MEED
Issue No 05 30 January - 5 February 2009
View all stories from this issue.
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Adco considers cutting back on '1.8 million' field upgrades
Capacity expansions at Ruwais and Bab onshore fields could be delayed. -
Al-Rajhi Alliance in line for first Mecca-Medina rail deal
The Al-Rajhi Alliance was expected to be named as the winner of the first construction contract on the Haramain high-speed rail project between Mecca and Medina, as MEED went to press, after submitting the lowest bid of SR6.9bn ($1.8bn). -
Arriyadh reopens talks with Almabani over fee for tunnels
Progress on a SR2bn ($533m) project to construct road tunnels under an airbase in Riyadh has stalled as the client, the Arriyadh Development Authority (ADA), seeks to renegotiate with the low-bidder over the fee. -
Bahrain central bank calls for prudent payouts
Bahraini finance houses told by Central Bank of Bahrain (CBB) to shore up balance sheets for 2009 before calculating shareholder dividends. -
Bailouts for listed companies need to be targeted
There is a clear danger that state bailouts will be too indiscriminate; government interventions should be transparent and targeted. -
Cash flow crisis hits contractors in Dubai
Late-paying state-controlled real estate developers owe leading contractors billions of dirhams. -
Contractors pay for falling prices
After years of rocketing materials and labour costs, the global economic slowdown has brought a correction that will benefit clients but squeeze contractors’ margins. -
Contractors pay for falling prices
After years of rocketing materials and labour costs, the global economic slowdown has brought a correction that will benefit clients but squeeze contractors’ margins. -
Damac Properties
The Dubai-based private real estate developer expects a recovery in the market towards the end of 2009. -
Damac Properties: MEED Assessment
The Dubai-based private real estate developer expects a recovery in the market towards the end of 2009. -
Debt pricing threatens Saudi Kayan SIDF funding
The Saudi Industrial Development Fund (SIDF) could pull $530m investment in $10bn petrochemicals scheme. -
Dubai Holding considers streamlining
State-backed giant Dubai Holding seeks to cut costs and restart stalled projects by consolidating real estate subsidiaries. -
Existing finance deals are in real danger
The potential for the unravelling of deals that have already been closed is a real danger for the region. -
Falling costs offer hope to Gulf construction market
Lower prices alone will not revive the Gulf’s construction market, but they do offer some cause for optimism and will benefit clients. -
Falling oil dents Baghdad’s plans
Iraq’s oil and gas industry has been almost static since the US invasion six years ago, but 2009 is shaping up to be the year that defines the country’s energy ambitions. -
Firms must consolidate to solve cash flow crisis
Merely promoting efficiency, streamlining and cutting costs will not solve today’s problems. -
Galfar consortium bids low for Muscat International airport contract
Four groups are bidding for the first main contract on the development of Muscat International airport issued by Oman’s Transport & Communication Ministry. -
Housing supply fails to match demand in Bahrain
Despite a growing shortage of affordable homes, the high price and limited availability of land in Bahrain means the kingdom’s property developers have concentrated on the luxury end of the market. -
Iraq’s provincial polls test Al-Maliki support
Iraq’s provincial elections have become a referendum on the federal government of Prime Minister Nouri al-Maliki. -
Kuwait Airways to press ahead with sale
Kuwait Airways is to push ahead with its privatisation once a full audit of the business is completed in April, according to company officials, despite an ongoing dispute with Iraq that could derail the process. -
Libyan Congress debates seizing energy assets from IOCs
Speculation mounts as assembly discusses replacing international oil firms with national companies. -
Negotiation is key to success for NOCs
Clients are now having to ease contractors’ terms to ensure their projects can move ahead. -
Partnering in construction
As liquidity tightens and project fundamentals are increasingly scrutinised, partnering could help developers save money and improve contractors’ margins. -
Public spending on roads and bridges eases the strain on contractors
As billions of dollars worth of private real estate schemes in the Gulf are shelved, along with the infrastructure projects that would serve them, increased state investment offers respite for contractors. -
Q&A: Peter Riddoch, CEO, Damac Properties
The real estate correction will be healthy for the market, says Riddoch -
Qatar bankers
The six leading figures in the Qatari banking sector - Tareq al-Malki, Salah Jaidah, R Seetharaman, Ali Shareef al-Emadi, Hussain Ibrahim al-Fardan and George Nasra. -
Qtel considers shares sale to finance further acquisitions
Qatar’s monopoly telecoms operator, Qtel, says it may sell more shares to finance licence acquisitions this year, after ruling out the use of debt to fund any new deals. -
Real estate developers look beyond Dubai
With the emirate’s real estate sector stalled, the private firms that have been at the heart of Dubai’s construction boom over the past five years are seeking to grow their operations in other markets. -
Riyadh awards deals worth $8bn at women's university
Three contracts valued at more than SR30bn ($8bn) in total have been awarded by the Finance Ministry to local contractors for the new women’s college in Riyadh, Princess Noura bint Abdulrahman University for Women. -
Riyadh prepares to enter deficit
The Saudi government is planning a massive programme of investment in education and healthcare infrastructure despite falling oil prices creating a shortfall in revenues. -
Saudi Electricity Company considers share sale
Saudi Electricity Company (SEC) is considering raising finance for the PP11 power project through an initial public offering (IPO) because of the difficulty in raising commercial debt from banks in the current environment. -
Saudi Telecom targets North Africa under expansion plans
Operator to co-ordinate bidding for fresh licences with Oger Telecom. -
Sovereign funds come to the rescue
GCC governments are increasingly turning to their state investment vehicles to prop up ailing bourses. -
Special Report: Construction - Gulf contractors under pressure
Clients have stopped inviting firms to bid for new projects, contract awards are being revoked and designers are being told to redesign their schemes. All this would have been unthinkable in the Gulf six months ago, but it is now the reality. -
State oil giants Adco and Aramco improve contract terms
Adco and Saudi Aramco are easing conditions for contractors in a bid to reduce construction costs. -
UAE's contractors concentrating on the essentials
Developers in the northern emirates are delaying their ambitious real estate projects, but much-needed infrastructure work will keep contractors busy during the downturn. -
Work to stop on Emaar schemes
Work at several Emaar Properties schemes in Dubai is expected to come to a halt in the coming weeks, after the local developer told contractors to stop ordering materials.
