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MEED
February 2007

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  • A loss of direction

    May and June will be hot months for Kuwait. As temperatures soar and air conditioning units across the country kick in, peak electricity demand is expected to exceed total power generating capacity. Like last August, the population is in danger of experiencing widespread blackouts, but this time on a far more severe scale.

  • A Truman Doctrine that could divide, not heal, the region

    On 12 March 1947, US President Truman announced what became known as the Truman Doctrine to contain Soviet communism. The trigger was events in Greece, where the government was losing against pro-Soviet partisans. The results were momentous. They included the Marshall plan for rebuilding Western Europe and Nato.

  • Aabar names new chief

    Aabar Petroleum Investments Company has appointed the former president of BP Azerbaijan, David Woodward, as its new chief executive officer. The UAE company's chairman, Sohail al-Mazrui, previously held both positions but will now focus solely on the chairman's role. Woodward, who oversaw oil and gas investments of $20,000 million in the Caspian during his time at BP, has also served as deputy general manager of Abu Dhabi Onshore Operating Company (Adco).

  • Abraaj lines up investments for infrastructure fund

    Dubai-based private equity firm Abraaj Capital has lined up 20 investments for its planned $2,000 million infrastructure growth capital fund, with the first due to be revealed in March.

  • Abu Dhabi gears up for Grand Prix on Yas Island

    Local developer Aldar Properties is close to selecting the main contractor to build the Abu Dhabi Grand Prix track on Yas island, with a joint venture of Bahrain's Cebarco and Malaysia's WCT the frontrunner for the main contract.

  • Abu Dhabi moves to increase capacity

    Bids have been submitted for the front-end engineering and design (FEED) contract on the programme to increase Abu Dhabi's onshore oil capacity to 1.8 million barrels a day (b/d) from 1.4 million b/d.

  • Abu Dhabi revs up for F1

    Abu Dhabi is set to join Bahrain in hosting a Formula One (F1) Grand Prix meeting. An agreement between F1 supremo Bernie Ecclestone and the government is expected to be signed on 3 February in the UAE capital, in what would be a major coup for the emirate in its drive to develop its tourism and sporting sectors. Government officials and Ecclestone have declined to comment. The widespread expectation is that the race would be held on a new race track to be built on Yas isl

  • Abu Dhabi revs up for F1

    Abu Dhabi is set to join Bahrain in hosting a Formula One (F1) Grand Prix meeting. An agreement between F1 supremo Bernie Ecclestone and the government is expected to be signed on 3 February in the UAE capital, in what would be a major coup for the emirate in its drive to develop its tourism and sporting sectors. Government officials and Ecclestone have declined to comment. The widespread expectation is that the race would be held on a new race track to be built on Yas is

  • Abu Dhabi road work extended

    Abu Dhabi Municipality has extended the closing date to 13 March for the tender covering the reconstruction of the upper interchange at Mafraq on the Abu Dhabi-Al-Ain highway.The closing date has also been extended to 26 February for the tender to build two interchanges on Salam street. The first interchange, at Sheikh Hezza bin Zayed street, involves the construction of two bridges and a tunnel.The second will have two tunnels. De Leuw Cather International, part of US-based Pars

  • Abu Dhabi to exploit solar power

    Abu Dhabi is to build the Gulf's first major solar power plant as part of its Masdar advanced energy initiative.

  • Advisory firm unveiled

    Gulf One Investment Bank and the Gulf Organisation for Industrial Consulting (GOIC) are teaming up to form a new company to advise on infrastructure and energy projects. The project development company will provide private sector investors with feasibility studies and advice on project financing. Gulf One signed a memorandum of understanding in December 2005 with GOIC to act as its financial arm (MEED 6:1:06).

  • AFFORDABLE HOUSING: Setting an example

    In contrast to its Gulf counterparts, social housing in North Africa, and in particular Morocco and Egypt, is a highly developed sector with strong government support.

  • Airlines place orders at aviation fair

    Regional airlines have placed over $800 million of orders for new aircraft in the past two days, as the market for bespoke business travel continues to boom. Among the orders placed at the Middle East Business Aviation event in Dubai, Canada's Bombardiersaid a Kuwait company had ordered two Learjet 60 XRs worth $26 million, while operators in Dubai and Jeddah ordered two more. According to the Middle East Business Aviation Association (MEBAA), the region

  • Airport catering prices in

    A close contest has emerged for the contract to build the catering facility at New Doha International Airport, after prices were opened for the design and build package. Malaysia's Muhibbah Engineering is low bidder at QR 1,194 million ($328 million), followed by the local Midmac Contracting at QR 2,000 million ($330 million). Recommendations are awaited on the cross-taxi and tunnel package and the concourse C foundations (MEED 9:2:07).

  • Airport company set up

    Aqaba Development Corporation (ADC) has established a new company to manage, operate and develop King Hussain International Airport in Aqaba, in the south. Aqaba Airports Company (AAC) will have capital of JD 1 million ($1.4 million) and has received a licence from the Civil Aviation Authority. ADC is aiming to issue a tender to seek a strategic partner for AAC by the end of 2007.

  • Alborz builds new Gulf coast pelletising plant

    The local Alborz Industrial Development Investment Company (AIDIC) is planning a new Eur 223 million ($288 million) iron ore pelletising project near Bandar Abbas (see Tenders).The new plant, at Gachin near Bandar Abbas on the Gulf coast, will have capacity of 2.5 million tonnes a year of pelletised iron ore. International contractors have been asked to prepare prequalification documents by 28 February before a tender is issued. The engineering, procurement, construction and finance cont

  • Al-Fahim to build resort

    The local Al-Fahim Group plans to build an AED 800 million ($218 million) resort close to the Maqta bridge connecting Abu Dhabi island with the mainland. The hotel will have 369 guest rooms, conference and meeting facilities. A cluster of 19 luxury residential serviced villas, each planned around a central pool, will flank the hotel complex. The scheme is scheduled to be completed by late 2008.

  • Al-Futtaim launches fund

    The local Al-Futtaim Capital has launched a $500 million real estate development fund. It will focus on large-scale urban mixed-use developments in the Middle East and North Africa. A subsidiary of AFC, Al-Futtaim Investment Management Limited, will manage the fund. Al-Futtaim recently signed a $131 million loan facility with National Bank of Abu Dhabi to fund a 500-apartment residential tower in Dubai Festival City.

  • Algeria set for WTO accession in 2007

    Algeria is close to completing the process to join the World Trade Organisartion (WTO), and hopes to formally join the international organisation by the end of the year, its chief negotiator has declared.'We are in the final stages of the accession process,' Cherif Zaaf, director of the Algerian negotiating team, told official press agency Algerie Presse Service. He was speaking on the fringes of an international seminar on WTO accession in Algiers on 30 January.

  • Algeria set for WTO accession in 2007

    Algeria is close to completing the process to join the World Trade Organisartion (WTO), and hopes to formally join the international organisation by the end of the year, its chief negotiator has declared.'We are in the final stages of the accession process,' Cherif Zaaf, director of the Algerian negotiating team, told official press agency Algerie Presse Service. He was speaking on the fringes of an international seminar on WTO accession in Algie

  • ALGERIA: Growth market

    Algerian telecoms is a story of two halves. The mobile market has seen phenomenal growth in the last two years, while low investment levels and a dearth of competition has led to the stagnation in the fixed-line market. According to figures from Pyramid Research, mobile penetration has grown to 64 per cent in 2006 from 15 per cent in 2004, and is set to reach 100 per cent by 2009. By contrast, fixed-line services are in the doldrums, reaching only about one in 10 of the population.

  • Algerian jobless rate falls to new low

    Unemployment in Algeria fell to 12.3 per cent in 2006 from 15.3 per cent the previous year, according to the latest figures published by the national statistics office.'[It] is a positive result and we should be proud of it,' said Employment Minister Djamel Ould Abbes on 27 January.The fall in the jobless rate, which was 17.7 per cent in 2004, is promising for Algeria, but masks continuing social problems for the country's young people. Unemployment among th

  • Algerian jobless rate falls to new low

    Unemployment in Algeria fell to 12.3 per cent in 2006 from 15.3 per cent the previous year, according to the latest figures published by the national statistics office.'[It] is a positive result and we should be proud of it,' said Employment Minister Djamel Ould Abbes on 27 January.The fall in the jobless rate, which was 17.7 per cent in 2004, is promising for Algeria, but masks continuing social problems for the c

  • Algiers goes long with water transfer plan

    Technical and commercial bids have been submitted for the construction and pipeline supply contracts on one of the longest water transfer projects in North Africa, estimated to be worth $1,000 million.

  • Al-Jaber, Frayland win Victory Heights villas

    Victory Heights Golf Residential Development has selected two contractors to build about 900 villas at Dubai Sports City.

  • Al-Malaz flotation goes well

    Al-Malaz Insurancehas raised SR 202 million ($54 million) in the first three days of its public flotation. The company's initial public offering (IPO), the first flotation from Saudi Arabia's insurance sector, has been heavily subscribed since its launch on 3 February. The insurance group has offered 47.48 per cent of its SR 300 million ($80 million) capital to the public. A total of 14.2 million shares will be made available before the IPO closes on 12 Februar

  • Al-Maliki sacks official calling for rape enquiry

    Prime minister Nouri al-Maliki has sacked an official who demanded an independent enquiry into claims that a Sunni woman was raped by Iraq's Shia-dominated security forces. The 20-year-old woman had said on an interview with the Arabic satellite TV network al-Jazeera that she had been raped after a wrongful arrest. The allegation has heightened tensions between the two communities, adding to claims by Sunni leaders that the police have been guilty of human rights abuses an

  • Al-Mogran roads awarded

    KAS al-Faghan, a joint venture of Al-Ain-based Al-Faghan and the local KAS, has won a $20 million road contract on the Al-Mogran real estate project near Khartoum.

  • Al-Toukhi bids low for Tihama extension

    The local Al-Toukhi Contracting is low bidder at SR 483 million ($129 million) to extend the Tihama power plant by 60-80 MW. The client, Saudi Electricity Company, is due to make an award by the end of March.

  • Alwaleed deal for Four Seasons Hotels approved

    Four Seasons Hotels, the luxury international hotel chain, is being taken private by Prince Alwaleed and a number of other investors in a deal valuing it at $3,800 million. Other investors involved in the deal include Cascade Investment, an investment vehicle of Microsoft'sBill Gates, and Isadore Sharp, the Canadian businessman who set up Four Seasons Hotels in 1960. The takeover deal was proposed in November last

  • American gets life for industrial espionage

    An American engineer working for state-owned oil and gas company Qatar Petroleum (QP)has been sentenced to life imprisonment in Doha for attempting to sell information about the North field gas reservoir. Qatar's Criminal Court found John Willis Donez guilty of industrial espionage and said that his attempts to sell the information to foreign diplomats would have threatened Qatar's national security. Donez, 51, was accused of illegally gai

  • Amiantit scoops pipe work

    The local Amiantit Egypt has won two contracts worth a combined£E 90 million ($16 million) to supply water and sewage pipes.

  • Amman gets new high-rise rules

    Several real estate projects in the capital are now in doubt, after new regulations were brought in to deal with the impact of high-rise towers.

  • Amman speeds ahead on independent power

    Amman will sign the commercial agreement covering the kingdom's first independent power project on 24 February, with construction due to start within months. 'Once the agreement is signed construction work will start in the second quarter,' says a representative from Dubi-based AES Oasis, which is developing the project in a 60:40 joint venture with Japan's Mitsui & Company. First power is due to come on stream by June 2008 with full capac

  • Ammonia plant award due

    Germany's Uhde and Paris-based Technip are understood to have submitted commercial proposals for the contract to build the Ras al-Zour ammonia plant, planned by Saudi Arabian Mining Company (Maaden). The two contractors were selected last September to carry out pre-front-end engineering and design work with a view to submitting firm prices for the engineering, procurement and construction contract later. An award is due by the end of March.

  • Anadarko begins survey

    A consortium of state energy company Entreprise Tunisienne des Activites Petrolieres, the US' Anadarko Petroleum Corporation and Petro-Canada is to begin by early March the acquisition of seismic data on the 7,648-square-kilometre offshore Bechateur field. France's Compagnie Generale de Geophysique will carry out the acquisition of about 1,500 square kilometres of 2D data. Anadarko has committed to invest at least $2.8 million as part of a prospecting permit signed in early 2006 (MEED 3:3:06)

  • Anadarko to prepare legal challenge to oil profits tax

    The US' Anadarko Petroleum Corporation is to seek international arbitration over the country's new profits tax, which could cost it $450 million a year.Anadarko, the largest oil producer in Algeria, says the tax would cost it $100 million in the last five months of 2006. 'We have the contractual right to international arbitration,' says chief executive officer Jim Hackett. 'We believe the sanctity of this agreement will ultimately lead to the recovery of any monies withheld.' Anadarko ma

  • Ansaldo in boiler talks

    Cairo Electricity Production Company (CEPC) has started negotiations with Italy's Ansaldo Caldaie for the package to supply and install the steam generator for the 650-MW El-Tebbine power plant. A CEPC official said a deal was expected to be finalised within days. Japan's Hitachi Corporation was the other firm to submit a final bid for the package. The turbine generator package on the plant was awarded to France's Alstom earlier in the year (MEED 16:2:07).

  • ARABIAN BEMCO : African dreams

    With so much new power generating capacity needed to come on stream in Saudi Arabia and other Gulf states over the next 20 years, it may seem odd that a successful local contractor is looking to new markets for business. But Arabian Bemco Contracting is doing just that.

  • Arabtec wins airport work

    The local Arabtec Engineering Services has been awarded the AED 487 million ($133 million) contract to build the stormwater drainage and sewerage system at Dubai World Central, formerly known as Jebel Ali airport city.

  • Architects: Expanding horizons

    There is a long history of architecture and design work in Kuwait. During its heyday in the 1970s and 1980s, the state was well known for being a regional pioneer in design, as local and foreign developers invested millions in real estate schemes and pan-Arab organisations set up their headquarters in the capital.

  • Aromatics gets new head

    Yacoub Bilal has been appointed chief executive officer (CEO) of Aromatics Oman. He takes over from Yusef Oncu, CEO of Salalah Methanol Company. Bilal is also CEO of Sohar Refinery Company, which will supply feedstock to the aromatics plant under construction at Sohar. That plant will in turn produce 814,000 tonnes a year (t/y) of paraxylene and 210,000 t/y of benzene (MEED 19:1:07).

  • Asad insists Syria can help deliver peace in Iraq

    Syrian President Asad on 6 February said in a US television interview that Damascus could play a key role in finding a peaceful solution to the ongoing insurgency in Iraq. 'We're not the only player,' said Asad to ABC's Good Morning America. 'We are the main player in this issue, and our role is going to be through supporting the dialogue between the different parties inside Iraq, with the support of the other parties such as the Americans and the other neighbouring countries and any oth

  • Asad insists Syria can help deliver peace in Iraq

    Syrian President Asad has said that Damascus could play a key role in finding a peaceful solution to the ongoing insurgency in Iraq. 'We're not the only player,' Asad said in an interview with ABC's Good Morning America on 6 February. 'We are the main player in this issue, and our role is going to be through supporting the dialogue between the different parties inside Iraq, with the support of the other parties such as the Americans and the other neighbouring countries and any other coun

  • Authority gets new base

    Dubai's Roads & Transport Authority plans to build a new headquarters building on the corner of Marrakech and Al-Rabat streets. The 22-storey building will have 20,200 square metres of office space and 23,000 square metres of parking. The architect is Netherlands-based Zwarts & Jansma Architects.

  • Aviation authority finally issues design tenders

    The Directorate General of Civil Aviation has issued the tenders for the two long-awaited design contracts for the expansion of Kuwait International Airport.

  • Ayla deadline extended again

    Companies have until 12 March to submit bids for the phase 1 infrastructure package on the estimated $700 million Ayla Oasis project in the gulf of Aqaba, after the deadline was again extended.It is the third deadline extension for the scheme. It was initially put back from November and then again in late January.'Contractors still wish to submit technical queries about the project,' says an Ayla representative, referring to the latest delay. The Ayla development will be built o

  • Baghdad steps up site security

    The government is reorganising security at industrial sites across the country as it pushes ahead with a raft of major new projects.

  • Bank creates subsidiaries

    Banque Saudi Fransi will spin off its brokerage and asset management operations into two separate businesses by mid-2007.The move is in line with Capital Market Authority regulations, which stipulate that banks must separate their commercial and investment banking activities. The bank is also establishing a new debt capital market venture with Calyon and an insurance company with Assurance General du France, a subsidiary of Alliance International Group.Banque Saudi Fransi says it

  • BankMuscat upgraded

    Rating agency Standard & Poor's (S&P) has upgraded its long-term counterparty credit rating for the sultanate's largest bank, BankMuscat. The rating has risen to BBB+ from BBB. S&P has also reaffirmed the bank's short-term counterparty credit rating of A2 with a stable outlook.

  • Banks finance natural gas pipelines

    Egyptian Natural Gas Holding Company (EGAS)has secured a seven-year£E 868 million ($153 million) loan from nine regional banks to finance the construction of natural gas pipelines in the Sinai and along Egypt's Red Sea coast. Arab International Bank acted as the lead manager on the deal which was split into separate $90 million and£E 355 million ($63 million) tranches. The nine-strong banking syndicate includes Arab Banking Corporation,

  • Banks profit from resilience

    Two of the largest local banks have reported healthy net profits for 2006, putting an end to fears of a flight of deposits due to the major political upheavals and the recent war between Tel Aviv and Hizbollah.

  • Beirut calls on private sector to shore up EdL

    The Water & Energy Ministry is hoping to attract private companies to improve the efficiency of the state-run electricity company Electricite du Liban (EdL), in an effort to plug a $1,000 million hole in its finances.

  • Belgians sign causeway

    Belgium's Jan de Nul has formally signed the first engineering, procurement and construction contract on the Manifa oil field development. Valued at $1,100 million, the 30-month dredging and reclamation contract centres on the construction of a 41-kilometre-long causeway (MEED 19:1:07).

  • Bemco wins more plants

    Arabian Bemco Contracting has won three contracts totalling more than $980 million from Saudi Electricity Company (SEC).

  • BG boosts regional exploration

    UK gas firm BG Group ramped up its capital investment in exploration and production (E&P) by 25 per cent last year to£1,165 million from£935 million for 2005.The company-+s investment in Egypt more than tripled to£126 million in 2006 from£34 million previously, while its£20 million commitment to Mauritania in 2005 was phased out this year after the decision in January to sell its assets.E&P total operating profit rose by 27 per cent to£2,457 million from£1,942 million while overall gr

  • BG invited to make proposal for Abu Dhabi sour gas

    The UK's BG Group has been invited by Abu Dhabi National Oil Company (Adnoc) to submit a proposal for its $10,000 million sour gas development programme.

  • Bidders line up for Qarn Alam

    Petroleum Development Oman (PDO) has started evaluating bids for the Qarn Alam steam injection project, after fresh proposals were submitted by international contractors for the $1,000 million-plus project.

  • Bidders told to wait for refinery go-ahead

    Kuwait National Petroleum Company (KNPC) has told bidders for its 615,000-barrel-a-day new refinery project, the largest in the region, that it will make a decision within a month on whether or not to proceed with the scheme.

  • Bids in for pipeline job

    The local Metalex Industry is low bidder at KD 8.7 million ($30 million) for the contract to install the gas-oil fuel pipeline between Mina al-Ahmadi refinery and the planned Subiya power plant, north of Kuwait CityMetalex's bid is less than half the next best price of KD 18.7 million ($64 million) submitted by India's Larsen & Toubro. Turkey's Tekfen is ranked third on price, at KD 19.3 million ($67 million).

  • Bids in for pipeline work

    Bids have been submitted to Saudi Aramco for pipeline contracts on the Khurais crude increment programme and the Shbab 1 project. Nine contractors priced the Khurais package: Tamimi Construction, Bin Quraiyan Contracting, and RH al-Marri Establishment, all local; Egypt's Petrojet; Turkey's Tekfen; Lebanon's Contracting & Trading Company; Saipem and Techint of Italy; and Suedrohrbau of the Netherlands. All except RH al-Marri and Petrojet are also competing for Shbab 1.Awards for both are

  • Binladin seeks Hajj funds

    Saudi Binladin Group is inviting proposals from regional and international banks to provide funding for the renovation of the Hajj terminal at Jeddah airport. The construction group is considering options for financing the $250 million project. It may issue a sukuk, but a company official says there are a range of other offers on the table. Binladin's partnership with France's Aeroport de Paris was awarded the Hajj terminal contract in January (MEED 5:1:07).

  • Blair announces partial UK troop withdrawal

    UK Prime Minister Tony Blair announced on 21 February that 1,600 British troops will be recalled from Iraq over the next few months. More than 7,000 UK troops are stationed in the country, but after the partial withdrawal the number will fall to about 5,500, with the possibility of a further 500 coming back in late summer. Blair said the success of recent operations in Basra had seen a fall in the number of murders and kidnappings and now Iraqi troops could take the lead.

  • Blogger jailed for insults

    An Egyptian court has sentenced a local blogger to four years in jail, after finding him guilty of insulting Islam and Egyptian President Mubarak. The trial is the first time a blogger had been prosecuted in the country. A spokesman for the Egyptian Human Rights Organisation said the move sent 'a strong message to all bloggers who are put under surveillance'. While UK-based human rights organisation Amnesty International called the sentence 'yet another slap in the face of freedom of exp

  • Blom Bank set for expansion

    The local Blom Bank has applied for a banking licence in Algeria through its subsidiary Blom France, one of several new initiatives as the bank seeks to expand.The bank is also planning to apply for licences to operate in Saudi Arabia and Qatar by the end of April.In its home market, Blom is to manage the Building Block Equity Fund, a new $20 million fund to help small and medium-sized enterprises, which should be launched by the end of March. The Bader Group, set up by local bus

  • Bomb caches found in Beirut

    Lebanon's security forces found three separate bomb caches on 23 February in a number of locations across Beirut.19 sticks of TNT were found in a dustbin lorry on Hikmeh Avenue, opposite the Murr television station and the Mont Liban Radio building in the Ashrafieh area of Beirut.Half an hour later an aluminium box containing 13 detonators was found 200 metres from the first discovery. Later in the evening eight bombs were found on a road lead

  • Borouge sets Ruwais date

    Abu Dhabi Polymers Company (Borouge) has set a 4 March deadline for the submission of commercial bids for two of the three remaining major process packages on the multi-billion-dollar expansion at Ruwais. The two contracts cover the polyolefins and the offsites and utilities packages.For the estimated $1,200 million offsites and utilities package, four groups are preparing to submit bids. They are Spain's Tecnicas Reunidas, Fluor Corporation and Bechtel, both of the US, and a team of Italy's

  • Bourj Hammoud water project resurfaces

    The Council for Development & Reconstruction is to issue a new tender for the construction of a wastewater treatment plant at Bourj Hammoud in north Beirut by the end of March.

  • Burgan wins rig work

    The local Burgan Company for Well Drilling, Trading & Maintenance has won a contract worth KD 20.6 million ($71 million) to supply pulling units for well workover operations. Under the terms of the contract, Burgan will supply the units also known as workover rigs for remedial operations on older wells. The client on the contract is state upstream operator Kuwait Oil Company.

  • Bush names new ambassador to Riyadh

    US President Bush has nominated Ford Fraker, the head of a London-based investment bank, to be the next US ambassador to Saudi Arabia.Fraker, chairman of Trinity Group, has served as a former head of banking at Saudi International Bankand is also a consultant to Intercontinental Real Estate Corporation, although he has no diplomatic experience. If Fraker's nomination is approved by the US Senate, he would replac

  • Business morale weakens as sanctions crisis looms

    The threat of sanctions and US military action is hurting business confidence in Iran and driving money abroad, according to economists and businessmen.

  • Cabinet approves tariff

    The National Assembly (parliament) is expected to reject a new draft law to raise water and electricity tariffs. The Council of Ministers (cabinet) has already approved the law. Kuwaitis enjoy heavily subsidised water and electricity rates, which has led to high consumption rates. It is unclear whether there will be enough capacity to meet demand during the summer peak. The government says higher tariffs should encourage more efficient use of utilities.

  • Cabinet approves tariff raise

    The Council of Ministers (cabinet) has approved a new draft law to raise water and electricity tariffs. The bill will now go to the National Assembly (parliament) for approval. Under the existing heavily subsidised set-up, Kuwaitis pay some of the lowest rates in the world for their domestic electricity and water consumption. However, demand for both electricity and water is soaring and it is unclear whether there will be enough capacity to meet this demand during the summ

  • Cairo arrests 80 members of Brotherhood

    Security forces in Cairo and the Nile Delta arrested more than 80 members of the Muslim Brotherhood on 15 February, in another clampdown on the outlawed Islamist party. Three of those arrested worked for members of parliament. 'This is an attempt to marginalise the role of the Brotherhood in Egyptian political life,' said Mohammed Habib, the group's deputy leader. 'It is an attempt to impede our political path and snarl our plans and strategies. There are upcoming election

  • Cairo arrests four on spying charges

    Intelligence authorities in Cairo arrested four men on 3 February and charged them with spying for Israel. One of the suspects is Egyptian, but holds Canadian citizenship, while three are Israeli. The men are alleged to be part of a spy ring based in Turkey and Canada, whose remaining members are to be tried in absentia. Authorities claim the Egyptian, Mohammed el-Attar, had been recruited by Mossad while living in Turkey before moving to Canada. He is alleged to have spied on other Egyptia

  • Cairo modifies letters of credit

    Trade & Industry Minister Rachid Mohammed Rachid announced in mid-February that there will be a review of the requirement that domestic companies put up 100 per cent of the value of a letter of credit necessary for importing goods.

  • Cairo secures pipeline finance

    Egyptian Natural Gas Holding Company (EGAS) has secured finance from a number of banks led by Arab International Bank for its plans to build two gas pipelines in Sinai and the Red Sea coast.

  • Canadians planning wells and investment

    Calgary-based Rally Energy plans to drill 60 new wells in 2007 and another 82 in 2008 as part of its long-term strategy in Egypt, according to a senior company official.

  • Cap Ghir readied for tendering

    Office National de l'Electricite (ONE) has finalised the list of prequalifiers for the Cap Ghir power plant, including several newcomers to the market from China and Portugal.

  • CAPITAL MARKETS: Crisis of confidence

    News that Prince Alwaleed bin Talal's Kingdom Holding Company (KHC) planned to invest SR 10,000 million in the stock market hit the headlines in late January. Announced at the company's Riyadh headquarters, the move was seen by some as an attempt to rebuild investor confidence in the correcting market. It comes on the heels of a Capital Market Authority (CMA) crackdown on speculators and insider traders.

  • Car bombs kill 60 in Baghdad

    Three car bomb attacks in Baghdad on 19 February left more than 60 people dead and more than 130 injured. Two of the blasts, which targeted a market in the predominantly Shia New Baghdad district, killed the majority of the victims, while a smaller attack on a police checkpoint in Sadr City left two dead. The attacks come five days after the start of a new joint Iraqi-US security crackdown, which involved closing the Syrian and Iranian borders and the arrival in Baghdad of

  • Carlyle gets regional head

    One of the world's largest private equity firms, the US-based Carlyle Group, has appointed a managing director to its new Middle East and North Africa team to oversee investments in Egypt and other North African markets. Hassan el-Khatib joins from Cairo-based EFG-Hermes Private Equity. Carlyle has regional offices in Cairo and Dubai and will target investments in growing companies. Globally, the group has more than $46,900 million of assets under management (MEED 24:11:06).

  • Carrier looks for alliance

    Ras al-Khaimah-based RAK Airways, which is due to start flying in April, is to link up with a global airline alliance to fuel its growth.

  • Catering set for outsourcing

    Final bidding for the privatisation of the Saudi Arabian Airlines (Saudia) catering division is due to begin on 27 February after a delay of several weeks.

  • CCC/Al-Habtoor lands deal to build island Landmark

    A joint venture of Athens-based Consolidated Contractors International Company (CCC) and the local Al-Habtoor Engineering Enterprises has been awarded the contract to build the Landmark tower, the tallest building on Abu Dhabi island.

  • Chancellor urges recognition of Israel

    German Chancellor Angela Merkel re-emphasised on 23 February the EU's policy that any new Palestinian government must recognise Israel. Merkel made the comments during a visit to Berlin of Palestinian Authority President Mahmoud Abbas.Abbas is in Europe to lobby for the removal of a series of financial boycotts imposed on the Palestinian Authority following the electoral victory of Hamas in 2006, which have crippled the Palestinian economy. 'From our point o

  • ChevronPhillips starts tendering

    National ChevronPhillips Company (NCP) has launched the tendering process for its new multi-billion-dollar olefins complex in Jubail by inviting contractors to submit bids for the ethylene and polymers.

  • Chevron's profit fall as gas prices dive

    The US' Chevron Corporation suffered a 9 per cent cut in fourth-quarter net income after a 'sharp decline' in US natural gas prices and refining margins. The US majorís net income squeezed to $3,772 million from $4,144 million for Q4 2005. For full-year 2006, however, Chevron earned $17,138 million, exceeding its previous record income of $14,099 million set the previous year. The company said its average price for natural gas sold in the US plunged by 42 per cent

  • Chinese confirm low bid

    Eni Oil on 14 February opened revised commercial bids for the contract to build water treatment and reinjection facilities at the Al-Feel oil field. China Petroleum Engineering Construction Company was the lowest bidder for the second time. Egypt's Petrojet is understood to have submitted the second lowest price. Contractors do not expect any further rounds (MEED 2:2:07).

  • Chinese president arrives in Khartoum

    Chinese President Hu Jintao arrived in Khartoum on 2 February on the first day of an eight-nation tour of Africa aimed at strengthening economic ties in the region. Hu made no mention of the ongoing conflict in Darfur. 'I am confident this visit will facilitate a strengthening of the traditional friendship between China and Sudan and bring co-operation between the countries to a new level,' he said in a statement. Khartoum's government, burdened by US sanctions, has relied

  • Concourse prices opened

    Bids have been opened for the concourse C foundations package on the new Doha International Airport. According to the bid opening prices, the local Midmac Contracting is low bidder at QR 155 million ($42 million) followed by the Sky Oryx consortium at QR 191 million ($52 million). Sky Oryx, which is made up of Japan's Taisei Corporation and Turkey's TAV Gulf, is building the passenger terminal on the project (MEED 22:12:06).

  • Consultant appointed for Jeddah Islamic Port project

    Saudi Trade & Export Development Company (Tusdeer) has made the first major award on its $440 million Jeddah Islamic Port scheme, appointing the UK's Halcrow as the engineering and design consultant.

  • Consultant picked for Dubai Metro purple line

    US-based Parsons Brinckerhoff (PB) has been appointed consultant for the purple line on the Dubai Metro, which will provide an express link between Dubai International Airport and Dubai World Central, the site of the Jebel Ali airport currently being built.

  • Consultants price work

    The US' Deloitte is low bidder for the contract to assist the Kuwait Oil Company management support group. The UK's CRA International and the US' Booz Allen Hamilton are ranked second and third on price respectively. Under the terms of the three-year management consultancy contract, the successful company will conduct independent analysis and advise on developing the oil company's strategy and re-engineering its business processes (MEED 8:12:06).

  • CONTRACTS AWARDED IN DECEMBER 2006

  • CONTRACTS AWARDED IN DECEMBER 2006

  • Contracts February

  • Copper company plans Kerman expansion

    National Iranian Copper Industries Company (Nicico) is planning an upgrade of its Sarcheshmeh facility in Kerman province, as Tehran seeks to increase copper production by several million tonnes a year. The company is spearheading the country's plans to boost its copper production capacity within its five-year development plan.

  • CORPORATE GOVERNANCE: Implementation time

    Last year was a chastening experience for the Capital Market Authority (CMA). Made a scapegoat for the stock market crash by a government embarrassed as thousands of its subjects saw their savings wiped out, there are signs that the regulator will not allow 2007 to repeat the experience.

  • Croats carry out seismic

    Croatia's Geofizika is carrying out a 2D seismic survey across a 260-square-kilometre area in block 22 in the north. The operator of the block is Cairo-based Hadi Bouchamaoui Sons (HBS) International, which is carrying out the first stage of its exploration programme. HBS was awarded an exploration and production sharing contract in 2003 (MEED 19:9:03).

  • Dana Gas looks to region as Iran negotiations stall

    Sharjah's Dana Gas is exploring plans for international diversification as progress over a landmark gas deal with Iranian authorities continues to stall.

  • Dar al-Arkan closes sukuk

    Dar al-Arkan has closed its $600 million sukuk. Launched as a $425 million issue, the facility was increased after it was significantly oversubscribed. The three-year issue, based on an ijara structure, is the first sukuk issued by a Saudi corporate in the international capital markets. The arranging banks and bookrunners are ABC Islamic Bank, Arab National Bank, Standard Bank, Unicorn Investment Bank and WestLB (MEED 2:2:07).

  • Dar al-Arkan extends sukuk to $750m

    Dar al-Arkan is to extend its $425 million sukuk to $750 million to cater for overwhelming demand from international banks.

  • Dar al-Arkan to build in Mecca and Medina

    Dar al-Arkan is refinancing its debt and is taking on a sharia-compliant loan to fund the construction of a substantial new project for Mecca and Medina.The real estate developer will announce a new construction scheme of up to 4,000 units for the two holy cities later this year. To finance this, the company is in negotiation with its banks for a new credit facility of up to $1,500 million.Dar al-Arkan financial adviser Ayman Sejiny says further refinancing is planned. 'Some of t

  • Deals done at Abu Dhabi

    Deals worth AED 1,400 million ($381 million) have been signed by the UAE armed forces, at the International Defence Exhibition in Abu Dhabi.

  • Developer lines up to bid for shopping centres

    Dubai-based Majid al-Futtaim (MAF) is to bid for three plots of land - two in New Cairo and one in 6 October City - as it presses ahead with six of 20 planned shopping centres.

  • Developers await Ras Laffan C tender

    Qatar General Water & Electricity Corporation (Kahramaa) has delayed the release of the request for proposals for the Ras Laffan C independent water and power project.

  • Developing a triple vision

    The ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, has never been afraid of making bold statements. As economists around the Gulf were predicting softening oil prices and slowing growth for 2007, the UAE vice-president chose to unveil a strategic plan for Dubai which aims to triple its economy by 2015.

  • Development deal signed

    Cairo and Tripoli have signed a deal to co-operate on developing the coastline on either side of the border between the two countries for new tourist projects.

  • Doha flies with Sikorsky plan

    Doha-based Gulf Helicopters has signed a deal with the US' Sikorsky Aircraft which could lead to an aviation centre of excellence being set up in the region.

  • DONATIONS: Charity begins overseas

    The Islamic injunction to give to charity holds during good times and bad. But charitable giving and overseas aid invariably rise when the going is good and Saudi Arabia's economic boom has furnished one of the world's largest humanitarian aid budgets.

  • du announces launch date

    The federation's second mobile operator du is to start services on 11 February, almost a year after it won the licence. By beginning its operations then it will narrowly avoid the prospect of being fined by the telecoms regulator.

  • Dubai acts on crash fears

    Dubai’s real estate sector is set for a massive shake-up, with a new law to end the deregulated market in property sales and a growing consensus that prices are heading for a steep correction.

  • Dubai announces road projects drive

    Dubai's Roads & Transport Authority (RTA) will tender a raft of major road projects this year in an effort to alleviate growing congestion in the emirate.

  • Dubai futures contract delayed

    The Dubai Mercantile Exchange has delayed the launch of an Oman crude oil futures contract in an effort to deal with ongoing regulatory issues. The exchange had planned to launch the service in the fourth quarter of 2006. However, it is now not likely to open before May this year. Media reports have suggested the exchange is still finalising its licence from the Dubai Financial Services Authority. The project is a 50/50 joint venture of the government-owned Dubai

  • Dubai Holding lists bonds

    Dubai Holding Commercial Operations Group (DHCOG) has listed bonds worth more than $2,400 million on the Dubai International Financial Exchange (DIFX).The bonds were listed on 1 February and were the first to be issued under DHCOG's $5,000 million euro-medium term note (EMTN) programme. The new issue is made up of $500 million senior floating rate notes with a five-year maturity, 500 million ($968 million) 10-year notes and Eur 750 million ($969 million) seven-year senior notes.

  • DUBAI: Restoring confidence

    In early January, the Dubai-based AAA Group launched the Burj al-Arabi, a 140-metre residential tower designed to look like a GCC national at Jumeirah Village. The project was no surprise to locals and expatriates who have already witnessed the launch of projects such as Chess City, rotating ski slopes and the subsea Hydropolis hotel.

  • Dubai's staff get a pay rise

    Dubai civil servants have been awarded a 20 per cent pay rise. The increase, announced by Dubai ruler and UAE vice-president Sheikh Mohammed bin Rashid al-Maktoum, will be backdated to 1 January and will apply to both nationals and expatriates employed by the government. The increase will compensate for the rising cost of living in the emirate. Unofficial estimates put inflation last year at 11-15 per cent, partly as a result of sharp increases in rents. The government ha

  • Duqm port bids posted

    Five groups have bid for the contract to build a new port at Duqm, which could be worth up to $600 million.

  • Duty-free awards due

    The winners of contracts to establish duty-free shops in Saudi Arabia's airports will be announced 'within the next 10 days', General Aviation Civil Authority (GACA) president Abdullah Ruhaimy said on 20 February. The GACA has revealed it is studying bid offers from five local and seven international companies, with a final decision pending. The contract will be awarded to one of the Saudi businesses with an international company in partnership. The winning group will make

  • Economy grows at 3 per cent in 2006, says IMF report

    Algeria enjoyed economic growth of 3 per cent in 2006, according to the latest figures from the IMF. The non-hydrocarbons economy grew by 4.5 per cent, concluded a statement by the organisation to mark the conclusion of its latest article IV consultation. Non-oil GDP growth was underpinned by sustained activity in the construction sector and a good performance in agriculture, said the statement. The IMF estimated a year-end current account surplus of 24.5 per cent, up from 21 per cent in

  • ECONOMY: Hitting a plateau

    After another blazing performance in 2006, the Saudi economy has returned to a calmer pace. The oil price spikes of the last two years have brought huge dividends, and the current account has been registering major surpluses for at least four years. Government revenues tipped a record SR 655,000 million last year. But the oil market is weakening, and with it chances of a repeat performance are fading.

  • ECONOMY: Return of confidence

    Kuwait smells of oil,' says a European businessman, remembering the three years he spent in the tiny Gulf state in the mid-1990s. 'Maybe I imagined it, but it really is my abiding impression of the place. That and the water towers.'

  • Egyptian politicians urge action on inflation

    The People's Assembly on 31 January urged the government to reduce the prices of basic consumer items, link wages to inflation and review the level of the minimum wage every three years. The move follows the announcement days earlier that the annual rate of inflation had topped 12 per cent, largely on the back on growing food prices. The assembly, in its official reply to Prime Minister Ahmed Nazif's annual parliamentary address made in December, also called for lower-risk investments for s

  • El-Ezz to raise more funds

    The local El-Ezz Steel Rebars plans to raise $500 million through a global offering of its shares as part of a plan to improve its efficiency.The scheme was launched on 4 February and will involve the sale of both shares and global depository receipts (GDRs). Each GDR represents three ordinary shares. Ezz Steel shares are listed on the Cairo & Alexandria Stock Exchanges, while its GDRs are listed on the London Stock Exchange.The money raised is expected to be invested in improvin

  • Emaar denies Burj delay

    Local property developer Emaar Properties has denied that construction of the world's highest tower could be delayed by a year, after the cladding contractor went bankrupt. 'We are a little behind on the cladding, but we will now accelerate,' says Emaar executive director for projects Greg Sang. Swiss cladding firm Schmidlin filed for bankruptcy in February 2006. It was replaced by a joint venture of the local Arabian Aluminium and Hong Kong-based Far East Aluminium (MEED 3:3:06).

  • Emal gas deal draws near

    A gas supply agreement for Abu Dhabi's first aluminium smelter will be signed by the end of March, according to Dubai Aluminium Company (Dubal) chief executive officer Abdulla bin Kalban.

  • Emirates adds Houston

    Dubai-based carrier Emirates is to launch a non-stop service to Houston, Texas, starting in December. The service will be the second route for the airline to the US after New York. It will initially run three times a week. Houston is one of four new destinations announced by Emirates for 2007, alongside Venice, Italy, Newcastle in the UK and Sao Paolo in Brazil.

  • Energy Minister selected

    Abdelaziz Rassaa has been appointed Tunisia's Minister of Industry, Energy & Small & Medium-Sized Enterprises. He was promoted from his position as director of energy at the ministry. Rassaa takes over from Afif Chelbi, who has moved to the Education & Training Ministry. No replacement director of energy has yet been named.

  • Ennous finance closed

    Financial close was reached on 1 February on the $900 million project to develop the Hadjret Ennous gas-fired power plant in Tipaza, west of Algiers. The project, which calls for the construction and operation of a 1,227-MW facility, is being developed by Shariket Kahraba Hadjret Ennous (SKH). The plant, which will add about 20 per cent to the country's power supply capacity, is due to come on stream in 2008. Electricity will be sold to Sonelgaz under a 20-year contract (MEED 28:7:06).

  • Etihad boosts schedule

    Abu Dhabi-based Etihad Airways is to boost its number of flights over the summer by 18 per cent. New routes to be launched include direct links to Sydney from next month, Dublin in August and Milan in September. There will also be an extra 40 flights a week added to its schedule, taking the total to 258 services. The airline will also buy six new wide-bodied jets.

  • EU repeats call for final Israeli-Palestinian accord

    The EU's external relations commissioner called on 1 February for the Quartet of Middle East mediators to press for a final accord to settle the Israeli-Palestinian conflict or risk civil war. 'I think it will certainly be a very crucial meeting. What is essential for me is that there is a convincing political settlement and therefore we need to start discussing final status issues at least,' said Benita Ferrero-Waldner, speaking before a planned meeting on 2 February of t

  • EU to lift GCC aluminium tariffs

    The EU will lift all tariffs on GCC aluminium products in the event that the two trading blocs reach a free trade agreement (FTA).

  • Export refinery plans outlined

    The local/French joint venture of Saudi Aramco and Total has invited international contractors to attend meetings in London in March to outline contracting plans for its planned 400,000-barrel-a-day export refinery at Jubail. Attendees will be asked to express their interest in the contracts.

  • Exports up, but tariff cuts cause textile concerns

    The Central Agency for Public Mobilisation & Statistics announced on 11 February that exports for the first 11 months of 2006 are up 31.3 per cent on the same period the previous year to£E 71,800 million ($12,600 million), while imports increased by 2.9 per cent to£E 107,200 million ($18,805 million).

  • Exxon pulls out of project due to escalating costs

    US oil major ExxonMobil Corporation has pulled out of a major integrated gas-to-liquids (GTL) project with Qatar Petroleum at Ras Laffan due to spiralling costs. Costs for the GTL plant are understood to have reached $18,000 million, from an initial budget of $7,000 million.

  • ExxonMobil revises 2006 reserves estimate

    US oil major ExxonMobil Corporationadded 1,950 million barrels of oil equivalent (boe) to its proved reserves in 2006, triggered by strong growth from the Middle East. The additions put the firm's reserve replacement rate at 122 per cent of production, including property sales, compared with a five-year average of 114 per cent. In Qatar, ExxonMobil grew its portfolio in the North field through expansion of the upstream Al-Khaleej gas project; its 28 per

  • ExxonMobil signs offshore exploration deal

    US oil major ExxonMobil Corporationhas signed an exploration and production sharing agreement (EPSA) with Libya's National Oil Corporation (NOC)for a 2.5 million-acre oil and gas block in the offshore Sirte basin. The agreement includes four contract areas, approximately 100 miles off the Libyan coast, which were awarded to the company in the third round of EPSA licensing in December. The areas are situated in water depths of 4,000-6,500 fe

  • Fifteen killed as Islamists clash with army

    Fifteen people were killed in a clash between Islamist militants and government security forces on 29 January in the worst incident of terrorist violence in Algeria in several months, local newspapers have reported.A rocket attack on an army outpost in the eastern region of Batna killed four soldiers and a municipal guard, according to reports on 30 January. Ten Islamists are thought to have been killed in an army counter-attack. Responsibility for the attac

  • Filling the gaps

    In the 1989 film Field of Dreams, an American farmer uproots his corn crop to build a baseball field, convinced by an inner voice that if he does so he will attract the spirits of the legendary Chicago White Sox baseball team. Throughout the film, the farmer is haunted by the voice's refrain, 'build it and they will come'.

  • Final awards near for first phase of new Doha airport

    The committee in charge of the New Doha International Airport (NDIA) is preparing to award the final packages on the estimated $3,000 million first phase of the project.

  • Fitch rates Iranian bank

    Fitch Ratings has affirmed its rating for Export Development Bank of Iran (EDBI) at issuer default B+ with a stable outlook, short-term B, individual D and support 4. The government owns EDBI and its issuer default and the bank's short-term ratings reflect that. The bank is reasonably profitable and has sound capital ratios but its asset quality is relatively weak and its operating environment difficult, said the rating agency.

  • Fitch supports ratings

    Fitch Ratings has reaffirmed National Bank of Bahrain's issuer default rating at A- with a positive outlook. The agency confirmed other ratings, including short-term as F2, individual as B/C and support as 1. The agency says the ratings reflect 'the extremely high probability of expected support from the Bahraini authorities, in case of need'. The government owns 44 per cent of the bank.

  • Former Iraqi VP sentenced to hang

    Iraq's High Tribunal sentenced Saddam Hussein's former vice-president Taha Yassin Ramadan to be hanged on 12 February. 'I swear to God that I'm innocent, Allah is my supporter and will take revenge on all who treated me unjustly,' Reuters reported Ramadan as saying after the sentence was passed. The former vice-president was tried along side Hussain over the killing of 148 Shia villagers in Dujail in the 1980s. According to Judge Ali al-Kahachi, who passed the sentence, th

  • Foster Wheeler nets Osos work

    The US' Foster Wheeler has won the joint front-end engineering and design and project management consultancy contract on the local Osos Petrochemicals Company polybutylene terephthalate (PBT) complex in Yanbu, on the Red Sea coast.

  • Foster Wheeler wins Yanbu work

    US-based Foster Wheelerhas won an engineering and consultancy contract for the planned petrochemical plant at Yanbu. The energy subsidiary of the US construction group was awarded the front-end engineering design and consultancy contract by Osos Petrochemicals. Foster Wheeler's engineering and design contract will involve establishing basic design for utilities and offsites at the complex. It will also act as project management consultant i

  • French-led consortium wins Gulf rail feasibility study

    A consortium led by France's Systra is understood to have been provisionally selected for the year-long feasibility study for the planned GCC railway, pending final approval from the six governments involved.

  • Gaining confidence

    Riyadh's frustrations with its neighbours are coming to the fore. Just before inviting Hamas and Fatah representatives to Makkah in early February in an attempt to broker a truce between the warring Palestinian factions, King Abdullah was gently reproaching his Iranian counterparts.

  • Gas production to get a boost as oil output wanes

    Petroleum Development Oman (PDO) is to increase its gas production, as oil production stabilises over the next four years. Gas production is expected to rise to about 400,000 barrels of oil equivalent (boe) a day in 2007, increasing to about 500,000 boe a day by 2011.PDO, which accounts for 90 per cent of oil production in the sultanate, has lowered its oil production target for 2007 by 20,000 barrels a day (b/d) from 580,000-600,000 b/d in 2006. Production hit 589,000 barrels a day in

  • GCC pay lags behind living costs

    The cost of living in the Gulf is outstripping the increase in salaries, according to an online survey conducted by Bayt.com and Dubai-based market research company YouGovSiraj. The survey found that salaries in the GCC increased 15 per cent in 2006 against a rise in the cost of living of 24 per cent. The UAE is the most expensive place to live, its cost of living increasing by 28 per cent, according to the survey of 270,000 people. Despite this, almost half of respondents said they woul

  • GCC to assess feasibility of nuclear power

    The GCC is to appoint an international consultant to assess the feasibility of building a nuclear industry in the Gulf, Qatari Energy & Industry Minister Abdulla bin Hamad al-Attiya has announced. 'We will appoint an international consultancy firm and within two years, we will start our nuclear energy programme if the GCC governments approve it,' he said on 5 February. The GCC heads of states decided at their annual meeting in December to pursue a joint nuclear power progr

  • GE to build $1bn war chest for regional investment

    The US' GE, one of the world's largest companies, will substantially increase its investment in the region as it seeks to take advantage of the economic boom.

  • Germans advise on Karak

    A team led by Germany's Dorsch Consult has been awarded the contract to carry out a $28.4 million water loss reduction programme in the Karak governorate, southwest of Amman. Dorsch will also advise the Water Authority of Jordan on setting up a commercial company to manage the water sector. Dorsch will design and supervise the construction of the project and prepare the tender documents.

  • Government wins appeal

    The Appeals Court ruled on 6 February that the government was justified in cancelling three build-operate-transfer contracts belonging to the local Agility, formerly known as PWC Logistics. A lower court had earlier ruled that the government had acted illegally in abrogating the deals, but the new decision means the government can go ahead with the appropriation of land and assets included in the concessions.

  • Greeks home in on Rotana hotel

    Greece's Terna has been awarded its first major contract in the local buildings market, winning the Park Rotana mixed-used development project in Abu Dhabi's Khalifa park.The AED 622 million ($170 million) contract involves the construction of four buildings on a two-storey podium, with a total built-up area of around 180,000 square metres. The towers will house a 280-room hotel and 162 serviced apartments, along with 180 rental apartments, as well as offices.The total constructi

  • Gulf Air gets new chief

    Gulf Air has appointed Andr Dos, the former head of Crossair and Swiss, as its new chief executive officer. He replaces James Hogan, who left to lead rival Etihad Airways. Dos held a range of management positions at Crossair prior to the collapse of the Swissair group in 2001. He then helped establish Swiss as the country's new flag carrier. He is charged with reviving Gulf Air, which is laden with debt and has lost ground to rivals in Dubai, Qatar and Abu Dhabi.

  • Hamas commander killed despite ceasefire

    Gunmen shot dead a member of Hamas in Gaza on 30 January despite a ceasefire between the group and its rival, Fatah. Commander Hassan Shabasi was killed in Khan Younis only hours after a truce came into force. 'We do not wish to accuse Fatah, but if it turns out that this crime was committed by Fatah members, it will mark a serious violation,' said Hamas spokesperson Fawzi Barhum. As the ceasefire came into effect in the early hours of 30 January, Israeli je

  • Hariri tribunal looks set to stall despite UN approval

    An international tribunal to try suspects in the murder of former Lebanese prime minister Rafiq Hariri inched forward on 7 February, with the signing of an accord by the UN. However, the accord looks unlikely to be approved by the Lebanese parliament. The accord was signed by Nicolas Michel, a UN legal affairs official in New York on 6 February and was returned to Lebanon for ratification. 'It is up to the competent Lebanese authorities to take the steps necessary under th

  • Hassi design award nears

    State energy company Sonatrach is expected to sign two contracts in March for alternative front-end engineering and design proposals for a new liquefied petroleum gas train at Hassi Messaoud. Japan's JGC Corporation and Stone & Webster, part of the US' Shaw Group, will both carry out studies. Sonatrach will award the estimated 30-month engineering, procurement and construction contract based on its preferred design (MEED 8:12:06).

  • Hijaz railway set for reconstruction

    The 100-year-old Hijaz railway line could be revived, following talks between Syrian officials and a Saudi Arabian company.

  • Hotels in double digit boom

    Hotel room rates in Dubai and Doha are now among the most expensive in the world, according to Deloitte's latest Hotel Benchmark survey.

  • HOUSING FINANCE: Mortgaging the future

    The baby boom generation is coming of age. The arrival of a cohort of young adults looking to buy their first homes is driving the escalating demand for housing in the kingdom and it is creating a growing need for further sources of home finance.

  • Hub grants licences

    Dubai-based AIG Memsa Insurance Company has been granted a licence to operate in the Qatar Financial Centre in Doha. The authorisation was the second made by the Qatar Financial Centre Regulatory Authority in February, following one granted to Qatar Insurance Company International, a holding company for the international branches, subsidiary holdings and inward reinsurance business of Qatar Insurance Company.

  • Instrata licensed to invest

    The Central Bank of Bahrain has granted an investment firm licence to Instrata Capital. The new company is one of several regional private equity firms pursuing investments in infrastructure ventures, including transport, utilities and industry. Instrata is targeting $1,000 million of assets under management by 2010. Investors in Instrata include Kuwait Investment Company and the local Sage Capital Management Group.

  • INTELLECTUAL PROPERTY: Ripping yarns

    'Software piracy is endemic it exists everywhere,' says Nahla Haidar, director of the Economic Development Bureau for Arab Countries at the Geneva-based World Intellectual Property Organisation. 'But it is true that figures for the Arab region are quite high.' In 2005, 58 per cent of software in the Middle East was pirated a 1-2 per cent decrease on the previous year. 'But this is a good indication of a reverse tendency,' says Haidar. In comparison, the global piracy rate stood unchanged at 3

  • International banks invest in the kingdom

    The National Commercial Bank (NCB) and Goldman Sachs International plan to establish an investment banking and asset management company in the kingdom.

  • International Investment buys up French property

    Bahrain's International Investment Bank has bought a 90 per cent stake in a $105 million French property portfolio. The portfolio includes six commercial properties in Paris and Lyon. The deal is the bank's second acquisition of European real estate following its purchase of commercial property in London. The bank is also targeting the Gulf and has invested $180 million in Dubai's Business Bay development and will invest in the Saudi Arabian real estate market through its $100 millio

  • Investment bank focuses on Islamic finance from Dubai

    UBS Investment Bank will base its Islamic finance activities at the Dubai International Financial Centre (DIFC).The bank opened its office at the DIFC on 13 February to serve as the hub for its sharia-compliant structuring. The office is expected to double in size to more than 40 people by 2008.'There's a real opportunity to grow our fixed-income business [in the region],' says UBS chief executive officer Huw Jenkins. 'The big gaps are credit markets and commodities. Commodities

  • Investors track Sahara sale

    Tripoli is set to offer international banks a minority stake in Sahara Bank, the country's largest commercial bank, in early March.

  • Iran halts UN nuclear talks

    Iran's top nuclear negotiator cancelled plans to attend a German security conference on 9 February, dashing UN hopes of ending the growing row over Tehran's nuclear ambitions. Ali Larijani was expected to resume talks with International Atomic Energy Agency (IAEA) chief Mohamed el-Baradei along with key US and EU officials. However, Larijani pulled out due to illness, according to the conference organiser, although IAEA officials claim they were told he was not attending for 'technical r

  • Iran issues nuclear challenge

    Iran President Ahmadinejad has rejected international demands for his country to suspend its uranium enrichment programme on the eve of the UN deadline. Ahmadinejad told a rally broadcast on Iranian state television that it would only halt its own process provided Western nations did the same. 'If they say that we should close down our fuel production facilities to resume talks, we say fine, but those who enter talks with us should also close down their own nuclear fuel production facilitie

  • Iran pulls out of security conference

    Iran's top nuclear negotiator cancelled plans to attend a German security conference today [9 February], dashing UN hopes to end the growing row over Tehran's nuclear ambitions. Ali Larijani was expected to resume talks with International Atomic Energy Agency (IAEA) chief Mohamed el-Baradei along with key US and EU officials. However, Larijani pulled out due to illness, according to the conference organiser, although IAEA officials claim they were told he was not attending for 'technical

  • Iran: Losing confidence

    The crowds packing Azadi Square to mark the 28th anniversary of Iran’s revolution on 11 February were larger this year than last. The ritual chanting of ‘Death to America! Death to Israel! Death to England!’ was louder and the banners proclaiming Iran’s ‘legitimate right to peaceful nuclear technology’ were more prominent than ever.

  • Iranian attack kills 11

    An explosion near a bus in the Iranian city of Zahedan on 14 February left at least 11 people dead. According to the official IRNA news agency, the blast targeted members of the Revolutionary Guards. Zahedan lies in the southeastern province of Sistan-Balochistan, on the border with Pakistan and Afghanistan. A wave of attacks and kidnappings in the province has been blamed on the Sunni group, Jundallah. Reports said a car overtook the bus carrying the securi

  • Iranian fields stay out of bounds for BP

    BP, Europe's second largest oil company, appears to have ruled out investment in Iran's gas fields due to its significant stakeholding in the US. Chief executive officer John Browne, commenting on the company's position at the announcement of full-year results on 6 February, says it is unlikely to follow the lead of the Royal Dutch/Shell Groupand Spain's Repsol, which recently committed to an estimated $10,000 million LNG project despite US opposition (

  • Iraq closes borders

    Iraq has announced it will close its borders with Syria and Iran for three days as part of a new plan for securing the capital. The move was announced by Iraqi commander Abboud Gambar on 13 February. He did not say when the closure would take effect. Gambar is responsible for a plan which will divide the Iraqi capital into 10 security zones as part of a crackdown against insurgents and militias. US President Bush also plans to send an additional 21,500 troops to Baghdad. V

  • Iraq opens embassy in Riyadh

    Iraq has reopened its embassy in Riyadh after 17 years as it seeks closer ties with the kingdom and other Arab neighbours.Iraqi Foreign Affairs Minister Hoshyar Zebari said Baghdad was determined to reach out to other countries in the region by reopening a number of embassies or consulates, Riyadh being the first. He also said the two countries needed to increase intelligence sharing to track down insurgents in Iraq and potential terrorists in the Saudi Arabia.

  • IRBIL: Iraq's building hotspot

    Although not yet on the scale of Dubai or Doha, the forest of cranes towering above Irbil's skyline is a sure sign that the capital of Iraq's northern Kurdish region is enjoying something of an economic boom. Recent years have seen the construction of infrastructure such as bridges, shopping malls, apartment blocks and a huge new airport catering for up to 4 million passengers a year. But now, construction activity is firmly focused on luxury housing.

  • Islamic bank launches IPO

    The initial public offering (IPO) of shares in Syrian International Islamic Bank (SIIB) was launched in Damascus on 4 February and will close on 4 March.Some 5.1 million shares are being offered to local investors at Syr 500 ($10) each, representing 51 per cent of the new bank's capital.They will be able to subscribe for the shares through four local banks: Bank Audi Syria, Bank of Syria & Overseas, International Bank for Trade & Finance and Byblos Bank Syria, as well as through

  • Islamic brokerage formed

    Emirates Islamic Bank has established a brokerage subsidiary to permit clients to trade in sharia-compliant securities. Emirates Islamic Financial Brokerage will initially offer trading in shares listed on the Dubai Financial Market and the Abu Dhabi Securities Market, but also has plans to expand across the Gulf. The bank has 18 branches, all within the UAE.

  • ISLAMIC FINANCE: Lending credibility

    On 30 January at a conference in London, a memorandum of understanding was signed between representatives of the International Capital Market Association (ICMA) and the International Islamic Financial Market.

  • Islamic funds go European

    The European Islamic Investment Bank, the UK's first Islamic investment bank, is raising capital for a pan-European real estate investment fund and a global equity fund. The bank plans to launch a new asset management product and has a pipeline of securitisation and sukuk transactions. The majority of the bank's clients are based in the GCC.

  • Japanese/local team wins fifth ring-road

    The Japanese/local team of Pacific Consultants International (PCI) and Al-Dowailah Engineering Consultants & Construction Managers has been selected for the long-awaited fifth ring-road upgrade consultancy contract.

  • Jazeera adopts Dubai

    Kuwait-based no-frills airline Jazeera Airways will use Dubai as its second hub after Kuwait City. Starting from 8 February, Jazeera will serve Bahrain, Kuwait, Mumbai, Kochi, New Delhi, Muscat and Salalah from Dubai. 'The commercial aviation sector in the Middle East and especially the Gulf region is picking up speed and Jazeera aims to serve this growing market through establishing multiple hubs in the Arabian Peninsula,' says Jazeera chairman and CEO Marwan Boodai.

  • Jebel Ali bidders sought

    Dubai Municipality has extended the bid deadline for the contract to build a 300,000-cubic-metre-a-day sewage treatment plant at Jebel Ali to 11 February. The delay came after only two bids were submitted on 21 January. The bidders were the local/Greek Al-Ahmadiah Aktor and a joint venture of Athens-based Consolidated Contractors International Company (CCC) and the local Arabtec Construction (MEED 1:12:06).

  • Joint venture picks Jubail ethane/propane contractor

    Stone & Webster, part of the US' Shaw Group, has been provisionally selected for the cracker contract on the Jubail petrochemicals complex planned by the US/local joint venture of INEOS Enterprises and Delta Oil Company.

  • Jordan presses US to lead Israel talks

    Jordan's King Abdullah has urged the US to continue searching for an Israeli-Palestinian peace accord following seperate meetings with US Secretary of State Condoleezza Rice and Palestinian Authority President Abbas. 'The people of the region are looking towards Washington continuing to play a major role in the peace process by creating the necessary environment for a resumption of negotiations on the basis of the two-state solution outlined in the Arab peace initiative an

  • JUBAIL II: Industrial sequel

    In the last 25 years, $64,000 million worth of capital investment has been poured into the city on the kingdom's east coast, and when completed, the $56,000 million Jubail II project will see the city's industrial area double in size. Predating the economic and industrial city projects that are springing up across the country, Jubail is expected to form a prototype for their development.

  • Kayan gets the green light

    South Korea's Samsung Engineering Company and the UK's Simon Carves have been awarded two process packages on the Saudi Kayan Petrochemical Company complex in Jubail, the world's largest grassroots petrochemicals project.

  • Kayan packages awarded

    South Korea's Daelim Industrial Company and Spain's Tecnicas Reunidas are understood to have been selected for the polycarbonate and phenolics packages on the Saudi Kayan Petrochemical Company complex in Jubail. The contracts are worth a total of at least $1,000 million.

  • Key hires at Taqa

    Abu Dhabi National Energy Company (Taqa) has made a number of key appointments. Peter Barker-Homek has joined from the UK's BP to become chief executive officer. Ian McDonald will take on the role of group vice-president for upstream; Ron Heyselaar has been named group vice-president for global power; Frederic Lesage has been appointed group vice-president for integration and optimisation; and Manu Mehra has been selected group vice-president for banking and finance.

  • Khalifa port goes for bid

    Abu Dhabi Ports Company (ADPC) has issued for tender the first-phase construction package on the Khalifa Port & Industrial Zone at Taweelah.

  • Khalifa port project gets off starting blocks

    Abu Dhabi Ports Company (ADPC) will release tender documents by mid-February for the phase 1 construction package on the multi-billion-dollar Khalifa Port & Industrial Zone at Taweelah.

  • Kipco quiet on telco sale

    Kuwait Projects Company (Kipco) has refused to comment on speculation that it plans to sell its 27 per cent stake in Wataniya Telecom. Shares in Kipco rose by more than 20 per cent on the Kuwait Stock Exchange in mid-January on rumours of the sale, although later dropped. Wataniya has mobile operations in Kuwait, Algeria, Iraq, the Maldives, and Tunisia. In 2005, it made KD 52.9 million ($182 million) in net income, up 30 per cent on the previous year (MEED 7:5:06).

  • Kuljian wins Jeddah desal

    The US' Kuljian Corporation has won the consultancy contract on the planned Jeddah desalination plant project. The client is the Saline Water Conversion Corporation.

  • Kuwait Airways to renew fleet

    Kuwait Airways Corporation has announced plans to buy up to 34 new aircraft in an effort to modernise its ageing fleet. Bids for the airplane contract supply contract are due to be received by the end of March. 'We have decided to buy 30-34 aircraft of different sizes,' airline chairman Sheikh Talal Mubarak al-Sabah told reporters on 12 February. 'We expect to receive offers from Airbus and Boeing in two weeks.' The new aircraft are aimed at replacing the flag carrier's

  • Kuwait Airways: Clipped wings

    Times have not been easy for Kuwait Airways Corporation (KAC). While other regional airlines have rapidly expanded to take advantage of the substantial increase in passenger numbers, the Kuwaiti flag carrier has stagnated in an increasingly liberalised sector.

  • Kuwait Finance close to finalising Malaysian deal

    A consortium led by Kuwait Finance House (KFH)is in the final stage of negotiations with Utama Banking Groupabout acquiring the Malaysian bank's stake in Rashid Hussain Berhad Group. KFH said that the two companies have agreed to extend the duration of negotiations and are concluding the terms of sale and purchase agreement, which will need to be approved by Bank Negara Malaysia (central bank). KFH has been in a bidding war wi

  • KUWAIT POWER CRISIS: Power failure

    The average daily temperature in Kuwait in the summer months is 44 deg. C. During the day, thermometers regularly record temperatures of more than 50 deg. C. According to international classifications, the discomfort from the combination of heat and humidity from June to September is extreme - the highest possible level.

  • Lebanese flag carrier predicts losses

    Flag carrier Middle East Airlineswarned on 16 February that last year's conflict between Tel Aviv and Hezbollah was expected to severely impact its profits for 2007. 'Our projected profits in 2006 fell from $55 million to $15 million-20 million following the war,' chairman Mohamed el-Hout told the local Daily Star. 'The airport road was closed twice by protestors at the beginning of this year and this incident did not send a good message about Lebanon.'

  • Lebanon: Paris rematch

    Beirut has pulled it off, again. For the second time in six years the country has managed to persuade the international community to part with large sums of money and give it yet another chance to sort out the parlous state of its economy. It appears to be a remarkable vote of confidence from donors when one considers that as Prime Minister Fouad Siniora left for the Paris conference, a large section of his countrymen were rioting on the streets of the capital in opposition to his reform prog

  • Levant fund proves attractive to banks

    A total of 13 investment banks, venture capital firms and hedge funds are lining up to join the new private equity funds being set up by Overseas Private Investment Corporation (OPIC).

  • Libya: Confusing signals

    The lobby of Tripoli’s Corinthia Bab Africa Hotel is bustling with activity. Businessmen and women from all over the world have flocked to Libya this February in search of business opportunities. But outside the confines of the country’s only five-star establishment, the pace is still sluggish.

  • Libyan Cabinet List

    A cabinet reshuffle was announced by Tripoli on 6 March 2006. Most notable was the replacement of reforming prime minister Shokri Ghanem with Baghdadi Ali al-Mahmudi, Ghanem's deputy. Although the move has been seen by some analysts as a step back away from Ghanem's liberalising tendency, Ghanem's relocation to head the National Oil Company - giving him de facto control of oil policy - could bring strategic benefits for the country's oil industry. The oil ministry has been abolished, alt

  • Licensing awards near

    The Ministry of Oil & Gas will award three oil and gas concessions by the end of February to international oil companies (IOCs). The ministry has shortlisted a total of 10 IOCs that have bid to develop the two onshore concessions and one offshore block. The ministry is also planning another licensing round in which it will tender two further blocks.

  • Listing criteria set for new telcos

    Telecoms regulator the Communications & Information Technology Commission (CITC) has announced the public subscription requirements for the kingdom's forthcoming mobile and fixed-line licence issues.For the mobile licence, the successful bidder will be required to float 40 per cent of the shares in the new operating company to the public. An additional 10 per cent of shares will be split between the Public Pension Agency and the General Organisation for Social Insurance. The operator wil

  • Local/German team scores Sport City job

    The local/German joint venture of Arabtec Construction and Max Boegl is the frontrunner for the estimated AED 900 million ($245 million) main construction contract for two stadiums at Dubai Sports City.

  • Local-Chinese venture sets sail for Laguna tower

    A UAE/Chinese joint venture has been awarded the estimated AED 300 million ($82 million) contract to build the Moevenpick Hotel & Residence Laguna tower in Dubai. It is one of several moves by Switzerland's Moevenpick Hotels & Resorts to expand its operations across the region.

  • London exchanges set for surge in Gulf share listings

    The London Stock Exchange (LSE) will see more dual listings of shares in regional companies, claims the Lord Mayor of the City of London, John Stuttard.

  • LONDON: Islamic ambition

    Competition is fierce for a slice of the expanding Islamic banking sector. Bahrain, Dubai, Kuala Lumpur and now London are all lining up to be the world's Islamic banking hub.

  • LOW COST AIRLINES: Opening the skies

    When the recent Hollywood blockbuster Snakes on a Plane was released, most mocked the scenario. But it was not entirely far-fetched, as passengers recently faced the prospect of 80 rats running rampage on a flight to Tabuk. Although there was little harm done, the rodents ran through the passenger cabin of the Saudi Arabian Airlines (Saudia) aircraft, causing mayhem.

  • Luksar discovers reserves in the northern Empty Quarter

    Lukoil Saudi Arabia (Luksar), a 80:20 joint venture of Russia's Lukoil Overseasand Saudi Aramco, has found hydrocarbons reserves at the Tukhman structure in the North Rub al-Khali (NRAK), south of Al-Ghawar. The discovery followed the results of deep exploration drilling on the Tukhman structure in contract area block A, which covers an area of 30,000 square kilometres. Luksar, which has earmarked a $215 million investment under its

  • Maaden gauges interest

    Saudi Arabian Mining Company (Maaden) has approached local power developers to gauge their interest in becoming a partner in the captive power plant for its multi-billion-dollar aluminium complex at Ras al-Zour. The oil-fired plant will have capacity of 1,750 MW, 400 tonnes an hour of steam and 6.2 million gallons a day of desalination. Developers approached include Acwapower, National Power Company and Saudi Oger.

  • Maaden moves on fertiliser plant project

    Saudi Arabian Mining Company (Maaden) is pushing ahead with its fertiliser plans. Bids are due to be submitted soon for the beneficiation plant at the Al-Jalamid phosphate mine and the captive power and desalination plant at Ras al-Zour. An award is also due soon on the mining operations contract.

  • Maghreb employer organisations form union

    Employer organisations from the countries of the Maghreb Arab Union have agreed to create a regional employers' union. Representatives of the five nations - Algeria, Libya, Mauritania, Morocco and Tunisia - met in Marrakech on 19 February to sign a convention creating the Maghreb Union of Employers. The union is designed to enhance co-operation and information sharing among economic agencies, encourage investment, facilitate joint projects and co-ordinate a common Maghreb

  • Maghreb ministers to pursue economic union

    Maghreb trade ministers on 25 January agreed to renew their efforts towards the creation of an economic community between the five North African countries. Meeting in Tunis as part of the Eighth Maghreb Ministerial Trade Council, ministers from Algeria, Libya, Mauritania, Morocco and Tunisia examined expert reports on the impact of creating a free trade zone across the region and agreed to continue to gradually reinforce economic co-operation. The creation o

  • Major lead, zinc prospect found in Oued Amizour

    Initial results from a new drilling campaign at Oued Amizour in the northwest have confirmed earlier projections of a world-scale lead and zinc deposit, according to Terramin Australia.

  • Malaysians tie up Maersk platforms in $600 million deal

    Malaysia's Sime Darby Engineering has been awarded the largest contract so far on the $5,000 million Al-Shaheen offshore development.

  • Marina West gets started

    A local/Greek joint venture of Poullaides Construction Company and Terna has been appointed the main contractor on the Marina West development in the northwest. It will be the kingdom's largest gated community, with 345,000 square metres of residential, retail and leisure space. It will have 11 residential towers and 1,280 apartments in total. The design and build contract is valued at about $250 million (MEED 3:2:06).

  • MARKET IN FOCUS: DIFX: Getting trading going

    The Dubai International Financial Exchange (DIFX) witnessed a flurry of activity among brokers and bonds in early February but trading in equities on the bourse remains near-stagnant.

  • MARKET IN FOCUS: EGYPT: Stability and optimism

    While the Cairo & Alexandria Stock Exchange (CASE) is not as valuable, nor as busy, as it was this time last year, institutional investors are still providing healthy levels of demand. CASE is proving to be one of the region's most stable bourses, buoyed by optimistic traders and populated by well-performing stocks. The lower number of retail investors involved compared with a year ago is also helping maintain stability.

  • MARKET IN FOCUS: SAUDI ARABIA: Insurers get in line for listings

    The first of more than 25 insurance companies lining up to offer shares to the public closed its subscription in mid-February. The initial public offering (IPO) of Al-Malaz Cooperative Insurance and Re-insurance Company opened on 9 February to strong retail investor demand in the face of the ongoing correction in the secondary market.

  • MARKET IN FOCUS: SAUDI ARABIA: Liquid injection

    The announcement by Prince Alwaleed bin Talal's Kingdom Holding Company (KHC) on 28 January that it intends to invest SR 10,000 million ($2,666 million) in the stock exchange created a huge splash among observers. But it barely registered on the Tadawul itself. The Tadawul All-Share Index (TASI) rose less than 1 per cent that day.

  • MARKET ROUND UP: Crude endures a rollercoaster ride

    Oil markets endured a rollercoaster week, with a surge of almost $3 a barrel in Brent on 30 January largely wiped out the following day when a US Energy Information Administration report showed a larger-than-expected rise in inventories.

  • MARKET ROUND-UP: Oil oscillates on bullish IEA report

    Oil prices gains of almost $1 on 12 February triggered by a bullish oil market report from the International Energy Agency (IEA) were slowly eroded the following day as investors digested a US inventory report showing a surprise drop in gasoline and crude supplies.

  • MARKET ROUND-UP: Oil steady as tension mounts

    Oil prices continued their recent recovery, triggered by the breaking of mild weather earlier this month and supported by a more upbeat view on oil market fundamentals for the year ahead.

  • MARTYRS' SQUARE: Symbolic renovation

    Pitched tents still dot the wide, flat expanse of Martyrs' square in central Beirut. The cold winter months are yet to dampen the spirit of opposition supporters who, since December, have been protesting against the legitimacy of the government of Prime Minister Fouad Siniora and its plans for reform.

  • Masterplan awarded

    A Dutch consortium of KEMA and Royal Haskoning has started work on a new masterplan for the state's power and water sectors. It will draw up by January 2008 a 30-year forecast for electricity and water demand, estimate the investment required in new capacity and assess technologies and sites for expansion. The plan was awarded by Qatar General Electricity & Water Corporation (Kahramaa). Commercial demand for power and water is rising by 20 per cent a year.

  • Mauritania allows migrants to dock

    Mauritania has agreed to allow a ship carrying several hundred Asian and African migrants to dock. According to Spain's Deputy Prime Minister Maria Teresa Fernandez de la Vega, the ship - Marine 1 - is being towed towards the Mauritanian port of Nouadhibou. The ship broke down in international waters last week and was towed close to shore by a Spanish boat. The migrants are made up of Asians and Africans, believed to be trying to reach Spain's Canary Islands, They are beli

  • Mecca & MEDINA: Progress for pilgrims

    Every year, an estimated 3 million Muslims from around the world travel to the holy cities of Makkah and Medina in the Western Region to perform Hajj or Umrah. This annual influx of pilgrims, all of whom require accommodation throughout their stay in the kingdom, has turned real estate in the two holy cities into some of the most valuable in the world, with land prices ranging from SR 100,000 ($27,000) a square metre to SR 300,000 ($80,000) a square metre. Over the next five years, analysts esti

  • Methanol award nears

    Algiers is close to making the first award on its much-delayed programme to develop a seriesof worldscale petrochemicals facilities.

  • Middle East contracts awarded: February 2007

    Over $8bn worth of contracts were awarded across the Middle East region in February, according to this selected checklist compiled from MEED reports throughout the month.

  • Middle East summit ends in stalemate

    The Jerusalem summit between US Secretary of State Condoleezza Rice, Palestinian Authority President Abbas and Israeli Prime Minister Ehud Olmert on 19 February produced no tangible results. The leaders will convene again in the near future. 'The president and Prime Minister agreed that they would meet together again soon,' Rice said after the meeting. 'They reiterated their desire for American participation and leadership in facilitating efforts to overcome obstacles, ral

  • Millions in reconstruction funds wasted

    The US-led invasion of Iraq has been further criticised in a report revealing that millions of dollars in reconstruction funds have been wasted.

  • Mina Saqr boosts capacity 10-fold

    Plans are under way to increase the capacity of Ras al-Khaimah's Mina Saqr Port almost 10-fold to 3 million containers a year, in an effort to turn it into a major regional transhipment port.

  • Mining chief steps down

    The world's largest mining company, BHP Billiton, has announced the surprise resignation of chief executive officer Chip Goodyear after five years in the role. BHP, which on 7 February reported a 41 per cent jump in first-half profits to $6,170 million, is expected to promote either divisional chief Marius Kloppers or steel materials head Chris Lynch to the top job. It has been looking to invest in Oman's tight gas fields and is in a joint venture with Sonatrach to explore oil and gas in Algeria

  • Ministry outsources capital's water network management

    The Water & Electricity Ministry has started the process for outsourcing its urban water operations by inviting companies to prequalify for the contract to manage Riyadh's water network.Companies have until 13 February to submit applications for the six-year management contract. A shortlist of firms will be announced on 28 February, with request for proposals due to be issued just two days later.The work includes managing underground water production, water distribution and waste

  • Mirdif tender issued

    Dubai's Roads & Transport Authority (RTA) has invited companies to bid by 8 March for its Mirdif interchange project. The contract involves the redevelopment of the existing junction on Khawaneej road serving residential communities at Mirdif, Muhaisnah and Mizhar. The RTA is in the process of launching a series of major road projects in a bid to alleviate growing traffic congestion, as part of the Dubai strategic plan (MEED 9:2:07).

  • Mitsui aims for involvement in Sipchem phase

    Japan's Mitsui & Company and Saudi International Petrochemical Company (Sipchem) are understood to be preparing a memorandum of understanding to pave theway for Mitsui to take an equity stake in Sipchem's planned third phase Jubail petrochemicals complex.

  • Mobily hits profit

    Mobile operator Mobily has recorded a 167.3 per cent turnaround in pre-tax profit in the past year, wiping out the start-up costs from the previous year. The operator's preliminary results for 2006 show a profit of SR 700 million ($186.6 million), compared with a SR 1,040 million ($277 million) loss the previous year. Mobily gained 3.8 million new subscribers in 2006.

  • MobiNil denies Etisalat prime city access

    Egyptian Company for Mobile Services (MobiNil), one of Egypt's two largest mobile telecommunications operators, says it will deny access to its network in Cairo and Alexandria to Emirates Tele-communications Corporation (Etisalat).

  • More than 70 dead in Baghdad explosions

    Four bomb attacks in Baghdad left at least 76 people dead on 12 February. Three successive explosions in the Shorja market killed 71 people and wounded up to 164. The explosions followed an earlier bomb blast in the Bab al-Sharqi market, which left five people dead. The attacks came as Iraqis held a 15-minute silence to commemorate the bombing of the Shia shrine in Samarra on 22 February 2006 - one year ago according to the Islamic calendar.

  • More time for hotel bids

    Abu Dhabi National Hotels has extended the bid deadline for the redevelopment of the Gulf hotel on Abu Dhabi Island to 29 March. Prospective bidders include Al-Habtoor Engineering Enterprises, Alec and Arabtec Construction, all local, the local/Lebanese Arabian Construction Company, France's Bouygues Batiment International, Turkey's Nurol and the local/Belgian Six Construct Abu Dhabi (MEED 5:1:07).

  • More time for metro study

    The Governorate of Damascus and the Municipalities Ministry have extended until 15 February the bid deadline for the consultancy contract for Damascus' first metro line. The 18-month study will centre on the construction of the 14.8-kilometre green line from Mezzeh to Qaboun. The line will have 22 stations and cost $500 million-1,000 million. The city is planning three further lines, creating a 52-kilometre network.

  • Moroccan telecoms penetration up 12 per cent

    Mobile and fixed telephone penetration in 2006 increased by 12 per cent on the previous year, according to the latest figures from the state telecoms regulator. Telecoms penetration reached 57.8 per cent and internet penetration was up 0.9 per cent to just under 400,000 subscribers, according to a press release issued on 23 January by Agence National de Reglementation des Telecommunications. The ICT sector accounted for 6.7 per cent of GDP, said the press re

  • Morocco posts 8.1 per cent growth

    Rabat's economy grew by 8.1 per cent in 2006, up from 1.2 per cent in 2005, according to government figures published on 6 February. Official unemployment at the end of 2006 stood at 9.1 per cent, while inflation was under 3 per cent, said Prime Minister Driss Jettou at a meeting with national press representatives. The budget deficit is estimated to be 1.6-1.8 per cent, while the kingdom has foreign currency reserves of $21 million, according to the government. Tourism an

  • MTC posts increased profits

    Local mobile operator MTC has announced record net income of KD 305.3 million ($1,051 million) for 2006, up 68 per cent on the previous year. The profits increase came on the back of a 109 per cent rise in revenues to KD 1,210 million ($4,167 million) and a 98 per cent jump in customer numbers to more than 27 million.Announcing the results, MTC, the largest regional telecoms firm by geographical coverage and number of subscribers, confirmed its interest in the forthcoming third mobile li

  • Mubadala plans Al-Suwwa island stock exchange

    Abu Dhabi government-owned Mubadala Development Company is considering plans for the development of Al-Suwwa island in Abu Dhabi emirate.

  • Mubadala plans UAE aerospace business

    Abu Dhabi government-owned Mubadala Development Companyis in talks with the UK's BAE Systemsto develop an aerospace business in the UAE. The specifics of the joint venture have not been agreed, but BAE confirmed it was looking to jointly develop expertise in the aerospace business with Mubadala. BAE said it would also encourage its UK business partners to consider joining the proposed joint venture. Business in the Middle East already accou

  • Muscat abandons currency union

    Muscat has pulled out of plans for a GCC single currency, according to the Central Bank of Oman executive president Hamood Sangour al-Zadjali. The sultanate had previously announced in mid-December that it intended to delay its membership of the currency union because of concerns about the convergence criteria and the 2010 deadline.

  • Muscat says no to Islamic banking

    The Central Bank of Oman (CBO) has reiterated its rejection of sharia-compliant banking in the sultanate, despite its growing popularity elsewhere in the region.

  • Muslim Brotherhood activists arrested

    Egyptian security forces arrested at least 73 members of the Muslim Brotherhood on 15 February, the party says. 'This is an attempt to marginalise the role of the Brotherhood in Egyptian political life, an attempt to impede our political path,' said Mohamed Habib, the Brotherhood's deputy leader. Security sources said those held were detained for belonging to an illegal organisation and for possessing anti-government literature. The Muslim Brotherhood ran in legislative el

  • Nakilat issues $2bn bumper shipping order

    Qatar Gas Transport Company (Nakilat) has selected South Korean firms Samsung Heavy Industries and Daewoo Shipbuilding to build four liquefied natural gas (LNG) carriers each as part of a massive $2,124 million order.

  • NATIONAL AIR SERVICES: VIPs and the masses

    Every inch the dapper banker, Taher Agueel eschews national dress to don a suit on business outside Saudi Arabia. Preferring to be called an 'ex-banker,' it is clear why he has been brought in to head one of the kingdom's most dynamic companies: a former head of Deutsche Bank's Saudi joint venture and, earlier, head of structured finance at The National Commercial Bank for seven years, his inside knowledge of the kingdom will help National Air Services (NAS) secure the financing to enable it to

  • NBK buys broker

    National Bank of Kuwait (NBK) has completed the acquisition of close to 87 per cent of Kuwait Financial Brokerage Company in a deal worth KD 20.8 million ($72 million). NBK deputy chief executive officer Isam al-Sager said the deal would strengthen its local brokerage activities and product offerings. NBK recently reported record profits of $875 million for 2006, up 23 per cent from the year before.

  • Nesma wins Shaybah field processing work

    Saudi Arabia's Nesma has been selected to build the central processing facilities on the estimated $1,500 million Shaybah oil field expansion project planned by Saudi Aramco.

  • New bond issue priced

    National Bank of Abu Dhabi has issued a Swiss franc-denominated bond worth $121 million. The three-year paper was priced at 10 basis points over Libor. UBS was the lead manager. The bond issue is part of the bank's $5,000 million euro medium-term note programme and is the first to be issued in the currency, which is aimed specifically at Swiss domestic investors.

  • New border hubs planned

    Amman is planning to develop free zones on three of its borders to boost industrial activity in the kingdom over the next 30 years.

  • New cement plant planned

    Saudi Arabia's Al-Ahsa Development Companyhas announced plans to build a new SR 1,200 million ($320 million) cement plant in the kingdom. In a statement to the Tadawul, Al-Ahsa said it was considering how to raise new finance for the project, but did not disclose where the plant would be located or what its projected production capacity would be. The move is the latest in a series of similar projects aimed at meeting rapid growth in demand across the kin

  • New firm boosts mortgage market

    The Mortgage Finance Authority granted a licence to a fourth financing firm in mid-February in a move that will boost the fast-growing mortgage market.Dubai-based Amlak Finance is the largest shareholder in the new company, which has paid-in capital of E 50 million ($8.8 million). Egypt's three existing mortgage firms Taamir Mortgage Company, Egyptian Holding Company and Tamweel in tandem with local banks financed more than E 1,000 million ($175 million) in 2006, their first full year

  • New funding model hailed

    Royal Bank of Scotland (RBS) is heralding a new type of structured finance for oil producers in the Middle East after completing an innovative $40 million deal for independent UK firm Indago Petroleum.The 'borrowing-base' facility, the first such financing for an upstream oil and gas company in the region, is a loan based on the value of a company's proven oil and gas reserves.The financing technique is widely used to fund deals in the energy sector but has not taken off in the M

  • New health body formed

    A new health authority has been created in Abu Dhabi. The Abu Dhabi Health Authority, formed by UAE President and ruler of Abu Dhabi Sheikh Khalifa bin Zayed al-Nahyan, aims to improve the quality of health services in the emirate.

  • New holding firm formed

    National Bank of Egypt (NBE) expects to sign an agreement within days with Saudi Arabia's Al-Tayyar Group to form an Egyptian/Saudi holding company. According to a senior NBE official, the firm will target investment in the tourism, hotels, transport and civil aviation sectors in Cairo and Ain el-Sokhna.

  • New Look comes to Dubai

    UK fashion retailer New Look has signed a franchise deal with Dubai-based Landmark Group to open 40 stores over the next five years. The stores will be in Bahrain, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. New Look opened a trial store in Deira City Centre, Dubai with Landmark in September last year. The first two stores to open will be in Kuwait and Saudi Arabia.

  • New malls planned in Dubai

    Developers in Dubai are planning two major projects that will greatly increase retail space in the emirate.

  • New refinery project on hold

    Plans for the country's first new refinery in 14 years have been put on hold indefinitely, according to the Water & Energy Ministry.'Our focus is on the reform of Electricite du Liban for the present. The refinery project has been put on hold as far as we are concerned,' says an official at the ministry.Alongside that change in focus, France's Beicip Franlab has yet to complete its feasibility study on the project. The study was due to be completed last year but was held up by do

  • New route planned for security wall

    Tel Aviv is considering plans to alter the route of its security wall in the West Bank, according to local daily Haaretz. The wall is planned to push deeper into the Occupied Territory, taking in the two settlements of Nili and Naaleh, which are home to about 1,500 Jewish settlers. The move would also encircle 20,000 Palestinian villagers within the two enclaves. The Prime Minister's office denied any decision had yet been made. 'The prime minister [Ehud Olmert] asked to l

  • New route planned for security wall

    Tel Aviv is considering plans to alter the route of its security wall in the West Bank, according to local daily Haaretz. The wall is planned to push deeper into the Occupied Territory, taking in the two settlements of Nili and Naaleh, which are home to about 1,500 Jewish settlers. The move would also encircle 20,000 Palestinian villagers within the two enclaves. The Prime Minister's office denied any decision had yet been made. 'The prime minister [Ehud Olmert] asked to

  • New schemes improve economic climate

    Libya has embarked on a series of economic reforms, including the introduction of a personal savings and retirement scheme and measures to encourage local entrepreneurship. The new initiatives were announced at the launch of the Libyan Economic Development Board in Tripoli on 22 February.The new savings scheme will initially target children born in 2007 and the underprivileged below the age of six. It will later be extended to the entire population. The scheme is to be fun

  • No plans for war with Iran, says Gates

    Washington is trying to prevent Iran from fuelling violence in Iraq, but it is not preparing for a war with the Islamic republic, US Defence Secretary Robert Gates said on 2 February. 'The President has made clear, the Secretary of State has made clear, I've made clear... we are not planning for a war with Iran,' Gates said. 'What we are trying to do in Iraq is counter what the Iranians are doing to our soldiers, their involvement and activities, particularly these explosi

  • No-frills airline launches in the kingdom

    National Air Services (NAS), the Saudi Arabian airline, will launch its low-cost carrier, NAS Air, in the first half of the year. Rival Saudi low-cost operator Sama has indicated it will begin flights within the next two months. NAS chief executive officer Taher Agueel says the airline is pressing ahead with plans for an early launch for its short-haul service across the region. The company won its licence to operate a low-cost service in December last year. Agueel says th

  • Norsk Hydro profit dives

    Norsk Hydro, the Norwegian energy company, has revealed worse than expected results after being hit by one-off impairment charges. However, it has insisted that its Qatalumjoint venture project with Qatar Petroleumwas on track, despite similar projects by other major oil companies being shelved. The company announced a 56 per cent fall in its fourth-quarter operating profit on 21 February. Operating income fell to 4,570 million NKr (

  • NORTH AFRICAN GAS: Gas attack

    When Algerian Energy Minister Chakib Khelil and his Russian counterpart Viktor Khristenko sat down in Algiers on 21 January to pen a memorandum of understanding (MoU) on energy co-operation, the eyes of European gas consumers were trained firmly on them. The prospect of collusion between its two largest gas suppliers is a nightmare for a continent desperate to establish a secure and diverse energy supply to replace its own dwindling resources.

  • Oger in line for Daman

    Oger Dubai, part of Saudi Oger, has been selected as the preferred bidder for the estimated AED 1,000 million ($272 million) main construction package on the Buildings by Daman project in the Dubai International Financial Centre. The project calls for the construction of a mixed-use residential and commercial complex consisting of two towers. US-based Hill International is the project manager. Daman Real Estate Capital Partners is the client (MEED 13:11:06).

  • OIL & GAS: Taking a stand

    When Ahmad al-Jemaz saw the prices submitted for the four main packages of the new refinery project (NRP), his first reaction was to take a step back. 'I shut the book,' he says. 'It's important not to make rash assumptions. It was clear that some further evaluation was required.'

  • Oil approaches the $60-a-barrel mark

    Oil prices resumed their upward surge this week, briefly nudging the $60-a-barrel mark with a blast of cold weather in the US ramping up demand. Spot Brent was trading at $58.93 a barrel on 7 February, compared with $55.26 a week earlier.

  • Oil services work bids in

    Local contractors Ahmadiah Contracting & Trading Company and Mushrif Trading & Contracting Company are low bidders for two oil field services contracts from Kuwait Oil Company. Ahmadiah is low bidder at KD 5.6 million ($19.3 million) to upgrade and install air-assisted flare stacks at gathering centres 17, 27, 28 and gas booster station 170. Mushrif has submitted a low bid of KD 3.2 million ($11 million) to improve header ESD systems at gathering centres 3, 4, 6, 7, 8 and 21.

  • Oil shale attracts interest

    The Petroleum & Mineral Resources Ministry and Syrian Petroleum Company are evaluating proposals from Egyptian and Malaysian companies for feasibility studies to explore the Al-Bushri tar sand deposits, west of Deir al-Zor, and oil shale deposits south of Damascus. The study will also consider the feasibility of building oil shale extraction plants. The ministry estimates the country to have up to 675 million tonnes of oil shale reserves.

  • Olefins complex gets going

    Oman Petrochemical Industries Company (Opic) has invited a group of contractors to submit bids for the main engineering, procurement and construction (EPC) contracts, as plans to build the sultanate's first olefins complex at Sohar move ahead.The project includes a 1 million-tonne-a-year ethane cracker, three polyethylene and two polypropylene units, as well as a natural gas liquids fractionation plant.Paris-based Technip has been invited to submit a full bid for the cracker. Th

  • Oqyana plans Antipodean sale

    Oqyana Real Estate, a subsidiary of Kuwait's Investment Dar, is to sell all or part of its islands on The World project in Dubai.

  • Orascom bond expanded

    The local Orascom Telecom has priced and expanded its bond following strong market interest. The seven-year bond will have a coupon rate of 7.88 per cent. Initial expectations had suggested a likely yield of 8.25 per cent. The company has also expanded the bond by 50 per cent, increasing it to $750 million from $500 million. The issue will be non-callable for the first three years (MEED 2:2:07).

  • Orascom enters Morocco

    The local Orascom Hotels & Development (OHD) is to build a new tourist resort on 15 square kilometres of land it has bought in the southern Moroccan province of Guelmim.

  • Orascom signs music deal

    The US' Warner Music Group has signed a deal with Egypt's Orascom Telecom to deliver music-based content and services to consumers in 16 countries across the region. The music group's chairman and chief executive officer, Edgar Bronfman, says it is examining a number of other initiatives in the region, spanning television, radio, magazine publishing and online video. He made the announcements at the 3GSM conference in Barcelona.

  • Palm Water tenders three sewage projects

    The local Palm Water has invited companies to bid for two sewage treatment plants and has received bids for a polishing plant on the Palm Jumeirah development.

  • Pars decision urged

    National Iranian Oil Company is pressing for a rapid decision on the Pars liquefied natural gas project from its foreign partners, France's Total and Malaysia's Petronas. Industry sources in Tehran say a final investment decision is unlikely until next year, despite comments from Akbar Torkan, who is responsible for developing South Pars gas fields, that one could be made in February. Malaysia has complained about US attempts to end its involvement in the project.

  • Partners sign up for Taweelah smelter

    Government-owned Mubadala Development Company and Dubai Aluminium Company (Dubal) have signed the joint venture agreement for Abu Dhabi's first aluminium smelter to be built at Taweelah.

  • PETROCHEMICALS: Cooling off

    It has been three great years for the local petrochemicals industry. Investment of more than $50,000 million in upstream and downstream petrochemicals capacity has transformed the kingdom into one of the sector's major global players if not the pivotal player as it reaps the benefits of low-cost feedstock.

  • Pipeline manager signed

    Abu Dhabi-based International Petroleum Investment Company has selected China Petroleum Engineering Construction Corporation as its negotiating partner for construction of the 360-kilometre trans-emirate Habshan-Fujairah oil pipeline. The 1.5 million-barrel-a-day pipeline will be the first to connect Abu Dhabi oilfields with the east coast (MEED 3:11:06).

  • Plane purchases financed

    Royal Bank of Scotland will finance the purchase of two Gulfstream IV-SP aircraft which are being bought by local private aviation company National Air Services (NAS). The aircraft will cost more than $50 million and are due to be delivered by the end of February. The new aircraft will take NAS's fleet to 35 planes.

  • Plant prequals invited

    Saudi Electricity Company has invited expressions of interest for the proposed 2,000-MW PP10 power plant, near Riyadh. Applicants are expected to include National Contracting Company, Arabian Bemco Contracting, Al-Toukhi Contracting and El-Seif Engineering Contracting Company, all local, Germany's Siemens, France's Alstom, the US' GE and Japan's Mitsubishi Heavy Industries.

  • Policy: The alternative view

    A recent spate of corruption scandals, which has seen several private sector contracts cancelled unilaterally by the government, demonstrates the importance of public accountability in Kuwait. The cases prove that the necessary check and balances in this case the State Audit Bureau (SAB) are in rude health.After the local Agility, one of the accused companies, appealed the decision to cancel the contracts, the courts ruled that the government acted illegally. It is hard to think of any

  • POLITICS: Kuwait's malaise

    Kuwait's power woes are symptomatic of a wider malaise in the country's political and economic system. Despite being one of the richest nations on earth, the state simply cannot find a way of moving forward.

  • Port lines up two awards

    The local El-Sokhna Port Development Company (SPDC) has made one award on its expansion and expects to make another within days.Dutch Dredging was awarded the contract in mid-February to carry out dredging in the port to a depth of 17 metres and to provide bank protection work. Work will begin by March and is expected to be completed by November 2007.The company also expects to finalise the contract imminently with a joint venture of Belgium's Besix and the local Orascom Heavy In

  • Port set to expand again

    Sharjah Ports & Customs Authority has approved the second phase of the expansion of Khor Fakkan port, which will take capacity to more than 4 million containers a year. The port handled 1.73 million containers in 2006. The expansion will involve the construction of 380 metres of quay and the installation of four super-post-panamax gantry cranes. The UK's Halcrow is the consultant. Sharjah-based Gulftainer is the operator of the port (MEED 22:10:04).

  • Ports opened up to foreign management

    Tehran has entered talks with three potential international partners over running one of its largest ports, at Bandar Abbas.

  • Power capacity set to double

    The Ministry of Energy (Electricity & Water) is planning to nearly double total installed power capacity with the addition of more than 8,000 MW of conventional and emergency supply.

  • President vetoes vote for sell-off

    Plans to issue two new GSM licences have been delayed due to ongoing political tension between the government and President Lahoud. The licences are the first step in a wider government reform programme aimed at reducing the public debt, which has reached $40,700 million - 189 per cent of the country's GDP.

  • Prince Alwaleed wades into market

    Prince Alwaleed bin Talal's Kingdom Holding Company (KHC)will invest SR 5,000 million ($1,333 million) in companies listed on the local Tadawul stock market in a significant boost for the bourse. The move, announced on 29 January, comes as the market continues its 11-month slide that has seen more than 60 per cent wiped off the value of shares. The Tadawul All-share Index closed at 6,916 points on 29 January, down from a peak of 20,670 points last Februa

  • Prince Alwaleed wades into market

    Prince Alwaleed bin Talal's Kingdom Holding Company (KHC) will invest SR 5,000 million ($1,333 million) in companies listed on the local Tadawul stock market in a significant boost for the bourse.The move, announced on 29 January, comes as the market continues its 11-month slide that has seen more than 60 per cent wiped off the value of shares. The Tadawul All-share Index closed at 6,916 points on 29 January, down from a peak of 20,670 points last February.

  • Private equity: The wanderer returns

    For more than two decades since its creation in 1982, Bahrain-based Investcorp has provided a conduit for Gulf investors into the private equity and real estate markets of the West. So far, the traffic has been mostly single file. But as the investment bank celebrates its quarter centenary, it is opening new territory and courting new investors.

  • Profits follow the market slide

    National Bank of Abu Dhabi (NBAD) has become the first major bank in the region to see profits slashed by the stock market downturn.

  • Qatar Airways expands

    Qatar Airways is to begin scheduled flights to Lagos, Nigeria's commercial and business capital, from 1 March. It will operate three flights a week from its hub in Doha. It is the second new route launched by the airline this year, following the start of services to Dar es-Salaam, Tanzania in January. The airline says it is preparing for further expansion in Africa.

  • Rail upgrades pick up pace

    Rabat's plans to build a high-speed network between the kingdom's major cities have come a step closer with the award to France's Systra of a 15-month contract to draw up detailed designs for the $1,200 million Setttat-Marrakech link.The $2,500 million network will link Tangier to Agadir via Rabat, Casablanca and Marrakech. Set for completion in 2015, it will see trains travelling at up to 300 kilometres an hour. The upgrade is part of wider plans for Office National des Chemin de Fer (

  • Raith bids low for wells

    The local Raith Engineering & Manufacturing Company is low bidder at $20.8 million for the contract to provide well completion, equipment and associated services for Kuwait Oil Company. The US' Halliburton is ranked second at $22.6 million. Gulf International Trading is third at $48.7 million (MEED 29:9:06).

  • Rally against security wall broken up by Israeli police

    Demonstrators protesting against the Israeli-built security barrier in Bilin, near Ramallah in the West Bank, were broken up by Israeli police on 23 February. Bilin has been the focus of protesters' attention because they say the barrier separates the village from about 60 per cent of its farming land.Tel Aviv argues the wall is a security measure while Palestinians fear that Israel is creating facts on the ground which would influence any future peace settlement. The Inte

  • Ras al-Khaimah plans airport city

    RAK Airport is planning a major expansion of Ras al-Khaimah International Airport. The project will include the construction of new passenger and cargo terminals and the development of an airport city.

  • Ras al-Khaimah targets education and healthcare

    Education and healthcare will remain top priorities for Ras al-Khaimah’s economic development, according to crown prince and deputy ruler Shaikh Saud bin Saqr al-Qassimi. However, he has also stressed the importance of bringing women into the economy.

  • REEM ISLAND: Building on solid ground

    Nothing says it better than a skyscraper. In early January, the contract to build the tallest tower in Abu Dhabi was awarded to the local/Lebanese Arabian Construction Company. The award was the clearest sign yet construction is now moving ahead on Reem island.

  • Refugees pile pressure on Amman

    The kingdom is struggling to reduce its budget deficit in the face of a wave of Iraqi refugees who are stretching government resources, according to the finance minister.

  • Regulator seeks advice

    Muscat is stepping up efforts to develop alternative energy sources by inviting consultants to submit expressions of interest by 15 March for a contract to study renewable energy. The contract covers economic and technical studies of potential sources of energy and the establishment of pilot projects in rural areas. Petroleum Development Oman is looking at the development of the Gulf's first coal-fired power plant (MEED 24:11:06).

  • Reports of Al-Sadr fleeing Iraq denied by supporters

    Aides to radical Shia cleric Moqtada al-Sadr have denied that he has left Iraq for Iran, as claimed by a US spokesman in Baghdad on 14 February. 'All indications are in fact that he is in Iran,' said General William Caldwell. His comments came as Iraqi and US forces implemented a new security surge in Baghdad, temporarily closing the borders with Syria and Iran, and extending the curfew in the capital.The head of the Sadr parliamentary bloc, Nassar al-Rubaie, denied the cl

  • Repsol shrugs off US attention over gas plan

    The UK's Royal Dutch/Shell Group and Spain's Repsol look certain to press ahead with their deal to develop a liquefied natural gas (LNG) project in Iran, despite coming under US pressure to reconsider.

  • Riyadh appoints new ambassador to Washington

    Saudi Arabia has appointed a new ambassador to the US following the abrupt resignation of Prince Turki al-Faisal in December last year. Adel al-Jubeir, a US-educated diplomat and former foreign policy adviser in Riyadh, has been appointed by King Abdullah. Al-Jubeir came to prominence in Riyadh after the terrorist attacks on 11 September 2001, when he was recruited by King Abdullah to repair Saudi Arabia's image in the US. Prince Turki resigned from the crucial diplomatic

  • Riyadh appoints new ambassador to Washington

    Saudi Arabia has appointed a new ambassador to the US following the abrupt resignation of Prince Turki al-Faisal in December last year. Adel al-Jubeir, a US-educated diplomat and former foreign policy adviser in Riyadh, has been appointed by King Abdullah. Al-Jubeir came to prominence in Riyadh after the terrorist attacks on 11 September 2001, when he was recruited by King Abdullah to repair Saudi Arabia's image in the US. Prince Turki resigned from the crucial diplomatic

  • Riyadh cements ties with Islamabad

    Saudi Arabia and Pakistan have signed a new co-operation agreement to forge closer diplomatic ties and boost collaboration across a range of industrial sectors. Saudi Commerce & Industry Minister Hashim Yamani and Pakistani Commerce Minister Humayun Akhtar signed the agreement in Riyadh on 21 January. The protocol calls for co-operation in consular and security affairs, trade, investment, oil and gas, education, culture, healthcare, agriculture, science and technology. Two

  • Riyadh gets serious on arbitration

    Riyadh is to overhaul its business arbitration processes in an effort to bring them into line with the needs of its developing capital market. Justice Minister Abdullah al-shaikh has said the government wants to make the process more accessible. Up to 20 articles of the current regulations are under review by specially convened committees within his ministry. New arbitration centres have also been established across the kingdom to support the process. al-shaikh said he was

  • Riyadh invites interest in Jizan refinery

    The Petroleum & Mineral Resources Ministry has invited local and international companies to submit expressions of interest by 17 March for the licence to develop the kingdom's first private sector refinery.

  • Riyadh invites Palestinian factions to talks

    Saudi Arabia's King Abdullah launched a fresh peace initiative on 29 January, inviting rival Palestinian leaders to Mecca for talks on ending the recent factional fighting.In an open letter, the king described the violence as a 'disgrace' and urged leaders to make 'dialogue prevail over the language of arms'. Hamas and Fatah have both accepted the invitation but no date has been set for the meeting. 'What is happening on the pure land of Palestine is a disgr

  • Riyadh invites Palestinian factions to talks

    Saudi Arabia's King Abdullah launched a fresh peace initiative on 29 January, inviting rival Palestinian leaders to Mecca for talks on ending the recent factional fighting.In an open letter, the king described the violence as a 'disgrace' and urged leaders to make 'dialogue prevail over the language of arms'. Hamas and Fatah have both accepted the invitation but no date has been set for the meeting. 'What is happen

  • Riyadh launches Ras al-Zour

    Water & Electricity Company (WEC) has invited companies to submit expressions of interest for the long-awaited Ras al-Zour independent water and power project (IWPP) on the Gulf coast.Ras al-Zour, the kingdom's fourth IWPP and WEC's third, will have desalination capacity of 220 million gallons a day and power capacity of 850-1,100 MW, reduced from the originally envisaged 3,000 MW due to changes in the fuel supply.Interested companies will be able to receive request for qualifica

  • Riyadh plans new airports to serve capital

    Saudi Arabia has announced plans to build two new airports near Riyadh to relieve pressure on King Khaled International Airport and the city's two smaller sites. The High Commission for the Development of Riyadh (HCDR) is believed to have chosen locations in Sudair, northwest of Riyadh, and Aflaj to the south. Riyadh is one of the fastest growing cities in the Middle East, and has expanded 100-fold in geographical size in the last 50 years. A study by the HCDR found that t

  • Riyadh sees no barriers to GCC-Russian nuclear co-operation

    Saudi Arabia has said there are no obstacles to co-operating with Russia on developing nuclear power in the Gulf. At a press conference in Riyadh on 15 January, Foreign Affairs Minister Prince Saud al-Faisal said the questions of international treaties had been discussed with the GCC secretariat general during Russian President Putin's recent visit to the kingdom. However, he added that there were 'no barriers' to nuclear co-operation between the GCC and Russia. 'Russia is

  • Road prequals invited

    The Ministry of Public Works has invited contractors to submit prequalification applications by 14 April for two major contracts to expand the Jahra and Jamal Abdul Nasser roads in Kuwait City (see Tenders). The work involves upgrading the roads to improve traffic capacity and flow. The local/US team of Louis Berger International and Pan Arab Consulting Engineers (PACE) is the design consultant on both projects (MEED 18:3:05).

  • Road tender cancelled

    The Ministry of Public Works is to retender the contract to build a road between Wafra and Kabad. The local Burhan International Construction Company was low bidder at KD 12.8 million ($44 million) for the contract when bids were submitted last summer. The two-year contract involves the construction of 56 kilometres of dual-carriageway between the Kabad and Wafra roundabouts. The work will also include street lighting and basic earthworks (MEED 14:7:06).

  • Rolling stock award due

    The Transport Ministry is expected to make an award imminently for the $100 million contract to provide 30 new locomotives for its rail network. Seven companies, including General Electric and Electro-Motive Diesel, both US-based, and China's Ziyang Locomotive Works, submitted bids for the contract. The move is part of Cairo's $8,500 million rail network upgrade, which will see new routes being built using private sector finance (MEED 8:12:06).

  • Rotana plans two hotels

    Abu Dhabi-based Rotana Hotel Management Corporation plans to operate a second hotel in Ras al-Khaimah. The group has signed a memorandum of understanding with the local RAK Properties to operate one of the 10 hotels at the AED 10,000 million ($2,700 million) Mina al-Arab development.

  • Royal Complex cleared for Abu Dhabi island

    Local real estate developer Elite Holding plans to build an estimated AED 1,500 million ($409 million) mixed-use project close to Abu Dhabi mall on Abu Dhabi island.

  • Rush airport programme award delayed

    The latest contract award in the Rush programme to overhaul two terminals at King Abdulaziz International Airport in Jeddah has been delayed by a month.

  • Russians ready to advise Riyadh on nuclear power

    Russian President Vladimir Putin has offered to help Saudi Arabia in the development of civil nuclear power. Speaking on the second day of his tour of the region, the president declared that Moscow was determined to forge closer ties with the Islamic world, and suggested that development of nuclear power was an area of potential co-operation with Riyadh. Putin's move follows the GCC's announcement last year that it intends to pursue a programme to develop civil nuclear pow

  • Ruwais dredger picked

    Belgium's Dredging International has been selected to carry out the marine works package on the third phase expansion of the Ruwais sulphur handling terminal. The package covers the dredging of 4 million cubic metres of material and the construction of a 300-metre-long loading berth and export jetty. Dubai-based Dodsal recently signed the estimated $300 million contract to increase sulphur granulation and storage capacity on the project. The client is Abu Dhabi Oil Refining Company (Takreer -

  • S&P upgrades Muscat's sovereign rating

    Standard & Poor's has upgraded its ratings for the sultanate, raising its long-term foreign and local currency level to A from A- and its short-term sovereign credit rating to A1 from A2 with a stable outlook.The boost is supported by Muscat's strong fiscal position, including a surplus of 12 per cent of GDP in 2006, and external assets that are expected to account for 125 per cent of current account receipts in 2007.However, the ratings were restrained by the country's heavy dep

  • Saipem negotiates condensates contract

    National Iranian Oil Refining & Distribution Company (NIORDC) has entered into talks with a consortium led by Italy's Saipem to build the Bandar Abbas refinery after negotiations with another bidder broke down.

  • Sama builds up fleet

    No-frills carrier Sama Airlines is in detailed negotiations with a number of aircraft leasing companies, including GE Commercial Aviation Services (Gecas), for an additional four 737-300 aircraft from the US' Boeing. It has already taken delivery of four in deals with Abu Dhabi's Oasis International Leasing and Gecas. Sama is due to launch operations in the kingdom in March from its base in Dammam. It plans to operate 35 planes by 2010.

  • Sanctions raise nuclear risks

    The prospect of a serious nuclear accident in the Gulf has increased because of UN sanctions on Iran, according to a leading independent consultant.

  • SAUDI ARABIA: The battle of the bulge

    Real estate developers are starting to shift their gaze to Saudi Arabia, lured by huge demand for housing created by social and demographic changes. Real estate is now the fastest growing economic sector in the kingdom. Samba Financial Group estimates that through to 2010, new real estate construction activity will reach SR 484,000 million ($129,000 million) in value, with the majority in the housing segment.

  • SAUDI ARAMCO: The rig push

    Saudi Aramco has few concerns about hitting its target of boosting production to 12.5 million barrels a day (b/d) by 2009, up from record production levels of 11 million b/d.

  • Saudi carrier expands fleet

    Saudi Arabian airline National Air Services (NAS) has placed a $250 million order for 20 Hawker jets as it expands its private flight operations across the Middle East. The airline will receive the first of the aircraft from the US' Raytheon Aircraftduring the last quarter of this year. NAS has received financing for the first two planes from Royal Bank of Scotland. NAS chief executive officer Taher Agueel says that with the

  • Saudi carrier expands fleet

    Saudi Arabian airline National Air Services (NAS) has placed a $250 million order for 20 Hawker jets as it expands its private flight operations across the Middle East. The airline will receive the first of the aircraft from the US' Raytheon Aircraft during the last quarter of this year. NAS has received financing for the first two planes from Royal Bank of Scotland. NAS chief executive officer Taher Agueel says that with the new planes, t

  • Saudia to cut ticket prices

    Saudi Arabian Airlines (Saudia)is to slash its ticket prices on a number of routes in the face of increased competition in the low-cost market and greater competition from national and international carriers. Further details of its discounted routes are expected soon, says director-general Khaled al-Mulhim. The Saudi low-cost aviation market will become increasingly crowded in the coming months, with two new airlines taking to the skies. Samaannou

  • Saudis build substations

    Saudi Arabia's National Contracting Company (NCC) has been awarded three contracts, totalling KD 15 million ($51.7 million), to build and extend substations for Kuwait Oil Company. NCC was low bidder for each package when bids were submitted last October. The work includes the supply and installation of two 132/11-kV substations at the Magwa and Sabriya oil fields.

  • SEWAGE: A dirty problem

    A key component of Saudi Arabia's plans to overhaul and modernise its power and water sectors is the expansion of sewage treatment coverage in its major cities and towns. Like the urban water distribution and collection networks, the intention with water treatment and reuse is to let the private sector come in and take control.

  • Shaw, Sofcon team up

    The US' Shaw Group and the local Sofcon Consulting Engineering Company have formed a joint venture company to be known as Shaw Sofcon. The new business will provide technology and engineering, procurement and construction services, initially in the kingdom. Shaw Group's most recent project win in the region was on the cracker contract for the Jubail petrochemicals complex planned by INEOS Enterprises and Delta Oil Company (MEED 16:2:07, Petrochemicals).

  • Shell moves ahead on gas

    The Royal Dutch/Shell Group has selected a site for a new LNG facility near Ras Lanuf. The capacity of the plant will depend on the quantity of gas in its five blocks in the Sirte basin. Shell has completed seismic work and will begin drilling exploration wells later this year. One rig, supplied by the UK's KCA Deutag, will be the highest specification rig in Libya, at 3,000 hp/15,000 psi.

  • Ship operators signed up

    Saudi Aramco has signed three contracts, totalling more than $600 million, for the operation of its support vessels in the Gulf. The contracts were awarded to Zamil Operations & Maintenance Company, Hadi al-Hammam Establishment and Bakri Navigation Company, all local. Under the terms of the five-year deals, the three firms will operate anchor handling tugs along with supply and safety standby vessels in support of Aramco's operations.

  • Shoura Council criticises investment climate

    Members of the Shoura Council, the kingdom's consultative assembly, have urged Riyadh to cut the red tape hindering foreign investment in the kingdom. At a symposium on the investment climate in Saudi Arabia, Usamah Kurdi, a member of the council and former official at the Trade & Industry Ministry, called on the government to ease restrictions on foreign investment in the kingdom and to overhaul the investment climate. He stressed that Riyadh must speed up its compliance

  • Shuaiba works tender out

    Kuwait National Petroleum Company has invited seven local and international contractors to submit bids by 8 April for a contract to carry out modification works at its Shuaiba refinery.The work covers the rehabilitation of instrumentation and control systems at the facility. The prequalifiers for the estimated KD 10 million ($34.5 million) contract are Consolidated Contractors Company, Heavy Engineering Industries & Shipbuilding Company and National Kharafi, all local, South Korea's Hyun

  • Shuqaiq signing due soon

    The key project agreements on the Shuqaiq independent water and power project are due to be signed by the end of February between Water & Electricity Company and a developer consortium of the local ACWA Power Projects, Japan's Mitsubishi Corporation and Kuwait-based Gulf Investment Corporation. The power and water purchase agreement and the engineering, procurement and cons-truction and operations and maintenance contracts will be signed in Riyadh on 28 February.

  • Siddiq and Ahmadi substation work retendered

    The Ministry of Energy (Electricity & Water) has invited seven international contractors to submit bids by 20 March for a retendered contract to build the Siddiq W 300/132-kV substation and expand the existing 132/11-kV Ahmadi W substation to 300 kV (see Tenders).

  • Siemens wins substation

    Germany's Siemens has been awarded an estimated $150 million contract to build a 400/132/22-kV substation on Saadiyat island in Abu Dhabi. The contract, placed by Abu Dhabi Water & Electricity Authority, will be completed in late 2008. The consultant is the UK's Mott MacDonald. Saadiyat has been designated as a major tourism centre by Abu Dhabi.

  • Sipchem invites ethylene cracker interest

    Saudi International Petrochemical Company (Sipchem) has invited international contractors to submit expressions of interest by 24 February for the contract to supply technology and build the ethylene cracker on its third-phase petrochemicals complex.

  • Six line up for Cairo Hilton

    Six international firms have entered the race for the contract to take over management of the Nile Hilton hotel in Cairo.

  • SOFTWARE PIRACY: Catching the pirates

    Step out of any mosque in Amman after mid-afternoon prayers and you are more than likely to find an enthusiastic trader offering the latest pirated DVDs, software or videogames. With the goods laid out on a blanket, he has one eye out for a potential sale and the other for any approaching policeman.

  • Sohar mulls bitumen

    Sohar Refinery Company (SRC) is considering adding bitumen production to its 116,000-barrel-a-day refinery. The company is preparing to receive bids by 11 March for a feasibility study, which will assess the optimum size and estimated cost of a bitumen unit. Bitumen is produced from the residual fraction of the crude refining process.

  • South Koreans take major gathering centre contract

    South Korea's SK Engineering & Construction has won the KD 180 million ($621 million) contract to build gathering centre 24. The client is Kuwait Oil Company (KOC).

  • State borrowings set to fall

    Governments across the Middle East and North Africa are expected to significantly reduce their borrowing next year, reflecting improved fiscal management across the region.

  • State refiner readies $4bn worth of work

    The head of National Iranian Oil Refining & Distribution Company (NIORDC), Mohammed Reza Nematzadeh, has said some $4,000 million worth of work will be awarded by the end of May, reaffirming its ambitious plans for investment in the refining sector.

  • Strong output lifts Shell

    The Royal Dutch/Shell Group, Europe's largest oil company, posted a 21 per cent increase in fourth-quarter net income to $5,283 million. Full-year income for 2006 edged up 1 per cent to $25,442 million, driven by a 4.1 per cent rise in fourth-quarter production from a year ago to 3.65 million barrels a day (b/d). Fourth-quarter crude oil production for the Middle East, Russia and the CIS states jumped by 6 per cent to 480,000 b/d.

  • Substation contractor on board for Reem

    Europe's ABB has been awarded the turnkey contract to build the 400/132-kV substation on the Reem island mixed-use development in Abu Dhabi.

  • Suicide bomber kills three in Eilat

    A suicide bomber has killed three people in an attack on the southern Israeli town of Eilat. The explosion destroyed the Lehamim bakery in a residential area of the town. Three Palestinian militant groups - Islamic Jihad, the Al-Aqsa Martyrs Brigades and a previously unknown group called the Islamic Brigade - said they carried out the attack. It is thought that the bomber was from Gaza and had entered Eilat via neighbouring Jordan. Responding to the attack,

  • Sulzer wins Pearl order

    Switzerland's Sulzer Chemtech has announced the award of an equipment supply contract on the Pearl gas-to-liquids (GTL) project at Ras Laffan. The contract calls for Sulzer to design and supply column internals and other equipment on the 140,000-barrel-a-day GTL plant.

  • Sunland to build on Palm

    Australia's Sunland Group plans to develop an $860 million mixed-use project on Palm Jebel Ali. The twin-tower development will be made up of 300 luxury apartments, 330 serviced units, 10,000 square metres of retail space and 10,500 square metres of office space. Sunland is still preparing designs for the project, construction of which will start in March 2008. Completion is expected in 2011.

  • Swicorp invests in ceramics

    Swiss-based private equity firm Swicorpis forming a joint venture with Lebanon's Uniceramicto develop a ceramic tiles manufacturing plant in Qatar. Swicorp's $200 million Intaj Capital fund will hold a majority stake in the new company, Uniceramic Holding. The company also plans to make an acquisition in Algeria before year-end and to set up a retail network across the region. Land has been acquired for the Uniceramic Holding

  • Takreer awards Ruwais sulphur handling

    Dubai-based Dodsal has been awarded the main contract on the third-phase expansion of the Ruwais sulphur handling terminal project in western Abu Dhabi.

  • Talks begin for technical service deals

    Kuwait Oil Company (KOC) is understood to have started talks with France's Total, the UK's BP and the US' Chevron Corporation for the renewal of their technical services agreements (TSAs).

  • Talks over new complex

    Industry & Minerals Fawzi Hariri has held separate talks in Washington with ExxonMobil Corporation and Chevron Corporation, both of the US, over plans for a $3,000 million 1.2-million-tonne-a-year integrated grassroots petrochemicals complex to be located near Basra. If negotiations are successful, construction will be scheduled by the end of 2007, according to Hariri.

  • Taqa swallows up assets

    Abu Dhabi Energy Company (Taqa) is to consider selling some assets gained in its latest acquisitions to offset criticism of its dominant position in the UAE.

  • Taweelah A1 refinanced

    Gulf Total Tractebel Power Company has successfully refinanced the extension of its Taweelah A1 independent water and power project. The refinancing has a size of $1,102 million with a tenor of 22.5 years and was arranged with a syndicate of 23 banks. BNP Paribas and Calyon acted as the mandated lead arrangers and underwriters on the deal.

  • Technip benefits from regional presence

    Paris-based services provider Technipsaw its full-year net profit more than double to Eur 200.1 million ($261.9 million) from Eur 93.3 million ($122.1 million), despite its order revenues falling by a third. The company said income from orders dropped to Eur 6,143 million ($8,043 million) in 2006 from Eur 9,806 million ($12,839 million) for 2005. Around a third of new order revenues were generated by liquefied natural gas (LNG) projects in Qatar and Yeme

  • Technip wins gas work

    Paris-based Technip has been formally awarded the $610 million contract for the offshore associated gas project in Abu Dhabi.

  • Technip wins vinyl work

    Paris-based Technip has won the contract for front-end engineering and design (FEED) on the Jubail vinyl complex expansion planned by the local Arabian Petrochemical Company (Petrokemya). Technip will carry out the FEED on the polyvinyl chloride unit and the offsites and utilities element. Engineering on the associated vinyl chloride monomer plant will be carried out under a separate contract. Tenders for the engineering, procurement and construction contracts will be issued later in the year.

  • Tehran improves terms on new exploration blocks

    Tehran has given further details on the investment terms for the 17 onshore and offshore blocks currently out to tender, after the data room was opened to international oil companies (IOCs) on 5 February.

  • Tehran test fires missiles

    Tehran test-fired missiles on 8 February off the Gulf coast following a warning by Supreme Leader Ayatollah Ali Khamenei that Tehran would strike against US interests worldwide if it took military action against the Islamic republic. Iranian state television said the missile tests, staged on the second day of war games by naval and air units of Iran's Revolutionary Guards, were 'to show that Iran is able to confront any possible threats'. A senior Revolutionary Guards nava

  • TELECOMS: Welcome reception

    The local telecommunications sector is poised for a momentous 2007. Initially slow to break the monopoly of incumbent Saudi Telecom Company, the kingdom will soon possess one of the most diversified markets in the GCC.

  • Tender advances on two plants

    Cairo Electricity Production Company (CEPC) has listed three prequalifiers for a contract at its El-Tebbine power plant, with four bids in for a contract at another plant.

  • The non-delivery spectre that stalks GCC real estate

    The GCC has been in uncharted territory since Iraq's quick defeat in March 2003 primed the pump that doubled the region's economy in the intervening four years. Practically every expectation about investment, spending and trade has been exceeded. Even the crash by more than 60 per cent in the Saudi share index that began on 25 February last year has been absorbed with little obvious macro-economic ill-effect. From an economic perspective, doing business in the GCC has been like walking on the

  • THE SOUTHWEST: Spreading the wealth

    Asir, the kingdom's southern-most province, is known to some Saudis as the 'difficult country'. The description fits well. Lacking indigenous hydrocarbons reserves, Saudi Arabia's mountainous southwestern corner has endured a legacy of neglect cut off from the decision-making power base in Riyadh by geography, economics and culture.

  • The ultimate tall challenge: build a Gulf mountain

    The Burj Dubai, soaring heavenwards to more than 1,000 feet, is at its most impressive close up. In January, construction reached the 100th floor. Another level is being added every three-four days. Some time in mid-May, the Burj will become the world's highest tower. Its target height is more than 2,000 feet.

  • Thousands attend Hariri anniversary

    Tens of thousands of Lebanese converged on Martyrs' Square in the centre of Beirut to commemorate the second anniversary of the assassination of former prime minister Rafiq Hariri. The demonstration passed off peacefully, despite fears of clashes between rival political factions. 'We are here to extend our hand to all Lebanese for dialogue and national unity,' Saad Hariri, the former leader's son said. Tensions were high following two bus bombings a day earl

  • Three killed in bombings on eve of Hariri murder

    Up to three people were killed in two car bombings in Bikfaya on 13 February, a day before the second anniversary of the assassination of former prime minister Rafiq Hariri. Bikfaya, a Christian town north of Beirut, is home to the Gemayel family. Former cabinet minister Pierre Gemayel, a member of the anti-Syrian parliamentary coalition, was assassinated in east Beirut last November. Saad Hariri, son of the former prime minister, described the bombings as a 'cowardly terr

  • Total hints at nuclear ambitions

    French oil giant Totalhas raised the possibility of investing in nuclear power to expand its energy mix as access to oil and gas fields becomes more difficult. 'Being in the energy business, (which) we consider not only as our business, but also as a responsibility vis a vis the consumers, we will certainly one day have to be part of this (nuclear) adventure,' says Christophe de Margerie, who becomes chief executive officer at Total on 14 February. He a

  • Total names new head

    French oil major Total has split the chief executive and chairman jobs, leaving Thierry Desmarest with the chairman's role and promoting its former president of exploration and production, Christophe de Margerie, to chief executive. The company recorded a 5 per cent rise in 2006 adjusted net profit to Eur 12,590 million ($16,430 million).

  • Trade Centre examines Exhibition bids

    Dubai World Trade Centre is evaluating bids for the first construction package on its Dubai Exhibition City development next to Jebel Ali Airport.

  • Trains supply deal awarded

    The Transport Ministry has awarded the US' General Electric (GE) the contract to provide 40 locomotives as part of Cairo's plan to modernise the national rail network. The contract, worth $120 million, is being financed by the Qatari government.GE will deliver the first batch of 10 diesel locomotives in September, with 10 to follow each month thereafter. The Transport Ministry is still evaluating bids for another $100 million locomotive supply contract, financed domestically, with an awa

  • Trans-emirates pipeline manager sought

    The project management tender has been issued on the trans-emirates oil pipeline scheme running from Habshan, the centre of the onshore Abu Dhabi oil industry, to Fujairah on the east coast of the federation.

  • Treatment plant planned

    Hyundai Engineering & Construction Company and Kolon Engineering, both of South Korea, have submitted prequalification documents for the contract to build a 31,000-cubic-metre-a-day wastewater treatment plant in the South Amman area. The work involves the construction of a sludge pumping station, flow meters, filters and associated civil works. The client is the Water Authority of Jordan. Seoul is funding the project.

  • Tripoli aims to develop tourism

    Tripoli has strengthened its tourism authorities in the latest effort to turn its tourist industry into one which could rival the oil sector in importance.

  • Tripoli in $1.5bn plan to modernise airports

    The Civil Aviation Authority's $1,500 million programme to modernise the country's airports will adopt the International Air Transport Association code A design, which allocates the largest area per passenger.

  • Tripoli introduces strict visa policy

    In a surprising development, Tripoli has announced that all foreigners wishing to enter Libya, including Arabs, will require a visa. Libyan Interior Minister Salih Rajab revealed plans for the new measures during a meeting with his Maghreb counterparts in Tunisia on 31 January. The rules will apply to citizens of Morocco, Algeria, Mauritania, Tunisia and Egypt, who have not needed visas in the past. Rajab declined to say when the measures would come into effect, but said i

  • Tripoli reveals economic reform package

    Tripoli has announced a raft of economic reforms including an initiative to boost entrepreneurship and moves to increase salaries and housing allowances.

  • Tripoli to simplify registration procedures

    The Economic Development Board (EDB), which is due to be launched later this month, is to set up an agency for the registration of local and foreign businesses as one of its first initiatives.

  • Tunis to relieve congestion

    Tunis is pressing ahead with plans to alleviate its huge congestion problem, with a doubling of its light rail system and the electrification of suburban rail lines.

  • Turkish delegation to inspect Al-Aqsa excavation

    Ankara will send a team of inspectors to Jerusalem to oversee excavations taking place near the Al-Aqsa mosque, Turkish Prime Minister Recep Tayyip Erdogan announced at a news conference with his Israeli counterpart Ehud Olmert on 15 February. Olmert welcomed the move. 'We have nothing to hide,' he said. 'The work which is being conducted is being done outside the Temple Mount area. We are very happy to host the prime minister's team and therefore the right and correct and

  • Turks lay power lines

    Work on a new 392-kilometre, 400-kV line connecting Karaboli and Sirte is to begin shortly. Turkey's STFA is in final negotiations over the $130 million project. STFA is also working on a $100 million project for a 550- kilometre, 400-kV transmission line connecting Tripoli and Sirte. The two projects are part of a plan by General Electric Company of Libya's to overhaul the country's power network.

  • Two bids in for La Skhira

    Tunis' ambitious plans to build a 120,000-barrel-a-day grassroots refinery at La Skhira in the Gulf of Gabes have moved forward, with the submission of bids on 31 January for the 30-year concession to build, finance and operate the facility.Two of the three shortlisted companies UAE-based Petrofac Resources and Qatar Petroleum International are thought to have submitted technical and commercial bids for the estimated $2,000 million contract. Indian Oil Corporation was also shortlisted

  • Two local firms bid low for water storage programme

    Khalid Ali al-Kharafi & Brothers and Kuwait Controls Company, both local, are low bidders for two contracts, totalling more than $75 million, to improve the state's water storage and distribution network.

  • Two price sewage plant

    Bids are under evaluation for Dubai's largest sewage treatment plant. Only two companies priced the contract, which involves the construction of a 300,000 cubic-metre-a-day (cm/d) facility in Jebel Ali.

  • Two vie for tram advisory

    Two companies have submitted bids for the design and construction supervision contract on the estimated Eur 290 million ($377 million) Rabat-Sale tram scheme. Bouregreg Valley Development Agency received bids from France's Semaly and SNC Lavalin of Canada. An award is expected in the first quarter (MEED 15:12:06).

  • UAE focus renews BAE's regional drive

    The UK's BAE Systems has been named as one of three shortlisted candidates for a contract to supply up to 50 training aircraft to the UAE Air Force, as the firm looks to expand across the region.

  • UASC: Shaping up, shipping out

    There are few better examples of a pan-Gulf company than the Kuwait-headquartered United Arab Shipping Company (UASC). Since its creation in 1976 as a joint stock shareholding company by six Gulf states - Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and the UAE - the shipping line has flown the Gulf flag through the good times and the bad.

  • UN welcomes Washington plan to accept up to 7,000 Iraqi refugees

    The UN has welcomed Washington's plans to grant up to 7,000 Iraqi refugees asylum next year. 'The dimension of the problem is so huge that nothing is anytime (ever) enough, but I think it is a very good start, a very good step in the right direction,' said Antonio Gutierrez on 15 February. Gutierrez heads the UN High Commission for Refugees (UNHCR). Washington will also offer $18 million to the UNHCR to help millions of other Iraqi refugees. The UNHCR estimates that up to

  • Uncertain future for gas projects

    Construction on two major liquefied natural gas (LNG) projects may be retendered or cancelled due to costs sharply rising, sources close to the schemes say. The projects, at Arzew in the northwest and Skikda in the northeast, are together worth about $8,000 million.

  • Union deal in final stages

    National Bank of Kuwait (NBK) is close to agreeing a deal with the local Union Bank for Savings & Investment to acquire a 51 per cent stake in the bank.

  • United Gulf profits up

    United Gulf Bank saw profits rise to $120 million from $107.5 million last year, an increase of 11.6 per cent. The Bahrain-based institution released its annual report on 14 February detailing its earnings for the financial year ended 31 December 2006. Diluted earnings per share also rose by 21.5 per cent, to $12.70 from $10.45, while the company's liabilities also increased significantly, leaping almost 45 per cent to $1,757 million.

  • Unity government within three weeks, says Haniya

    Palestinian Prime Minister Ismail Haniya says he will form a unity government with Fatah before the end of March. 'I am full of hope that we will be able to accomplish this in less than three weeks,' Haniya told worshippers in Gaza before Friday prayers on 16 February. However, according to media reports, Washington has told Palestinian Authority President Abbas that it will boycott the new government and will not end sanctions. US Secretary of State Condoleezza Rice said

  • Up to 200 militants killed near Najaf

    Iraqi officials say at least 200 militants were killed in clashes with US and Iraqi troops on 28 January. A previously unknown Shia group - the Soldiers of Heaven - was blamed for the violence after fighting broke out in the Zarqa area, north of Najaf. Government spokesperson Ali Dabbagh said the militant group's leader was among those killed. Initial reports said the insurgents included both Sunni and Shia Muslims together with Afghans, Saudis and Sudanese nationals. Naja

  • Up to 200 militants killed near Najaf

    Iraqi officials say at least 200 militants were killed in clashes with US and Iraqi troops on 28 January. A previously unknown Shia group - the Soldiers of Heaven - was blamed for the violence after fighting broke out in the Zarqa area, north of Najaf. Government spokesperson Ali Dabbagh said the militant group's leader was among those killed. Initial reports said the insurgents included both Sunni and Shia Muslims together with Afghans, Saudis and Sudanese nationals. Naj

  • Upwardly mobile

    Enthusiasm for mobile telephony is one of the few traits shared by consumers in every single economy in the Middle East. From Sudan to Saudi Arabia, consumers have queued up to become subscribers.

  • US report warns of increasing danger

    A report issued by US National Intelligence on 2 February warned that the security situation in Iraq will become 'increasingly perilous' without further efforts to halt the violence throughout the country. The report claimed internal disputes between local groups was the primary source of conflict and the chief threat to the US' hopes of achieving peace, but that it was not only Sunni-Shia confrontations. 'The term civil war does not adequately capture the complexity of th

  • Venture hits Riffa fairway

    The joint venture of the local Poullaides Construction Company and Greece's Terna has been awarded a $106 million contract to build villas on the Riffa Views golf-themed residential project. The 22-month contract calls for the construction of 326 luxury villas. The development is being promoted by a joint venture of locally based Arcapita and Bahrain International Golf Course Company. The project manager is the UK's Mace International (MEED 19:1:07).

  • Venture wins airport work

    The local/German joint venture of Arabtec Construction and Max Boegl has been awarded two further contracts on the Jebel Ali airport project at Dubai World Central. The awards, covering the structural package for the new passenger terminal and the air traffic control tower, total AED 242 million ($66 million). The venture is already working on the cargo terminal building, having been awarded the AED 278 million ($74 million) contract last September. The client is Dubai's Department of Civil A

  • Venture wins Burj order

    A joint venture of South Korea's Samsung Corporation and Turkey's Baytur has been awarded a $225 million contract by local developer Emaar Properties to build two office towers at the Burj Dubai development. The 27-month Boulevard Plaza contract covers a total built-up area of about 200,000 square metres. The architectural consultant is the Hong Kong office of Aedas; the engineering consultant is Hyder Consulting of the UK.

  • Veolia: Outsourcing the essentials

    The signing in January of project agreements on the Sur independent water project in Oman by a team of France’s Veolia Environnement and the local Bahwan Engineering Company capped a very good year for the French company in the Gulf.

  • Violence continues ahead of conference

    At least 15 people died on 2 February as Palestinian militant group Hamas overran compounds in Gaza used by Palestinian Authority President Abbas' forces. The violence comes as the US was convening a meeting in Washington of the Quartet including Russia, the UN and the EU, aimed at gaining support for its embargo of the Hamas-led government and its attempt to revive stalled peace talks. Abbas and Hamas leader Khaled Meshaal are scheduled to hold talks focused on obtaining

  • Vodafone seeks 3G loan

    The local Vodafone Egypt is in talks with a number of banks over a loan to cover the£E 3,340 million ($578 million) cost of its third-generation (3G) telecoms licence. State-owned Banque Misr and Commercial International Bank are competing to supply the loan, which the telco hopes to finalise within days. Vodafone is scheduled to pay£E 2,240 million ($392 million) before the end of the current financial year, with the remaining£E 1,100 million ($186 million) likely to be paid in 2007/08.

  • Wastewater bids received

    Consultants and banking teams have submitted bids for the phase 2 consultancy contract and financial advisory position for Riyadh's wastewater privatisation programme.

  • Water tender issued

    East Azerbaijan Regional Water Corporation has issued a tender for companies to build new pumping stations worth about $30 million. The project is designed to improve irrigation in the Sahand area. The closing date is 11 March. East Azerbaijan, in the northwest of the country, is one of Iran's richest agricultural provinces.

  • Weak gas prices cut ExxonMobil profits

    The world's largest oil company, ExxonMobil Corporation, saw profits drop for the first time in almost three years as natural gas prices fell and refining margins tightened. The US oil major suffered a slump in fourth-quarter net income to $10,250 million from $10,710 million for the previous year. Net production of crude oil and natural gas liquids in the Middle East and Asia-Pacific regions jumped by nearly 50 per cent to 487,000 barrels a day (b/d) fr

  • West African economic agreement nears

    Rabat has reiterated its commitment to agreeing a trade and investment accord with the West African economic and monetary union, said Foreign Affairs Minister Mohammed Benaissa on 7 February. Negotiations between the kingdom and the Union Economique & Monetaire Ouest Africaine (UEMOA) had reached an 'advanced stage', said the minister, speaking at a meeting in Rabat with his Burkina Faso counterpart Youssef Ouedraogo. Formed in 1994 to promote economic integration in the r

  • West Bank raids kill three

    At least three Palestinians were killed in a raid by Israeli Defence Forces in the occupied West Bank on 1 February. According to Reuters, two militants from the Al-Aqsa Martyrs' Brigades were shot in Nablus and a third Palestinian was killed trying to cut through a security fence near the Qalandiya refugee camp outside Ramallah. Tel Aviv has mounted several raids in the West Bank since a Palestinian suicide bomber killed three people in the Israeli town of Eilat on 29 Jan

  • Wood maintains Rusayl

    Belgium's Suez Energy International has awarded the UK's Wood Group Gas Turbine Services a $92 million maintenance contract for gas turbines at Rusayl power plant, part of the Barka 2/Rusayl independent water and power project. The 16-year contract covers eight turbines. SMN Power Holding, a consortium of Suez, Abu Dhabi's Mubadala Development Company and the local National Trading Company, will operate the plant.

  • World Central invites out

    Dubai's Department of Civil Aviation has invited contractors to submit prequalification documents by 25 February for general building projects at Dubai World Central, the city designed around the new Jebel Ali airport. Beirut-based Dar al-Handasah (Shair & Partners) is the consultant. Some 750,000 people are expected to live and work in the city.

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