MEED
Issue No 46 16 - 22 November 2007
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Adwea to tender Shuweihat
Abu Dhabi Water & Electricity Authority (Adwea) has reverted to its original plan of competitively tendering the Shuweihat 2 independent water and power project (IWPP), and will issue the request for proposals in mid-November. -
Al-Naimi commits to expansion drive
Kingdom pushes ahead with Yanbu and Jizan despite rising costs and concerns over oil major interest -
Banks call for Landbridge restructuring
Banks involved in bidding for the Saudi Landbridge project are urging Riyadh to restructure the financing of the project to reduce the level of risk. -
Close-up on Nakheel
Nakheel, which literally translated from Arabic means ‘the palms’, is a government-owned property developer and one of the Dubai World group of companies. It was launched in 2003 to take over the development of the offshore Palm island projects and has 16 schemes in its portfolio. -
Consortiums call for more time to explore Empty Quarter
Two more consortiums exploring for gas in the Rub al-Khali (Empty Quarter) have asked Riyadh for more time to drill for gas, as the search intensifies before their concessions end in 2009. -
Daelim and JGC lead bidding for Jubail olefins contract
Japan’s JGC Corporation and South Korea’s Daelim Industrial Company are in line to win the two main process packages on the multi-billion-dollar Jubail olefins complex, planned by the US/local National ChevronPhillips Company. -
Damascus' tough choices
With dwindling oil resources, Damascus faces some tough choices as it attempts to reform the economy and attract private investment. -
Designs for City of Silk win approval
Two of the largest and most ambitious construction projects in the Gulf have been approved, resurrecting plans that were originally floated in early 2006. -
Dilapidated Lebanese mobile networks need 18 months of repairs
Whoever buys Lebanon’s two mobile phone operators when they are privatised in February next year will have to spend 18 months rebuilding them because they have become so dilapidated, according to one of the country’s leading telecoms firms. -
Doha’s soaring rents drive inflation
The steady rise in rental prices in both the residential and commercial sectors is causing concern. -
Dubai firms must back local bourse like DP World
”With the exception of the capital markets in Dubai, everything else has grown,” says Mohammed Sharaf, chief executive officer of DP World. It is a failing that the Dubai government has been making strenuous efforts to address this year. -
Dubai workers win 20 per cent hike in pay
Leading firms compensate foreign labourers over declining dirham as state stalls on minimum wage. -
Egypt's six top engineers
The six most influential engineers in Egypt's construction sector - Ibrahim Mahlab of The Arab Contractors (Osman Ahmed Osman & Company), Osama Bishai of Orascom Construction Industries, Mamdouh Hamza of Hamza Associates, Yehia Zaki of Dar al-Handasah Consultants (Shair & Partners), Hussein Abbas of Ehaf Consulting Engineers and Kamal Allam of Hassan Allam Sons. -
Emirates chief urges rival Gulf airlines to collaborate
Dubai flag carrier Emirates is calling for greater collaboration between the region’s three major airlines, in a push to liberalise Gulf air space. The carrier is also pursuing greater co-operation with Abu Dhabi rival Etihad Airways to cut operating costs. -
GCC member states need to put economic reform before monetary union
Despite expectations of the GCC Doha summit in December being make or break time for the single currency, the reality is a decision will not be made until 2008. -
GCC Railway: A journey into unknown territory
The economic potential of a rail link uniting freight and passenger routes throughout the GCC is clear, but the region’s inexperience in railway construction is making contractors and financiers nervous. -
Increasing cross-border ties
The success of recent joint initiatives in the energy sector and improving diplomatic relations between the states are acting as much-needed catalysts for cross-border projects. -
Interview with Nakheel's CEO, Chris O'Donnell
Chris O'Donnell, chief executive officer of Nakheel, joined the company in June 2006 from the Investa Property Group in his native Australia.As Investa's managing director, he grew the firm from an $Aus800m ($704m) business in 2001 to an $Aus 6.2bn business in 2006. During this time he led the firm through a number of key deals including a hostile takeover of Principal Office Fund worth $Aus 1.9bn in 2003 and the acquisition of Clarendon Property Group for $Aus 645m in 2005. -
Investors begin to move in
Since the thawing of relations between Tripoli and Washington, foreign direct investment in Libya has increased rapidly, reports Karin Maree -
Is Gamal Mubarak set to be Egypt’s next leader?
Presidential succession is a sensitive subject in Egypt. Several journalists were arrested and put on trial in August for printing rumours claiming President Hosni Mubarak was seriously ill. The rumours were unfounded, but the underlying debate over who will replace the 79-year-old remains a hot topic. Most Egyptians are resigning themselves to the fact that when the current presidency comes to an end, it will be Gamal Mubarak, the presi -
Kuwait's post-war clean-up gets off the mark with tender
After a long and arduous prequalification process, the Kuwait National Focal Point environmental clean-up programme finally began on 11 November, with the release of tender documents for the project planning and supervision consultancy (PPSC) contract. -
Market integration off the agenda
Stock exchanges around the world are looking to their neighbours for merger opportunities. But in the Gulf, a single, merged GCC market is increasingly unlikely. -
Mohammed Sharaf on why DP World is going public
Much is riding on DP World’s stock market listing, but nothing will stand in the way of its global expansion plans. -
More than the sum of its parts
The GCC plan to resolve the deadlock over Iran’s nuclear programme demonstrates the political influence the bloc could have if member states cast aside national interests and act as a single entity -
North-South railway faces criticism over slow progress
Progress on two of the three construction packages on the Saudi Arabian North-South minerals railway has been described as slow or poor in a confidential report by the body overseeing the project. -
Palestinians to issue own currency
The Palestinian Monetary Authority (PMA) could start issuing its own currency within three years, after making further progress towards becoming a central bank. -
Plant awards to boost power capacity above 2,000MW
Saudi Electricity Company (SEC) is pushing ahead with two major power generation contracts to add more than 2,000 megawatts (MW) to the kingdom’s total generating capacity. -
Power grid drives regional co-operation
With the first phase of the GCC electricity network nearing completion, observers predict its success will push forward the agenda for a unified approach linking gas, water and rail projects. -
Property prices - the steady rise in rental prices in both the residential and commercial sectors is causing concern
Doha’s soaring rents drive inflation -
Qatar Airways gets go-ahead for US alliance
A codeshare agreement allowing Qatar Airways and United Airlines to sell tickets for each other's flights has received the go-ahead from the US government. -
Qtel results reveal price paid for Asiacell
Wataniya, the Kuwaiti telecoms operator, was paid just $107m for its 40 per cent stake in Asiacell, the Iraqi mobile phone operator it was forced to sell earlier this year after it fell out with the other shareholders. -
Riyadh considers adding to fighter fleet
Saudi Arabia is considering placing an order for a further 24 Eurofighter Typhoon fighter jets worth nearly e1.5bn ($3.1bn). -
Second phase of the construction boom
As GCC construction activity continues to rise, MEED analysis reveals that only a small proportion of the $1trillion worth of projects expected are yet under way. -
Single market outweighs currency union
Despite speculation over the future of a GCC single currency, member states refuse to abandon their dream of mimicking the success of the euro. However, creating a single market could be more beneficial. -
Soaring Doha rents drive inflation
The steady rise in rental prices in both the residential and commercial sectors is causing concern -
Special report: GCC - Increasing global influence
The Gulf Co-operation Council (GCC) plan to provide enriched uranium to nuclear power plants across the Middle East represents a bold attempt to defuse the international crisis surrounding Iran’s nuclear programme. It also represents the organisation’s first significant step onto the international diplomatic stage. -
State should be braver on pay
Government, not contractors, should be taking the lead on pay disputes with a minimum wage -
The presidency is Gamal's to lose
The suggestion earlier this year that Hosni Mubarak was seriously ill or even dead could yet earn Ibrahim Eissa a four-year prison sentence and a hefty fine. In mid-November, the case against the editor of al-Dustour, for printing false information about the Egyptian president, was adjourned until December. -
The UAE set to overtake Saudi Arabia as region’s biggest banking sector
The balance of power in the GCC banking sector is shifting. For years, Saudi Arabia was by far the biggest market, with the largest assets and the highest profits. But this is about to change. Rapid growth in the UAE means it is set to eclipse Saudi Arabia as the region’s biggest banking sector by assets some time in 2008. Including the assets of fo -
UAE federation launches first sovereign wealth fund
Investment Authority's profits will be reinvested in the federal budget. -
UAE leads improvements in gender discrimination
The UAE has made the greatest improvements in tackling gender discrimination in the region, according to the latest report from the World Economic Forum. -
Welcome to the all new MEED
Welcome to the new MEED. After 50 years of unrivalled success as the Middle East’s leading source of business information, MEED is reaffirming its market dominance by making wide-ranging improvements to the products and services it provides. -
WorleyParsons leads bidders for east coast refinery deal
The US’ WorleyParsons is in pole position to win the project management and basic engineering contract at the $7-8bn, 400,000-barrel-a-day (b/d) east coast refinery at Ras Tanura.
