MEED
Issue No 48 28 November - 4 December 2008
View all stories from this issue.
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Abu Dhabi planners
Six key figures responsible for economic planning in Abu Dhabi: Nasser Ahmed Khalifa al-Sowaidi, Waleed Ahmed al-Mokarrab al-Muhairi, Falah al-Ahbabi, Fahad Saeed al-Raqbani, Salah Salem bin Omeir al-Shamsi and Majid al-Mansouri. -
Al-Fattan to issue Dubai Marina tower tender
The local Al-Fattan Properties will start construction early next year on a mixed-use tower, Burj al-Fattan, which will be one of the tallest towers in Dubai Marina. -
Almabani in line for Riyadh airbase road deal
Local firm submits lowest bid of SR2bn for contract to extend arterial roads in central Riyadh. -
Baghdad faces skills shortage
War-torn Iraq calls on skilled expatriates to return home to help with the country’s redevelopment, but the exiles need incentives. -
Baghdad seeks to reverse exodus of nationals
Prime Minister Nouri al-Maliki is calling on Iraqi expatriates to return and lead the country’s reconstruction. -
Bechtel beats rivals to win nuclear deal
The Electricity & Energy Ministry is expected to officially award the consultancy contract on its nuclear programme to the US’ Bechtel in early December. -
Brand Dubai loses its lustre
Under Sheikh Mohammed bin Rashid al-Maktoum, Dubai has eclipsed Abu Dhabi in terms of profile, but confidence has been dented by the credit crunch. -
Bubiyan seaport tenders to be issued in first half of 2009
The Public Works Ministry is to issue tenders for the phase two construction packages on the Bubiyan island seaport project in the first half of next year, according to a project source. -
Centre of trade moves south to Jebel Ali
The expansion of Jebel Ali port and creation of a state-of-the-art logistics hub at Dubai World Central will transform the southwestern region of the emirate. -
China National Petroleum to take stake in South Pars field
Tehran renews push to attract investment to beleagured energy sector. -
Concern mounts over late-paying clients in Dubai
Construction industry contractors face impact of the credit crunch as project sponsors delay payments. -
Correction cools Dubai property market
Dubai’s once-booming real estate sector is suffering a drop in pricing that is leading banks to rein in lending and forcing developers to cut staff and delay their projects. -
Debt threatens to delay recovery in Dubai
The fall of the Dubai real estate market has left its critics feeling vindicated, but others say the economy’s fundamentals are sound if the emirate can service its mounting debts. -
Disaster increases pressure on Sanaa
Dogged by floods, water shortages, kidnappings and a spiralling population, Yemen is struggling to diversify its economy. -
Diversification boosts manufacturing in UAE
The UAE has invested more than $1bn in its manufacturing industries this year, with the sector now the second-biggest contributor to gross domestic product after oil and gas. -
DP World must act without delay
The port authority will have to resolve its problems if plans for a logistics hub are to succeed. Dubai’s centre of gravity is rapidly shifting away from the creek towards the border with Abu Dhabi, not least because of the success of the Jebel Ali Free Zone. -
Dubai Airports seeks to revise Purple metro line
Authorities consider public-private-partnership model after talks reach stalemate over funding. -
First Energy Bank
The newly formed institution aims to be the first Islamic investment bank to target the energy sector. -
First Energy Bank: MEED Assessment
The company’s aim is to capitalise on the energy sector’s demand for investment -
Interview: Prince Saud al-Faisal
The Saudi foreign minister outlines the kingdom’s position on piracy, closer relations with the UK and the Middle East peace process. -
Iraqi banks to be recapitalised by early 2009
Baghdad will have fully recapitalised its banking system by early 2009, a government adviser tells MEED, paving the way for a recovery of the commercial financial sector. -
Kuwait treatment plant awaits approval
The local Utilities Development Company (UDC) is awaiting government approval for the expansion of the Sulaibiya wastewater treatment plant. -
Lebanese unity government forces Alfa to abandon mobile network
Advisory board criticises services provided by joint venture operator. -
Masdar explores using wasterwater sludge as feedstock
Abu Dhabi Sewerage Services Company (ADSSC) is in talks with Abu Dhabi Future Energy Company (Masdar) as part of an initiative to use sludge from wastewater treatment plants to generate energy. -
Operators in the region must pay penalty for breaching licence conditions
Regulators are toughening their stance on telecoms operators for breaching licence conditions. -
Riyadh maintains spending commitments
Central bank says falling oil prices and government spending could lead to a budget deficit. -
Saudi Arabia to keep spending
Riyadh is to continue its ambitious expansionary fiscal policies in the face of a massive slowdown in global energy markets. -
Saudi Aramco cancels bidding for Dammam capacity study
Saudi Aramco is instructing international contractors that a plan to increase output at its $1.2bn Dammam field to 100,000 barrels-a-day (b/d) has been cancelled as a result of its ongoing review of its project portfolio. -
Saudi banks raise interest rates as they vie to boost deposits
Banks in the kingdom are vying with each other to raise the interest rates they pay large corporate depositors, as they struggle to attract enough capital to meet the regulatory requirements governing loan-to-deposit ratios. -
Saudi Kayan drawdown of debt goes ahead
A $1.4bn drawdown of the debt financing for the $10bn Saudi Kayan petrochemicals project has gone ahead, despite efforts by some of the banks involved in the financing to invoke a market disruption clause. -
Saudi market regulator suspends listings to avoid share crash
Fears of diving stock prices freeze further approvals of share offerings. -
Saudi National Water Company to set up effluent trading body
Firm will initially be wholly owned by the state, with investors coming in later. -
Sharia banks in Dubai shift business focus
Dubai’s property boom has underpinned the growth of the Islamic finance sector in the UAE, but as prices fall, the banks are expanding their retail services and considering fresh areas of business. -
Slowdown brings respite for Dewa
Having struggled to keep up with the pace of growth in demand for power and water in Dubai, lower costs and delays on projects will now give the power and water authority time to catch up. -
Sonatrach to consider field swaps for future bid rounds in Algeria
Further trade-offs possible as Sonatrach seeks to broaden its spread of assets. -
Special Report: UAE - Dubai debt tests federal structure
Managers at Dubai Electricity & Water Authority (Dewa) can be forgiven for breathing a sigh of relief. Just as Dubai’s insatiable appetite for electricity threatened to overwhelm the authority, the emirate’s hunger for power is subsiding. -
Takreer to split Ruwais project into eight contracts
Abu Dhabi Oil Refining Company (Takreer) is splitting the first engineering, procurement and construction phase for the expansion of its Ruwais refinery into eight packages, ahead of the formal tendering period next month. -
The rise of Dubai's mega-malls
Dubai’s developers are building the next generation of retail space in a bid to retain the emirate’s reputation as an international shopping destination. -
UAE bourses plan for the long term
The UAE’s financial exchanges are developing specialisms such as derivatives trading in preparation for when the global downturn ends and confidence returns. -
Yemen needs more than aid
The country faces growing problems ranging from terrorist attacks to limited water supplies. -
Zain, Asiacell and Korek to face fines in Iraq
Quality of services breached the conditions of licences won by mobile operators in 2007.
