year increase. Aircraft movement saw an 8.1% growth with 6,134 aircraft movements in July 2010 compared to 5,673 last year. July 2010 cargo registered an increase of 24.6% with 8,502 tonnes compared to 6,825 tonnes in July 2009.

  • Jumeirah Group signs Egyptian development agreement

    Dubai-based firm, Jumeirah Group has said it has signed an agreement with Egyptian developer, Palm Hills Developments (PHD) to manage the Jumeirah Gamsha Bay Resort. The management agreement marks Jumeirah's first in the North African country. The new five-star deluxe 250-room resort is located in PHD's Palm Gamsha resort on the Red Sea, Egypt.

  • JV to build $200m fibreglass plant in Bahrain

    A joint venture between Saudi Arabia's Saleh and Abdulaziz Abahsain Co and China's Chongqing Polycomp International (CPIC) is planning to build a $200m fibreglass plant at Salman Industrial City (SIC) in Bahrain, Meed has reported. The JV will build the 140,000 tonnes-a-year (t/y) facility at the Bahrain International Investment Park (BIIP), which is part of SIC. The joint venture will be 70% owned by CPIC and 30% owned by Saleh and Abdulaziz Abahsain and will employ around 1,000 people when

  • KBR wins BP deal in Egypt

    Onshore gas terminal for West Nile Delta Development

  • KBR wins Iraq Maysan refinery units

    US firm awarded technology and basic engineering deals

  • KHCB announces H1 profit drop

    Bahrain-based Islamic lender, Khaleeji Commercial Bank (KHCB) has said its first-half net profit has dropped to BD1.02m ($2.7m) from BD7.12m during the same period last year, Gulf Daily News has reported. Second quarter net income stood at BD510,000, the lender said. "Given the difficult market conditions, KHCB has focused on diversifying and expanding its business while maintaining a conservative liquidity and capital position," said chairman Dr Fuad Al Omar.

  • KIA denies BP request to increase stake

    Kuwait Investment Authority (KIA) has denied receiving an offer from British Petroleum (BP) to increase its stake in the company, Bloomberg has reported. The comment by the Gulf state's sovereign wealth fund followed a report in Al-Anba newspaper that BP's outgoing CEO Tony Hayward asked KIA to raise its stake to 3% to protect the firm against takeover attempts.

  • King Fahd Causeway deal to be awarded next year

    The expansion and development of the King Fahd Causeway is estimated to cost nearly SR1.07bn ($284.8m), Al Hayat has reported. The King Fahd Causeway Authority is expected to award the project in July 2012, which is scheduled for completion in December 2015, the daily said, citing people familiar with the matter.

  • King Hussein Cancer Foundation signs Deloitte MoU

    Jordan's King Hussein Cancer Foundation has signed a memorandum of understanding with Deloitte-Jordan aimed at improving awareness of breast cancer. The aim is to reach more than 7,200 underprivileged women in one of the suburbs of the Jordanian capital to raise awareness about the importance of self testing with regards to early detection of breast cancer. Under the agreement 480 women will also receive free mammography examinations at the health centre in Ain Al Basha.

  • Kipco H1 net profit declines

    Kuwait Projects Co (Kipco) has revealed its H1 net profit fell to KD 9.6m ($33m) from KD21.6m for the same period last year. Second quarter profit rose 2% to KD4.8m from KD4.7m reported in the previous quarter. Total revenues for the first six months of 2010 declined to KD193.8m compared to KD230.6m in the first half of 2009.

  • Kirkuk-Ceyhan exports halted

    Iraq's oil exports from Kirkuk oilfields to the Turkish port of Ceyhan have been halted due to unknown reasons, Reuters has reported, citing sources at Iraq's North Oil Co. "We do not so far know the cause, whether it was a technical glitch or sabotage," one source said. Repair crews had started, the source said, adding that it would probably take between 48 to 72 hours to fix the pipeline.

  • KOICA offers Jordan training centre curricula development

    The Korea International Cooperation Agency (KOICA) has donated curricula developments and translations for the vocational diploma students of Jordan's Vocational Training Centre (VTC), Petra news agency has reported. The initiative is part of the Jordan Korea Technology Institute project (JOKOTI). The curricula include application database, programmable logic controller, electrical devices maintenance practice, engine maintenance practice and electricity and electronics practice.

  • Kurdistan looks to increase oil revenues

    Ashti Hawrami, Kurdistan region's natural resources minister has said his ministry is seeking to increase the region's daily oil production to 3-4 million barrels in the next four years, raising revenues during this period to $25bn, Aswat al-Iraq has reported. "The region has 45 billion barrels of oil and 200 trillion cubic meters of natural gas," Hawrami said at a press conference in Erbil.

  • Kuwait Airways forced to borrow from banks to pay salaries

    Kuwait Airways has said it will borrow from local banks to pay salaries, Reuters has reported. "We got the approval of the cabinet to borrow from local banks to support the company's cash flow including payment of salaries," company spokesman, Adel Boresly, told the news service. Kuwait is currently privatising the company and has already appointed Citigroup, Ernst and Young and aviation services firm Seabury to handle the process.

  • Kuwait Airways privatisation set for March 2011

    The legal transfer of Kuwait Airways to a new private shareholding company is scheduled to be completed by March 1, 2011, Meed has reported. The board of directors of the new company, which will have a capital of KD220m ($769m), will be elected by the country's General Assembly. Once the transfer is completed, the public will be invited to subscribe, according to a source closely involved in the transfer. The government plans to appoint the Citigroup, Ernst and Young, and US-based aviation s

  • Kuwait Airways to borrow money for salaries

    The airline has received approval from the Kuwaiti Cabinet

  • Kuwait and Iraq reach agreement over border oilfields

    Kuwait's oil minister has said an agreement has been reached with Iraq on sharing border oilfields and to allow an international oil company to develop them, Reuters has reported. The agreement called for an international oil company to drill for oil in those fields for both countries, adding no company had been chosen yet, Sheikh Ahmad al-Abdullah al-Sabah said.

  • Kuwait announces $35bn oil industry upgrades plan

    Kuwait's oil minister has said the country is to launch oil projects valued at almost $35bn as part of its four-year development plan for the industry, The National has reported. The projects will include a fourth oil refinery in Kuwait and an upgrade at the state's three existing refineries. The project will boost capacity of two of the three existing refineries from 730,000 bpd to 800,000 bpd, Sheikh Ahmad al-Abdullah al-Sabah told the daily in an interview.

  • Kuwait appoints consortium to handle airline privatisation

    US and UK-based banks and consultants will handle the privatisation of Kuwait Airways Corporation

  • Kuwait approves Petrofac for effluent water injection scheme

    Project cost drops more than 50 per cent

  • Kuwait awards contract to Petrofac

    Kuwait Oil Co has awarded Petrofac a KD123.3m ($430.8m) contract to inject mixed effluent and seawater into 69 wells in the north of the country, Reuters has reported. The project in Sabriyah and Rawdatain oil fields is part of efforts to reach a production target of one million barrels a day by 2015 from Kuwait's northern oil fields.

  • Kuwait awards contracts to improve landline telephone network

    Kuwait's ministry of communication has signed two contracts worth KD7.84m ($27.38m) with two local firms for the maintenance of the country's landline telephone network, Kuwait Times has reported. The move follows repeated complaints about problems activating or connecting landline telephones in different regions across the country. The first contract was awarded to Kuwait Network Electronic Co is for three years and has a value of KD4.62m, while the second contract was awarded to TCIL for KD

  • Kuwait banks extend rally

    Despite woes over a global recovery and fickle oil prices the KSW Market or Price Index added 0.11%, closing at 6,682.10 points thanks to gains in the banking sector. Gulf Bank of Kuwait (GBK) surged seven percent (at KD0.530). Kuwait International Bank ended 4.8% higher at KD0.260. The financials reap benefits from better economic prospects in the Northern Gulf state and estimates that Kuwait will achieve a budget surplus on 2010. The country's largest lender National Bank of Kuwait (NBK) en

  • Kuwait banks to fund $104.2bn development plan

    The Kuwaiti cabinet has given its approval to the country's banks to finance a KD30bn ($104.2bn) development plan and is prepared to back them with guarantees, Reuters has reported. Kuwait's parliament approved the four-year plan in February, with the government providing 50% of the finances, while the rest will be provided by private investors. The decision "put the banking sector and the private sector at ease," because there had been talk about funding the plan through a state fund, indepe

  • Kuwait bourse closes unchanged

    The Kuwaiti benchmark index KSE Market ended flat at 6,653.7 points. Despite of losses in the KSE bank sector index (down one percent), United Gulf Bank extended its rebound and posted the largest gain, closing up 8.9% at KD0.305. Shares of Kuwait Building Materials Manufacturing (KBMMC) extended their meltdown, closing 8.19% lower atKD0.280, the largest decline at the KSE on Wednesday.

  • Kuwait bourse corrects by 0.33%

    After rising nearly one percent during the last five trading days, investors booked profits at the Kuwait Stock Exchange (KSE) and the Market or Price Index 0.33% lower to 6,679.3 points. Shares of financial market leader National Bank of Kuwait continued to rally, ending 3.22% higher at KD1,280. Real estate firms weighed on the index, with Dar Al Thuraya Real Estate Co. posting the largest loss (down 7.843% at KD0.0235).

  • Kuwait considers buying BP assets

    The Kuwaiti oil minister has said that state-run Kuwait Petroleum International may be interested in buying some of BP's assets, Reuters has reported. Kuwait is satisfied with its current BP investments, although the firm would consider investing further if assets put up for sale were attractive and fit in with the company's strategy, he told reporters in Moscow after meeting with Russia's energy minister.

  • Kuwait delays deadline for drinking water complex

    Electricity & Water Ministry to receive bids by 24 August

  • Kuwait expecting $19.6bn budget surplus

    According to a forecast by the National Bank of Kuwait (NBK), the Gulf state could record a budget surplus of up to KD5.7bn ($19.6bn) this fiscal year despite boosting spending by 33%, AFP has reported. The budget, which was passed by parliament in June, projects a deficit of $22.7bn at the assumption of an oil price of $43 a barrel but actual price has so far been between $70 and $80 a barrel. Revenues are estimated at $33.5bn while spending is estimated at $56.2bn, NBK said.

  • Kuwait extends bid deadline for Ahmadi hospital

    Prequalified contractors now have until 28 September to submit prices

  • Kuwait extends bid deadline for Ahmadi hospital project

    Prequalified contractors now have until 31 August to submit prices

  • Kuwait extends bid deadline for Subiya causeway

    Contractors now have until 10 October to submit bids

  • Kuwait extends bid deadline for university construction contract

    University has prequalified 26 consortiums for the Sabah al-Salem campus project

  • Kuwait extends deadline for government building contract

    Groups now have until 19 September to submit bids

  • Kuwait Finance House surges to 4-month high

    Kuwait's KSE Market or Price Index ended 0.43% higher on Thursday, adding 11 points over the week. Kuwait Finance House (KFH), one of the largest Islamic financial institutions, finished 1.85% higher at KD1.1. Gulf Cement Company posted the laregst decline as its shares ended at KD0.110, down 8.33%.

  • Kuwait in Blackberry talks but rules out ban for now

    Mohammad Al-Busairi, Kuwait communications minister has said the country is talking to the device's manufacturer about moral and security concerns, but has no intention of stopping Blackberry services for the time being, Reuters has reported. The minister confirmed a report it had asked Research In Motion to block pornographic sites. "As of right now, we in Kuwait have no intention to stop the Blackberry services ... but at the same time we are following up on direct and indirect negotiations

  • Kuwait invites firms to prequalify for railway advisory deal

    Firms have until 23 August to prequalify for the transaction advisory contract

  • Kuwait lessors upgrade A350 orders

    Kuwait-based Aviation Lease and Finance Co (Alafco) has upgraded its order for 12 Airbus A350-800's placed in 2007, into the higher capacity A350-900 model, Arabian Aerospace has reported. "The A350-900 is best suited to meet the needs of our customers in the decades to come. The A350 XWB will be a strong asset in our portfolio," Ahmad Al Zabin, CEO and chairman of Alafo said.

  • Kuwait market loses insignificantly

    The KSE market or price index ended 0.06% lower at 6,662.3 points. The banking sector weighed on the index in particular losing one percent. Only investment and services added value. Bayan Investment Co. posted the largest gain, closing 8.77% higher at KD0.062. The country's largest bank National Bank of Kuwait (NBK) lost 1.63% and finished at KD1.200.

  • Kuwait opens bids for wastewater contract

    Kuwait Company for Process Plant Construction & Contracting bids low for contract

  • Kuwait outlook raised to 'stable'

    Moody's Investors Service said it has raised Kuwait's sovereign ratings outlook to stable after the country's parliament approved "long-awaited" economic legislation. "Since the formation of a new government" last year, "a number of important pieces of economic legislation have been passed," Tristan Cooper, Moody's head analyst for Middle East sovereigns, said in a statement. Moody's previously had a negative outlook on the OPEC oil producer.

  • Kuwait Petroleum sells September fuel cargo at discount price

    Kuwait Petroleum Corp (KPC) has sold its first fuel oil cargo in two months, a cracked 380-centistoke (cst) parcel for September loading at steeply lower price levels, Reuters has reported, citing traders. The 80,000-tonne cargo, for lifting on September 1-2 from Kuwait, was sold to a Middle East player at a discount of $1.50-$2.50 a tonne to Middle East spot quotes on a free-on-board (FOB) basis, down from a premium of $3.00-$4.00 previously. "It's a big drop from the previous deal - physica

  • Kuwait prequalifies contractors for desalination project

    Bid deadline extended to 19 September

  • Kuwait railway project to be postponed

    Kuwait's communications ministry has asked for an extension on the time-limit placed to prepare a dossier on the proposed railway project till next November, Kuwait Times has reported. The ministry asked a legal technical committee to review and study the project, the prices quoted and the companies that are capable of executing it according to international standards. Moreover, some interested international firms requested postponing the bidding deadline until necessary pilot studies have be

  • Kuwait ratings affirmed AA

    Kuwait's Long-term foreign and local currency Issuer Default Ratings (IDR) have been affirmed by Fitch Ratings at 'AA' with a 'Stable' outlook. The Gulf state's Country Ceiling was also affirmed at 'AA+', and the Short-term foreign currency IDR at 'F1+'. Kuwait's balance sheet is among the strongest of Fitch-rated sovereigns and this is an overriding support to the ratings, Fitch said. "Debt is low and foreign assets were worth over $284bn (238% of GDP) at end-2009, based on official disclosu

  • Kuwait Real Estate launches Saudi property portfolio

    Kuwait Real Estate is to launch a property portfolio in Saudi Arabia with a SR140m ($37m) capital, Kuna has reported. The renewable five-year portfolio will aim to provide housing units in promising areas with prices set at SR50,000 per unit. Some 1.5 million units are required to be made available in the coming five years to meet growing demand for housing in the kingdom.

  • Kuwait reviews oil sector restructuring plans

    State oil firm merger depends on new top chief executive

  • Kuwait Stock Exchange dips slightly

    The KSE Market or Price Index finished 0.16% lower at 6,674.7 points. The performance of National Bank of Kuwait (NBK, up 1.47% at KD1.380) proofs that this is a good time for stock pickers, despite market trading sideways for weeks. NBK rose to the highest level since November 2008 when the global financial crisis hit the GCC. Bahrain's Islamic Bank Ithmaar'recovery was halted Monday as its shares lost 3.8%, closing at KD0.037.

  • Kuwait Stock Exchange dips slightly

    The KSE Market Index ended 0.19% lower at 6,658.6 points as investors mostly sold real estate firms and investment companies. International Financial Advisors (IFA) plummeted 6.15% to KD0.061. Bahrain's Gulf Finance House and Gulf Bank of Kuwait took a break of their recent advances and ended flat at KD0.042 and KD0.465, respectively. United Gulf Bank continued its rally by adding 5.26%, finishing at KD0.300.

  • Kuwait stock exchange halts trading in 24 companies

    The Kuwait Stock Exchange has halted trading in the shares of 24 companies for failing to publish their second-quarter earnings on time, Reuters has reported. The 24 halted firms, most of which are investment companies, include Aref Investment Group, Kuwait Investment Co and Industrial Investments Co among others.

  • Kuwait to create industrial development centre

    Kuwait Industries Union is considering a plan to set up a new centre for industrial development and preparing industrial leaders to revamp the Kuwaiti industrial sector, Kuna has reported. The centre will focus on training workers, developing their scientific and practical skills, qualifying industrial leaders and providing necessary industrial advice.

  • Kuwait told to buy natural gas assets

    Sheikh Khalifa al-Nasser al-Sabah, a senior advisor in Kuwait's ruler's office has urged the country to consider buying a company that owns natural gas concessions to help it deal with growing demand for the resource, Reuters has reported. "In medium and long terms, buying a medium-sized company that owns gas assets and concessions through the (state-owned) Kuwait Foreign Petroleum Exploration Co, would serve Kuwait ... more comprehensively, economically and security-wise," he told the news s

  • Kuwait: Contaminated air handling units

    Supply and installation of contaminated air handling units

  • Kuwait: Electricity and water meter reading

    Carrying out electricity and water consumption meter reading works

  • Kuwait: Failaka island development consultancy

    Provision of transaction advisory services for the Failaka island development project

  • Kuwait: Ground cable repair and welding

    Repair and welding of low-tension ground cables

  • Kuwait: Headquarters building complex

    Construction, operation and maintenance of a headquarters building complex

  • Kuwait: Laboratory equipment maintenance

    Maintenance of laboratory and classroom equipment

  • Kuwait: Liquid gas tanks

    Design, provision, construction and commissioning of tanks for liquid gas

  • Kuwait: Luggage inspection devices

    Supply, installation, operation and maintenance of luggage inspection devices

  • Kuwait: Oil company WiMax network

    Supply and installation of a WiMax network for an oil company

  • Kuwait: Physiotherapy complex feasibility consultancy

    Preparation of a feasibility study for the construction of a physiotherapy complex and annexes

  • Kuwait: Plates, bars and structural steel

    Supply of plates, bars and structural steel for a petroleum company

  • Kuwait: Ports project

    Carrying out a ports project

  • Kuwait: Power and water distillation plant cleaning

    Carrying out cleaning works at an electricity power and water distillation station

  • Kuwait: Radio & TV broadcasting monitoring

    Renovation of a radio and television broadcasting monitoring project

  • Kuwait: Rail-road development consultancy

    Provision of advisory services for the development of a rail-road network

  • Kuwait: security system maintenance

    Border control system

  • Kuwait: Supply of personal computers and accessories

    Supply of personal computers and accessories for the Ministry of Interior

  • Kuwait: Traffic control camera O&M

    Operation and maintenance (O&M) of traffic control cameras

  • Kuwait: Uniforms

    Supply of uniforms for a health authority

  • Kuwait: Vehicle leasing

    Leasing of various vehicles and provision of drivers

  • Kuwait: Wastewater treatment plant consultancy

    Provision of consultancy services for the construction of a wastewater treatment plant

  • Kuwaiti firm to export gas in Egypt

    Kuwait Foreign Petroleum Exploration Co (KUFPEC) has signed an agreement to export gas, oil, and aircraft fuel to Egypt for three years, Kuna has reported. The deal with Egypt General Petroleum Authority (EGPA) will go into effect next January, the firm said.

  • Kuwait's Jazeera Airways cancels premium on rights issue

    Kuwait's Jazeera Airways' board of directors has recommended cancelling the 50 fils premium on a planned rights issue and expects support from its shareholders and lenders to provide liquidity, Reuters has reported. The firm was planning to issue 200 million shares at 150 fils each, including the premium, to raise its capital by 91% to KD42m ($145.5m). The airline also said in a separate statement to the stock exchange that a part of its auditors report was mistakenly dropped from its results

  • Kuwait's May inflation increases 2.9%

    According to figures by Kuwait's Central Statistics Department, the Gulf state's inflation rose 2.9% last May compared to the previous year, Kuna has reported. Food inflation increased 5.9%, transport and communication inflation dropped 2.3%, clothing and shoes inflation grew 4%, and housing services inflation rose 3.4%, the data showed.

  • KZHF gives $2.7m in aid and scholarships for UAE students

    The Khalifa bin Zayed Humanitarian Foundation (KZHF) has earmarked over Dhs10m ($2.7m) in aid and scholarships for the coming academic year which is set to benefit around 749 students, Wam has reported. The KZHF has also provided aid worth Dhs3m for 539 students from different nationalities in the UAE.

  • Lafarge Cement Jordan reports fall in H1 profit

    Lafarge Cement Jordan has reported a 73% fall in first-half net profit to JD9.4m ($13.2m), on weaker domestic sales, Reuters has reported. Sales fell 38% to JD95.8m from the previous year, hit by weaker domestic consumption as the country reels from the impact of the global downturn. Total assets fell 18% to JD241.8m on June 30, 2010, against JD296m at end of December.

  • Lebanese tourism jumps 11.58%

    Lebanon's tourism ministry has reported an 11.58% increase in the number of tourists in July compared with the same month last year, Daily Star has reported. The number of arrivals in July reached 361,934 visitors, compared with 324,363 visitors in July 2009. The country expects an influx of tourists after the end of the holy month of Ramadan, the ministry said.

  • Lebanon price inflation rate reaches 2.9% year-on-year

    Figures by Lebanon's statistics department have showed consumer price inflation rate reached 2.9% year-on-year in July largely due to increases in clothing and footwear costs, Reuters has reported. Clothing and footwear costs rose 14% year-on-year in July, the statistics showed. The inflation rate was at 3.5% year-on-year in June due to increases in utility bills and housing costs. Lebanon is hoping to keep inflation between 4% and 5% this year. The country's 2011 draft budget sees inflation

  • Lebanon seeks programme to access BlackBerry info

    Lebanese Telecoms minister Charbel Nahhas has expressed hope that BlackBerry maker Research In Motion will give the country a programme that would allow it to access information used on the smartphone device, Reuters has reported. "The ministry is studying this file and preparing it for talks with RIM ... with the aim of getting the programme that allows a state to access information transferred through this device," Nahhas was quoted as saying in As-Safir newspaper. Nahhas, who said Lebanon

  • Lehman Brothers Europe sues Dubai Holding Commercial Operations Group

    Lehman Brothers International Europe (LBIE) has filed a law suit against Dubai Holding Commercial Operations Group over the value of swap transactions, Bloomberg has reported. LBIE is in administration in the UK and filed the lawsuit in London, according to court papers. The case is "a straightforward financial dispute regarding the valuation of certain swap transactions entered into between the parties," LBIE's administrators, PricewaterhouseCoopers, said.

  • LG Electronics launches new phone

    LG Electronics has launched a Qwerty keypad-equipped messaging phone designed for social networking integration, the LG Town GT350. The new handset is the first phone in LG's new Town Series, with its focus on social networking services. It features a 3-inch WQVA touch-screen, 2-megapixel camera, and Wi-Fi support.

  • Libya: Cultural tourism consultancy

    Provision of consultancy services for the development of cultural tourism

  • Libya: Oil gathering facilities

    Contract to build oil gathering facilties

  • Local firm wins Ashghal sewerage contract

    Project to be completed by late 2012

  • Logitech unveils portable speaker dock

    Logitech has launched a portable speaker dock for the iPod and iPhone devices. The S715i uses two three-inch laser-tuned neodymium drivers for a rich mid range, two half-inch neodymium tweeters for crisp high notes, and four two-inch passive radiators for deep bass. The new speaker system comes with a wireless remote control which works up to 30 feet away. In addition, the speaker's innovative dock design works with any iPhone or iPod with a Universal Dock Connector.

  • Lulu opens new store in Riyadh

    Lulu hypermarkets, a subsidiary of UAE-based EMKE Group, is set to open today its first landmark department store in the Saudi capital, Riyadh, Arab News has reported. The group, which operates in Saudi Arabia, the UAE, Oman, Qatar, Kuwait, Bahrain and Yemen, said it is opening five hypermarkets in the GCC in this week.

  • Maaden to meet lenders on 2 August

    Documentation banks appointed for $10.8bn Aluminium project

  • Maaden to meet lenders over $10.8bn aluminium project

    Saudi Arabian Mining Co (Maaden) and Alcoa have met with lenders in Dubai to work on the documentation for the financing of its $10.8bn aluminium project, Meed has reported. The project comprises of an aluminium smelter and a rolling mill, with later phases including a bauxite mine. The smelter will be developed in Ras al-Zour, with the bauxite mine and refinery at Zubairah, in Qassim Province in the centre of Saudi Arabia. Once complete, the complex will have a refinery with capacity of 1.8

  • Mafraq-Ghweifat Highway PPP project bid evaluations is underway

    Abu Dhabi's Department of Transport (DoT) has said the evaluation of bids for the 25-year concession to upgrade, finance, operate and maintain the 327-km Mafraq-Ghweifat highway is under way, with the winning bidder expected to be named for negotiations in the third quarter of 2010. The project is the first transport-related Public Private Partnership (PPP) project to be undertaken in the GCC. It will involve the highway being widened to four lanes in each direction and upgraded to meet world

  • Major stores to open on Golden Mile development next year

    Major retail stores are set to open on the Golden Mile development on the Palm Jumeirah in June next year, The National has reported. The joint venture behind the project has said it had "initial retailer commitments" from six companies, including the supermarket chain Waitrose, the yoghurt retailer Pinkberry and Boots Pharmacy. Those commitments would take up about 20% of the total space available, according to Joe Sita, president of IFA Hotel Investments, a wholly owned subsidiary of IFA HR

  • Majority of companies on Palestine bourse report 2010 profits

    32 out of 40 companies achieved profits in half-year results

  • Makaseb requests temporary halt of operations

    Abu Dhabi-based brokerage firm Makaseb Islamic Financial Services has submitted a request to the Emirates Securities and Commodities Authority to temporarily halt its operations and asked its customers to visit the company's offices to settle their balances and/or transfer their shares, Emirates Business has reported. The firm is to resume its brokerage business once the market conditions return to normal and volume is restored.

  • Marafiq completes $670m deal with six local banks

    Saudi utility signs $670m loan on 31 July

  • Marafiq secures $666m financing facility

    Saudi private power and water utility firm for Jubail and Yanbu, Marafiq has signed agreements for a SR2.5bn ($666m), 15-year Murabaha-based financing facility with a group of banks operating in the kingdom, Arab News has reported. Proceeds of the facility would be used to finance Marafiq's ongoing capital expenditure programme and other operational requirements, Thamer Al-Sharhan, Marafiq president and CEO said.

  • Maridive posts Q2 profit

    Egypt's Maridive and Oil Services has said its second-quarter net profit dropped to $11m from $29.5m a year ago, as it suffered from a continued oil industry downturn, Reuters has reported. A decline in offshore construction and contract fees cut into profit margins, Beltone analyst Ahmed Khalil said, adding that he expected an improvement due to a strong backlog of contracts worth around $569m. "The darkest period is now over. The second half of the year should be better as the company said

  • Markaz reports GCC markets rebounded in July

    Kuwait Financial Centre (Markaz) has said that GCC markets gained 5% for the month of July bringing the YTD gain to 4%, as corporate earnings lifted sentiment in addition to positive reports from rating agencies. The MSCI GCC index underperformed emerging markets and BRIC for the month but is outperforming the indices on a yearly basis. All GCC markets saw gains, except Bahrain which dropped 0.17%. Gains were led by Kuwait's Weighted Index which was up 5.5% for the month. In terms of volume,

  • Marks & Spencer to open store in Cairo in 2012

    Under an existing franchise agreement with Al Futtaim Group, the UK-based retailer Marks and Spencer is to open its first store in Egypt in the spring of 2012, in the nation's capital Cairo. Located at Cairo Festival City, the new store will showcase a range of fashions and accessories across womenswear, including the Autograph and Indigo Collection ranges. The stores will also offer a range of menswear, childrenswear, lingerie and homeware.

  • Marriott appoints new regional head as expansion plans gather pace

    Marriott International has named Simon Cooper, president and managing director, Lodging International, to lead operations and growth in the Middle East and Africa, as part of a strategy to establish continental divisions in the Middle East and Africa region. Marriott plans to open 42 additional hotels in the Middle East and Africa region over the next three years.

  • Masharie forms Al Arif Investment MEP JV

    The private equity investment arm of Dubai Investments, Masharie has partnered with Al Arif Investment to form a joint venture offering mechanical, electrical and plumbing (MEP) solutions and office automation systems for the construction industry. Based in Dubai, Power Factor Electromechanical Works is to specialise in the design, installation and commissioning of office automation systems. It also offer services in other related areas including sanitary, air conditioning, ventilations, fire

  • Mashreq eyeing North Africa growth

    John Iossifidis, head of international banking at Dubai's Mashreq has said the lender is pursuing growth in North Africa to exploit the business flow between that region and the UAE, Reuters has reported. "Our strategy is built around linking the geographies in which we operate in, our UAE home base, a strong GCC presence with Egypt and Libya also being compelling, the latter is more a long-term opportunity," Iossifidis told the news service. In Libya, Mashreq is one of six banks shortlisted

  • Mashreq offers September postponement plan

    Mashreq Bank has announced a monthly postponement plan for the month of September for UAE Nationals and expatriates on its personal loan product. In order to qualify for the postponement offer, customers must be regular with their payments and should not have availed a postponement instalment before with the bank.

  • Mashreq's Q2 profit falls

    Dubai-based Mashreq's second-quarter net profit more than halved from the previous year as the lender booked higher provisions against bad loans. The lender, Dubai's largest bank by market value, made a net profit of Dhs202m ($55.01m) in the three months to June 30, based on Reuters calculations, down from Dhs434.9m in the same period last year.

  • MBM Holdings plans $400m polysilicon plant

    Plant in Dubai will be first to produce solar-grade polysilicon in region

  • McAfee reveals malware production increase

    McAfee has revealed the first six months of 2010 was the most active half-year ever for total malware production. Malware continued to soar in Q2 2010, as there were 10 million new pieces catalogued in the first half of this year. "These findings indicate that not only should cybercrime education be more widespread, but that security organisations should move from a reactive to a predictive security strategy," Mike Gallagher, senior vice president and chief technology officer of global threat

  • McDermott wins $350m Zakum field contract

    Abu Dhabi Marine Operating Co (ADMA-OPCO) has awarded McDermott International a $350m contract to upgrade and enhance a water injection system for the Zakum field. The pressure upgrade part of the project involves installation of new pumps, piping and transformers, the modification of existing instrumentation and equipment and structural reinforcement work of the existing water injection modules at both the Zakum Central Complex and the Zakum West Super Complex. The capacity upgrade will take

  • MEFranchising signs Wayne's Coffee agreement

    MEFranchising has signed an agreement with Scandinavian coffee chain Wayne's Coffee to help the firm develop new partnerships and expansion strategies in the region. The company is to open a Wayne's Coffee Panorama Mall in Riyadh, the firm's second unit in the kingdom this year. The partnership agreement will also see a new company being established in Saudi Arabia which will serve as a door opener for other Swedish business ventures looking to further expand in the Middle East.

  • Mellitah gauges interest in offshore gas production expansion

    Applications to prequalify submitted for design deal on 29 July

  • Mena Avionics secures communication contract

    Bahrain's Mena Aerospace Enterprises' avionics and aircraft maintenance division, SA Mena Avionics has signed a contract with an unnamed country to supply and install specialised communication equipment on around 200 aircraft based in the region. The contract's scope of work includes modification, certification and commissioning work, and will require almost one year to complete.

  • MENA confectionary sales to jump 16% by 2014

    Confectionery sales in the Middle East and North Africa region are expected to rise 16% by 2014, according to Euromonitor International. Last year, retail value sales of confectionery totalled $6.6bn in the MENA region, a 10% growth over the previous 12 months. Over the last six years, the UAE confectionery market has grown by 94.7%, compared with just 19.6% in the US, 40.3% in China and 18.6% in the UK, the market research firm said.

  • MESC wins Ruwais refinery contract

    Saudi-based Middle East Specialised Cables (MESC) has secured a $14m contract from Korea's GS Engineering and Construction Corp to supply instrumentation cables for the Takreer Ruwais refinery expansion in Abu Dhabi. The project is part of ADNOC's strategy to develop its downstream industry and to meet the growing demand for high quality petroleum products in the local markets as well as increase its presence in the international market.

  • Microsoft Office 2011 for Apple Mac to be available in October

    Microsoft has announced that the next Microsoft Office 2011 version for the Apple Mac OS will be available by the end of October, PC Magazine has reported. The suite will be available in Home, Family, Business and Academic editions. Microsoft also said that users who purchased the current Mac Office 2008 suite starting yesterday will be entitled to a free upgrade to the 2011 version through its Microsoft Office for Mac Technology Guarantee Programme.

  • Middle East contracts awarded: July 2010

    Over $15bn worth of contracts have been awarded across the Middle East in July 2010, according to this selected checklist compiled from MEED reports

  • Middle East lacks trained nurses

    Obaid Al Jenaidi, president of the Emirates Nursing Association, has said that lack of trained nurses could hinder growth of the healthcare sector in the region, Khaleej Times has reported. The region needs to catch up in the areas of medical infrastructure, training facilities and continuing nursing education, he said.

  • Middle East passenger traffic up 16.8 per cent

    Growth is attributed to large amounts of capacity added during the first seven months of the year

  • Middle East sees double digit fall in room rates in H1

    According to a bi-annual survey by corporate travel services firm, Hogg Robinson Group (HRG), the international hotel industry has shown signs of recovery in the first half of 2010. The Middle East region, however, recorded the highest average room rate decrease, with double digit falls in the UAE, Bahrain, Qatar and Oman. Hotel rates in Abu Dhabi fell by 26% in sharp contrast to the 38% growth in average rate recorded in the first half of 2009, the survey found.

  • Middle East’s buyout activity falls to 12 month low in July

    Activity represents an 88 per cent monthly decline

  • Middlesex University signs Bayt.com agreement

    Middlesex University Dubai has partnered with the employment portal Bayt.com to create a specialised employment service for students and graduates of the university. Designed to establish a connection between students, graduates and alumni of the university and the industry, the Career Channel enables students to create their own workspace to find jobs within their preferred sector.

  • Moody’s upgrades outlook on Kuwait to stable

    Upgrade based on passing of key economic legislation

  • Moody's assigns 'Baa2' rating to NBE senior bonds

    A $600m senior unsecured fixed-rate bonds issued by Egypt's Nile Finance Ltd, a special purpose vehicle incorporated in the Cayman Islands, have been assigned a 'Baa2' rating with a stable outlook. Maturing in August 2015, the bonds are unconditionally and irrevocably guaranteed by National Bank of Egypt (NBE), with proceeds to be used to extend a funding loan to NBE, which will in effect service the principal and interest of the notes.

  • Moody's downgrades Aldar Properties

    The issuer rating for Aldar Properties has been downgraded by Moody's Investors Service by two notches to Ba3 from Ba1. Moody's has also implemented a three-notch downgrade to B1 from Ba1 of the ratings for Aldar's $1.25bn bond as well as for its Dhs3.75bn sukuk (due 2013 and issued by Sukuk Funding. The downgrades are driven by Moody's assessment that Aldar's H1 results and the weak state of the Abu Dhabi property market.

  • Moody's lowers Bahrain credit ratings

    Moody's Investors Service has lowered Bahrain's sovereign credit ratings, and said higher oil prices were needed by the government to balance its budget. The firm also cited the negative outlook on the banking sector. "Published fiscal data imply that the oil price necessary to balance the budget has gradually risen over time," the rating agency said. The kingdom's local and foreign-currency debt ratings were reduced one level to A3 with a stable outlook, Moody's said.

  • Moody's lowers Qtel ratings

    Moody's Investor Service has reduced the A1 rating for Qtel and Qtel International Finance, a wholly owned subsidiary of Qtel, to A2. Moody's has also downgraded the A1 rating for the bonds issued under Qtel's GMTN programme to A2, with a stable outlook. The firm said it expects no material impact from the rating change "as the solid company performance has been acknowledged by the rating agency."

  • Morocco may have set its sights too high

    Kingdom may lose the status of North Africa’s renewable energy leader

  • Morocco: Airport terminal

    Construction of a new 26,000 square-metre airport terminal at Fez-Saiss airport

  • Morocco: Airport terminal

    Construction of the 26,000 square-metre Terminal 3 at Marrakech International airport.

  • Morocco: Irrigation system project

    Provision of consultants for a project to support an irrigation system project

  • Morocco: Road works

    Construction and widening of roads

  • Morocco: Solar thermal power plant

    Carrying out phase one of a solar power complex

  • Morocco: Water transmission project

    Carrying out water pumping plant and transmission pipeline works

  • Morocco: Water treatment consultancy

    Provision of consultancy services comprising technical assistance for the connection and control of a water treatment project

  • Mott MacDonald wins PP11 power project role

    Power plant to be completed by 2013

  • Movenpick Hotel Ramallah to open in Palestine this year

    Mövenpick Hotel Ramallah in Palestine is due to open in the third quarter of this year. Located in the city's diplomatic Almasyoun quarter, will be the city's only modern five star hotel featuring 172 rooms, a heated swimming pool with a barbeque restaurant and gymnasium, an Italian restaurant, an all-day-restaurant, a ballroom that can accommodate up to 800 people, seven meeting and breakout rooms, and a business centre.

  • Nakheel bank debt stands at $10.9bn

    According to a restructuring document, Dubai-based Nakheel has $10.9bn of bank debt and will receive key assets from parent company Dubai World for its business plan after separation, Reuters has reported. The developer currently has $5.1bn of trade creditor claims and $9.2bn of customer liabilities, according to the document. The government will pump $7.3bn of new equity and equitise a further $5.3bn of claims to recapitalise Nakheel, the document said.

  • Nakheel risks being unable to repay sukuk in 2015

    Real estate firm may struggle to repay sukuk planned to repay creditors

  • Nakheel rules out selling assets, cancelling projects

    Dubai developer, Nakheel has repaid Dhs2.5bn ($680m) of the Dhs4bn it owes to trade creditors and has ruled out selling off assets or cancelling projects, The National has reported. Nakheel plans to restart work on at least six of its stalled projects by early October. Those furthest advanced, including Jumeirah Park, Al Furjan, Jumeirah village and Jumeirah Islands Mansions, are said to be likely to be revived first.

  • Nakheel set to resume six projects

    Nakheel is to resume work on at least six projects by early October as it settles outstanding bills with contractors, The National has reported. "Nakheel is currently engaging contractors in the short-term projects with a view to continuation in the coming weeks," the company said. "We expect that all short-term projects will be fully mobilised by early October 2010." Contractors last month started to receive payments from the developer, paving the way for resumption of stalled projects aroun

  • NAS Tech signs Lufthansa-Technik agreement

    NAS Tech, the technical arm of National Air Services (NAS), has signed an agreement with Lufthansa-Technik for engineering and aircraft maintenance, Gulf News has reported. The agreement is divided into two implementation phases, the first of which covers three years and focuses on transfer and resettlement of knowledge and advanced technology in the field of engineering and aircraft maintenance. The second phase of the agreement is intended to take place within three years whereby other cust

  • National Bank of Kuwaits hits six month high

    The KSE market or price index ended off 0.12% at 6,676.2 points. Only the services sector index added value. Burgan Bank closed flat at KD0.355. The bank posted a net loss of KD8.73m for the second quarter 2010. EFG Hermes commented on the results: "This is in contrast to our expectations of a net profit of KD3m. While details are yet to be published, we suspect that high provisioning could have led to the loss in 2Q2010." The country's largest lender National Bank of Kuwait (NBK) extended i

  • National Bonds looks abroad for expansion

    Mohammed Qasim al Ali, chief executive of National Bonds Corp has said the firm is looking for international expansion opportunities following the sale of Dhs1bn ($272.2m) worth of bonds in the first half of the year, The National have reported. The company is in talks with banks, money exchanges and other financial institutions in neighbouring countries about selling its investment product, he said.

  • Nawras IPO set for September

    Qtel's Omani subsidiary, Nawras is to launch its initial public offering in September, Reuters has reported. The company agreed to float 40% of its capital in February under the condition of its licence, but the government granted the company an extension to September. "The IPO will be for all nationalities. Obviously, Qatar is a major shareholder so it will be open there too," a company official who did not want to be identified said.

  • NBAD opens Egypt branch

    National Bank of Abu Dhabi (NBAD) has opened its 28th branch in Egypt. The new branch is part of plans by the UAE bank to have 50 branches in the country over the next few years. Currently, NBAD has around 50 units operating in 12 countries spanning the Far East to North America, Africa and the Middle East.

  • NBK shareholders get offers to sell stakes

    Two major shareholders of National Bank of Kuwait have received offers to sell a 10% stake in the bank, Arabic al-Qabas has reported. "An investor has met with two of NBK's major shareholders ... and requested to buy a 10% stake in the lender at a price of up to KD1.7 ($5.91) per share," the daily said.

  • Negative outlook for DIFC Investments as it starts $1bn asset sale

    Standard & Poor’s says company’s plan faces “execution risk”

  • New Indian school set for Abu Dhabi

    A new Indian school is set to open in Abu Dhabi next month, as part of the Bharatiya Vidya Bhavan (BVB) school network, The National has reported. The Private International English School will open for admissions on Sunday for up to 1,000 children with classes to begin for children in kindergarten and grades one to four on September 19. BVB is reportedly planning more schools in Sharjah and Dubai, as well as others in Bahrain and Doha.

  • New Lulu Hypermarket to open in Oman today

    Abu Dhabi-headquartered retailer, EMKE has announced the opening of the group's eighth Lulu Hypermarket in Oman, Oman Daily Observer has reported. Located in Wilayat al-Khaboura, the new store marks the retailer's 80th with plans set for further expansion in the Sultanate. "All our planned projects in Oman are on track and our immediate plans include the upcoming hypermarkets in Khasab, Salalah, Nizwa and Buraimi," EMKE's managing director, Yusuffali MA said.

  • Oaktree objects to plan to restructure Almatis

    Oaktree Capital Management has filed an objection to a debt restructuring plan for German alumina-products maker Almatis as it wrestles for control of the company, Bloomberg has reported. The proposal from shareholder Dubai International Capital "will saddle the business with too much debt and excessive cash interest charges," Los Angeles-based Oaktree said in the filing to the US Bankruptcy Court for the Southern District of New York. It "raises questions not only about the debtors' long-ter

  • Official says 80% of work on Holy Sites Train complete

    Saudi Arabia's ministry of municipal and rural affairs has denied rumours about delays in operating the Holy Sites Train and said that 80% of the project's work has been completed, the Saudi Gazette has reported. In the first stage, around 170,000 local and Gulf pilgrims will use the system, which will be operated at 35% of its full capacity. The project is scheduled to be fully operational in time for next year's Hajj.

  • Oil prices continue to fall

    US contract hit two-month low under $72 a barrel on 23 August

  • Oil prices continue to fall

    Benchmark US crude trading at $75 a barrel

  • Oil prices stable as traders mull sentiment and fundamentals

    Prices largely unchanged as economic data balances out future fears

  • Oman Air to fly to Kathmandu

    Oman Air will start four weekly services between Muscat and Kathmandu, Nepal from September 2, 2010. The new destination is the airline's 40th and will be operated with a B737-700 aircraft offering Business and Economy Class cabins. The airline stated a large number of Nepal nationals working in Oman as one of the reasons behind the new flights.

  • Oman Air to start flights to Dammam

    The airline will fly daily starting 1 September

  • Oman airport traffic rises 29% in H1

    Oman Airports Management Co has said that passenger traffic through Muscat International Airport grew 29% to 2,722,987 passengers during the first half of this year, compared to the corresponding period in 2009, Gulf News has reported. The growth was attributed to the increase in economic activity and the steady growth of tourism, as well as the launch of operations by new airlines such as Flydubai, Kenya Airways and a rise in the number of flights operated by Oman Air. Aircraft movements als

  • Oman delays container terminal bids

    The expansion of the container terminal is part of a $645m wider expansion of the port of Salalah

  • Oman extends Crowne Plaza bid deadline

    Contractors given until 16 August to submit bids for hotel project

  • Oman H1 revenues up 30%

    Oman's ministry of national economy has said that government revenues during the first half of 2010 rose by 30.5% to OR4.22bn compared to OR3.23bn during the corresponding period in 2009, Oman Daily Observer has reported. The increase was mainly due to a 54% increase in oil revenues and a 21.7% rise of gas revenues during the period. The government's total general expenditure rose by 8.8% during the first six months of 2010 to OR3.52bn, against OR3.23bn during the same period of the previous

  • Oman health projects total $189m

    Oman's health ministry has said that it is currently working on health projects at a total cost of more than OR73m ($189.6m), Times of Oman has reported. The projects include the Psychiatric Hospital Project, which costs around OR50m, the Heart Disease Centre and Magnetic Resonance Unit in Salalah, which cost more than OR18m, as well as the National Centre for Genetic Health, which costs more than OR5m. The ministry, in coordination with private sector, is also working to establish a number o

  • Oman integrated steel plant to commence operations in January

    Oman's first integrated steel plant, Shadeed Iron and Steel is scheduled to commence commercial operations next January, Oman Daily Observer has reported. The project, which was recently acquired by Indian steel-making firm Jindal Steel and Power, is currently nearing completion at the Port of Sohar. Cold commissioning of the plant is to being in October.

  • Oman invited bids for three onshore blocks

    Oman's oil ministry has invited upstream oil and gas companies to bid for onshore blocks 66, 67 and 39 in the country, Oman Daily Observer has reported. Block 66 is in the western part of the Sultanate and covers an area of around 4,899 sq km, while block 67 is located further to the south covering an area of some 1775 sq km. Block 39 covers an onshore area of 11,606 sq km and stretches along the southern coastline of Oman. Expressions of interest have been invited.

  • Oman invites bids for IPP gas supply pipelines

    Contractors have until 6 September to submit bids

  • Oman invites bids for temporary power generation programme

    Companies to respond to tender by 27 September

  • Oman power plant asset purchase closes

    Barka project generates 456MW of power and 91,000 cubic metres per day of water

  • Oman signs power purchase agreement for Barka and Sohar projects

    Independent power projects to reach financial close by end of August

  • Oman: Agricultural sprayers

    Supply and distribution of high-pressure sprayers for farmers

  • Oman: annex building

    Oman: annex building - Tender DetailsDescriptionProposed annexe building for Ministry of National Economy at MuscatBid closing date27 September, 2

  • Oman: cable supply

    Cable supply for Mazoon Electricity Company

  • Oman: Capacitor banks

    Supply and installation of capacitor banks in new airport development

  • Oman: Construction of 30 Houses

    The construction of 30 housing units

  • Oman: Construction of hospital unit

    Construction, completion and maintenance of therapy unit at Khoula Hospital

  • Oman: Construction of housing units and mosque

    Construction of housing units and mosque

  • Oman: Construction of transmission pipeline

    Construction of transmission pipeline from Wadi Aday to Al-Amirat

  • Oman: Construction of vocational buildings

    Construction of vocational association buildings

  • Oman: Electrification distribution works

    Electrification distribution works at Wilayat al-Waata.

  • Oman: Electro-mechanical maintenance services

    Operation and maintenance services at University Hospital

  • Oman: GNR production header

    Provision of GNR production header and water flood facilities

  • Oman: Hotel design consultancy

    Provision of design and supervision consultancy services for a hotel

  • Oman: Housing and Mosque construction

    Construction of 33 housing units and Mosque

  • Oman: Land reclamation

    Carrying out land reclamation works

  • Oman: landfill site identification

    Site identification study for three engineered landfill sites

  • Oman: Landfill sites

    Consultancy services for landfill sites and waste transfer stations

  • Oman: Museographic system

    Manufacture, supply, installation and production of a museographic system

  • Oman: Provision of office building

    Provision of office building at Bausher airport heights

  • Oman: Refuse study

    Consultant to undertake a study for Barka refuse site

  • Oman: Site preparation enabling works

    Carrying out enabling works for the preparation of sites

  • Oman: Sports complex operating services

    Maintenance and operating services for Sultan Qaboos Sports Complex

  • Oman: Station wagons

    Provision of 40 station wagons, on a hire basis

  • Oman: Transformers-206

    Supply of transformers 11/0.433 Kv for South Batinah and Dakhiliyah regions

  • Oman: Trucks

    Supply and delivery of trucks

  • Oman: Vehicles

    Supply and delivery of vehicles

  • Oman's crude output in June drops 7%

    According to monthly data by Oman's national economy ministry, output of crude and condensate by the Sultanate dropped by 7% to 25.3 million barrels in June from 27.2 million barrels in May, Reuters has reported. Omani crude prices rose to $83.70 a barrel in June from $77.77 a barrel in May. The country exported 21 million barrels of oil in June, down 3.7% from 21.8 million barrels in the month previous, the ministry data shows. Crude output alone, excluding condensate, reached 22.4 million b

  • Oman's Investment Stabilisation Fund dips in Q2

    Oman's Investment Stabilisation Fund, set up last year as a joint public-private sector initiative to help bolster the stock market, had declined by 0.8% to a net asset value of OR1.178 per unit during the second quarter ended June 30, 2010, Oman Daily Observer has reported. As of June 30, 2010, the fund held a total of 110.920 million units with a net asset value of OR130.638m.

  • Oman's Nawras to launch IPO offering

    Oman's Nawras, a Qtel subsidiary, is to launch an initial public offering on September 20, Reuters has reported, citing a source close to the deal. The IPO sale will be open to both local and international investors, the source said, but did not give details of the sale. Morgan Stanley and Bank Muscat are the managers for the offering.

  • Oman's Sohar University plans major expansion

    Oman's Sohar University is received a $103.9m facelift that will greatly expand the institution over the next decade. The first phase of the expansion will include the adding of a new Faculty of Engineering, Faculty of Business and the Learning Resources Centre and Lecture Theatres Complex. The 220,000 sq m expansion is expected to take around 12 years to complete, at which time the university will be able to accommodate up to 12,000 students.

  • Omantel Q2 profit down 19%

    Oman Telecoms Co (Omantel) has reported a 19% drop in second-quarter net profit to OR28.56m ($74.18m) compared to OR35.1m for the same period in 2009, as its operating costs rose, Reuters has reported. The company's operating expenses rose 25% in the first half of 2010, the firm said in a statement without elaborating.

  • Omifco expansion relies on government gas decision

    Oman India Fertiliser Co (Omifco) has said its plans to enhance production capacity by 30% through revamping its plant in Sur hangs on a government decision to supply additional natural gas, Times of Oman has reported. "We are waiting for additional natural gas from the government. The ministry of oil and gas is yet to take a decision on this front. Once we get a nod from the ministry, we will proceed with our expansion plan," a company official was quoted as saying.

  • Opec raises oil demand forecast

    The Organization of Petroleum Exporting Countries (Opec) has raised its global oil demand forecast for 2010 and 2011 by 140,000 barrels a day each, Bloomberg has reported. Worldwide crude oil use will increase by 1.05 million barrels a day, or 1.2%, next year, to average 86.56 million a day, Opec's Vienna-based secretariat said. The amount of Opec oil needed to balance global supply and demand, known as the call- on-OPEC, will be about 28.9 million barrels a day in 2011. That's about 200,000

  • Oracle files Jave suit against Google

    Oracle has filed a lawsuit against Google, charging its Android phone software infringes on Oracle patents and copyrights related to Java, Cnet has reported. Oracle has said that Java is a mobile operating system competitor against Android, and that Google is using Java-derived technologies without a proper license. A Google representative said the company had not yet been served with the lawsuit, and therefore couldn't comment until it had a chance to review it.

  • Orascom to launch new phase of Haram City

    Egypt's Orascom Housing Communities (OHC) plans to launch the new phase of Haram City, the company's flagship project located in 6th of October, Cairo. The new phase will include over 4,500 additional houses which will be launched for sale following Eid al-Fitr, although a limited number of units are already available.

  • Oriental Weavers posts 6% Q2 profit fall

    Egypt-based Oriental Weavers has posted a 6% drop in second-quarter net profit to EGP61m, compared to the corresponding quarter a year ago, Reuters has reported. Net income fell because of "the absence of the substantial one-off (extra) monetary amount that was given in the first half of 2009 by the government as part of the economic stimulus package", the company said in a statement. Revenue for the period rose 23% from the first quarter to EGP973m, thanks to a 35% rise in export sales, driv

  • Oryx Rotana opens in Doha

    Rotana Hotel Management has announced the opening of the first hotel under its management in Qatar, Oryx Rotana, in Doha. The 400-room property features nine fully-equipped meeting rooms with modern audio-visual equipment, two ballrooms, a fitness centre, Jacuzzis, steam rooms, saunas, swimming pool, and massage rooms and five restaurants.

  • OSG and Maersk Oil Qatar sign service agreement

    Maersk Oil Qatar has signed a 3-year service agreement with global energy transportation services provider, Overseas Shipholding Group (OSG) for the FSO Africa, a floating storage and offloading (FSO) service vessel. The FSO Africa is jointly owned by OSG and Euronav NV. The agreement begins this month.

  • PAAET signs Equate MoU

    Kuwait's College of Technical Studies of the Public Authority of Applied Education and Training (PAAET) has announced the signing of a memorandum of understanding with Equate Petrochemical. Under the agreement, Equate will handle the field training of the college's students majoring in chemistry, developing the faculty's labs, as well as holding joint events, such as workshops.

  • Packard Bell enters Lebanese market

    Packard Bell, part of the Acer Group, has announced the signing of a distribution agreement with Lebanon-based Distinet, marking the brand's foray into the country. The move by Packard Bell, which had rebranded last year, is aimed at significantly increase its footprint in Lebanon and the region.

  • Panasonic to launch 3D camcorder in the Middle East

    Panasonic is to launch a 3D camcorder in the Middle East from October 2010. Incorporating Panasonic's broadcast technology, the 3MOS System SDT750 camcorder provides an effective motion image pixel count of 7,590,000 pixels and features 1080/60p for NTSC or 1080/50p for PAL recording (Full-HD 1,920 x 1,080, 60 or 50 progressive recording) for ultra-smooth images.

  • Panasonic to launch 3D lens

    Panasonic has unveiled a twin-lens digital interchangeable 3D lens for its LUMIX G Micro System digital cameras. The new 3D lens features two optical systems installed within the diameter of the lens mount, creating stereo images from the left and right lenses, which are processed with a 3D image processing system. The new addition is set for launch before the end of the year.

  • Passenger traffic increases 9.2 per cent at Abu Dhabi International Airport

    For the first time in the airport’s history, over one million passengers used the airport in a single month

  • Path Solutions acquires INC Technologies Egypt

    Kuwait-based Islamic banking software provider, Path Solutions has acquired INC Technologies Egypt, a Cairo-based firm specialised in the development of investment software for SMEs based on N-Tier architecture and .Net platform. INC Egypt, which will be renamed Path Solutions Egypt, will be Path Solutions' third office in the African continent, following the opening of Sudan and Kenya support offices earlier this year.

  • PC sales to top 5bn in Gulf this year

    IDC has revised its 2010 computer sales forecast for the Gulf as many delayed projects in the region are expected to come on stream, Gulf News has reported. Total PC shipments this year are expected to rise by more than 30% to 5.75 billion, compared to 4.42 billion units in 2009. The research firm had earlier forecast total shipments at 5.48 billion units and the value of the projected sales is expected to rise by 24% to $4.54bn (Dhs16.66bn) compared to $3.66bn in 2009. "A lot of projects in

  • Petrochemicals drag Tadawul index 0.66% lower

    As oil price retreated below $76, Riyadh-based Tadawul exchange dipped 0.66% and closed at 6,121.06 points. Petrochemical bellwethers Sabic (down 1.72% at SR85.50) and Yansab (3.76% lower at SR35.80) weighed on the leading GCC market. Insurers also had a bad day, with the exception of Trade Union Cooperative Insurance Co. which topped the charts and surged 8.21% to SR22.40. The share faced its next chart-technical resistance at SR24.90.

  • Petrofac awards power equipment contract to ABB

    Power equipment will be installed at Abu Dhabi’s Asab gas project

  • PetroRabigh starts initial gasoline output

    Saudi Arabia's Rabigh Refining and Petrochemical Co, a joint venture between Saudi Aramco and Sumitomo Chemical, has announced it has started initial gasoline production on Friday after a technical glitch hit the unit last week, Reuters has reported. The firm said that the unit, known as high olefin fluid catalytic cracker, was shut due to a glitch in one of its pumps. PetroRabigh has the capacity to produce up to 60,000 barrels per day of high octane gasoline converted from fuel oil.

  • Phase three of Al Bayader expansion goes live

    Al Bayader International, manufacturer of comprehensive packaging solutions, has commissioned a state-of-the-art manufacturing facility within its Jebel Ali Free Zone (JAFZ) logistics facility. The facility, part of a three-year, $22m, expansion programme, now includes a plastic manufacturing facility capable of producing up to 8000 tonnes of plastic disposable products per year.

  • Piling work completed on Louvre Abu Dhabi

    Abu Dhabi's Tourism Development and Investment Co (TDIC) has announced piling work on the Louvre Abu Dhabi project is complete, and the development is on schedule for completion in 2013. Bauer International of Germany has been working onsite in the Saadiyat Island Cultural District since March 2010 to place 4,536 pilings. The piling works constitute the second sequential contract to be issued for the Louvre Abu Dhabi since its groundbreaking in May 2009.

  • Political uncertainty delays foreign banks push into Iraq

    Several international banks withdraw licence applications

  • Premier Inn to be built in Qatar

    Qatari developer Dohaland and Premier Inn have signed a joint venture agreement to introduce Premier Inn's 'value hotel model' to Qatar. The JV will be managed by Dohaland Hospitality, with the first project announced a 200 room hotel to be built at Doha Education City on the outskirts of Doha.

  • Prequalification process for Abu Dhabi railway network delayed

    Abu Dhabi's Union Railway has postponed the start of the prequalification process for construction contracts on the first phase of the emirate's $11bn railway network, Meed has reported. "Dates will change from time to time and that is very normal in a very dynamic project," a spokeswoman for Union Railway said. The first phase of the railway involves the construction of a 265-kilometre line to connect the Shah gas field in the south of the emirate with oil and gas processing facilities at Ha

  • Provisions by Qatari banks rise 2.2%

    According to data by Qatar's central bank, provisions made by local lenders rose 2.2% month-on-month in July, while loans grew by 1.6%, Reuters has reported. Total provisions increased to QR6.38bn ($1.75bn) at the end of July, after rising 4.6% in the previous month. Bank loans rose to QR262.6bn after increasing by 1.7% month-on-month at the end of June, and were 30% higher than a year ago, the data showed.

  • Qatar Airways receives 20th long range Boeing aircraft

    Qatar Airways has taken delivery of its 20th B777-200 Long Range aircraft. The new plane is the seventh Long Range Boeing in the airline's fleet. The carrier now operates a total of 20 Boeing aircraft including 11 Extended Range (300-ERs), seven Long Range (200-LRs) and two freighter versions. Qatar Airways recently announced ordering two additional long range Boeing aircraft at the Farnborough Airshow.

  • Qatar Airways to launch Chicago freighter services

    Qatar Airways Cargo is to begin scheduled freighter services to Chicago, Illinois from August 18. Chicago is the airline's first dedicated freighter destination in the US. The twice-weekly services will be operated with Qatar Airways' new Boeing 777 freighters and will fly from the airline's hub in Doha via Amsterdam. Payloads on the new services will be up to 100 tonnes per flight and are expected to include freight items such as machinery, textiles, auto parts, fruit and vegetables and gene

  • Qatar awards school construction contracts

    Schools will be located in Doha and surrounding area

  • Qatar bourse loses half a percent

    The Qatar Exchange (QE) closed 0.56% lower at 7,064.50 points as the index fell by 0.96% over the week. The Central Bank of Qatar (CBQ) has cut its overnight deposit rate by 50 basis points to 1.5%, Reuters-Thomson reported. Doha Bank, together with only four other listed securities, gained against the trend and finished 0.22% higher at WR45.60. According to EFG Hermes Chief Economist Monika Malik, "there are tentative signs of an increase in credit to sectors such as construction, which we b

  • Qatar Central Bank cuts overnight deposit rate

    Qatar's central bank has changed its overnight deposit facility for the first time in more than two years, lowering it by 50 basis points to 1.5% while leaving other key interest rates unchanged, Reuters has reported, citing a banking source. "Lowering the lending rate will boost the economy by reducing the cost of funds, allowing banks and investors to borrow more," the CEO of a Doha-based bank said. "It will help the stock market as well, as the yield on the stock market will be higher than

  • Qatar Computing Research Institute now operational

    The Qatar Foundation (QF) has announced that the Qatar Computing Research Institute (QCRI) is now up and running and is recruiting researchers, the Peninsula has reported. The institute, an initiative by QF's Research Division and one of three research hubs that will form the Qatar Research Institute (QRI), will focus on core computing research. QCRI is one of three research institutes, two of which will launch later this year; the Qatar Energy and Environment Research Institute and the Qatar

  • Qatar delays Barzan onshore submissions

    Technical deadline set for 20 August

  • Qatar Exchange adds 0.12%

    The Qatar Exchange closed at 7,126.10 points. Barwa Real Estate (gaining 0.32% at QR31.20) was the most liquid stock in relation to trading volumes. The Doha-based bourse announced today ath official business hours during the month of Ramadan will be from 8:30 AM till 1:30 PM, Sunday through Thursday. Trading hours will continue as usual from 10:00AM to 12:30 PM with a pre-opening session starting at 9:30AM and ending at 10:00AM.

  • Qatar Exchange adds 0.29%

    The QE Index extended its recovery from Monday, closing 0.29% higher at 7,062.83 points. Trading volumes shrank to some three million shares.Doha Insurance Group surged 2.15% to QR28.50. The firm reported on Monday a net profit of QR41.1m in the first half of 2010, compared to a net profit of QR25.6m in the corresponding period in 2009.

  • Qatar Exchange closes 0.32% lower

    Doha's stock market took a break from last week's rally and ended at 7,110.55 points. Shares ended on a mixed note with no clear secotr direction. While e. g. General Insurance (up 1.73% at QR53.00) and Doha Insurance (0.74% higher at QR27.20) gained, Qatar Insurance (down 1.41% at QR70.00) was among the top losinig stocks.

  • Qatar Exchange closes slightly higher at 7, 077 points

    The QE Index added 0.21% due to advances in the banks and services industry sectors. Al Khaliji Commercial Bank (up 1.96% at QR15.40)outperformed all other financial shares. Gulf Warehousing Co. (gaining 1.74%, closing at QR17.80) was the most liquid stock in relation to trading volumes. Some 3.4m stock changed hands in Doha.

  • Qatar Exchange follows global downtrend

    Hit by bearish comments done by the Fed on Tuesday, the Qatar Exchange (QE) lost 0.31% and finished at 7,104.04 points. The U. S. Federal Reserve said the economic recovery would be less strong than anticipated. Only the insurance sector index added value, while banks and real estate shares posted losses overall. Barawa Real Estate was the most liquid stock, finishing 1.59% lower at QR30.80. Traded value plummeted with the beginning of the Holy month of Ramadan by over 30% to QR69.84m.

  • Qatar Exchange recovers slightly

    The QE Index added 0.21%, finishing at 7,160.6 points. Most local insurance companies were the main gainers. Doha Insurance (gaining 3.18% to Qr29.20) landed at the top of the charts, while Islamic Securities (off 1.56% at QR31.40) failed to jumpd on the bandwagon. Som 3.4m shares changed hands in Doha.

  • Qatar Exchange stabilises

    Doha-based Qatar Exchange (QE) added 0.09% and finished at 7,117.25 points. Industries Qatar (IQ) rose to a seven-week high closing at QR103.00 (up 0.49%) and finishing a chart technical w-formation. Qatar Petrochemical Company a subsidiary of I IQ opened recently a logistics hub in Tripoli in the North of Lebanon. Trading volumes surged by 42% as 3.8m shares changed hands in Doha.

  • Qatar extends bid deadlines for public building contracts

    Both projects will be built at Education City

  • Qatar flu centre to test for new strains

    Qatar's National Influenza Centre (NIC) has started collecting throat swabs from patients to determine the influenza types currently circulating in the Gulf state, Gulf Times has reported. The move aims is to assist the Public Health department in combating flu outbreaks and the early detection of any atypical viral strain. The centre will also perform virological surveillance of influenza.

  • Qatar ill-equipped to deal with epidemic outbreaks - report

    Qatar's Permanent Population Committee has said the country is not well equipped to deal with medical emergencies such as epidemic outbreaks, mainly due to the lack of proper laboratories in the country, the Peninsula has reported. A report by the committee revealed the major challenge for the health sector in Qatar is to curb the spread of diseases resulting from the influx of a large expatriate workforce into the country and the subsequent growth in population. In this context, the report s

  • Qatar increases Egypt flights frequency

    Qatar Airways is to expand its operations to Egypt with additional flights to Alexandria and Luxor, commencing over a four week period from August. The additional services will see Qatar Airways operate 21 flights a week to Egypt, with the airline already operating daily to the Egyptian capital, Cairo. Daily services to Alexandria began August 2, while daily flights to Luxor are set to begin September 1. The two routes are operated using Airbus A320 aircraft, which have a total of 144 seats,

  • Qatar introduces new dietician law

    Qatar's Supreme Council of Health (SCH) has asked all private dieticians and dietary centres in the country to procure a licence by the end of this year, the Peninsula has reported. Under the new rule, a clinical dietician will require either a bachelor's degree in dietetics, which involves a minimum of four years of study, or a bachelor of science degree and a postgraduate diploma in dietetics, or a bachelor of science degree and a master's degree in dietetics as well as two years of clinica

  • Qatar invites bids for road improvement works

    Qatar's Public Works Authority (Ashghal) has invited firms to submit bids by September 21 for two contracts aimed at addressing congestion in Doha, Meed has reported. The first project involves carrying road improvement works in the Al-Wakrah Municipality, which is south of greater Doha and the construction of temporary and permanent roads in zones 90 to 95. The second involves the construction of temporary and permanent roads and pavements, traffic signs and road markings and surface water d

  • Qatar invites bids for roads construction

    Doha is planning to spend $20bn on new roads over the next five years

  • Qatar launches Monaco hotels joint venture

    Qatari Diar and Monaco's National Co for Finance have launched an international joint venture aimed at buying and managing hotels and tourist resorts in Europe, North America and the Middle East, the Peninsula has reported. The new firm, 'Monaco QD International Hotels and Resorts Management', will have an initial capital of €5m and will be headquartered in Monaco.

  • Qatar market gains slightly

    The QE Index closed 0.27% higher at 7,198.65 points on Monday. Trading volumes edged up by 47% as 6.4m stock changed hands in Doha. Industries Qatar ended flat at QR102. Banks mostly gained value, as Qatar Islamic Bank closed 1.58% higher at QR77.20. Doha Bank finished up 0.86% at QR46.90. Al-Ahli bank failed to jump on the bandwagon as ist shares weakened 1.43% at QR55.00.

  • Qatar panel calls for smaller housing units

    Qatar's Permanent Population Committee (PPC) has urged developers to build more medium and small sized residential units, the Peninsula has reported. PPC said such units are always in demand since a vast majority of expatriate families prefer to live in units comprising of between one and four bedrooms. A recent study revealed less than 3% of Qatari families live in apartments.

  • Qatar Steel signs iron ore pellet contract

    State-owned steel giant signs six-year deal with Brazil’s Samarco Mineracao

  • Qatar Steel signs iron ore pellets agreement

    Qatar Steel Company (QSC) has signed a long-term agreement with Brazil's Samarco Mineracao for the supply of iron ore pellets, Gulf Times has reported. The contract with the Brazilian iron-ore pellet producer that is controlled by Vale and BHP Billiton, is for six years, QSC said. Iron ore pellets are the prime raw material to produce direct reduced iron.

  • Qatar Telecom reveals 45% decline in Q2 profit

    Qatar Telecom (Qtel) has reported a 45% decline in second-quarter profit to QR571m ($157m) from QR1.04bn a year earlier, Bloomberg has reported. Qtel said profit in the second quarter of last year "was higher due to one-off items including a reversal of a provision resulting from the positive outcome of the ministry of communication license fee decision in Kuwait."

  • Qatar tenders Mesaieed gas liquids support campus

    State-energy company increasing its production of gas liquids

  • Qatar to establish organ donation centre

    Qatar's Hamad Medical Corp (HMC) is to establish a centre to boost organ donation in Qatari society and to ensure the highest quality of transplant services, the Peninsula has reported. The National Organ Donations and Transplant Centre is expected to help introduce liver and pancreas transplant services in addition to developing the well-established renal transplant programme here, according to the just released 2009-2010 annual report of HMC.

  • Qatar Women's Hospital to get more beds

    Qatar's Hamad Medical Corp (HMC) has said plans for its Women's Hospital have been revised to include more beds and new services to ease the burden on the wards, the Peninsula has reported. "The authorities have given us the green light to go ahead with work on the functional planning of the New Women's Hospital to be opened in 2013," Dr Halima Al Tamimi, chairperson, Gynaecology and Obstetrics Department, Women's Hospital, said. The hospital currently has 248 adult beds and 71 beds in Neo-Na

  • Qatar: Automated ultrasonic corrosion mapping

    Carrying out automated ultrasonic corrosion mapping at offshore locations

  • Qatar: Car park

    Engineering, procurement and commissioning of a car park for a chemical company

  • Qatar: Carbon steel ball valves

    Supply of carbon steel ball valves

  • Qatar: Cinema refurbishment and upgrade

    Carrying out internal refurbishment and upgrading works at a cinema

  • Qatar: Construction of mosques

    Construction of three mosques, imam houses and associated facilities for the Ministry of Awqaf and Islamic Affairs

  • Qatar: Fibre optic cable maintenance

    Maintenance of fibre optic cables for a telecoms network at oil fields

  • Qatar: Floating marine hose assembly

    Supply of floating marine hose assembly

  • Qatar: Hydraulic torque tools

    Supply of hydraulic torque tools

  • Qatar: NGL plant RAM study

    Carrying out a maintenance optimisation study and reliability analysis – reliability, availability and maintainability (RAM) – at natural gas liquids (NGL) gas operation plants

  • Qatar: NGL support campus works

    Carrying out engineering, procurement, installation and commissioning (Epic) works for a natural gas liquids (NGL) support campus

  • Qatar: Oil company offices

    Construction of a new project office, drawing office and library for an oil company’s operations management facility

  • Qatar: Plate bending machine

    Supply of a plate bending machine

  • Qatar: Punching machine

    Supply of a punching machine

  • Qatar: Radial drill machinery

    Supply of radial drill machine machinery

  • Qatar: Refrigerated truck

    Supply of a refrigerated truck with a tail lift for a hotel

  • Qatar: Road and oil field interchange Epic services

    Carrying out engineering, procurement, installation and construction (Epic) works between a carriageway interchange and the Dukhan oil fields

  • Qatar: Road improvement works (1)

    Carrying out road improvement works comprising construction of temporary and permanent roads

  • Qatar: Road improvement works (2)

    Carrying out road improvement works comprising construction of temporary and permanent roads

  • Qatar: Security surveillance system

    Supply of a radar-based security surveillance system

  • Qatar: Valve maintenance support

    Provide technicians for Qatar Petroleum offshore locations

  • Qatar: Water blast machines

    Supply of water blast machines

  • Qatar's Heart Hospital set for autumn opening

    Qatar's Hamad Medical City has announced that the QR171m ($47m) Heart Hospital is set to open this autumn in two phases, Qatar Tribune has reported. The first phase will see the opening of the outpatient department (OPD) and support services, while the second phase will include admission, catheter, operations and emergency services. The two-storey hospital will initially have 116 beds and 350 members of staff.

  • Qatar's Zainal launches new LED TV

    Qatar-based Zainal Electronic Centre has announced the launch of a new 32" LED television under its own brand "Zenan", Gulf Times has reported. The company plans to introduce more feature-driven products at affordable prices under the Zenan brand as required by customers. The new TV will be available in the company's showroom and at hypermarkets in Doha, Zainal said.

  • Qtel increases speed of mobile broadband network

    Qtel has announced the completion of upgrading its high-speed packet access network (HSPA) to offer mobile download peak speeds of 21Mbps and upload peak speeds of 5.8Mbps. Qtel's mobile broadband customers will experience the data speed increase at no extra cost from August as a result of the upgrade process.

  • Quarain Petrochemicals suffers H1 profits drop

    Kuwait-based Qurain Petrochemicals Industries has registered a net profit of KD1.645m ($5.73m) for the first half of 2010 ending 30 June 2010, compared to KD9.378m in the same period of 2009. The company attributed the decline in earnings to lower petrochemical prices in the first half of 2009 and pre-operating expenses of associate companies.

  • Queen Alia International Airport traffic increases

    Passenger traffic through Jordan's Queen Alia International Airport (QAIA) for the first half of this year grew 17% to 2,445,500 passengers compared to the same period of 2009. During the month of July, passengers travelling through QAIA reached nearly 600,000, beating the previous one-month record of 533,000 passengers set in August 2009.

  • RAK Airways to re-launch this year

    Sheikh Omar bin Saqr Al Qasimi, chairman of RAK Airways has said the airline will re-launch its operations in the September-October period with an aim to break-even on the first year, Emirates Business has reported. The carrier will start with two planes and will cover South India and Saudi Arabian routes, he said. "We are aiming (to break-even) as soon as possible. We are aiming from the first year," he said. The carrier aims to serve the Ras Al Kaimah population where a lot come from Southe

  • RAK Petroleum farms out Block 47 in Oman

    RAK Petroleum has subcontracted a 50% interest in Block 47 onshore the Sultanate of Oman to Repsol Exploracion, while retaining operatorship of the Block. The partnership plans to drill the Zad prospect with the well expected to spud in October 2010. It is thought the well will take three months to drill and is targeting the Amin sandstone reservoir, similar to the Kauther field discovered by Petroleum Development of Oman to the southeast of the Block.

  • RAK Properties Q2 profit falls 27%

    RAK Properties has reported a 27% decline in the second quarter to Dhs53.6m ($14.9m) from Dhs73.3m recorded a year earlier.

  • Rakeen denies involvement in Indonesia project

    Rakeen, the real estate development arm of the Ras Al Khaimah government, has denied its involvement in a Dh2.2bn ($600m) Indonesian real estate project, Emirates Business has reported. Indonesia's investment chief, Gita Wirjawan was quoted by Reuters that Indonesia has shortlisted four firms, a unit of Indian Hotels, Qatari Diar, Rakeen, and an unnamed Abu Dhabi firm, for the resort project in Lombok. "I am not aware of any such proposal in Indonesia. Our focus is only on development of Ras

  • Range Hospitality launches property in Karbala

    A 5-star property has been launched by Range Hospitality in Iraq's pilgrimage centre, Karbala, to cater to the estimated 18 million pilgrims visiting the holy city during the peak season every year. As the first modern development to be built in Karbala, Al Rawdatain Gardens will have a 12-storey residence structure at its core, comprising a mix of fully furnished and serviced studios, one-bedroom and two-bedroom suites.

  • Rasgas sends first LNG spot cargo to Portugal

    Qatar's Rasgas has sent its first spot cargo of liquefied natural gas to Portugal's Sines LNG Terminal, Reuters has reported. The cargo was delivered on Monday to an affiliate of Galp Energia at the Sines LNG Terminal from the LNG tanker Al Deebel, the company said. The amount of LNG delivered was not specified.

  • RBS sets deadline for transfer of details as acquisition nears

    Clients of Royal Bank of Scotland (RBS) in the UAE have been given until August 25 to transfer details of their accounts to Abu Dhabi Commercial Bank (ADCB), Khaleej Times has reported. The move is due to ADCB's acquisition of the retail banking business of RBS in the UAE. The acquisition remains subject to UAE central bank approval and is expected to be completed in the fourth quarter. "As part of the transfer to ADCB, we wish to notify you of the proposed transfer of your UAE account[s], cr

  • Real estate transactions surge in Oman

    According to figures by Oman's Land Registry, the total volume of real estate transactions in the Sultanate during the first six months of 2010 rose by 60.8% to more than OR992m, compared to OR617m recorded during the same period of last year, Oman Daily Observer has reported. Ownership deals by GCC citizens during the period grew by 40.7% to 2,299, against 1,634 a year earlier. Mortgage contracts during period were 5,784 with a total value exceeding OR698m. The total monetary value of the mo

  • Real estate weighs on Bahraini banks

    Outlook negative for key sector of Bahrain’s economy

  • Redtag to open second Dubai store

    The Redtag Group is preparing for the opening of its second store tomorrow in Dubai at Union Co-operative Society, Al Wasl. Redtag, part of BMA International, the holding company for Retail Arabia, had opened its first store in Dubai at Ibn Battuta Mall in April. This was followed by another store in Safeer Mall, Sharjah in June.

  • Renaissance secures $100m in funding

    Renaissance Services, the parent company of Dubai-based marine and engineering company, Topaz Energy and Marine, has secured two syndicated term loan facilities for $50m each from a cluster of Oman's banks. The funding facilities will be used to meet the company's investment plans primarily in its offshore support vessel (OSV) operations, Renaissance said. The firm announced in March it is to invest $1.3bn in primarily its offshore support vessel operations.

  • Rental prices fall in Dubai

    According to the updated rental index of Dubai's Real Estate Regulatory Authority (Rera), rents in most of the emirate's popular areas fell by 10% to 25% in July 2010 compared to March 2010, Emirates Business has reported. Residential apartment rents in Jumeirah dropped around 10% during the period, while two-bedroom apartments in Mirdiff saw a decline of nearly 27%, the statistics showed.

  • Report reveals 455 hotels in Middle East and Africa pipeline

    According to a report by STR Global, the Middle East and Africa hotel development pipeline comprises 455 hotels totalling 126,273 rooms. The UAE reported the largest number of rooms in the total active pipeline with 55,165 rooms. Saudi Arabia followed with 17,283 rooms in the total active pipeline. Among the key markets in the region, Dubai ended the month with the largest number of rooms in the pipeline with 32,686 rooms.

  • Residential buildings in Al Ibrahimiya & Abu Kebir

    Construction of two residential buildings in Al Ibrahimiya and Abu Kebir

  • RIM loses $2.3bn in stock value

    The possibility of weaker growth for BlackBerry sales in emerging markets has knocked $2.3bn (Dh8.44bn) off the value of Research In Motion (RIM) shares since the UAE's decision to suspend the service from October. The share slide has prompted executives of RIM, the Canadian company that makes BlackBerry smartphones, to defend its strong encryption codes. In an interview with The Wall Street Journal, Michael Lazaridis said the BlackBerry was being unfairly singled out by governments trying to

  • Rosneft and Crescent Petroleum JV to drill for gas in Sharjah

    Russian deputy prime minister Igor Sechin has said that the country's largest oil company, Rosneft is set to invest $630m in a joint venture with the UAE's Crescent Petroleum to drill for gas in Sharjah in the UAE, Reuters has reported. The state-run oil company joined Crescent in a gas concession in May in Sharjah and will hold 49% of the project. Sechin, who chairs Rosneft's board, said the partners aimed to start production in 2013 at the field, which is estimated to contain 70 billion cub

  • Royal Jordanian increases number of flights to Sudan

    Royal Jordanian has said its frequency between Amman and the Sudanese capital, Khartoum, is to be raised from five to seven weekly flights, from September 17. The increase is a result of the high demand on travel between the two countries, the airline said. One of the reasons behind the increase was to facilitate a rise in medical tourism of Sudanese citizens visiting Jordan.

  • Royal Jordanian posts H1 net loss

    Royal Jordanian (RJ) had reported a net loss of JD7.2m ($10.2m) in the first half compared to a net profit of JD7.75m in the same period last year, on rising operating costs, Reuters has reported. Despite a 13.85% rise in first-half revenue to JD313.2m ($441.4m), a 20% jump in operating costs, including fuel, hurt the carrier's bottom line. Profit in the second quarter stood at JD4.6m after a JD11.8m loss in the first.

  • Royal Jordanian reports passenger increase

    Royal Jordanian reported an increase of 14.6% in the number of passengers the airline had carried in July to 330,000 passengers, marking a 7% growth above target. The Gulf and the Levant region accounted for the largest share of passenger traffic during the month, followed by Europe, North America and the Far East. Seat factor rose five points over the same month last year, and also increased by 2.3 points over the target to reach 79.3%.

  • RTA delays completion of remaining metro stations

    Although the Green line is still on track to open in August 2011, its 20 stations will be opened depending on demand

  • RWE signs Kurdistan gas deal

    Agreement for assistance on domestic and export gas infrastructure

  • S&P downgrades DIFC due to asset sale plan uncertainties

    Credit ratings agency, Standard & Poor's has affirmed DIFC Investments, the developer of the Dubai International Financial Centre business park, at 'B+/B' and changed its outlook to 'Negative' citing 'uncertainties' facing its $1bn asset-sale plan, Bloomberg has reported. The negative outlook "reflects uncertainties about the timing and success of what we see as an ambitious disposal programme," the credit-rating company said. The ratings also reflect DIFC Investments' "weak earnings and oper

  • Sabic plans renewable chemicals plant

    Facility will be first of its kind in the region

  • Sabic provides annual research funding to Umm Al-Qura University

    Saudi Basic Industries Corp (Sabic) has provided annual research funding to Umm Al-Qura University. The move is part of Sabic's wider programme to enrich Saudi Arabia's research and technology capabilities. Programmes funded by the firm cover a range of areas including chemicals, petrochemicals, metals, fertilisers, polymers and industrial catalyst applications, among others.

  • Sabic shares help Tadawul market to rebound

    Saudi Arabia's Tadawul market added 0.82% and closed at 6,172.83 points. Shares of market and petrochemical bellwether Sabic ended 0.82% higher at SR86.25. Its rival Saudi Kayan Petrochemical Co. (up 0.29% at SR17.10) also rebounded slightly. The retail sector index posted the biggest advance, with the multinational food company Savola surging 1.19% to SR34.00. Recently listed Knowledge Economic City (KEC) hit the bottom of today's charts, finishing 3.57% lower at SR9.45.

  • Sabre Travel Network Middle East announces Kanoo Travel partnership in Iraq

    Bahrain-based travel solutions provider, Sabre Travel Network Middle East has announced a partnership with Kanoo Travel to become the first Global Distribution System (GDS) operating in Iraq. Under the terms of the partnership, Kanoo Travel will distribute Sabre's travel technology solutions in Iraq through a General Sales Agent (GSA) structure.

  • Salalah H1 port volumes up 66%

    Oman's Salalah Port Services Co (SPS) has reported a 66% rise in volumes handled at the General Cargo Terminal during the first six months of this year, Oman Daily Observer has reported. The general cargo terminal recorded a throughput of 2.92 million tonnes during the first six months of this year, compared to 1.762 million tonnes during the same period last year. The port's container terminal recorded a throughput of 1,751,000 TEUs, a growth of 7% for the period. The main drivers of the gro

  • Sama suspends operations

    The airline hopes to have a financial solution in place in the coming days

  • Samatel launches new services in Oman

    Oman mobile operator, Samatel has announced the launch of its services for residential and business customers in the Sultanate, Oman Daily Observer has reported. The new telco, which is using an operating and technology platform provided by Effortel, the mobile virtual network enabler (MVNE), is using the network of Nawras.

  • Same old hurdles remain for peace talks

    Neither side appears to be willing to compromise on key issues

  • Samsung Engineering teams up with Fata for Maaden rolling mill

    South Korean contractor joins forces with Italian technology provider for $2.5bn project

  • Sanctions raise Iran's gasoline import costs

    According to figures from the Turkish government, the cost of Iranian gasoline imports has exceeded above the market rate, Reuters has reported. The Islamic republic was forced to pay a premium of around 25% for its imports even before US-led sanctions took full effect, as the country turned to a dwindling number of suppliers, the data showed. Iran is the second-largest Opec crude oil producer, but relies on imports for up to 40% of its gasoline needs because it lacks refining capacity.

  • Saudi airline Sama to cease operations

    Saudi low-cost carrier, Sama is to cease operations from August 24 after incurring a loss of SR1bn ($266m), Bloomberg has reported. Sama, which received SR200m as a loan from the government to cover fuel costs and SR500m from shareholders, fell short of the SR300m needed to keep the operations on track, a board member said, declining to be identified. "We still hope to reach the necessary financing solutions to allow us to resume domestic and international flights in coming days," the airline

  • Saudi Arabia approves five year development plan

    Education and training will receive largest share of new allocations

  • Saudi Arabia cuts September export price for all crude grades

    Saudi Aramco has lowered official selling prices for September on all crude grades for customers in Asia and Europe, and cut prices for light grades to the US, Bloomberg has reported. The formula price of Aramco's Arab Super Light to Asia was cut the most among cargoes heading east, dropping by 85 cents a barrel to 25 cents a barrel above the benchmark Dubai price assessment published by Platts. For shipments to the US, Aramco cut the premium for Arab Extra Light crude to $1.15 a barrel above

  • Saudi Arabia moots 120 private university applications

    Saudi Arabia's ministry of higher education is currently considering more than 120 applications for setting up new private universities and colleges across the kingdom, Arabic Al Eqtisadiah daily has reported. Private higher education should represent 30% of the higher education market after the implementation of the development plan that has been recently approved by the council of ministers, Waleed Al Dali, general supervisor of private higher education, told the newspaper.

  • Saudi Arabia population hits 27 million

    Preliminary results of 2010 census show population is 30 per cent expatriates

  • Saudi Arabia sends request to US government for military aircraft

    Congress is expected to be notified of the sale of F-15s and AH-64 helicopters in the next two months

  • Saudi Arabia to allow Blackberry service to continue

    Research In Motion and Saudi Arabia reached an agreement that will allow BlackBerry services to continue in the country after the government was given the ability to monitor messages, the Associated Press has reported. The deal involves installing a server inside Saudi Arabia that will let authorities check BlackBerry users' data, averting a ban on the service, the AP said, citing an unidentified Saudi regulatory official.

  • Saudi Arabia: Ammunition counting machinery

    Supply of ammunition counting machinery

  • Saudi Arabia: Cardiac centre development

    Development of a cardiac centre

  • Saudi Arabia: City plant nursery

    Procurement and construction of a city plant nursery and warehouse at an industrial city

  • Saudi Arabia: Consultancy studies on advanced technologies

    Consultancy studies on advanced technologies

  • Saudi Arabia: Detection system maintenance

    Maintenance of a detection system

  • Saudi Arabia: Dry port operation

    Operation and maintenance of a dry port

  • Saudi Arabia: Laser drilling machinery

    Supply of laser drilling machinery

  • Saudi Arabia: Lighting network protection

    Carrying out protection of lighting network in Riyadh Municipality

  • Saudi Arabia: Medical complex generator works

    Repair and maintenance of generators at a medical complex

  • Saudi Arabia: Medical equipment maintenance

    Maintenance and repair of medical equipment

  • Saudi Arabia: Navigation equipment

    Supply and installation of navigation equipment

  • Saudi Arabia: Operation and maintenance of computer systems

    Operation and maintenance of computer systems at the BIP

  • Saudi Arabia: Power plant security systems

    Design, construction and installation of security systems for a power plant

  • Saudi Arabia: Railway security monitoring systems

    Supply of control and security monitoring systems for a railway

  • Saudi Arabia: Riyadh Dry Port maintenance

    Management, maintaince and operation of Riyadh and Dammam dry ports

  • Saudi Arabia: Sanitation network O&M

    Operation and maintenance (O&M) of a sanitation network

  • Saudi Arabia: School rehabilitation

    Rehabilitation of a primary school

  • Saudi Arabia: SME Training

    Business Edge training to SMEs

  • Saudi Arabia: Technical institute buildings

    Construction of new buildings for a technical institute including workshops and dormitories

  • Saudi Arabia: Vehicles

    Supply of vehicles for a university

  • Saudi Arabia: Vehicles

    Supply of four-wheel-drive vehicles

  • Saudi Arabia: Water pipeline network

    Replacement of a water pipeline network

  • Saudi Arabia: Water transmission pipes

    Supply of steel pipes for a water transmission system

  • Saudi Arabia’s Qurayyah power plant to be gas-fired

    Request for qualification to be re-issued in September

  • Saudi Aramco invites bids for Shaybah oilfield power plant

    Saudi Aramco has invited engineering firms to bid for the construction of a power plant related to a natural gas liquids project at the kingdom's Shaybah oilfield, Reuters has reported, citing industry sources. Bids for the first package of work, a cogeneration plant, are due on November 22, according to the sources. The remaining three process packages, yet to be tendered, include a gas treatment facility, an NGL recovery plant and utilities, and facilities to handle gas.

  • Saudi authority warns against Jibal Faifa bottled drinking water

    Saudi authorities have warned against the use of bottled drinking water from Jibal Faifa Water Factory as it is said to contain high levels of bromate, Saudi Gazette has reported. The Saudi Food and Drug Authority (SFDA) has asked the commerce and industry ministry to take necessary measures to stop the production of the product and withdraw it from the market. Bromate in drinking water is a suspected human carcinogen.

  • Saudi Blackberry services to continue

    Saudi Arabia's telecoms regulator has said it is to allow the BlackBerry Messenger (BBM) service to continue operating citing "positive developments" with the device's Canadian manufacturer, Research In Motion, Arab News has reported. Last week, the Communication and Information Technology Commission (CITC) had ordered mobile operators to block key BlackBerry services or face a reported $1.3m (SR4.9m) fine.

  • Saudi Diabetes group launches drive to tackle obesity

    The Saudi Diabetes and Endocrine Association (SDEA) has launched a nation-wide drive involving parents, schools, government agencies, and sports organisations to address the problem of obesity among Saudi children, Saudi Gazette has reported. The campaign follows a study conducted by the directorate of health affairs in the health ministry, which revealed an increase in obesity among Saudi youngsters including children less than six years of age.

  • Saudi electrical supply networks almost complete

    Saudi Arabia's minister of water and electricity, Abdullah Abdul Rahman Al-Hussayen has revealed Saudi Electric Co (SEC) has completed linking transmission lines in most of the kingdom, Arab News has reported. "About 95% of electricity supply networks have been connected to a single national grid," the minister said.

  • Saudi Electricity gives $3.92bn power projects green light

    Saudi Electricity Co has approved the award of SR14.7bn ($3.92bn) worth of power projects to meet rising demand in the kingdom, Reuters has reported. The award includes expansion of the Rabigh power plant and other power transmission and generation projects, which will be financed through loans and its own resources. The plant, Rabigh 6 would have a capacity of 2,400 megawatt to 2,800 MW, about 12-14% of the 20,000 MW the SEC plans to add through 2018, at an estimated total cost of $80bn.

  • Saudi firm signs MRO deal with Air Atlanta Icelandic

    Saudi-based Alsalam Aircraft Co has signed maintenance agreements with one of Europe's largest charter fleet operators, Air Atlanta Icelandic, Arab News has reported. According to the deal, the Riyadh-based firm is tasked with carrying out checks that are required by the civil aviation authorities of Europe and Saudi Arabia. Alsalam has three climate controlled wide body hangars each capable of housing B747-400 sized aircraft, dedicated military hangars and a wide range of support shop capabi

  • Saudi firms in last-minute Blackberry talks

    Saudi telecom firms have are in talks with Research In Motion (RIM) in a bid to resolve the issues which led to a decision to suspend the Blackberry Messenger service in the kingdom from tomorrow, AFP has reported, citing an official from one of the kingdom's three telecom companies. "There are big hopes in convincing" BlackBerry maker Research in Motion (RIM) "to provide Saudi Arabia with a local server," the official said, adding the three companies met RIM yesterday and that more meetings

  • Saudi Hollandi lowers provisions for bad loans by 27%

    Saudi Hollandi Bank has reduced the amount of provisions set aside to cover bad loans by 27% in the second quarter, Bloomberg has reported. Provisions were cut to SR33.4m ($8.9m) in the three months ending June 30 from SR45.5m in the previous quarter. The lender had said on July 10 that Q2 profit almost tripled to SR250.5m from SR90.6m a year earlier on lower operating expenses.

  • Saudi implements Umrah health plan

    Saudi Arabia's health ministry has announced an integrated health plan aimed at providing preventive and curative services to Umrah pilgrims during the holy month of Ramadan, Arab News has reported. The plan includes establishing a new health centre on the second floor of the Grand Mosque in Makkah, as well as deploying teams of health officials at all air, sea and land entry points to verify compliance by incoming pilgrims with the quarantine requirements spelled out by the government.

  • Saudi introduces bad cheque laws

    Saudi Arabia's commerce and industry ministry has begun implementing a new law under which issuers of bad cheques will face up to SR50,000 ($13,330) in fines and a three-year prison term, Arab News has reported. If the offence is repeated within three years the fine will climb up to SR100,000 while jail term will be increased to a maximum of five years. "The law outlines six situations in which victims can take legal action against the issuer. These include a cheque bouncing due to insufficie

  • Saudi Kayan secures Jubail loan

    Saudi Kayan Petrochemical Co has said it has secured a SR4.5bn ($1.2bn) loan from the National Commercial Bank to finance part of the cost of its Jubail petrochemicals plant, Bloomberg has reported. The seven-year loan is guaranteed by Saudi Basic Industries Corp (Sabic), which holds a 35% stake in Kayan, Sabic said in a separate statement.

  • Saudi king appoints new Aramco board

    Two changes to 12-man board of directors

  • Saudi launches Ramadan health programme

    Saudi Arabia's ministry of health has launched a health programme during the first week of the holy month of Ramadan to help Muslims receive health information from their homes and offices by phone or fax, Arab News has reported. A team of specialised doctors has been set up to respond to queries of people on health issues related to Ramadan. The panel comprises doctors, pharmacists, nutritionists and trained health personnel.

  • Saudi obesity rate rises to 70%

    The Saudi Diabetes and Endocrinology Society has said the obesity rate among Saudi men and women has risen to 70%, Saudi Gazette has reported. The organisation attributed the increase to the rise in purchasing power in different segments of the society, the spread of fast-food restaurants, a change in nutrition habits and too little physical activity.

  • Saudi scraps old curricula

    Saudi Arabia's education ministry has announced that teaching curricula printed before 2009 are not to be used and stressed the need to use the new curricula in the upcoming academic year, Saudi Gazette has reported. The decision to cancel the old curricula "is not subject to discussion and should be implemented equally in the boys' and girls' schools in the big cities, governorates, villages and rural complexes," the ministry said.

  • Saudi sets Obhur minimum regulatory area

    The Mayoralty of Saudi Arabia's Red Sea port city of Jeddah has set the minimum regulatory area for private projects in northern Obhur at 50,000 sq m, Saudi Gazette has reported. The move aims to attract private development projects which are expected to increase the area's population from the current 50 people per hectare.

  • Saudi shares lose across the board

    With 129 losers and only six gaining shares, the Tadawul bourse ended 1.21% lower at 6,187.97 points. Comments by the U. S. Fed that the much anticipated economic recovery will be more modest than expected, triggered profit bookings worldwide. Shares of market bellwether Saudi Basic Industries Corporation (Sabic) ended 1.71% lower at SR86. Knowledge Economic City (KEC, off 6.50% at SR9.40), the third of KSA's six Econmic Cities launched in 2006, landed at the bottom of the Tadawul charts in R

  • Saudi Tadawul bourse adds a quarter percent

    The energy and utiliies sector index (up 2.39%) was the main driving force behind the Tadawul market's advance of 0.26% on Monday., closing at 6,106.75 points. Saudi Electricity surged 2.59% at SR13.85. The Kingdom aims to invest $80bn in order to double ist power capacity until 2020. Saudi Arabia's Knowledge Economic City (KEC) and closed 1.69% higher at SR9.05. KEC shares were listed on August 9 at SR10.00 in a $272 IPO. Insurers and cement producers mostly last value.

  • Saudi Tadawul market dips a quarter percent

    The TASI-Index ended on Monday at 6,158.04 points (off 0.24%), despite oil prices stabilising around $75 per barrel. Little trading movements were seen as 21 shares stocks ended flat and just 64.9m shares changed hands. Aldrees Petroleum and Transport Services Co. posted the largest advance, ending four percent higher at SR46.30. As at most GCC bourses, no clear direction was seen among the sector indices, while investors prefer to stay on the sidelines before the US will publish the producer

  • Saudi to block Blackberry service this Friday

    Saudi Arabia has ordered at least one BlackBerry smartphone service to be blocked as of next Friday, Reuters has reported. The Saudi telecom watchdog said telecom companies in the kingdom must block an unspecified Blackberry service as of Friday. Industry sources told the news service on Sunday that the intention was to ban Blackberry Messenger. The ban is to last until the kingdom's three mobile phone operators "fulfil the regulatory requirements it has requested," the regulator said in a st

  • Saudia suspends Pakistan flights

    Saudi Arabian Airlines has suspended until further notice all its flights from the kingdom to Islamabad, due to the severe weather conditions in Pakistan, the Saudi Gazette has reported. All flights from Riyadh, Jeddah and Dammam stand suspended until weather conditions improve.

  • Saudia to push website services

    Saudi Arabian Airlines is to launch a major media campaign to encourage customers to use the airline's website for services including reservations, purchases, selecting seats and obtaining boarding passes, Arab News has reported. The carrier expects sales through its website to grow from the current 3% up to 25% by 2013.

  • Saudi's Dar Al-Arkan not expecting ratings downgrade

    Saud al-Gusaiyer, managing director of Saudi-based Dar Al-Arkan Real Estate Development Co has said he does not expect any of the three main ratings agencies to downgrade the firm after Moody's put it under review earlier this month, Reuters has reported. "Our debts account for 33% of our assets and as a real estate company we can go up to 80% and even 100%. Our debt to equity ratio is 53%," he told the news service.

  • Seha launches disease prevention campaign

    Abu Dhabi Health Services Co (Seha) has launched a disease prevention campaign for members of the public during Ramadan, Gulf News has reported. The second annual "Healthy Living during Ramadan 2010 Campaign" includes the distribution of educational brochures and information by health professionals from the Ambulatory Healthcare Services (AHS), a Seha facility, shopping malls and health centres across the emirate. It will provide tips on diseases such as Aids and HIV, hepatitis A, B and C, an

  • Serco takes over Palm Jumeirah monorail

    Nakheel cancelled its contract with Singapore’s SMRT Engineering in July

  • Serco to operate Palm Jumeirah Monorail

    Nakheel has announced the appointment of UK-based Serco to operate and maintain the Palm Jumeirah Monorail. The monorail runs 5.5 kilometres from The Gateway Station on the Dubai mainland to the Atlantis Station on the Crescent. Serco already operates and manages Dubai Metro on behalf of the RTA and since 1997 has operated the Docklands Light Railway in London.

  • Sharjah Chamber of Commerce signs FedEx agreement

    The Sharjah Chamber of Commerce and Industry (SCCI) has signed an agreement with FedEx to provide special courier services and products for its members. According to the agreement, FedEx will provide SCCI members with services including the installation of automated devices in strategic locations to enhance efficiency and reduce paperwork; assigning a FedEx representative to be stationed at the SCCI headquarters and other services.

  • Sharjah considers freehold rights for expats

    Real estate consultancy, CB Richard Ellis has said the emirate of Sharjah is considering offering freehold rights to foreign investors in a bid to revive the real estate market, Khaleej Times has reported. "The topic, amongst others, is understood to have been discussed during the second quarter, as various measures are considered to help rejuvenate the market," the latest CBRE report said. Sharjah currently restricts expatriates property ownership rights to leasehold.

  • Sharjah occupancy rates on the rise

    Sharjah Commerce and Tourism Development Department (SCTDD) has reported a 14% rise in the total number of guests staying in the emirate's hotel apartments in July to 68,363, compared to 59,888 guests during the corresponding period last year. During the same period, the number of hotel apartments nights increased by 12% from July 2009 figures of 58,722 hotel nights to 65,626, while the emirate's hotel occupancy rate rose from 64% in July 2009 to 70% in July 2010.

  • Sharjah restricts property ownership to UAE and GCC nationals

    The ruler of Sharjah, Dr Shaikh Sultan Bin Mohammad Al Qasimi, has issued a decree restricting foreign ownership of land and properties to UAE and GCC nationals, Gulf News has reported. “The law has limited the right to own real estate in the emirate to the UAE nationals and nationals of GCC Gulf Arab states and corporate bodies fully owned by them. But the exception may be granted by [the] Ruler to own property through the inheritance transition in accordance with Shari’ah declaration, legit

  • Sharjah sets up food poisoning committee

    A food poisoning committee has been set up by the Sharjah Municipality to investigate food poisoning cases in the emirate, Khaleej Times has reported. The committee comprises members from the health ministry, municipality and the police. During a recent inspection campaign, municipality inspectors visited 7,000 food outlets and found 5% of them to be violating rules.

  • Shaw Group wins Ruwais base oils deal

    State-refiner hopes to become an exporter of lubricants

  • Shuaa Capital reports $15m loss

    Shuaa Capital has reported a second-quarter loss of Dhs56.6m ($15m) compared to a profit of Dhs91.7m in the year-earlier period, as the value of investments declined, Bloomberg has reported. The bank's first-half loss declined 65% to Dhs37.1m and its cash position of Dhs474m is "very comfortable," it said.

  • Shuaa Partners completes Rotana stake sale

    Private equity fund generated 36 per cent rate of return

  • SHUAA Partners completes sale of Rotana stake

    Shuaa Partners, the private equity arm of Dubai-based Shuaa Capital, has announced that it has completed the sale of its entire stake in Rotana Hotel Management Corp to Rotana chairman, Nasser Al Nowais. Shuaa Partners' Fund I made the investment in Rotana in 2006 through a private placement to fund the hotel company's expansion. Despite its exit, Shuaa said it has retained Rotana as the exclusive manager and operator of 4 and 5 star hotels, resorts, serviced apartments and budget business ho

  • Siemens completes Saudi Electricity project

    Siemens has completed a €155m ($203.65m) project with Saudi Electricity to provide harmonised grid solutions for a major substation in the kingdom. Located in the Al Qassim province, the 380 kilovolt substation adds 1000 MVA of firm power transmission capacity to the Saudi Arabian grid, helping to keep pace with the growing demand for power.

  • Sipchem, Rhodia plan petrochem plant in Jubail

    Saudi International Petrochemical Co (Sipchem) has signed agreements with France's Rhodia to build a new 100,000-metric tonnes per annum, ethyl acetate plant in Jubail Industrial City, Arab News has reported. The agreements include a technology license agreement, marketing agreement and term sheet for ethanol procurement with Rhodia. The feedstock required to produce ethyl acetate are acetic acid, which will be obtained from Sipchem's affiliate, International Acetyl Co, and ethanol, which wil

  • Smartworld launches cloud based UC services

    UAE-based ICT services provider, Smartworld has launched its cloud-based Smart Hosted UC services for small and medium businesses (SMBs) in the Middle East. The hosted service is a secure end-to-end solution for SMBs with a user friendly interface that allows companies to instantly implement and seamlessly integrate with existing applications and smartphones. The service provides a single secure platform for e-mail, contacts, instant messaging, calendaring, file sharing, mobility, telephony a

  • SNTTA Cargo appointed Emirates SkyCargo sales and service agent

    Emirates SkyCargo has appointed Sharjah-based SNTTA Cargo as its general sales and service agent (GSSA). As the GSSA, SNTTA Cargo will attend to every aspect of Emirates SkyCargo's movement and transfer of consignments in and out of Sharjah Airport to different worldwide destinations. SNTTA Cargo has been the general sales agent (GSA) of Emirates SkyCargo since the launch of the airline, and the new announcement makes SNTTA Cargo the only GSSA of Emirates SkyCargo in the UAE.

  • Sonatrach wins Spain gas price case

    Arbitration hearings between Sonatrach and Gas Natural had been ongoing since 2007

  • Sony Gulf launches new Vaio computer

    Sony Gulf has launched the Vaio J Series multimedia personal computer in the Middle East. The new Vaio features a 21.5" full-HD touch-screen, Intel Core i5-520m processor integrating clock speeds of 2.40GHz going up to 2.93GHz with turbo boost, Nvidia GeForce graphics, and built-in Bluetooth. The new computer is available from August 2010.

  • Sorouh looks for additional $136m in loans

    Abu Dhabi-based developer, Sorouh Real Estate plans to approach banks for an additional Dhs500m ($136m) in loans before the end of August, Meed has reported. The deal is intended to bring a Dhs2.35bn loan raised in July up to around Dhs3bn. Proceeds from the deal will be used to repay existing debt and fund the development of projects in the emirate. Sorouh revealed in July that profit for the second quarter of the year fell by 87%, to Dhs20m.

  • South Valley Cement declares cash dividend

    The Egyptian stock exchange has said that South Valley Cement has declared a cash dividend of EGP0.2 ($0.035) per share, Reuters has reported. The dividend will be paid on August 30 to investors holding shares on August 25.

  • SR1.1bn Yanbu seafront development projects planned

    Saudi Arabia's Royal Commission for Jubail and Yanbu has completed basic infrastructure designs for five projects worth over SR1.1bn to develop Yanbu's seafront, Arab News has reported. The new developments along the 11-km seafront include green areas, beaches, amusement parks, hotels, restaurants, car parks, and pavements for pedestrians and a long Corniche. "The projects will contribute to the creation of a strong base for tourism in the region and will diversify the economic base of the ci

  • Standard Chartered signs Oman property agreement

    Standard Chartered Bank has signed a strategic partnership agreement with Oman's The Wave freehold development, Times of Oman has reported. Under the agreement, the lender is to offer up to 80% of the value of the property, with a maximum loan period of up to 25 years, at interest rates of 5.99% per annum.

  • Stock prices, volumes surge at Qatar Exchange

    The QE Index outperformed all GCC markets on Sunday, closing 0.90% higher at 1,179 points straight. Volumes surged 63% to 7.18m stocks changing hands in Doha. The country'a largest bank Qatar National Bank (QNB) added 1.44% at QR140.60.

  • Students complete Qtel internship programme

    Qtel has revealed 70 high school and undergraduate students have successfully completed their training as part the of the company's sixth annual summer internship programme, Gulf Times has reported. The students were placed in all Qtel business units including networks, customer services, general services, consumer and international services, in technical or non-technical work areas depending on their current area of study and future career plans.

  • Sudan: ICT equipment

    Supply and delivery of ICT equipment

  • Sudan: Midwifery training equipment

    Supply of training equipment for midwifery schools

  • Suez Canal revenue increases 6%

    According to data published on the Egyptian cabinet's website, revenue from the Suez Canal rose 6% in July to $406.2m from $382.9m a year earlier, Bloomberg has reported. The number of vessels that crossed the waterway during the month stood at 1,554 and were carrying 71.9 million tonnes of cargo, the data showed.

  • Suez Canal revenues exceed $400m

    July’s revenues were the highest at the canal since the global financial crisis hit in late 2008

  • Sybechron to open office in Dubai

    Synechron, a global IT solutions and services provider with a focus on the internet media and technology domain, has announced the opening of its new regional office in Dubai Media City. The new regional office will operate as a sales office as well a full-fledged, near shore delivery centre.

  • Syria set for third mobile phone operator

    The Syrian government has approved the introduction of a third mobile phone operator into the country. The move will be made through a three-phase process including initial rehabilitation, investment and technical rehabilitation and the financial auction, Sana has reported. The cabinet also granted an initial approval on turning the contracts of the two current operators with Build-Operate-Transfer (BOT) system to licenses after they pay their financial obligations to public treasury.

  • Syria: Barite

    Supply of barite

  • Syria: DGSP surveying unit

    Supply of a differential GSP (DGSP) surveying unit

  • Syria: Independent power project

    Implementation of an independent power project (IPP)

  • Syria: Linepipe

    Supply of linepipe

  • Syria: Rotary mud hoses

    Supply of rotary mud hoses

  • Tabreed H1 profit increases by 83%

    Abu Dhabi-based National Central Cooling (Tabreed) has posted an 83% increase in H1 net profit to Dhs86.8m ($23.6m) over the same period in 2009. Total revenue increased by 16% to Dhs432.3m, compared to Dhs373.8m in the same period in 2009. The results were due to strong growth in the company's core business of chilled water as new plants and customers came online, the utility firm said.

  • Tadawul bourse declines by 0.28%

    The Saudi Stock Exchange (Tadawul) saw its benchmark index Tasi closing 0.28% lower at 6,001.24 points. Market bellwether Sabic hit a six-week low at SR83.25 (down 0.30%). A number of insurers recovered from heavy losses they suffered in recent weeks, e. g. Al-Ahlia Insurance Co (up 5.21% at SR55.50).

  • Tadawul bourse ends flat at 6,090.87 points

    The Saudi Arabian stock market only stabilised in a volatile trading on Sunday despite 73 gaining shares outnumbered 47 losers. Shares of August 9 listed Knowledge Economic City (KEC) rebounded by 1.14% at SR8.90. KEC stocks were issued at SR10 in a May IPO this year worth $272m. Sabic was the most liquid stock, as the market bellwether added 0.59% and finished at SR85. Twenty-four stocks ended flat in Riyadh. The Tadawul market touched a one-month low after oil prices weakened to $73. Credit

  • Tadawul bourse ends flat at 6,161 points

    Market bellwether and petrochemical giatn Sabic (up 1.46% at SR87.00) failed to lift the entire Tadawul benchmark TASI (unchanged at 6,161.76 points, as weak banks and insurers weighed on the market in Riyadh. Saqr Insurance ended as the top losing stock, closing 3.04% lower at SR35.10. Alinma Banks was the second most liquid share (after Sabic). Alinma lost 0.46%, finishing near a 52-week low at SR10.85.

  • Tadawul bourse loses half a percent

    Weak insurers and petrochemical firms were once again weighing on the Tadawul benchmark index (down 0.5% at 6,090.22 points). Saudi Basic Industries Corporation (Sabic), the largest GCC stock in relation to market capitalisation, ended 1.17% lower at SR84.50. Ongoing global worries about the economy pulled oil prices lower by 3.89% over the last month. Only 24 out of 144 traded shares agined value,

  • Tadawul market declines slightly

    The Saudi Arabian bourse ended 0.10% lower at 6,317.67 points due to weak performing real estate developers and insurance firms. In a rare event in Riyadh, Sabic (up 0.85% at SR89.00) was not the most liquid stock but the newly listed Knowledge Economic City (KEC). On its first day of trading, KEC ended at SR10.30, following its Sr1bn ($272m) IPO from May at SR10 per share. The Madinah-based KEC aims to be the core education centre in Saudi Arabia. Its total investment upon completion is SR30

  • Tadawul market follows GCC downtrend

    The Saudi stock market started positively but failed to sustain and closed 0.18% lower at 6,323.95 points. Although market and petrochem leader Sabic lost 0.28%, the petrochem sector index added 0.33%. Wataniya Insurance Company surged 6.73% to Dhs55.50. Yansab National Petrochemical Co. bucked the trend and closed 2.60% higher at SR39.40.

  • Tadawul market posts largest decline on Tuesday

    The Saudi Arabian stock exchange finished as the worst performer in the GCC by ending 0.85% lower at 6,264.01 points. Astra Industrial Group posted the highest profit on Monday and finished 1.83% higher at SR39.10. On its second day of trading at the Tadawul bourse, shares of Knowledge Economic City (KEC) were the most liquid and finished 2.91% lower at SR9.95. Nevertheless, Josef Schuster, founder and CEO of IPOX Schuster in Chicago judges the IPO as a progress in the GCC capital markets' de

  • Takreer assesses Sharjah storage scheme costs

    Construction contract tender pushed back to late September

  • Takreer confirms $623m pipeline contract award

    State refiner announces deal through local media

  • Tamweel posts $1.3m net profit

    Islamic mortgage lender, Tamweel has reported a net profit of Dhs5m ($1.3m) for the second quarter, compared to a net loss of Dhs35m for the corresponding period in last year. Operational profit for Q2 2010 before impairment provisions stood to Dhs45m. The lender has taken additional provisions of Dhs40m on its asset book. At the end of the quarter, Islamic financing assets constituted 92% of the company's total assets.

  • Taqa reports 26% increase in Q2 profits

    State-run utility firm, Abu Dhabi National Energy Co (Taqa) has reported a 26% increase in second-quarter profit on gains from foreign exchange transactions and higher commodity prices. Net income rose to Dhs171m ($46.6m) from Dhs136m a year earlier. The company had a foreign exchange gain of Dhs116m after a loss of Dhs112m a year earlier.

  • Taqa shares gain on Dutch Gas project majority

    The Abu Dhabi stock market index ADX General dipped 0.28% at 2,495.80 points. UAE heavyweights Aldar Properties (off 0.90% at Dhs2.20) and Etisalat (down half a percent at Dhs10.00) weighed on the sentiment. Shares of Abu Dhabi National Energy Co. (up 0.84% at Dhs1.19) gained against the trend. The UAE's largest oil and gas firm, dubbed Taqa, announced today that it has signed an agreement for the transfer of a 24% stake in the Bergermeer Gas Storage project previously owned by Dyas B. and Pe

  • Taqa sued by former chief executive

    Peter Barker-Homek seeking up to $100m

  • Technical assistance for conflict assessment grant

    Provision of Technical Assistance for the Conflict Assessment Grant Fund for Iraq

  • Tender released for Algerian aggregates plant

    International companies invited to bid for 1 million-t/y facility

  • Tendering slows for Ramadan

    Contractors hope market will pick up before the end of the year

  • Tenders issued for Medina airport

    Saudi Arabia's General Authority of Civil Aviation (Gaca) has invited prequalified firms to submit bids to develop the $1.5bn first phase of Medina airport by December 15, Meed has reported. The authority plans to upgrade and expand the airport to increase its passenger handling capacity to 14 million people a year from the current 3.5 million passengers a year. Further expansion plans involve the construction of a new passenger terminal, the renovation of the existing runway and the possible

  • Thermal and hydro power plants boost Iranian energy production

    The Iranian energy ministry has said the country's thermal and hydro power plants have raised their power generation by 9% during the last five months compared with the same period last year, Fars news agency has reported. Iran's power plants generated over 102,101 giga watt hours (gwh) of electricity in the first 21 weeks of the current Iranian year (started on March 21) which shows an 8.36% increase compared to last year. The country's thermal power plants generated 96,823gwh of electricity

  • Third stage of Kuwait port to launch next year

    Kuwait's public works ministry has finalised preparations to launch by early next year the KD400m third stage of Phase I of the Mubarak Al-Kabeer port development project, Arabic Al-Rai has reported. The third stage of the project includes expansion of the water basin and the naval channel to allow accommodating larger ships, as well as establishing facilities for the ports' operation.

  • Toyota suspends exports to Iran

    The Japanese car manufacturer has stopped shipments of cars and car parts indefinitely

  • Tripoli's banking sector reluctant to embrace foreign institutions

    Libyan banks in urgent need of modernisation

  • TrustPort launches Middle East operations

    TrustPort, a producer of security software, has announced the launch of its operations in the Middle East. The Czech brand will headquarter its services for the region in the UAE. The new office will take care of all business activities, including technical support, product manufacturing, distribution and shipping. "UAE will be the focal point of TrustPort operations in the Middle East as it is well placed in terms of logistics. Our entry with an office here is the first step towards our expa

  • Tunisia: IT infrastructure solution

    Supply and installation of a solution for information technology (IT) infrastructure

  • Tunisia: IT vulnerability assessment system

    Supply and installation of an IT vulnerability assessment system

  • Tunisia: Road project

    Carrying out works for a fifth road project

  • Tunisia: Travel insurance

    Provision of travel insurance

  • Turquoise Partners lists $5m mutual fund in Tehran

    Fund raised $500,000 to date

  • Twelve UAE brokerages file to suspend services

    The UAE Securities and Commodities Authority has said that 12 brokerages in the country have filed requests to suspend operations this year after volumes and revenue declined, Bloomberg has reported. Five companies received approval to shut and their licences have been suspended for one year, according to Ibrahim Obeid Al Zaabi, deputy chief executive officer for licensing, supervision and enforcement. The companies may be able to resume operations after meeting registration requirements, he

  • Two new board members for Saudi Aramco

    Saudi Arabia's King Abdullah has issued a royal decree naming the board of directors of state oil giant Saudi Aramco for the next three years, Reuters has reported. The new board will remain headed by Saudi oil minister Ali al-Nuaimi as chairman with the addition of two new members; David O'Reilly, former chairman and chief executive of US oil firm Chevron, and Amin Nasser, Aramco's vice president for exploration and production.

  • UAE (Abu Dhabi): Design of public opinion polls

    Design and distribution of public opinion polls for the Department of Economic Development - DED (Abu Dhabi)

  • UAE air traffic up 11.9%

    The UAE General Civil Aviation Authority (GCAA) has said that air traffic in July had been the highest in 2010 with an average of 1,763 movements per day. Last month, aircraft movements rose to 55,000 from 52,000 in June. Dubai ranked first with 24,961 movements. Over-flights were second at 11,924. Abu Dhabi ranked third with 8,045 and Sharjah International Airport ranked fourth with 5,600.

  • UAE bank deposits $250m to court following ruling

    The National Bank of Umm Al Qaiwain has deposited $250m with a Dubai court following a ruling asking the bank to return the money to Kuwait's Global Investment House (GIH), Reuters has reported. The amount has been deposited pending the result of the appeals in the case, the Abu Dhabi-listed lender said. Last month, the court ruled in Global's favour in the dispute.

  • UAE Blackberry ban to extend to roaming devices

    The UAE's Telecommunications Regulatory Authority has said that roaming for Blackberry messenger, Blackberry email and Blackberry web-browsing will also be suspended as of October 11th, 2010, Wam has reported. The regulator has reiterated its stance that suspension of these services will continue until it becomes fully compliant with the UAE's regulatory requirements.

  • UAE blood donation campaign begins in mosques

    Sharjah's Blood Transfusion Centre and Research, in cooperation with Islamic Affairs and Charitable Activities Department in Dubai, has launched a blood donation campaign in mosques during evening prayers, Wam has reported. The campaign has seen the number of donors rise by an estimated 12%, according to Dr Amin Al Amiri, executive director for medical practices at the UAE health ministry.

  • UAE gas prices to rise again in September

    Gasoline prices in the UAE are likely to rise again in September, as the country moves to phase out subsidies that have strained its budget, Reuters has reported. "This is the third incremental increase which is leading up to the target of reaching the international price level," an unnamed official from Abu Dhabi National Oil Co (Adnoc) told the news service.

  • UAE health ministry reveals expat medical check-up rethink

    The UAE's health ministry has announced changes in the medical check-up system for expatriates aimed at dealing with any loopholes amid the rise in the size of the workforce in the country, Wam has reported. According to the amendments, resident expatriates will not be asked to undergo the test for Hepatitis B, while tests for Hepatitis C will no longer be needed. Those already in the country will also not have to undergo tests for TB, but new arrivals will be tested only for pulmonary TB and

  • UAE hepatitis C screening campaign reveals several dozen cases

    UAE health officials have said that a nationwide hepatitis C screening campaign in the country has detected dozens of cases in its first two months, The National has reported. The programme is being implemented by pharmaceutical company Roche and the Emirates Medical Association. Of 2,550 individuals screened randomly at clinics and labour camps under C-Watcher 2010, 27 tested positive, while another 48 people at high risk of hepatitis who came forward for testing were found to carry the viru

  • UAE job vacancies increase by 45%

    According to a study by global recruitment firm, FiveTen Group, UAE job vacancies in the second quarter of the year rose 45% compared to same period last year, Khaleej Times has reported. "A more positive outlook for the region is being reflected by the banking and finance industry hiring again. Ongoing government investment in infrastructure is also resulting in more jobs in fields such as IT and telecoms," the report said. For the latest Middle East vacancies, please visit: www.ameinfo.com/

  • UAE launches drive against heart disease

    The UAE national programme for preventive medicine, Weqaya has launched a national campaign aimed at increaing awareness and educating the public on identifying risk factors and dangers of heart diseases, Gulf News has reported. The campaign, which will continue until next July 2011, will carry out a series of sustainable prevention programmes on heart diseases and its causes throughout the year.

  • UAE money growth slows

    According to data by the UAE central bank, the country's M1 money supply slowed to an annual 5.3% growth rate in July from 6.3% in June, Bloomberg has reported. M2 money supply, which includes time and savings deposits, grew 5.2% last month compared with 5.4% in June, the central bank said.

  • UAE National Media Council to introduce editing courses

    The UAE National Media Council (NMC) is to launch specialised courses in editing that aims to support young qualified UAE nationals in the field of journalism, Wam has reported. The six-course programme will be held in Abu Dhabi and will last for two years, starting from November 2010, in cooperation with German political foundation, Konrad Adenauer Stiftung.

  • UAE nears Blackberry agreement

    Talks between the UAE and government and RIM, the manufacturer of Blackberry are progressing well, according to Yousef Al Otaiba, the UAE's ambassador to the US, Reuters has reported. "Talks are progressing well and hopefully we will be able to reach a conclusion in the near future," the ambassador told reporters after a meeting of UAE ambassadors gathered in Abu Dhabi. Asked whether the UAE could secure a deal similar to the one Saudi Arabia got from RIM, Otaiba said each country has its own

  • UAE northern emirates rent expected to fall further this year

    A report by CB Richard Ellis has said that residential rents in the UAE's northern emirates are expected to fall further this year, due to increased supply and weak demand, Reuters has reported. Rents in Sharjah have suffered the sharpest fall, declining around 50% since their peak two years ago. Ajman saw a 42% drop since the first half of 2008, while rents in Umm al-Quwain have fallen 39%. Prices in Ras al-Khaimah and Fujairah declined 28% and 23%, respectively, according to the report. "Re

  • UAE open to discussions on Blackberry ban

    The UAE Telecoms Regulatory Authority (TRA) has said that despite the decision to suspend Blackberry services from October, it remains open to discussions on a solution instead of a ban, Wam has reported. However, the decision "to suspend certain Blackberry services from October 11 is final," TRA director general Mohammed Al Ghanem said in a statement.

  • UAE revises Hepatitis, Tuberculosis deportation

    The UAE health ministry is expected to issue a new law, under which hepatitis and tuberculosis will no longer be deportable offences in the country, Khaleej Times has reported. According to new medical fitness testing rules by the Dubai Health Authority, testing for Hepatitis B and C, and tuberculosis are no longer part of the medical fitness testing rules that have been compulsory prior to obtaining a work permit or residency in the country. However, people working as food handlers, maids, r

  • UAE sees 25% drop in bounced check value

    According to data from the UAE central bank, the value of bounced cheques in the country had declined in the first four months of this year, despite a rise in their number during the same period. The total value of bounced cheques fell 25% to Dhs18.6bn compared with Dhs24.8bn in the corresponding period of 2009, while their total number rose more than 8% to 588,570 during the period from 544,196 cases of returned cheques registered in the same period a year earlier.

  • UAE to crack down on food price inflation

    The UAE ministry of economy has warned that businesses inflating prices for essential food items could be subject to heavy fines in the near future, Gulf News has reported. Dr Hashim Al Nuaimi, director of the Consumer Protection Department said a decision on this matter would be taken by the ministry, but did not give any indication of the time frame involved. Currently, essential food items in Abu Dhabi are readily available at normal prices, he said. "The prices have not been inflated duri

  • UAE to increase federal spending

    The UAE finance ministry is to draft a strategy for future debt issues by the end of 2010 and plans to increase federal spending in the next three years, Reuters has reported. The strategy would act as a guide to the federal debt management agency's activities and would be issued simultaneously with a law governing public debt issuance, Younis al-Khouri, undersecretary and director general at the ministry, said.

  • UAE to increase number of labour medical check-up centres

    The UAE health ministry has announced plans to increase the number of labour medical check-up centres across the country, The Gulf Today has reported. "The new residency medical testing centres will reassure that the amendments in the conditions are made to enhance the transparency in the system in favour of the foreign human resources as per global standards," health minister, Dr Hanif Hassan said.

  • UAE to suspend Blackberry services from Oct. 11

    BlackBerry messenger, e-mail and web-browsing services will be suspended in the UAE from October 11, the country's Telecommunications Regulatory Authority has announced. It said the suspension is a result of the failure of ongoing attempts, dating back to 2007, to bring BlackBerry services in the country in line with local regulations. "With no solution available and in the public interest, in order to affect resolution of this issue, as of October 11, 2010, Blackberry Messenger, Blackberry E

  • UAE: Al-Maleeha labour accommodation

    Labour acommodation and outer fence and guard room

  • UAE: Dam maintenance

    Maintenance of dams

  • UAE: Distribution centre office furniture

    Supply of office furniture for a distribution centre

  • UAE: Event management services

    Provision of event management services

  • UAE: Geophysical study

    Provision of a geophysical study

  • UAE: guiding board

    Supply and set guiding board for accidental inspection building

  • UAE: Guiding boards

    Supply and set two guiding boards to stop car parking at trucks checking location

  • UAE: Hospital transportation services

    Provision of transportation services for a hospital

  • UAE: HRC fuses

    Supply of high rupture capacity (HRC) fuses

  • UAE: Medical equipment

    Supply of medical equipment for a hospital

  • UAE: Steel pipe inspection services

    Inspection, repair and partial replacement of carbon steel pipes and fittings

  • UAE: Transformer testing unit

    Supply and installation of a transformer testing unit

  • UAE: Transformers

    Supply of pole-mounted transformers

  • UAE: Utility computing

    Provision of utility computing services

  • UAE: Vehicles (1)

    Supply of vehicles with special materials (1)

  • UAE: Vehicles (2)

    Supply of vehicles (2)

  • UAE: water meter installation

    Water meter installation

  • UAE: Well drilling

    Drilling of wells for irrigating parks

  • UAE’s Abraaj Capital fund receives $150m from US agency

    Fund will provide capital to small businesses

  • UFE to run Abu Dhabi 'villa school' replacements

    Universal Future Education (UFE), an education services firm, has been selected by Abu Dhabi Education Council (Adec) to operate two new low-fee private schools utilizing vacant government school facilities. The decision was made in order to accommodate students who were previously attending six schools operating out of villas which were ordered to cease operations by June 2010. Transportation options will also be provided by the school operators at additional low cost.

  • Ultratech buys Star Cement for $380m

    Indian cement giant acquires controlling stake in UAE company

  • UN considers Qatar and Saudi Arabia for public-private partnership centre

    Focus shifts from Abu Dhabi as potential host

  • Union Properties posts Dhs299m H1 loss

    Dubai-based property developer, Union Properties has posted a net loss of Dhs299m for the first six months of this year, compared to a net loss of Dhs198m recorded during the same period last year, Gulf News has reported. The higher loss at the net level was attributed to non-cash provision against valuation of properties, reflecting the current real estate market. "However, as the core activities of property development and sale continued to perform well, lower operating costs reflected posi

  • United Development to sell $400m of convertible bonds

    Qatari investment firm, United Development plans to sell about $400m of convertible bonds by year-end, Bloomberg has reported. The five-year bond sales are set to provide funding for the company's facility management entities, including a company that is caring for The Pearl, a project being built on an island off the Qatari coast, Abdullah Araj, executive vice president of finance told the news service.

  • United Gulf Bank H1 profit up 114%

    United Gulf Bank (UGB), the asset management and investment banking platform of the Kipco Group, has said that its net profit for the six months of this year rose 114% to $31.8m compared to the corresponding period of 2009. Net income for the second quarter stood at $24.3m. However, excluding the gain on transfer of Tunis International Bank, a loss of approximately $20m was sustained, the lender said. This loss was mainly due to the firm's trading portfolio following the downturn in global an

  • United Gulf Bank hit by profit taking

    Kuwait's KSE Market Index gained 0.11% and closed at 6,654.90 points. After advancing sharply since the beginning of August, shares of United Gulf Bank (UGB) posted the largest decline (off 6.66% at KD0.380) while market bellwether National Bank of Kuwait jumped 4.76% to KD1.320. This lifted the KSE banking index by 1.74%.

  • US Attorney's Office moves to dismiss indictment charges against Agility

    Agility was indicted in November 2009 on allegations of overcharging the US government

  • US continues Agility food service contract

    Kuwait's Agility will continue procuring and delivering food supplies to US troops in Iraq and Kuwait until December 4, 2010, following a "compelling reasons determination" made by the US Defence Logistics Agency (DLA). Agility had been scheduled to transition the work to another company, Anham, which won the follow-on to Agility's Prime Vendor II contract on April 14. DLA made its compelling needs determination in May, but Agility did not receive a written copy of the DLA memorandum until la

  • US drops charges against United Gulf Bank

    Bahrain's United Gulf Bank has said that charges against the bank related to a case of share manipulation by a Kuwaiti financier have been dropped by the US Securities and Exchange Commission, Reuters has reported. UGB, the investment banking arm of Kuwait Projects Co (Kipco), was involved in trades on the New York Stock Exchange by Raya's late chief executive Hazem al-Braikan, who was found dead in August 2009 after the charges against him became public. "(The SEC) has filed an amended compl

  • US prosecutors move to dismiss Agility fraud indictments

    Agility has confirmed US prosecutors have moved to dismiss fraud indictments against its subsidiary, Agility Holdings, Reuters has reported. "Further to the Kuwait Stock Exchange release dated July 27 2010, we are writing to confirm that US Attorney's Office in Atlanta moved to dismiss the indictment against Agility 'Holdings', an Agility Public Warehousing Co KSC subsidiary," the company said in a statement. The logistics firm is still negotiating a settlement with the US government, but it

  • Vision launches Saudi solar power plant company

    Saudi Arabia's Vision Electro Mechanical Co (Vision), a subsidiary of Construction Products Holding Co (CPC), has set up a SR562.5m ($150m) company for the development, manufacture and operation of solar power plants to generate electricity. The company started the building of a solar field at its industrial complex in Bahra, Makkah region, in cooperation with an international company in solar power technology. The solar power field is designed to work under the highest temperatures to commen

  • Vodafone Qatar inks Qtel Data Centre deal

    Vodafone Qatar and Qtel have signed an agreement that will see Vodafone use the facilities of Qtel Data Centre (QDC). Under this agreement, the systems driving Vodafone Qatar's business businesses will be hosted at the Qtel Data Centre and will be managed by Vodafone's IT department.

  • Vodafone Qatar shares stabilise

    The Qatar Exchange (QE) fell for the fourth consecutive day, closing 0.62% lower at 7,020.36 points. Volumes declined further as global worries about the economy and the Holy month of Ramadan leads most investors to stay on the sidelines. Just 3.1m shares changed hands in Doha. Vodafone Qatar was among the five gaining stocks, finishing 0.54% higher at QR7.85.

  • Vossloh wins Libya rail contracts

    The German firm will supply fastening systems and switches to the new railway lines

  • Warwick moots Dubai property

    Luxury hotels and resorts group, Warwick International Hotels plans to open a sales office in Dubai, as part of its regional expansion plans, Gulf News has reported. "We have large corporate clients asking for Dubai as a venue," Jean-Francois Garnier, director of group development said. The group is ready to sign up with an owner once an understanding is reached for a hotel here, Abu Dhabi, the GCC or in the wider Middle East and North Africa (Mena) region, Garnier added. "I would also love t

  • Wataniya Airways signs Sixt Car Rental agreement

    Kuwait's Wataniya Airways has signed a partnership agreement with Sixt Car Rental. The agreement will provide Wataniya Airways Diwan members with an average of 500 - 1000 miles for every car rental or limousine service used in various Middle East and Europe. Purple and Silver members will get 10% discount while Gold members can get 15% discount on their car rental.

  • Wataniya Q2 profit dips

    Kuwait's second-largest mobile phone operator, the National Mobile Telecoms Co (Wataniya) has posted a 69% decline in quarterly net profit to KD19.6m ($68.32m) from KD63.5m a year earlier, in line with forecasts, Reuters has reported. Net profit in the first half amounted to KD35.8m, down from KD78.8m in the first half of 2009. Wataniya operates in markets including Algeria, Tunisia, Saudi Arabia and the Maldives.

  • Weak Asia input drags Dubai market down

    Following Japan's fall to a 15-month low on Monday, the Dubai Financial Market (DFM) ended a choppy day of trading, finishing 0.45% lower at 1,493.46 points. The DFM resumed trading Bahrain's Gulf Finance House (GFH) shares after the Islamic investment bank disclosed its interim reviewed financial statements for the second quarter, reporting a $40m loss. GFH shares posted the largest loss, closing 10% lower at Dhs0.478 as the bank reported its seventh straight quarterly loss. As GFH's total d

  • Weekly FX roundup: Emerging markets performing well

    Expectations for the global economy to slow down even further have dominated market performances, and have affected the equity markets as a result. Investors fear a further slowdown with major economies lowering their growth forecasts, unemployment levels rising around the globe and consumer spending decreasing at an alarming rate. Emerging markets such as China and India have been performing well as they are seen as economies to lead the world out of the slump. Chinese equities are on an upt

  • Weekly FX roundup: Japan GDP growth slows to 0.4%

    The markets showed no mercy to investors as weak global economic cues continue to dominate, with Japan being the latest casualty as it released its Gross Domestic Product (GDP) figures earlier this morning. The reading showed that the economy slowed, growing only 0.4% YOY as against an expected 2.3% YOY growth and slowing down any hopes for a recovery to happen anytime soon. Asian markets tumbled with the Nikkei Index moving down 56.79 points, continuing its downward trend from the last week

  • Weekly FX roundup: Risk appetite returns as US dollar, Yen weaken

    Risk appetite crept back in the markets this morning as superior corporate earnings forecasts from Japan, positive housing and stronger manufacturing data from Australia combined with weaker Chinese manufacturing contributed to a weaker US Dollar and Japanese Yen. The Nikkei closed +0.35% higher this morning as heavyweights like Hitachi and Honda reported positive earnings forecasts for the rest of 2010 - putting doubts that the Asian recovery is slowing in the back of investors' minds for th

  • Weekly FX roundup: Yen, US Dollar remain weak

    Risk appetite continued its progression into this week after Asian markets tumbled earlier this morning as Goldman Sachs Group Inc. lowered its forecast of GDP figures for Japan and the US on signs that stimulus boosts will wane. Japan will grow 1.4% in 2011, compared with an earlier forecast of a 1.7% expansion, while lowering its projection of US growth for the same year to 1.9% from 2.5%. The Nikkei closed 0.72% lower on weaker economic cues bringing back recovery concerns and boosting the

  • Welcare Hospital receives JCI accreditation

    Dubai's Welcare Hospital has announced it has received the official Joint Commission International (JCI) accreditation. The JCI accreditation requires adherence to international standards in areas including access and continuity of care, patient and family rights, medication management and use, quality improvement and patient safety among other things.

  • Yahsat awarded two telecoms licences

    Two subsidiairies to provide satellite and broadcasting services

  • Yanbu Refinery maintenance shutdown scheduled

    A major maintenance shutdown has been scheduled by Saudi Aramco and Exxon Mobil at their Yanbu refinery in 2013 after completing work there earlier this year, Bloomberg has reported, citing a person with knowledge of the plan. The refinery, on Saudi Arabia's Red Sea coast, plans to close for around 45 days starting in February 2013 to boost the reliability of the fluid catalytic cracker (FCC).

  • Yemen oil revenues on the rise

    According to the central bank of Yemen, oil revenues for the year have climbed to $1.132bn from $483.24m for the same period of 2009, Yemen Observer has reported. The government share of January-May exports amounted to 14.46 million barrels at an average sales price of $78.28 per barrel. This compared with 10.16 million barrels at an average price of $47.56 per barrel for the first five months of 2009. The country's oil sector accounts for 92% of exports and 30% of GDP.

  • Yemen receives $370m loan

    Yemen is to receive a $370m loan from the International Monetary Fund (IMF) to support a three-year plan aimed at cutting the budget deficit and reducing poverty, Bloomberg has reported. "Yemen is confronted with a range of difficult economic challenges related to its heavy dependence on declining oil revenues, widespread poverty, and water shortages," Naoyuki Shinohara, the fund's deputy managing director, said in a statement. "The global financial crisis has aggravated these challenges thro

  • Yemen to step up tourism campaign

    Yemen's Tourism Promotion Council (TPC) is set to launch the first stage of a regional and international tourism promotion campaign next month, Yemen Observer has reported. The first phase will include France, Germany, Britain and Spain, while the second phase will cover all the GCC countries, in addition to organising a domestic tour for 11 airline companies.

  • Yemen: Autoclave and wastewater treatment plant system

    Supply and installation of an autoclave and wastewater treatment plant system

  • Yemen: Fishing port auction hall works

    Rehabilitation of auction halls at a fishing port

  • Yemen: Management information services consultant

    Management information services consultant

  • Yemen: PVC pipes

    Pipes and fittings for groundwater and soil conservation project

  • Yemen: Short term advisor

    Consulting services for Second Vocational Training project

  • Yemen: training consultant

    Planning, monitoring and evaluation role at the Ministry of Education and Vocational Training

  • Zadco tenders $50m EPC contract

    A tender for a new contract has been floated by Abu Dhabi's Zakum Development Co (Zadco), a subsidiary of state energy firm Abu Dhabi National Oil Co (Adnoc), as part of a $50m upgrade of its Zirku Island oil processing and distribution facilities, Meed has reported. The engineering, procurement and production (EPC) contract covers the construction of a new 12-inch pipeline to replace an existing transit route. The project is part of a wider scheme to upgrade the company's oily water treatmen

  • Zain Iraq to start operations in Kurdistan next year

    Emad Makiya, the new CEO of Zain Iraq has said the company will start operating in Iraqi Kurdistan in January and expects to boost its subscriber base by up to two million in 2011, Reuters has reported. "We want to reach all the Iraqis everywhere," Makiya told the news service. Zain is the biggest operator in the country and has invested $4.5bn in its network after securing a 15-year license for $1.25bn in 2007.

  • Zain reveals H1 profit of $3.1bn

    Zain has reported a first-half profit of $3.1bn, which included $2.65bn from the sale of assets in Africa, Bloomberg has reported. Consolidated revenue in Zain's Middle East operations rose 10% from a year-earlier to $2.33bn, it said. Zain in June completed the $9bn sale of its assets in 15 African countries, excluding Morocco and Sudan, to India's Bharti Airtel. The company received $7.9bn from the sale and will receive additional payments of $1.1bn within a year of completing the deal, Zai

  • Zain Saudi Arabia presents capital restructuring plan to shareholders

    Zain Saudi Arabia has proposed a plan to its shareholders to reduce capital by almost half to cover accumulated losses, and later launch a rights issue to raise it by nearly 60%, Reuters has reported. The board invited shareholders to vote for a proposal to cancel shares worth 47.6% of its total SR14bn ($3.7bn), the company said. Zain Saudi's accumulated losses reached $1.78bn by end-June 2010. If shareholders approve the capital reduction, the board will invite them to vote for a rights issu

  • Zain Saudi Arabia to launch $1.2bn recapitalisation

    Rights issue larger than $500m originally considered

  • Zain, Etisalat near deal

    UAE's Etisalat has signed a non-disclosure agreement with Kuwait's Zain to study its assets, Reuters has reported, citing an industry source. The deal comes after almost a year of talks over Zain's sale of a stake which could be any or the Kharafi group's entire 14% stake in Zain, worth around $2.5bn. A stake in Zain would allow Etisalat to enter Kuwait, Bahrain and Iraq.

  • Zawya Supermarket to open UAE stores

    Dubai-based Zawya Supermarket, a division of the Al Ghurair group, has unveiled plans to open its first six convenience stores across the UAE in the next quarter, Gulf News has reported. "These stores aim to be local convenience stores. The concept is popular internationally and this city is still hungry for small stores. It looks like there's a big scope for it in this part of the world," Anil Verma, chief operating officer of Zawya Supermarket told the daily. The company aims to open 90 out

  • Zayed University launches research skills programme

    A new programme has been launched by Zayed University that aims to help undergraduate students develop their research skills, Wam has reported. The first phase of the Undergraduate Research Scholars Program (ZU URSP) will provide ZU students with the research training, scholarly opportunities and experiences to be successful in research careers and future graduate education.

  • Zotac unveils H55-ITX platform

    Zotac International, a manufacturer of graphics cards, mini-PCs and small form factor platforms, has introduced the new ZOTAC H55-ITX WiFi motherboard. The new motherboard improves upon the previous H55ITX-A-E with an enhanced power delivery system that supports high-performance Intel Core i7 800 series processors. The Zotac H55-ITX WiFi (H55ITX-C-E) features Intel HD graphics with DirectX 10 support, high-definition video decode and advanced audio output capabilities. Intel TurboBoost techno

  • Zufall Group extends lease with Gazeley

    Gazeley, a subsidiary of Dubai-based Economic Zones World, has announced Germany-based forwarding and logistics services firm, Zufall Logistics Group has signed a 2-year lease extension for their existing warehouse at Fulda, Germany. The built-to-suit facility is mainly used for transportation logistics, and has a capacity to store up to 340,000 car and lorry tyres in a 19,000 square metres area.

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