MEED
Feb 2010 Online Content

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  • 41 new hotels to open in Qatar in 2010

    A total of 4,689 new hotel rooms are expected to be added to the Qatari hospitality market during this year, the latest data by the Qatar Tourism Authority has revealed. As many as 41 new hotels will be operational by the end of 2010, the agency said, according to the Peninsula newspaper. Last year the number of available hotel rooms in the country increased by 25% compared to the previous year.

  • Aabar eyes investment in UAE, Algeria ventures

    Abu Dhabi-based investment firm Aabar Investments has said its board will consider investments in joint ventures in the UAE and Algeria, Bloomberg has reported. The board will meet on February 16 to consider an investment in a UAE-based joint venture company that will own and operate a manufacturing facility for tunnel-boring machinery and equipment and an investment in an Algerian joint venture company for the production of various vehicles in Algeria.

  • Aabar inks $20m deal for UAE-based aviation JV

    Abu Dhabi-based Aabar Investments has signed an agreement with US aviation company Xojet Inc. to buy $20m worth of shares in the private airline firm, which offers jet services to business and leisure travellers. Under the agreement, the two parties will form a UAE-based joint venture that will provide first class private aviation services to various destinations within the Mena region.

  • Aabar inks deal on tunnel boring equipment

    Aabar Investments has announced that it has entered into a Dhs25m joint venture with German tunnel boring specialist Herrenknecht. Under the agreement, Aabar will assemble and manufacture tunnel-boring machinery and equipment in the UAE. The joint venture will serve customers in the Middle East and the North African region.

  • Aabar Investments buys stake in US aviation firm

    Xojet joint venture to offer private aviation services in the region

  • Aabar Investments to build tunnelling equipment in Abu Dhabi

    Facility to manufacture vertical drilling rigs

  • Aabar rules out plans to up Daimler stake

    Mohamed Badawy al-Husseiny, CEO of Aabar Investments has ruled out plans to increase its stake in Daimler AG, Bloomberg has reported. "We look at opportunities as they present themselves," he said. Al-Husseiny also said the company is not looking at any specific acquisitions this year and does not need to raise funds for its recently announced $20m investment in US aviation firm Xojet, he said.

  • ABN Amro renamed as Royal Bank of Scotland

    Starting today, ABN Amro Bank in the UAE will be renamed to The Royal Bank of Scotland (RBS) after a $102bn acquisition deal in October 2007, Khaleej Times has reported. "All our details such as address, company number, VAT number etc will stay the same following the name change. SWIFT codes and numbers will also stay the same though the name will change," Simon Penney, Country Executive of the bank in UAE, said in a communiqué to all bank customers. The bank has said, in the UAE, the process

  • Abu Dhabi Airport records 7.3 per cent growth in passenger numbers

    Global average declines by 3 per cent

  • Abu Dhabi airport wins award

    Abu Dhabi International airport was rated the most improved airport in the Middle East according to a new passenger survey from Airports Council International, a global non-profit organisation. Tel Aviv was named the airport with the highest service standards, followed by Dubai International. The airports in Abu Dhabi, Doha and Muscat rounded out the top five.

  • Abu Dhabi awards $700m contract to develop oilfield

    Abu Dhabi Co for Onshore Oil Development has awarded a $700m contract to the Abu Dhabi Government-controlled National Petroleum Construction to develop the giant Bab oilfield, which contains more than 500 million barrels of proved oil reserves, The National has reported. The contract is part of Adco's drive to boost output capacity by 14% within three years. Bab is one of Abu Dhabi's biggest onshore oilfields, and in 1958 was among the first to be discovered in the emirate.

  • Abu Dhabi awards Habshan nitrogen deal to Canadians

    SNC Lavalin to design oil field facilities worth $10m

  • Abu Dhabi business leaders to get specialised training

    The Abu Dhabi International Centre for Operational Excellence is teaming up with six of the top business schools in the world to offer 18-month programmes for business leaders in the emirate to fill what has been called 'a gap' in Abu Dhabi's development, the National has reported. The partnership involves such schools as the Judge Business School at the University of Cambridge and Said Business School at Oxford University. To start, 25 companies that volunteer to be involved in the non-compu

  • Abu Dhabi changes parking rules

    Abu Dhabi's Department of Transport has said that parking laws in the capital's paid parking areas will be enforced round-the-clock, all year round, but drivers can still park for free after 9pm, on Fridays and on public holidays, Gulf News has reported. The new parking rules aim to prevent illegal parking, Najeeb Al Zarouni, general manager of parking at the department said, adding that motorists who park illegally will be targeted to keep roads and passage ways clear for emergency and munic

  • Abu Dhabi donates $25m to malaria programme

    Abu Dhabi has donated $25m to boost UN efforts to combat malaria. The grant will support the work of the UN's Roll Back Malaria Partnership over the next five years and bolster efforts to eradicate the parasite infection from its last regional strongholds. The UAE was declared malaria-free in 2007, but experts have struggled to wipe out the disease in other Arab regions including the areas bordering Saudi Arabia.

  • Abu Dhabi increases its stake in Barclays

    Abu Dhabi has raised its stake in Barclays to 5.2% by paying $1.9bn to exercise warrants it took as part of a fundraising by the UK bank two years ago, Reuters has reported. Wednesday's purchase by the emirate increases Barclays' core Tier 1 capital to 10.4% from 10%. Barclays said Abu Dhabi had exercised 626.8 million of its warrants at the agreed price of 197.75 pence per share. It still holds 131.6 million warrants, which could lift its shareholding by a further 1.1%, according to the news

  • Abu Dhabi invites interest in Shuweihat 3 project

    Emirate’s first independent power project will have capacity of 1,600MW

  • Abu Dhabi Islamic Bank posts $170m loss in Q4

    Abu Dhabi Islamic Bank has said its full-year profit in 2009 had dropped to Dhs78m from Dhs460m in 2008, Reuters has reported. The lender recorded a fourth-quarter loss of Dhs623m, compared to a profit of Dhs114.4m in Q4 2008 due to provisions against loans, the bank said. Total credit provisions reached Dhs1.75bn in 2009 amounting to 4.2% of gross customer financing assets.

  • Abu Dhabi National Hotels' profit rises 48% in '09

    Abu Dhabi National Hotels has announced that its full-year profit rose by 48% in 2009 over the previous year. The company's total operating revenue increased by 3.7% to $491m, while its net profits rose to $118m from $80m in 2008.

  • Abu Dhabi National Hotels raises $408m loan

    Resort company secures deal using funding from four banks

  • Abu Dhabi Nissan dealer reports 25% drop in sales

    Al Masaood Automobile, the exclusive distributors for Nissan and Infiniti range of vehicles in Abu Dhabi and Al Ain, posted a 25% decline in sales last year compared to 2008, but projected a 10% growth this year, Emirates Business has reported. 'This year, as the GDP is expected to increase by 2.5%, we expect our sales to increase by 10% compared to last year,' Humayun Alam, the company's assistant general manager said. Nissan's Patrol had accounted for 25% of the firm's revenues over the pas

  • Abu Dhabi opens talks for Satah field tender

    Official tender due in second quarter

  • Abu Dhabi Ports to award Dhs5bn 2010 deals

    Abu Dhabi Ports Company (ADPC) plans to award up to Dhs5bn ($1.36bn) worth of construction contracts in 2010 at the Khalifa Port & Industrial Zone in Taweelah, Waleed al-Tamimi, vice-president of ports at ADPC has said at Meed's Middle East Ports 2010 conference in Dubai. The contracts are related to the construction of roads, bridges, infrastructure and utilities, including electricity, water and drainage facilities, for Area A of the industrial zone. Phase one of Khalifa Port and Industrial

  • Abu Dhabi requests bids for Ruwais scheme

    Takreer plans to improve quality of gasoline at refinery

  • Abu Dhabi sees 2% rise in hotel guests

    Mubarak Al Muhairi, director general of Abu Dhabi Tourism Authority (ADTA) has said that hotels in the emirate have seen a 2% rise in hotel guest numbers in 2009, Wam has reported. The total number of guests reached 1.54 million racking up some 4,673,494 guest nights, he said. Domestic tourism helped underpin Abu Dhabi's performance, accounting for 42% of hotel guests - 650,585 in all - a rise of 26% on the previous year.

  • Abu Dhabi sees 7.3% rise in passenger numbers

    Abu Dhabi International Airport saw passenger numbers grow throughout 2009 by 7.3% to 9.7 million for the year, Abu Dhabi Airports Co. has said. Cargo traffic also increased 7%, while total flights stood at 102,118, up 9.6% on 2008, the company said.

  • Abu Dhabi sees double digit rise in air passenger traffic

    The number of passengers travelling through Abu Dhabi International Airport climbed 11.2% in January 2010, compared to the same month last year, Abu Dhabi Airports Co said. Aircraft movements increased by 13.3% and cargo saw a 25.6% rise over the same period, the company said in a statement.

  • Abu Dhabi Ship Building posts Dhs114.39m net profit

    Abu Dhabi Ship Building has reported a net profit of Dhs114.39m on revenues of over Dhs1.16bn for 2009. ADSB's Board has announced that it will recommend to the shareholders to approve the payment of a 10% cash dividend (10 fils per share) to the shareholders of record, ten days after the Annual General Meeting. ADSB is 40% owned by Mubadala Development Company, 10% by the Abu Dhabi Government and 50% by several thousand individual UAE national shareholders.

  • Abu Dhabi splits infrastructure work into four packages

    Shamkha South project is one of emirate’s largest infrastructure schemes

  • Abu Dhabi starts airport prequalification

    Midfield terminal complex set to have capacity for 20 million passengers a year

  • Abu Dhabi stocks drop 0.58%

    The Abu Dhabi Securities Index fell 0.58% today to close on 2,710, with only the Construction sector posting a gain on the day. Overall, 21 stocks fell while three ended higher. Market heavyweight Aldar Properties lost 4.10% to Dhs3.69.

  • Abu Dhabi to award $1.3bn deals at Khalifa port in 2010

    Contracts cover construction of roads, bridges, infrastructure and utilities

  • Abu Dhabi to award $10bn gas deals

    Abu Dhabi National Oil Co (Adnoc) and ConocoPhillips plan to award $10.02bn of contracts in the first half of 2010 to develop their Shah gas project, Arabic daily al-Ittihad has reported. The project would treat around 1 billion cubic feet of gas from Shah, and pump around 540 million cfd of processed gas into the UAE network.

  • Abu Dhabi to invite bids on $2bn power plant

    The Abu Dhabi government has announced plans to invite firms to submit proposals in March to build a 1,600 megawatt power plant worth about $2bn, Reuters has reported. The Shuweihat 3 independent power project will be the emirate's ninth power project under a privatisation plan launched in 1998, under which international developers take a stake in the project. 'We have started the process of prequalification and we are targeting sending the request for proposals early next month,' Abdulla Sai

  • Abu Dhabi to miss economic growth target

    Mohamed Omar Abdulla, undersecretary at Abu Dhabi's department of economic development, said the emirate will not reach its growth target of an annual 6% to 7% over the next 20 years, Bloomberg has reported. 'We have to make downward adjustments in terms of the growth,' Abdulla told the news service. 'The average growth will be 6% to 7% according to the vision; this will not be the case.' The Abu Dhabi Economic Vision 2030 set growth targets of 7% through 2015 and 6% thereafter.

  • ACWA to bid on $10bn of projects

    Saudi-based power and water firm, ACWA Power International is planning to bid for $10bn in contracts this year in the Gulf region, Africa and Turkey as well as its home market, Bloomberg has reported. ACWA CEO Paddy Padmanathan said the firm plans to bid on $2.5bn worth of projects in Saudi Arabia, and will also take part in tenders in Oman, Abu Dhabi, Morocco, Turkey, and may later also bid on projects in Qatar, Jordan, South Africa and Botswana. 'We have picked these countries because they'

  • ACWA to localize membrane technology in Saudi

    Saudi-based Arabian Company for Water and Power Development (ACWA) has said it has formed a joint venture with ITOCHU Middle East to manufacture reverse osmosis membrane elements for seawater desalination. The new company, Arabian Japanese Membrane Co, will be located at Rabigh technical Park in the kingdom's western region and will manufacture reverses osmosis membrane elements for seawater desalination using hollow fibre technology. The partners estimated the total investment in the next de

  • ADAC, Al Jaber sign tenancy deal

    Abu Dhabi Airports Company has signed a 10-year leasing deal with Al Jaber Aviation, which will see the provider of VIP aviation based at Al Bateen Executive Airport, in the UAE capital. The deal makes Al Jaber Aviation the largest tenant to sign up at Al Bateen - the region's only dedicated private aviation airport - since ADAC took over the management of the airport in 2009.

  • ADCO plans exploration of marginal fields

    Abu Dhabi National Oil Co.'s onshore unit Abu Dhabi Co. for Onshore Oil Operations plans exploration and appraisal of marginal fields to achieve part of its 1.8 million barrel-a-day oil production target, Bloomberg has reported, citing General Manager Munim Saif al-Kindy. The company is producing 1.4 million barrels a day now, he said.

  • Adia invests in Gatwick Airport

    Abu Dhabi-based sovereign wealth fund, Abu Dhabi Investment Authority (Adia) has said it had bought a minority stake in Britain's Gatwick Airport from Global Infrastructure Partners (GIP), Reuters has reported. An Adia spokesman declined to comment on the precise stake and the amount paid, but two sources close to the deal said Adia will pay around $196.4m for the 15% stake. Adia is seen to have a strategy of buying minority stakes in infrastructure assets as a long-term investor.

  • ADIB may allow 25% foreign ownership

    Abu Dhabi Islamic Bank has said it may allow non-UAE nationals to hold up to 25% of the company's shares, in a move that could possibly attract interest from other countries in the region, Reuters has reported. Foreigners are currently barred from owning shares in the Islamic lender. The bank's board of directors will meet on February 14 to discuss the plan, as well as a share buyback and the 2010 budget plan, the lender said in a statement.

  • ADIB to boost stake in Egypt's National Bank

    Abu Dhabi Islamic Bank has announced plans to raise its stake in Egypt's National Bank for Development to 'above 50%', Chief Executive Officer Tirad Mahmoud told Bloomberg. 'We plan to increase our stake above 50% after NBD becomes fully compliant with Islamic Shariah banking guidelines,' he told the news service.

  • ADX chief to retire this year

    Abu Dhabi Securities Exchange Chief Executive Officer Tom Healy plans to retire in March or sometime later this year, he told Reuters in a phone interview today.

  • ADX climbs 1.20%

    The Abu Dhabi Securities Exchange gained 1.20% today to close on 2,665, as all sectors ended higher save health care and consumer. Aabar, the most actively traded company by value, gained 4.05% to Dhs2.29. National Corp for Tourism and Hotels had the biggest loss, falling 3.99% to Dhs8.00. Overall, 21 stocks ended higher while five declined.

  • ADX dips 0.64%

    The Abu Dhabi Securities Index fell 0.64% today, with only the Consumer sector ending higher. Gulf Cement was the day's big gainer, rising 9.94% to Dhs1.77, while Emirates Driving Company had the biggest drop, falling 10% to Dhs4.77. Overall, 21 stocks fell while five ended higher.

  • ADX edges higher

    The Abu Dhabi Securities Exchange nudged up 0.08% to 2,703, with 12 stocks rising and 10 falling. The index was led by the construction sector, which rose 0.70%. National Bank of Umm Al-Qaiwain had the day's biggest loss, falling 7.93% to Dhs3.25.

  • ADX edges lower

    The Abu Dhabi Securities Exchange fell 0.11% to 2,750, led by the Real Estate sector, which dropped 1.52%. Overall, 18 stocks ended lower and eight finished higher. Sharjah Cement and Industrial Development had the day's biggest drop, falling 5.88% to Dhs1.44. Union Cement had the biggest gain, rising 9.88% to Dhs1.78.

  • ADX edges slightly lower

    The Abu Dhabi Securities Exchange nudged down 0.05% to 2,753, with 15 stocks falling and seven rising. Sharjah Cement and Industrial Development was the day's big gainer, rising 6.25% to Dhs1.53.

  • ADX gains 0.71%

    The Abu Dhabi Securities Exchange rose 0.71% today to close on 2,729. The index was led by the telecommunications sector, which rose 2.23%. Invest Bank was the day's big gainer, rising 10% to Dhs1.87. Overall, 15 stocks rose and 11 fell.

  • ADX gains 1.07%

    The Abu Dhabi Securities Exchange gained 1.07% today to close on 2,759, as all sectors ended higher save Consumer, which fell 4.95%. Overall, 19 stocks closed higher and 11 ended lower. Abu Dhabi Ship Building was the day's big gainer, rising 9.82% to Dhs3.80.

  • ADX gains 1.23%

    The Abu Dhabi Securities Exchange gained 1.23% today to 2,723, with 25 stocks rising and six falling. Qtel climbed 9.08% to Dhs155.00m, while Abu Dhabi National Hotels had the biggest decline, falling 6.76% to Dhs3.86.

  • ADX loses 0.43%

    The Abu Dhabi Securities Exchange dropped 0.43% to 2,754, led by the telecommunications sector, which fell 1.25%. Qtel had the day's biggest loss, plunging 8.12% to Dhs147. Sudand Telecommunications had the biggest rise, gaining 3.70% to Dhs2.80. Overall, 15 stocks gained while 11 dropped.

  • ADX rises 0.68%

    The Abu Dhabi Securities Exchange (ADX) rose 0.68% on the final day of trading of the week, closing at 2,744.00. Fifteen stocks rose, eight fell and nine remained unchanged. Sharjah Cement and Industrial Development Co (SCIDC) was the day's biggest gainer, moving up 8.27% to Dhs1.45.

  • ADX sees slight gain

    The Abu Dhabi Securities Exchange rose 0.22% to 2,725, with only the banking and construction sectors posting gains on the day. Nine stocks closed higher, led by Finance House, which climbed 9.90% to Dhs6.88. Thirteen stocks finished lower, with Abu Dhabi Ship Building posting the biggest loss of 9.21% to Dhs3.45.

  • ADX sees slight gain

    The Abu Dhabi Securities Exchanged rose 0.97% today to 2,690, with only the construction and industrial sectors ending lower. The day's biggest move was by Abu Dhabi National Hotels, which jumped 9.81% to Dhs4.14, while Qtel had the biggest loss, down 6.51% to Dhs151.90. Overall, 19 stocks gained and six fell.

  • ADX sees slight gain

    The Abu Dhabi Securities Exchange gained 0.27% to 2,766, even though twice as many stocks fell (16) as advanced (8). Union Cement was the day's big gainer, rising 9.46% to Dhs9.46. National Bank of Ras Al-Khaimah had the day's biggest loss, falling 8.05% to Dhs4.05.

  • ADX sees slight rise

    The Abu Dhabi Securities Index gained 0.84% today to close on 2,704, with only the consumer sector ending lower. Overall, 23 stocks ended higher and just five lower, with Al Ain Al Ahlia Insurance posting the biggest gain, up 10% to Dhs71.50.

  • ADX sees slight rise

    The Abu Dhabi Securities Index gained 0.56% today to close on 2,719. All sectors ended higher, led by health care, which rose 3.91%. Overall, 22 stocks finished higher, led by Abu Dhabi Ship Building, which climbed 9.83% to Dhs3.80. Six stock ended lower, with Gulf Cement leading the way with a drop of 3.64% to Dhs1.57.

  • ADX slips 0.65%

    The Abu Dhabi Securities Index fell 0.65% to close on 2,701. All sectors ended lower save construction, which edged up 0.26%. Finance House was the day's big gainer, rising 10% to Dhs7.15. Overall, six stocks ended higher and 19 finished lower.

  • ADX slips 0.68%

    The Abu Dhabi Securities Exchange (ADX) fell 0.68% on the last day of trading of the week, closing at 2,705.44. Nine companies rose, four remained unchanged and 21 fell. Gulf Medical Projects (GMPC) was the day's biggest gainer, going up by 8.27% to Dhs2.75.

  • ADX slips 0.88%

    The Abu Dhabi Securities Exchange (ADX) fell 0.88% to 2,681.66, with 23 stocks falling, five rising and three holding steady. Finance House was the day's biggest riser, moving up 7.41% to Dhs6.96.

  • ADX slips 1.13%

    The Abu Dhabi Securities Index fell 1.13% to close on 2,719. All sectors ended lower, led by Industrial, which dropped 3.93%. Qtel was the day's big gainer, rising 9.94% to Dhs175.90. Abu Dhabi Aviation had the sharpest drop, plunging 10.00% to Dhs2.43. Overall, 25 stocks ended lower compared to four that finished higher.

  • Agency downgrades Gulf Finance House

    Bahrain bank put deeper into junk bond status

  • Agility requests court decision on alleged fraud case

    Kuwaiti company remains in talks with US

  • Agility to appear in court on 8 February

    Kuwait-based logistics firm faces allegations of fraud

  • Agility to file statement by 25 February

    The court in Atlanta will have until 11 March to file their own brief

  • Ahli Bank net profit up 7.5%

    Net profit of Jordan's Ahli Bank in 2009 rose 7.5% to JD18.65m, Reuters has reported. The lender's total income, including interest and commissions, dropped however to JD80m in 2009 from JD81m in 2008. Non-performing loans fell to 11.28% of the banks' total loans portfolio at end of December 2009 against 11.82% at the end of 2008. The bank has a regional presence in Lebanon, the Palestinian territories and Cyprus.

  • Ahli United Bank returns to profit in 2009

    Bahrain bank reports $200m profits in the fourth quarter

  • Air Arabia posts $123m profit in '09

    Sharjah-based low-cost carrier Air Arabia has announced that it posted a net profit of Dhs452m ($123.1m) for 2009. The airline said it served 4.1 million passengers in 2009, up 14.2% from 3.6 million in 2008. The company's turnover for all of 2009 was Dhs2bn ($544m), down 4.5% from the company's Dhs2.066bn ($562m) turnover in 2008, it said.

  • Air Arabia profits decrease 15 per cent

    Airline scheduled to open third hub in the first half of 2010 in Alexandria

  • Air Arabia to start Egypt operations in April

    Adel Ali, chief executive of Sharjah-based low cost carrier Air Arabia has said he expects the airline to launch operations at its third hub in Egypt by mid-April, Reuters has reported. The operation, based near Alexandria, will start with two planes and intends to fly to Europe, Africa and the Middle East and could increase the number of planes to six by year-end. Air Arabia already operates in Morocco and its base at Sharjah in the UAE.

  • Air Asia X stops Abu Dhabi flights

    Budget airline hopes to return to Abu Dhabi in the future

  • Air Asia X to cancel Abu Dhabi service

    Long-haul budget airline AirAsia X has announced plans to shut down its Abu Dhabi service, the National has reported. The carrier said it is ending the service for 'commercial reasons' and has started to inform customers its last flight from Abu Dhabi to Kuala Lumpur will leave on February 21. The carrier called the move temporary and said it hoped to return to Abu Dhabi.

  • Air passenger traffic up 6.5% in Jordan

    Jordan's Queen Alia International Airport witnessed an increase in passenger and aircraft traffic movements in 2009, according to Airport International Group. Passenger traffic over the last year reached more than 4.7 million passengers, up 6.5% over the previous year. Aircraft movements for 2009 were even stronger, closing the year with 57,766 aircraft, a 12.6% increase over the previous year.

  • Airlines face Iran ban for not using the term 'Persian Gulf'

    Iran's road and transport minister, Hamid Behbahani, has said that 'airlines of the southern Persian Gulf countries' will be banned from entering the country's airspace if they refer to the waterway between Iran and Arab states as the 'Arabian' instead of 'Persian' Gulf. 'The airlines of the southern Persian Gulf countries flying to Iran are warned to use the term Persian Gulf on their electronic display boards,' Behbahani said in comments in the daily Iran newspaper. 'They will be banned fro

  • Airlines to post $5.6bn in losses in 2010, says IATA

    The International Air Transport Association expects the global airline industry will take at least three years to recover from a travel slump caused by the worst recession in six decades, Bloomberg has reported. Giovanni Bisignani, CEO of the trade body said the industry lost $50bn in the past 10 years, of which $11bn was in 2009 alone. Revenues declined by $80bn last year. IATA also estimates airlines to post losses totalling $5.6bn this year.

  • Al Attar Properties investors served legal notices

    Bipin Tavarool, Projects Manager and Head of Projects & Finance at Al Attar Properties has said that investors in the company's The Skyscraper commercial tower have been served legal notices seeking payments to continue with construction, Emirates Business has reported. "Only five to 10 clients have paid... we have an outstanding of about Dhs68m on the project," Tavarool told the newspaper. "Clients need to pay. We were not collecting any money from clients on any of our projects for the past

  • Al Islami plans overseas expansion

    Dubai-based Al Islami Foods is planning to sell its halal goods outside the region, with its frozen food products on sale in France by the third quarter of this year, the National has reported. Alex Andarakis said the company also plans to enter Belgium, the UK, Germany and Sweden.

  • Al Jaber plans Q4 bond issue

    Abu Dhabi-based Al Jaber Group plans to issue a benchmark bond in the fourth quarter or early 2011, a senior executive told Reuters. The company is active in several industries, including construction, shipping, and logistics, and has more than 50,000 employees. Benchmark bonds typically have a minimum size of $500m.

  • Al Mazaya sells Saudi property

    Kuwait-based developer Al Mazaya Holding it has earned SR23.1m in profit from the sale of a property in Saudi Arabia, Reuters has reported. The profit from the SR104.6m sale will be added to the firm's first-quarter results, the developer said.

  • Al-Baraka profits down 19 per cent in fourth quarter

    Bahrain bank’s full-year profits drop to $167m

  • Aldar reports losses in fourth quarter

    Asset valuations and cost of opening hotels hit Abu Dhabi developer

  • Aldar reports Q4 loss

    Abu Dhabi-based Aldar Properties, the second largest developer in the Middle East, said it posted its first-ever loss in the fourth quarter on revaluations and hotel-opening expenses, Chief Financial Officer Shafqat Malik told Bloomberg. The company had a fourth-quarter loss of Dhs562m ($153m), Malik said. The loss compared with a profit of Dhs84.4m in the year-earlier period, Bloomberg data shows.

  • Aldar to deliver 1,000 units in next 12 months

    Shafqat Malik, chief financial officer of Abu Dhabi's Aldar Properties, has said that some 1,000 units are expected to be delivered over the next 12 months by the developer as demand for properties picks up, Reuters has reported. The company will invest about Dhs7bn in its projects this year and possibly Dhs4bn to Dhs6bn in 2011 as it looks to complete more projects, he told the news service.

  • Al-Futtaim to open Carrefour branch in Iraq

    Dubai-based Majid Al-Futtaim (MAF) Retail has announced plans to open its first store in Northern Iraq by the end of this year, as part of a wider expansion plan in the region, Reuters has reported. "The north of Iraq is a very promising market and a stabile area," Muhammad Naeem, an executive at MAF Retail, told the news service. MAF has also announced plans to develop projects in Syria, Egypt, Saudi Arabia, Yemen and Oman, with Libya being considered for the future, he said.

  • Algeria wants Orascom to exit mobile market

    The Algerian government does not want Egyptian group Orascom Telecom to retain its ownership of the country's Djezzy mobile phone operator, Reuters has reported, citing government and finance industry sources. A financial industry source familiar with the government's thinking has said that the government considers Orascom's way of doing business in Algeria as not in its interests.

  • Al-Jaber wins Emirates power deals

    Contractor to design, supply and install 33/11kV distribution substations

  • Al-Maktoum International airport to open on 27 June

    Dubai airport will start operating cargo flights

  • Al-Mal Investment to redevelop Hail airport

    Airport will help make economic city a mining and transportation hub

  • Al-Rajhi Capital and Arcapita Bank launch property fund

    Demand for Saudi Arabian real estate increases

  • Alshamsi Holdings expands GCC Desigual presence

    Dubai-headquartered fashion retailer, Alshamsi Holdings has announced the opening of a new boutique for the Spanish brand, Desigual in Kuwait's 360 Mall. The new store will offer directional casual wear and accessories for men and women. Alshamsi Holdings operates four Desigual outlets in Dubai, Bahrain and most recently Kuwait. The firm operates 34 stores in the Gulf region, with a portfolio of brands including Vincci, Okaidi & Obaibi and Parfois.

  • Alstom predicts it will win Moroccan rail contract

    French firm to provide rolling stock for $2.5bn line linking Casablanca and Tangier

  • Alstom wins two Saudi power contracts

    French contractor to design and offer site advisory services for Rabigh scheme

  • Alyasra Foods opens hub in Dubai for ME distribution

    Alyasra Food Co, (AFC), part of a Kuwait-based family-owned group of companies has announced the opening its regional hub in the UAE, as part of its plans to expand its business in organic food products across the Middle East. Alyasra has a wide range of organic food products in its portfolio, ranging from dairy products to pasta and chocolates, which has been widely accepted in the regional market.

  • Amazon, Microsoft ink patent deal

    A patent agreement has been signed by Microsoft and Amazon.com that allows the two firms to share technology in several areas including Amazon's Kindle electronic book reader and Amazon's use of Linux-based servers, Reuters has reported. The companies did not disclose details, but Microsoft said Amazon would pay it an undisclosed amount under the patent license agreement.

  • Amman cancels exclusive rights for Royal Jordanian

    Royal Wings and Royal Falcons to compete with national carrier

  • Apple corrects iMac firmware flaw

    The display firmware in the 27-inch iMac has been updated by Apple to correct a flaw that caused the screen to flicker intermittently, Information Week magazine has reported. Apple's latest update for its largest iMac addresses one of several problems reported by customers over the last several months, the report said. Along with flickering screens, buyers also have complained of cracked displays and yellow-tinged screens.

  • Aqaba port receives two Gantry cranes

    Jordan's Aqaba Container Terminal has announced that the Aqaba port has received two ship-to-shore cranes to address market demand. The new STS cranes are capable of handling 18 row post-panamax vessels and perform 30 moves per hour. Aqaba Container Terminal is a joint venture with the APM Terminals Global Terminal Network and the Aqaba Development Corporation. In December 2009, the terminal announced an expansion project, including a 460 metre extension of the quay, to increase annual contai

  • Arabtec halts work on Nakheel's Al Furjan

    Riad Kamal, CEO of Arabtec Holding has said the company had halted work on state-owned Dubai developer Nakheel's Al Furjan project at the beginning of the year for not receiving payments, Bloomberg has reported. Arabtec has completed 550 villas of the Al Furjan's 4,000 homes and villas project, designed to include schools, shops, parks and a cycling trail. "We haven't been paid so we stopped working," Kamal said.

  • Arabtec to build 5-star hotel in Syria

    Arabtec has won a construction contract for the five-star Yasmeen Rotana Hotel in the Syrian capital, Damascus. Construction cost of the hotel is estimated reach around $67m. The project, Arabtec's second in the country, will be executed by a group of international companies, including Mace International as the project manager, and Woods Bagot as the main consultant. The company's first project, the 8th Gate for Emaar-Syria Invest Group Overseas (IGO) is almost complete, Riad Kamal, CEO of Ar

  • Arabtec wins $193m contract

    Dubai-based Arabtec Holding said it has been awarded a Dhs710m ($193m) building contract by Abu Dhabi-based Tasameem Real Estate Co, Bloomberg has reported. The contract is for building Tasameem's 'P17 Tower' on Sheikh Zayed Road, the construction firm said.

  • Arabtec wins Syrian hotel package

    Dubai-based contractor will build the largest hotel in the country

  • Aramco 'clean' diesel plant ready for production

    Saudi Aramco Shell Refinery (Sasref) has announced that its refinery will reach full production of ultra-low sulphur diesel by the end of this month after starting trial production, Reuters has reported. The new unit at the 305,000 barrels per day Sasref crude refinery has the potential to produce about 100,000 bpd of ultra-low sulphur diesel, making it among the first producers of diesel in the kingdom with sulphur less than 10 ppm.

  • Aramco expects plant expansion in Yanbu to cost $1bn

    Saudi Aramco Lubricating Oil Refining Co (Luberef) expects the cost of expanding its Yanbu refinery to be nearly $1bn, Reuters has reported, citing comments by Salih Thani, the firm's supervisor of contracts and insurance. The expansion of the refinery, which has a current capacity of 280,000 tonnes per year of oil lubricants, would produce a new type of base oil, which Thani said is new to the region. 'There are no refineries in the Gulf region that produce this lubricant and there is very g

  • Aramco, Total to issue Sukuk for refinery

    Saudi Aramco and Total have appointed Deutsche Bank, Samba Financial Group and Calyon to sell sukuks to help fund the construction of a $12bn oil refinery, Bloomberg has reported, citing two bankers familiar with the transaction. The joint-venture is also discussing the possibility of issuing an international conventional bond after raising funds from the Islamic market as the companies seek to reduce dependence on short-term bank financing, one source said. The companies aim to start operati

  • Aramco's expanded gas plants go online

    Saudi Aramco has brought online the expanded Juaymah and Hawiyah gas plants, Reuters has reported, citing sources close to the project. The expansion at Juaymah will add 260,000 barrels per day of additional splitting capacity to the gas plant, taking capacity there to 815,000 bpd. The plant at Hawiyah will process an additional 800 million cfd of non-associated gas, raising the plant's capacity to 2.4 billion cfd.

  • Aref Energy to sell 95% of stake in US venture

    Aref Energy Holding, part of Kuwaiti investment firm Aref Investment Group, has agreed to sell 95% of its stake in US-based GeoGas, a natural-gas joint venture, for $117m, Bloomberg has reported. The company, which owns 50% of the GeoGas venture, said it expects to make $70m profit from the sale.

  • Armani Hotel starts live booking

    The Armani Hotel Dubai has launched a new online booking system, which enables guests to search real-time room availability and book across all room types. The 160-room hotel is planned to be opened on March 18.

  • Arrest warrant issued for Dubai tycoon

    A Dubai court has issued a warrant for the arrest of the former CEO of Abu Dhabi-based Hydra Properties for having failed to pay a debt of more than Dhs8m, the National has reported. The warrant was issued last Thursday after a ruling against Sulaiman al Fahim by the Dubai Property Court in January last year in connection with a property dispute. An investor from Azerbaijan demanded to be repaid after a development by Mr al Fahim's company, Al Buraq Development and Investment, failed to go ah

  • Ashghal receives revised financial bids for wastewater plant

    Qatari project will add 80,000 cubic metres a day capacity

  • Asian Development Bank denies plans to fund Iran rail project

    Scheme involves construction of $2bn transport network between Armenia and Iran

  • Austria's OMV eyes gas projects in UAE

    Klaus Angerer, director of business development in the Middle East at Austrian oil firm OMV, has said the company is in preliminary talks with state-run Abu Dhabi National Oil Co (ADNOC) to undertake gas projects in the UAE, Reuters has reported. 'We have a number of project ideas. Our feeling is there will be a positive response. It's very, very preliminary. Abu Dhabi is interested in talks with companies like ours,' he said. OMV is 20% owned by the Abu Dhabi government through the emirate's

  • Baghdad approves resumption of Kurdistan oil exports

    Exports unconnected to disputed oil contracts

  • Baghdad rules out more oil and gas auctions

    Baghdad plans to boost production capacity to 12 million barrels a day

  • Baghdad to award underground rail contract

    Baghdad is set to award France-based rail engineering and consulting firm Systra a contract to supervise a project to build an underground railway in the capital city, Aswat al-Iraq has reported. 'Companies from the US, Russia, Germany, France and South Korea will be invited to submit their final bids for the project after a contract is signed with Systra,' Mayor Sabir al-Issawi said.

  • Bahrain Air to suspend flights to Amman

    National carrier to start two routes to Bangladesh in March

  • Bahrain Air to suspend flights to Jordan

    Bahrain Air is suspending its operations to Amman due to low demand, Meed has reported, citing a source at the airline. The carrier is also introducing a number of new routes in 2010 to target African and Asian markets. Flights to Dhaka in Bangladesh are scheduled to begin on 16 March and flights to Chittagong will start on 21 March. The carrier also plans to introduce services to Pakistan later in 2010.

  • Bahrain awards transmission network deals

    Deals form part of government’s network expansion programme

  • Bahrain deregulates Batelco mobile tariffs

    Batelco will no longer need approval from Bahrain's Telecommunications Regulatory Authority to launch or amend retail mobile and certain international tariffs, under a new framework issued by TRA. Batelco will be required to notify the TRA of a proposed change in advance and will be free to introduce new tariffs, such as bundles of services, provided it complies with the tariff controls defined. The new framework will enter into effect once the regulation is published in the official gazette

  • Bahrain Financial Exchange appoints new CEO

    The Bahrain Financial Exchange (BFX) has announced the appointment of Arshad Khan as managing director and CEO of the BFX and the BFX Clearing and Depository Corp. Prior to the appointment, Khan was the head of communications with the Financial Technologies Group and was responsible for the setting up of Dubai Gold and Commodities Exchange in the UAE.

  • Bahrain hires banks for $1bn bond sale

    Bahrain has hired JPMorgan Chase Bank, Deutsche Bank and BNP Paribas to manage the sale of a $1bn bond, Bloomberg has reported, citing a banker familiar with the deal. Last month, the kingdom's central bank announced plans to issue about $1bn conventional bond, with a 10-year maturity to fund its budget. Lead managers are expected to start investor meetings in late March or early in the second-quarter, the banker told the news service.

  • Bahrain inflation rises to 1.8 per cent

    Increasing food costs drive price rise

  • Bahrain looks for fresh contractor to complete interchange

    Ministry says South Korea’s Sungwon unable to honour contract

  • Bahrain receives six bids for airport expansion deal

    Successful bidder to build control tower, terminal and infrastructure

  • Bahrain Rotana project under way

    Work restarts after main construction contract is re-tendered

  • Bahrain sovereign wealth fund to diversify

    Mumtalakat, Bahrain's sovereign wealth fund, plans to diversify away from private equity projects and into stocks and bonds, Reuters has reported. Talal Al Zain told the news service that Mumtalakat expects to receive a credit rating this year, which would allow it to tap capital markets for funding, including Islamic bonds. 'We want to diversify. We will be looking at investments across markets. Our immediate focus will be to diversify investments, channel funds more towards liquidity, that

  • Bahrain to impose limits on credit exposures

    The Central Bank of Bahrain is consulting with local banks on introducing an upper limit on commitments to underwriting securities or syndicated loans of 30% of banks' capital for a period of 90 days, Reuters has reported. The proposed new regulations include a new definition of credit underwriting and caps on banks' temporary exposures to assets they plan to securitize or place with investors. Banks will not be allowed to have exposure to such assets for more than 90 days and the exposure ca

  • Bahrain to privatise Gulf Air

    Airline focuses on shorter routes to improve profitability

  • Bahrain to privatise Gulf Air

    Shaikh Mohammed bin Essa Al Khalifa, chief executive of Bahrain's Economic Development Board, has said the kingdom plans to privatise Gulf Air within about a year, after its turnaround programme bears fruit, Reuters has reported. 'The intention is to privatise but if you're going to privatise something, people want something that doesn't have a hundred-tonne anchor weighing it down,' he told the news service. 'It will take realistically a year.'

  • Bahrain to request proposals for wastewater project by June

    Winning bidder will refurbish or extend existing treatment facility

  • Bahrain: Administration building

    Provision of a new administration building. Closing date: 10 March 2010

  • Bahrain: Administrative building furnishings

    Carrying out interior and furnishing works for an administrative building. Closing date: 10 March 2010

  • Bahrain: Air-conditioning

    Supply and installation of central packaging air-conditioning. Closing date: 10 March 2010

  • Bahrain: Cable cut-outs

    Supply of cut-outs for XLPE insulated cables. Closing date: 17 March 2010

  • Bahrain: Cast resin joints

    Supply of cast resin joints and pot ends. Closing date: 17 February 2010

  • Bahrain: Drugs and medicines

    Supply of drugs and medicines. Closing date: 17 February 2010

  • Bahrain: Earthing rods and copper clad steel

    Supply of earthing rods and copper clad steel. Closing date: 17 March 2010

  • Bahrain: Fire-fighting vehicles

    Provision of fire-fighting vehicles. Closing date: 24 February 2010

  • Bahrain: Palm tree planting

    Transplanting of palm trees. Closing date: 17 February 2010

  • Bahrain: Power and water plant manpower

    Provision of skilled manpower for a power and water plant project. Closing date: 17 March 2010

  • Bahrain: Tyres, batteries and oils

    Provision of tyres, batteries and oils. Closing date: 24 February 2010

  • Bahrain: uPVC duct pipes

    Supply of uPVC duct pipes. Closing date: 17 March 2010

  • Bahraini economy grows 3 per cent

    Islamic finance is set to become an important funding mechanism for projects

  • Bahrain's Arcapita cuts jobs by 15%

    Arcapita, a Bahrain-based Islamic investment bank has said it had reduced its task force by 15% across its four offices in Manama, Atlanta, London and Singapore, in an effort to control costs after the economic downturn outlasted expectations, Reuters has reported. The firm had lost $159m in its fiscal 2010 second quarter, ended December 31.

  • Bahrain's inflation rate rises to 1.8% in January

    Bahrain's inflation rate climbed to 1.8% in January from 1.6% in the previous month, the kingdom's statistics office said today in e-mailed statement.

  • Bank Asya launches $75m loan deal with Gulf institutions

    Islamic finance loan is priced at 2.25 per cent

  • Bank Muscat to issue CDs

    Oman's Bank Muscat has announced plans to auction certificates of deposits (CDs) worth RO15 million ($38.96m) on February 24. The CDs will be issued on February 28 with maturities of 12, 36 and 60 months at interest rates of 3.5%, 4.5% and 5% respectively. The bank is hoping to raise RO250 million and has, so far, received RO167.4 million from the previous nine auctions since September 2008.

  • Bank Muscat's FC deposit rated A1 by Moody's

    Moody's Investors Service has given new ratings to Oman's Bank Muscat long-term foreign currency deposit rating from 'A2' to 'A1', with a 'stable' outlook. This upgrade follows Moody's decision to change the foreign currency deposit ceiling for Oman to 'A1' from 'A2'. The change in the foreign currency deposit ceiling of Oman to A1 from A2 means the foreign currency deposit rating is no longer constrained by the respective ceiling.

  • Banque Libano-Française opens office in Abu Dhabi

    Lebanon-based lender, Banque Libano-Française (BLF) has announced the opening of a representative office in Abu Dhabi, after being granted a license from the Central Bank of the UAE. The opening of the new office follows the establishment of BLF's subsidiary, Bank Al-Sharq, in the Syrian market.

  • Barrack 'still CEO' of Zain Saudi Arabia

    Chairman of Zain Saudi Arabia has said that Saad al-Barrak, who has submitted his resignation from Kuwait's Zain, still holds the post as chief executive of the Saudi firm, Reuters has reported, citing Al Arabiya TV. Zain Saudi is 25% owned by Kuwait's Zain.

  • Barwa Financial District to be sold

    Qatari developer Barwa has said it has begun discussions to sell Barwa Financial District to Qatar Petroleum (QP). QP intends to use the 71,000 sqm project as its corporate centre for administration, general operations and financial activities.

  • Barwa makes First Finance stake offer

    Barwa Bank, a unit of Qatar's Barwa Real Estate, has made an offer to acquire a stake in First Finance Co, in a bid to secure a foothold in Qatar's banking sector, Reuters has reported. The lender said it will issue 1.54 shares for every share in the Shariah-compliant investment firm to acquire at least 75% and up to 100% stake. First Finance Co received a takeover offer from Barwa in May last year and said then that it had initially accepted.

  • Barwa to sell financial district to Qatar Petroleum

    West Bay office complex has 10 high-rise towers

  • Batelco provides 'on ship' GSM coverage

    Bahrain's Batelco has signed an agreement with Telecom Italia to provide a new roaming service to vacationers travelling on cruise lines with complete voice and data coverage. The new service, 'GSM on Ship', will enable travellers on board the Costa Cruise ship fleet, the Ibero Cruise ships, and the Grandi Navi Veloci cruise line ships to receive full coverage wherever their ship goes, regardless of route or geographical location.

  • Batelco says remains interested in Africa deal

    Peter Kaliaropoulos, chief executive of Bahrain's Batelco has said the company would be interested in acquiring pieces of Kuwaiti Zain's African assets if their buyer, India's Bharti Airtel, ever decided to break them up, Reuters has reported. 'We are looking at all opportunities. If there were assets, we would look at them,' he said, adding he did not expect Bharti to break up Zain's assets. Batelco has said it plans to make an acquisition worth up to $2bn in Africa and India, which it would

  • BBK's ratings affirmed by Fitch

    Fitch ratings has affirmed the rating of Bahrain-based lender BBK at 'A-' for long-term issuer default rating and at 'A' for foreign currency long-term IDR, with 'Stable' outlook. The individual rating stands at C/D with stable outlook, which reflects the bank's significant domestic franchise and the bank's adequate capitalisation, Fitch said.

  • Beirut puts Cedar Island project on hold

    Noor International awaits government approval to begin construction

  • Bemco inks SR2bn financing facility

    Saudi-based Arabian Bemco Contracting Co. has signed a SR2.145bn contract financing facility with Banque Saudi Fransi (BSF) and National Commercial Bank (NCB), Arab News has reported. The deal follows the award of a contract to a consortium led by Arabian Bemco with Doosan Heavy Industries, to convert the Qurayyah Power Plant from an open cycle process to one of a combined cycle. Under the agreement, the consortium will build additional capacity for the existing plant, with work in its final

  • Better Homes opens office in Saudi Arabia

    Dubai-headquartered real estate agency, Better Homes has launched its operations in Saudi Arabia with the opening of a new office in Jeddah. The agency has already established several franchise offices in Kuwait, Jordan, Qatar, Oman and India, and is set for further expanding its operations across a broader geographical area.

  • Bharti makes offer for Zain Africa's assets

    India's Bharti Airtel has offered $10.7bn to buy most of Kuwait Zain's African assets, the companies said. Zain and Bharti will hold exclusive negotiations until March 25 on the deal, which would create one of the largest emerging-markets phone operators. The proposal does not include Zain's Morocco or Sudan operations and is subject to due diligence and regulatory approval.

  • Bidders line up for Omani desalination plant expansion

    Deal covers operation and maintenance of scheme at Lima

  • Bids in for Abu Dhabi plastics complex expansion

    Six contractors submit technical proposals for construction deal

  • Bids sought for $1bn Abu Dhabi football stadium

    Mubadala Development Co, Abu Dhabi's sovereign wealth fund, has set May 24 as the closing date for bids on the contract to build an estimated $1bn football stadium in the UAE capital, Meed has reported. The 65,000-seat football stadium is part of the new Capital City District development next to Khalifa City, between Mussafah and Abu Dhabi International airport. The five groups which have prequalified for the tender include France's Bouygues with the local/Lebanese Arabian Construction Co (AC

  • Bloomingdale's opens in Dubai Mall

    Bloomingdale's has officially been opened at the Dubai Mall. The store is part of a venture between Al Tayer Insignia LLC and Macy's, Inc, and is the first Bloomingdale's in the Middle East. The two Bloomingdale's locations - a three level apparel and accessories store across 146,000 square feet and a one-level Home store across 54,000 square feet also offer access to the Address Hotel.

  • Boeing expects fewer orders this year

    Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes, has said the plane maker expects new orders for commercial aircraft this year to fall short of deliveries and no increase in demand until 2012, Reuters has reported. The company expects to deliver 460 to 465 aircraft in 2010 against 481 last year, a large number of which would be from the short-haul 737 series, Tinseth said. He also said the company expects to see fewer deferrals and cancellations in 2010, compared to

  • Boeing will decide on re-engine for 737 this year

    Jim McNerney, chairman, president and chief executive of Boeing has said the company will decide this year whether to put new engines on the existing design for 737 aircraft or to design all-new planes for delivery many years later, Down Jones has reported. The plane maker will also decide by the end of this year, or early in 2011, on upgrades for the larger 777, he said. With a number of upgrade options, including redesigning the wings, a new 777 would compete head-to-head with the upcoming

  • Boeing's 747-8 freighter set to make first flight

    Boeing has announced that its giant 747-8 freighter is ready for its first flight today after performing well on taxi tests and reaching a top speed of about 103.5mph, AP has reported. A passenger version of the plane is also being developed by the plane maker. It lists 76 orders for the freighter and 32 for the 747-8 passenger jet, with the vast majority from international customers. The company said the jets will be much quieter, more fuel efficient and have lower emissions than current 747

  • Borg el-Arab airport to open in May

    Egyptian project covers construction of a passenger terminal

  • Boubyan share issue attracts 85% subscriptions

    Kuwaiti Islamic lender Boubyan Bank has said that it has received subscriptions of more than 85% to a share issue, which it may reopen, Reuters has reported. The capital increase was "over 85% covered" and the board of directors would recommend reopening the rights issue for existing shareholders, the bank said. The statement did not give the value of the funds the bank raised.

  • Burger King launches call centre in UAE

    Yasser Abdel Azim, general manager of First Food Services, the Burger King franchisee in the UAE, has announced the launch of the BK Call Centre. Equipped with an integrated database of customer contacts, the call centre provides support in both English and Arabic, and is staffed with dedicated agents to take customer orders, answer queries and receive complaints.

  • Burj Khalifa closes observation deck temporarily

    The Burj Khalifa observation deck has been temporarily closed for maintenance work, Gulf News has reported. 'Due to unexpected high traffic, the observation deck experience at the Burj Khalifa, At the Top, has been temporarily closed for maintenance and upgrade,' a spokesperson told the daily. 'Technical issues with the power supply are being worked on by the main and sub-contractors and the public will be informed upon completion.'

  • Burj Khalifa set to welcome residents

    Emaar Properties has said the world's tallest building, Burj Khalifa, will start receiving home-owners of Armani Residences, located on levels 9 to 16 of the tower, next month. The hand-over of the Residences, which comprise 900 apartments, and The Corporate Suites, a collection of high-end offices, can take anywhere from two to six months, the developer said. This will be followed by the opening of the Armani Hotel Dubai, which occupies the concourse to Level 8 and Levels 38 and 39.

  • Cadagua bids low for Darsait wastewater treatment plant

    Haya Water opens financial bids from three other teams

  • Cairo prequalifies bidders for 6 October City wastewater scheme

    Ten groups line up for public-private partnership scheme

  • Cancer treatment centre to add facilities in Qatar

    Qatar's only cancer treatment centre, Al Amal Hospital, has said it plans to add more facilities for patient care by the end of the year, the Peninsula has reported. The hospital is set to add an emergency department, an intensive care unit, and a bone marrow transplant lab with an operation theatre. 'The facilities are ready but we need to have more staff to meet the demands. The emergency section- Drop-in Clinics will be solely for cancer patients who need after working hours special care,'

  • Cargill wants license for sugar plant in Egypt

    Agricultural conglomerate Cargill has requested a license to build a sugar refinery in Egypt with investments worth LE 600 million, Al-Borsa newspaper has reported. 'The final approval for Cargill's sugar refinery is part of the government's plan to encourage sugar production to decrease the gap between supply and demand in the country,' Amr Assal, head of Egypt's Industrial Development Authority, was quoted as saying by the newspaper. The new plant will be in the Damietta area on Egypt's nor

  • Carillion Alawi wins Oman National museum contract

    Contract award worth $31m for Muscat museum project

  • Centamin on track to meet production target

    Mining company Centamin Egypt has said it will meet its gold production target of more than 200,000 ounces in 2010, helped by the maiden feed through the mills at its flagship Sukari project in Egypt, Reuters has reported. The company's Sukari project was the largest gold resource outside of the major gold companies to come into production in 2009. 'The company remains debt free, unhedged and able to aggressively pursue further exploration and development activities,' Centamin said in a state

  • Citadel Capital to raise $2.25bn to build refinery

    Egyptian private equity firm Citadel Capital expects to raise $2.25bn next quarter to finance building a refinery northeast of Cairo, the company's managing director Marwan Elaraby told Bloomberg. He said the financing will be secured through export credit agencies and development finance institutions. The oil refinery, which will be built and run by Egyptian Refining Co., is scheduled to start production in 2014.

  • Citadel Resources calls for copper mine funding

    Australian company plans to develop $300m Jabal Sayid private project

  • Clients appoint two banks to supervise Jubail loans

    Financing for $9.6bn refinery set to be one of the largest deals in 2010

  • Coke, Pepsi seek price hike in UAE

    Dubai Refreshment Co, distributors of Pepsi products in the UAE, and Al Ahlia Gulf Line, manufacturer and distributor of Coca-Cola products, have asked the UAE's ministry of economy to approve a price hike for their products in the country, Gulf News has reported. The ministry said it will decide on a price increase request by the end of next week. 'We have received the request from both companies and we will send it to the higher committee of consumer protection for approval,' Ahmad Abdul Az

  • Commercial Bank Qatar raises capital

    The Commercial Bank of Qatar has raised its capital by 4.8% to QR2.3bn from QR2.2bn and said it would pay a 60% cash dividend, Reuters has reported. The bank said that Qatar Holding, a subsidiary of the country's sovereign wealth fund Qatar Investment Authority, will hold 10.3 million shares of its shares after the capital increase.

  • Consortium wins Ras Laffan gas deal

    $1bn Plateau Maintenance Project to ensure stable gas production until 2030

  • Consultant predicts Emirates property market will perform badly in 2010

    Sale prices for Dubai apartments are set to decrease

  • Contractors announce Yanbu refinery frontrunners

    Scheme to cost less than $9.6bn Jubail refinery

  • Contractors prepare bids for Najran university hospital

    Construction of Saudi hospital is expected to start in June

  • Contractors prepare bids for Saudi's Haramain rail project

    Five consortiums will submit bids for phase two in early May

  • Contractors prequalify for Abu Dhabi tourism headquarters

    Corporate headquarters to be built adjacent to Maqta bridge

  • Contractors submit bids for Sharjah hospital project

    Public Works Ministry receives 18 bids for hospital

  • Coral Hotels opens Cape Town property

    Dubai-based Coral Hotels and Resorts has announced the official opening of its new South African property, the Coral International Cape Town. Owned by Cii Hotel & Resorts Cape Town, a subsidiary of Cii Holdings, the 137-room property had been under construction since the first quarter of 2007 and has been built at a cost of $40m.

  • Cowi to design Al-Khobar’s first green hotel

    Saudi Arabia’s Eastern Province continues to court global architects and engineers

  • Crude oil prices rebound

    Analysts see $70 a barrel price as too low

  • Crude trades at $80 a barrel

    Currency fluctuations hit oil prices

  • Daman Investments launches GCC fund

    Fund targets petrochemicals and telecoms sectors

  • Daman launches $54m fund

    UAE-based Daman Investments has launched a $54.4m fund focused on investments in the GCC. The Daman Fifth Fund will focus on blue-chip equities listed on GCC exchanges, debt products and commodities. Shehab Gargash, managing director of Daman Investments, said the fund is likely to focus on markets outside the UAE.

  • Dana Gas profits drop 27 per cent

    Write-offs in exploration costs and reduction in land values hits Sharjah-based firm

  • Danube Hypermarket opens second branch in Riyadh

    Saudi-based retail chain, Danube Hypermarket has opened its second branch at Panorama Mall, in Riyadh, Saudi Gazette has reported. The new branch brings to nine the total number of its branches in the kingdom.

  • Dar al-Arkan plans to announce bond pricing

    Saudi property firm to sell regional non-investment grade sukuk

  • Dar al-Arkan raises $450m from sukuk

    Saudi property developer Dar al-Arkan has said it has raised $450m from a sukuk issue, less than the market had expected, Reuters has reported. Bankers said the developer was aiming to raise between $500m and $700m.

  • Deloitte opens Islamic finance centre in Bahrain

    Financial advisory services firm Deloitte has announced the opening of a new Islamic Finance Knowledge Centre in Bahrain. The new centre aims to help clients tap the opportunities and potential of the Islamic finance market, which is predicted to maintain its growth record it averaged over the past five years at an annual rate of 15%-20%.

  • Design change will delay Green line to August 2011

    Dubai Metro’s second line was due to open in the second half of 2010

  • Dessau wins Algerian railway deal

    Government plans to spend $2.3bn upgrading rail network

  • Development continues on three Seha hospital projects

    Clinics will be built in Al-Ain and Mafraq

  • Dewan to design two hotel projects in Iraq

    Karbala hotels to provide accommodation for religious pilgrims

  • Deyaar postpones distressed fund

    Dubai-based developer Deyaar has delayed a Dhs500m ($136.1m) distressed property fund after international investors withdrew Dhs200m previously committed, the National has reported. The company launched the fund last summer to buy distressed properties from its own portfolio as well as other properties, as it looked to boost returns for shareholders. 'It is the wrong time for Deyaar to go out and try to raise the funds from the international community,' the firm's Chief Executive Markus Giebe

  • DFM falls 0.13%

    The Dubai Financial Market fell 0.13% to 1,623 on a balanced day of trading, with 12 stocks rising and 12 falling. Market heavyweight Emaar gained 0.33% to Dhs3.04, while fellow market leader Arabtec fell 0.93% to Dhs2.14.

  • DFM falls 0.15%

    The Dubai Financial Market fell 0.15% today to close on 1,625, with 12 stocks rising and 10 falling. Air Arabia, the day's most actively traded stock, gained 4.26% to Dhs0.98. Global Investment House had the biggest rise, climbing 8.55% to Dhs1.27.

  • DFM falls 0.20%

    The Dubai Financial Market dipped 0.20% to 1,614, with 14 stocks falling and seven stocks rising. Market heavyweight Emaar fell 0.99% to Dhs3.01. Gulf Finance House had the day's biggest drop, tumbling 7.34% to Dhs1.01, while Gulf Investment House had the biggest rise, gaining 8.11% to Dhs1.20.

  • DFM falls 1.04%

    The Dubai Financial Market dropped 1.04% to close on 1,569, with 14 stocks falling and five rising. Market heavyweight Emaar slipped 1.72% to Dhs2.85, while Shuaa Capital had the day's biggest loss, falling 5.08% to Dhs1.12.

  • DFM falls 1.23%

    The Dubai Financial Market dropped 1.23% today to close on 1,640, with 19 stocks falling and six rising. Market heavyweight Emaar tumbled 4.28% to Dhs3.13. Hits Telecom had the day's biggest loss, falling 9.79% to Dhs1.75, while National Cement had the biggest rise, gaining 4.66% to Dhs3.37.

  • DFM falls 1.95%

    The Dubai Financial Market (DFM) fell 1.95% to 1,630.81, with only five stocks rising, 22 falling and two holding steady. Hits Telecom was the day's biggest riser, moving up by 4.30% to Dhs1.94. Global Investment House fell the furthest, losing 9.38% to Dhs1.16.

  • DFM falls 2.21%

    The Dubai Financial Market dropped 2.21% today to close on 1,586, with only four stocks rising and 24 falling. Market heavyweight Emaar slipped 3.65% to Dhs2.90, while fellow market leader Arabtec lost 3.24% to Dhs2.09.

  • DFM falls 3.50%

    Dubai stocks fell sharply today following a report by Zawya Dow Jones which said Dubai World may offer creditors 60 cents on the dollar after seven years. The Dubai Financial Market slumped 3.50% to 1,617, with 26 stocks falling and three rising. Market heavyweight Emaar plunged 5.88% to Dhs3.04, while fellow market leader Arabetc dropped 6.09% to Dhs2.16. Arab Insurance Group was the day's big gainer, up 7.95% to Dhs1.90.

  • DFM gains 0.78%

    The Dubai Financial Market gained 0.78% to close on 1,581, with 15 stocks rising and five falling. Market heavyweight Emaar gained 1.05% to Dhs2.88, while Arab Insurance Group had the day's biggest gain, rising 7.32% to Dhs2.20.

  • DFM gains 1.46%

    The Dubai Financial Market gained 1.46% today to 1,648, with 14 stocks rising and nine falling. Market heavyweight Emaar climbed 2.84% to Dhs3.21, while Emirtes NBD had the day's biggest gain, rising 4.62% to Dhs2.49.

  • DFM gains 2.19%

    The Dubai Financial Market climbed 2.19% today to close on 1,624, with 22 stocks rising and six falling. Market heavyweight Emaar gained 3.26% to Dhs3.17, while Arabtec rose 2.67% to Dhs2.31. Dubai Insurance had the biggest loss, falling 4.91% to Dhs14.80.

  • DFM launches stock game for students

    The Dubai Financial Market has announced the launch of its eighth annual 'Stock Game' aimed at generating greater awareness of financial services and investment among school and university students in the UAE. Each student will receive a virtual amount of Dhs1m to trade in securities listed on the DFM website as per the live prices during trading hours. The competition will run from March 29, to April 22, 2010. The first winner will receive a cash prize of Dhs15,000, the second a cash amount

  • DFM rises 0.48%

    The Dubai Financial Market gained 0.48% today to close on 1,621, with 18 stocks rising and two falling. Market heavyweight Emaar gained 1.33% to Dhs3.05, while fellow market leader Arabtec climbed 2.84% to Dhs2.17. Hits Telecom had the biggest drop, falling 5.63% to Dhs1.51.

  • DFM rises 0.67%

    The Dubai Financial Market gained 0.67% to 1,659, with 11 stocks rising and four falling. Market heavyweight Emaar ended the day unchanged, while Air Arabia was the biggest mover, up 4.40% to Dhs0.95. Arabtec had the largest decline, falling 1.72% to Dhs2.29.

  • DFM rises 0.86%

    The Dubai Financial Market gained 0.86% today to close on 1,660, with 12 stocks rising and 11 falling. Market heavyweight Emaar climbed 0.93% to Dhs3.27, while Dubai Islamic Bank was the day's big mover, climbing 5.91% to Dhs2.33. National Cement had the biggest loss, falling 4.72% to Dhs3.22.

  • DFM rises 0.98%

    The Dubai Financial Market gained 0.98% to 1,646, with 17 stocks rising and two falling. Emaar climbed 1.25% to Dhs3.24, while Islamic Arab Insurance led all gainers with a rise of 8.75% to Dhs0.87. Global Investment House had the day's biggest loss, down 4.31% to Dhs1.11.

  • DFM rises over 2%

    The Dubai Financial Market (DFM) closed up by 2.17% to 1,676.20, with 22 stocks rising, three falling and four remaining unchanged. Global Investment House was the day's biggest riser, moving up by 12.26% to Dhs1.19.

  • DFM rises prior to weekend close

    The Dubai Financial Market (DFM) rose by 0.22%, to 1,663.21, with seven companies rising, eight holding steady and 14 falling. Global Investment House was the day's biggest gainer, moving up by 12.28% to Dhs1.28. Emaar was the most active stock by volume and by value, and gained 1.53%, moving to Dhs3.31.

  • DFM sees slight gain

    The Dubai Financial Market gained 0.69% today to close on 1,592, with 14 stocks rising and eight falling. Market heavyweight Emaar Properties climbed 3.47% to Dhs2.98, while fellow market leader Arabtec rose 1.40% to Dhs2.17. Deyaar was the day's big gainer, rising 4.17% to Dhs0.46.

  • DFM sees slight rise

    The Dubai Financial Market edged up 0.40% today to close on 1,628, with 10 stocks rising and 13 falling. Market heavyweight Emaar gained 0.66% to Dhs3.07, while fellow market leader Arabtec climbed 0.92% to Dhs2.19. Arab Insurance Group had the biggest rise, gaining 7.89% to Dhs2.05.

  • DFM slips 0.12%

    The Dubai Financial Market dipped 0.12% today to 1,622, with eight stocks rising and 13 falling. Market heavyweight Emaar lost 0.99% to Dhs3.01. The day's big gainer was Shuaa Capital, which rose 4.35% to Dhs1.20.

  • DMCC is not part of Dubai World

    The Dubai Multi Commodities Centre is financially and legally separate from Dubai World which is seeking to restructure about $22bn of debt, The National has reported, citing a company spokeswoman. DMCC, a state-owned business park, formally asked Dubai World to remove its logo from the Dubai World website, the newspaper said, adding that the business park is wholly owned by the Dubai government.

  • Dnata and Hogg tie up opens new Bahrain outlet

    Dnata Travel and the Hogg Robinson Group have opened its second outlet in Bahrain, located on Palace Avenue. Services include: VAT reclaim, aircraft charters, visa processing and preferential hotel and car rental rates. The outlet also offers advanced tracking and reporting tools.

  • Doha reviews sub-sea tunnel designs

    Project will link financial hub with new international airport

  • Doosan wins Ain Sokhna thermal power plant deal

    South Korean firm to supply and install equipment

  • DP World considers Australian Unit IPO

    Port operator DP World is considering an A$1bn($884m) initial public offering by spinning off some of its Australian assets, the Australia Financial Review has reported. DP World is expected to retain a substantial stake in the new listed entity, to be called DP Australia, the report said.

  • DP World plans $884m flotation of Australian unit

    Ports operator will retain substantial stake in listed firm

  • DP World's Saigon terminal opened

    Dubai-based global marine terminal operator, DP World has announced the inauguration of its Saigon Premier Container Terminal (SPCT) in Ho Chi Minh City, Vietnam. Additional dredging a depth of 12m is planned for the near future, when SPCT will be able to handle vessels up to 8000 TEU, further reducing logistical cost for Vietnamese exporters and importers. Currently, five shipping lines have multiple weekly calls at the new facility.

  • Drake and Scull to spend $136m in regional buys

    Drake and Scull International has said the contracting firm plans to spend $136.1m on acquisitions this year, which includes three firms in the region, Reuters has reported. "We are hoping to have the Qatar acquisition in the first quarter, one in Saudi Arabia in the second quarter and the second in the third quarter," Zeina Tabari, the firm's chief corporate affairs officer told the news service. The Qatar acquisition will be a MEP business while the two in Saudi Arabia will be an MEP and a

  • Drake and Scull wins $51m contract

    Dubai-based construction firm Drake & Scull International has won a Dhs187m ($51m) order for works in a hotel in Abu Dhabi. 'This is the third project DSI PJSC has won in the first quarter of 2010, bringing the total value of projects won in the same period to Dhs369m,' the company said.

  • Du inks deal with Dubai Municipality

    UAE-based telecom company du has been selected as the exclusive mobile and BlackBerry smart phone provider for Dubai Municipality. Under the deal, du will provide the 4000 Dubai Municipality employees with its Premier Plan, a business mobile monthly plan that offers features such as Pay-by-the-Second billing system, free calls between all employees that subscribe to the offer, and one discounted rate to all major international destinations and one rate on all incoming calls while roaming in m

  • Du launches international toll-free service

    UAE's second telecoms firm, du has launched its International Toll-Free Service in the country. The new service, available through payphones, landlines and mobile phones, allows international companies to extend toll-free features to the UAE ensuring customers all over the world never pay to reach their headquarters.

  • Du returns to growth in 2009

    Telecom operator’s net profits increase by $72m

  • Du to invest $600m on its infrastructure

    UAE-based Du plans to invest at least Dhs2.2bn ($600m) this year to improve its network infrastructure and gain clients. 'We will continue to focus on expanding and improving our networks, services and capabilities,' Chief Executive Officer Osman Sultan said in a statement. Du plans to spend Dhs1.3bn on its mobile network infrastructure and Dhs854m on the fixed-line and broadcasting business, the company said.

  • Du, Etisalat to share infrastructure by July

    Farid Faraidooni, chief commercial officer of Emirates Integrated Telecommunications Co (Du) has said that talks on sharing infrastructure with Etisalat and the Telecom Regulatory Authority are expected to be concluded by the end of Q1, Khaleej Times has reported. The company will be able to launch the first set of telecom services based on shared infrastructure sometime in July, he added. "We will offer a full suite of landline services once we conclude our talks on infrastructure sharing wi

  • Dubai airport sees cargo, passenger traffic rise

    Dubai Airports Co has said that cargo volumes transported through Dubai airport rose 31.5% in January, compared to a year ago, while passenger traffic increased 17%. The total number of passengers passing through the airport in January stood at 3.9 million, against 3.3 million for the same month in 2009. Freight volumes were up to 171.5 thousand tonnes, from 130.4 thousand tonnes a year ago. The increase in traffic and volumes were attributed to a rise in economic activity and the expansion o

  • Dubai announces oil field find

    Analysts cynical of new discovery’s potential

  • Dubai authority to clamp down on fraudulent degrees

    Dubai's Knowledge and Human Development Authority (KHDA) has said that several training institutes in the emirate are disguised as universities and are fraudulently awarding degrees to unsuspecting students, Gulf News has reported. Necessary punitive measures, including the closure of errant institutions, are in place to deal with institutes that violate regulations and mislead students, KHDA said.

  • Dubai authority to meet advisers over private power scheme

    Dewa asks firms to form financial, legal and technical consortiums

  • Dubai developers moot lettings model conversion

    Mohammed Nimer, CEO of MAG Property Development has said that due to the current market conditions, some developers might want to convert their newer developments into furnished apartments for short, medium or long-term tenancies, Emirates Business has reported. "This will provide immediate revenue generation for them instead of leaving their buildings without tenants. Furnished apartments have a high rental value due to the higher investment value," he said.

  • Dubai doctors get qualifications check

    Authenticity of the credentials of more than 3,000 physicians are being checked by the Dubai Health Authority (DHA) in both the private and public sector during its re-licensing process of doctors, Gulf News has reported. 'Although it is a lengthy process it is very important because it will help improve the quality of health care in the Emirate of Dubai,' said Dr Ramadan Ebrahim, acting director of DHA Health Regulation Department.

  • Dubai drivers to need online insurance

    All vehicles in Dubai must have an online insurance policy by March 1, under new rules established by the Roads and Transport Authority (RTA), Gulf News has reported. RTA says motorists will no longer have to physically take their insurance documents to a local licensing agency, and they will be better able to crack down on those users who do not get their cars registered to avoid paying hefty fines. 'We are trying to develop a mechanism with the help of insurance companies to stop the insura

  • Dubai fertility clinics to destroy frozen embryos

    Fertility clinics in Dubai have announced that they will soon begin destroying frozen embryos stored at their facilities now that a federal law banning the practice is being enforced, the National has reported. A federal law overseeing the licensing and regulation of fertility centres and banning the storage of frozen embryos was passed in 2008 but has not been enforced. On Sunday, the Dubai Gynaecology and Fertility Centre announced that in line with the federal law it 'will dispose [of] the

  • Dubai firm inks deal with Chiquita

    Dubai-based Fresh Fruits Co has signed an international master franchise agreement with global marketer and distributor of food products, Chiquita Brands International to set up Chiquita Fruit Juice Bars in the Middle East. The first series of locations are already open at three Dubai Metro stations, the Union Square, Dubai International Financial Centre, and Rigga. When the Metro becomes fully operational, Chiquita Fruit Juice Bars will be found at 11 stations around the network.

  • Dubai firm to launch stem-cell centres

    Dubai-based Medical Supplies plans to invest up to Dhs60m ($16.3m) to launch the region's first research centre devoted to stem-cell treatment, The National has reported. The firm is in negotiations with international medical researchers to open two specialized medical clinics in the UAE by the end of this year that will treat patients with cord-blood stem cells.

  • Dubai hotel rates unlikely to return to peak levels, says expert

    Dubai hotels will probably never be able to achieve the peak rates that they had experienced prior to the current downturn, Julian Kemp, associate director, CBRE Hotels EMEA, said today in a statement. Rate increases will be hampered by the large amount of hotel rooms due to open in Dubai and the ability of people to negotiate better rates on both a corporate and leisure basis, he noted.

  • Dubai Islamic Bank inks deal with UAE ministry

    An agreement has been signed between Dubai Islamic Bank and the UAE's ministry of finance to grant the lender capital to provide Shari'ah-compliant products, Reuters has reported. DIB has obtained a 'wakala capital', an agency structure where a depositor authorises an agent to invest his funds in Shari'ah-approved assets. If the lender breaches the wakala terms and conditions, the ministry has the right 'to convert all or part of the outstanding wakala capital... which would result in a capit

  • Dubai Islamic Bank posts Dhs1.2bn net profits

    Dubai Islamic Bank (DIB) has said its net profit for the full year of 2009 had dropped to Dhs1.2bn on increased provisions. DIB had raised provisions for impairment from Dhs520m in 2008 to Dhs818m in 2009. The lender's board of directors has proposed 20% in cash dividend of for 2009, which is subject to approval by the bank's upcoming annual general meeting. The bank has reported a customer base increase by 15% last year, reaching approximately to 900,000 customers.

  • Dubai Mall partly evacuated due to aquarium leak

    Photos and video are beginning to emerge of the leak in the aquarium at Dubai Mall. The aquarium, which holds 10 million litres of sea water, began leaking earlier today, causing areas of the shopping mall to be evacuated. Shops around the aquarium have been closed as part of the evacuation. Photos on social networking micro blogging service Twitter show water gushing from a small crack in the glass.

  • Dubai may spend 'billions' on airport expansion

    Paul Griffiths, CEO of Dubai Airports, has said the government-owned airfield operator plans to seek approval for expansion plans costing 'billions of dirham', Bloomberg has reported. With aviation generating as much as 25% of the emirate's economy, Dubai plans to press ahead with expanding its current airport and building a new one. 'Dubai's vision, attitude towards airport infrastructure is that if you constrain, the growth will go elsewhere,' he told the news service. 'So we are not going

  • Dubai plans Car Free Day

    In a move to encourage use of public transport, Dubai Municipality said it will prohibit its 1,500 staff from arriving to work by car on February 17, reported Gulf News. The concept of the Car Free Day first emerged in 1970 in the US during the oil crisis, and now more than 40 countries follow suit. Visitors to Dubai Municipality offices should also plan to use public transport as the car parks will be closed.

  • Dubai police raid illegal plastic surgery clinic

    Police officers and municipal inspectors have shut down an unlicensed clinic in Dubai where untrained 'surgeons' carried out cosmetic surgery procedures as patients laid on makeshift beds and surgical equipment mingled with kitchen utensils, reported the National. Several people were arrested in the raid, which was conducted after an undercover investigation found that the clinic was offering services such as lip and cheek enlargement, facelifts, laser hair removal, Botox injections and laser

  • Dubai power authority extends Hassyan advisory bid deadline

    Firms to help Dewa fund independent power and water project

  • Dubai Properties begins handover of villas in Dubailand

    Dubai Properties Group, a member of Dubai Holding, has said it has started the handover of Al Waha, a freehold community within Dubailand. The community includes 80 ground level two bedroom villas, 80 first floor villas, 50 three bedroom villas and 50 four bedroom villas.

  • Dubai rents expected to drop further

    A new report predicts that commercial and residential property rents in Dubai will continue to decline this year due to oversupply and rising vacancy rates. 'The real estate market remained sluggish during the final quarter of 2009 with few signs to suggest any imminent upturn in fortunes,' property consultancy firm CB Richard Ellis said in its Dubai MarketView for the fourth quarter of 2009. Lease rates for commercial space in newer areas of Dubai, which have already dropped 50%, are expecte

  • Dubai RTA to standardise training modules

    Dubai's Licensing Agency at Roads and Transport Authority (RTA) plans to standardise driving training programmes at the five driving institutes in Dubai, the Khaleej Times has reported. The syllabus is a mix of practical and theoretical learning and the aim is to enable drivers to obtain all the required driving skills through a number of training stages. The programme aims to ensure a secure city free of road traffic accidents, the RTA said.

  • Dubai schools close due to rain

    Dubai's Ministry of Education has announced that all government and private schools will be closed on Sunday due to heavy rain and thunderstorms. The ministry said the move is for the safety of students as rains are expected to continue for the next few days.

  • Dubai schools to get report card

    Dubai's Knowledge and Human Development Authority has announced it will publish the quality ratings for Indian and Pakistani Schools in the emirate tomorrow, Gulf News has reported. The Dubai Schools Inspection Bureau under the KHDA started inspecting the Indian and Pakistani schools in October last year. Based on performance, the 24 schools, which were inspected for the first time, will be graded as good, acceptable and unsatisfactory.

  • Dubai sees 17% drop in white-collar jobs

    A new report by online recruiter GulfTalent says Dubai lost 17% of its professional workforce in 2009, most of which were Western foreign nationals, Reuters has reported. 'One of the biggest developments of 2009 has been a change in the fortunes of Dubai, from the fastest-growing hub in the region, sucking in much of the expatriate talent, to the city experiencing the region's most severe downturn,' the report said. Despite Dubai's woes, the UAE remained the most attractive market in the regi

  • Dubai slowdown hits Ras al-Khaimah

    Northern emirate’s economy set to grow 4 per cent

  • Dubai stores must have refund policy

    Retailers in Dubai have been told by Dubai's Department of Economic Development that they must offer a refund and 14-day exchange policy, Gulf News has reported. 'The consumer should have the choice to not take a product that is not to their liking,' Omar Bu Shahab, chief executive of the DED's Commercial Compliance and Consumer Protection Division, said. In cases where similar products are not available, retailers should exchange the item for another item of a similar price, he said. 'In any

  • Dubai surgeons may need to pass skills test

    Dubai is considering new rules that will require surgeons or physicians to pass a skills test before being granted a licence to practice in the emirate. Dubai Health Authority is planning to build a surgical skills laboratory where physicians will be required to take a test, Khaleej Times reported. 'We cannot judge the surgical competency of any physician from paperwork alone. We will also have to see if the surgeon has worked 'solo' or not,' Dr Essa Kazim, CEO Health Policy and Strategy at t

  • Dubai tenders airport contract

    Successful contractor to furnish hotels and lounges

  • Dubai to open seven new metro stations

    Seven of the remaining 18 incomplete Metro stations in Dubai will open on April 25, the emirate's Roads and Transport Authority has announced. The new stations that will be ready for passengers are Emirates, Airport Terminal 1, GGICO, Al Karama, World Trade Centre, Marina and Ibn Battuta. The completion of the Green Line has been pushed back to August next year, the RTA said.

  • Dubai to see sharp rise in hospital beds

    Hospital bed space will increase by about a third under plans by the Dubai Health Authority to invest Dhs3.67bn in healthcare projects over the next two years, said director general Qadhi Saeed Al Murooshid. The planned projects will see DHA's bed capacity increase by 650 beds, he said, adding that upcoming private sector projects will also increase bed capacity by an additional 500 beds.

  • Dubai utility retenders housing contract

    Electricity and water authority plans to build apartments in Jebel Ali

  • Dubai World aiming to avoid standstill

    Dubai World appears to be pursuing a new strategy to restructure its $22bn debt without resorting to a standstill, The National has reported. According to the paper, the Dubai conglomerate is hoping to win a deal from creditors before an April 30 deadline prior to facing major repayment demands. 'A standstill is nice to have, but it's not essential,' a source close to Dubai World told the paper.

  • Dubai World considers offering 60 per cent to creditors

    Seven-year payment plan will be back by sovereign guarantee

  • Dubai World debt plan to be 'equitable'

    An 'equitable' plan will be presented to Dubai World creditors by the government of Dubai next month, Reuters has reported, citing a source close to the matter. The plan does not give preferential treatment to the government but banks are unlikely to warm to the proposal, the source said. 'Ultimately, it is fully expected the banks will say they don't like it,' the source told the news service. 'We are putting forward a plan that's very, very fair.' Dubai World is in talks with creditors over

  • Dubai World may offer creditors 60% payback

    Dubai World may offer its creditors 60 cents on the dollar after seven years as part of a deal to restructure $22bn of debt, Zawya Dow Jones reported, citing unidentified people familiar with the plans. The deal may be guaranteed by the government and may not offer interest payments to creditors, the news agency reported.

  • Dubai World owes $15bn to UAE banks

    A new report by Moody's Investors Service says UAE banks, which are owed about $15bn by Dubai World, may be able to absorb losses if they are repaid 60 cents on the dollar, Bloomberg has reported. 'UAE banks would incur losses amounting to only around 9% of their capitalisation as of year end 2009,' the report said. 'This would hurt 2010 profits, but not jeopardize solvency.'

  • Dubai World owes ADCB $2.7bn

    Abu Dhabi Commercial Bank is owed some $2.7bn in outstanding loans to Dubai World entities, the bank's CEO told Bloomberg in an interview. 'This includes commitments to four or five different entities of Dubai World that are not involved in any restructuring,' Ala'a Eraiqat said, adding that some of those entities have collateral and adequate cash-flows.

  • Dubai World says it made no offer to creditors

    A spokeswoman for Dubai's Department of Finance has said that an offer to creditors on the state-owned Dubai World's debt restructuring plan has not yet been made, Bloomberg has reported. The government wants to give creditors enough time to understand Dubai World's business plan and analyze any future debt restructuring proposal, she said.

  • Dubai World to offer debt restructuring plan in March

    State-owned Dubai World will present a proposal to creditors in March to restructure about $22bn of debt after its advisers complete valuing the assets of the company, Bloomberg has reported, citing a person close to the Dubai government said. The final proposal will be made after consultations with the Abu Dhabi government and the UAE' central bank, the official said. The central bank, Abu Dhabi's government and two commercial banks of the emirate lent $20bn last year to Dubai's financial su

  • Dubai World to seek debt standstill

    Dubai World will ask creditors for a six-month standstill on $22bn in debt this month, until it completes restructuring, according to a report in Al Ittihad newspaper. The report said Dubai World will request a debt freeze from the end of February, which would cover a bond repayment of $980m from property unit Nakheel.

  • Dubai-bound flight delayed by 'terror' hoax

    Two passengers on an Emirates Airline flight bound for Dubia were detained in Mumbai yesterday after authorities received a telephone tip claiming the pair were terrorists, reported The National. The Indian man and his wife were among 356 passengers and crew on board the Boeing 777 when the call was received, moments before the aircraft was scheduled to take off. The caller claimed the couple, thought to be in their 60s, were members of the Pakistan-based militant group Lashkar-i-Taiba, which

  • Dubai's '09 inflation rate lowest in five years

    Dubai witnessed its lowest inflation rate in five years in 2009, according to a new report by the Dubai Chamber of Commerce and Industry. Dubai's inflation rate stood at 4.1% in 2009 as compared with 11.3 per cent in 2008. Housing, water, electricity and gas price growth, accounting for the largest share of the Consumer Price Index weight, stood at 2.4% in 2009 as falling rental and property prices meant that individuals and businesses were left with more disposable income in their pockets. '

  • Dubai's new oil field to start production in 2011

    The Dubai government has announced that 'Al Jalila', the newly discovered offshore oil field, will enter production in 2011, Bloomberg has reported. The oil field is expected to increase crude production by a 'noticeable percentage', once commercial operations starts, the statement said. Oil reserves at Dubai's four other oil fields are estimated at 4 billion barrels and natural gas deposits are estimated at about 117 billion cubic meters.

  • Dubai's Pure Gold to expand into India

    Dubai-based chain Pure Gold Jewellers plans to spend $200m plan to open 200 stores in the Indian market over the next five years, Firoz Merchant, the company's chairman and founder, told the National. The chain, which has 75 outlets in the GCC, will start by opening 25 stores in the sub-continent this year, he said. The company also plans to enter Saudi Arabia and Qatar, opening a total of 15 new Pure Gold outlets in the two countries, and will add four or five outlets to the 45 stores it has

  • Dubal aluminium sales up by 8.7% in 2009

    State-owned Dubai Aluminium Co (Dubal) has reported an 8.7% rise in year-on-year sales for 2009, on higher regional demand, Reuters has reported. Dubal sold 1 million tonnes of aluminium in 2009, compared to 920,000 tonnes in the previous year. Last month, Dubal said it had raised output of cast aluminium products to over 1 million tonnes in 2009, up 6.5% on the previous year.

  • Due diligence extended in Arabtec, Aabar merger

    Dubai-based Arabtec, the UAE's largest contractor, has extended the due diligence date for its $1.7bn merger with Aabar Investments to April 16, in a move that will encourage investors that the deal will progress, the company said. 'Because of the enormity of the task at hand and the limited time frame, both parties agreed to amend the subscription agreement and the term sheet to extend the due diligence date to midnight April 16 2010,' the company said in a statement on the bourse website. U

  • Education conference opens in Abu Dhabi

    Educators and labour officials convened on Monday in Abu Dhabi for the three-day Emirates Centre for Strategic Studies and Research's 15th Annual Conference titled 'Education and the Requirements in the GCC Labour Market. The conference will focus on ways to tackle the issue of aligning education with the labour market, confronting the problem of unemployment among nationals in the GCC states, and develop a strategy of labour force 'indigenisation' (substituting the migrant workforce for a na

  • Effective Measure lands $4m investment from US firm

    Effective Measure, an internet company focused on measuring the Middle East's online audiences, has attracted a $4m investment from an American venture-capital fund, the National has reported. The company, which works with website publishers to create audited visitor numbers that can be given to advertisers, has offices in Sydney and Dubai. Scott Julian, the chief executive at Effective Measure, said the funding would be used to launch products. The investment came from Rho Ventures, a fund t

  • EFG Hermes looking to acquire RBS Pakistan

    Egyptian bank requesting permission to do due diligence

  • EFG Hermes moots RBS Pakistan offer

    Egypt's investment bank, EFG Hermes has asked for a permission to carry out due diligence on the Pakistan assets on Royal Bank of Scotland (RBS), ahead of a potential offer for RBS Pakistan, Meed magazine has reported. In March 2009 RBS announced that it was planning a $300bn sell off of assets to boost its balance sheet. Included in this were the bank's Middle East operations.

  • Egypt awards new offshore blocks to six firms

    Egypt's oil minister has said that state-owned Egyptian Natural Gas Holding Co has awarded three offshore blocks to six companies, including BG Group and Royal Dutch Shell, Reuters has reported. The oil and gas blocks in the Mediterranean include North Gamasa, a 281 sq km block awarded to BG; North Damietta, a 1,604 sq km block awarded to BP, Petronas and Shell; and East Al-Borolos, a 2,516 sq km block awarded to Total and Enel.

  • Egypt delays Abu Rawash wastewater prequalification deadline

    Winning firm to design, construct, finance and operate facilities

  • Egypt expects 5.5% GDP growth in 2010/11

    Egypt's economic development minister has said that the country's economy may grow by 5.5% in fiscal 2010/11 and attract $10bn in foreign direct investment as it recovers from the global economic crisis, Reuters has reported. 'Factors contributing to this 5.5% growth are Suez Canal growth rates and the exports growth level going back to normal,' Osman Mohamed Osman said.

  • Egypt exploration deals signed

    Two agreements have been signed between state-owned Egyptian General Petroleum Corporation and US-based Apache Corp for exploration in the country's Western Desert, Reuters has reported. Egypt's oil ministry said Apache will invest at least $55m to drill 13 wells under the agreements. Thomas Voytovich, vice president and general manager of Apache Egyptian Companies, told the news service the firm is spending around $1bn a year in Egypt and that he sees the figure being maintained or growing i

  • Egypt foreign investment falls 35%

    Egypt's central bank has said that foreign direct investment in the country dropped 35% in the first half of the fiscal year, making it hard for the government to meet its target of attracting $10bn by June 2010, Bloomberg has reported. 'It means they need about $8bn in the second half. That's very difficult unless there is a major deal,' Mona Mansour, director at CI Capital Research in Cairo, told the news service. Foreign investment was about $2.6bn in the six months to end-December, compar

  • Egypt fuel subsidies expected to rise to $12bn

    Egyptian oil minister has said that fuel subsidies may rise to EGP66bn ($12bn) in the current fiscal year to June 30, from EGp52.7bn in the previous fiscal year, Reuters has reported. The subsidies, which were EGP1.2bn ten years ago, are at an 'unsustainable level, which throws a significant burden on the petroleum sector', in which state-owned firms play a major role, the minister was quoted as saying. The government will keep the current fuel subsidy system unchanged, 'but for the long term

  • Egypt GDP up 5.1% in final 2009 quarter

    The Egyptian cabinet has said that the country's gross domestic product had increased by an annualised 5.1% in the three months to end-December, led by technology, construction and hotels and restaurants, Reuters has reported. Construction grew by 11.5%, the hotels and restaurant sector by 13.1% and the communications and information sector by 12.8%, the cabinet said in a statement.

  • Egypt mobile users top 55m

    According to the Egyptian Cabinet Information and Decision Support Centre, the number of mobile phone subscribers in the country rose to 55.35 million in December from 53.68 million in November, Reuters has reported. Some 1.67 million subscribers were added in December, up from 700,000 in November, the centre said.

  • Egypt predicts $15.5bn investments in industrial zones

    The Egyptian trade ministry has said that it expects to attract EGP85bn ($15.5bn) of investments in the country's new industrial zones, Reuters has reported. The ministry will tender 42 million square meters of land for industrial development in the new zones, located in the cities of Tenth of Ramadan, Sadat and Bourj Al-Arab.

  • Egypt requests South Korea’s assistance with nuclear energy programme

    Engineers will be trained in South Korea

  • Egypt to build new wind farm

    Abu Dhabi's Masdar and Egypt's electricity and energy ministry are to sign an agreement today to build a 200 megawatt wind farm as part of a plan to generate 20% of the country's energy needs from renewable sources by 2020, Reuters has reported. Egypt already has wind farms at Zafarana and Hurghada in the eastern Red Sea coast and now has installed capacity of 430 megawatts of wind. The plant will be located near Suez on Egypt's east coast.

  • Egypt to issue request for proposals for Dariut power project in June

    Prequalification submissions due by the end of March

  • Egypt to start cement bid process by mid-2010

    Egypt's Industrial Development Authority has said it aims to start an international bidding process to grant cement licences by the middle of this year, Reuters has reported. 'We're presenting the case to the High (Supreme) Council of Energy to get their blessing,' IDA Chairman, Amr Assal told the news service. 'Afterwards, we will announce the international bidding process.'

  • Egypt: Anhydrous sodium sulphate

    Supply of 3,500 tonnes of anhydrous sodium sulphate. Closing date: 16 February 2010

  • Egypt: Axial irrigation pivots

    Supply of axial irrigation pivots. Closing date: 18 March 2010

  • Egypt: Carboxyl methyl cellulose

    Supply of 45 tonnes of carboxyl methyl cellulose. Closing date: 16 February 2010

  • Egypt: Commercial mediation training

    Provision of commercial mediation training. Closing date: 25 February 2010

  • Egypt: Computers, printers and terminals

    Supply and installation of computers, printers and terminals for information systems serving a railways organisation. Closing date: 29 March 2010

  • Egypt: Dam and power station equipment

    Supply of bulb turbines, generators, hydro-mechanical equipment and electrical equipment for a dam and hydroelectric power station project. Closing date: 7 April 2010

  • Egypt: Field and office survey system

    Supply of an integrated survey system for field and office works. Closing date: 1 March 2010

  • Egypt: Flour (76 per cent)

    Supply of 210,000 tonnes of 76 per cent extraction flour. Closing date: 24 February 2010

  • Egypt: Flour (82 per cent)

    Supply of 26,000 tonnes of 82 per cent extraction flour. Closing date: 22 February 2010

  • Egypt: Heavy vehicles

    Supply of heavy vehicles including excavators and tractors. Closing date: 3 March 2010

  • Egypt: Hydroelectric power station consultancy

    Provision of consultancy services for the rehabilitation equipment for generators at a hydroelectric power station. Closing date: 14 April 2010

  • Egypt: Hydromechanical equipment

    Supply of hydromechanical equipment for a dam and hydroelectric power station project. Closing date: 7 April 2010

  • Egypt: Locomotive wheel discs

    Supply of wheel discs for locomotives. Closing date: 30 March 2010

  • Egypt: Non-ionic detergent

    Supply of three tonnes of non-ionic detergent. Closing date: 16 February 2010

  • Egypt: Power plant development

    Development of a two-by-750MW combined-cycle power plant. Closing date: 31 March 2010

  • Egypt: Power station civil works

    Carrying out the civil works package of a dam and hydroelectric power station project. Closing date: 14 April 2010

  • Egypt: Railway coach equipment

    Supply of brake shoes for railway coaches. Closing date: 10 March 2010

  • Egypt: Raw cotton

    Supply of 1,500 tonnes of raw cotton. Closing date: 25 February 2010

  • Egypt: Raw manganese

    Supply of natural raw manganese. Closing date: 17 March 2010

  • Egypt: School sports equipment and installations

    Supply of sports equipment and installations to 100 secondary schools. Closing date: 29 March 2010

  • Egypt: Silo suction fan air blower

    Supply of an air blower for a second suction fan at the Damietta silo. Bid bond is $100,000. Tender no 2/2009/2010.

  • Egypt: Sodium perborate

    Supply of 50 tonnes of sodium perborate. Closing date: 16 February 2010

  • Egypt: Solid waste project consultancy

    Provision of consultancy services for a private sector participation strategy in solid waste. Closing date: 15 February 2010

  • Egypt: Stainless steel sheets

    Supply of stainless steel sheets for a pollution abatement project. Closing date: 2 March 2010

  • Egypt: Underground electricity cables

    Supply of aluminium, reinforced and cross-linked polyethylene insulated underground electricity cables. Closing date: 28 February 2010

  • Egyptian Airports Company to upgrade terminals

    State-owned firm to invest $546m over five years

  • Egyptian Refining set to complete funding for Mostorod deal

    Local company plans to raise $3.5bn financing for project

  • Egyptian-Saudi power linkage project to start in June

    Egyptian electricity minister Hassan Younis has announced that a power-linkage project with Saudi Arabia will start in June. The project, aimed at transferring 4,500 megawatts at two stages, will be completed by 2013, he said. The project will be part of a power-linkage grid that will comprise other Gulf countries, Younis added.

  • Egypt's Albatros Resorts plans IPO

    Egypt-based Albatros group of resorts is preparing to raise money in an initial public offering next year to double the number of rooms it operates, Bloomberg has reported. The sale may raise $200m to $250m, according to an executive at Beltone Financial who will oversee the IPO. The group will use the money to increase its 14 resorts capacity to 12,000 rooms, Albatros owner, Kamel Abu Ali said.

  • Egypt's CIB '09 profit climbs 25%

    Consolidated net profit of Egypt's largest private bank by assets, Commercial International Bank, for 2009 grew 25% to EGP1.71bn ($311.4m), Reuters has reported. Net loans and overdrafts at CIB increased to EGP27.3bn as of December 31 from EGP26.3bn a year earlier, the bank said. Provisions in 2009 declined to EGP97.4m from EGP410.5m in 2008, the bank said.

  • Egypt's Citadel buys stake in African rail company

    Egypt-based private equity firm Citadel Capital has announced that it has acquired a 49% stake in South Africa-headquartered Sheltam Railways, which is the main shareholder in Rift Valley Railways of Kenya and Uganda, Reuters has reported. The deal gives Citadel Capital an effective ownership of 17.5% of RVR. 'Citadel Capital will look to inject more than $150m in Kenya, Uganda Railways over the coming five years,' Citadel Capital managing director, Karim Sadek said in a statement.

  • Egypt's Orascom eyes project in Iraq

    Egypt's Orascom Housing Communities, a subsidiary of Swiss-based Orascom Development Holding, is in talks with the Iraqi government to buy land for a budget housing project, al-Mal newspaper has reported. The company is looking at two plots, one in Taji in central Iraq and the other in Basra in the south, and is waiting for the Iraqi government to state their price before choosing between them. Each is 9 million square metres, according to the daily.

  • Egypt's Talaat Moustafa's Q4 profit up 59%

    Egypt's biggest developer by market value, Talaat Moustafa Group, has posted better-than-expected fourth-quarter results after new sales outpaced cancellations in 2009, Reuters has reported. The developer's Q4 net profit rose by 59% to EGP167m ($30.4m) from EGP105m, while revenue rose to EGP467m from EGP382m.

  • Egypt's tourism revenued dipped 2% in 2009

    Egypt's tourism revenue in 2009 dropped 2%, the Tourism Ministry said today in a statement. Revenue fell to $10.76bn from $10.98bn, the Cairo-based ministry said.

  • Emaar eyes mid-income housing overseas

    Dubai-based Emaar Properties' annual net operating profits for 2009 have reached Dhs2.324bn, as compared to the restated net operating profits of Dhs4.236bn ($1.153bn) in 2008, the company has announced. The developer said it will focus on mid-income housing in emerging markets and overseas expansion to boost 2010 revenue after returning to profit in the fourth quarter. Emaar's fourth quarter performance in 2009 has reported net operating profits of Dhs923m, 41% higher than the third-quarter

  • Emaar Healthcare Group opens clinic in Dubai

    Emaar Healthcare Group, a subsidiary of Dubai-based Emaar Properties, has opened its first community clinic, the Meadows Clinic, which will also serve residents of Emaar's other master-planned communities including Emirates Hills, The Lakes and The Springs. The Meadows Clinic currently has four specialities, internal medicine, paediatrics, ENT and bbstetrics & gynaecology. The company said it will introduce more specialities shortly including orthopaedics, ophthalmology, and dentistry.

  • Emaar to sell sports retailer

    Dubai-based Emaar Properties has hired DBS bank to advice on the sale of Singapore-listed sports retailer RSH Holdings, which is currently valued at $164m, Reuters has reported, citing two sources with knowledge of the deal. Emaar took full control of the firm in July last year after taking over the debt of its Indian joint venture partner.

  • Emal signs Daewoo aluminium deal

    Emirate's Aluminium (Emal) has announced the signing of a contract to ship aluminium sow ingots to South Korea's Daewoo International Corp. The shipment is the first internationally for the state-owned firm. Emal's $5.7bn aluminium smelter is the world's largest green field project of its kind.

  • Emir appoints a new Supreme Petroleum Council for Kuwait

    Highest decision making body faces a series of tough decisions

  • Emirates adds more flights to Italy

    Emirates has announced that it is doubling its number of flights to Rome from 12 times a week to twice a day. It also will be supplementing double daily flights to Milan and a daily flight to Venice. Passengers travelling between Dubai and Rome will now have the choice of a morning and afternoon flight seven days a week. The carrier also announced that it expects to add 11 new aircraft to its fleet in 2010, as it expands its routes across the world.

  • Emirates Aluminium still in talks with export credit agencies

    The company is seeking a loan of about $700m

  • Emirates bank exposure to Dubai World estimated at $15bn

    Institutions would survive a 40 per cent loss on loans

  • Emirates in talks to sell stake in SriLankan Airlines

    Dubai-based airline holds 43.6 per cent stake in national carrier

  • Emirates issues tenders for presidential palace package

    Deal covers marine work in Ras al-Akhdar

  • Emirates NBD launches Jersey Offshore Deposits

    Emirates NBD, has announced the launch of Jersey Offshore Deposits, a multi-currency fixed-deposit product. Available in a range of international currencies, the product is available in tenors ranging from one month to three years. The minimum deposit is $25,000, £25,000, €25,000 or Dhs100,000.

  • Emirates NBD profits falls 9 per cent

    Impairments increase to $900m in 2009

  • Emirates NBD to fine late salary payments

    Jamal bin Ghalatia, Group Deputy CEO of Emirates NBD has said that customers who delay salary transfer to the bank will face a Dhs75 fine per month, Emirates Business has reported. According to a bank official, even if a customer gets his salary in cash and deposits it in the account, he will be fined, as the procedure is not considered as a "salary transfer".

  • Emirates seeks more access to Canada

    Emirates Airline has launched a lobbying campaign in Canada aimed at convincing transport authorities to allow it to add more flights to the North American nation, the Ottawa Citizen has reported. Emirates wants to increase the number of its flights between Dubai and Toronto from three times a week to as much as twice a day, as well as adding daily service to and from airports in Vancouver and Calgary.

  • Emirates set to launch Tokyo route

    The first non-stop flight to Tokyo by Emirates Airline will be launched on March 28, the Dubai-based airline has announced. A Boeing 777-300ER will be operating the route, with 42 flat-bed seats in business class and 304 economy class seats. Tokyo's launch will be followed by the start of services to Amsterdam on May 1, Prague on July 1, and the Spanish city of Madrid on August 1.

  • Eni-led consortium wins Zubair oilfield contract

    Dhiya Jaafar, head of Iraq's South Oil Co has said that a contract to develop the country's four billion barrel Zubair oilfield was won by a group led by Italian oil major Eni effective on Thursday, Reuters has reported. The Eni-led consortium plans to invest about $20bn in Zubair over the 20-year term of the contract, which can be extended to 25 years. Eni is in partnership with U.S.-based Occidental Petroleum Corp and South Korea's KOGAS.

  • Enoc to expand in exploration, production

    Petri Pentti, CFO of Emirates National Oil Co. (Enoc) has said the firm plans to expand in exploration, production and storage to help counter tight profit margins, Bloomberg has reported. 'We are still focused on establishing ourselves as a vertically integrated company' after abandoning a bid to buy all of exploration unit Dragon Oil Plc last year, Pentti was quoted as saying. ENOC's sales fell about 41% to $8.5bn last year from $12bn in 2008 as oil prices declined, he said.

  • Esterad cancels convertible bond offer

    Esterad Investment Co., a Bahraini trade and investment firm, has called off a plan to offer BD7m ($18.6m) in convertible bonds due to market conditions, Bloomberg has reported. 'The decision for retraction was in light of the prevailing conditions of the lending markets and liquidity regionally and globally,' the company said.

  • Etihad adds seven flights to Australia

    Following bilateral negotiations between the UAE and Australian Government in Canberra, Etihad Airways has secured seven additional weekly flight frequencies from its Abu Dhabi home-base to Australia. The seven flights can be operated to any gateway in Australia including the carrier's current destinations of Sydney, Brisbane and Melbourne. A further seven weekly flights have been granted to Etihad, provided the operation also flies via or onto a regional airport. Etihad currently flies 21 ti

  • Etihad launches service to Japan

    Etihad Airways has commenced operations to Japan with the launch of its Nagoya-Abu Dhabi service. The airline will initially fly four times a week to Nagoya, via Beijing, increasing to five flights a week from March 29, operating two-class Airbus A330 aircraft on the route. Another service from Abu Dhabi to Tokyo will also be launched on March 27, the carrier said.

  • Etihad to raise capacity on Manchester route

    Etihad Airways has said it will raise capacity by close to 60% on its Manchester services from June, upgrading its current two-class A330-200 aircraft to a two-class B777-300. The capacity increase will mean an additional 2,100 seats per week on the route. The airline currently operates seven return services per week between Manchester and Abu Dhabi.

  • Etisalat extends IP reach in US and Latin America

    Etisalat has inked an agreement with IP solutions provider Global Crossing to provide seamless connectivity alternatives through its own IP/MPLS (Multiprotocol Label Switching) network for customers who want to expand their connectivity to the United States, Canada and Latin America from the United Arab Emirates. Etisalat has set up its own node in New York that will offer secure IP/MPLS links to carry data traffic on its own network. The telecom company is expecting the service will translat

  • Etisalat eyes stake in Iraqi operator

    Mohammad Omran, Chairman of UAE-based Etisalat has said the company is close to buying a majority stake in Iraq's Korek Telecom as it looks to double revenues from overseas operations in three years, Reuters has reported. 'Etisalat is almost near to finalising a deal with Korek,' Mohammad Omran said at a press conference, adding it was in talks to buy a majority stake in the northern Iraq-based telecom firm.

  • Etisalat falls short of profit target

    UAE-based telecom provider Etisalat's 2009 profit was below forecasts as it was hit by a bigger slowdown in growth than expected, reported the National. The company made a profit of Dhs8.84 billion (US$2.4bn) last year, an increase of 3.6% on 2008. Revenues rose by 5% to Dhs30.8bn. However, profit excluding Dhs892m of exceptional income earned in 2008, through the sale of a stake in its Saudi subsidiary, was up by 16%.

  • Etisalat launches collect call service in UAE

    Etisalat has announced the launch of its Collect Call service in the UAE, enabling customers to make phone calls that will be charged to the call receiver. The new service allows users to call only mobile phones within Etisalat network across the country. Calls can be made from any telephone within the Etisalat network, including mobile devices, fixed lines or payphones.

  • Etisalat plans acquisitions in six Mena markets

    Etisalat has announced at the Mobile World Congress, its plans to enter 'six possible markets which would involve both the acquisition of green-field licenses within markets with low penetration levels and industry consolidation' in the Mena region. The UAE-based telecoms company has deployed fiber-optic networks in Sudan and also in the UAE, which will soon offer GPON connectivity to the home with a capacity of 10Gbps. Etisalat has also started the commercial trial of LTE, an important step

  • Etisalat to boost stake in Indian unit

    UAE-based telecom provider Etisalat plans to raise its stake in its Indian unit and buy the rest of its African venture, Reuters has reported. The company, which currently holds 44.7% of Etisalat DB, said it is seeking approval to raise its stake to 50%, plus one share. It also said it had bought the rest of its stake in Africa-focused firm, Atlantique Telecom for $75m. Atlantique holds majority stakes in seven telecommunications organisations in Africa, including in Niger, Togo and Gabon, an

  • Etisalat's subscriber base tops 100 million

    UAE-based Etisalat has said its subscriber base has exceeded 100 million across its 18 markets in the Middle East, Asia and Africa. The firm has operations and investments in countries including the UAE, Saudi Arabia, Egypt, Sudan, Pakistan, Tanzania, Benin, Burkina Faso, Gabon, Niger, Togo, Republic of Central Africa, Ivory Coast, Nigeria, Afghanistan, India, Indonesia and Sri Lanka.

  • EU to fund EUR1m Jordan nuclear training project

    Jordan's Nuclear Regulatory Commission has announced a €1m project funded by the European Union to support staff training in preparation for the kingdom's nuclear power programme, Jordan Times has reported. The two-year project aims to provide expertise, training and guidance to Jordanian staff by EU experts. It will also call for local and regional workshops in the field.

  • Ezz Dekheila Steel profit falls 76% in 2009

    Net profit of Egypt's Al Ezz Dekheila Steel, a unit of Ezz Steel, plunged 76% last year, Reuters has reported. The company's unconsolidated net profit was EGP724.4m ($131.9m), compared with EGP2.97bn the previous year. Net sales fell 30% to EGP8.16bn, compared to EGP11.64bn in 2008.

  • Faqeeh Poultry to invest SR3bn in expansion

    Saudi Arabia's Faqeeh Poultry Farms, the world's largest individually-owned poultry farm, has announced plans to invest more than SR3bn, as part of a plan to boost production over the next five years, Arab News has reported. The five-year plan aims to boost the company's daily production to one million broiler chickens and three million table eggs. "The SR3bn development plan includes launching new farms, chicken feed factories, model abattoirs and a vast logistic system for the prompt supply

  • Firms complete financing for New Cairo wastewater project

    Loan is 300 basis points above Central Bank of Egypt’s lending rate

  • First developer breaks ground on The World

    Dubai-based Kleindienst Group has officially broken ground on Germany Island, becoming the first developer to start construction on The World islands in Dubai. 'While we are the first developer to begin construction, we are aware of several more that are not far behind us. The World project is very real, it is taking shape as we speak and I firmly believe that when complete it will become the most expensive property in the emirate of Dubai,' chief executive Josef Kleindienst said. Since The H

  • Firstpress posts 2009 revenues

    Dubai-based Firstpress Middle East, a manufacturer of blow moulded plastic containers and wholly owned subsidiary of UK-based Firstpress Ltd, has said its total revenue at the end of 2009 had increased by 49% to reach in excess of Dhs10m, compared to Dhs6.75m in 2008. The group said that the growth was due to "an increase in local and regional demand, its strategic location, innovation and its recent addition of two more machines, which led to 50% increase in its production capacity."

  • Fitch upholds TDIC ratings

    Fitch Ratings has upheld Abu Dhabi-based Tourism Development and Investment's (TDIC) Long-term Issuer Default Rating (IDR) and senior unsecured ratings at 'AA' and its Short-term IDR at 'F1+'. The outlook for the Long-term IDR is 'Stable', it said. "Despite adverse market conditions, TDIC continues to have strong access to capital through bank lending and the capital markets," the rating agency said. TDIC's has 71 tourism projects in its current portfolio.

  • Floating of prices for Arab pharmaceuticals needed, says expert

    The chairman of the Arab Union for Producers of Pharmaceuticals and Medical Equipment has called for the floating of the price of Arab pharmaceutical products, Kuna has reported. Such a move would boost the Arab pharmaceutical industry and help it overcome the challenges it is facing, he said, noting that the investments in the industry stand at $3.2bn, accommodating 50% of the region's requirements, he said.

  • Foster Wheeler sets up Saudi joint venture

    Move is response to Saudi Aramco pressure on international firms to work with local partners

  • France lends $307m to Morocco for rail scheme

    Rabat to buy rolling stock for Casablanca tramway project

  • Fujairah offers a contingency plan to combat Iranian oil threat

    Tehran is driving the West to distraction with its nuclear plans. The Gulf, meanwhile, will complete a project in April that should help make Gulf oil supplies more secure

  • GAC launches maritime training initiative

    GAC, the Dubai-based shipping, logistics and marine services provider, has formed a joint venture with the National Maritime College of Ireland to provide training courses for both seafarers and shore-based shipping personnel. The new venture, GAC Training & Service Solutions, will offer course modules ranging from safety and security to laytime and demurrage for terminal jetty operators. Courses will be available at the training facility at NMCI in Cork, Ireland, the client's location and th

  • Gaddafi’s son announces development of Zwara economic zone

    Tripoli passes law to develop area from Melita to Ras Ijdair

  • Galfar Engineering wins two contracts in Oman

    Oman-based Galfar Engineering & Contracting has said it has won two contracts with a combined value of OR50.5m ($131m), Bloomberg has reported. The first is a OR40.5m contract from the ministry of transport and communications for works at the Ras Al Hadd Airport, while the second is a OR10m from the ministry of health to build an accident and emergency department at Khoula Hospital.

  • Galfar wins Ras al-Hadd airport contract

    Deal covers construction of a runway

  • Gartner sees 9.1% growth in UAE IT spending

    US-based information technology research and advisory firm, Gartner has said that IT spending in the UAE is expected to witness a 9.1% growth this year to $15.91bn compared to last year's $14.54bn as focus shifts to broader IT services, Gulf News has reported. "Consumer spending will be much stronger than enterprise spending this year. Overall enterprise spending will be around 25% of the total IT spending while the rest is for consumer spending," Vittorio D'Orazio, principal research analyst

  • Gaza/West Bank: Solid waste management project

    Provision of construction supervision services for landfill and transfer stations for a solid waste management project. Closing date: 17 February 2010

  • GBM eyes Iraq in Mideast expansion

    Cesare Cardone, CEO of Gulf Business Machines (GBM) has said the firm is looking to expand its operation further across the region, eyeing Iraq as one of the countries offering scope for geographic expansion, Trade Arabia has reported. Cardone said the company is ruling out any near-term expansion in Iran due to sanctions. Its business in hardware, servers and storage has declined about 15 to 20% services business are all buffeting the downturn. Cardone mentioned, Abu Dhabi and Qatar as large

  • GCC monetary council to meet in March

    Abdulrahman Al Attiyah, secretary-general of the Gulf Cooperation Council, has said the bloc's central bank governors will hold the first meeting of their joint monetary council on March 30, the next step towards monetary union, Reuters has reported. Governors will discuss legal and administrative issues in order 'to speed up the single currency', and form a board of directors for the project, he said. Attiyah said there was still hope the UAE, which opted out of the monetary union in May in

  • GE, Al Tamimi in heat exchanger JV

    Saudi-based Ali Abdullah Al-Tamimi Co has formed a joint venture with GE Oil and Gas to manufacture air-cooled heat exchangers in the kingdom for use in the oil and gas industry, Arab News has reported. The joint venture, 25-75 Dammam-based partnership, will manufacture and test air-cooled heat exchangers, typically used in oil and gas applications.

  • GFH expects to raise $420m from asset sales

    Bahrain-based investment bank Gulf Finance House plans to raise $420m from asset sales, The National reported, citing acting CEO Ted Pretty. Gulf Finance paid back $200m of its $300m debt this month, and plans to repay the rest through the sale of assets including stakes in Khaleeji Commercial Bank, Bayan Holding and Gulf Holding, Pretty was cited as saying by the paper. The investment bank plans to reduce expenses by as much as 45%t by paring its workforce, outsourcing some work and consolid

  • Global IT spend to grow 3%

    IT research firm, IDC has said that global IT spending is expected to increase by just 3% in 2010 at constant currency, but projected a stronger comeback for the sector in the Middle East region. IT spending in the Middle East and Africa is expected to return to growth this year (12% at constant currency), after a 2.5% decline last year, IDC said.

  • Global yacht charters see growth in Middle East

    The Middle East has strong potential to become a preferred luxury yacht chartering destination, leading global yacht chartering firms told Gulf News. They cite the steady expansion of the region's infrastructure, particularly marinas, and a growing vessel support network as key drivers in putting the area on their's and their client's radars. Amanda Armstrong, charter broker at Burgess Yachts, professional superyachting service, said clients 'are always on the lookout for new destinations and

  • Globalfoundries to make smartphone and tablet microchips

    Customised microchip maker, Globalfoundries has signed an agreement with chip designer, ARM to make microchips for smartphones and tablets, The National has reported. Globalfoundries's partnership with ARM is another sign that the company is aggressively focusing on high-value customers to win market share from its rivals, said Thomas Sonderman, the vice president of manufacturing systems and technology for Globalfoundries. Globalfoundries is Abu Dhabi's Advanced Technology Investment Company

  • Google seeks lobbyist for Middle East

    Online search engine Google, the world's largest internet company, is seeking an Arab political professional to lobby on its behalf on issues of internet law and regulation in the region, the National has reported. The lobbyist will 'advocate on behalf of Google direct with politicians and policymakers at every legislative leve', Google said, and 'work with trade associations, industry partners, non-profit groups and other allies to promote and build support for Google's policy positions.' Go

  • Gourmet Gulf to open 100 outlets by 2014

    Dubai-based food and beverage retail firm Gourmet Gulf has unveiled its franchise-driven strategy targeting 100 units by 2014 for the Middle East and India. The company's expansion plans will include opening 17 outlets in 2010. 'In the first half of 2010, our focus will be on the Saudi market, particularly Jeddah, Riyadh and Dahran," Antonio Bautista, chief operating officer of the company said. Gourmet Gulf currently operates 20 units in the UAE, Saudi Arabia, Kuwait, Oman and Bahrain.

  • Green talk from Hyder at AWCS

    Rod Stewart, Regional MD, Hyder Consulting Middle East talks to Phil Blizzard at the Arabian World Construction Summit (AWCS) about green issues facing the construction industry.

  • GSK denies reports of faulty swine flu jabs

    Mohammed Sulaiman, medical director at GlaxoSmithKline has dismissed as 'false' reports that relations between the Saudi health ministry and GSK have soured over the alleged discovery of hundreds of thousands of faulty swine flu jabs, Arab News has reported. 'We have had no problems with the Ministry of Health or concerned bodies relating to any problems with vaccines,' Sulaiman told the newspaper. 'We have been supplying vaccines in Saudi Arabia and other countries around the world without i

  • Gulf Air ownership moved to Bahrain government

    Ownership of Gulf Air will be transferred from Bahrain's sovereign wealth fund, Mumtalakat, to the kingdom's government, Reuters has reported. Talal Al Zain, chief executive of Mumtalakat, told the news service that the government may still privatise the airline. "Eventually the government might still decide to do that, everything can be privatised," he said.

  • Gulf Air to combine premium classes

    Bahrain-based Gulf Air plans to combine its first and business class beginning March 1, CEO Samer Majali told Reuters. He said the reason behind the change was that a large amount of the carrier's traffic consists of passengers transiting through the kingdom and it would be easier to cater to them with just one premium offer. 'We decided to move to one super business class offering by combining the two cabins without changing the seating,' he told the news service.

  • Gulf Bank looks to break even in H1

    Gulf Bank's CEO Michel Accad says he expects the first and second quarters of this year to be difficult and challenging 'but we expect to be in the breakeven range', he told Bloomberg. The Kuwaiti lender, which lost about $1.3bn in derivatives trading, said its full-year net loss narrowed to KD28.1m ($97.6m) in 2009, compared with a loss of KD359.5m in 2008. Provisions requirements of KD111m for the credit portfolio led to the loss, the bank said.

  • Gulf Bridge International and du ink cable landing deal

    Gulf Bridge International has signed an agreement with UAE's telecom provider du, under which du will land GBI's new submarine cable in its newly built Fujairah Cable Landing Station. The cable system, which will utilise the latest subsea fibre cable technology, will connect all the countries of the Gulf region to each other and provide onward connectivity to Europe and Asia.

  • Gulf Capital buys 75% of Technoscan

    Abu Dhabi-based private equity firm Gulf Capital has acquired a 75% interest in TechnoScan, the largest chain of medical diagnostic imaging centres in the Middle East. TechnoScan, founded in 1995 in Egypt, currently operates 15 imaging centres, 13 of which are wholly owned and 2 of which are owned in partnership with other investors.

  • Gulf Finance House asks for extension on $300m loan

    Extension request comes after failed attempt to refinance loan last year

  • Gulf Finance House completes restructuring of $300m loan

    Pricing on debt increases because of extension repayment date

  • Gulf Finance House posts $607m Q4 loss

    Bahrain's Gulf Finance House has recorded a $607m fourth-quarter loss compared to an $11m loss during the fourth quarter of 2008, Reuters has reported. The Islamic investment firm posted a full-year net loss of $728m, compared to a $292m net profit during the previous year.

  • Gulf Finance House reaches loan deal

    Bahrain-based Islamic investment firm, Gulf Finance House (GFH) has reached an agreement with lenders to defer repayment on one third of a $300m loan for six months, Reuters has reported. GFH replaced the $300m Murabaha loan maturing on February 10 with a new six-month $100m facility, having repaid the other $200m.

  • Gulf Finance House seeks to defer loan payment

    Bahrain-based Gulf Finance House said yesterday it is seeking to defer payment of a third of a $300m loan due next week. 'Gulf Finance House ... confirms that it has been in discussions with members of the WestLB syndicate to extend only $100m of its $300m facility for a period of six months," it said in a statement, adding it proposes to pay $200m on Feb. 10 when the loan comes due, reported Reuters.

  • Gulf firms lose billions in Q4

    Companies operating in the Gulf suffered losses in excess of $3.5bn in the final quarter of 2010, suggesting that the downturn is still affecting many of the region's economies and may continue to do so for months, the National has reported. Finance and property companies led fourth-quarter losses, which have weighed heavily on regional markets over recent weeks. Bahrain-based Islamic investment bank Gulf Finance House was the biggest loser in the region, with losses of $607.2m. It was follow

  • Gulf Projects 1 February 2010: Index falls 0.3 per cent

    The MEED Projects index fell by 0.3 per cent in the week to 1 February

  • Gulf Projects 1 March 2010: Index down 0.1 per cent

    The MEED Projects index decreased by 0.1 per cent in the week to 1 March.

  • Gulf Projects 15 February 2010: Index remained unchanged

    The MEED Projects index remained unchanged in the week to 15 February.

  • Gulf Projects 22 February 2010: Index rises by 0.4 per cent

    The MEED Projects index rose by 0.4 per cent in the week to 22 February.

  • Gulf Projects 8 February 2010: Index gains 2.3 per cent

    The MEED Projects index gained 2.3 per cent reaching $2.8 trillion in the week to 8 February

  • Gulf Spic bids low for Kuwait refinery deal

    Local firm submitted price of $31.2m in February

  • Gulftainer banks on expansion for 15% growth

    Sharjah-based Gulftainer has reported an 11% increase in revenue and throughput from 2.5 million TEUs in 2008 to 2.7 million TEUs in 2009, Emirates Business has reported. The growth was fuelled by an increased productivity of up to 12% in 2009, which they plan to further increase to 78% this year, Peter Richards, Gultainer Executive Director and General Manager said. The company is aiming for a 15% growth in 2010, banking on the expansions in the Sharjah terminals. Gultainer is planning to go

  • Gulftainer to operate berth at Umm Qasr port

    Sharjah ports firm becomes third foreign operator at Iraqi gateway

  • Halcrow revises Bahrain construction standards

    Specifications could form a template for other markets

  • Hans Blix to lead UAE nuclear panel

    The UAE has established an international advisory board (IAB) to support its peaceful nuclear energy programme. The nine-member IAB will be chaired by Dr Hans Blix, who served as director-general of the International Atomic Energy Agency for four terms from 1981 to 1997. 'The IAB will provide the UAE nuclear programme with the benefit of the expertise and knowledge of a highly select group of internationally recognised experts in the fields of peaceful nuclear energy,' the UAE's Ministry of P

  • HealthPlus Women's Health Center opens in Abu Dhabi

    Abu Dhabi-based HealthPlus has inaugurated the capital's first Centre of Excellence in Women's Health. HealthPlus Women's Health Centre is the first to open in the planned network of 20 premium outpatient centres. The centre offers a range of sub-specialty services including General Obstetrics & Gynecology, Maternal-Fetal Medicine, Minimally Invasive Surgery, Urogynecology and Reproductive Medicine.

  • Herfy to open 17 fast food outlets in Saudi Arabia

    Saudi Arabia's largest fast-food chain, Herfy Food Services has said in a statement on the Saudi bourse, it is planning to open 17 new restaurants this year, bringing the total number of branches in the kingdom to 173, Saudi Gazette has reported. The company, which has recently opened three restaurants in Ras Tanura, Riyadh and Dammam, had by mid-June last year, restaurants in Saudi Arabia, Bahrain, Egypt, Kuwait and the UAE.

  • Hilal Bank plans retail expansion in 2010

    Mohamed Berro, CEO of Abu Dhabi-based Al Hilal Bank, said the lender plans to expand its credit and retail business by adding at least six new branches in the country, Reuters has reported. The government-owned Islamic lender also plans to expand in former Soviet markets after it opens the region's first Islamic bank in Kazakhstan this April, he said.

  • Home water supplies found with Legionnaires' bug

    Water supply of some homes in Dubai had been found with bacteria that can cause deadly Legionnaires' disease, The National has reported. Although often associated with air-conditioning systems, the bug can thrive in water, including roof tanks, taps, pipes and showers. Dr Ulrich Wernery, the scientific director of the Central Veterinary Research Laboratory in Dubai has said that 147 water samples the laboratory had tested in a six-year period from 2004, 53 were positive. The flu-like disease

  • Hotel investment in Dubai among costliest in Middle East

    A new study by hospitality consultancy HVS International has found that Dubai, Abu Dhabi and Doha have emerged as the three most expensive Middle Eastern markets to develop hotels in the five- and four-star categories, Emirates Business has reported. The three least expensive regional markets to develop a hotel in are Damascus, Amman and Cairo in the same hotel categories, according to the report.

  • Hotels in Qatar face closure over star criteria

    Qatar Tourism Authority has said that eight hotels across Doha are facing closure for failing to comply with its star classification requirements, the Peninsula has reported. The hotels have been asked to upgrade their standard, security and safety aspects to maintain their star classification and have been given until end of next month to show compliance or be shut down, QTA said.

  • House of Fraser expands in GCC with Retail Arabia

    Dubai-based Retail Arabia International has signed a partnership agreement with UK-based department store group, House of Fraser, as part of the company's strategy to expand its portfolio of brands across the region. The deal will see House of Fraser open stores potentially in Cairo, Riyadh, Jeddah, Dhahran, Abu Dhabi, Muscat and Doha. Retail Arabia International has already brought a number of retailers to the region including Oscar de la Renta, David Morris, the jewellers and Hamleys toy st

  • Housing to boost Saudi inflation in Q1

    Housing will help keep Saudi Arabia's inflation rising during the first quarter, but it will remain below 1.5%, the kingdom's central bank said in a report. Most of the inflationary pressures in the kingdom come from the renovation, home rent and fuel group, the report said. The home rents index rose 14.2% in 2009 up from an average 5.3% per year over the previous five years

  • HP rolls out data centre services for small businesses

    Technology behemoth HP has rolled out a new line of services for small and mid-size data centres, targeting clients that are looking to either outsource the task of coordinating support for their IT assets with multiple vendors, increase data centre efficiency or to assess capacity of their mission-critical facilities. It expands on the offerings provided through the company's services division, which in the most recently completed fiscal quarter was responsible for $8.7bn in revenue, or abou

  • HP unveils web-connected home printer

    HP has unveiled the world's first web-connected home printer at the Cairo ICT 2010, the HP Photosmart Premium with TouchSmart Web. The new printer features a new web-based printing platform with HP applications. In addition to receiving apps preloaded on the printer, users can download new ones as they become available at the HP Apps Studio. The web-enabled printer, which has a 4.33-inch touch-screen, prints, faxes, copies and scans - producing laser-quality text documents and lab-quality pho

  • HSBC expects more sukuks in 2010

    HSBC's Amanah Islamic banking division expects double-digit revenue growth and more sukuk mandates in 2010 compared to last year, Razi Fakih, deputy chief executive of Amanah told Reuters. HSBC expects to have more than the 15 mandates it had in 2009 for sukuk, or Islamic bond issues, Fakih told the news service.

  • Hyundai wins power transmission work in Kuwait

    Korean contractor to install overhead electricity lines

  • IATA: Airline revenues may take years to recover

    The International Air Transport Association (IATA) has said that despite early reports from some airlines indicating improved financial performance in the fourth quarter of last year, it may be several years before revenues recover, Reuters has reported. "There is still some way to go - perhaps several years - before the revenue environment can be described as having 'recovered'," the IATA said.

  • Ibis plans Middle East expansion

    Accor Hospitality's budget hotel brand ibis has announced plans to open a new property in Dubai next month along with four more hotels in the GCC region over the next two years. The opening of the 280-room ibis Al Rigga in March will expand the ibis network to eight ibis hotels in the region. Christophe Landais, managing director, Accor Hospitality Middle East, said the region was 'a primary growth market', adding that four more ibis hotels were under development in Kuwait, Bahrain and the UA

  • IBM has largest server market share as Middle East grows

    While selling less units than HP, its chief rival in the server space, IBM retained its lead in revenue from worldwide server sales in the final quarter of 2009. According to market research firm Gartner, the vendor's sever revenues were followed by those of HP, Dell, Sun and Fujitsu. The worldwide server market overall showed signs of recovery from its slump, growing by 4.5% year-over-year. Fastest growth in server shipments took place in Asia-Pacific (19.6%), Middle East and Africa (13.4%)

  • IBM unveils new POWER7 systems

    IBM has launched its new POWER7 systems designed for applications ranging from smart electrical grids to real-time analytics for financial markets. The new POWER7 systems are capable of managing millions of transactions in real time and analyze the associated volumes of data typical of emerging applications. The new systems and management software include IBM Power 780, Power 770, Power 755, Power 750 Express, and the IBM Systems Director Express, Standard and Enterprise Editions.

  • IEA: UAE December output hits 2.28m bpd

    According to the latest estimates by the International Energy Agency (IEA), the UAE's crude oil production in December rose marginally over the previous month to 2.28 million barrels per day (bpd) with the country's compliance with production cuts previously announced by Opec standing at a high 98%, Gulf News has reported. For the full year 2009, the country's oil output averaged 2.27 million bpd, 12.2% lower than the 2008 average, the IEA said.

  • IFA posts $17m half-year loss

    Kuwaiti hotel and tourism project developer IFA Hotels & Resorts has announced the company's half-year results to the end of 2009, reporting a loss of 4.96 million Kuwaiti dinars ($17.37m). Shareholders' equity of 66.12 million Kuwaiti dinars compared with 66.89 million Kuwaiti dinars for the same period last year. The company's total assets have increased 18% to 393.14 million Kuwaiti dinars.

  • IMF calls for 'vigorous' restructuring of Dubai-owned firms

    A new report by the the International Monetary Fund urges a 'vigorous' restructuring of Dubai's state companies, including giving up nonviable businesses, Bloomberg has reported. While market sentiment has improved since Dubai received financial support last year from the wealthier neighboring emirate of Abu Dhabi, 'uncertainties remain,' the Washington-based lender said.

  • Indian board opens helpline for students in Gulf

    Three help lines have been launched by India's Central Board of Secondary Education in Qatar, Kuwait, Dubai to help students of Classes 10 and 12 in Gulf countries overcome exam stress, Khaleej Times has reported. The first phase of CBSE counselling has begun and will continue till April 8, 2010. The CBSE Class 10 and 12 board examinations are starting March 3 and thousands of students in scores of Gulf schools will sit for the exams.

  • Indian schools in Dubai seek to open shift system

    Indian schools in Dubai are seeking to open the shift system to accommodate more students, after receiving admission requests beyond their capacity, Gulf News has reported. Despite the education ministry's objection to the shift system, Ali Mehad, director general at the ministry told the newspaper that the issue of demand-and-supply imbalance in the market will be examined in a bid to devise a solution to the current capacity issue.

  • India's Paramount to fly to Gulf

    India's Paramount Airways has announced plans to start flights to the Gulf region, Emirates Business has reported. The carrier's managing director, M Thiagarajan, said flights between India and Dubai will start sometime between October and December this year, with plans to start services from India to other Gulf destinations such as Abu Dhabi, Sharjah and Doha. The privately held Indian airline has an all-business-class fleet.

  • Intel and Nokia merge software platforms

    Intel Corp and Nokia have announced they will merge their Moblin and Maemo software platforms. The open software platform, called MeeGo, aims to accelerate industry innovation and time-to-market for new Internet-based applications and services. MeeGo-based devices from Nokia and other manufacturers are expected to be launched later this year.

  • International Consortia submit bids for Abu Dhabi highway

    Abu Dhabi's Department of Transport has announced it has received bids from three international consortia competing for the 25 year concession to upgrade, finance, operate and maintain the Mafraq - Ghweifat Highway, Wam has reported. The project, which is the first transport-related public-private partnership project in the GCC, will see the highway widened to four lanes in each direction (three in the less-trafficked portions near Ghweifat) and upgraded to meet international standards in hig

  • Iran and Qatar to study shared gas field

    Tehran oil minister holds talks with Doha delegation

  • Iran announces oil and gas field finds

    Halegan and Somar fields

  • Iran awards $230m oilfield development contract

    Global Petro Tech Kish Company wins contract for Azar and Band-Karkheh fields

  • Iran calls for wastewater project finance bids

    Khorasan Razavi Water & Wastewater plans treatment plant and collection network

  • Iran discovers two oil, gas fields

    Masoud Mirkazemi, Iran's oil minister has announced that two oil and gas fields have been discovered in western Kermanshah and southern Fars provinces, respectively, Mehr news agency has reported. Soumar oilfield is estimated to have 475 million barrels of in-situ crude oil reserve, 70 million barrels recoverable, while Halgan gas field will have a daily production capacity of 50 million cubic metres of gas.

  • Iran expects oil demand and price to rise in H2

    An increase in oil demand in the second half of 2010 will cause a rise in oil prices, Iran's OPEC governor, Mohammad Ali Khatibi, was quoted as saying in daily paper Mardomsalari. 'Based on projections, the global demand for oil in the second half of 2010 will increase on average by 1-1.4 million bpd, and this will push up oil prices,' he said.

  • Iran gas imports drop 26 per cent

    Tehran increases exports to Turkey

  • Iran Khodro set to unveil Peugeot 207i

    Mir-Javad Soleimani, vice-president of Iranian carmaker, Iran Khodro Co has said the firm will unveil its first produced Peugeot 207i today, Mehr News Agency has reported. The new model will be distributed in countries which are Peugeot trade partners including Brazil, Argentina, Malaysia and China, he said. Starting next Iranian calendar year (starting March 2010) 15-20 thousand units of the car will be built, he added.

  • Iran plans to double oil, gas refining in 5 years

    Seifollah Jashnsaz, Iran's deputy oil minister and head of National Iranian Oil Co, has announced the country plans to double its refining oil and gas capacity in the next five years, Reuters has reported. Foreign investment in the oil and gas sector was continuing, he noted, pointing to Russia and China, who have stayed close to Tehran despite Western pressure over its nuclear energy programme.

  • Iran says gas field has 12.4 trillion cubic feet

    Mahmoud Mohaddes, director of exploration at the National Iranian Oil has said that the recently discovered Halgan gas field has reserves of 12.4 trillion cubic feet, with an estimated 249 million barrels of condensate gas, Reuters has reported. Of the 249 million barrels of condensates, 98 million are recoverable, he said, adding that once the field is developed, NIOC will be able to produce 50 million cubic metres of gas a day over a 20-year period.

  • Iran seeks to issue $1bn in bonds to fund power plants

    Iran plans to issue $1bn in bonds in the year beginning March 21 to finance new power plants and work on existing plants, subject to the approval of parliament, the state-run Mehr news agency said.

  • Iran: Crane

    Supply of a rough terrain crane. Closing date: 3 March 2010

  • Iran: Ion exchange resins

    Supply of ion exchange resins. Closing date: 27 February 2020

  • Iran: Isomerisation catalyst

    Supply of isomerisation catalyst. Closing date: 10 March 2010

  • Iran: Oil and gas well BOP upgrade

    Refurbishment and upgrading of blowout preventer (BOP) units. Closing date: 10 April 2010

  • Iran: Oil field development

    Carrying out an integrated reservoir study in the Hendijan oil field, and development planning and consultancy services. Closing date: 6 March 2010

  • Iran: Oil field services

    Provision of electrical wire line, production logging, perforation and plug setting services at an oil field. Closing date: not stated

  • Iran: Oil well study and analysis

    Provision of consultancy services comprising oil well core study and analysis. Closing date: 16 March 2010

  • Iran: Pipes, fittings and valves

    Supply of pipes and fittings and valves. Closing date: 21 March 2010

  • Iran: Protection relays

    Supply of current differential protection relays. Closing date: 3 February 2010

  • Iran: Satellite space

    Rental of satellite space for broadcasting a television channel. Closing date: 6 March 2010

  • Iran: Smelter expansion

    Provision of engineering, procurement and construction (EPC) services for the expansion of a smelting plant at a copper complex. Closing date: not stated

  • Iran: Steel rolling mill expansion

    Implementation, on an engineering, procurement and construction (EPC) basis, of the expansion of a steel rolling mill. Closing date: 27 February 2010

  • Iran: Wastewater treatment plant and collection network

    Engineering, procurement and construction, plus financing, of a wastewater treatment plant and collection network. Closing date: 26 March 2010

  • Iran's Kish gas field development signed

    Local consortium wins $10bn contract

  • Iraq completes final deal in second licensing round

    Baghdad signs West Qurna 2 field contract with Lukoil and Statoil

  • Iraq crude pipeline hit by blast

    Production at Dora refinery cut

  • Iraq secures fresh $3.6bn credit

    International Monetary Fund approves facilities for Baghdad

  • Iraq to adopt Argus crude price index from April

    Falah Al-Amri, head of the Iraq's Oil Marketing Co. has said that that oil sold to the US will be priced off the Argus Sour Crude Index starting in April, Bloomberg has reported. The marker will replace an index based on sweet crude contracts traded on Nymex Holdings Inc.'s New York Mercantile exchange. According to Argus Media, publisher of the marker more than 1.6 million barrels a day of Middle East crude shipments to the US are now priced off the sour crude index, which includes about 1 m

  • Iraq to redenominate its currency

    Mudher Kasim, a senior advisor at Iraq's central bank, has said the country expects to redenominate its dinar currency by omitting three zeros off the nominal value of bank notes to facilitate currency transactions, Reuters has reported. 'The goal is to improve the payment and receiving system in the country and consequently to reform cash management,' he said. New notes are expected to be rolled out by the end of the year or the beginning of 2011, he said.

  • Iraq to use Argus benchmark for oil exports to US

    Baghdad to implement new crude pricing formula in April

  • Iraq: Amphibious excavators

    Supply of 40 amphibious excavators. Closing date: 15 March 2010

  • Iraq: Base oil

    Supply of 500 tonnes of base oil. Closing date: 23 February 2010

  • Iraq: Booster pump spares

    Supply of spare parts for booster pumps. Closing date: 24 March 2010

  • Iraq: Bus-bar protection relay panels

    Supply of bus-bar protection relay panels for a power station. Closing date: 10 March 2010

  • Iraq: Centrifugal pumps

    Supply of three complete vertical centrifugal pumps. Closing date: 23 February 2010

  • Iraq: Computers

    Supply of computers, accessories, photocopiers, printers, video cameras, scanners and overhead projectors, etc. Closing date: 14 February 2010

  • Iraq: Condenser cooling tubes

    Supply of condenser cooling tubes for a power station. Closing date: 10 March 2010

  • Iraq: Cooling water system

    Implementation of a 10,000-cubic-metre-an-hour cooling water system. Closing date: 24 March 2010

  • Iraq: Copper rods

    Supply of 55 tonnes of copper rods. Closing date: 15 February 2010

  • Iraq: Engineering inspection materials

    Supply of materials for engineering inspections. Closing date: 8 March 2010

  • Iraq: Fire-water equipment

    Supply of fire-water equipment. Closing date: 14 March 2010

  • Iraq: Fuel tankers

    Supply of fuel tankers. Closing date: 22 March 2010

  • Iraq: Gas filling station

    Supply and installation of a gas filling station. Closing date: 28 February 2010

  • Iraq: Laboratory materials

    Supply of laboratory materials. Closing date: 24 March 2010

  • Iraq: Long-boom hydraulic excavators

    Supply of 30 long-boom hydraulic excavators. Closing date: 3 March 2010

  • Iraq: Medicinal raw materials

    Supply of medicinal raw materials. Closing date: 15 March 2010

  • Iraq: Mobile laboratories

    Supply of 20 mobile laboratories. Closing date: 17 February 2010

  • Iraq: Power plant air intake filters

    Supply of air intake filters for a power plant. Closing date: 8 March 2010

  • Iraq: Power station equipment

    Supply of spare parts for a power station. Closing date: 10 March 2010

  • Iraq: Power station equipment rehabilitation

    Rehabilitation of hot gas path equipment for a power station. Closing date: 8 March 2010

  • Iraq: School construction supervision

    Provision of consultancy services comprising the supervision of the construction of schools. Closing date: 11 March 2010

  • Iraq: Standard-boom hydraulic excavators

    Supply of 30 standard-boom hydraulic excavators. Closing date: 28 February 2010

  • Iraq: Steam boiler

    Supply of a steam boiler. Closing date: 1 March 2010

  • Iraq: Steam turbine generators

    Supply of steam turbine generators. Closing date: 1 March 2010

  • Iraq: Substation materials and works (Al-Fao)

    Supply of materials and carrying out building works at a substation (Al-Fao). Closing date: 3 February 2010

  • Iraq: Tipper trucks

    Supply of 15 tipper trucks. Closing date: 10 March 2010

  • Iraq: Wastewater treatment plant

    Supply of a wastewater treatment plant. Closing date: 24 March 2010

  • Iraq: Wheel excavators

    Supply of 25 wheel excavators. Closing date: 8 March 2010

  • Iraqi maritime fleet resumes global routes

    The Iraqi transportation ministry has said the country's maritime fleet has launched its first journey around the world in 10 years, with the departure of one of its ships from an Egyptian port, Aswat al-Iraq has reported. "The Iraqi al-Nasser, carrying 16,250 tonnes, has set off from the Egyptian port of al-Quseer heading to Malaysian ports," the ministry said in a statement.

  • Iraq's journey from democratic dream to sectarian headcount

    An ancient divide is becoming the dominant factor in Iraq’s new politics. Voting is no answer

  • Iraq's PM says no more oilfields for foreign companies

    Iraq's prime minister has said that there are no further plans to use foreign firms to develop its oilfields beyond ones auctioned off last year, Reuters has reported. Nuri al-Maliki said said Iraq should start thinking about developing its national oil firms and warned of 'staying captive in the hands of foreign oil firms'. 'I told the oil minister during a cabinet meeting that we will never sign any more contracts with foreign oil companies,' Maliki told supporters at a rally in the souther

  • Iraq-Turkey railway to reopen after seven years

    After a seven-year stoppage in the wake of the U.S.-led invasion of Iraq, a railway linking northern Iraq and Turkey has reopened, Reuters has reported. The train service between Mosul and southern Turkish city of Gaziantep, which covers a distance of about 600 km and will also carry freight, will operate twice a week.

  • Istithmar seeking buyers for Inchcape Shipping

    Istithmar World, the investment unit of Dubai World, has put Inchcape Shipping Services up for sale for $600m to $700m, the Financial Times has reported, citing people familiar with the situation that it didn't name. Advent International, Cinven, Charterhouse, Montagu, TPG and Kohlberg Kravis Roberts & Co. are among private equity groups working on potential bids.

  • Istithmar sells stake in Indian carrier SpiceJet

    Indian budget carrier, SpiceJet's director Ajay Singh has said that Istithmar World, a unit of Dubai World, has sold its 13% stake in the airline, Bloomberg has reported. Istithmar shall continue to hold some bonds issued by the airline, he noted. No comment has been taken yet from Istithmar during the weekend holiday in Dubai.

  • Istithmar to sell Inchcape for $700m

    A number of private equity firms bidding for the deal

  • Italian firm wins Oman port consultancy contract

    Sering International to complete feasibility study for Shinas port

  • Jacobs wins Saudi sulphur recovery design deal

    Contract is part of multi-billion dollar development of the offshore Arabiyah and Hasbah sour gas fields

  • Jadwa posts 2009 profit

    Saudi investment firm, Jadwa Investment has posted SR35.6m in net profits for 2009, Arab News has reported. The company stakeholders' entitlements rose 56% to SR1.158bn, compared to SR742m in 2008, with the price of each share reaching SR20.4. The board of directors recommended a distribution of 5% of profits.

  • Jafza unveils online service for licence renewals

    An online licence renewal has been launched by the Jebel Ali Free Zone (Jafza) that will enable customers to complete transactions online without visiting Jafza offices. The system, available on the Dubai Trade portal, does prorated licence sublease fee and late fee (if applicable) calculations online. The License Department can communicate with clients online at any stage of the renewal process, via online feedback comments.

  • Japanese design Saudi stock exchange

    Tower to be build at King Abdullah Financial District in Riyadh

  • Japanese firm to delay start of Egypt oil output to 2012

    Japan's AOC Holdings has said it will delay until May 2012 plans to start commercial crude oil output from Egypt's offshore Northwest October block in the northern Gulf of Suez, Reuters has reported. AOC, the parent of oil and gas development unit Arabian Oil Co, has a 50% stake in the block and state-owned Egyptian General Petroleum Corp holds the remainder. Production from the block had previously been slated for later in 2010.

  • Japanese win Jubail diesel refinery deal

    Sasref project produces 305,000 barrels a day of gasoline products

  • Jazeera Airways buys aircraft leasing firm Sahaab

    Kuwaiti low-cost carrier plans to expand business

  • Jazeera Airways buys Sahaab Aircraft Leasing

    Kuwait's Jazeera Airways has said it has acquired Sahaab Aircraft Leasing Co, a private aircraft leasing firm established in late 2008, for KD25.6m. Sahaab, which currently owns a fleet of nine Airbus A320s that were purchased and leased back to Jazeera Airways, will continue to operate as a fully-owned subsidiary of the airline. By 2016, Sahaab will have a minimum fleet of 38 Airbus A320s based on confirmed orders with the manufacturer, the company said.

  • Jordan CAA ends Royal Jordanian agreement

    Jordan's Civil Aviation Authority has cancelled the exclusive right of carrier Royal Jordanian to operate regular flights to and from the kingdom, Petra news agency has reported. The exclusivity deal, which was signed in 2002, aimed to boost RJ's financial performance and its privatisation plans. The Royal Wings and the Royal Falcons are the only firms licensed to operate scheduled flights in Jordan.

  • Jordan Central Bank to issue JD50m treasury bonds

    The Central Bank of Jordan said on Tuesday it has invited offers for six-month treasury bills worth 50 million dinars ($70.5m). The CBJ, acting on behalf of the government, will auction the T-bills to banks and investment and pension funds on Wednesday, and settlement will be a day later. The bills, which are open to local and foreign investors via banks, mature on Aug 11, 2010 and are the first to be sold in 2010.

  • Jordan cuts interest rates

    The Central Bank of Jordan has cut the benchmark interest rates in the kingdom by half-a-percentage point to boost economic growth, Bloomberg has reported. The Amman-based bank's open market operations committee, headed by Governor Umayya Toukan, lowered the rediscount, repurchase agreement and overnight window rates by half-a- percentage point. The rediscount rate was reduced to 4.25%, the repo rate to 4% and the overnight window rate to 2%. The new rates take effect today.

  • Jordan Dubai Islamic Bank begins operations

    Jordan Dubai Islamic Bank, a subsidiary of Dubai Islamic Bank, has announced the launch of its operations through its first and main branch in the Jordanian capital, Amman. The Shari'ah-compliant lender plans to open 10 branches in the kingdom by the end of this year. JDIB is registered as a public shareholding company with a capital of $70m.

  • Jordan potash exports down

    Data by the Central Bank of Jordan (CBJ) have showed that revenues of Jordan's exports of potash in the first eleven months of last year dropped to JD301m from JD461m during the corresponding period of 2008, Petra news agency has reported. CBJ said the decline was due to a 15.7% rise in prices and a 43.5% decrease in exported quantities. India, Indonesia, China accounted for 82.4% of the kingdom total potash exports, the data showed.

  • Jordan raises admission scores for private universities

    Jordan's Higher Education Council (HEC) has raised the minimum General Secondary Certificate Examination score for admission to the kingdom's private universities to 60% from 55%, Jordan Times has reported. The kingdom has 10 public and 16 private universities, in addition to some 54 community colleges, of which 14 are public, 24 private and others affiliated with the Jordan Armed Forces, the Civil Defence Department, the ministry of health and UNRWA.

  • Jordan seeks more Indian visitors

    The Jordan Tourism Board (JTB) has set a target of raising by 20% the number of Indian tourists visiting the kingdom in 2010, Jordan Times has reported. "The Indian market is a very important part of the Asian market, particularly since the Indian economy has not been negatively affected by the global financial crisis," JTB Director General Nayef Fayez told the newspaper. In 2009, the country had received around 29,000 Indian tourists, following the opening of a JTB office in New Delhi last A

  • Jordan slashes seats at public universities

    Jordan's unified admission committee has decided to almost halve the number of students accepted in public universities, from 6,900 seats to 3,864 seats for the spring semester of the 2009/2010 academic year, Jordan Times has reported. Walid Maani, higher education minister told the newspaper that the decision was taken due to overcrowded classrooms. He said the decision is in line with the universities' accreditation criteria to lower the number of students accepted in the Kingdom's public u

  • Jordan Telecom Group's '09 net profit rises 3.7%

    Jordan Telecom Group has reported a 3.7% growth in its net profit for 2009 at JD104m compared to JD100.3m in 2008, Jordan Times has reported. JTG's consolidated revenues in 2009 decreased slightly to JD400.1m compared to JD401.4m in the previous year. Subscriber base reached 2.75 million subscribers as of year-end 2009, compared to 2.52 million subscribers as of year end 2008, an increase of 9.2%, which the company attributed to competitive offers to the market and quality services.

  • Jordan to build JD100m metal plant

    The Jordan Industrial Estates Corp and International Technical Co for Metal Industries have signed a JD100m investment agreement, Jordan Times has reported. Under the agreement, the company will establish a factory at Al Muwaqqar Industrial Estate to produce various metal products to be marketed in local, regional and international markets. The plant is expected to be completed within two-and-a-half years.

  • Jordan to establish tourism development corporation

    Jordan's tourism ministry is negotiating with the private sector to set up a tourism development corporation to enhance tourism sites and services across the kingdom, Jordan Times has reported. The proposed joint venture will be provided with JD3m in capital, including a contribution estimated at JD400,000 from the ministry. The company will develop services and infrastructure in specific tourist areas, mainly the Citadel, Salt, Umm Qais and desert castles in the Eastern Badia.

  • Jordan to offer nuclear safety education programmes

    Jordan's cabinet has agreed to establish a centre of excellence for energy and mega projects in the kingdom through launching academic programs in public universities. The proposal entails creating three programs offering Masters degrees in Major Project Management and Nuclear Safety as well as a diploma in advanced vocational training at the University of Jordan and the Jordan University for Science and Technology in coordination with Al-Balqa Applied University.

  • Jordan, British universities plan to offer aviation degree

    An agreement has been signed between the Jordan University of Science and Technology (JUST), Perth College's Air Service Training, and Jordan Aircraft Maintenance (Joramco) to promote academic and research cooperation, Jordan Times has reported. The agreement is aimed at developing an aviation master's programmes accredited by the two educational institutions, as well as an aviation centre of excellence in the kingdom.

  • Jordan, France to sign uranium deal next week

    Jordan and France will sign an agreement next week for the mining of the kingdom's uranium reserves, Jordan Times has reported. The Jordan French Uranium Mining Co, a joint venture between French mining company Areva and Jordan Energy Resources Inc., has been operating within a 1,400-square-kilometre concession area. The resource is vital to the kingdom's nuclear energy programme, which is expected to provide up to 30% of Jordan's electricity by 2025. The country's first nuclear power plant,

  • Jordan, US Universities discuss scientific cooperation

    Jordan's Mu'tah University and US-based Kaplan University have announced the signing of cooperation memorandum of understanding, Petra news agency has reported. The agreement is aimed at organizing training courses for physicians and universities' teaching staff to qualify them for United States Medical Board Exam.

  • Jordan: Education curriculum development

    Provision of planning for reviewing and developed curriculum for an education project. Closing date: 4 February 2010

  • Jordan: Education monitoring and governance project

    Development of monitoring and evaluation framework and governance for an education project. Closing date: 4 February 2010

  • Jordanian firm opens hotel in Dubai

    Jordan-based hotel management group Amlak Hotels & Tourism has launched its second hotel in the Middle East, the Dhs250m Grand Belle Vue Hotel Apartments in Dubai's Tecom area on Shaikh Zayed Road, Khaleej Times has reported. Belle Vue Hotels was established in Amman in 2000 as one of the first Shariah-compliant hotel management companies in the region.

  • Jordan-Kuwait Bank net profit down 8.5%

    Jordan-Kuwait Bank has reported an 8.5% fall in its 2009 net profit to JD44.8m ($63m), despite a steady performance as the bank took provisions for doubtful loans, Reuters has reported. Jordan-Kuwait Bank, majority owned by Kuwait's Burgan Bank, said its 2009 provisions more than doubled to JD23.8m.

  • Jordan's Ahli Bank profit rises 7.5 per cent

    Profits up 7.5 per cent

  • Jordan's fuel bill falls 22% in 2009

    Jordan's imports of fuel dropped by 22.4% in 2009 and reached JD2.011bn, compared to JD2.594bn in 2008, Petra news agency has reported. Jordan's imports of crude oil dropped to JD1.66bn in 2009 from JD1.858bn in 2008, data from the kingdom's Department of Statistics showed. Jordan's imports of electricity retreated to JD22.7m in 2009 compared to JD39.7m. for 2008.

  • Jordan's trade deficit falls

    Jordan's Department of Statistics has said that the kingdom's trade deficit had dropped 14.8% in 2009, as steel, machinery and oil imports decreased, Bloomberg has reported. Deficit shrank to JD5.47bn ($7.7bn) from JD6.42bn the year before. Exports fell 19.8% last year, led by a 49.3% slump in fertilizer shipments, the department said.

  • JP Morgan opens Abu Dhabi office

    JP Morgan, the US-based investment banking arm of financial services firm JPMorgan Chase & Co, has announced the opening of its office in Abu Dhabi. The firm has done business in the Middle East for more than 50 years since The Chase Manhattan Bank, a forerunner of today's JP Morgan, opened an office in Beirut.

  • Julphar Pharma revenue up 22%

    Ras Al Khaimah-based Julphar Pharmaceutical Industries has posted Dhs762m in sales revenue in 2009, up 22% compared to the previous year, Khaleej Times has reported. The company said that sales during that period were driven by private markets which saw a year-on-year growth of 24.9%, against growth in tender sales of 16.9% year-on-year.

  • Jumeirah Group to manage Maldives resort

    Dubai-based hospitality company Jumeirah Group has been appointed to manage a luxury hotel in the Maldives. The 36-villa property in Gaafu Alifu Atoll is the group's second resort in the Maldives, and brings the total number of properties under development or in operation by Jumeirah to 42.

  • Jumeirah to manage second Maldives resort

    Dubai-based Jumeirah Group has signed an agreement with Xanadu Holdings to manage a new five-star deluxe resort, the Jumeirah Meradhoo in the Maldives. The resort will complement Jumeirah Maldives, the group's other development in the Maldives. Jumeirah Meradhoo is the second management agreement signed by the group in the Maldives and brings the total number of properties under development or in operation by Jumeirah globally to 42.

  • Kahramaa extends Doha water network bid deadline

    Project covers supply and installation of pipes

  • Khaleeji Commercial Bank profits fall 89 per cent

    Provisioning for bad debts and tough regional market hits institution

  • Kipco makes slight profit in Q4

    Kuwait Projects Co, the country's biggest investment firm by assets, says it plans to continue its conservative strategy after making a net profit of 0.71 million dinars ($2.5m) in the fourth quarter, Reuters has reported. 'Although there are signs of a gradually improving economic outlook in 2010, we will continue to be conservative, vigilant and opportunistic,' KIPCO vice chairman Faisal al-Ayyar said. Kuwait's biggest investment firm by assets made a net profit of 0.71 million dinars ($2.5

  • Korean firm signs Iraqi power and steel deal

    STX to build 500MW power plant and three million tonne-a-year steel factory

  • Kurdistan to increase oil production

    Iraqi region aims to hit 1 million barrels a day by 2013

  • Kurdistan to publish disputed oil contracts

    Iraqi Kurdistan has said that the semi-autonomous region plans to publish disputed oil deals it had made with foreign firms, Kurdish natural resources minister Ashti Hawrami told Reuters. Kurdistan and Baghdad have been in a disagreement for months over oil deals Kurdistan signed independently with foreign firms. The Arab-led government in Baghdad refuses to pay the firms, and oil exports from Kurdistan stopped last year, the news service reported.

  • Kurds to resume oil exports in Iraq

    Iraq's State Oil Marketing Co. has been instructed by the government to resume oil exports from the northern Kurdish region after it has agreed to the local authority's proposal on a payment method, Bloomberg has reported. The KRG last month proposed that the government pay Norway's DNO International and other producers in northern Iraq directly or for the revenue to pass through the Kurdish authorities. The region has capacity to export about 100,000 barrels of oil a day, and may start pipel

  • Kuwait cuts discount rate by 50 bps

    The Central Bank of Kuwait has cut its key discount rate for the sixth time since October 8, 2008, by 50 basis points to 2.5% to support growth in the Gulf country's non-oil sectors as inflation is seen staying low, Kuna has reported. The reduction would help create a suitable climate for banking credit growth, CBK governor Sheikh Salem Abdulaziz Al-Sabah said.

  • Kuwait cuts interest rate to boost economy

    Central bank aims to stimulate growth in non-oil sectors

  • Kuwait expects 40% profit from Black Rock investment

    Kuwait Investment Authority invested about $750m in US asset manager BlackRock last year, KIA's managing director told Al Arabiya TV. 'Last May we invested in raising BlackRock's capital, I think $750m...and I think until now we made 40% of profit," Bader al-Saad said. Saad also said that he still expected KIA to make a profit on its $2bn investment in Bank of America, despite a current loss of between 30-40% on the investment.

  • Kuwait expects production rise at Khafji field

    Bader al-Khashti, managing director of Kuwait Gulf Oil Co, has said the firm expects oil production from the al-Khafji oilfield to reach 300,000 barrels per day by the end of the first quarter. 'The company is working on a big number of exploration and drilling operations in the divided zone to reach the set goals of the firm and its Saudi partner,' Bader al-Khashti was quoted as saying by Kuwaiti daily al-Seyassah. Kuwait's current oil production from the field is at 272,000 bpd, Khashti sai

  • Kuwait forecasts $22.4bn budget deficit

    Kuwait plans to increase spending by about 34% in the fiscal year starting April 1 and is projecting a budget deficit of KD6.46bn ($22.4bn), Bloomberg has reported. Spending is forecast at KD16.16bn and revenue at KD9.7bn in a draft proposal sent to parliament. Oil revenue is projected at KD8.62bn and non-oil revenue at KD1.1bn. The 2010/2011 budget will be based on a price of $43 a barrel for oil, which now trades at about $72 a barrel.

  • Kuwait holds talks over Al-Zour refinery

    Petroleum council to make a decision over project by the end of March

  • Kuwait oil output capacity is 3.15 million barrels

    Opec quotas limit KPC production levels

  • Kuwait Oil signs accord with Shell

    Kuwait Oil Co has signed a five-year enhanced technical service agreement with Royal Dutch Shell to help develop the country's Jurassic Gas fields. The development of non-associated gas is aimed at meeting a significant part of Kuwait's need for clean energy, KOC said in a statement.

  • Kuwait Oil signs drill deals worth $440m in February

    Deals are part of plans to increase oil output to 4 million barrels a day by 2020

  • Kuwait parlaiment backs development plan

    The Kuwaiti government has announced plans to spend 30 billion dinars ($104bn) on development projects over the next four years, Bloomberg has reported. The government plans to earmark about 4.5 billion dinars of the total amount for spending in the next fiscal year, which begins in April, Deputy Prime Minister for Economic Affairs Sheikh Ahmed al-Fahad al-Sabah told parliament. Another 2.5 billion dinars will be contributed by companies, he said. The development plan includes investments to

  • Kuwait plans $22.6bn deficit for 2010-11

    Non-oil sector accounts for 11 per cent of projected state income

  • Kuwait spending 2010/2011 to hit KD16bn

    Kuwait's finance minister, Mustapha al-Shamali has said that the country's spending in the 2010/2011 fiscal year will be around KD16bn ($55.6bn), Reuters has reported. Shamali had previously said Kuwait was expected to spend KD12bn to KD15bn in its 2010/11 budget. Spending for the current 2009/2010 fiscal year is envisaged at around KD12bn.

  • Kuwait stocks upgraded

    Kuwait's stocks were upgraded to 'neutral' from 'underweight' at Credit Suisse Group, which cited the government's spending plan for economic development, 'undemanding' valuations and lower borrowing costs.

  • Kuwait targets 4m barrels a day oil production

    Mohammed Husain, deputy chairman of Kuwait Oil Co., has said the Gulf state aims to boost crude oil output capacity to 4 million barrels a day by 2020, Bloomberg has reported. The country will maintain this output level to 2030, he said at a conference in Abu Dhabi.

  • Kuwait to accept bids for railway project

    The municipality of Kuwait has approved all plans related to the inter-Gulf railway project, which will link Kuwait and the other Gulf states, Kuwait Times has reported. The 135-kilometre railway line, which will connect Kuwait with Saudi Arabia, will begin at Sulaibiya and end at Nuwaiseeb. The commerce ministry has already received approval to appropriate the land needed for the project, which will be completed using the Build-Operate-Transfer system.

  • Kuwait to review stalled refinery project

    Kuwait will send a stalled project for a 615,000 barrels per day refinery to its highest oil policy body for review, a top oil official told state news agency KUNA. Officials have said previously they aim to relaunch the project to build the $15bn al Zour refinery, which would produce fuel the country needs for power plants.

  • Kuwait to set up hospital for alternative medicine

    Kuwait's health ministry deputy, Dr Ibraheem Al-Abdulhadi has announced the cabinet's approval for setting up a new 300-bed hospital for alternative medicine and rehabilitation at a total cost of KD30m, Kuwait Times has reported. The new hospital will include a rehabilitation centre for the disabled, senior citizens' care centres and will be connected to one of the most advanced international centres in the field of alternative medicine. The new hospital will be ready within five years, he sa

  • Kuwait to vaccinate 320,000 children

    A national vaccination campaign will be launched in April by Kuwait's health ministry against measles, rubella and mumps for 320,000 children between one and seven years, Kuna has reported. The KD400,000 campaign follows a warning by the World Health Organization of a possible increase in the cases of the infectious diseases in the country. Kuwait had suffered a measles outbreak in 2007 when the infection rate hit 4-6 out of each 100,000 people compared with only one case per 100,000 in the p

  • Kuwait tower is now 43rd tallest in the world

    300-metre tower enters record books

  • Kuwait: Air-conditioning and minor split units (1)

    Supply, installation, operation and maintenance of air-conditioning units and minor split units (1). Closing date: 16 March 2010

  • Kuwait: Air-conditioning and minor split units (2)

    Supply, installation, operation and maintenance of air-conditioning units and minor split units (2). Closing date: 16 March 2010

  • Kuwait: Buildings and facilities (Capital)

    Design and implementation of buildings and facilities in the Capital area. Closing date: 23 March 2010

  • Kuwait: Buildings and facilities (Farwaniya)

    Design and implementation of buildings and facilities in Farwaniya. Closing date: 23 March 2010

  • Kuwait: Buildings and facilities (Hawally)

    Design and implementation of buildings and facilities in Hawally. Closing date: 23 March 2010

  • Kuwait: Buildings and facilities (HQ)

    Design and implementation of buildings and facilities at a ministry’s HQ. Closing date: 23 March 2010

  • Kuwait: Buildings and facilities (Mubarak al-Kabeer)

    Design and implementation of buildings and facilities in Mubarak al-Kabeer. Closing date: 23 March 2010

  • Kuwait: Buildings and facilities project

    Design, implementation and maintenance of buildings and facilities. Closing date: 16 March 2010

  • Kuwait: Clinical waste management system

    Provision of a clinical waste management system. Closing date: 21 March 2010

  • Kuwait: College elevator services

    Operation, maintenance and repair of elevators at colleges. Closing date: 6 April 2010

  • Kuwait: Communications and navigation equipment

    Supply and installation of equipment for a communications and navigation institute. Closing date: 23 March 2010

  • Kuwait: Construction project

    Construction, completion and maintenance of the Al-Maseela area centre project. Closing date: 20 April 2010

  • Kuwait: Educational area guard works

    Carrying out guard works for educational areas. Closing date: 2 March 2010

  • Kuwait: Environmental remediation projects programme

    Design and development of an information management system for an environmental remediation projects programme. Closing date: 18 March 2010

  • Kuwait: Equipment and machinery maintenance

    Maintenance and repair of equipment and machinery at a government centre. Closing date: 9 March 2010

  • Kuwait: External broadcasting vehicles

    Upgrading, operation, testing, training and guarantee of external broadcasting vehicles. Closing date: 9 March 2010

  • Kuwait: Fire-fighting and fire alarm systems

    Supply and installation of fire-fighting and fire alarm systems. Closing date: 23 March 2010

  • Kuwait: Government centre construction

    Completion of the design, construction and maintenance of a government centre for quality control and research. Closing date: 13 April 2010

  • Kuwait: Laboratory furniture

    Supply, installation and maintenance of laboratory furniture. Closing date: 28 March 2010

  • Kuwait: Laptop computer services

    Leasing and maintenance of laptop computers. Closing date: 16 March 2010

  • Kuwait: Local area network and computer equipment

    Provision of equipment and accessories for a local area network and computers. Closing date: 9 March 2010

  • Kuwait: Main switches and terminals

    Supply of main switches and terminals. Closing date: 9 March 2010

  • Kuwait: Medical disposable materials

    Supply of disposable materials for a medical services organisation. Closing date: 2 March 2010

  • Kuwait: Ministry headquarters guest works

    Implementation of guest works at a ministry headquarters. Closing date: 2 March 2010    

  • Kuwait: Mosque completion

    Completion of a mosque. Closing date: 21 February 2010

  • Kuwait: Mosque reconstruction (Maidan Hawallay)

    Demolition and reconstruction of a mosque in Maidan Hawallay. Closing date: 6 April 2010

  • Kuwait: Mosque reconstruction (Sabah al-Salem)

    Demolition and reconstruction of a mosque in Sabah al-Salem. Closing date: 6 April 2010

  • Kuwait: National Guard camp project

    Carrying out a halls and rest houses project at National Guard camps. Closing date: 21 March 2010

  • Kuwait: Oil company display centre

    Construction of a new display centre at Ahmadi for an oil company. Closing date: 16 May 2010

  • Kuwait: Pipeline network

    Study, design, development, implementation and operation of a pipeline network. Closing date: 20 April 2010

  • Kuwait: Rainwater drainage lines

    Construction, completion and maintenance of rainwater drainage lines. Closing date: 13 April 2010

  • Kuwait: Residential town project

    Construction of 930 houses, public buildings, electrical transformer substations, road works, car parking and infrastructure services for a residential town project. Closing date: 16 March 2010

  • Kuwait: Residential town project

    Construction of 1,271 houses, public buildings, electrical transformer substations, road works, car parking and infrastructure services for a residential town project

  • Kuwait: Roads, rainwater drainage and sanitary services

    Construction, completion and maintenance of roads, rainwater drainage and sanitary services. Closing date: 20 April 2010

  • Kuwait: Seamless pipes

    Supply of seamless pipes. Closing date: 9 March 2010

  • Kuwait: Social care complex works

    Operation and repair of equipment at a social care complex. Closing date: 7 March 2010

  • Kuwait: Street lighting equipment maintenance

    Maintenance of street lighting equipment. Closing date: 21 March 2010

  • Kuwait: Tank water coolers

    Supply, installation, operation and maintenance of vertical and central tank water coolers. Closing date: 16 March 2010

  • Kuwaiti companies plan $1bn rights issues

    HSBC advises two local firms over sale of equity stakes

  • Kuwaiti firm plans $3bn olefins complex

    Kuwait's Petrochemical Industries Co has said the firm plans to build an olefins complex at a cost of about $3bn, managing director Maha Mulla Hussain told Reuters. 'PIC plans to build a third olefins complex...The enterprise is still in the initial study phase and we expect to complete it by February 2010,' she said.

  • Kuwaiti firm to spend $5bn on olefins plant

    Petrochemical Industries Co, a unit of state-owned Kuwait Petroleum Corp, has said it plans to build a third olefins plant that may cost as much as $5bn, Bloomberg has reported. Plans for the plant are expected to be completed this year, PIC said. The facility may have a production capacity of more than 1 million metric tonnes a year of ethylene and should be operational in 2015.

  • Kuwait's Zain appoints acting CEO

    Khaled al-Hajeri, the chief executive of Zain's Kuwaiti unit, has been appointed as acting CEO of the group until further notice, Arabic daily al-Rai has reported. Until a decision is taken on Barrak's replacement, Hajeri will be in caretaking capacity of the group, the newspaper said.

  • LaCie inks deal with Pro Technology

    France-headquartered integrated storage solutions provider LaCie has announced the appointment of its long-time partner, Pro Technology, as exclusive distributor in the UAE. The appointment, which is part of LaCie's channel business restructuring, entails the sole responsibility for the company to market, distribute and sell in the UAE. LaCie's product line includes internal, external and online storage, colour monitors, and accessories.

  • Landmark Advisory: Dubai flat prices to fall 20%

    Property consultancy Landmark Advisory has said that sale prices and rents for villas, apartments and offices in Dubai will continue to decline through Q1 2010 because of supply glut, with apartment prices likely to take the biggest hit and falling as much as 20% in the next 18 months, Reuters has reported. After increasing in Q3 last year, villa prices in Dubai stagnated with a marginal increase of 0.2% in the fourth quarter.

  • Landmark to open fashion store at Metro entrance

    Landmark Group has said it is opening a new fashion retail store at the Deira City Centre's Metro entrance. Iconic, a 70,000sqft fashion store is set to open by the end of February to offer consumers several choices in fashion, beauty, footwear, music, gadgets and gifting items.

  • LG releases new notebook

    LG Electronics has unveiled its flagship LG Widebook T380, a slim and light notebook with Intel's ultra low voltage processor to improve mobility and boost battery life. The new notebook features a 13.3-inch LED-backlit widescreen LCD with a 16:9 aspect ratio running at a native resolution of 1366 x 768 pixels. The standard 8-cell battery can be used for up to 10.5 hours between charges.

  • Libya delays Sebha airport expansion

    Revisions to build-operate-transfer contract hit construction deadlines

  • Libya: 2D marine acquisition services

    Provision of 2D marine acquisition services. Closing date: 24 February 2010

  • Libya: Anchor handling and platform supply vessels

    Supply of anchor handling and platform supply vessels. Closing date: 24 February 2010

  • Libya: Diesel fuel and services

    Provision of diesel fuel and services for an exploration drilling campaign. Closing date: 24 February 2010

  • Libya: Drill bits

    Supply of drill bits. Closing date: 28 February 2010

  • Libya: Inland transportation services

    Provision of inland transportation services for an exploration drilling campaign. Closing date: 24 February 2010

  • Libya: PSDM migration

    Provision of PSDM migration services. Closing date: 13 February 2010

  • Libya: Seismic data interpretation

    Provision of seismic data interpretation services. Closing date: 10 March 2010

  • Libya: Water well drilling

    Carrying out civil engineering and water well drilling works. Closing date: not stated

  • Limitless extends $1.2bn loan

    Dubai World's lenders have rolled over a pending $1.2bn loan payment for its Limitless property unit, Reuters has reported, citing people familiar with the matter. The Islamic loan to Limitless World is due next month. 'It's going to get rolled over, just like everything has been rolled over for months,' a source told the news service. 'Hundreds of millions, billions, at the Dubai World level and at Nakheel has come due and all of that has been rolled.'

  • Limitless lenders working on $1.2bn debt due in March

    Lenders unclear if $1.2bn deal included in Dubai World standstill

  • Loan growth slows in Kuwait

    Loan growth in Kuwait slowed to just 6.1% in 2009 to total about KD25.1 billion, KUNA has reported, citing a new report by KIPCO Asset Management Company. The growth compared to 17.5% in the previous year and 35% in 2007 as the global economic slowdown took hold. Personal facilities involving consumer loans made up the largest part of the total portfolio of loans, amounting to KD8.4 billion by the end of 2009, or 33.4%, the report added.

  • Local contractor to complete Healthcare City hotel

    Al-Basti & Muktha stopped work in January 2009

  • Local group wins government cement contract

    More construction materials supply contracts to follow

  • Maaden to launch smelter financing deal

    Saudi Arabian Mining Company (Maaden) is planning to launch the financing deal for its $7bn aluminium smelter in the second quarter of 2010, according to bankers close to the project, Meed magazine has reported. Maaden is developing the project in a joint venture with US aluminium company Alcoa. Riyad Bank and Standard Chartered are acting as financial advisers on the scheme. The smelter is expected to start production in 2013.

  • MAF Asset Management trims fund size

    Habib Oueijan, Managing Director and Head of Mena Investments at Dubai-based Majid Al Futtaim Asset Management, has said that tight liquidity and tougher market conditions has led the firm to reduce the capacity of its Elite Mena Equity Fund from its target of $1.5bn-$2bn to $1bn, Emirates Business has reported. 'We will have a clearer picture about funds by the middle of this year,' Oueijan said, adding that the industry may not see any significant new fund launches this year.

  • Malpractice insurance a must for Saudi doctors

    Doctors in Saudi Arabia are now required to have medical malpractice insurance in order to obtain their Health Council certificates, Arab News has reported. Physicians must produce insurance documents valid for three years before receiving their certification. An insurance group, Allied Cooperative Insurance Group (ACIG) has said the policy covers legal liability toward third parties arising out of negligence by doctors. ACIG has designed its policy for all medical professionals, although it

  • Manama receives bids for Muharraq wastewater project

    Winning contractor to build plant on a build-own-operate basis

  • Mandarin Oriental to manage Saadiyat resort

    Hotel to be built adjacent to island golf course

  • Mandarin Oriental to open luxury resort in Abu Dhabi

    Abu Dhabi's Tourism Development and Investment Co has signed an agreement with Mandarin Oriental Hotel Group for the management of a new luxury resort and branded residences on Saadiyat Island in the UAE capital. Mandarin Oriental, Abu Dhabi will feature 160 guestrooms and suites, as well as 35 serviced apartments and 50 branded residences. The property is scheduled to open in 2013.

  • Masdar Institute to offer master's in Microsystems

    Abu Dhabi-based Masdar Institute of Science and Technology and the Advanced Technology Investment Co have announced a research-centric Master's in Microsystems degree programme that will begin in the fall 2010 school year. The coursework, developed in collaboration with US-based Massachusetts Institute of Technology (MIT) and with the support of ATIC, will include modules on nanoprocessing technology, digital systems laboratories, integrated microelectronic devices and the physics of micro-fa

  • Mazaya Qatar releases IPO subscription results

    After completing a $137.4m initial public offering last month, Mazaya Qatar Real Estate Development said companies own 67.5% of its shares and individual investors have a 32.5% stake. '100% of the subscribed shares will be allocated to these subscribers as no oversubscription was reported and no refund will be made,' the developer said in a statement.

  • Medina calls for wastewater treatment plant bids

    New facility will have capacity of 200,000 cubic metres a day

  • Meydan and Rashidiya bridge work nearing completion

    Work on bridges and roads leading to the Meydan Racecourse in Dubai are nearing completion and should be ready in time for the Dubai World Cup on March 27, said Mattar Al Tayer, Chairman of the Board and Executive Director of Dubai's Roads and Transport Authority (RTA). He also said that bridges leading to Rashidiya Metro Station are undergoing their final touches in preparation for opening.

  • Microsoft and Qtel form strategic alliance

    Microsoft and Qatar Telecom (Qtel) have signed a partnership agreement to bring together integrated cloud-based services, software applications, mobile services and devices over Qtel's converged network. The agreement will also enable Qtel to deliver a number of new digital entertainment experiences for consumers to enjoy in the home and on the go.

  • Microsoft launches new mobile phone operating system

    Microsoft has launched the latest version of its mobile phone operating system, the Windows Phone 7 series, the BBC has reported. The new OS, which was unveiled at an event at the Mobile World Congress in Barcelona, has a redesigned user interface and incorporates many Microsoft services such as Xbox LIVE games and the Zune music service. The new system follows the launch of Windows Mobile 6.5 in October 2009. According to research firm Canalys, Microsoft's software currently has around 9% of

  • Microsoft releases Windows patches

    Microsoft has released a record number of patches for its Windows operating system and Office suite of business applications, Cnet has reported. The company has fixed 26 vulnerabilities in 13 security bulletins, including critical ones for Windows that could be exploited to take control of a computer, and one that has resided in the 32-bit Windows kernel since its release 17 years ago. The bulletins affect Windows 2000, XP, Vista, and Windows 7, as well as Server 2003 and 2008, Office XP, Off

  • Middle East Airlines starts Brussels service

    Middle East Airlines, the national carrier of Lebanon has announced that it will start operating a direct service three times per week between Brussels and Beirut starting June 22, 2010. All flights will be carried out with an Airbus 320 seating 126 passengers, 24 of which are in Cedar Class.

  • Middle East banks stronger as companies learn to build in slow growth economies

    Banks in the region are expected to see healthier profits when compared to international counterparts, although growth will slow down, and could benefit from making targeted acquisitions while prices of businesses are cheaper. In part, Middle East banks suffered less because they put in place better loan loss provisions. Those provisions are expected to remain high this year.

  • Middle East hotel pipeline grows

    A new report has found that 14 new hotels and more than 3,000 extra rooms have been added to the development pipeline for the Middle East and Africa region since December. Figures from STR Global show that a total of 456 hotels comprising 123,764 rooms are in the total active pipeline in the region. Dubai has the most rooms in the total active pipeline and in the In Construction phase, with 30,222 rooms and 15,563 rooms respectively.

  • Middle East hotel rates fall in 2009

    According to a report by MKG Hospitality, hotel rates in the UAE fell by 15.5% at the end of last year, UK-based newspaper The Independent has reported. Dubai led the decline where revenue per room available dropped by as much as 27.5%. Abu Dhabi, however, has seen hotel income fall by only 4%, as it was boosted by its proactive approach to hotel development, the report said.

  • Middle East Q4 gold demand drops 32%

    The World Gold Council has said that gold fourth-quarter in the Middle East had dropped 32% on the year, Reuters has reported. Egypt and the UAE saw the biggest slump in fourth-quarter jewellery demand, with Egypt falling 35% and the UAE 32% on the year. Demand in the UAE fell 33% in full-year 2009, a little higher than the average fall of 31% recorded across Gulf Arab states. Saudi Arabia, the region's largest gold market, saw 2009 demand drop 24% on the year. Total Middle East gold consumpt

  • Mideast polyethylene production to grow

    A new report by Global Markets Direct estimates that polyethylene production capacity in the Middle East will increase by 11.5m tonnes by 2015. The 'Future of the Polyethylene Industry to 2015' report forecasts Saudi Arabia will add more than 4m tonnes of capacity by 2015, while Iran will add in excess of 5m tonnes. Qatar will add 2m tonnes of new capacity. 'Feedstock cost advantages and the need to diversify the region's export basket from crude oil and natural gas are the main drivers of la

  • Mideast tourism income to climb 89% over 10 years

    A new report by the World Travel and Tourism Council predicts that annual travel and tourism revenues in the Middle East will grow by 89% over the next 10 years, Emirates Business has reported. The industry is projected to be worth $279bn by 2016, the study said.

  • Mobile phone market to rebound in 2010

    A new report by research firm Gartner predicts that the global mobile phone market will rebound more strongly than expected this year as improving economies boost spending on new gadgets and handset vendors push cheap smartphones. The market fell 1% in 2009, the first decline in eight years. But Gartner analyst Carolina Milanesi said she now expects the market to grow 11-13% this year, compared with the firm's December forecast for a 9% increase.

  • Mobile phone number portability in UAE faces new delay

    Changes to the mobile number portability plans by the UAE Telecommunications Regulatory Authority (TRA) are expected to delay the introduction of the service in the country, The National has reported. The service was supposed to be implemented in 2009, but due to the time needed to resolve several technical issues between the regulator and the telecoms operators, Etisalat and du, the launch was pushed back to the first quarter of this year. Last month, Mohammed al Ghanim, the director general

  • Mobile worker population to cross 1bn this year, says report

    The world's mobile worker population will pass the one billion mark this year and grow to nearly 1.2 billion people - more than a third of the world's workforce - by 2013, according to a new forecast from IDC. The most significant gains will be in the emerging economies of Asia/Pacific, where a strong economic recovery and new interest in unified communications will drive healthy growth in all aspects of mobility spending, the report said.

  • Mobily launches internet roaming

    Saudi Arabia's Etihad Etisalat Co (Mobily) has announced that it has become the first and only mobile operator in the kingdom to launch Internet Roaming for its individual and business customers. Mobily's roaming subscribers can now access the internet via WiFi using more than 148,000 access points at airports, hotels, cafes and restaurants all over the world.

  • Mobinil 2009 revenues up 8%

    The Egyptian Company for Mobile Services (MobiNil) has reported an 8% increase in 2009 revenues to EGP10.807bn, compared to 2008. The company's Q4 revenues also grew by 6% to reach EGP2.799bn, compared to the same period of 2008. The total number of subscribers at the end of 2009 reached 25.35 million, MobiNil said in a statement.

  • Mobinil revenue growth expected to slow down

    Khalid Ellaicy, Chief Financial Officer of Egypt's Mobinil, has said he expects the telco's revenue growth to slow to 5% this year, due to aggressive pricing promotions. However, he expects subscriber numbers to reach 28 million by the end of year, Reuters has reported. He added that tangible capital expenditure in 2010 will be between EGP2.5bn and EGP3bn ($455m-$547m).

  • Modon to evaluate industrial cities

    Saudi Industrial Property Authority (Modon) has signed a contract with France-based Dalkia Co to identify actions needed to improve its industrial cities. Under the agreement, Dalkia will conduct a technical evaluation of the Riyadh 2nd industrial city and identify deficiencies, propose solutions and remedies, and follow up on the implementation of maintenance work. Modon aims to conduct a technical evaluation for all of its 18 industrial cities.

  • Moody's downgrades Gulf Bank

    Moody's Investors Service has downgraded the bank financial strength rating of Kuwait's second-largest lender, Gulf Bank, to 'D-' from 'D+'. The bank's long-term global local currency and foreign currency deposit ratings were also downgraded to 'Baa2' from 'A3'. Outlook was set at 'Stable' for all ratings. The rating agency said the downgrade reflects 'the significant challenges still facing Gulf Bank'.

  • Moody's upgrades Saudi Arabia rating

    Moody's Investors Service has affirmed the ratings of its government-related issuers in Saudi Arabia, following Moody's upgrade of the kingdom's sovereign ratings to 'Aa3' with 'Stable' outlook. Ratings affected include the 'A1' issuer ratings of Saudi Electricity Co, the 'A1' issuer ratings of Saudi Basic Industries Corp (Sabic) and the 'A1' issuer ratings of Saudi Telecom Co (STC). The outlooks of the three entities were placed on 'Stable' from 'Positive'.

  • Morgan Stanley increases target on Mobily

    Morgan Stanley has moved up its price target on Saudi mobile phone operator, Etihad Etisalat (Mobily) to SR67 from SR65 and said it expects margins to improve, helped by higher share of broadband and postpaid revenues and cost efficiencies, Reuters has reported. The telecom operator was "well positioned to be a winner in the fight for revenue share in Saudi Arabia," the brokerage said.

  • Morocco to award rail contracts by June

    Construction is scheduled to begin in June with a completion date set for December 2015

  • Most Pakistani schools in Dubai below standard

    A new study by the regulator of schools in Dubai has found that two out of three Pakistani-curriculum schools in the emirate do not meet minimum standards, the National has reported. The report also said none of the 20 Indian schools it inspected was awarded its highest rating. It was the first time that the Knowledge and Human Development Authority had inspected Indian- and Pakistani-curriculum schools, which, with almost 60,000 pupils, have about a third of the emirate's pupils. They were n

  • Mubadala appoints adviser on New York University

    Project is Mubadala’s third private financed university

  • Mubadala approaches banks for $1.2bn Sowwah Square financing

    Financing to be split between two $600m loans

  • Mubadala in talks to refinance $2bn loan

    Abu Dhabi government investment fund Mubadala is in talks with banks to refinance a $2bn loan due in April, Reuters has reported. "The overall terms on structure and pricing have not been reached yet," Matthew Hurn, head of group treasury said. "We're in the discussion stage with banks, updating them on our business model and what the opportunities to work with banks are."

  • Mubadala launches aircraft financing company

    Sanad Aero Solutions will deliver new capital for airlines

  • Mubadala launches engine financing venture

    A new venture to provide component and engine financing solutions to the aerospace sector has been launched by Abu Dhabi's Mubadala Development Co. The new firm, Sanad Aero Solutions (Sanad) aims to deliver new capital for airlines and Original Equipment Manufacturers alongside a growing number of services from Mubadala's maintenance, repair and overhaul companies, SR Technics and Abu Dhabi Aircraft Technologies.

  • Mubadala launches financing venture for aeropsace industry

    Mubadala Development Co, Abu Dhabi's government-owned investment and project development company, has released a statement saying it has formed a financing venture for the aerospace industry and won two contracts worth a combined $130m. The venture, Sanad Aero Solutions, signed a $100m 10-year contract for 12 spare engines with German carrier Air Berlin that also includes maintenance, Mubadala said. Sanad is also providing more than $30m of component financing over 10 years for the Airbus fle

  • Mubadala seeks $1.2bn Sowwah Square financing

    Abu Dhabi's Mubadala Development Co plans to approach banks for a $1.2bn project finance loan to fund the development of the Sowwah Square project on the capital's Sowwah Island, Meed has reported. Once developed, the island will contain the Abu Dhabi Securities Exchange headquarters, several office towers and two five-star hotels.

  • Mubadala shortlists three firms for Cleveland Clinic work

    Abu Dhabi hospital to be built on Sowwah Island

  • Mubadala unit wins deal in Malaysia

    MDC Oil, a subsidiary of Abu Dhabi's Mubadala Development and Malaysia's Petronas Carigali, has been awarded a production sharing contract for an oil block by the Malaysian government, Gulf News has reported. MDC will take a 75% participating interest and operate the block, which measures 5,786 square kilometres and holds a number of gas fields such as M5, Biji Sawi and Daun Kari. According to Petronas, the production sharing contract includes commitments to acquire and process seismic data,

  • Nakheel says World Islands not sinking

    Dubai-based developer Nakheel has dismissed a media report that its 300 man-made islands shaped like a map of the world are sinking, Reuters has reported. Britain's Daily Mail's website said that a picture from the US space agency NASA suggested that the islands were merging together and appeared to be sinking. 'Speculative reports suggesting that The World islands are sinking are wholly inaccurate,' the developer said in a statement. The load-bearing capacity of The World islands' reclaimed

  • Nas Air to launch India flights

    Suleiman Abdullah Al-Hamdan, CEO of Riyadh-based Saudi National Air Services has announced that the firm's subsidiary, Nas Air will launch direct flights from Saudi Arabia to Mumbai four times a week from the end of March, Arab News has reported. "Possibly two from Riyadh and two from Jeddah," he said. The airline plans to add more routes to other Indian cities including New Delhi, Cochin and Calicut.

  • Nasdaq Dubai changes operating hours

    Nasdaq Dubai has announced it is changing its opening hours to those of sister exchange, the Dubai Financial Market, in an effort to boost trading, Reuters has reported. Nasdaq Dubai has said it will reduce its trading hours to 0600 GMT to 1000 GMT, pending regulatory approval, and outsource operational functions of Nasdaq Dubai equities to DFM, including trading, clearing, settlement and custody. Listing status and the regulatory framework of Nasdaq Dubai equities will remain unchanged, it s

  • National Bonds distributes 3.53% profit

    Dubai-based National Bonds Corp has announced its 2009 profit rate of 3.54% for its bondholders. Furthermore, NBC said it registered a 48% growth in new savings deposits and saw its customer base increase by 8% to 560,000 bondholders from over 91 different nationalities. The company's Mudaraba Fund grew to Dhs3.7bn while new business sales of Dhs2.5bn were achieved, it said.

  • National Commercial Bank increases provisions

    Loan provisions increased by 17 per cent for fourth quarter

  • National Marine okays $107m bond offering

    A plan to offer Dhs391.5m ($107m) in convertible bonds has been approved by the board of the UAE-based National Marine Dredging Co, Bloomberg has reported. The bonds will be converted at Dhs7.83 each in four phases, the company said.

  • NBAD to launch operations in Jordan

    National Bank of Abu Dhabi is set to officially inaugurate its first branch in Jordan on February 23. The lender has appointed the former deputy regional manager of HSBC in Amman, Imad Marar, as its regional manager in the kingdom.

  • NCB ups Q4 loan loss provisions

    Saudi Arabia's biggest lender by assets, National Commercial Bank (NCB) had increased provisions for loan losses in Q4 by 16.7% to SR607.9m ($162.1m), Reuters has reported. The lender had booked a total SR2.47bn in provisions for loan losses for all of 2009, which is more than threefold the SR729.4m it took in 2008 to cover loan losses.

  • New GM appointed to Radisson Blu, Dubai Deira Creek

    The Rezidor Hotel Group has announced the appointment of Janet Fitzner as the new General Manager of the Radisson Blu Hotel, Dubai Deira Creek. Fitzner, a German national, moves from the Radisson Blu Centrum Hotel in Warsaw, where she has served as general manager since 2006.

  • New life in the GCC project finance market

    It’s a lenders market as Gulf borrowers prepare to tap the credit market

  • New maritime oil field discovered in Dubai

    The Dubai government press office has released a statement saying that the emirate's ruler, Sheikh Mohammed bin Rashid Al Maktoum has informed ministers and the rulers of the other emirates that a new maritime oil field has been discovered east of Dubai's Rashid field. Instructions have been given for exploration to begin on the field in order to gauge its size.

  • New tourist city planned for Saudi Arabia

    Prince Sultan bin Salman, chairman of the Saudi Commission for Tourism and Antiquities, has announced plans to develop a tourist city in the eastern coastal city of Al-Oqair at a total cost of SR50bn, Arab News has reported. A similar project is also to be developed in Jeddah's Obhur Corniche. It will be developed into a permanent centre for festivities and will include a heritage village, an open stage and a site for fireworks.

  • New tunnel opens in Abu Dhabi

    Abu Dhabi municipality has opened the first tunnel on Salam Street six months earlier than scheduled, Gulf News has reported. Only three lanes (in both directions) will be opened for traffic until the completion of the entire Dhs5bn project in this year's third quarter, the municipality said. Upon completion, the five tunnels in the project will facilitate the free flow of 6,000 cars per hour. Two more tunnels are expected to be opened for traffic in the near future.

  • News Corporation buys shares in Rotana Group

    US media organisation can increase its stake in the future

  • No ban on dairy exports, says Saudi Arabia

    The Saudi government will not implement a recommendation by the kingdom's Shura Council to ban dairy exports, Reuters has reported. The council's recommendation was based on the kingdom's efforts to save water. However, the agriculture minister, Fahad Balghunaim told the news service that dairy production does not use great quantities of water. 'Dairy products do not use a lot of water. They use barley to feed cattle and barley is imported,' he said.

  • No offers for Zain Africa assets

    Kuwait's Zain has said it has not received any offers for the sale of its Zain Africa assets, Reuters has reported. 'With regard to information published in a local newspaper on buying Zain Africa assets, the group would like to state that there are no offers at present,' the telecoms said in a statement.

  • Oil drilling to be stable in Saudi in 2010

    Experts have said that drilling for oil in Saudi Arabia in 2010 is expected to remain the same as last year, but state oil giant Aramco would increase gas drilling activities, Reuters has reported. 'We see it (oil drilling) stable. We are not increasing, we are not dropping. ... We are trying to maintain around 100 rigs for the rest of the year,' one expert said, while a second expert said that gas exploration is the main drive. 'They are already concentrating on gas drilling more than on oil

  • Oil falls below $80 a barrel as dollar strengthens

    Strikes at French refineries hit crude prices on 22 February

  • Oil majors plan to use Kuwait as a base for Iraqi operations

    Iraq lacks basic infrastructure and logistics

  • Oil prices continue to rise

    US industrial growth boosts global economy

  • Oil prices recover to $75 a barrel in US

    Cold weather and falling inventories boost prices

  • Oil rises above $80

    Crude oil rose above $80 a barrel in New York for a second day as Iran's OPEC governor said global consumption may climb by as much as 1.4 million barrels a day in the second half of this year. Crude oil for March delivery rose as much as 70 cents, or 0.9%, to $80.51 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $80.26 at 12:53 p.m. in Singapore, according to Bloomberg.

  • Oman announces oil and gas discoveries

    Al-Ghubar field holds 1 billion barrels of crude

  • Oman extends water bid deadline

    Winning bidder to provide contract management services

  • Oman finds new oil and gas fields

    Petroleum Development Oman said it has discovered three oilfields and a gasfield with the combined potential to boost Oman's reserves by more than 5%, the National has reported. The government-controlled firm said the recent finds included a 'major' oilfield thought to contain about 1 billion barrels of crude, and a 'potentially large gasfield.

  • Oman might use reserves to fund budget gap

    Oman's economy minister, Ahmed Mekki, has said the country will finance its planned OR800m budget deficit for 2010 from its reserve funds if needed, Reuters has reported. The non-OPEC oil producer raised spending by 12% in this year's budget on prospects of higher oil prices to finance a range of infrastructure projects. 'However, we expect the average oil prices to stay above what we forecast for this year's budget,' he was quoted as saying by the news service.

  • Oman opens passenger cruise terminal

    Oman has opened its first passenger cruise terminal at Port Sultan Qaboos in Muscat, Gulf News has reported. The authorities are expecting more than 300,000 cruise tourists to call at the newly opened terminal, giving a fillip to the tourism industry. 'Cruise shipping is the sleeping giant of our tourism industry and the ministry is serious about making it work for the country,' Mohammad Al Toobi, undersecretary, Ministry of Tourism said.

  • Oman power chief resigns

    State power firm to appoint replacement quickly

  • Oman Q3 GDP up on Q2

    Oman's ministry of national economy has said the Sultanate's Q3 gross domestic product (GDP) grew by 17.3% compared to the previous quarter, Gulf News has reported. The increase resulted in a great contribution by non-oil activities in the growth in Q3 2009 at 15.4% of the growth amounting to 17.4% compared with the previous quarter. The growth was attributed to the growth in the added value for oil activities resulting from the record increase in oil production and improved oil prices.

  • Oman to build industrial research centre

    The first industrial technology and innovation research centre in Oman will be set up at Rusail industrial area, Kuna has reported. The new centre aims to encourage research and creativity and create a system that guarantees sustainable industrial expansion. The centre will assess local and regional industrial research requirements, and provide a direct link between researchers and those who benefitted from their work.

  • Oman to offer 11 new hydrocarbon concessions in 2010

    Bids for 11 new hydrocarbon concessions will be floated by Oman's ministry of oil and gas during 2010 in one of the largest ever offerings announced by the government to date, Oman Daily Observer has reported. The list of concessions includes a mix of oil and gas blocks, both onshore and offshore. The move is part of the Sultanate's drive to raise its oil and gas production to about 900,000 barrels a day within the next two years.

  • Oman water management bid deadline extended

    Bidders have until 29 March to respond following another extension

  • Oman: Accommodation blocks

    Implementation of accommodation blocks. Closing date: 24 February 2010

  • Oman: Building construction and refurbishment works

    Carrying out construction works. Closing date: 27 February 2010

  • Oman: Chemicals

    Supply of chemicals. Closing date: 12 April 2010

  • Oman: Desalination plant

    Implementation of a desalination plant. Closing date: 12 April 2010

  • Oman: Desalination plant

    Provision of a desalination plant. Closing date: 5 April 2010

  • Oman: Desalination plant extension

    Extension of a desalination plant. Closing date: 19 April 2010

  • Oman: Electrical distribution works

    Carrying out electrical distribution works. Closing date: 5 April 2010

  • Oman: Maternity unit

    Construction and maintenance of a maternity unit. Closing date: 12 April 2010

  • Oman: Paved road construction

    Construction of a paved road. Closing date: 22 March 2010

  • Oman: Pharmaceuticals

    Supply of pharmaceuticals. Closing date: 12 April 2010

  • Oman: Pharmaceuticals

    Supply of pharmaceuticals. Closing date: 12 April 2010

  • Oman: Port office park development

    Design, build, finance, operation and maintenance of an office park at the Port of Sohar. Closing date: 15 February 2010

  • Oman: Power cable feeders

    Construction of low-voltage power cable feeders. Closing date: 5 April 2010

  • Oman: Power grid station and overhead lines

    Provision of a power grid station and installation of overhead lines. Closing date: 5 April 2010

  • Oman: Power grid station and overhead lines

    Implementation of grid stations and installation of overhead lines. Closing date: 26 April 2010

  • Oman: Power line and substation

    Extension of a power line and construction of a substation. Closing date: 22 March 2010

  • Oman: Power station gas-oil

    Supply and delivery of gas-oil fuel to power stations. Closing date: 22 March 2010

  • Oman: Power station upgrade

    Upgrading of a 220kV grid power station. Closing date: 19 April 2010

  • Oman: Primary substation

    Construction of a primary substation. Closing date: 22 March 2010

  • Oman: Radio transmission system fit-out

    Provision of a technical fit-out for medium-wave radio transmission systems. Closing date: 5 April 2010

  • Oman: Road design and construction

    Design and construction of internal roads. Closing date: 29 March 2010

  • Oman: Road design and construction

    Design and construction of link roads. Closing date: 22 March 2010

  • Oman: Roundabout construction

    Construction of a roundabout. Closing date: 29 March 2010

  • Oman: School classrooms

    Construction, completion and maintenance of classrooms at a school. Closing date: 12 April 2010

  • Oman: School construction (Al-Ghubrah)

    Construction of a boys’ basic education school in Al-Ghubrah. Closing date: 19 April 2010

  • Oman: School construction (boys)

    Construction, completion and maintenance of a 12-classroom boys’ basic education school. Closing date: 5 April 2010

  • Oman: School construction (girls)

    Construction, completion and maintenance of a girls’ basic education school. Closing date: 5 April 2010

  • Oman: School construction (Qafifa)

    Construction of a boys’ basic education school in Qafifa. Closing date: 19 April 2010

  • Oman: School construction (Seih al-Maashi)

    Construction of a mixed basic education school in Seih al-Maashi. Closing date: 19 April 2010

  • Oman: Substation upgrade

    Upgrading of a substation. Closing date: 22 March 2010

  • Oman: Telecommunications equipment

    Supply of amplifiers and antennas for a telecommunications company. Closing date: 5 April 2010

  • Oman: Telecommunications operation support system

    Provision of an operation support system for a telecommunications company. Closing date: 12 April 2010

  • Oman: Track road design and construction

    Design and construction of a track road. Closing date: 22 March 2010

  • Oman: University project earthworks

    Execution of earthworks for a proposed research and innovation precinct project. Closing date: 12 April 2010

  • Oman: Vehicles

    Supply and delivery of vehicles. Closing date: 5 April 2010

  • Oman: Water supply system

    Provision of a water supply system. Closing date: 29 March 2010

  • Oman: Weather radar systems

    Supply, installation, training and commissioning of five doppler weather radar systems. Closing date: 26 April 2010

  • Omani cement maker to bid for Star Cement

    Oman's biggest cement-maker by market value, Raysut Cement Co, plans to make a bid to acquire Star Cement Group of Companies, Bloomberg has reported. Star Cement consists of a clinker production plant in Ras Al Khaimah, cement grinding plants in Abu Dhabi, Ajman, Bahrain, Yemen and Bangladesh, terminal for storage and packing of cement in Sudan and a precast factory in Abu Dhabi.

  • Oman's Al-Tamman inks JV with Indian firm

    India's Indsil Hydro Power and Manganese along with its group company Indsil Energy and Electrochemicals has floated a JV with Oman-based Al-Tamman Trading Establishment to set up a ferro chrome manufacturing unit in the sultanate. As per the pact, Al-Tamman will supply chrome ore for producing ferro chrome and also offer local domain knowledge, according to a report by India's Economic Times.

  • Oman's first suspension bridge to open

    The first hanging bridge in Oman, Khor Al Bath, connecting mainland Sur and the village of Aijah, has been completed, Times of Oman has reported. A project of the ministry of regional municipalities and water resources and executed by Strabag Oman, the bridge spans 204m with the biggest span measuring 140m. Construction of the bridge started in February 2008. The RO6m project will also reduce the distance between Al Aijah and Khor Bath villages in Sur by 10km.

  • Oman's oil output rose in 2009

    Data from Oman's national economy ministry has showed that the Sultanate raised oil output for the second consecutive year in 2009, beating production for the previous year by 7.4%, Reuters has reported. In 2009, Oman produced an average of 812,500 barrels per day of oil compared to 756,800 bpd the year earlier.

  • Opec cuts oil demand forecasts

    US demand remains uncertain

  • OPEC says all options open at next meeting

    Algerian energy and mines minister, Chakib Khelil has said that all options are open at the next OPEC meeting in March, Reuters has reported. The 12 member group is scheduled to meet in Vienna on March 17 to decide whether to change production levels for crude or leave them unchanged.

  • Opec: 2010 economy to put pressure on oil demand

    Opec has said that oil demand in 2010 will come under pressure from the slow pace of the recovery in the world economy, AFP has reported. "As a result, US demand is a key uncertainty for this year. Non-OECD regions will be the sole contributors to global demand growth in 2010," the oil producers' group said. "The global recovery is proceeding apace... but the strength of the upturn in 2010 is still uncertain and regionally uneven."

  • Partners seal $9.9m Algeria oilfield deal

    Deal comes after legal dispute in 2009

  • Passenger traffic increases at Queen Alia International

    New routes boost growth at Jordanian airport

  • Passenger traffic rises 11.2 per cent at Abu Dhabi airport

    Cargo volumes increase year-on-year

  • Petra makes 80% of Jordan's tourism revenues

    Jordan's tourism ministry has said the ancient city of Petra had accounted for 80% of the kingdom's tourism revenues in January, Jordan News Agency has reported. Tourism revenues in January surged by 42% to JD1.246bn in January 2010, compared to JD879m in the same period last year, according to the ministry's figures.

  • Piling works begin on Louvre Abu Dhabi

    Abu Dhabi's Tourism Development and Investment Co (TDIC) has awarded German construction firm, Bauer International FZE a contract for the piling works of the Louvre Abu Dhabi museum on Saadiyat Island. The piling works contract constitutes the second sequential package to be issued for the Louvre Abu Dhabi since its groundbreaking in May last year. Following the completion of the piling, a sub-structure contractor will be appointed to construct the concrete and waterproofing works up to groun

  • Pilot project boosts internet speed in Qatar

    Qtel has announced the completion of the first pilot project for 'Fibre to the Home' internet service in Qatar. The pilot project, which provided the service in partnership with developers in the Mesaieed and West Bay Lagoon areas of Qatar, provides customers with internet speeds of up to 50 megabits per second, with the capacity to upgrade to 100 megabits per second soon to become available. As part of the project, Qtel has also developed a 'Fibre to the Building' service that will provide f

  • Pioneers Holding to boost stake in Egyptian developer

    Egypt-based financial services firm Pioneers Holding has said it has decided to raise its stake in Egyptian developer El Kahera Housing to 25%, Reuters has reported.

  • Plane repair market in Mideast sees $5bn growth

    David Stewart, partner at UK-based consultancy, Aerostrategy has said that demand by Middle East airlines for maintenance, repair and overhaul (MRO) is expected to increase by 7.6% a year over the next 10 years, bringing the total spend to $4.8bn (Dhs17.6bn) by 2019, Gulf News has reported. The prediction compares favourably against the global market growth of 3.2%, to total $58.4bn over the same period. Stewart will be speaking at t the MRO Middle East Conference and Exhibition, held tomorro

  • Premier Inn opens at Dubai International Airport

    UK-based hospitality firm, Premier Inn has announced the opening of its latest Dubai hotel located at the Dubai International Airport. The hotel features 281 guest rooms, a restaurant, a bar, and a Costa Coffee outlet. Premier Inn in the GCC is a strategic partnership between the Emirates Group and Whitbread Plc.

  • Prince Alwaleed reaffirms support to Citi's Pandit

    Major Citi Bank shareholder, Prince Alwaleed bin Talal, has reaffirmed his support to the bank's chief executive, Vikram Pandit, who was on a visit to Saudi Arabia, Reuters has reported. 'Prince Alwaleed emphasised his support of Pandit and Citigroup's management,' Alwaleed's Kingdom Holding Co said in a statement.

  • Qatar Airways expands service to South East Asia

    Qatar Airways has boosted frequencies and upgraded aircraft used for the South East Asian region. The airline's flights from Jakarta to Doha have been de-linked from Singapore and the airline now operates a dedicated non-stop service between the Indonesian and Qatari capital cities. Flights from Singapore, Bali and selected services from Kuala Lumpur have been upgraded to aircraft from the airline Boeing 777 fleet. The carrier will also launch daily services to Tokyo, as well as boost its Kor

  • Qatar Aluminum Extrusion awards contract to build plant

    Qatar Aluminum Extrusion Co (QAEC) has awarded a contract to a local civil engineering firm to build its plant and auxiliary facilities in Salwa Industrial Area, Doha, Arabic daily Al Raya has reported. The new plant is estimated to cost around QR72m ($19.78m) and is slated for completion within 10 months from its launch.

  • Qatar and ExxonMobil start production at Al-Khaleej gas scheme

    Project to supply domestic market

  • Qatar Aviation Leasing launches $650m loan

    Qatar Aviation Leasing has launched syndication of a $650m loan via Deutsche Bank and Standard Chartered Bank, Reuters has reported, citing banking sources. The three-year loan is fully underwritten and pre-funded, and includes a sovereign guarantee, the sources said. The company was set up to purchase aircraft and lease them to Qatar Airways.

  • Qatar Aviation Leasing offers loan deal to banks

    Facility benefits from a sovereign guarantee

  • Qatar banks told to cut service fees

    Local banks in Qatar have been told by Qatar Central Bank to reduce their service charges, Arabic daily Al Sharq has reported. The charges that have been instructed by the QCB to be brought down to 'moderate' levels cover no less than 100 banking services and products. The minimum charge the central bank has specified for bank transfers, whether local or external, is QR10, and it should not be more than QR15, the central bank said.

  • Qatar Cement profit rose 0.8% in 2009

    Qatar National Cement has announced that its full-year net rose 0.8% to QR417m ($114.6m). The company will pay a dividend of QR6 per share for 2009, Bloomberg reported.

  • Qatar Cool opens plant at West Bay

    Plant will provide cooling to 46 towers in Doha

  • Qatar Exchange to start bond trading

    The CEO of the Qatar Exchange has said the bourse may start bond trading before the NYSE Euronext Universal Trading Platform is introduced next September, as part of a program to broaden the business it handles, Bloomberg has reported. Andre Went said the exchange also plans to offer trading in sukuks in the future, as well as exchange traded funds and derivatives.

  • Qatar moots cancellation of H1N1 vaccine orders

    Qatar's Supreme Council of Health (SCH) has decided to cancel orders for 620,000 doses of the H1N1 vaccine and replace them with orders for other medicines, the Peninsula has reported. The move follows a drastic fall in the number of H1N1 influenza cases in the country and a tepid public response to the ongoing vaccination campaign. Qatar had placed orders with leading international pharmaceutical companies for a total of 1.5m doses of the H1N1 vaccine, of which 500,000 doses have already bee

  • Qatar Petroleum invites bids for Ras Laffan water work

    Winning firm to provide engineering, procurement, installation and commissioning services

  • Qatar puts Al-Shaheen refinery project on hold

    Planned Mesaieed scheme was set to process heavy crude

  • Qatar students receive $280,000 grant for research

    Qatar's Undergraduate Research Experience Program has awarded 28 Cornell Medical College-Qatar students $280,000 in grants in the latest, seventh round of funding. The grants are part of $1.7m provided to research institutions in Qatar this year by the Qatar National Research Fund. The students will investigate 11 different topics related to cancer treatment and diagnosis, diabetes care, science learning, purifying drinking water, infectious diseases, the function of specific genes, gene ther

  • Qatar takes the long view as its economy booms

    Most of Qatar’s present energy industry investment programme will be completed this year. The next challenge is defining a long-term strategy for Qatar’s economy as a whole

  • Qatar to move ahead with subsea tunnel project

    Jamal al-Kaabi, acting manager of the design department at Qatar's Public Works Authority, has said the country will go ahead with plans for a 12km subsea tunnel that will link the capital's new airport with the financial centre at a cost of more than $1bn, Zawya Dow Jones has reported. 'The road is under the urban planning department for the concept design and then we will be taking that project for the detailed design and construction phase,' he said. Danish engineering consultants COWI hav

  • Qatar to tighten checks on imported goods

    Qatar's environment ministry has announced that separate laboratories will be set up to test the quality of consumer goods before entering the Qatari market, the Peninsula has reported. Testing will include products such as building materials, bottled water, edible oil, cosmetics, detergents, food items and toys. The country is preparing new standards and specifications for 1,400 products, which will be implemented within three months.

  • Qatar: Cargo transport services

    Provision of inland cargo transport services.  Closing date: 7 March 2010

  • Qatar: Civil projects

    Carrying out miscellaneous civil projects at Halul. Closing date: 28 March 2010

  • Qatar: Crude oil tank repair

    Carrying out emergency repair of crude oil tanks. Closing date: 21 March 2010

  • Qatar: Gas supply project

    Carrying out a project to improve the supply of gas. Closing date: 14 March 2010

  • Qatar: Haematology reagents

    Supply of reagents for haematology. Closing date: 14 March 2010

  • Qatar: Immunology chemistry reagents

    Supply of reagents for immunology chemistry. Closing date: 14 March 2010

  • Qatar: Oil field pressure/temperature gauges

    Supply and installation of pressure/temperature downhole gauges in onshore and offshore fields. Closing date: 7 March 2010

  • Qatar: Road improvement works

    Carrying out road improvement works. Closing date: 23 March 2010

  • Qatar: Site supervision consultancy services

    Provision of site supervision consultancy services for the construction of seven new schools. Closing date: 2 March 2010

  • Qatar: Storage shed

    Implementation of a storage shed. Closing date: 4 April 2010

  • Qatar: Water project consultancy services

    Provision of consultancy services for water projects. Closing date: 4 April 2010

  • Qatar’s RasGas boosts gas production

    Facility increases output to 36 million tonnes a year

  • Qatari firm eyes transport deal with Eritrea

    Jassim Saif al-Sulaiti, Chairman of Mowasalat, Qatar's public transport firm, has said the company may close a deal with the Eritrean government to provide complete transport solutions, Gulf Times has reported. 'An announcement is to be made in the next few weeks,' he said.

  • Qatari hospital to offer cord stem cell banking

    Qatar-based Al-Ahli Hospital has signed a partnership agreement with Virgin Health Bank QSTP to develop cord blood stem cell banking in the country. The partnership will give guests of the hospital the opportunity to store the umbilical cord blood stem cells of their newborn babies. The service costs families a one off payment of QR12,950, paid to Virgin Health Bank, which includes the collection kit, the processing of the cord blood, all the necessary tests and 20 years of storage.

  • Qatari hospital to specialize in children's care

    Qatar's Hamad Medical Corp has signed a five-year partnership agreement with Canada-based Hospital for Sick Children (SickKids) for the development of its new Children's Hospital, the country's first to specialize in paediatric care. SickKids International will support HMC in planning the development of a paediatric centre of excellence, with a focus on clinical services, evidence based practice, education, training, and research.

  • Qatari jeweler to open world's largest showroom

    Qatar-based Alfardan Jewellery is set to open the world's largest jewellery showroom at The Pearl-Qatar Island, Gulf Times has reported. The new store, which is expected to be included in the Guinness World Records, will be opened next April.

  • Qatar's Al-Shaheen refinery project seen on hold

    Qatar Petroleum has put on hold its Al-Shaheen refinery indefinitely, MEED has reported, citing a source close to the project. One contractor source has said, it is not expecting the project to be re-tendered this year, as other contractors agree, however, saying they have not received any official confirmation that the project has been cancelled. The project set to be located in Mesaieed was intended to process heavy crude oil from the Al-Shaheen oil field.

  • Qatar's IBQ 2009 profit rises 12%

    The International Bank of Qatar has reported a 12% rise in net profit in 2009 to QR342m ($93.95m), compared to QR305m the previous year. Net interest income rose 29% to reach QR484m and income from Islamic financing and investment activities reached QR38.4m, an increase of 90% over the same period last year. Customer deposits grew 14% on the previous year, reaching QR13.1bn, compared to QR11.5bn in 2008, the lender said.

  • Qtel looks to invest in Iraqi, Algerian markets

    Nasser Marafih, CEO of Qatar's Qtel has said the company is looking to invest in the Iraqi and Algerian telecommunications markets because of their high business possibilities, the Peninsula has reported. Expansion plans for Africa have been dropped 'because there are many telecommunications companies there already,' he noted. Qtel has now a control of 14 communication companies in 17 countries, taking opportunities of low licensing prices. The company plans to concentrate more on mobile Inte

  • Qurain Petrochemicals' '09 profit up 226%

    Kuwait-based Qurain Petrochemicals Industries Co has posted a net profit of KD7.098m ($24.8m) for the year ended December, 31, 2009, up 226% from the loss of KD5.6m ($19.6m) of 2008. The company's board of directors has recommended not distributing dividends for the year 2009 to ensure funding for projects and planned growth, the company said.

  • RAK Bank '09 profit rises 14%

    National Bank of Ras al-Khaimah (Rakbank) has reported a 14.2% rise in full-year profit to Dhs726.15m. Increases in loans and advances in the retail segment contributed to a rise of 23% in the lender's total assets to Dhs17.1bn, the bank said. The share capital of the bank increased to Dhs962m from Dhs740m. Total shareholders equity increased to Dhs2797m at the end of the year.

  • Ras Al Khaimah rated 'A' by Standard and Poor's

    Standard & Poor's Ratings Services has affirmed its 'A' long-term and 'A-1' short-term sovereign credit ratings on the emirate of Ras Al Khaimah, with 'stable' outlook. The ratings are underpinned by the relative wealth and diversification of the emirate's economy, with GDP per capita expected at $17,454 in 2010, in line with the 'A' median, the rating agency said. "Moreover, RAK's growth prospects appear robust, with the overhaul of economic strategy since the appointment of Sheikh Saud bin

  • Ratings agency predicts Dubai asset sales will take time

    Dubai World attempts to restructure $22bn debt

  • Raytheon secures UAE defence contract

    Missile contract is worth $170m

  • Regional power and water deals require $13bn financing in 2010

    Developers focus on competitive IWPP model

  • Retailcorp cuts workforce

    Retailcorp, an Istithmar group company, has said its workforce has been reduced by 3%, amid a slowdown in the retail sector, Reuters has reported. The firm has two shopping malls in Dubai; the Ibn Battuta Mall, and DragonMart, a trading centre for Chinese products. The group now has approximately 600 staff. Dubai's retail sector has suffered from the impact of the global financial crisis, with sales dropping as much as 30% in 2009.

  • Revamp of secondary education in GCC urged

    Secondary school education in the GCC needs to be revamped to improve the quality of future generations, speakers at a symposium in Dubai said. Organised by the Ministry of Education and the Arab Bureau of Education for the Gulf State, the forum brought together representatives from the GCC to analyse and address the challenges of preparing students for the 21st century, reported Khaleej Times. Speakers said efforts in many Arab countries since the 1990s have failed to incorporate internatio

  • Riyadh plans to speed up construction of Haramain railway

    State to force Public Investment Fund to finance project contracts

  • RJ opens new route to Saudi Arabia

    Royal Jordanian is set to launch regular direct service to Madinah Munawwarh, Saudi Arabia, beginning with two weekly flights. President/CEO Hussein Dabbas said that opening this route will benefit RJ passengers who wish to visit Saudi Arabia for Hajj and Umrah. The airline now directly operates to 56 destinations around the world.

  • Royal Jordanian expects 12% revenue rise in 2010

    The president and CEO of Royal Jordanian has predicted that the carrier will increase its revenues by 12% compared to last year, Gulf Times has reported. Speaking at a conference in Amman, Hussein Dabbas also forecast that the airline will increase its passenger load by 10% this year.

  • Royal Jordanian records $40m profit for 2009

    Royal Jordanian has said that lower fuel and operational costs helped it achieve a net profit of JD28.6m ($40.3m) in 2009 after a JD24.7m loss in 2008. A 46% decline in fuel costs and a reduction in operational costs on efficiency gains had outpaced a 15% decline in revenues to JD598m, the airline said.

  • Royal Jordanian records profit in 2009

    National carrier defies gobal aviation sector downturn

  • Russian firm inks deal on Iraq oil field

    Iraq has signed an agreement with Russian energy giant Lukoil and Norway's StatoilHydro to develop the country's massive West Qurna-2 oilfield, AFP has reported. The oilfield is expected to dramatically increase the country's crude production to 12 million barrels per day (bpd) by 2017. Under the consortium, Lukoil has a 56.25% share, StatoilHydro 18.75%, and Iraq's North Oil Co 25%, according to Iraqi officials.

  • Rymco to offer scholarship fund at Beirut uni

    Rasamny-Younis Motor Co. (Rymco) is establishing the Rymco-Saadeh Abou Nassif Scholarship Fund to support needy students studying business at American University of Beirut. The scholarship is being established in honor of Saadeh Abou Nassif, chief operating officer of Rymco International, who died in a motorcycle accident.

  • SABB Bank's non-performing loans rose to $940 mln in 2009

    Non-performing loans at SABB bank, HSBC's Saudi affiliate, soared more than 16 times to SR3.53bn ($940m) in 2009 from SR193.7m in 2008, Reuters has reported. SABB made provisions for loan losses worth SR1.78bn in 2009 up from SR629.5m in 2008, the lender said in a statement.

  • SABB books highest loan loss impairment in Q4

    SABB bank, HSBC's Saudi affiliate, has said it had booked the highest quarterly net impairment charge in 2009 for credit losses during the fourth quarter, Reuters has reported. The lender set aside SR714.3m during the fourth-quarter to cover loan losses, which brings to SR1.5bn the total amount of provisions SABB made in 2009, compared to SR458.2m in 2008.

  • Sabic to expand Ibn Rushd affiliate

    Mohamed al-Mady, chief executive of Saudi Arabian Basic Industries Corp (Sabic), has unveiled plans to expand the company's affiliate Arabian Industrial Fibers Co (Ibn Rushd), Reuters has reported. Ibn Rushd's complex in Yanbu, on Saudi Arabia's Red Sea coast, produces aromatics, purified terephthalic acid, which is used in making polyester, and polyester staples. After the expansion, Ibn Rushd's PTA capacity would rise to 700,000 tonnes per year from the current 350,000 tpy. The expansion wi

  • SAIB books $115.9m in Q4 loan loss provisions

    Saudi Investment Bank (SAIB) has booked SR434.6m ($115.9m) in provisions for loan losses in the fourth quarter, the highest in 2009, Reuters has reported. The fourth-quarter provisions brought to SR554.6m the amount of cash SAIB has set aside to cover loan losses in 2009, down from SR997.5m in 2008. SAIB, which received two rating downgrades in June, posted a 20.2% rise in its Q4 net loss after booking the provisions.

  • Sales of mobile phones dip in 2009

    Global sales of mobile phones fell nearly 1% in 2009, their first decline eight years, according to a report by research company Gartner. However, the market is expected to rebound in 2010, with growth of 11 to 13%, the report said. Gartner had previously forecast 9% growth for this year, but increased its numbers after a surge in consumer spending in the fourth quarter. Sales of mobile handsets in the final quarter were up 8.3% on the previous year.

  • Sales of sukuk to be 'weaker' in 2010, says Deutsche Bank

    Islamic debt will remain 'weaker' in 2010 as investors avoid riskier, higher-yielding assets on concern governments will struggle to repay debt, Bloomberg has reported, citing comments by Deutsch Bank. 'Until we see risk sentiment improve globally it's very difficult to see that the sukuk market will be as vibrant as it used to be,' Hussein Hassan, head of structuring for Middle East and Africa at Deutsche Bank AG, was quoted as saying at a conference in London. 'The industry failed to rise u

  • Saline Water launches Ras al-Zour pipeline project

    Saudi system will transfer water to Hafr al-Batin

  • Samba sets aside $60.7m in Q4 provisions

    Saudi Arabia's second-biggest lender by market value, Samba Financial Group had set aside its highest loan loss provisions in 2009 with SR227.6m ($60.7m) in the fourth quarter, Reuters has reported. The total provisions for the year stood at SR604.8m, up from SR458m in 2008.

  • Samsonite plans Middle East expansion

    US-based luggage and accessories maker, Samsonite Group has said it is looking to expand its operations across the Middle East over the next three years. As part of the strategic expansion, Samsonite Middle East is planning to open over 25 new stores in the next 3 years of which 10 will be opened by end of 2010. Samsonite will also be looking at expanding its presence in relevant department stores for its ICT and business collection and back packs.

  • Samsung Engineering closes Dubai office

    South Korea's Samsung Engineering has said it has shut its office in Dubai and shifted its focus on Abu Dhabi, MEED has reported. 'Our Dubai offices has been closed and we are focusing more on Abu Dhabi as we see more growth coming from that emirate,' a company spokeswoman told the magazine. Most of the staff and resources which were based in Dubai have now been moved to Samsung's Abu Dhabi office, she said.

  • Samsung launches new notebooks

    Samsung Electronics has unveiled the first of its 2010 notebook range, which includes an extension of its R-Series notebooks. The notebooks include the new R580, R530, R430, and the N150. 'With the launch of the new line of notebooks and netbooks, we are looking forward to an expected regional growth of 100% year-on-year in our laptop division in 2010, with the help of our new marketing strategy which has been put into action,' Madhav Narayan, general manager of the IT Division at Samsung Gul

  • Samsung to sign deal to build nuclear reactors for UAE

    Samsung Corporation is set to sign a sub-contract agreement with state-owned utility Korea Electric Power Corp on the construction of the UAE's nuclear reactors, Emirate Business has reported. Last year, a South Korean consortium led by Kepco won a Dhs75bn deal to build and operate four nuclear reactors for the UAE. The consortium includes Hyundai Engineering and Construction, Samsung C & Corp, Doosan Heavy Industries, and US-based Westinghouse Electric, a unit of Japan' Toshiba Corp.

  • Saudi Arabia closes pharmacies near gas stations

    Saudi authorities have started shutting down pharmacies that are near or part of gas stations, citing health hazard concerns, Arab News has reported. At least 15 pharmacies have been closed down in Jeddah by the civil defence, costing owners an estimated SR20m. Pharmacists were told by the health ministry the closure was due to the flammable materials inside their pharmacies and that toxic hydrocarbon gas from petrol could affect medicines.

  • Saudi Arabia extends deadline for Haramain railway bids

    Rail organisation alters tender process to give firms more time to prepare documents

  • Saudi Arabia may boost March oil prices in Asia

    Saudi Arabian Oil Co may raise its March official prices for crude sold to Asia as fuel demand increases, Bloomberg has reported. Arab Heavy and Arab Medium, Saudi Arabian Oil's densest export grades, may be set at 12.5 cents a barrel higher than February, according to the median levels in a survey of refiners from South Korea, Japan, China, and India. The company, known as Saudi Aramco, is expected to issue prices this week. Arab Light, the country's largest export grade, and Extra Light are

  • Saudi Arabia revokes obesity drug licence

    The Saudi Food and Drug Authority has revoked the registration licence of obesity drug, 'Sibutramine' and its commercial names in the kingdom, 'Reductil' and 'Sibutral', and ordered their withdrawal from the market, the Saudi press agency has reported. The move follows the suspension of the drug's production licence in Europe by the European Medicines Agency, after a study showed it posed health risks in addition to serious side effects, increasing the risks for cardiovascular disease.

  • Saudi Arabia: Airport service city project consultancy

    Provision of technical consultancy services for an international airport service city project. Closing date: 9 February 2010

  • Saudi Arabia: Anti-bullet barrier

    Supply of an anti-bullet barrier. Closing date: 3 April 2010

  • Saudi Arabia: Bridge and intersection construction

    Construction of a bridge and intersections to connect a highway with industrial and community areas. Closing date: 20 June 2010

  • Saudi Arabia: Broadcasting vehicles (closing date extension)

    Supply of three television broadcasting vehicles. New closing date: 9 March 2010

  • Saudi Arabia: College facility expansion

    Expansion of a temporary academic male facility at a university college. Closing date: 12 April 2010

  • Saudi Arabia: Education IT system

    Implementation of a unified education IT system for academic facilities. Closing date: 15 March 2010

  • Saudi Arabia: Guest house operation

    Operation of guest houses facilities. Closing date: 5 April 2010

  • Saudi Arabia: Hospital equipment

    Supply of equipment for a nuclear accelerator project for a hospital. Closing date: 13 March 2010

  • Saudi Arabia: ICU equipment

    Supply of intensive care unit (ICU) equipment. Closing date: 3 April 2010

  • Saudi Arabia: IT services

    Provision of internet services. Closing date: 6 March 2010

  • Saudi Arabia: Medical centre O&M

    Operation and maintenance (O&M) of medical centres and healthcare clinics. Closing date: 2 May 2010

  • Saudi Arabia: Medical equipment (closing date extension)

    Supply and installation of medical equipment. New closing date: 20 March 2010

  • Saudi Arabia: Oil company manpower

    Provision of manpower. Closing date: 1 March 2010

  • Saudi Arabia: School and kindergarten construction

    Construction of schools and kindergartens. Closing date: 17 March 2010

  • Saudi Arabia: School construction (B)

    Construction of girls’ schools. Rebid. Closing date: 30 March 2010

  • Saudi Arabia: School construction (C)

    Construction of girls’ schools. Rebid. Closing date: 13 April 2010

  • Saudi Arabia: Substation scada systems

    Supply and installation of supervisory control and data acquisition (scada) RTU systems for substations. Closing date: 1 March 2010

  • Saudi Arabia: Water network O&M

    Saudi Arabia: Water network O&M

  • Saudi Arabia: Water pipes

    Replacement of old water pipes. Closing date: 23 February 2010

  • Saudi Arabian Airlines inks deal for 777 work

    Saudi Arabian Airlines has awarded Taiwanese maintenance, repair and overhaul firm Evergreen Aviation Technologies a contract to do heavy maintenance checks on the airline's Boeing 777 fleet. The airline has a fleet of 23 Boeing 777-200ERs, according to website Flightglobal.

  • Saudi Aramco ask banks for Yanbu financing proposals by 13 March

    State firm plans to fast-track $9.6bn refinery project

  • Saudi Aramco finds new gas field

    Saudi Aramco, the world's largest oil company, discovered natural gas in a northern area of the kingdom, the state-owned Saudi Press Agency has reported. Preliminary reservoir tests of the Jalameed Well 3 showed commercial potential for tapping the gas, which flowed at a rate of 12.1 million cubic feet a day, the news agency said, citing Oil Minister Ali Al Naimi. It can produce larger quantities of gas under normal production conditions, and assessments will continue, the agency cited Al Nai

  • Saudi Aramco invites Yanbu refinery bids

    Saudi-based firms have been invited by Saudi Aramco Lubricating Oil Refining Co to bid for the early engineering work to expand the company's Yanbu refinery, Reuters has reported, citing industry sources. The expansion of the refinery, which has a capacity of 280,000 tpy of oil lubricants, includes a new lube hydrocracker, raising the capacity of the vacuum distillation unit, upgrading the electrical facilities and adding new storage tanks, according to one source, who declined to say what th

  • Saudi Aramco requests offers for Yanbu financing

    Sponsors plan to complete $10bn financing in 2010

  • Saudi Aramco to manage Jizan refinery project construction

    State oil firm abandons plans to attract foreign investor to $7bn project

  • Saudi Aramco to spend $120bn on projects

    Saudi Aramco plans to invest around $120bn over the next 5-6 years in developing projects in the oil and petrochemicals sectors, the company's chief executive told Arabiya TV. The company plans to spend $60bn on the oil sector, while the remaining investement would be for the development of petrochemcial projects and foreign investments, said Khalid al-Falih. 'Over the coming five to six years the total investment for Saudi Aramco will be around $120bn,' he said. 'Funding investments for our

  • Saudi bank lending to rise in 2010, says NCB

    Banks in Saudi Arabia will lend more this year as confidence is growing and lenders become less risk averse, Reuters has reported, citing the chief economist of state-owned National Commercial Bank. 'For this year we will see a faster growth of lending compared to last year but it will be gradual,' Said al-Shaikh was quoted as saying. Bank credit in the kingdom stood at 736.9 billion riyals at the end of last year, down from 744.8 billion riyals at end-2008.

  • Saudi bank to open 90 new branches

    Saudi Arabia's Al-Rajhi Bank has announced plans to open 90 new branches within the next three years, as part of its expansion strategy in the kingdom, Arab News has reported. The planned expansion will bring to 546 the total number of its branches in the country.

  • Saudi banks 2009 credit makes first drop in years

    Data from the Saudi Arabian Monetary Agency's (SAMA) website has showed that total credit offered by the kingdom's banks fell to its lowest level in at least 13 months in December and closed 2009 with a first annual drop since at least 2001, Reuters has reported. Total credit in the kingdom stood at SR736.9bn at the end of December, down from SR752.8bn in the previous month and SR744.8bn at the end of 2008. Banks claims on the private sector, a measure of banks' confidence in private sector g

  • Saudi banks cut lending to private sector

    Institutions place large amounts of cash on deposit with Sama after recession

  • Saudi Cable wins SR100m contract

    Saudi Cable Co has said it has won a SR100m contract to supply and install high voltage cables for a project in North Jeddah, Reuters has reported. The contract, offered by Saudi Electricity Co, is to provide 380 KV cables and is expected to boost Saudi Cable's profitability in the second quarter of this year.

  • Saudi education ministry to form investment arm

    Saudi Arabia's education ministry plans to set up a holding company to act as its own investment arm, Arab News has reported. The proposed firm aims to help finance a $2.4bn nationwide project for the promotion of general education. 'The Tatweer (development) holding company will be one of the kingdom's mega companies and will soon be set up by the ministry after its organizational structure has been finalized,' Fahd Al-Tayyash, the ministry's general supervisor of educational information sai

  • Saudi Electricity Company plans power projects worth $20bn

    Utility plans to use more financing from private sector

  • Saudi Fertilizers expects stable prices in 2010

    Saudi Fertilizers Co has said it will cut costs and enter new markets to boost profits in 2010, Reuters has reported. 'Safco hopes to improve profitability by increasing productivity, reducing costs, increasing sales and venturing into new markets,' the company said. Global fertilizer prices stabilised in 2009 and it is expected that prices in 2010 will remain close to their levels during the fourth quarter of 2009, the company added.

  • Saudi firm to open six factories in UAE

    Saudi-based Construction Products Holding has announced plans to open six new factories in Al Ain this year, Emirates Business has reported. The factories would cost $200m and include a ready-mix cement works and glass and steel plants, Dr Faisal Ibrahim Al Sulaiman Al Aqeel, director of business and administration affairs development, told the newspaper. 'The company has other plans to expand in Abu Dhabi due to the attractiveness of the market,' he added.

  • Saudi Fransi booked highest loan loss impairment in Q4

    Banque Saudi Fransi made the highest quarterly net impairment charge in 2009 for credit losses during the fourth quarter, Reuters has reported. The Saudi affiliate of France's Credit Agricole booked 418.1 million riyals during the fourth-quarter to cover loan losses. This brings to 641.6 million riyals the total amount of provisions Fransi made in 2009 to cover loan losses against 504.3 million riyals in 2008.

  • Saudi fund buys stake in mortgage lender Refco

    A board member of Saudi-based Real Estate Financing Co (Refco) has said the kingdom's Public Investment Fund has agreed to take a 20% stake in the mortgage lender, Reuters has reported. 'PIF has agreed to take 20% of Refco's capital which currently stands at SR200m ($53.3m) but will be increased to SR1bn by the time we start operations,' the board member told the news service.

  • Saudi Hollandi, ANB made highest loan provision in Q4

    Saudi Hollandi Bank and Arab National Bank made the highest quarterly provisions in 2009 for credit losses during the fourth quarter, Reuters has reported, citing stock exchange data. Saudi Hollandi booked 753.5 million riyals ($200.9m) during the fourth quarter to cover loan losses, the data showed. ANB set aside 346.8 million riyals for the same purpose during the period.

  • Saudi index sees slight gain

    Saudi Arabia's Tadawul All Share Index nudged up 0.07% today to close on 6,479, led by the Cement sector, which rose 0.72%. Market heavyweight Alinma Bank fell 0.78% to SR12.75, while fellow market leader Kingdom Holding slipped 0.42% to SR11.75. Overall, 53 stocks ended higher and 63 closed lower.

  • Saudi inflation stable at 4.1 per cent

    Rent, fuel and housing prices continue to rise

  • Saudi Jarir to open four news stores in 2010

    Jarir Marketing, the bookstore and office supplies retailer, has said that new stores are expected to boost its net profit by at least 15% this year, exceeding profit growth in 2009, Reuters has reported. Jarir, which made a net profit of SR374m in 2009, will add four new stores in Saudi Arabia and Kuwait this year.

  • Saudi joint venture creates desalination equipment venture

    Acwa, Toyobo and Itochu to invest in manufacturing parts for plants

  • Saudi KSU to have SR187m agriculture centre

    Saudi Arabia's King Saud University (KSU) has signed a SR187m agreement with the ministry of agriculture to establish a Sustainable Agriculture Development and Research Centre in Riyadh, Arab News has reported. Under the agreement, Jubail-based fertilizer firm, Al-Bayroni, a subsidiary of the Saudi Arabian Basic Industries Corp (Sabic) will finance the cost of the establishment of the laboratory. The centre is aimed at exploring new methods of conserving water in agriculture. KSU will offer i

  • Saudi market sees boom in computer hardware

    Organisers of Gitex KSA 2010 are expecting positive demands in the PCs, notebook computers and computer accessories market at this year's exhibition. Shahid Bhatti, Project Manager of Gitex at Riyadh Exhibitions Company has said, at least 15,000 square metres of exhibition space has been allotted this year and are nearly sold out. The exhibition looks at prospects made by analysts estimating at least 550,000 computer units will be sold in Saudi Arabia this year alone. Current stock of install

  • Saudi mobile customer base rose 20% in 2009

    A report by Business Monitor International (BMI) has said that Saudi mobile customer base grew by just over 20% in 2009, compared to 26.7% in 2008, Saudi Gazette has reported. The growth was attributed to the launch of commercial operations by Zain in late 2008. The report estimates that over 13% of Saudi mobile telephony customers had 3G handsets at the end of 2009. By the end of 2014, BMI forecasts the proportion of 3G users to rise to almost 40%.

  • Saudi official says dollar should expect competition

    The governor of the Saudi Arabian Monetary Agency has said the US dollar will see competition over its global reserve status as a 'multipolar' currency system develops, Bloomberg has reported. 'The dollar is still pre-eminent in its role as a reserve currency, although in official reserves, the euro is gaining in importance,' the news service quoted Muhammad al-Jasser telling the Jeddah Economic Forum.

  • Saudi project finance market may hit $30bn in 2010

    Saudi Arabia is on track to complete project finance deals worth about $30bn in 2010, well above the total of about $20bn completed in the whole region in 2009, MEED magazine has reported. The figure is based on a small number of large projects which are likely to reach financial close over the course of the year, including the Jubail and Yanbu refineries planned by Saudi Aramco and an aluminium smelter being developed by Saudi Arabian Mining Company (Maaden), according to MEED.

  • Saudi real estate market to surpass $129bn over next three years

    Real estate grew by 50 per cent from 1999 to 2008

  • Saudi rejects lab devices

    The Saudi Food and Drug Authority said it rejected the entry of 1,384 laboratory and diagnostic devices included in 16 shipments during the fourth quarter of the Islamic calendar, the Saudi press agency has reported. The devices were denied entry mainly because they did not meet the storage recommendations of manufacturers.

  • Saudi retailer to open Fifa stores in Mideast

    Saudi retail magnate Fawaz Alhokair and Company has signed a four year deal with Global Brands Group, the exclusive worldwide Master Licensee of Fifa, to open 14 Fifa Official Stores across the Middle East and North Africa. In addition, a number of 2010 FIFA World Cup Official Event 'Shop in Shops' will be opened across the Middle East during the FIFA World Cup™ period this year.

  • Saudi rules out complete ports privatisation

    Saudi transport minister Dr Jabara Al Seraisry has said that privatisation of the Saudi Ports Authority is on track but ruled out complete privatisation of the public sector undertaking, as its lands are owned by the government, Gulf News has reported. "Only a portion of the activities of the Authority will be handed over to the private sector," the minister, who is chairman of the Authority, said. Nearly 70% of the works at various Saudi ports have so far been assigned to private companies,

  • Saudi Tabreed inks district cooling deal with Saudi Aramco

    Saudi Tabreed has signed an agreement with Saudi Aramco to develop and operate a district cooling system to cool all the buildings of Saudi Aramco in the Dhahran area. Under the 23-year agreement, Saudi Tabreed will design, construct, finance, own, operate and maintain a centralized cooling plant and a network to supply chilled water to the Saudi Aramco buildings with a cooling capacity of 27,000 tonnes refrigeration.

  • Saudi Tayyar cancels IPO

    Saudi Arabia's Capital Market Authority has said that Al-Tayyar Travel Group has cancelled an initial public offering that was due later this month, due to weak demand. Tayyar was hoping to raise SR1.2bn ($320m) from the sale 24 million shares, or 30% of its capital.

  • Saudi telcos divided over order to end free roaming

    The Communications and Information Technology Commission (CITC), Saudi Arabia's telecom watchdog, has said the kingdom's three mobile phone firms must end their policies of not charging a roaming premium for incoming calls made from abroad using Saudi-registered phones. The decision was made because many Saudi Zain, STC and Mobily customers have subscribed to the Saudi mobile services despite living abroad. A spokesman for Mobily told Saudi Gazette that it could not be forced to start chargin

  • Saudi to build solar-powered desalination plant

    Saudi Arabia has said it has begun building the first solar-powered water desalination plant, the first step in a three-part program to introduce solar energy into the kingdom. The program was launched by the King Abdulaziz City for Science and Technology (KACST) to help stabilize future power and water supplies inside Saudi Arabia through the creation of solar-powered desalination facilities.

  • Saudi tourism shows growth

    Nasser Aqeel Al Tayyar, president and managing director of Saudi-based Al Tayyar Travel and Tourism Group has said that the kingdom's tourism sector is growing at a robust rate of 30%, with the volume of the tourism market is estimated at SR80bn (Dhs78.31bn), Gulf News has reported. "This does not include the fast-growing religious tourism sector," he said. New rules and regulations introduced by the Supreme Commission of Tourism and Antiquities as well as provisions aimed at promoting domest

  • Saudi tourists were biggest spenders in Lebanon

    A new report by Lebanon's Byblos Bank has said that tourists from Saudi Arabia had spent the most in Lebanon last year, with the equivalent of 22% of total tourist spending, Saudi Gazette has reported. Tourists from Kuwait came second accounting for 12%, followed by the UAE with 11%, and Egypt and Syria each accounting for 7%.

  • Saudi utility holds contractor meeting for Ras al-Zour plant

    Prequalification process for power and water project continues

  • Saudi Yansab to begin full output in March

    Full commercial production by Saudi-based Yanbu National Petrochemical Co (Yansab), a subsidiary Sabic, is set to begin on March 1, Reuters has reported. The $5.04bn complex has a total annual production capacity of about 4 million tonnes, including 900,000 tonnes of polyethylene, 400,000 tonnes of polypropylene and 700,000 tonnes of monoethylene glycol.

  • Saudi Zain forecasts 80% rise in 2010 revenue

    Telecoms company Zain Saudi Arabia expects a 25% rise in customers and revenue growth of at least 80% in 2010 as it increases its focus on broadband services, its Chief Executive Saad Al Barrak said on Tuesday. That would help Zain Saudi, the kingdom's third and newest mobile operator, to record positive core earnings before interest, taxes, depreciation and amortisation this year, he said, according to Reuters.

  • Saudia ups flights for holiday schedule

    Saudi Arabian Airlines (SAA) has announced that it will add 54 domestic and 12 international flights to its operations schedule during the coming school spring break which lasts for ten days, Saudi Gazette has reported. The airline will add four additional flights to Kuwait, four flights to Dubai and four other flights to Beirut and back.

  • Saudi-German JV to sell home appliances

    Saudi-based Al-Jezy Group has signed a joint venture agreement with Germany's Bosch and Siemens Home Appliances Group (BSH), aimed at driving the growth of Bosch and Siemens products in the kingdom, Arab News has reported. The new JV, BSH Saudi Arabia, will offer a range of home appliances at a dedicated showroom in Jeddah, with plans to open a second showroom in Riyadh later this year.

  • Saudi's Herfy Food Services profit rises 26%

    Herfy Food Services, Saudi Arabia's largest fast-food chain, said full-year profit increased 26% on higher sales in 2009, Bloomberg has reported. Net income gained to 114.6 million riyals ($30.6m), or 6.42 riyals a share, from 91.3 million riyals, or 5.11 riyals a share the year earlier, the company said in a statement. Full-year sales increased 11% to 517.6 million riyals in 2009.

  • Savola says balance sheet is strong

    Sami Baroum, CEO of Saudi food company Savola Group, has said the firm has no difficulty in getting bank financing for acquisitions and has no immediate need to issue bonds or sukuks. 'Savola's balance sheet is very strong, debt levels are low and we have the ability to borrow if needed,' he told Al Arabiya television station.

  • Sembcorp starts work on Salalah power and water project

    Plant to start operating commercially in 2012

  • Settlement reached in Dubai Metro dispute

    Work on the Dubai Metro has resumed after a settlement was reached with a Japanese-led consortium over unpaid bills totalling billions of dollars, the Financial Times has reported, citing two sources familiar with the situation. Dubai Roads and Transport Authority and the consortium, which includes Obayashi, Mitsubishi Heavy Industries, Mitsubishi and Kajima and a Turkish firm, were able to reach an agreeement over disputed payments of about $2-3bn, the paper said. The consortium received rou

  • Sharjah hotels suffer drop in occupancy

    Emirate sees a 14 per cent decrease in visitor numbers last year

  • Sharjah Islamic Bank to fund uni finance centre

    The American University of Sharjah has signed a memorandum of understanding with Sharjah Islamic Bank under which the lender will grant a Dhs30m endowment, Khaleej Times has reported. The funds will be used to set up a centre for Islamic banking and finance at the University.

  • Sharjah visitor numbers recover in H2

    H2 visitors to the emirate of Sharjah increased by 9%, following a 15% decline in the first half of 2009, according to a report by the Sharjah Commerce and Tourism Development Authority. 'The total number of guests staying in the emirate's hotels and hotel apartments was down to 1,447,934 in 2009, a 6% decline compared to the 1,535,234 guests reported in 2008,' the report said.

  • Sharjah warns 78 schools of fire hazards

    An inspection committee administered by Sharjah Civil Defence and the municipality has warned 78 private and government schools in the emirate they face hefty fines and possible closure if they fail to rectify fire-safety breaches uncovered by inspectors, The National has reported. Violations included non-insulated electrical wires and unsafe paper storage facilities. Overcrowded classrooms and school transport vehicles, unmarked emergency exits and an absence of fire extinguishers were also

  • Shell signs Kuwaiti gas field deal

    International oil company to help state firm develop and manage Jurassic fields

  • Shuaa board member resigns

    Shuaa Capital, the largest investment bank in the UAE, has announced that Abdul Rahman Al Saleh has resigned from its board. The company accepted the resignation and will appoint another member, it said in a statement.

  • Shuaa joins Nasdaq Dubai's equity derivatives market

    Dubai-based investment firm Shuaa Capital has said it has become a trading member on Nasdaq Dubai's equity derivatives platform. The equity derivatives platform consists of futures on 21 individual UAE companies listed on Nasdaq Dubai, the Dubai Financial Market and the Abu Dhabi Securities Exchange, as well as futures on the FTSE Nasdaq Dubai UAE 20 share index.

  • Shuaa Q4 losses reduced

    Dubai-based investment bank, Shuaa Capital has said it had reduced its quarterly net loss from Dhs577.4m in Q4 2008 to Dhs154.3m in Q4 2009. "The fourth quarter 2009 results reflect Dhs53.2m of impairment charges and prudent provisioning of Dhs89.8m as the firm reduces downside risks, emanating from volatile markets," Shuaa said in a statement. The firm recorded a loss for the year of Dhs529.8m including investment impairment charges of Dhs312.2m and provisions of Dhs210.5m.

  • Sipchem seeks financial advisers for Jubail plant

    Petrochemicals firm plans to build $1.1bn polymers project

  • SNTTA to integrate outlets, eyes 25 branches

    UAE-based travel company, SNTTA has announced plans to have a network of 25 branches by the end of next year, as it begins the process of integrating all its outlets under a single management, Gulf News has reported. "We are targeting over 15% growth in 2010, having achieved an impressive 12% growth in a difficult year like 2009," Zafar Imam, the newly appointed managing director of SNTTA Travel said.

  • Software AG posts 67% regional growth

    Germany's second largest software firm, Software AG has said its strong global performance was evident in its Middle East operations, which recorded better-than-expected results in 2009. The company's local operations in the region had posted a year-on-year growth of 67% in revenue compared with 2008. The company offers solutions for high performance data management as well as developing and modernising applications.

  • Software piracy rate dips in Jordan

    Rula Ammuri, Microsoft Country Manager in Jordan, said the piracy rate in the kingdom fell in 2009, but lost revenues due to piracy still amounted to $24m last year. She said that around 90% of small- and medium-sized enterprises in the kingdom do not use licensed Microsoft software programmes.

  • Sonatrach announces major gas find in Algeria

    Timeline for development may be delayed by corruption probe

  • Sony unveils latest VAIO notebook range in Middle East

    Sony Gulf has introduced the latest range of VAIO notebooks, the VAIO CW-series, VAIO W-series, VAIO F-series, VAIO S-series and VAIO Y-series. All new models, except for the VAIO W-series, incorporate a VAIO button that, with one push of the button, activates the Media Gallery, presenting users with new ways to enjoy photos, videos and music. The new VAIO range will be available in select electronics stores in the Middle East by end-January, the company said.

  • South Korea's STX to build Iraq petrochem plant

    Iraq's State Co for Petrochemical Industries has signed an agreement with South Korea's STX Heavy Industries for a $3.2bn petrochemical project in the country, Reuters has reported. The complex is set to produce ethylene, propylene, polyethylene and polyvinyl chloride from 2014. The company said in a statement, the petrochemical complex and related facilities will be built in Basrah.

  • Spanish defence firm wins Oman air traffic control contract

    Deal covers all of the sultanate’s airports

  • Spanish win masterplan work for Omani airport

    Sultanate is investing heavily in aviation sector

  • Sri Lanka eyes Emirates' stake in national carrier

    The Sri Lankan government is in talks buy Emirates Airline's stake in the national carrier, SriLankan Airlines Chairman Nishanta Wickremasinghe told Bloomberg. 'The government has decided to purchase,' Wickremasinghe told the news service. 'They are negotiating.' The government owns 51% of the airline while Emirates has 43.6%.

  • Standard and Poor's launches credit rating scale for GCC

    Standard and Poor's Rating Services has unveiled a new regional credit rating scale for the Gulf Cooperation Council (GCC). The new scale will cover a wide array of funding instruments issued in local currencies, including capital markets debt, project finance debt, bank loans, and Shariah-compliant obligations.

  • Standard Chartered to underperform HSBC, says report

    Concerns about indebtedness and job loss in the UAE will cause Standard Chartered to underperform HSBC Holdings, Bloomberg has reporting, citing a new study by CLSA. Standard Chartered is likely to be 'far more cautious' on the UAE when announcing its earnings March 3 than it was in December after Dubai World said it would seek to delay repaying debt, Daniel Tabbush and Suangsuda Sinsadok, analysts at CLSA, said in the report. HSBC's results, due March 1, 'while not great', are unlikely to ra

  • Sudan: Computer servers

    Supply, installation and commissioning of computer servers and peripherals. Closing date: 22 March 2010

  • Sudan: Planning capacity building consultancy

    Provision of consultancy services comprising technical assistance for capacity building in the Planning Directorate of the Multi-Donor Trust Fund. Closing date: 7 March 2010

  • Sudan: Rapid impact emergency consultancy

    Provision of consultancy services for a rapid impact emergency project. Closing date: 1 March 2010

  • Suez Canal revenues rise 15.4 per cent

    Ships passing through canal drops to 1,418

  • Super-Max shifts global distribution HQ to Dubai

    Razors brand, Super-Max has relocated its headquarters from London to Dubai and inaugurated its global distribution headquarters in Jebel Ali Free Zone. Super-Max products had started its retail presence in the region in 1997 in Oman. The brand has volume shares of 41% in Bahrain, 31% in Saudi Arabia, 24% in UAE and 13% in Kuwait.

  • Supply of Indian schools in Abu Dhabi to tighten

    New concerns about the demand for Indian school seats in Abu Dhabi have been fuelled by the announcement that Sherwood Academy and Merryland Kindergarten, following the Indian curriculum, will close by 2013, reported Gulf News. Meanwhile, the management of the school will continue to run its existing UK curriculum following school and also set up a new one, officials announced in a recent circular issued to parents. Lower classes such as kindergarten and grade one have been suspended from thi

  • Swiss luxury watch sales tumble in UAE

    Sales of Swiss luxury watches fell by almost 35% in the UAE in 2009, as imports fell to 438 million Swiss francs (Dhs1.49bn), according to the Federation of the Swiss Watch Industry. However, the country remained in the top 10 markets for Swiss watches, reported the National. The federation said tglobal sales fell 22.4%.

  • Swiss start work at Fujairah port oil terminal

    UAE set to create major Gulf storage and distribution hub

  • Syria seeks wind project consultant

    Electricity authority sets March deadline for bids

  • Syria: Carboxy methyl polymer

    Supply of carboxy methyl polymer. Closing date: 30 March 2010

  • Syria: Instrument equipment

    Supply of instrument equipment. Closing date: 7 April 2010

  • Syria: Oil well productivity stimulation works

    Carrying out operations to increase the productivity stimulation of oil wells. Closing date: 28 March 2010

  • Syria: Power plant extension consultancy

    Provision of consultancy services for the supervision of the extension of a power plant project. Closing date: 13 April 2010

  • Syria: Railway ballast cleaner machinery

    Supply of ballast cleaner machinery to be used on the Syrian railways network. Bid bond is £Syr11.65m or €180,000 and performance bond is 5 per cent of contract price. Tender no 60/2009.Details from General Establishment of Syrian Railways, PO Box 182, Aleppo, telephone (96321) 2213900, fax (96321) 2251002, email cfspc@mail.sy, website www.cfssyria.org.

  • Syria: Seismic downhole/uphole unit

    Supply of a complete downhole/uphole unit for seismic applications. Closing date: 31 March 2010

  • Syria: Sodium bicarbonate

    Supply of sodium bicarbonate. Closing date: 11 April 2010

  • Syria: Transformers

    Design, manufacture, supply, transport, insurance and testing of auto-transformers and earth transformers. Closing date: 19 April 2010

  • Syria's oil output to rise in '10

    Syria's minister of petroleum and mineral resources has said the country's oil output in 2010 is expected to reach up to 132 million barrels of heavy and light crude oil and oil by-products, Kuna has reported. The daily output of General Petroleum Corp and the foreign companies operating in the country is expected to hit 380,000 barrels, Sufiyan Al-Alaw said.

  • Tacaamol head to step down in May

    Harri Bucht is seen as one of key architects of Abu Dhabi’s petrochemicals industry

  • Tadawul awards Nikken SR1bn tower contract

    The Saudi Stock Exchange Co. (Tadawul) has awarded Japanese firm Nikken a contract worth nearly SR1bn to design and execute the project of its new tower, the Saudi press agency has reported. The new project will be built within King Abdullah Financial Centre in Riyadh and will be completed within 43 months.

  • Tadawul dips 0.34%

    Saudi Arabia's Tadawul All Share Index fell 0.34% to 6,200, with 100 stocks falling and 24 rising. All sectors ended lower except real estate development and agriculture and food industries. Market heavyweight Alinma Bank dipped 0.40 to SR12.55.

  • Tadawul dips 0.55%

    Saudi Arabia's Tadawul All Share Index slipped 0.55% today to close on 6,437. Market heavyweight Alinma Bank gained 0.39% to SR12.75. Overall, 97 stocks ended lower while 27 closed lower.

  • Tadawul edges lower

    Saudi Arabia's Tadawul All Share Index slipped 0.10% today to close on 6,465. Market heavyweight Alinma Bank gained 1.19% to SR12.75, while fellow market leader Kingdom Holding dipped 1.74% to SR11.30. Saudi British Bank has the day's biggest loss, falling 4.76% to SR49.90, while Banqu Saudi Fransi had the biggest rise, gaining 1.91% to SR48.00. Overall, 41 stocks ended higher and 73 closed lower.

  • Tadawul ends slightly lower

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.15% today to 6,243, with 72 shares falling and 43 rising. Among heavily traded stocks, Kingdom Holding slipped 1.32% to SR7.45, Saudi Basic Industries (SABIC) dropped 1.44% to SR85.75, and Alinma Bank fell 0.78% to SR12.70.

  • Tadawul falls 0.24%

    Saudi Arabia's Tadawul All Share Index slipped 0.24% today to close on 6,471, led by the Hotel & Tourism sector, which fell 0.97%. Market heavyweight Alinma Bank dropped 0.79% to SR12.60, while fellow market leader Kingdom Holding slipped 0.43% to SR11.50. Overall, 35 stocks ended higher and 89 closed lower.

  • Tadawul gains 0.4%

    Saudi Arabia's Tadawul All Share Index gained 0.4% to 6,225, with 68 stocks rising and 34 falling. All sectors ended higher except Banks and Financial Services and Industrial Investment. Market heavyweight Alinma Bank gained 0.40 to SR12.60.

  • Tadawul holds level

    Saudi Arabia's Tadawul All Share Index rose by 0.01% to 6,216.16, with 59 stocks rising and 53 falling. United Cooperative Assurance was the day's biggest gainer, moving up by 6.95% to SR40.

  • Tadawul nudges higher

    Saudi Arabia's Tadawul All Share Index gained 0.09% to 6,222, with 87 stocks falling and 34 rising. Arabian Pipes Company was the day's biggest gainer, moving up by 4.90% to SR32.

  • Tadawul nudges higher

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.22% today to 6,256, with 70 shares falling and 40 rising. Among heavily traded stocks, Kingdom Holding slipped 1.34% to SR7.35, while Alinma Bank rose 0.39% to SR12.75.

  • Tadawul rises 0.46%

    Saudi Arabia's Tadawul All Share Index gained 0.46% today to close on 6,411, led by the Cement sector, which rose 1.88%. Market heavyweight Alinma Bank climbed 0.39% to SR12.80. Overall, 59 stocks ended higher and 57 closed lower.

  • Tadawul rises 0.76%

    Saudi Arabia's Tadawul All Share Index gained 0.76% today to close on 6,332, with 68 stocks rising and 42 falling. Market heavyweight Alinma Bank gained 0.39% to SR12.75, while Kingdom Holding fell 0.41% to SR12.00.

  • Tadawul rises 0.79%

    Saudi Arabia's Tadawul All Share Index gained 0.79% today to close on 6,382, with 65 stocks rising and 40 falling. Market heavyweight Alinma Bank fell 0.78% to SR12.75. Yanbu National Petrochemical Company (Yansab) was the day's big gainer, rising 4.52% to SR37.00.

  • Tadawul sees slight gain

    Saudi Arabia's Tadawul All Share Index nudged up 0.12% today to close on 6,487, led by the Cement sector, which rose 0.98%. Market heavyweight Alinma Bank ended the day unchanged at SR12.70, while fellow market leader Kingdom Holding slipped 1.70% to SR11.55. Overall, 53 stocks ended higher and 53 closed lower.

  • Tadawul sees slight gain

    Saudi Arabia's Tadawul All Share Index gained 0.25% today to close on 6,284, with 74 stocks rising and 41 falling. Market heavyweight Alinma Bank gained 1.19% to SR12.75, while Kingdom Holding fell 0.41% to SR12.05.

  • Tadawul sees slight gain

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.4% today to 6,281, with 76 shares rising and 35 rising. Among heavily traded stocks, Kingdom Holding closed unchanged and Alinma Bank rose 0.39% to SR12.80. The day's big gainer was Saudi Arabian Cooperative Assurance Co, which rose 8.33% to SR71.50.

  • Talaat Moustafa plans Saudi project

    Jihad Sawaftah, finance director of Egypt's biggest developer by market value, Talaat Moustafa Group, has said the firm plans to launch its first project in Saudi Arabia within three months to target the country's young, wealthy buyers, Reuters has reported. 'We are focusing on Saudi Arabia,' he told the news service. 'The land is there, the demand is there. And, don't forget, that is where the money is.' The company wants 40% of its real estate sales to come from Saudi Arabia by 2014, and is

  • Tamweel posts Dhs11m profit in Q4

    Dubai-based Islamic mortgage lender Tamweel has reported a net profit of Dhs11m in the fourth-quarter of 2009, compared to a loss of Dhs112.36m ($30.57m) in the fourth quarter of the previous year, Reuters has reported. The firm's full-year net loss for 2009 was Dhs54m, compared with a profit of Dhs460.67m in 2008. 'Tamweel's operating results continue to be profitable in the fourth quarter of 2009, with a net profit recorded despite sizeable amounts set aside for prudential provisioning,' Ta

  • Tamweel to ask to restart trading

    Dubai-based mortgage lender Tamweel, whose stock were suspended in November 2008, plans to seek the market regulator's permission to restart trading in the shares, Al Itihad has reported, citing Chairman Sheikh Khaled Bin Zayed al-Nehayan. Tamweel plans to put in the request with the Emirates Securities and Commodities Authority within a month, Sheikh Khaled was cited as saying by the newspaper. The company will need about Dhs1bn ($272m) for its operations this year and is in talks with the f

  • Tamweel, Amlak haven't filed for bank license

    The UAE's central bank has not received an application for a license for a new bank that would result from the merger of Dubai Islamic mortgage companies Amlak Finance and Tamweel, Abu Dhabi-based Al Ittihad daily has reported, citing Sultan Al Suweidi, the central bank's governor. Tamweel and Amlak shares were suspended in 2007 and have not traded since. The UAE government said in November 2008 it intended to merge the two firms and has been working on a plan to restructure them.

  • Taqa reports 90% drop in profit for 2009

    Abu Dhabi National Energy Co (Taqa) said it recorded a 90% drop in full-year profit in 2009, as its profit for last year totalled Dhs183m, compared to Dhs1.83bn in 2008, Bloomberg has reported citing an e-mailed statement from the company.

  • Tawam Hospital appoints CEO

    Johns Hopkins Medicine International, the international arm of US-based Johns Hopkins Medicine, and the Abu Dhabi Health Services Company have appointed Gregory F. Schaffer to be the new chief executive officer of Tawam Hospital. The hospital, located in Abu Dhabi, is a UAE Joint Commission International (JCI)-accredited health care facility and is owned and operated by SEHA and managed by JHI. Schaffer has more than 30 of years of health care leadership experience. A Fellow of the American C

  • Thailand to extradite Briton to Dubai

    A court in Thailand has agreed to extradite a Briton to face embezzlement charges in Dubai. Prosecutors in the UAE issued an arrest warrant in 2008 for Michael Bryan Smith, 43, on charges of siphoning about $150m from Limitless, the real-estate unit of Dubai World. Thailand, which arrested him last May, will extradite him in 30 days, the Bangkok Criminal Court said in a statement today.

  • The Palace Ras Al Khaimah to open in September

    Nikolaos Chatzipetros, vice president-operations of Hamra Hotels and Resorts, has said the company's luxury hotel and residence project in Ras Al Khaimah will officially open in September this year, Khaleej Times has reported. The Palace Ras Al Khaimah will feature 348 suites, including 16 palace suites, three royal suites and one imperial Suite set over three floors, in addition to 218 residential apartments, ranging from studios to five-bed units.

  • Tiger Woods' Dubai project to be completed

    The Tiger Woods Dubai golf course and luxury-home complex, which has been delayed by the emirate's property slump, will be completed as planned, Bloomberg has reported. 'We haven't decided yet on a date for its completion or delivery to the market, but the project is ongoing,' Dubai Properties Group Chief Executive Officer Khalid Al Malik told the news service. Work on the course, designed by Woods and originally due to be finished by September 2009, has gotten as far as the eighth hole, he s

  • Tourist arrival in Saudi to grow 5% annually

    A new report by Companies and Markets predicts Saudi Arabia's tourist arrivals to grow by 5% year-on-year to 12.91 million in 2010, after remaining constant in 2009 at just over 12 million, Saudi Gazette has reported. The 'Saudi Arabia Tourism Report Q1 2010' report projects tourist arrivals to grow by an average of 6.5% y-o-y to the end of the forecast period in 2014. International tourism expenditure is also forecast to increase, reaching $8.58m by the end of the forecast period, according

  • Toy standardisation in GCC to be rolled out by June

    Qatar's ministry of environment has said the GCC-wide standardisation protocols on toys will be implemented in the country by June under a one-year pilot programme, Gulf Times has reported. Mohamed Saif al-Kuwari, director general of the department of measurement & laboratory affairs at the ministry, said the new rules would be mandatory following the completion of the pilot programme.

  • Track gets Linksys distribution for GCC

    Track Distribution has said it has expanded its distribution agreement with Linksys to include the Gulf Region. Track was an authorized distributor for Linksys previously for the UAE, Africa, Pakistan, Yemen and Levant Market. The company plans to recruit new partners for Linksys in these countries to further gain market share.

  • Transport ministry receives bids for housing work

    Deals cover construction of headquarters and employee accommodation

  • Tripoli airport terminals to open in 2012

    Revisions to contract delay construction

  • Tunisia to request prequalification for power project by early March

    Winning firm to build 1,200MW Elmed power plant

  • Tunisia: Advertising services

    Provision of advertising services as part of a one-year framework agreement. Closing date: 15 April 2010

  • Two new property companies established in Saudi

    Two new real estate companies have been set up in Saudi Arabia after obtaining necessary approval from the kingdom's commerce and industry ministry. The first company is the Jeddah-based United Bunyan for Real Estate, which has registered a capital of SR475m, while the second is the Riyadh-based Wissam Hussein Al-Jafri Real Estate Co, with a capital of SR150m.

  • UAE ATMs crash due to computer glitch

    The UAE's central bank has confirmed that all cash machines in the UAE were shut down for almost an hour on Saturday due to a computer error, the National has reported. An in the computerised network that processes automated teller machine transactions caused all machines to stop working at 11am. There were not thought to be any lasting implications from the temporary error.

  • UAE awards $104m power contract to ABB

    Power and automation technology group ABB said it has been awarded a $104m contract by the UAE's Federal Electricity and Water Authority (FEWA) to supply substations to help increase power supplies in the northern areas of the country to meet a growing demand for electricity. The company said it will supply, deliver, install and commission five new 132 kilovolt substations, and expand an existing one.

  • UAE banks' ATMs rise 48%, branches up 11%

    According to official data by the central bank of the UAE, the number of branches of banks in the country had increased by more than 11% while the electronic banking service units of foreign banks increased by almost 22%, Emirates Business has reported. The number of ATMs in the country had surged by more than 48% from 2,420 at the end of 2008 to 3,599 by the end of last year, while electronic banking service units of foreign banks also went up from 38 in December 2008 to 43 in January 2010,

  • UAE banks have funds surplus, says Central Bank

    Saif Shamsi, senior executive director for treasury at the UAE central bank has said that local banks have surplus funds parked with the central bank, Bloomberg has reported. None of the banks have used a credit facility set up after Dubai World announced plans to restructure debt, he said.

  • UAE banks need Dhs25bn boost, says banker

    The head of a Dubai-based bank says the banking sector in the UAE needs a further injection from the government on top of Dhs120bn already spent to help shore up bank finances since 2008, reported the National. 'The banking sector in the UAE needs continued capital injection,' said Hussain al Qemzi, the chief executive of Noor Islamic Bank. 'I can say we need another Dhs20bn to Dhs25bn.'

  • UAE banks need no new liquidity, says Al-Suwaidi

    UAE Central Bank Governor Sultan bin Nasser al-Suwaidi says there is no need for the government to provide further liquidity to banks at the present time. 'When there is a need, then of course we will consider, but there is no need for the time being,' al-Suwaidi told reporters in Abu Dhabi. 'The liquidity is good.'

  • UAE central bank expects low growth in 2010

    Sultan Nasser al-Suweidi, the governor of the UAE's central bank, told a media briefing yesterday that the country's growth is projected to be low in 2010, but better than the previous year, Reuters has reported, citing a source at the briefing. The International Monetary Fund forecast last month that the UAE economy would grow zero to 1% in 2010 as the impact of Dubai's debt restructuring continues to be a drag on its performance. 'We don't contradict their prediction but the IMF changes the

  • UAE Central Bank likely to intervene to trim Eibor

    The central bank of the UAE is expected to intervene to bring down the Emirates Interbank Offered Rate (Eibor), which has risen since the start of the year, Emirates Business has reported. Analysts said the three-month Eibor has risen from 1.88% in early January to 2.208% yesterday. 'While lending activity remains muted and economic forecasts for the UAE are relatively weak, we do not rule out further intervention from the Central Bank to push rates lower,' said Marios Maratheftis, Head of Re

  • UAE delays smoking ban

    A national ban on smoking in the UAE has been delayed until health officials decide which government bodies will be responsible for its enforcement, the National has reported. The public will be fully informed once the details have been worked out, which could take weeks or months, officials said. 'The law will only become active from the time everything is clarified. It is a complicated law so there is a lot to work out and many different stakeholders to discuss it with,' Dr Wedad Al Maidoor

  • UAE firm wins Malaysia oil development contract

    Firms agree to spend $80m on development

  • UAE hospital offers Capsule Endoscopy

    Zulekha Hospitals, a member of Zulekha Healthcare group, has announced the launch of Capsule Endoscopy service in the UAE. The disposable capsule, which offers the best facility to examine the small intestine non-invasively, allows for the detection of obscure bleeding, in addition to ulcers, small tumours and polyps in the small and large bowel.

  • UAE inflation falls to 9-year low in '09

    Inflation in the UAE reached a nine-year low of 1.5% in 2009, as prices returned to a downward path in December due to a fall in the household category, Reuters has reported, citing preliminary data from National Bureau of Statistics. The country's consumer prices fell 0.4% on an annual basis in December, after an increase of 0.17% in November. On the month, prices decreased 0.7% in the last month of 2009, after rising 0.4% in November, the data showed.

  • UAE inks open skies deal with Yemen

    The UAE's General Civil Aviation Authority has signed an open air services agreement with the Yemeni Civil Aviation Authority, Wam has reported. The agreement will see both countries adopt an open air policy in all airports, taking into consideration the ongoing expansion of Sana'a International Airport.

  • UAE McDonald's sales slow

    Rafic Fakih, managing director of McDonald's Emirates, has said that sales at its outlets open more than a year grew by just 4% last year, down from 14% growth in 2008, The National has reported. "We didn't see a big difference among our customers that live in the UAE, but the major decline came from [the lack of] visitors," he said. McDonald's, which now has 72 outlets in the country after opening 11 branches last year, plans to open 14 new stores, mainly in the capital.

  • UAE mulls vaccination programme for cervical cancer

    The UAE’s National Immunisation Committee (NIC) is considering a programme to vaccinate young women in the country against cervical cancer, The National has reported. The Gardasil vaccine is already licensed, but only available to patients who pay for it privately at a cost of up to Dhs2,000. Cervical cancer is the second most common cancer diagnosed in Emirati women.

  • UAE not looking at rejoining Gulf union, says CB governor

    The UAE's central bank governor, Sultan Nasser al-Suweidi, has said the country is not discussing whether to rejoin the planned Gulf monetary union at this point, Reuters has reported. Muhammad al-Jasser, governor of the Saudi Arabian Monetary Agency (SAMA) told reporters on Sunday he had not lost hope of Oman and the UAE returning to the fold. The UAE pulled out of the project in May 2009, three years after Oman did the same, in protest at a decision to site the joint central bank in Saudi A

  • UAE property prices to be flat in 2010, says report

    A new report by real estate investment and advisory firm Jones Lang LaSalle predicts that property prices in the UAE will be flat in 2010, as the market shows signs of maturity and investors look for opportunities locally instead of globally. 'We expect prices being flat, at best the market will be stable, up or down 5%," Blair Hagkull, managing director of Jones Lang LaSalle for the Middle East and North Africa said. Some properties in non-central locations far from amenities could see decli

  • UAE seeks to lower interbank rates

    The UAE's central bank has said it will consult with commercial banks on how to reduce interbank rates in the country as they do not reflect true market lending rates, Reuters has reported. 'It does not reflect true market rates, so this is going to be discussed thoroughly at our next meeting with commercial banks,' Saif al-Shamsi, senior executive director at the central bank's treasury department, told the news service. The benchmark UAE three-month rate was fixed at 2.17% on Monday, up fro

  • UAE teaching standards inadequate, experts say

    Education experts speaking at a Dubai government panel yesterday warned that inadequate teaching standards in secondary schools and a university budget freeze that is putting jobs at risk are threatening the education system, the National has reported. Schools will not improve until thousands of teachers upgrade their skills and qualifications, many of them dramatically, the experts noted, adding that proper licensing system for teachers also is needed.

  • UAE to ease dividend restrictions

    UAE banks will be allowed to distribute an unlimited percentage of 2009 profit in dividends provided they limit cash dividends to 50%, Al Khaleej reported, without saying where it got the information. The central bank earlier restricted dividend payments to 60%, including stocks, to ensure that banks retain adequate liquidity, the newspaper said.

  • UAE to unveil new federal food law

    Rashid bin Fahad, the UAE's minister of environment and water, has said that a new federal food law will be in force by the end of the year, The National has reported. The new legislation would lead to better prevention of food-poisoning and more hygienic standards and practices, and will apply to food producers, distributors and retailers, including restaurants and supermarkets, he said.

  • UAE unveils new strategy to boost education

    The UAE has developed a 10-year strategy to improve education in the country that includes a new recruitment system for staff in public and private schools. Hamid al-Qatami, Minister of Education, said a total of 50 initiatives would be introduced within the new framework to be completed by 2020. The performance of teachers will be evaluated with training programmes set up for each individual. Incentive systems will also be introduced which will be linked to performance.

  • UAE welcomes Afghan national carrier

    The national carrier of Afghanistan, Ariana Afghan Airlines, has launched a new weekly service to the UAE's Al Ain International Airport from Kabul. The new route operates on Fridays offering both business and economy class products.

  • UAE: Cables and under road drilling works

    Installation of cables and mini-distribution pillars, and drilling works under roads. Closing date: 25 February 2010

  • UAE: Current transformer testing units

    Supply and installation of current transformer testing units. Closing date: 24 March 2010

  • UAE: Power station offices

    Construction of offices at a power station. Closing date: 17 March 2010

  • UAE: Seawater RO pre-treatment system works

    Modification of a seawater reverse osmosis (RO) pre-treatment system. Closing date: 1 March 2010

  • UAE: Sewage treatment plant

    Operation and maintenance of a sewage treatment plant. Closing date: 17 February 2010

  • UAE: Stormwater drainage consultancy services

    Provision of consultancy services comprising studies for stormwater drainage. Closing date: 21 March 2010

  • UAE: Traffic guidance signs

    Supply and installation of traffic guidance signs. Closing date: 7 March 2010

  • UAE: Tyres and batteries

    Supply of tyres and lead acid batteries. Closing date: 18 March 2010

  • UAE's bank debt to rise in 2010

    Non-performing loans are expected to swell almost 50% to nearly Dh65bn ($17.69bn) in the UAE this year, the National has reported. The rise is likely to force lenders to set aside more reserves to protect themselves. 'Non-performing loans are already at a reasonable level,' Sultan Nasser al Suwaidi, the Central Bank Governor, was quoted as saying yesterday. 'If you take into account write-offs, non-performing loans would be higher.'

  • UK bank shifts focus away from Dubai after debt crisis

    HSBC moves head of retail to Egypt

  • UK bank to advise Abu Dhabi over Shuweihat 3

    Bidders to be prequalified by the end of February

  • UK firm and partners to deliver North Shadwan oil in June

    Three companies to produce up to 3,000 barrels a day from offshore fields

  • Ukraine Air increases Abu Dhabi service

    An increase in demand has triggered the increase in flights

  • Ukraine airline increases service to Abu Dhabi

    Abu Dhabi Airports Co (ADAC) has announced that Ukraine International Airlines' has raised the number of its services between Abu Dhabi and Kiev to five flights per week. The route is currently serviced by a Boeing 737 with a business and economy class configuration.

  • Union National Bank's Q4 profit rises

    Abu Dhabi-based Union National Bank has said its fourth-quarter net profit more than tripled on increased customer deposits and bad loan provisions, Reuters has reported. Net income stood at Dhs222.1m, compared with Dhs65.8m in the same period last year. Full-year net profit fell 20% to Dhs1.16bn from Dhs1.44bn in 2008, the lender said.

  • Union Properties confirms sale of Ritz Carlton in Dubai

    Local property firm set to sell hotel for up to $400m

  • Union Properties may sell Ritz for $408 m

    Union Properties, Dubai's third-largest developer by market value, has said it may sell its luxury Ritz Carlton hotel for a sum close to Dhs1.5bn ($408.4m), Reuters has reported. 'If there is any requirement for sale it will be close to the amount mentioned. If it materialises it will take care of a lot of the company's expenses,' Khalid al-Jarwan, the company's general manager told Reuters.

  • Union Properties to reschedule $1.5bn debt

    Khalid bin Kalban, CEO of Union Properties has said an agreement has been reached with creditors of the developer to reschedule Dhs5.5bn ($1.5bn) in debt, Arabic daily al-Ittihad has reported. The company also signed agreements for additional loans to finance the completion of its current projects, he told the newspaper.

  • United Arab Bank plans 15% cash dividend

    The United Arab Bank has said it has reduced its proposed cash dividend to 15% from 22%, Emirates Business has reported. UAB's board of directors had initially proposed a 22% cash dividend that was subsequently reduced to 15% due to a recent Central Bank regulation, which restricted that all local banks are required to limit the cash dividend to a maximum of 50% of the net achieved profit.

  • United Gulf Bank posts $20m profit for 2009

    United Gulf Bank, the Bahrain-based investment banking arm of Kuwait's KIPCO Group, has said its net profit for 2009 had dropped to $20.1m from $207.3m in 2008. The lender's Q4 2009 net profit stood at $1.9m, against a loss of $141.6m in the same period last year.

  • United Gulf Bank to complete investor roadshow

    Bond issue will need to be priced at 11 per cent

  • United Gulf Bank to price bond issue at 10 per cent

    Three planned issues boost Gulf bond market

  • US firm to provide turbines for Kurdistan power plants

    General Electric wins electricity generation equipment and services deal

  • USA lifts travel warning for Syria

    The US state department has lifted its advisories warning American travelers of security concerns in Syria. 'After carefully assessing the current situation in Syria, we determined that circumstances didn't merit extending the travel warning,' said Tracy Roberts Pounds, a spokeswoman at the US Embassy in Damascus.

  • US-led team to manage Grand Egyptian Museum project

    Building will house 10,000 artifacts next to pyramids of Giza

  • Ventures Middle East forms new healthcare subsidiary

    Abu Dhabi-headquartered business advisory and consulting firm Venture Middle East has announced the launch of its health care consulting arm, Ventures Healthcare. The new firm will initially focus on healthcare program and project management and medical equipment technology planning and procurement services.

  • Vodafone Qatar inks GBI cable deal

    Vodafone Qatar has signed an agreement to provide a landing station for Gulf Bridge International's (GBI) submarine cable in the Gulf state, Gulf Times has reported. Scheduled to launch in 2011 and designed to operate for up to 25 years, the GBI cable system will connect telecom operators and other communications firm in the Gulf region via a core ring, which can re-route traffic thereby increasing resilience.

  • Waha Capital board approves bonds sale

    Abu Dhabi-based Waha Capital said its board has approved selling convertible bonds or sukuk worth Dhs1bn ($272m). The board also approved the distribution of 12.5% bonus shares, the company said in a statement today. The bond offer and bonus share payout are subject to approvals from the regulator and shareholders, it said.

  • Waha Capital may issue convertible bonds

    Abu Dhabi-listed Waha Capital has said it may opt for a convertible bond issue at its board meeting today, Reuters has reported. 'It is an option the board will discuss at its meeting tomorrow. There's a possibility,' a company spokesman said.

  • Waha Capital to issue $272m sukuk

    Abu Dhabi leasing firm to structure deal as a convertible bond

  • Weekly FX roundup: Currency markets end lower

    World markets continued their slide as negative risk sentiment continued to drive the markets lower. After what seemed like a positive start to the week for currencies, we saw sharp selling across the board as investors poured into safer yielding assets. Against the Dollar, we saw the Euro make a low of 1.3585 (shedding close to 1.42%), the GBP lost 2.08% to trade below 1.56 for the first time since May 2009, while the Yen lost close to 1.11%.

  • Weekly FX roundup: Greek uncertainty hounds markets

    The markets moved lower this past week against the dollar on continued decaying of risk sentiment, particularly in the currency markets. The sovereign debt concerns arising from the 'PIGS' countries continued to cast a large shadow over the markets and darkened any chances that investors' risk appetite would build last week. EURUSD closed -0.09 percent lower at 1.3631, GBP closed 0.64% higher at 1.5701, USDJPY was higher 0.77% to close at 89.95 and the AUDUSD closed 2.54% higher at 0.8877.

  • Weekly FX roundup: Greenback sees bullish run

    The USD continued to be the best performing currency last week on continued deterioration of risk sentiment. The markets experienced large sell-offs across the board, with the Dollar Index trading at its highest point since August 2009 at 79.462. Commodity markets were also weaker with gold giving up 1.13% closing at 1081.07, and crude closing at $2 per barrel lower. The Dow closed just above 10067 ending another week of losses in the US equity markets. The USD closed the week on the back of

  • Weekly WTI oil price update: prices fall sharply in market sell off

    After starting the week on a firmer note, oil prices fell sharply toward the end of the week in a general market sell-off as investors sought the dollar as a safe haven amid worries about European Union economies.

  • Work on Red Line stations to finish in April

    Dubai's Road and Transport Authority has said remaining works in the stations on the Red Line will be completed on 25 April 2010, while the Green Line will be completed in August 2011. RTA Chairman Mattar Al Tayer said, "The operation of Red Line stations will be in phases starting from April 25th, 2010; where several key stations will be operational; namely Emirates Station, Airport Terminal 1 Station, GGICO Station, Al Karama Station, World Trade Center Station, Marina Station, and Ibn Batt

  • Work restarts on Dubai Metro

    Consortium led by Mitsubishi reaches agreement with transport authority

  • World Bank to provide $250m loan to Iraq

    The first of two $250m loans for Iraq has been approved by the World Bank to help plug a large financing gap caused by the sharp drop in global oil prices since 2008, Reuters has reported. The World Bank loan follows the approval by International Monetary Fund for $3.6bn in funding to help the country's economy with the slump in oil prices and political uncertainty in the lead-up to March 7 parliamentary elections. Iraq relies on oil exports for as much as 90% of its revenues, and lower oil p

  • World tourism set to improve in 2010

    Dr Taleb Rifai, Secretary General of the United Nations World Tourism Organisation, has said the outlook for world tourism is 'slightly brighter' than a few months ago as the worst of the economic downturn appears to be over, Reuters has reported. The organization projects a growth of 3% to 4% in international tourist arrivals in 2010. 'Asia is expected to continue showing the strongest rebound, while Europe and the Americas are likely to recover at a more moderate pace,; Rifai said, adding t

  • World trade 'picking up', says WTO

    WTO Director General Pascal Lamy said the Organization had revised its previous estimate of a contraction, raising it to 12% from 10%, Reuters has reported. Asked about world trade in 2010, he declined to give any figure but said: 'Certainly there is a pick-up. Whether this pick-up is short term ... or whether this is sustainable ... is difficult to say but we certainly are picking up.'

  • World's largest airport to open on June 27

    Paul Griffiths, CEO of Dubai Airports Co has said that Al Maktoum International will open on June 27, Emirates Business has reported. The company is in advanced talks with airlines, both passenger and cargo, across the globe to start operations from the new airport, he said. The new airport, which will be the largest in the world, is part of the $33bn Dubai World Central (DWC) development in Jebel Ali.

  • Yanbu to distribute 2009 dividend

    Saudi Arabia's Yanbu Cement Co has announced that shareholders will receive a SR3 dividend for 2009, Reuters has reported. The total dividend payout, which will be paid after a shareholders' assembly, amounts to SR315m.

  • Yemen AISCO plans $1.6bn expansion

    Yemen's Arab Iron and Steel Corp (AISCO) plans to spend $1.6bn to turn a plant, which started in 2005 and now sells 100,000 tonnes domestically, into a regional exporter that makes its own power, Reuters has reported. The firm, which is based in Aden's free-trade zone, plans to increase steel output to 1.5m tonnes in the next decade, managing director Ravinder Singh told the news service.

  • Yemen oil revenues drop 55 per cent in 2009

    Low oil price hits government earnings

  • Yemen rebels accept ceasefire offer

    Government cautiously optimistic

  • Yemen to invest $1.5bn to boost power capacity

    Salah al-Attar, head of Yemen's General Investment Authority, has said the country wants to invest $1.5bn to boost power generation capacity by almost 1,400 megawatts to end constant outages across the country, Reuters has reported. Yemen wants to launch a tender this year to add 350 megawatts to the main gas turbine Maarib power plant which now has a capacity of 340 megawatts, he said. Another 220 megawatts would be added to the plant after awarding a gas rental contract next month to overco

  • Yemen: Household survey database generation

    Provision of consultancy services comprising the generating of databases for household surveys. Closing date: 22 February 2010

  • Yemen: Rural road design consultancy

    Provision of consultancy services for the design of about 600 kilometres of rural road sub-projects. Closing date: 24 March 2010

  • Yemen: Urban transport project consultancy

    Provision of consultancy services comprising the preparation of an urban transport project. Closing date: 21 February 2010.

  • Yemen's Aden port plans major expansion

    Mohamed Mubarak Bin Aefan, head of Aden port management has said that Yemen and Dubai Ports plan a major expansion of the city's container port, Reuters has reported. At least $270m is being invested to widen and deepen the entry channel and add facilities to receive more and larger container ships. Aden's container capacity is expected to rise by 500,000 TEUs to 950,000 TEUs within three or four months as eight kilometres of storage area would be added, the port chief said. The port also pla

  • Zain and Motorola ink deal on Saudi network deployment

    Zain Saudi Arabia has signed an agreement with Motorola to deploy the first Long Term Evolution network in the kingdom. Motorola will deploy the largest LTE network for Zain in Riyadh and will provide an end-to-end LTE solution including radio access network, evolved packet core devices and optimization and integration services. Deployment will begin in the second quarter, Motorola said.

  • Zain Group appoints CEO

    Kuwait's Zain has appointed Nabil bin Salama as Chief Executive of the Group, effective February 14, the company has announced in a statement. Bin Salama, who has a Bachelor of Electronic Engineering from the University of Dayton in the US, is Kuwait's former minister of communication, and electricity and water.

  • Zain Saudi seeks $600m loan

    Kuwait's Mobile Telecommunications Co (Zain) is seeking a $500-$600m loan to help fund costs for expanding its Saudi operations, Kuwait's Al Anbaa newspaper has reported, citing unidentified people. Zain is looking to international banks rather than Gulf lenders due to the tight lending environment in the Gulf region, the paper reports.

  • Zain to discuss renewed Bharti offer

    Indian telecoms firm Bharti has made an offer of up to $10.7bn to buy Zain's African telco assets, Reuters has reported. The board at Kuwait-based Zain is expected to meet today to discuss Bharti's offer. The Gulf's third-largest telecoms firm by market value stopped talks in October to sell its African assets, to appease potential buyers who were looking to take a 46% stake in Zain Group.

  • Zain to focus on Middle East

    Nabil bin Salama, the newly appointed chief executive of Kuwait's Zain, has said the company will concentrate on the Gulf and Middle East region and is open to new investments, Reuters has reported. Zain sees great growth opportunities in Iraq, Saudi Arabia and Sudan, he told the news service. Last week Zain said it would earn up to $5bn in profit from the planned sale of its African assets, excluding Sudan and Morocco, to Bharti Airtel in a $9bn deal and use the rest to pay down debt.

  • Zain to use money from asset sale to pay debt

    Asaad al-Banwan, Chairman of Zain Group, has said that proceeds from the deal to sell the firm's African assets excluding Sudan and Morocco will be used to pay back the group's debt, Reuters has reported. Zain will also distribute cash dividends to the shareholders from the proceeds of the deal, he added.

  • Zain's CEO resigns

    Kuwait's Zain chief executive, Saad al-Barrak, has resigned, the firm said in a statement on the Kuwait bourse website today. Zain's board of directors has yet to decide on the resignation, the statement added.

  • Zamil Group launches new plant in Saudi

    The Arabian Amines Co, a joint venture between Saudi's Zamil Group and the Huntsman Co, has inaugurated its new ethylene amines plant at Al Jubail Industrial City in Saudi Arabia. The SR1.08bn ($288m) project will produce 27,215 mtpa (60 MMlb/yr) of mixed ethylene amines from ethylene dichloride, ammonia and caustic, with the ability to increase production to 41, 000 tonnes per year.

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