MEED
Jan 2010 Online Content

View all stories from this issue.

  • Aabar eyes 70% stake in Arabtec

    Aabar Investments has announced plans to make an offer to Arabtec Holding to acquire 70% of the construction firm's share capital. The acquisition will be carried out through the purchase of mandatory convertible bond which is to be issued by Arabtec Holding at a conversion price of Dhs2.3 per share, the Abu Dhabi-based investment firm said in a statement on its website.

  • Aabar to take a 70 per cent stake in Arabtec

    $1.7bn deal is awaiting legal and shareholder approval

  • Aamal Cement opens new plant

    Qatar-based Aamal Cement Industries has officially started operation of its newly opened cement block manufacturing plant. The plant will manufacture a wide range of concrete building and paving products, and will be one of the largest in Qatar by production volume with a maximum production capacity of 85,000 blocks per day or 6,900 square metres of interlocking paving per day.

  • Aamal inks deal to create Cometrans Qatar JV

    Qatari conglomerate, Aamal Co has signed a joint venture agreement with leading Argentinian transport infrastructure firm, Cometrans Group of Argentina, to set up "Cometrans Qatar". The new joint venture will focus on the development and operation of the newly announced rail systems to be built in Qatar and the GCC and will also create a manufacturing facility for the assembly of buses and industrial vehicles.

  • Aamal sets up joint venture to compete for rail deals

    Cometrans Qatar considers GCC railway work

  • Abadan, Khorramshahr shipments valued at $2.12bn

    Some 847,262 tons of non-oil products worth $2.12bn have been loaded and unloaded in the Iranian ports of Abadan and Khorramshahr in the nine-month period ended December 21, 2009, Mehr News has reported. Home appliances, car spare parts, clothing, foodstuff, cosmetics and health products, handicrafts, and computer parts were the major non-oil items and petrochemicals, alcohol, ethane, and tar were the major oil products.

  • Abahsain Group begins Dammam plant work

    Saudi-based Abahsain Group said it has started work on a mechanical seal and valve plant in Dammam. The project is a joint-venture project with US-based Flowserve Corp and includes the manufacturing of control valves, ball valves, plug valves, butterfly valves and electric and pneumatic actuators for the oil and gas, petrochemical, power and water industries. The plant is expected to go into production by July 2010.

  • ABB wins automation contract for Saudi steel mill

    Arcelor Mittal plant to produce 500,000 tonnes a year of seamless steel

  • ABB wins Jubail pipe plant services deal

    A joint venture between Saudi-based Bin Jarallah Group and ArcelorMittal has awarded ABB a contract to provide electrical and automation equipment and related services for its new seamless-tube mill and pipe production plant in Al Jubail, Saudi Arabia. ABB will supply an automation system for order management, production scheduling, storage management, production and quality reporting, and material tracking. ABB will also provide engineering, installation, commissioning, operator training, an

  • Abraaj eyes deals in Saudi

    The first transaction in Saudi Arabia for Dubai-based private equity firm Abraaj Capital could be closed within the first half of the year, Reuters has reported. Sari Anabtawi, head of Abraaj's Saudi affiliate told the news service the firm is particularly interested in the fields of education, healthcare and manufacturing, especially in the food industry. Any single transaction would 'ideally' involve $300m but the company could spend up to $600m for deals in the country, he added.

  • Abraaj to raise $50m for Palestine fund

    Dubai firm will support entrepreneurs in the Occupied Territories

  • Abu Dhabi and Deutsche Bank launch renewable energy fund

    Subsidiaries to jointly manage $265m DB Masdar Clean Tech Fund

  • Abu Dhabi awards water transmission deals worth AED1.1bn

    ABB and Torishima win pumping station contracts

  • Abu Dhabi Commercial Bank posts $330m loss

    Abu Dhabi Commercial Bank posted a fourth-quarter loss of Dhs1.2bn ($330m), compared with a loss of Dhs262m a year earlier, Bloomberg has reported. Raising impairment allowances to Dhs2.05bn from Dhs888m had led to the sharp rise in Q4 results, the lender said. 'This has been a difficult year and net profitability has been impacted as a result of the current economic crisis and additional provisioning requirements,' Chairman Eissa Al Suwaidi said in a statement.

  • Abu Dhabi Commercial Bank reports $139m loss in 2009

    Net impairment allowances grow by 151 per cent

  • Abu Dhabi diabetes centre gets JCI accreditation

    Abu Dhabi-based Imperial College London Diabetes Centre (ICLDC), a specialist medical centre dedicated to the treatment of diabetes, has received an accreditation with the Joint Commission International (JCI). The accreditation is seen quantifiable benchmarks on the quality of patient care and patient safety. The centre provides patients with copies of results in full, and shares the doctors' recommendations.

  • Abu Dhabi Economic Department inks deal with SCA

    Abu Dhabi Economic Department has signed a joint cooperation agreement with the Emirates Securities and Commodities Authority, aimed at simplifying procedures for acquiring of license by securities companies in the emirate, WAM has reported. Based on the agreement, the two sides will work to build solid partnership between them with the aim of issuing commercial trade license by linking electronically their two systems.

  • Abu Dhabi expects economy to grow 4%

    A UAE government official has said that the economy of the emirate of Abu Dhabi will grow by up to 4% this year, but oil will not be the main driver behind it, Reuters has reported. "There are many sectors that will play a stronger role in our GDP," Hamad Abdullah al-Mass, executive director for international economic relations at the Department of Economic Development told the news service. Almost 60% of Abu Dhabi's GDP comes from the oil sector, but the emirate plans to reduce its share to

  • Abu Dhabi Group to link with Bharti Airtel

    India's largest mobile operator, Bharti Airtel, has announced plans to form an alliance with the Abu Dhabi Group, aimed at exploring possible acquisition opportunities in emerging markets, the Financial Times has reported. The Abu Dhabi Group controls $10bn in investments, including telecoms operations in Uganda and the Congo, as well as a unit in Pakistan. An alliance between the Abu Dhabi Group and Bharti will create a formidable competitor on global telecoms markets, the newspaper said.

  • Abu Dhabi hotel rates 'unlikely' to be capped

    The Abu Dhabi Tourism Authority (ADTA) has said that hotel room rates during major events in the capital are unlikely to be capped in 2010, Wam has reported. The capital's new hospitality landscape has changed the entire demand/supply equation and competition is increasing with the obvious impact on rate structures, rendering the need for rate caps virtually redundant, ADTA said. Abu Dhabi now has some 17,000 rooms in 111 hotel and hotel apartments. Last year, 4,500 rooms were added to the in

  • Abu Dhabi index sees slight rise

    The Abu Dhabi Securities Exchange gained 0.12% today to close on 2,602, with 14 stocks rising and 13 falling. The index was led by the industrial and consumer sectors, which gained 5.83% and 3.55%, respectively. The day's big gainer was Abu Dhabi Aviation, which jumped 10% to Dhs2.42.

  • Abu Dhabi launches $3.5m energy-saving scheme

    As part of a Dhs13m ($3.5m) national energy-conservation plan, more than 60,000 homes, schools, mosques and other buildings in Abu Dhabi will be fitted with special devices that cut water flow by a third, The National has reported. The plan, a joint effort from Environment Agency-Abu Dhabi (EAD) and Emirates Wildlife Society-World Wide Fund for Nature (EWS-WWF), also includes a Dhs7m national awareness campaign.

  • Abu Dhabi public schools provide space for private pupils

    A total of 194 students from five private schools in Abu Dhabi have sat for their English exam in one of the capital's public schools due to lack of sufficient space in their schools, Gulf News has reported. 'We have 112 science students and 82 literature students from grade 12 taking their first day mid-term exams in a public school to avoid cheating and due to the fact that they don't have spacious examination halls in their own schools,' Mohammad Salem Al Daheri, Director, Adez, told the n

  • Abu Dhabi rentals dip slightly in Q4

    According to a report from property services firm Asteco, increased supply of residential units in Abu Dhabi during the last quarter of 2009 had led to a marginal drop in rental prices, Reuters has reported. 'The growing availability of units and a revival in market activity after a traditional slow summer period have resulted in a minor downward fluctuation in the cost of renting in Abu Dhabi,' the company said in its quarterly report.

  • Abu Dhabi school inks deal with Korean tech institute

    Abu Dhabi's Khalifa University of Science, Technology and Research and the Korea Advanced Institute of Science and Technology are set to launch a 10-year cooperation agreement, as part of the UAE-Korea nuclear agreement, according to Donga website. Under the agreement, KAIST will help KUSTAR establish a nuclear engineering department, in addition to providing support in more diverse sectors such as information technology, nanotechnology, robotics, and energy. 'Both sides will review their ove

  • Abu Dhabi seeks extra adviser for Mafraq-Ghweifat road project

    Bank will work with Ernst & Young on public-private partnership scheme

  • Abu Dhabi stocks see slight dip

    The Abu Dhabi Securities Exchange fell 0.51% today to close on 2,758 as all sectors finished lower save real estate and consumer. Overall, 20 stocks finished lower, 10 rose, and five were unchanged, with Abu Dhabi National Hotels leading all stocks with a gain of 9.84% to Dhs4.13. Abu Dhabi Insurance Company had the day's biggest loss, falling 9.90% to Dhs8.10.

  • Abu Dhabi tells pregnant women to take H1N1 Vaccine

    The Health Authority-Abu Dhabi (HAAD) has called on pregnant women in the emirate to take the H1N1 vaccine to protect their babies, Khaleej Times has reported. The vaccine is offered for free and pregnant women are advised to contact their obstetric/maternity clinic in the hospital or ambulatory health service where they will be offered the vaccine or referred to the nearest vaccination centre, Dr. Jamal Al Mutawa, Section Head of Communicable Diseases at HAAD, said.

  • Abu Dhabi tenders Shamkha South infrastructure

    Project could eventually house up to 200,000 residents

  • Abu Dhabi to boost airport capacity

    Abu Dhabi Airports Company is planning to boost the capacity of its existing facilities at Abu Dhabi International Airport over the next five years to 15 million passengers-a-year from 12 million, to cope with the delay of its Dhs25bn ($6.8bn) Midfield Terminal, The National has reported. The airport operator will make upgrades to existing facilities and introduce new procedures to speed the flow of passengers through the port. The new terminal, which will be able to handle 20 million passeng

  • Abu Dhabi to build monument on the Corniche

    Municipality completes designs for dome

  • Abu Dhabi to develop Shuweihat 3 power project ahead of Taweelah C

    Scheme will be Adwea’s first independent power project

  • Abu Dhabi to have women-only taxis

    Abu Dhabi's taxi regulator, TransAD is set to launch a fleet of 70 pink-and-lavender taxis exclusively for women and children in the emirate by the end of March, The National has reported. The taxis, which will be driven by women and feature pink roof lights and purple-shaded logos, will have the same charges as for the regular silver cabs.

  • Abu Dhabi to introduce subsidies for solar power projects

    Shams 1 funding plan will increase feasibility of sustainable energy schemes

  • Abu Dhabi to select rail consultant

    Abu Dhabi's Department of Transport will hold meetings with selected bidders in mid January for a feasibility study of the emirate's proposed tram system, MEED has reported. The department will select the consultant following the meetings to implement an 18-month study into the planned Abu Dhabi Light Rail Transit system, and help the department assess the financial viability of the scheme, and prepare designs for the stations and other technical specifications.

  • Abu Dhabi to vaccinate all healthcare workers

    The Health Authority - Abu Dhabi (HAAD) has said that all healthcare workers in the emirate will be given the H1N1 vaccine. A plan has been set up by HAAD and Abu Dhabi Health Services Co to ensure the vaccination of all healthcare workers, including the private sector.

  • Abu Dhabi's aid to Dubai shrinks by half

    A Dubai government spokesperson said yesterday the $10bn bailout for the emirate from Abu Dhabi that was announced in December is actually half that size. The Department of Finance spokeswoman said the $10bn funding includes $5bn in funds separately announced in November by two Abu Dhabi-controlled banks.

  • Abu Dhabi's IPIC reports record profits

    Abu Dhabi-owned International Petroleum Investment Company (IPIC) has announced that its profits for the first half of 2009 rose to $2.1bn from $136m for the corresponding period in 2008, WAM has reported. The company attributed the growth in profits to the sale of bonds and convertible shares to Barclays Bank at a total value of about $2bn. The company also announced that the value of its portfolio of assets rose in the first half of 2009 to $31.5bn, up more than $8bn on the same period the

  • Abu Dhabi's retail space to double in two years

    Abu Dhabi is set to ouptace Dubai in retail growth this year, the National has reported. According to forecasts by AT Kearney, Abu Dhabi will almost double its mall retail space in the next two years, with retail space in the emirate expected to grow from 700,000 sq metres of gross leasable area to roughly 1.2 million sq metres. At least four new malls will open their doors in the capital this year, including the first phase of Aldar's Central Market, Bawabat al Sharq, Paragon Point on Reem I

  • Acer launches 'green' notebooks

    Computer maker Acer has launched two new energy-efficient, recyclable, and biodegradable notebooks, Cnet has reported. As part of its green initiatives, the company said it had built the Acer Aspire 3811TZ and Aspire 3811TZG to be free of PVCs (polyvinyl chloride) and BFRs (brominated flame retardants). Acer claims both models can save up to 40% of the energy consumption of traditional notebooks, providing more than 8 hours of battery life.

  • ACIG to raise capital by 150%

    Omar Hafiz, chief executive of Saudi Arabia's Allied Cooperative Insurance Group (ACIG), has said the company is waiting for approval from the central bank and the Capital Market Authority to increase its capital by 150% in the first-quarter and expects to turn a profit by 2011, Reuters has reported. The firm plans to increase its capital to SR250m ($66.7m) from SR100m after incurring losses in its first two years through a rights issue, as it plans to get involved in reinsurance operations.

  • Adec gains full control of public schools in Abu Dhabi

    The Abu Dhabi Education Council has assumed full financial control over all state schools in the emirate from the federal minsitry, the National has reported. 'The Ministry of Education and Adec are working together, hand in hand, to ensure the smooth transition of education regulation and authority,' Humaid al Qattami, the Minister of Education, was quoted as saying. 'Development of education is one of the most important objectives of our Government and is vital to our nation's economy and o

  • ADIA has 35% to 50% of assets in US, says report

    The Abu Dhabi Investment Authority has 35% to 50% of its assets in the US, said managing director Sheikh Ahmed Bin Zayed Al-Nahyan in an interview with German newspaper Handelsblatt. ADIA's assets in Europe range between 25% to 35% and 15% to 25% are in emerging markets, while 10% to 20% are in Asia, Sheikh Ahmed told the newspaper.

  • Adnoc cuts splitter naphta export volumes

    Abu Dhabi National Oil Co. (Adnoc) has unexpectedly reduced splitter naphtha export volumes for January-February lifting by around 10% on lower condensate splitter runs, Reuters has reported. According to traders, Adnoc also deferred some shipments to Asian customers. The state-owned firm supplies around 4 million tonnes a year of splitter naphtha, made from condensates, and a total of about 2.6 million tonnes of low-sulphur and paraffinic grade.

  • ADX begins week up 1%

    The Abu Dhabi Securities Exchange (ADX) ended the day up by 1.05% to 2,772.34, with 20 stocks rising, nine falling and seven holding steady. The National Corp for Tourism and Hotels (NCTH) was the day's biggest riser, closing up by 9.92% to Dhs9.20.

  • ADX climbs on first day of trading

    The Abu Dhabi Securities Exchange (ADX)rose 0.20% to 2,633.37, with 21 stocks rising, seven falling and four holding steady. Gulf Medical Projects was the day's biggest riser, moving up 10% to Dhs2.31. National Marine Dredging Co had the sharpest fall, going down by 6.86% to Dhs9.

  • ADX climbs prior to weekend close

    The Abu Dhabi Securities Exchange rose 1.01% to 2,628.17 on its last day of trading of the week, with 25 stocks rising, four falling and four holding steady. National Marine Dredging Co (NMDC) was the day's biggest gainer, going up by 9.34% to Dhs9.53.

  • ADX edges up

    The Abu Dhabi Securities Exchange closed up by 0.20% to 2,781.18, with 11 stocks rising and 13 falling. National Marine Dredging Co was the day's biggest gainer, moving up by 7.91% to Dhs8.62. Union Cement Co had the largest fall, going down by 6.47% to Dhs1.66.

  • ADX ends slightly lower

    The Abu Dhabi Securities Index fell 0.61% today to close on 2,758. Abu Dhabi National Insurance Company had the day's biggest fall (10% to Dhs7.29) while Union Cement had the biggest rise (8.81% to Dhs1.73).

  • ADX ends slightly lower

    The Abu Dhabi Securities Exchange dipped 0.37% today to 2,598. The index was led by the health care sector, which jumped 7.03%, and the sector's big gainer, Gulf Pharmacy, which climbed 9.76% to Dhs1.80. On the flip side, the real estate sector dropped 5.01%, led by Aldar Properties, which slipped 5.66% to Dhs4.00. Overall, 21 stocks fell while 11 ended higher.

  • ADX falls 1.62%

    The Abu Dhabi Securities Index fell 1.62% today to close on 2,713, as 28 of the 32 stocks traded ended lower. All sectors closed lower, save industrial, which ended the day unchanged. Market heavyweigh Aldar dropped 5.35% to Dhs4.65.

  • ADX gains 0.60%

    The Abu Dhabi Securities Index gained 0.60% to close on 2,774 today, as all sectors ended lower save consumer, health care, and industrial. Market heavyweights Dana Gas (+0.99% to Dhs5.26), Aldar (+3.38% to Dhs5.23) and Sorouh (+3.66% to Dhs2.80) all closed higher. Overall, 14 stocks rose, 11 fell, and nine ended lower.

  • ADX sees index fall 1.22%

    The Abu Dhabi Securities Exchange (ADX) fell 1.22% on Sunday, going down to 2,674.04. Only four stocks rose, with three holding steady and 21 falling. Umm Al-Qaiwain Cement Industries Co (QCEM) was the day's biggest gainer, moving up 1.56% to Dhs0.64. Union National Bank (UNB) had the sharpest losses, falling 5.92% to Dhs2.70.

  • ADX sees slight dip

    The Abu Dhabi Securities Index nudged down 0.21% today to 2,775, as declines (20) led gainers (8). The industrial sector had the biggest dip (down 3.87%) while construction industry had the strongest gain (up 1.68%). United Arab Bank had the day's biggest rise, climbing 6.56% to Dhs7.04.

  • ADX sees slight dip

    The Abu Dhabi Securities Exchange fell 0.89% to 2,655 as 22 of the 30 stocks traded ended lower. The day's most actively traded company, Aldar, slipped 1.29% to Dhs4.60, while the day's biggest decliner was Abu Dhabi National Insurance Company, which dropped 9.88% to Dhs6.57.

  • ADX sees slight dip

    The Abu Dhabi Securities Exchange nudged down 0.07% today to close on 2,653 on a balanced day of trading, as 13 stocks rose, 12 fell, and 10 were unchanged. The day's big gainer was Gulf Livestock Company, which jumped 24.03% to Dhs4.80, while Abu Dhabi Aviation led declines, down 9.87% to Dhs2.10.

  • ADX sees slight gain

    The Abu Dhabi Securities Exchange gained 0.32% today to close on 2,608, with 17 stocks rising, eight falling, and eight unchanged. Abu Dhabi Ship Building was the day's big mover, up 8.45% to Dhs3.85, while Gulf Pharmacy led declines, down 8.38% to Dhs1.64.

  • ADX sees slight rise

    The Abu Dhabi Securities Exchange nudged up 0.20% to close on 2,679, as 16 stocks ended higher, nine fell, and seven were unchanged. Aldar, the day's most heavily traded stock, gained 2.65% to Dhs4.68, while the day's big gainer, Gulf Pharmaceutical, rose 8.59% to Dhs1.77.

  • ADX slides 0.64%

    The Abu Dhabi Securities Exchange (ADX) fell 0.64% to 2,636.73, with seven stocks rising, three holding steady and 20 falling. Gulf Medical Projects was the day's biggest gainer, moving up by 5.56% to Dhs2.35. Abu Dhabi National Hotels registered the biggest drop, moving down 9.77% to Dhs3.60.

  • ADX slides on first day of trading

    The Abu Dhabi Securities Exchange fell 1.39% to 2,600.09, with only five stocks rising, compared to 24 falling and one holding steady. Gulf Pharmaceuticals Co (Julphar) was the day's biggest gainer, moving up 4.68% to Dhs1.85. Arkan had the biggest slide, falling 9.40% to Dhs2.11.

  • ADX slips 0.29%

    The Abu Dhabi Securities Exchange (ADX) fell by 0.29% to 2,766.53. Seven stocks remained unchanged, with 11 rising and 13 falling. Invest Bank and Abu Dhabi National Takaful were the day's biggest risers, with both going up 10% to Dhs1.98 and Dhs5.72 respectively.

  • ADX slips 0.32%

    The Abu Dhabi Securities Exchange (ADX) closed up by 0.32% to 2,775.50. Eight stocks fell, eight held steady and 12 rose. Union Cement Co (UCC) had the biggest rise of the day, moving up by 8.97% to Dhs1.71. Conversely Gulf Cement Co (GCEM) was the day's biggest loser, falling 5.81% to Dhs1.62.

  • ADX slips down 0.24%

    The Abu Dhabi Securities Exchange (ADX) fell 0.24% to 2,707.20 on its last day of trading of the week, with 12 stocks rising, 11 falling and nine remaining unchanged. Commercial Bank International (CBI) was the day's biggest gainer, going up by 9.92% to Dhs1.44.

  • African export credit agency completes $184m loan

    Deal completes a raft of new financing by the Egypt-based bank

  • Agency downgrades Aldar Properties' rating

    Real estate firm’s rating affects £2.3bn of debt

  • Agility to appear in court on 29 January

    Kuwaiti logistics firm denies allegations of conspiracy and fraud

  • Agility's US court hearing set for Jan. 29

    Kuwaiti logistics firm Agility's court hearing for its US fraud case has been rescheduled for Jan. 29, the company has said. In November, Agility was accused of overcharging the U.S. Army on $8.5bn worth of contracts to provide food to soldiers in Iraq, Kuwait and Jordan.

  • Ahli Bank posts 44% net profit increase

    Oman's Ahli Bank has reported a 44% rise in its 2009 after tax net profits to OR8.54m. Net operating income has increased year over year by over 26% to OR17.90m and the operating expenses have also increased by over 3% to OR7.92m. The end-of-year results are subject to approval by the Sultanate's central bank, the lender said.

  • Ahli Bank releases new SME credit product

    Oman-based Ahli Bank has unveiled a new services package designed to attract small and medium-size enterprises. The new 'Working Capital' facility product is aimed at companies who have been established for three or more years with a good track record. Credit facilities of up to OR500,000 will be made available under this new product. The product also offers funded and non- funded facilities like overdrafts, Letters of Credit, Bank Guarantees etc.

  • Ahli United ups Egypt subsidiary stake

    Bahrain's Ahli United Bank (AUB) has said it has increased its ownership stake in its Egyptian subsidiary, Ahli United Bank, Egypt (AUBE), from 35.3% to 79.6% through a formal tender offer to all its shareholders, Gulf Daily News has reported. "Our additional investment of EGP985m ($181m) reflects our confidence in the future economic prospects of Egypt and will be followed by significant investments to upgrade our corporate and retail capabilities in AUBE," AUB said in a statement.

  • AIM launches Saudi distribution division

    Saudi Arabia-based Advanced Integrated Media (AIM) has announced the launch of Gulf International for Technology (GIT), a distribution division that will enable AIM to deliver a wider range of ICT products and services across the kingdom. GIT will provide a comprehensive networking platform for brands to optimise their expansion initiatives in the Saudi IT market.

  • Air Arabia aircraft orders may not be enough

    Sharjah-based low-cost carrier, Air Arabia has said that the implementation of its expansion plans would require more than 44 Airbus aircraft it had previously ordered, Reuters has reported. The largest Arab airline by market value had opened a second hub in Morocco last year, and is working on launching a new budget carrier with an Egyptian partner and setting up a third hub in Alexandria. Air Arabia's CEO for Morocco, Rohit Ramachandran told the news service at Moroccan Travel Market in Mar

  • Air France to start direct flights from UAE capital to Paris

    Airline also plans to cut number of services to Dubai

  • Airbus aims to double A380 production in 2010

    Fabrice Breguier, Chief operating officer of Airbus, has said the aircraft maker aims to double output of its new A380 superjumbo in 2010, AFP has reported. The company's industrial capacity should allow it to complete four of the aircraft per month, he told the French business daily Les Echos. 'Our objective is to deliver 20 A380s this year, attaining a stable rate of two planes per month in the second half of the year,' he added. In 2008 Airbus delivered 12 of the superjumbos.

  • Airbus to raise plane prices

    France-based plane maker, Airbus has announced its first price increase in two years on a weak dollar and rising material costs, the BBC has reported. The 5.8% raise is applicable from the beginning of January and affects all new planes. "We have tried to keep prices down for as long as we can," John Leahy, chief operating officer at Airbus said.

  • Ajman Bank announces new CEO

    Mubashar M. Khokhar, former CEO of Mashreqbank's Badr Al Islami has taken the position of Ajman Bank's CEO position, the bank has announced. Khokhar began his banking experience at Bank of America, and has served senior executive roles in the banking industry for 26 years.

  • Ajman Bank names new chief executive

    Ajman Bank has announced the appointment of Mubasher Hanif Khokhar, a former Mashreq banker, as its new chief executive effective January 3, Reuters has reported. Ajman Bank's acting CEO, Ali Shaqoosh Al Mueen, will become the lender's deputy chief; a spokesperson for the Islamic lender told the news service.

  • Al Jaber receives first Lineage 1000 jet

    Abu Dhabi-based Al Jaber Aviation (AJA) has taken delivery of the first Lineage 1000 executive jet from Brazilian aircraft maker, Embraer. The new aircraft will begin operations for on-demand charter service in March 2010. AJA will be the largest Lineage 1000 operator, with a fleet of five aircraft.

  • Al Noor in collaboration with US hospital

    Abu Dhabi-based Al Noor Hospital has inked an agreement with US-based Children's Hospital Boston, aimed at developing an educational programme, including knowledge exchange and training of physicians in pediatrics, Khaleej Times has reported. As part of the education programme, Al Noor physicians will participate at a weekly lecture hosted by Children's Hospital through tele-medicine. The hospital will also benefit from the training of its physicians and nurses.

  • Al Rajhi posts Q4 profit

    Saudi Arabia's largest lender, Al-Rajhi Bank, has reported a 3.2% rise in fourth-quarter profit, as lending slowed in the Arab world's biggest economy, Bloomberg has reported. The lender's net income rose to SR1.47bn ($392m) from SR1.42bn in the year-earlier period. Deposits and assets also grew by the end of the year 3.4% to SR121bn and 4.9% to SR171bn, respectively.

  • Aldar Properties' price target cut by HC Research

    Share-price target and profit estimates on Abu Dhabi developer Aldar Properties have been reduced by HC Research to reflect renewed weakness in the UAE's property market, Reuters has reported. HC, which kept its 'buy' rating on the stock, cut its price target to Dhs6 from Dhs6.2. 'While we did not previously assume any meaningful property launches in 2010, we had forecast significant plot sales (Dhs1.2bn), which we now partially push back one year,' HC said.

  • Aldar tenders Yas Island Ikea

    New store will be Ikea’s biggest in the region

  • Alfa ties up with Ericsson to improve service

    Lebanon-based Alfa mobile operator, managed by Orascom Telecom has announced its partnership with Ericsson to further enhance its network and support Alfa's network expansion. Ericsson has performed cluster optimization through dividing Lebanon into 10 main clusters in order to enhance the quality of service in each of these clusters.

  • ALFalak inks deal with Beta Systems

    Saudi-based provider of technology-based end-to-end solutions in the Middle East, ALFalak Electronic Equipment & Supplies Co, has signed a regional distribution agreement with Beta Systems Software, a European mid-sized independent software solution provider. According to the agreement, ALFalak will market and distribute Beta Systems IT infrastructure and security solutions to end users in the KSA, the UAE, Bahrain, Qatar and Kuwait, in addition to providing direct support and maintenance to

  • Algeria removes Sonatrach management

    Up to 16 top executives are under investigation for corruption

  • Al-Gosaibi subsidiary gets bankruptcy protection

    The International Banking Corporation gains protection from litigation in US

  • Alinma Bank announces 85 per cent fall in profits

    Rising operating costs hit Saudi bank’s profits

  • Almarai posts rise in Q4 profit

    The largest dairy company in the Gulf by market value, Saudi Arabian Almarai Co has said that its Q4 net profit rose 13.5% on higher sales, Reuters has reported. Almarai made a net profit of SR249m ($66.35m) in the three months to end-December. "These results are due to the increase of sales and the firm's market share in all sectors, as well as the diversification of its markets and sources of revenue," it said. Almarai said it made a SR1.1bn net profit in 2009, up 20.5%.

  • Almasa inks WatchGuard distribution deal

    Dubai-based Almasa IT Distribution has signed a distribution agreement with US-based WatchGuard, a worldwide network and content security solutions provider. This agreement authorises Almasa IT Distribution to distribute the complete range of Watchguard Security solutions in the Middle East and Africa region.

  • Al-Rajhi Bank profits rise by 3.2 per cent

    Fourth quarter profit rise despite increased provisions

  • Amlak to make sukuk payment on schedule

    Details of merger plan to be announced in early 2010

  • Amlak to make Sukuk repayment

    HSBC bank, the paying agent for Amlak has said the Islamic mortgage lender will make the next repayment on its $100m Sukuk on schedule on January 18, Meed has reported. The Sukuk pays 120 basis points above the London interbank offered rate (Libor) and is listed on the Dubai Financial Market. It has a tenor of 5 years and is due to mature in July 2010.

  • Apple launches iPad

    Apple Inc has unveiled its latest computing innovation with the introduction of the new tablet-style iPad. The iPad, which is larger than Apple's popular iPhone but similar in design, features a 9.7-inch touch screen, is a half-inch thick, weighs 1.5 pounds and comes with 16, 32 or 64 gigabytes of flash memory storage. It also offers built-in Wi-Fi and Bluetooth connectivity.

  • Arab Banking Corp names Kawan deputy CEO

    Khaled Kawan has been named by Bahrain's Arab Banking Corp as deputy chief executive, Reuters has reported. The Bahrain-based lender's wholesale banking, universal banking and its group operations will report to Kawan, who has previously been the bank's general counsel and corporate secretary.

  • Arab Banking Corp posts $122m net profits in 2009

    Arab Banking Corporation (ABC) has announced its 2009 Group performance has made $122m of net profits, after impairment provisions of $115m. During the fourth quarter, the bank's net profits reached $42m, a quarter on quarter increase of 62%. During its Extraordinary General Meeting, shareholders have approved new rights issue of $1.1bn, increasing its paid-up capital from $2bn to $3.11bn.

  • Arab National Bank reports 32 per cent fall in profit

    Rising provisions for bad debts continue to hit Saudi bank results

  • Arabian Bemco takes Al-Qassim power deal

    Contractor to complete work on 224MW project by June

  • Arabian Courtyard to invest Dhs4m in upgrade

    Arabian Courtyard Hotel & Spa in Dubai has announced plans to invest Dhs4m this year on upgrading the hotel's facilities. The upgrade will including installing LCD screen TVs in all guest rooms, an IPTV system and in opening an additional restaurant.

  • Arabtec wins Bridge Towers deal in Qatar

    Firm will build two 45-floor structures in West Bay area of Doha

  • Arabtec wins Dhs740m contracts

    UAE-based Arabtec Construction has announced it has won two contracts worth Dhs740.7m in Qatar and the West Bank. The first contract is for the building of the Bridge Towers at West Bay - Doha, Qatar at a value of Dhs696m, while the second Dhs44.7m contract is for the city of Nablus' Water Loss Reduction Phase Two project. The Doha project will be completed in 30 months, and the Nablus project will take 20 months.

  • Arabtec wins Dubai tower contract

    80-storey building will be built on Sheikh Zayed road

  • Arabtec wins Nablus water supply contract

    Project will reduce water costs for consumers

  • Aramco: Wasit gas plant front end work ready by Q1 2011

    Saudi Aramco has said that front-end engineering and design work by Canada's SNC-Lavalin for the kingdom's biggest gas plant are expected to be completed by the first quarter of 2011, Reuters has reported. The Wasit gas development programme will provide for the production and processing of up to 2.5 billion cubic feet per day of gas from the Arabiyah and Hasbah offshore non-associated gas fields. Supplies from this gas plant would be used for power and industry, but not as a feedstock for pe

  • Aramex and Zubair sign logistics JV

    Dubai-based logistics and transport provider Aramex has formed a joint venture with Zubair in Oman to offer businesses in the Sultanate integrated logistics services, including warehousing and distribution, sea, air and ground transportation, freight forwarding and customs brokerage. The two will build a logistics centre in Barka in Oman, with the first phase scheduled for completion in early 2011.

  • Aramex Q4 profit up 28%

    Dubai-based logistics and transportation solutions provider Aramex has recorded a 28% increase in its Q4 net profit to Dhs49.5m, compared to Dhs38.8m a year earlier. "The fourth quarter was the first quarter in 2009 to witness positive revenue growth, marking a bottoming out of the preceding revenue decline," the company said. Armed with a cash balance of Dhs502m as of December 31, 2009, and 1.4% debt-to-equity ratio, the firm is set to follow its expansion plans this year.

  • Arcapita sells Yakima to Taiwan's Temflo

    Bahrain-based investment house Arcapita has said it had sold its US sports gear maker Yakima to Taiwan's Kemflo International, Reuters has reported. Islamic investment firm declined to provide a value for the sale of the company, which it had bought out in 2001 for about $90m. 'It has been bought by one of its suppliers, who is trying to expand vertically,' an Arcapita spokesman told the news service.

  • Armani Hotel to open March 18

    The first hotel to open under the collaboration between Giorgio Armani and Emaar Properties, Armani Hotel Dubai has announced it will be officially opened on March 18, 2010. Housed in the Burj Khalifa, the new designer property is the first of a series of hotels, resorts and residences to be opened around the globe, including Armani Residences villas, Marassi in Egypt and the Armani Resort planned for Marrakech.

  • ART Marine to operate 15 berths in Yas Marina

    ART Marine, an Abraaj Capital portfolio company ad importer/ distributor of luxury motor yachts, has won a long-term agreement deal with Aldar Properties to become the exclusive Yacht Charter Partner for Yas Island. As part of the agreement, ART Marine will be occupying 15 berths directly in front of the Yas Marina Yacht Club.

  • Ata Airline launches in Iran

    Ata Airline, the first private airline in the northwest of Iran, has launched operations in the city of Tabriz, Mehr News has reported. Ata's owner, Mohammad-Reza Zonouzi-Motlaq has said the company currently has four 1996-model Boeing MD83 aircraft and hopes to expand its fleet in the near future. The airline is compliant with global standards and has the necessary permits to carry out international flights, he noted.

  • ATIC aims full takeover of Globalfoundries

    Abu Dhabi's Advanced Technology Investment Co. (ATIC) has filed an application with Germany's cartel office to take over Globalfoundries, Reuters has reported. Globalfoundries is the contract chipmaking venture ATIC established with Advanced Micro Devices last year. ATIC has invested $2.1bn for its 65.8% stake of the venture.

  • Atkins appointed for safety role in Al-Ain

    UK-based consultant will establish a health and safety department

  • AUST in joint programmes with Malaysian univ

    The Ajman University of Science and Technology (AUST) has said it will collaborate with Malaysia's University of Malaya to launch different programmes for students of the colleges in engineering and business administration, Khaleej Times has reported. The universities plan to cooperate on student exchange and visiting faculty initiatives, as well as training and scholarship programmes for students.

  • Averda buys Qatar-based NWCS

    Lebanon-headquartered environmental services firm, Averda International has announced it has acquired Qatar-based New Wave Cleaning Services (NWCS), a provider of professional waste management services. Following the acquisition, NWCS plans to expand its range of services to include hazardous and medical waste treatment and disposal, and liquid waste management.

  • Aviation academy to open in Bahrain

    Bahrain will set up a new aviation academy in within two years, Ahmad Al-Rais, according to Chairman of the Board for the Gulf Aviation Academy, Kuna has reported. The new academy will provide all the necessary training and flight simulators, he said, noting that until the academy is established, those eager to fly would be sent to the UK to receive aviation training.

  • Aviation authority sets closing date for Jeddah airport deals

    Design and build contracts are for a new terminal and infrastructure

  • Award on Masdar solar power plant to be made by March

    Construction work to begin this year

  • Baghdad bridge work begins

    The Baghdad Mayoralty, in cooperation with a specialized local firm, has started work on a $10.5m new bridge in the capital, which will help reduce traffic congestion, Aswat al-Iraq has reported. The new bridge is located at Baghdad's eastern side of al-Rasafa and is expected to be completed within a year.

  • Baghdad to invite bids for $3bn railway project

    Network will involve rail line around Iraqi capital, linked to routes to other provinces

  • Bahra Cables signs deal with Senegal International Airport

    Saudi Arabia-based Bahra Cables Co, a member of CPC Group, has said it has won a SR25m contract to supply low and medium voltage cables and electrical wires according to the British specifications for Dakar International Airport in Senegal. The project will be completed by the end of the year.

  • Bahrain Air targets 1m passengers

    Ibrahim Alhamer, managing director of low cost carrier Bahrain Air has said that adding new destinations is expected to help raise the carrier's passenger numbers to one million this year, Reuters has reported. The airline plans to add Dhaka and Chittagong in Bangladesh, and Istanbul in Turkey as new destinations during 2010, he said. The airline carried some 750,000 passengers during 2009, about 200,000 under its initial forecast, he said.

  • Bahrain Air to suspend Middle East route

    The airline will also introduce two flights to Bangladesh in March

  • Bahrain Financial Harbour awards substation deal to Sumitomo

    Japanese companies plan to complete work in 2011

  • Bahrain inflation rises to 1.6 per cent in December

    Higher food and drink prices hit economy

  • Bahrain launches dispute resolution chamber

    Sheikh Khaled bin Ali al-Khalifa, Bahrain's Minister of Justice and Islamic Affairs, has announced the launch of a dispute resolution chamber in Bahrain which aims to resolve commercial disputes in the region, Reuters has reported. The chamber is specifically designed to cater to Bahrain's financial sector, in particular its Islamic banks and investment houses.

  • Bahrain moots rent cap law

    A new unified lease law may soon be introduced by Bahrain's Shura Council to protect tenants, Gulf Daily News has reported. The proposed legislation aims at allowing landlords to raise rents only by 5% every two years.

  • Bahrain spends BD50m on medicines in 2009

    Bahrain has spent more than BD50m in 2009 on buying pharmaceutical drugs, compared to BD45m in 2008, Gulf Daily News has reported. The government had alloted BD25m, but it had to spend an additional BD5m as a result of the H1N1 flu outbreak, according to the health ministry. Meanwhile, the kingdom's private sector had spent another BD25m.

  • Bahrain to review contracts with airlines

    The Bahrain Airport Co has said it is reviewing current aeronautical contracts offered to airline companies and studying a new scheme to be introduced in lieu of them by Q3 2010. The new system we will be primarily designed to establish enhanced rules and regulations, the firm said. The company plans to apply the new system to all airlines regardless of size or category. An 'Airport Use Agreement' will also be introduced to regulate the facilities and services offered to airline companies.

  • Bahrain to set up new oil company

    A new Bahrain-based multinational oil development firm is set to launch its operations next Wednesday, Gulf Daily News has reported. The new company, Tatweer Development (Tatweer Petroleum), is a joint venture under the development and production sharing agreement signed in April last year between UAE's Mubadala Development Co., National Oil and Gas Authority of Bahrain (Noga), and US-based Occidental Petroleum Corp. 'The establishement of the joint venture is to double Bahrain Field oil outp

  • Bahrain to up oil production

    Speaking at the inauguration of the new petroleum development company, Bahrain's oil minister has said the kingdom will focus on increasing oil production to reach the 100,000 barrels per day margin in a decade and will try to hold that production level till 2028, Kuna has reported. The plan is expected to generate around $15bn by 2029, Abdulhussein Mirza told reporters. Bahrain's current oil production stands at 38,000 bpd, while it also produces around 150,000 bpd from the sea oil-field of

  • Bahrain: Cables

    Supply of low-voltage distribution cables for a 400/230V, three-phase distribution network. Closing date: 5 February 2010

  • Bahrain: Cast resin joints

    Supply of low-voltage cast resin joints for a 400/230V, three-phase distribution network. Closing date: 5 February 2010

  • Bahrain: Customer service centre

    Provision of a customer service centre at a mall. Closing date: 10 February 2010

  • Bahrain: Electronic electricity meters

    Supply of electronic electricity tariff meters. Closing date: 5 February 2010

  • Bahrain: Karting architect and supervision consultancy

    Provision of lead architect and supervision consultancy services for a karting project. Closing date: 10 February 2010

  • Bahrain: Karting circuit construction

    Construction of a CIK karting circuit. Closing date: 10 February 2010

  • Bahrain: Road kerb painting

    Carrying out road kerb painting works. Closing date: 20 January 2010

  • Bahrain: Road marking works

    Carrying out road marking works. Closing date: 20 January 2010

  • Bahrain: Road traffic signs

    Supply and erection of road traffic signs. Closing date: 20 January 2010

  • Bahrain: Safety fences

    Supply and erection of safety fences. Closing date: 20 January 2010

  • Bahraini firm awards electrical substation contract

    Bahrain Financial Harbour Holding Co. has awarded Sumitomo Corporation a contract for setting up second substation at the Bahrain Financial Harbour complex. Under the BD2.78m contract, Sumitomo will be responsible for the procurement, assembly, installation, testing and commissioning of a second 66KV substation that will be dedicated solely to meet the complex's electrical power needs.

  • Bahraini firm opens first CO2 plant in Gulf

    Bahrain-based Gulf Petrochemical Industries Co has opened a new BD20.7m ($55m) hi-tech carbon dioxide extraction plant, Gulf Daily News has reported. The environment-friendly unit will extract 450 metric tonnes of carbon dioxide per day, which would reduce gas emissions substantially. The extracted carbon dioxide will go towards boosting the production of ammonia and methanol by 200 tonnes daily.

  • Balance of power shifts in Gulf finance sector

    Regional institutions stopped the global credit crunch contaminating GCC finance markets. Their status has been enhanced and change is in the air

  • Bank Muscat's '09 profit drops 21%

    Oman's largest bank, Bank Muscat, has said its full-year profit had dropped 21% after provisions for bad loans almost quadrupled, Bloomberg has reported. The lender's net income dropped to RO73.7m ($191m) in 2009 from RO93.7m the previous year, while operating profit rose 37% to RO209m as interest income advanced 7.6% to RO174m.

  • Bank of Sharjah sets up $200m real estate fund

    Varouj Nerguizian, executive director and general manager of Bank of Sharjah has announced plans by the lender to launch a $200m (Dhs734m) fund next month to tap the UAE real estate sector, Emirates Business has reported. "There are a lot of opportunities that are coming up. Prices have become very reasonable and if we buy properties today, we can make a lot of money from it in three to five years' time, he said.

  • Banks and petrochem boost Saudi stocks

    The Tadawul All-Share Index (Tasi) has gone up by 1.90% last week, closing at 6,382.04 points, Arab News has reported. Saudi shares were boosted by profits scored by the banking and petrochemical sectors. The Tasi is currently 4.3% higher than at the start of the year.

  • Barclays recommends selling Nakheel bonds

    Barclays Capital has issued a new report a report which recommends that investors sell their Nakheel Islamic bonds. Holders of Nakheel bonds will recover less than half of their investments as the property developer's parent company renegotiates $22bn of debt, Barclays Capital analysts estimate. 'The final recovery value for Nakheel is likely to be negotiated at 40% to 50%,' said the London-based Barclays Capital analysts Alia Moubayed and Milena Ianev in a report released Monday.

  • Barclays urges businesses to exploit regional bond market

    Bonds will allow investors to raise debt and maintain growth locally

  • Barclays wins foreclosure orders on Dubai homes

    Barclays has won the first foreclosure orders in Dubai, clearing the way for lenders of home loans in the emirate to take action when borrowers don't pay, Bloomberg has reported. Barclays said in an e-mailed reply to questions from the newswire that it won the foreclosure orders, without providing details of the cases. The ruling shows that Dubai's market is 'evolving and is poised to come at par with other mature markets of the world,' the bank said.

  • Barwa Bank buys The First Investor

    Qatar-based Barwa Bank, a unit fully owned by Barwa Real Estate, has said it has received the approval of the country's central bank to acquire local investment firm, The First Investor, in an effort to create a 'Universal Islamic Banking Group' headquartered in Doha. 'Both companies are currently in the process of finalising all necessary filings in order for TFI shareholders to be issued shares in Barwa Bank,' the lender said in a statement.

  • Barwa to float QR1.5bn tender for Barwa City

    A QR1.5bn tender will be floated this month by Qatari developer, Barwa Real Estate to provide amenities for its Barwa City project, Reuters has reported. Khalid al-Nasr, the project's managing director said the contract will include the largest mall and hospital in the country. Phase one of Barwa City, estimated at QR7.3bn, will be completed in June 2011, Nasr said, adding the second phase will be larger than the first, but did not give a value or timeframe for completion.

  • Barwa, Alaqaria agree to merger

    Qatar Real Estate Investments (Alaqaria) has agreed to a takeover by Barwa Real Estate in a deal creating Qatar's ninth-largest company with a market value of $3bn. Each Alaqaria share will be exchanged for 1.1 shares in Barwa, it said, adding that the deal values Alaqaria shares at 36.30 riyals per share and implies a 30.6% premium. After the merger, Alaqaria will become a subsidiary of Barwa and the market capitalization of the combined firms will reach 11.1 billion Qatari riyals ($3.05bn),

  • Batelco launches 'My Mobile' service

    Bahrain's Batelco has launched a service that lets users customise their postpaid mobile account. The new 'My Mobile' service allows subscribers to check the status of their account, set up additional services such as credit transfer to prepaid users and number reservation for a new postpaid line and to activate or deactivate available services.

  • Bauer secures hotel staff housing deal in Abu Dhabi

    Project set to provide accommodation for 35,000 workers

  • Bauer starts recovery of tunnel boring machine on Cairo Metro

    Machine became stuck during civil works on phase one of line three

  • Bids in for temporary power provision project in Oman

    Five companies line up for rental deal

  • Bids sought for Abu Dhabi airport contract

    The Abu Dhabi International Airport is asking contractors to submit bids for building the airport's Midfield Terminal. The new terminal, designed in the shape of the letter 'X', will initially serve more than 20 million passengers a year, almost triple the capacity at the airport's existing three terminals. The first phase of the project is scheduled to open in the first quarter of 2015.

  • Bloomingdale's to open in Dubai on Feb 1

    Macy's Inc has confirmed that it will open its first Bloomingdale's store outside the US in The Dubai Mall on February 1. The new Bloomingdale's, which is opening in partnership with Al Tayer Group, will consist of two stores - a 146,000 sq ft fashion and accessories store spread over three floors, and a 54,000 sq ft home store.

  • Boeing 'extremely satisfied' with 787 tests

    Yves Galland, President of Boeing France, has said that the plane maker is 'extremely satisfied' with the progress of testing on its 787 Dreamliner, Reuters has reported. Boeing said it had so far completed initial stall tests and other dynamic manoeuvres and had reached its initial airworthiness milestone, allowing the company to expand testing. First 787 delivery is scheduled to take place in the fourth quarter of this year.

  • Boeing reassesses 787-3 viability

    Plans for a shorter-haul version of the carbon-composite Dreamliner aircraft are being reviewed by Boeing, after Nippon Airways switched orders to another model, Reuters has reported. "The market viability of the 787-3 is currently being assessed," Jim Proulx, a spokesman for Boeing commercial airplanes, told the news service.

  • Boeing wins deal to supply transport planes to Emirates

    Four C-17 aircraft to be delivered to UAE Air Force in 2011

  • Borouge opens sales unit in Guangzhou

    Borouge, a joint-venture between Abu Dhabi National Oil Company and Austria-based Borealis, has announced the launch of a new subsidiary in Guangzhou, China, the Borouge Sales and Marketing (Guangzhou) Co., Ltd. "Supported by a Guangzhou based logistics hub capable of supplying approximately 246,000 tonnes of value-added polyethylene and polypropylene annually to its customers in the region, Borouge Sales and Marketing (Guangzhou) Co. Ltd. will optimise the service that Borouge provides and

  • Borse Dubai confirms $2.5bn loan extension

    Deal pays 325 basis points above London interbank offered rate

  • Boubyan Bank starts rights issue

    Kuwait's Boubyan Bank has launched a major rights issue aimed at raising its capital by 50% to KD174.9m ($609.4m), AFP has reported. The rights issue of 583 million new shares to raise KD148.6m ($518m) will continue until February 7, 2010 and is open to current shareholders only, the Islamic lender said in a statement.

  • BP plans Qatar solar plant scheme

    Doha plans to develop $1bn solar power scheme

  • Burgan Bank becomes majority shareholder in Bank of Baghdad

    Kuwait lender increases stake to 50.6 per cent

  • Burgan Bank gets OK to boost capital

    Kuwait's Burgan Bank has announced that shareholders and the central bank have given their approval to increase its share capital by KD36m. The bank will distribute 360 million shares, each at a nominal value of 100 fils and a premium of 180 fils, yielding a total of KD100.8m. Burgan Bank's share capital, as of September 30, 2009, stood at KD104.1m and the shareholders equity was KD330.4m.

  • Burgan ups stake in Iraqi bank

    Burgan Bank, the commercial banking arm of investment firm Kuwait Project Co (KIPCO), has announced that it has raised its stake in Iraq's Baghdad Bank to 50.6%, Reuters has reported. The $10.7m acquisition of an additional 5.3% stake, which turned the lender into a majority shareholder, is part of a push by Burgan to move outside of its home market for the first time.

  • Burj Dubai opens to residents from Feb onwards

    Emaar Properties has announced residents of Burj Dubai February 2010 onwards. Meanwhile, the Armani Residences on levels 9 to 16 will open their doors first to guests in March, followed by the Armani Hotel Dubai, which occupies the concourse to Level 8 and Levels 38 & 39. The 900 apartments in The Residences and offices on The Corporate Suites will be handed over to customers from March. Handovers are expected to take two to six months.

  • Burj Dubai opens with fireworks and salute to Abu Dhabi

    Sheikh Mohammed renames world’s tallest building Burj Khalifa bin Zayed

  • Burj Dubai renamed as height revealed

    The tallest tower in the world was officially inaugurated this evening by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai. And in a surprise announcement, the Burj Dubai was officially unveiled as the Burj Khalifa, named after the UAE President and ruler of Abu Dhabi. The tower's official height was declared to be 828 metres, 10 metres taller than previous estimates had suggested.

  • Cairo airport eases Terminal renovation bid criteria

    Egypt has eased the terms for companies interested in bidding on the contract to renovate Cairo International airport's second terminal, in an effort to increase the number of potential bidders, Meed has reported. Among the changes, potential bidders will now have to show they have completed at least one similar project within the past ten years worth at least $200m, while previously companies were required to have completed a project worth at least $250m within the past six years. The deadli

  • Cairo eases prequalification terms for airport deal

    Contract covers renovation of terminal building and construction of departure hall

  • Cairo invites bids for Gabal el-Asfar wastewater plant

    Expansion scheme will offer services to 2.5 million people

  • CH2M enters JV to bid on Saudi projects

    Saudi Olayan Group has partnered with US-based engineering firm CH2M Hill to bid for a growing number of building projects in the kingdom, Reuters has reported. The joint-venture called CH2MOlayan will start off with a paid-up capital of SR10m, which could be increased later. The new JV is already eyeing a paint plant Dutch Akzo Nobel plans for Saudi Arabia, Lee McIntire, the US firm's chief executive said.

  • Christian Louboutin set to open in Jeddah

    The Chalhoub Group has signed a joint venture agreement with French luxury footwear company Christian Louboutin. The agreement covers the brand's retail development across the Middle East region with the Chalhoub Group. The first Christian Louboutin boutique will be opened early 2010 in Al Khayyat Mall in Jeddah, Saudi Arabia, and will be entirely managed by Farouk Trading and Contracting Co.

  • Circle Oil increases production at Moroccan gas well

    Output boost follows completion of engineering works

  • Citadel Capital to invest $400m in East Africa

    Egyptian investment firm, Citadel Capital, has revealed plans to invest up to $400m over the next two years in Kenya, Uganda and Tanzania. 'East Africa's appealing natural competitive advantages - including fast-growing consumer markets and large workforces - fit perfectly with our time-proven strategy of turning national players into regional champions,' Citadel's Chairman and founder, Ahmed Heikal said.

  • Club Med considers Abu Dhabi resort

    Family-focused French holiday company Club Med is in talks with firms in Abu Dhabi and Ras Al Khaimah as it considers launching a resort in the UAE. According to the National, Abu Dhabi is a front runner due to is availability of beaches, environmental policies and tourism strategy that emphasises culture and nature. Last week, Club Med signed a deal with Oman's Muriya Tourism Development to open a luxury resort in Salalah, due to begin operations in late 2012.

  • Combined Group wins $98m Kuwait roads deal

    Local contractor to build junction on Fahaheel road

  • Commercial Bank Kuwait placed on 'Rating Watch Negative'

    Commercial Bank of Kuwait's (CB) individual rating of 'C/D' has been placed by Fitch Ratings at Rating Watch Negative (RWN). The lender's other ratings have also been affirmed at Long-term Issuer Default (IDR) 'A+' with 'Stable' outlook, Short-term IDR 'F1', Support '1' and Support Rating Floor 'A+'. "The RWN reflects an increased level of uncertainty following the resignation of CB's Board of Directors, which was announced in a brief statement to the Kuwaiti stock-market on 17 January 2010,"

  • Commercial Bank of Dubai '09 net grows 4%

    Commercial Bank of Dubai has posted a 4% increase in full-year earnings on increased interest income, Bloomberg has reported. Net income rose to Dhs803m ($219m) from Dhs771m a year earlier. Net interest income also increased 15% to Dhs1.32bn.

  • Commercial Bank of Kuwait's board resigns

    Commercial Bank of Kuwait has announced that all its board members resigned last week but it did not give a reason for their departure. The board resigned on Jan. 12, and elections for a new board will start on Jan. 17 and run to Jan. 31, CBK said in a statement on the Kuwaiti bourse website.

  • Commercial Bank Qatar posts 2009 profit

    Commercial Bank of Qatar has posted a net profit of QR1.52bn in 2009 and increased Q4 profits by 33% to QR186m compared with the same period in 2008, Gulf Times has reported. The bank's net provisions increased to QR648m in 2009, compared with QR524m in 2008. Loans and advances to customers were 6% lower than 2008 at QR31.9bn, due to selective new lending during the year, although new lending increased to QR3.6bn in Q4 and also because of the sale of loans and advances and other exposures of

  • Concord opens showroom in Riyadh

    Swiss watch maker, Concord has announced the opening of its first exclusive shop-in-shop showroom in Riyadh, Saudi Arabia. The Concord shop is located on Al Malaz street Riyadh in the premises of Al Ghazali, Concord's local partner in Saudi Arabia.

  • Conformity certificates to be needed for appliances in UAE

    Conformity certificates will be required for nine home appliances as a prerequisite for being imported into the UAE in the first half of 2010, Emirates Business has reported. Products to be controlled are extension cords, storage water heaters, electric irons, microwave ovens, washing machines, electric stoves, refrigerators and freezers, water dispensers and oven toasters. 'These products affect consumer's life, health and safety and the environment,' Abdulla Al Muaini, director of Conformit

  • Construction of Qom monorail starts

    The first phase will involve the construction of 6.2 kilometre track and seven stations

  • Consumer confidence in UAE falls

    Optimism among consumers in the UAE fell sharply in the last quarter of 2009, according to a new survey by Nielsen Company. The UAE was one of the few countries in the world which had seen a resurgence in consumer confidence in the third quarter of last year, despite the global recession, the report said. However, the UAE's Consumer Confidence index fell 10 points in Q4 on the back of Dubai World's request for a six-month extension on debt payments, the report said.

  • Contractors prepare bids for Bustan hotel spa

    Ministry sets 15 February deadline for project

  • Contractors submit bids for Kuwait City road works

    Project includes work on the sixth and seventh ring roads

  • Corporate credit quality in GCC to stabilise

    A report by ratings agency Moody's has said that corporate credit quality in the GCC will stabilize or recover slowly in 2010. Prospects for longer maturities on high quality credit over shorter tenors would contribute to a stabilisation of the regional market, the report said. 'The main drivers of credit quality will be industry-specific fundamentals as well as the companies' ability to improve liquidity profiles and to extend debt maturities, which have remained comparatively short and clus

  • Corporate credit still 'tight' in Saudi

    A new report by Samba Financial Group, Saudi Arabia's second largest bank, has said that corporate credit in the kingdom remains tight, as foreign banks remain reluctant to lend, Bloomberg has reported. 'Most foreign banks remain reluctant to participate in syndicated deals, while local institutions do not have the resources for the scale of lending that many Saudi industrial projects require,' Keith Savard, chief economist at Samba said in the report.

  • Damac invites Jeddah tower bids

    Contractors have been invited by Dubai's Damac Properties to bid by January 31, for the contract to build its 178-metre-tall Al-Jawhara Tower in Jeddah, Meed has reported. The 49-floor residential tower will have a ground floor with retail space and a restaurant, a basement parking floor, three podium floors for parking, and a health club floor consisting of a gymnasium, swimming pool, sauna and steam rooms. The 42 residential floors will have a total of 294 apartments made up of one, two and

  • Damac Properties tenders Jeddah construction deal

    Al-Jawhara Tower will have 294 residential units

  • Damac to hand over six projects in 2010

    Dubai-based real estate developer, Damac Properties has announced that it will complete and deliver six of its projects during 2010. The six projects offer over 3,000 new residential and commercial units. The projects include Damac's Emirates Gardens development and Tuscan Residences at Jumeirah Village South, Lago Vista at IMPZ, XL Tower and Business Tower at Business Bay and Smart Heights at Tecom.

  • Dana Gas makes gas discovery in Egypt

    Sharjah energy firm increases daily production rate by 27 per cent

  • Dana Gas makes new Egypt oil find

    UAE exploration company now plans further exploration in Komobo concession

  • Dana Gas makes new oil find in Egypt

    UAE-based Dana Gas has announced a new discovery of oil in southern Egypt. The company said the well, which was drilled at the Komombo concession, is its most prolific in the region to date, and the first to bring oil to the surface under natural pressure from the reservoir, instead of having to be pumped.

  • Danieli completes Abu Dhabi steel mill

    Direct reduction plant’s capacity exceeds contractual obligations

  • Dar Al Arkan given BB- rating

    The long-term corporate credit rating of Saudi real estate developer, Dar Al Arkan (DAAR) has been assigned 'BB-' by Standard & Poor's Ratings Services, with 'Stable' outlook. "The ratings on DAAR reflect its exposure to the speculative, cyclical, and capital-intensive nature of land development and homebuilding activities; the immature and still-opaque characteristics of the housing market in Saudi Arabia (AA-/Stable/A-1+); the volatility of revenues from land sales; the potential execution

  • Dar al-Arkan plans sukuk to refinance $600m debt

    Saudi property firm plans to sell Islamic bond issue to local banks

  • Dar sukuk may serve as Gulf benchmark, says Moody's

    Moody's Investors Service has said that the planned sukuk by Saudi developer Dar Al Arkan Real Estate Development Co will set a pricing benchmark for the Gulf region's non-investment grade issuers, Bloomberg has reported. The Islamic bond issuance aims to refinance a $600m debt, two bankers with knowledge of the sale said. It is the first non-investment grade issue from the region, Jehad el-Nakla, a Dubai-based analyst at Moody's, told reporters at the formation of the Gulf Bond and Sukuk Ass

  • Dell expands third party offer in Middle East

    Dell Middle East has partnered with Intelligent Decisions to increase, and customers across the Middle East. Intelligent Decisions recently opened an office in the Dubai Silicon Oasis and will offer a single source for Dell customers' and partners' IT requirements.

  • Dell: IT heads must make technology work harder

    Michael Dell, CEO of Dell, told delegates at the IDC CIO summit in Dubai this afternoon that the industry was not slowing down in terms of technology innovation and that helping to improve efficiency was high on his company's agenda. Speaking to a packed auditorium he said that 'today's IT heads faced the real challenge of getting greater efficiency despite having to cut costs'. But, he added, you 'cannot cut your way to prosperity' and that IT heads must use technology to improve efficiency

  • Dewa delays bond issue to second quarter

    Dubai utility pushes back borrowing plans from first quarter of 2010

  • Dewa to award IWPP deal in Q1 2011

    The contract for Dubai's first independent water and power project (IWPP) will be awarded by Dubai Electricity & Water Authority (Dewa) in the first quarter of 2011, Meed has reported. The IWPP replaces Dewa's previous long-standing plans to build the Hassyan 1 power and water plant on an engineering, procurement and construction basis. The Hassyan IWPP will have a capacity of 1,500MW of power and 120 million gallons a day of water - the same as the original Hassyan 1 plant. Dewa will guarant

  • Dewan Architects secures Saudi tower deal

    Emirates consultant to supervise construction of Al-Khobar office building

  • DFM climbs 0.94%

    The Dubai Financial Market gained 0.94% today to close on 1,677. Aramex was one of the day's big gainers, rising 0.94% to Dhs1.66, while market heavyweight Emaar gained 1.8% to Dhs3.38. Overall, 16 stocks ended higher, four fell, and seven were unchanged.

  • DFM climbs 2.17%

    The Dubai Financial Market (DFM) rose by 2.17% to 1,599.43 today, with 24 stocks rising, five falling and two remaining unchanged. Hits Telecom was the day's biggest gainer, moving up 7% to Dhs2.14, while National Cement (NCC) had the biggest slide, falling 4.95% to Dhs3.07.

  • DFM closes up almost 1%

    The Dubai Financial Market (DFM) closed up by 0.95% to 1,837.14 on the last day of trading of the week. Six stocks fell, five held steady and 19 rose. Arabtec was the day's biggest gainer, closing up 6.25% to Dhs2.89.

  • DFM down as Arabtec falls close to 7%

    The Dubai Financial Market (DFM) ended the day down 1.24% to 1,814.33, with 11 stocks rising against 14 falling. Arabtec was the most traded stock by value and by volume following the announcement that Aabar Investment would seek to acquire 70% of the stock, but ended the day down by 6.92% to Dhs2.69.

  • DFM falls 0.64%

    The Dubai Financial Market gained 0.64% today to close on 1,802, as 14 stocks fell, five rose, and seven were unchanged. Arabtec had the day's biggest loss, down 3.35% to Dhs2.60, while Global Investment House led all gainers, rising 5.08% to Dhs1.24.

  • DFM falls 1.48%

    The Dubai Financial Market (DFM) fell 1.48% to 1,652.26, with four companies rising, three holding steady and 20 falling. Ekttitab, Hits Telecom, DarTakaful and CBD were the only rising stocks, moving up 1.52% (to Dhs0.67), 1.43% (Dhs1.42), 0.68% (Dhs1.47) and 0.54% (Dhs3.72) respectively.

  • DFM falls 2.42%

    The Dubai Financial Market dropped 2.42% today to close on 1,759, as only three of the 28 stocks in the index ended higher. Among the most actively traded stocks, Arabtec fell 5.00% to Dhs2.47 and Emaar tumbled 4.35% to Dhs 3.74.

  • DFM falls 2.60%

    The Dubai Financial Market fell 2.60% today to close on 1,817, as only one of the 28 stocks traded on the day finished higher. Takaful-Emarat was the day's gainer, up 2% to Dhs1.16, while Hits Telecom had the day's biggest loss, falling 9.35% to Dhs1.26.

  • DFM falls 3.61%

    The Dubai Financial Market fell 3.61% today to close on 1,556, with only four stocks rising, 23 falling, and three unchanged. Union Properties, Dubai's second biggest developer by assets, plunged 10% to Dhs0.54 after it had its share-price estimate cut to 3 fils at Credit Suisse. Market heavyweight Emaar also dropped sharply, falling 7.64% to Dhs2.90.

  • DFM gains 0.60%

    The Dubai Financial Market gained 0.60% today to close on 1,565, with 17 stocks rising and nine falling. The day's two most heavily traded stocks saw gains, as Emaar rose 1.72% to Dhs2.95, and Arabtec climbed 3.35% to Dhs2.16. Union Properties had the biggest drop, falling 5.56% to Dhs0.51.

  • DFM gains 0.87%

    The Dubai Financial Market climbed 0.87% today to close on 1,688, as 16 stocks ended higher, five fell, and six were unchanged. Arabtec, the day's most heavily traded stock, rose 4.29% to Dhs2.43, while the day's top gainer, Global Investment House, jumped 9.85% to Dhs1.19.

  • DFm holds level

    The Dubai Financial Market (DFM) essentially held its ground, moving up a negligible 0.06% to 1,819.87. Five stocks rose, 12 fell and 10 remained unchanged. On a day of relatively slow trading Aramex was the biggest riser, going up by 1.89% to Dhs1.62.

  • DFM nudges slightly higher

    The Dubai Financial Market ended the day with a slight gain of 0.09%, as eleven stocks rose, 12 fell, and seven were unchanged. Emaar and Arabtec closed unchanged, while Gulf Finance was the day's gainer, rising 7.92% to Dhs1.09. National Cement had the day's biggest loss, down 4.93% to Dhs3.28.

  • DFM rises 2.82%

    The Dubai Financial Market jumped 2.82% today to 1,614, with just one stock falling, 24 rising, and three unchanged. Emaar, the day's most heavily traded stock, gained 5.72% to Dhs3.14. Arabtec posted a 4.51% rise to Dhs2.26, while Hits Telecom had the day's biggest move, up 14.72% to Dhs1.87.

  • DFM slips 0.59%

    The Dubai Financial Market (DFM) fell 0.59% to 1,589.97, with eight stocks rising, 20 falling and two holding steady. Gulf Navigation was the most active stock by volume and the day's biggest riser, moving up by 7.14% to Dhs0.60. DarTakaful fell the furthest today, going down by 9.74% to Dhs1.39.

  • DFM slips 1.57%

    The Dubai Financial Market fell 1.57% to close on 1,661, as 22 of the 27 stocks traded on the day ended lower. The day's most heavily traded stock, Emaar, fell 3.21% to Dhs3.32, while Gulf Finance House posted the day's biggest gain, up 6.78% to Dhs1.26. Dubai's index has fallen 7.9% this month, according to Bloomberg data.

  • DFM slips 1.98%

    The Dubai Financial Market (DFM) fell 1.98% to 1,673.60, with only three stocks rising, 18 falling and six remaining unchanged. GFH, AlMadina and AlSalamSudan were the only three stocks to go up in trading, moving 3.36% (to Dhs1.23), 1.01% (Dhs1) and 0.82% to Dhs2.46 respectively.

  • DFM slips slightly at end of week's trading

    The Dubai Financial Market (DFM) fell 0.29% to 1,707.37 today, with 13 stocks rising, eight falling and eight holding steady. Gulf Finance House made the biggest gains of the day, moving up 13.33% to Dhs1.19. Arabtec was the most traded stock by value and by volume, but ended the day down slightly by 0.82% to Dhs2.41.

  • DFM up 3.44% as Emaar prepares for Burj Dubai launch

    The Dubai Financial Market closed up by 3.44% to 1,865.59, with 23 stocks rising, compared to just three falling and two remaining unchanged. Emaar rose by 7.77% to Dhs4.16 as it prepares to officially open its flagship Burj Dubai project, the world's tallest tower, tomorrow.

  • DHA hospitals get accreditation to train doctors in surgery

    Dubai Hospital and Rashid Hospital of the Dubai Health Authority have received accreditation by the Arab Board of Medical Specializations to train newly qualified graduates in general surgery. 'This provides a tremendous boost for our doctors and makes it more convenient for them to undertake the examinations and receive their certification in general surgery,' Dr. Khalil Qayed, Director of the Medical Education Department at the DHA, said.

  • DIFC may cut registration fees

    A significant reduction in fees before the middle of this year is being considered by the Dubai International Financial Centre (DIFC) to attract more funds, Khaleej Times has reported. 'We have a comprehensive package including cuts in registration and listing fees of funds," DIFC Chief Economist, Dr. Nasser Saidi told reporters on the sidelines of a seminar in Dubai. DIFC is also looking to attract real estate investment trusts and funds complying with Shariah-compliant banking law, he added

  • Dodsal wins pipeline deals worth $160m in Abu Dhabi

    Deals cover construction of pipelines for Gasco and Elixier

  • Doha port's first phase to be complete by 2014

    Toufic Oueida, executive director of the Doha port project has said that the first phase of the project is set to be completed and fully operational by November 2014, Gulf Times has reported. The new port will house the navy facility, the Emiri yacht and the coastguard facilities, he said.

  • Doha to award $1.7bn deals for Barzan gas field in 2010

    Ten firms express interest in four engineering, procurement and construction contracts

  • DP World looks to list on LSE

    DP World has announced plans to seek a premium listing on the London Stock Exchange in the second quarter of 2010, whilst maintaining the existing primary listing on Nasdaq Dubai. "DP World would evaluate all available options to address its continued disappointment with the market's valuation of the company," the ports operator said in a statement.

  • DP World plans listing on London bourse

    Dubai port operator aims to improve valuation of shares

  • DP World to proceed with London Gateway

    DP World has announced it has decided to forge ahead with the foundation stage of its postponed London Gateway project despite the market downturn. The port operator acquired the remaining 1,000 acres of land for the London Gateway and Logistics Park and Royal Dutch Shell's remaining interests in the project for the sum of ₤136m (approx $220m).

  • DPG announces progress at Reemram

    Dubai Properties Group (DPG) has announced significant progress in its Remraam development with 25 buildings reaching full heights as construction rapidly progresses on the five, six and seven-floor residences. With more than 85% of excavation and 50% of foundations completed at the site, work has commenced on the construction of roads to service the community that will feature upscale studio, one, two and three-bedroom apartments.

  • Drake and Scull win Dhs64m Abu Dhabi deal

    Drake and Scull International has announced its Abu Dhabi subsidiary has been awarded a Dhs64m Mechanical, Electrical & Plumbing contract for Rotana's Centro Hotel, Capital Centre in the Adnec complex. The construction of the 27-floor hotel and office building has already started and is projected to be completed within a 22-month period.

  • Du to invest Dhs2bn in infrastructure

    UAE telecoms operator Du has confirmed in a statement on the Dubai Financial Market that it is investing Dhs2bn this year to build telecom infrastructure in the UAE, Gulf News has reported. Du invested a similar amount in 2009 for infrastructure, reporting that this has resulted in growth in new subscribers.

  • Dubai aims to crack down on expired registrations

    The Dubai Roads and Transport Authority is asking insurance companies to no longer insure vehicles with expired registration, a senior official told Gulf News. 'We are trying to develop a mechanism with the help of insurance companies to stop insurance of vehicles after expiry of their registration because such vehicles pose a serious threat to road users,' Ahmad Hashim Behroozian, Chief Executive Officer of the RTA's Licensing Agency told the daily. He said there are more than 80,000 vehicle

  • Dubai airport passenger numbers up 14.5%

    Dubai International has announced that the total number of passengers increased by 14.5% to 3.8 million in December 2009, compared to 3.3 million passengers during the same month in 2008, Gulf News has reported. The airport saw the highest growth in passengers among the busiest airports in the world, with numbers of passenger reaching a record of 40.9 million. Cargo volumes also went up 5.6% in 2009 following a dramatic 26% jump in December and double-digit increases during the last quarter

  • Dubai approves 2010 budget

    Dubai's budget for fiscal year 2010 has been approved, prioritising on the economic sector, infrastructure and transportation, Gulf News has reported. The Dubai Finance Department Director-General Abdul Rahman Al Saleh has said government revenues were projected to reach Dhs29.4bn as against Dhs35.4bn expenditure.

  • Dubai British School gets CIS accreditation

    Dubai British School, which follows the National Curriculum of England, has announced it has been awarded the Council of International Schools (CIS) accreditation for its primary and secondary levels. CIS is a non-profit organisation of a worldwide international educational community comprising over 650 member schools and 450 colleges and universities.

  • Dubai Duty Free sales total $1.14bn

    Dubai Duty Free has announced annual sales of Dhs4.1bn ($1.14bn) for 2009, a 3.76% increase over the previous year. December sales reached Dhs441m ($122m), a 9% increase over December 2008.

  • Dubai economy forecast to shrink further in 2010

    Recovery of wider UAE economy to be driven by Abu Dhabi

  • Dubai exempts firms from late licence fines

    A decree has been issued by Dubai's ruler exempting firms operating in the emirate from all fines imposed on them for not renewing their licences on time, as part of the emirate's strategy to help firms reduce their financial burden, Gulf News has reported. The exemption also includes companies operating in special development districts and free zones. However, firms must rectify their status before the grace period ends in June to be eligible to benefit from this privilege, according to the

  • Dubai Group moots Onic stake sale

    Dubai Group is in talks with Oman National Investment Corp (Onic) over a possible sale of the group's 41% stake, Reuters has reported, citing three sources familiar with the matter. In October, the group said it would reassess its investment strategy. Two months later it sold a 7% stake in Egyptian investment bank EFG Hermes for $120m. "We expected some rethinking on the strategy and on which assets to divest, and this is proving to be consistent with that," said Ali Khan, managing director a

  • Dubai Group mulls sale of Bank Islam Malaysia stake

    Dubai Group may sell its stake in Bank Islam Malaysia for around $300m, Malaysian Reserve reported, citing sources familiar with the plan. According to the newspaper, the sale is expected to be completed by June.

  • Dubai International Capital completes $550m refinancing deal

    Loan extends debt for additional three years

  • Dubai Land Department launches online registration

    Dubai's Land Department has announced the launch of new services including an immediate online registration procedure. The new registration process will allow property transactions to be completed securely and promptly. "By offering real estate buyers, investors and professionals procedures which are quick, simple, connected and allow instant access to on the spot reports we are giving them the confidence and assurance they need to invest in Dubai property,' said Sultan Bin Butti Bin Mejren,

  • Dubai launches first private power and water project

    Emirate scraps plans for Hassyan 1 engineering, procurement and construction contract

  • Dubai may close branch campuses

    Some university branches in Dubai risk possible closure this year because they have not convinced regulators they are matching the standards of their home campuses, the head of the group that governs free-zone institutions told the National. The University Quality Assurance International Board (Uqaib), formed last year to regulate the branches, is reviewing 24 free-zone campuses in the emirate. He said the ultimate sanction would be for the licence of a branch campus to be revoked, and he war

  • Dubai may sell stake in Bank Muscat

    Dubai Holding plans to sell its stake in Bank Muscat as it offloads low-profile assets to meet its debt burden, Reuters has reported, citing bankers and analysts. One banking source told the news service that the conglomerate, which is owned by the ruler of Dubai, had expressed interest in selling the stake - most likely to a single buyer and not on the open market - but was 'not happy to sell at the prevailing prices'. "We are aware that there are some price negotiations happening regarding

  • Dubai mulls privatisation of power, water projects

    The Dubai Electricity and Water Authority (Dewa) is considering the privatization of its power generation and desalination projects, Gulf News has reported. The move aims to encourage the private sector to engage in such strategic projects to provide for Dubai's energy needs, Saeed Mohammad Al Tayer, managing director and CEO of Dewa, said.

  • Dubai not sending QE2 to S. Africa

    Istithmar World, the investment arm of Dubai World, has said that a plan to send the Queen Elizabeth 2 (QE2) to South Africa has been abandoned, Reuters has reported. The company said it has a number of options being considered for the liner and the company is studying which will 'best maximise the value of the vessel'. QE2 is currently moored in Dubai.

  • Dubai Properties may spend $1.1bn annually on plans

    Khalid al-Malik, chief executive of Dubai Properties, has said the group has sufficient liquidity and plans to spend up to ($1.09bn) annually in the next three years on its future plans, Arabic daily Al Khaleej has reported. The company has a three-stage plan to restructure its current and future business both locally and internationally, he said, adding that the first phase and a good part of the second have been finalized. 'The third phase will focus on delivering projects that are close to

  • Dubai school fee cap levels to be reviewed

    The director general of Dubai's Knowledge and Human Development Authority (KHDA), Dr Abdulla al Karam has said that the decision to raise schools fees should be linked to their performance, rather being driven by economics, The National has reported. He said that KHDA is in talks with the education ministry about fee caps and that a decision is expected before April, when Indian and Pakistani schools start the new academic year.

  • Dubai sets Dhs10bn transport budget

    Mattar al Tayyer, chairman of Dubai's Roads & Transport Authority has announced that emirate could spend about $3bn in transport infrastructure projects in 2010, Reuters has reported. "Investing in infrastructure is the driving force for the economy. We have Dhs10.5bn budget for this year and we will spend more in the future," he said, later adding that could rise to Dhs10.7bn.

  • Dubai Shopping Festival opens

    With the launch of Dubai's 15th shopping festival, the Dubai Events and Promotions Establishment has said that the number of retailers in the one-month event is expected to reach 2009's tally of nearly 6,000, Emirates Business has reported. The festival, which runs until February 28, will offer discounts up to 75% at shopping malls, in addition to the DSF Lexus Mega Raffle offering winners a choice of 12 Nissan sedan cars and seven types of SUVs from the 32 being offered as prizes by the mall

  • Dubai Shopping Festival spend down 2%

    Dubai Events and Promotions Establishment (DEPE) has said that last year's Dubai Shopping Festival had seen 4.6% increase in numbers of visitor and a 2% decrease in spending, compared to the event's 2008 version, Wam has reported. Some 3.35 million visitors had spent approximately Dhs9.8bn during 32 days in last year's event, the organizing firm said.

  • Dubai stocks fall again

    The Dubai Financial Market fell 2.65% today to close on 1,712, as only three of 31 stocks ended higher. Market heavyweight Emaar Properties dropped 5.08% to Dhs3.55, while Global Investment House had the day's big gain, up 14.29% to Dhs1.44.

  • Dubai to host Medical Education academy

    Dubai Health Authority, Active-M Group and Royal Philips Electronics have formed a joint venture to develop a Continuous Medical Education academy of excellence. Located in Dubai, the academy will offer both international and local accredited courses for all medical practitioners in the UAE and the GCC countries.

  • Dubai to open new cruise terminal

    Dubai's Department of Tourism and Commerce Marketing has announced that its new cruise terminal located in the Port Rashid complex will be inaugurated in February. The terminal's design allows for handling four ships simultaneously and to cater to the increased number of cruise ship calls. Its facilities include money exchange, ATMs, post office, duty free shop, souvenir shops, gift shops, and business centre with internet access, Wi-Fi enabled for lap-top users, and VIP Majlis.

  • Dubai to set up Islamic banking academy

    An Academy of Islamic Bank is set to be etablished in Dubai soon, according to Dr. Hussain Hamed Hassan, a Shariah scholar and president of several Fatwa and Sharia boards, Emirates Business 24/7 has reported. The institute will offer bachelors, masters and doctorate courses in Islamic finance and will become operational by 2011.

  • Dubai World assets top $120bn

    Dubai World's property and investment assets exceeded $120bn at the end of 2009 and could cover its debt of $57bn, Arabic daily Al Ittihad has reported. Citing a recent internal report shared with creditors, the paper said the value of the company's property assets dropped around 35% in 2009, compared with $157bn in 2008.

  • Dubai's debt may be $170bn, says report

    The total debt of Dubai could be as much as $170bn, far higher than previously reported, according to a report by EFG-Hermes regional investment bank. 'The total debt held by Dubai Inc could well be in the range of $130-170bn, the bank said in its 2010 UAE Yearbook. Dubai Inc is a term used to refer to the Dubai government and its government-related entities.

  • Dubai's Dewa delays $1.5bn bond sale

    Saeed Mohammed al-Tayer, CEO of Dubai Electricity & Water Authority (Dewa) has said the sale of a $1.5bn bond has been delayed to the second quarter, as credit markets remain unattractive, Bloomberg has reported. 'Not only us, all over the UAE' companies have delayed bond sales, he said.

  • Dubai's transport authority to spend $2.1bn on projects in 2010

    The government-backed agency plans plans to launch 13 new projects this year

  • Dubai's ZU branch to admit males

    Male students will start attending the Dubai branch of Zayed University for the first time this autumn, but plans for their own campus have still not been finalised, the school announced. About 200 men will take classes in the afternoon after the female students go home. A campus for male students opened in Abu Dhabi two years ago, and the university announced last spring that it would build a men's campus in Dubai that was scheduled to open in September.

  • DuBiotech expects to host 20 new firms in 2010

    Dr. Marco Baccanti, executive director of Dubai Biotechnology and Research Park (DuBiotech), has said that three pharmaceutical firms in the US and the Middle East have submitted serious requests to set up their manufacturing facilities in the UAE, Khaleej Times has reported. Agreements with these companies will be finalised in Q1 and Q2 2010, Baccanti told the newspaper. DuBiotech, which currently hosts 65 major pharmaceutical firms including Pfizer, Genzyme, Merck-Serono and Amgen, expects

  • Dusit inks Saudi hotel contract

    Dusit International has announced a contract with United Co for Hotels & Tourism Regions for its seventh property in the Middle East, and the first hotel in Saudi Arabia, Dusit Thani Jeddah. The new 278-room hotel is designed as an urban resort situated in Abhor close to the centre of Jeddah city.

  • Dusit Princess opens in Dubai

    Thai hospitality firm Dusit International has announced the opening of the Dusit Princess City Centre in Dubai. The hotel aims to attract budget-conscious business and leisure guests. The new property has 120 rooms and suites, meeting facilities, an all-day dining restaurant, a speciality café, a gymnasium, a swimming pool with Jacuzzi and a juice bar.

  • Eastern Holding to launch $100m for new projects

    Jordan-based Eastern Holding Group has announced it plans to launch $100m worth of new projects in the kingdom in 2010, Jordan Times has reported. The investment firm will finance 75% of projects in the fields of aviation, hospitality and industry, while the remaining amount will be financed by borrowing from local banks, vice-chairman, Osama Dabbas said. The group has business activities in the fields of airline, aviation training, flight services, security, water treatment and tourism and h

  • EFG-Hermes eyes to sell Bank Audi stake

    Egypt-based EFG-Hermes Holding SAE has said it is in talks to sell its four year-old $913.4m stake in Lebanon's Bank Audi, after more than doubling the value of the investment, Bloomberg has reported. EFG-Hermes took a 20% stake in Bank Audi for $450m in January 2006. The investment bank's share includes 7,554,148 common shares and 2,483,034 global depositary receipts at $91 per share. EFG-Hermes CEO Yasser El- Mallawany has declined to identify the potential buyer.

  • Egypt attracts $42.4bn FDI in five years

    Mahmoud Mohieldin, Egyptian investment minister has said his country had managed to attract $42.4bn in Foreign Direct Investment between 2004 and 2009, Kuna has reported. The minister made the remarks on the occasion of publishing of the country's annual economic report. The report indicates that despite the increase of foreign and Arab investments for the year 2008-09, Egyptian investments in the country took the bigger portion of overall investment with 72% while foreign investment took 15%

  • Egypt banks to take real estate assets for debt coverage

    Banks in Egypt have agreed to accept a proposal by the country's ministry of investment, under which lenders will receive real estate in exchange for hundreds of millions of dollars in public sector debt, Reuters has reported. "There has been an agreement ... with the public sector companies that we would take assets as settlement for the public sector debt," Banque Misr's Vice-Chairman Mohamed Ozalp told the news service. National Bank of Egypt's Chairman Tarek Amer confirmed that his bank h

  • Egypt moots Iraq gas imports

    Egypt is mulling the import of natural gas from Iraq through the pipeline that the country currently uses to export its own natural gas to Jordan, Lebanon and Syria, known as the Arab pipeline, Daily News Egypt has reported. Sameh Fahmy, petroleum minister has reportedly told the energy committee of the ruling National Democratic Party that importing gas from Iraq now would take advantage of the current global price drop, and that it would be used to service the energy needs of heavy industri

  • Egypt to explore 520 oil and gas wells

    Egypt's oil ministry has announced plans to drill 520 exploratory oil and gas wells worth $2bn in 2010, KUNA has reported. The plan includes drilling 36 gas wells in the country's northern delta coast, the southern governorates of Qena and Aswan, west of the Nile River, and the southern border areas. Eight new gas fields are set to be operational in Egypt

  • Egypt to offer 12 cement plant licences

    Twelve licences will be offered by Egypt's ministry of trade to build cement factories in 2010 to meet growing local demand, Reuters has reported, citing a report by the Arabic daily AlÙ€Alam AlÙ€Youm newspaper. "The request for the licences from our ministry is still before the Higher Council of Energy, which is headed by the prime minister," the Industrial Development Authority chairman, Amr Assal told the news service.

  • Egypt to open its first gold factory

    Egyptian petroleum minister, Sameh Fahmy has announced the first gold manufacturing plant in the country will be set up in Jabal Al-Sokaty, in the Eastern Desert, KUNA has reported. The factory's production will reach 200,000 ounces of gold within a year, and 500,000 within two years, he said.

  • Egypt to raise mortgage market value

    Moustafa El-Haiawan, board chairman of Egypt's Mortgage Finance Fund has said that the country plans to raise its mortgages market to EGP10bn within the next three years, up from the current EGP4bn, Reuters has reported. "The size of Egypt's mortgages market does not commensurate with the size of its real estate market," El-Haiawan said. Mortgages in Egypt represent well under 1% of GDP, partly because of a complex property registration process that makes it hard for lenders to secure the rig

  • Egypt, Zawaya ink $500m highway MoU

    Osama Saleh, chairman of Egypt's General Authority for Investment has said that Egypt's state Holding Co. for Building and Construction and Sudan's privately owned Zawaya Group for Development and Investment have signed a memorandum of understanding to build a key section of the Cape-to-Cairo highway, Reuters has reported. Under the agreement, a 400km stretch of highway will be built between Aswan in Egypt and Dongola in Sudan at a cost of $500m, Saleh said.

  • Egypt: Airport airfield construction works

    Construction of airfield works at an international airport. Closing date: 11 March 2010

  • Egypt: Airport terminal building

    Renovation and development of a second terminal building at an international airport (amendment and closing date extension). New closing date: 28 February 2010

  • Egypt: Commercial trade service development

    Development and management of integrated commercial trade service areas. Closing date: 21 March 2010

  • Egypt: Computer laboratories

    Supply of 900 computer laboratories for schools. Closing date: 17 January 2010

  • Egypt: Electricity critical piping and valves

    Carrying out the critical piping and valves package for an electricity project. Closing date: 14 March 2010

  • Egypt: Influenza control project equipment

    Supply of medical equipment for an avian and human influenza control project. Closing date: 9 March 2010

  • Egypt: Irrigation canal revamp (Ahmed Meneisi)

    Revamping of a section of an irrigation canal (Ahmed Meneisi). Closing date: 25 January 2010

  • Egypt: Irrigation canal revamp (Nekla)

    Revamping of a section of an irrigation canal (Nekla). Closing date: 26 January 2010

  • Egypt: Library and museum construction

    Construction of a public library and a heritage museum. Closing date: 11 February 2010

  • Egypt: Medical city vision and strategy consultancy

    Provision of consultancy services for a project to develop a medical city vision and strategy. Closing date: 15 January 2010

  • Egypt: Mosque construction

    Construction of a governorate’s mosque. Closing date: 10 February 2010

  • Egypt: Power plant feed water heating

    Carrying out a feed water heating package for a super critical thermal power plant project. Closing date: 14 February 2010

  • Egypt: Wastewater treatment plant engineering

    Provision of engineering services for a wastewater treatment plant project. Closing date: 24 March 2010

  • Egyptian airport operator to expand Hurghada International

    State firm will build runway, lighting and drainage systems on Red Sea coast

  • Egyptian Drilling Company completes $250m loan

    Loan will finance purchase of off-shore rig

  • Egyptian mobile phone subscribers rise

    The total number of mobile phone subscribers in Egypt rose to 53.682 million in November from 52.978 million in October, Reuters has reported, citing the government-run Egyptian Cabinet Information and Decision Support Centre. More than a million accounts have been created every month since late last year, but in November, some 704,000 accounts were created. A year ago, the number of subscribers stood at 37.626 million.

  • Egyptian Petroleum receives offers for $2bn export finance

    State-owned firm receives funding offers from local and international banks

  • Egyptian Refining in talks with credit agencies over Mostorod refinery

    Firm plans to complete financing agreements by end of first quarter

  • Egyptian regulator establishes level playing field for telecoms

    Telecoms companies banned from loss-leading promotions

  • Egyptian Resorts sees demand rising

    Real estate firm Egyptian Resorts has said it has sold a plot of land on the Red Sea for $13.3m, marking its first sale in over a year and signalling renewed interest in Egyptian property, Reuters has reported. The firm, which makes most of its money selling land to developers, sold 44,354 square metres at $300 per square metre to a Saudi investor planning to build a high-end hotel. The sale price was the company's first since the third quarter of 2008.

  • Egypt's Asec Cement to double production by 2013

    Egyptian cement maker, Asec Cement has announced plans to more than double its production by 2013, Reuters has reported. Asec, a subsidiary of Cairo-based Citadel Capital, hopes to achieve its goals by building several plants and acquiring a number of companies in the region, Giorgio Bodo, chief executive officer and chairman, told the news service. The company has stakes in cement plants in Algeria, Sudan, Syria, Iraq's semi-autonomous Kurdistan region and Ethiopia.

  • Egypt's core annual inflation rises

    The Central Bank of Egypt has announced that the country's core annual inflation rate rose to 6.85% in December, compared to 6.59% in November, due to unfavourable base effects from last year, Reuters has reported. The central bank has been using core inflation figures to help it in its monetary policy since 2006, but only began releasing the data publicly in October.

  • Egypt's Palm Hills to raise $400m

    Egyptian developer Palm Hills Development has announced plans to raise $397.9m in new funds as it prepares to speed up construction spending, Reuters has reported. 'We see a unique opportunity to increase the pace of our build-out while capitalising on the currently low price of key construction materials,' investment relations manager, Sara El-Gawahergy said. The company, which targets higher-end buyers, has five real estate developments under way in the western edge of Cairo, four in its ea

  • Egypt's tourism revenues fall in July-Sept '09

    Egypt's tourism revenue edged 1.5% lower to $3.23bn in the three months from July to September 2009, compared with the same period a year earlier, Reuters has reported. The three-month period July to September is the first quarter of Egypt's financial year, which starts July 1.

  • Ekotribe launches solar-powered chargers

    Ekotribe has announced the launch of a new line of solar-powered handheld chargers for mobile phones and iPods in the Middle East. The Solio solar universal chargers can charge a cell phone, iPod, MP3 player, PDA, game player, GPS, or a digital camera.

  • Emaar eyes expansion abroad

    Dubai's Emaar Properties has said it has no plans to merge with Nakheel, and will focus its efforts abroad and on non-property sectors such as hospitality and hospitals, Reuters has reported. 'All the studies which we made, we couldn't find a way ahead and it wasn't the right time for a merger at this time,' Issam Galadari, chief executive of Emaar Dubai, said at a media briefing.

  • Emaar Malls Group launches DSF campaign

    Emaar Malls Group has said that its special promotion campaign is expected to attract record numbers of footfall for shopping malls under its portfolio during this years Dubai Shopping Festival. The firm's signature promotion 'Fly from one Fashion to Another', which offers elements of travel, fashion and luxury, with every purchase, is offered throughout the retailer's network of shopping centres including The Dubai Mall, Dubai Marina Mall, Souk Al Bahar and Gold & Diamond Park.

  • Emaar slide brings DFM down close to 5%

    The Dubai Financial Market (DFM) fell 4.97% to 1,570.09, with only two stocks rising, and 26 falling. Bellwether Emaar was the most active stock by value and by volume, but was also the day's biggest loser, falling 9.73% to Dhs2.97.

  • Emirates' A380 is Airbus' 6000th aircraft

    Emirates Airline has announced it has added a new Airbus A380 to its fleet as part of its expansion plans. The new superjumbo is the manufacturer's 25th A380 and the 6000th aircraft to roll off the production line in its 40-year history.

  • Emirates Aluminium delivers its first cast metal

    Emirates Aluminium (Emal) has announced the delivery of its first cast metal to clients worldwide. The first metal was cast into 650kg sow ingot. The company has said its cast house production will continue to expand, with the production mix expanding from sow ingots to include standard ingot, sheet ingot, tee ingot and extrusion billet. Once fully operational, the production capacity of the cast house will reach 975,000 tonnes per year.

  • Emirates Building Systems expands with 150 new hires

    Emirates Building Systems (EBS), a subsidiary of Dubai Investments Industries has said it hired 150 new employees to meet increased manpower requirements due to expansion of its UAE and overseas operations. The company has won new projects which include the Tripoli airport project in Libya, the Petrofac-ADCO project in Abu Dhabi, and the CPECC crude oil pipeline project in Abu Dhabi. The new employees have been recruited for positions such as welders, steel fabricators, Quality Assurance/Qual

  • Emirates deposits $5bn into local banks

    Loan-to-deposit ratio at lowest level in more than a year

  • Emirates increases flights to Jakarta

    Emirates Airline has announced three new flights to Jakarta from March 1, 2010. The new flights will be operated on Tuesday, Thursday and Friday, using the Boeing 777. Currently, Emirates operates 11 flights a week to the Indonesian capital. The airline has noted a 20% annual growth in arrivals from the region, and will cater to the rising demand on the Dubai-Jakarta-Dubai sectors.

  • Emirates NBD discontinues Standard + Poor's ratings

    Following the completion of the integration and the migration to the Emirates NBD core banking platform, the lender has said that it has decided to discontinue use of Standard & Poor's Investors Service for rating of its banking subsidiaries, Emirates Bank International (EBI) and National Bank of Dubai (NBD). However, the lender will continue to use the services of Fitch Ratings, Moody's and Capital Intelligence to provide independent monitoring and rating of its financial strength.

  • Emirates offers flights to Madrid

    Airline to start operating route from 1 August

  • Emirates Steel to refinance $1.5bn

    Abu Dhabi's Emirates Steel Industries plans to approach banks in March to refinance $1.5bn used for the first and second phase of its plant expansion, the company's chief financial officer told Reuters. The company will approach local, regional and international banks for the refinancing, Stephen Pope said. Emirates Steel's output capacity is expected to reach 3 million tonnes a year by 2011.

  • Emirates Steel to refinance $700m debt

    Abu Dhabi's Emirates Steel may approach banks for a long-term project financing deal in March to refinance a $700m bridging loan that matures in August 2010, MEED has reported, citing sources close to the company. The funds are eyed for the expansion of Emirates Steel plant at Taweelah.

  • Emirates to fly to Madrid

    Dubai-based Emirates has announced that it will begin flights to Madrid from August 1, becoming the first carrier to offer direct passenger service between the emirate and Spain. The daily non-stop flight, which will be the carrier's 25th destination in Europe, will be served by an Airbus 330-200 aircraft with 12 seats in first class, 42 in business and 183 in economy.

  • Emirates to offer extra flights to Jakarta

    Dubai-based airline continues global expansion plans in 2010

  • ENOC seeks end to petrol price limits

    Dubai-based Emirates National Oil Company (ENOC) has said it has suffered months of losses as a result of rising costs for crude oil, and called for an end to federal price limits on petrol prices, The National has reported. The federal government should either offer direct subsidies for retailers to cover their losses or let the petrol price rise, ENOC's chief executive, Saeed Khoory said. The state-owned firm buys a large portion of its crude oil on the open market, where prices have nearly

  • ENOC to begin upgraded refinery in April

    Saeed Khoory, chief executive of Emirates National Oil Co (ENOC), has said that the company aims to start its upgraded Jebel Ali refinery in April, Reuters has reported. The upgrade would allow the Dubai government-owned refiner to convert naphtha to reformate, and give it capacity to produce 40,000 bpd of the gasoline component. It would also produce sweet naphtha with a sulphur content of 5 parts per million and a high paraffin content.

  • Esterad to launch Bahrain convertible bonds

    Bahrain-based investment firm, Esterad Investment Co. (Esterad) has announced the opening of subscription to its public offering of convertible bonds on the Bahrain Stock Exchange. The offer includes BD7m worth of convertible bonds paying a 4.5% coupon publicly marketed to all investors across the region. The subscription period for the bond offer commences on January 10, 2010, and will close on January 24, 2010.

  • Ethiopian airliner crashes near Beirut

    An Ethiopian Airlines plane crashed into the Mediterranean sea shortly after taking off from Beirut international airport in the early hours of this morning. Ethiopian Airlines Flight 409, a Boeing 737-800, disappeared off the radar about five minutes after taking off, shortly after its scheduled departure time of 2:10am, during a thunderstorm and heavy rain. Witnesses reported seeing a ball of fire as the plane, which was heading for the Ethiopian capital of Addis Ababa, plunged into the sea

  • Etihad in Mitsubishi Jet talks

    Etihad Airways is negotiating with Japanese plane maker, Mitsubishi Aircraft to buy the Mitsubishi Regional Jet (MRJ), Flightglobal website has reported. The MRJ is expected to be 20% more fuel efficient than competing aircraft. A Mitsubishi Aircraft spokeswoman confirmed the talks and said the company has been talking to a number of airlines in the Middle East. Abu Dhabi-based Etihad has not made a decision, she said. Launch customer All Nippon Airways expects to receive its first aircraft i

  • Etihad pushes back profitability target

    James Hogan, CEO of Abu Dhabi-based Etihad Airways has said that the company has pushed back a profitability target by a year as the financial crisis hit yields and the global flu pandemic had slowed passenger traffic, Reuters has reported. "Out profit target is 2011," Hogan told the news service on the sidelines of the World Economic Forum in Davos.

  • Etisalat defers Dhs1.8bn bond

    UAE's Etisalat has said it is postponing its planned Dhs1.8bn bond issue, Reuters has reported. Etisalat Chairman Mohamed Omran has said the company has sufficient cash to fund expansion. "Maybe we will issue the bond at a later stage, but we still haven't decided when," he added.

  • Etisalat launches remittance service

    Etisalat has partnered with Citibank to launch a service later this month that will enable its Indian mobile subscribers to send money to their families through their handsets, The National has reported. The company plans to expand the service to Bangladesh, Pakistan and Egypt in the coming months, Essa al Haddad, Etisalat's chief marketing officer said.

  • Etisalat releases new PTT package

    UAE's Etisalat has unveiled a new package for its Push-to-Talk (PTT) service customers. The new package plan, which requires a Nokia PTT enabled device, allows subscribers to enjoy unlimited use of Push-to-Talk for only Dhs49 per month. Push-to-Talk transforms a mobile phone into a walkie-talkie and allows customers to send their message to an individual or a group of receivers at the same time. PTT also lets customers access their contacts directly without dialing their numbers.

  • Etisalat to make PTCL stake payment

    Pakistan's minister of privatisation has announced that UAE's Etisalat is expected to make a payment of $800m by the end of March for a stake in Pakistan Telecommunication Co (PTCL), Reuters has reported. The payment is part of a 2006 deal for the Gulf region's second-largest telecom firm to acquire a 26% stake in PTCL for $2.6bn, of which $1.4bn has been paid.

  • Etisalat, Du to provide VoIP services

    A policy to provide VoIP services in the UAE through the two telecom operators will soon be announced by the country's telecoms regulator, Khaleej Times has reported. The Telecommunications Regulatory Authority (TRA) said that VoIP services will only be available through Etisalat and du.

  • Exhibitions and Events in the Middle East in 2010

    Calendar Of Events in the Middle East

  • Ezdan ups capital prior to merger

    Qatari developer, Ezdan Real Estate Co. has announced that it will be increasing its capital to QR26.52bn, as a prelude to merging with privately-held Group of International Housing Co. (GIHC), the Gulf Times has reported. The company's capital stood at QR4.57bn as on September 30, 2009. "The new share capital for Ezdan will be QR26.52bn distributed among 2.65bn shares. For each existing share, the shareholders will receive 2.15 additional shares," the company said.

  • Ezz expects steel prices to rise in 2010

    The Middle East's biggest independent steel maker, Al Ezz Steel Rebars expects Egyptian steel prices to rise in 2010, amid increased demand from home builders and infrastructure projects, Bloomberg has reported. The company had increased its ex-factory steel price in January by 3.4% to EGP3,050 per tonne from EGP2,950 per tonne, Kamel Galal, head of investor relations at Al Ezz said.

  • Fairmont Makkah hotel to open in Q3

    Fairmont Hotels & Resorts has announced that the Makkah Clock Royal Tower will be officially opening in Q3 2010. The 858-room hotel, which is part of seven-tower Abraj Al Bait Complex, will offer several dining outlets and conference facilities. At 577 metres high, the 76-storey hotel tower will be among the world's tallest and features a 40-metre clock, more than five times bigger than Big Ben in London, which will announce daily prayers to the Muslim world, in addition to a Lunar Observatio

  • FDG factory opened in UAE

    A Dhs80m factory aimed at improving cancer management for patients in the UAE and the region has been inaugurated by the Dubai Health Authority. The new facility, a joint venture with the Al Mulla Group and Monrol UAE, will manufacture the FDG (Flurodeoxglucose) injection that is required for patients who need to undergo PET (Positron Emission Tomography) scan.

  • Firms mull $20bn Saudi petrochemicals complex

    Scheme will produce 45 petrochemical products

  • Firms submit bids for Abu Dhabi pumping station

    Scheme to transport wastewater from island to Al-Wathba treatment plants

  • Firms submit bids for Qatar Petroleum offices at Ras Laffan

    Complex will be base for Qatar Petroleum’s operations

  • First Gulf Bank delays share buyback

    Abu Dhabi-based First Gulf Bank has said it has received the approval of the UAE markets regulator for an extension on plans to buy back 10% of its shares, Reuters has reported. The bank requested a one-year extension.

  • First Gulf Bank Q4 profit up 27%

    Abu Dhabi-based lender, First Gulf Bank (FGB) has said its Q4 net profit rose 27% to Dhs855m compared to a year earlier. Net profit for the full year stood at Dhs3.3bn, up 10% from of 2008. Seventy-five percent of the full year net profit was contributed by the group's core banking businesses including retail, corporate, treasury, investments and Islamic finance. The remaining 25% was contributed by the subsidiaries and associate companies of the group, FGB said in a statement.

  • Fitch places Commercial Bank of Kuwait on watch negative

    Bank’s non-performing loans almost triple over 2009

  • Fitch: Qtel ratings A+, Stable

    Qatar Telecom's (Qtel) Long-term foreign currency Issuer Default Rating (IDR) and senior unsecured ratings have been affirmed by Fitch Ratings at 'A+' respectively, with 'Stable' outlook on the Long-term IDR, Reuters has reported. "The rating affirmation reflects Fitch's assessment of the sovereign's creditworthiness, given Qtel's strong operational and strategic ties with the State of Qatar," the rating agency said. The government of Qatar owns a 55% stake in Qtel which is held directly and

  • Fitch: Saudi ratings affirmed at AA-

    Saudi Arabia's Long-term local and foreign currency Issuer Default ratings (IDRs) have been affirmed by Fitch Ratings at 'AA-', both with 'Stable' outlooks. The kingdom's Country Ceiling and Short-term foreign currency IDR were also affirmed at 'AA' and 'F1+', respectively. "The financing flexibility offered by the government's balance sheet - built up by saving past oil revenues - has enabled it to forge ahead with spending plans without raising borrowing," Fitch said.

  • Flights, passengers rise in Jordan in 2009

    Jordan's Civil Aviation Regulatory Commission has said that the number of flights through Jordanian airports in 2009 rose by 11.6% to 65095, up by 6777 flight compared to 2008, Petra news agency has reported. The number of passengers also rose by 6.3% in 2009 compared to the year before. Air cargo, however, had declined by 10.6% in 2009 compared to 2008.

  • Fluor wins Abu Dhabi offshore design deal

    Sath al-Raazboot facilities to produce 100,000 barrels of oil a day

  • Four million expected to perform 2010 Umrah

    Saad Jameel Al-Qurashi, chairman of Saudi Arabia's national committee for Haj and Umrah has said that the kingdom expects around four million foreign pilgrims to come for Umrah during 2010, Arab News has reported. This will be an opportunity for Umrah service providers in the kingdom to cover the losses they suffered in 2009, he said.

  • Four Seasons opens new hotel in Beirut

    Kingdom Hotel Investments (KHI) has announced the opening of the Four Seasons Beirut. The five-star luxury hotel, in which KHI has a 38% stake, consists of 230 guest rooms and suites, four food and beverage outlets, a ballroom, a business centre with five meeting rooms and a spa and health club, which includes a rooftop swimming pool.

  • Four-star hotel nabs most popular ranking in Dubai

    In a city teeming with luxury hotels, the four-star Al Manzil Hotel has been named the most popular hotel in Dubai by TripAdvisor, a major tourist website. The site's Popularity Index, which measures overall traveller satisfaction, put the Downtown Burj Khalifa property ahead of 370 other hotels across the emirate. Al Manzil Hotel is one of two 4-star hotels operated by the hospitality group, Southern Sun, which manages properties across Africa.

  • Fourth quarter profits plunge at Saudi banks

    Saudi Hollandi announces loss, while Banque Saudi Fransi reports sharply lower profits

  • French banks top league table for financial advisory contract

    European firms lead the way in financial and technical advisory tables

  • FreshBerry launchces in Saudi Arabia

    Saudi-based United Food Co. has announced the opening of three FreshBerry Frozen Yogurt Cafés in Riyadh and Dhahran. The company, the Master Licensee for Freshberry & Pizza Inn brands across MENA & Asia, also said it plans to expand the brand presence through the franchising route to other Middle East and North African countries.

  • Fujairah Refinery opens new storage plants

    New fuel storage and refining facilities have been inaugurated in the emirate of Fujairah, UAE, as part of plans to enhance storage capacity of the Fujairah refinery, Wam has reported. The expansion at the Fujairah Refinery includes 20 fuel reservoirs with a total capacity of 560,000 cubic metres, a 50,000 barrel a day refining unit and four storage facilities with a total capacity of 140,000 cubic metres.

  • Gaza/West Bank: Building finishing works

    Carrying out finishing works for a police training facility building. Closing date: 4 February 2010

  • Gaza/West Bank: Olive oil export development

    Provision of consultancy services for an olive oil export development project. Closing date: 3 February 2010

  • Gaza/West Bank: Police training facility

    Construction of building structures for a police training facility. Closing date: 5 February 2010

  • GCC banks up bad debt provisions

    Kuwait Financial Centre (Markaz) has said that provisions taken by GCC-based lenders against bad loans are estimated to have increased 40% to $9.4bn (Dhs34.5bn), compared to $6.68bn in 2008, Gulf News has reported. Markaz analysts said they expect GCC loans to grow by 4% in 2009, a significant drop from the historical average of 29% recorded between 2003 and 2008. "While we expect to see some recovery in lending in the GCC, we still expect Saudi Arabia and the UAE to be a drag on overall GCC

  • GCC central banks halt loans to public sector

    Central Banks in Qatar, Saudi Arabia, Bahrain and Kuwait have stopped lending to the public sector with effect from January 1, 2010, the Peninsula has reported. The move is part of the plans of the four GCC states to set up a common monetary union. According to the draft GCC common monetary union agreement, the central banks of member-states are prohibited from lending to public companies to free a future regional central bank from its role of subsidising the public sector of member-states in

  • GCC prepares to float $25bn rail tender

    The Gulf Cooperation Council is due to float a public tender for the strategic $25bn GCC joint railway network in the first quarter of the current year, Kuna has reported. The secretariat general of the council will assess the bidding companies and shortlist the number of potential winners to three or five, Mohammad Bin Obeid Al-Mazroui, the GCC assistant secretary general for economic affairs, said. The joint GCC 2,117km long rail network will be built according to a timetable to be set by t

  • GCC single currency possible by 2015

    Mohamed al-Mazrooei, GCC Assistant Secretary General for Economic Affairs has said that if the Council's member states speed up the process, a single Gulf Arab currency could be launched in 2015, Reuters has reported. Mazrooei's comment is the first from the GCC secretariat that sets a potential new timetable for the single currency's launch after the bloc abandoned an initial 2010 deadline.

  • GCC to consider mobile roaming fee reductions

    The GCC steering committee of communications and information technology is considering a reduction on mobile roaming fees within the Council's six member states, Kuna has reported. The committee's recommendations will be presented before the next meeting of the GCC planning and developmental ministerial committee.

  • GE, Gulf Capital to set up diagnostic chain

    GE Healthcare has partnered with private equity firm Gulf Capital to develop a regional chain of medical diagnostic and healthcare service centres. The partnership eyes acquisition of existing companies as well as launching greenfield operations with extended services in the areas of medical imaging, laboratory services, physiotherapy, dialysis services and oncology. The alliance targets delivery of the health care services in Egypt and Saudi Arabia.

  • Geothermal firm plans Masdar headquarters

    Reykjavik Geothermal working on project to produce energy from earth’s core

  • German government issues Internet Explorer warning

    The German government's Federal Office for Information Security has issued a warning to internet users to avoid using all versions of Microsoft Internet Explorer following recent security scares. The agency issued the warning following Microsoft's admission that Internet Explorer was the weak link in the recent attacks on Google in China. The agency has advised internet users to shift to alternative browsers such as Mozilla's Firefox, Google Chrome, Apple Safari or Opera.

  • German investor to submit solar power proposal to Amman

    Financial close targeted for end of year

  • German Orthopaedic hospital opens in Bahrain

    Bahrain-based Venture Capital Bank has announced the completion of the German Orthopaedic Hospital in the kingdom, which specialises in the provision of orthopaedics health care in the kingdom. Located at the Bahrain Medical Centre in Manama and operated by orthopaedic surgeons and medical staff from the Germany, the new hospital will initially focus on orthopaedic surgery, sports medicine, including physiological diagnosis, and pain treatment.

  • Global Investment House plans spin-offs

    Shareholders will vote on creation of two new holding vehicles on 12 January

  • Global investment House to sell China asset

    Kuwait-based Global Investment House has announced it will use proceeds from the sale of its $175m stake in a Chinese firm as part of its debt settlement plan, but did not give further details on the investment, Reuters has reported. The statement follows an unsourced report by Kuwaiti daily al-Rai about the deal saying that GIH plans to book some $70m from the sale as profit. However, Global said the news was inaccurate adding that the 'effect of the sale on the company will not be $70m'.

  • Global PC processor shipments jump 31%

    Market research firm, IDC has said that global PC microprocessors shipments in the fourth quarter of 2009 rose more than 31%, as the market left the recession behind and prepared for an expected improvement in PC sales. Advanced Micro Devices had gained market share in 2009 against rival Intel, with Intel's share dipping 0.7% and AMD's rising 0.8%, according to IDC.

  • Globalfoundries and Qualcomm ink partnership

    Globalfoundries and Qualcomm have entered into a non-binding memorandum of understanding to collaborate on leading edge technologies. Globalfoundries intends to provide Qualcomm with access to 45nm Low Power (LP) and 28nm (LP) technologies with an intended collaboration on future advanced process nodes. The two companies will also partner in other areas, including die-package interaction and three-dimensional packaging technologies.

  • GMG granted licence to operate from DIFC

    GMG Limited, part of Switzerland-based G2 Group, has received a licence by the Dubai Financial Services Authority to operate as an authorized firm from the Dubai International Financial Centre (DIFC). As the brokerage arm of G2 Group, GMG will render its brokerage services to institutional clients such as banks, funds, sovereign funds, family offices, corporates, and supra-nationals, and will not engage in retail business. As a broker, the firm will only facilitate the transactions and will n

  • Google founders to sell shares

    The co-founders of internet search leader Google Inc are selling 10 million shares worth $5.5bn at current prices, AP has reported. Larry Page and Sergey Brin will each sell 5 million Google shares during a five-year period that will commence with the first trade. The sales will occur periodically to lessen the chances of hurting Google's stock price. Page and Brin will remain Google's most influential shareholders, although they will be losing some of their clout.

  • Google to 'phase out' Internet Explorer 6 support

    Google has said that starting March 1, some of its web applications such as Google Docs will not work "properly" with Microsoft's Internet Explorer 6, as it begins phasing out support for the browser identified as the weak link in a cyber attack on the search engine, BBC news has reported. The internet giant has recommended that individuals and firms should upgrade "as soon as possible." Earlier this month, hackers used a flaw in Microsoft's Internet Explorer (IE) browser to target the Gmail

  • Grace wins $80m Oman catalyst order

    Catalyst will be used at the existing Sohar refinery

  • Grandweld wins $128m tugs contract in Algeria

    Vessels to be used for search and rescue operations

  • Gulf aims for single aviation market

    The president of the Saudi General Authority of Civil Aviation said the Gulf Cooperation Council plans to establish a single aviation market in the region to ensure better quality of service and the highest level of safety, Gulf News has reported. 'GCC with governments, military and security are working together to create a single open sky in the Gulf which enable GCC carriers to operate freely between cities without any commercial restrictions including restrictions on route, the number of f

  • Gulf Air leases two Embraer aircraft

    The airline eyes up to 10 aircraft on a permanent basis

  • Gulf Air sells two A340s

    Bahrain's state-owned carrier Gulf Air has sold two of its Airbus A340s to an affiliate of Apollo Aviation Group in Florida, Bloomberg has reported. The airline said the sale is part of its fleet realignment strategy and would save it $25m in servicing costs.

  • Gulf Air to lease Embraer 170 jets

    Gulf Air has signed a preliminary agreement with Embraer to lease two Embraer 170 Advanced Range (AR) jets, based on a three year dry lease of the two aircraft with provision to extend for a further five years. The deal took place during the at the first Bahrain International Air Show.

  • Gulf Bridge inks deal for cable landing in Iraq

    Submarine cable operator Gulf Bridge International has signed an agreement with Iraqi Telecom & Post Co to land GBI's new undersea telecommunications cable in Iraq. The Gulf Bridge International Cable System will connect Iraq with the Gulf region and the rest of the world, via a high capacity fibre optic cable linking the region to India and the Far East and Europe.

  • Gulf business schools need to reshape Western corporate model

    The world’s top providers of management education are coming to the Gulf. They need to learn as much as they teach

  • Gulf Projects 11 January 2010: Index up by 1 per cent

    The MEED Projects index rose by 1 per cent in the week ending 11 January.

  • Gulf Projects 18 January 2010: Index falls by 0.6 per cent

    The MEED Projects Index fell by 0.6 per cent in the week to 18 January.

  • Gulf Projects 25 January 2010: Index falls 1 per cent

    The MEED Projects Index fell by 1 per cent in the week ending 25 January

  • Gulf Projects 4 January 2010: Index remains unchanged

    The MEED Projects index remained unchanged in the two weeks to 4 January

  • Gulf Spic Engineering wins Kuwaiti oil manifold deal

    Contract is part of state scheme to upgrade crude distribution network

  • Gulf Warehousing, Agility Qatar to sign merger

    Qatar-based Gulf Warehousing Co. has said it will sign a merger agreement with the Qatari unit of Kuwaiti logistics firm Agility today, Reuters has reported. The company said the actual merger is expected to be finalized by mid-March 2010.

  • GulfNav lifts 4.5m tons of cargo in 2009

    Gulf Navigation (Gulfnav) has announced its recorded total lifting volumes recorded in 2009 has reached 4.5m tons of cargo, out of which 1.9m tons was of crude oil, in addition to 1m tons of petrochemicals and 1.6m tons of dry cargo. Per Wistoft, CEO of GulfNav has said in a statement, the company is 'in the process of studying a potential new deal of purchasing more ships, but that will be announced when the deal is closed.'

  • Gulftainer reports increase in traffic at ports

    Container volumes rise 10 per cent at firm’s Sharjah terminals

  • Gulftainer throughput up 10% in 2009

    Gulftainer, the Sharjah-based terminal and logistics firm, has said that throughputs at its UAE facilities have increased by 10% to 2,750,285 teu in 2009. The company's facilities include the Khorfakkan Container Terminal and the Sharjah Container Terminal. The company's director and general manager Peter Richards said that efficient and cost-effective service helped shipping lines save time and money in a difficult year.

  • H1N1 jabs 'available to all' in Saudi

    Saudi health ministry has announced the availability of the H1N1 vaccine for citizens and expatriates of all ages in primary health care centres throughout the kingdom, Arab News has reported. A ministry spokesman urged parents to ensure their children receive the jab. "We are not forcing parents to give their children the vaccine, but strongly advise them to do so as a preventive measure."

  • Habtoor Group eyes hotels in Europe

    Rothschild has been asked by Dubai-based Habtoor Group to identify five-star hotel targets in Europe, taking advantage of lower prices in the wake of the financial crisis, Reuters has reported. 'We talked with Rothschild bank... about investment in Europe and especially in London and Paris for hotels if there is anything they can find so they are looking for us,' the group's Chairman, Khalaf al-Habtoor told the news service.

  • Halcrow wins Al-Ain road improvement contract

    Work includes construction of new roads and a wadi crossing

  • Half of Dubai's Emirati students at private schools

    The director general of the Dubai's schools authority has announced that, for the first time, most Emirati children in the emirate are attending private schools, the National has reported. Dr Abdulla al Karam, the director general of the Knowledge and Human Development Authority, said the trend had now reached a 'tipping point'. Most Emirati students in the other six emirates still attend public schools, as is the case in Abu Dhabi, where just 29% of Emirati pupils are at private schools.

  • Hamriyah Steel plant to begin production in 2010

    Russian steel and iron ore producer Metalloinvest has said that hot trials of its $150m UAE-based rebar producing subsidiary Hamriyah Steel, are expected to be completed within three weeks. The rolling mill will produce its first 600 tonnes of rebars, with plans to reach the scheduled production capacity of 1 million tonnes of steel rebars per year, by the end of 2010.

  • Hilton announces worldwide sale for January

    Hilton Worldwide has announced the launch of a global multi-brand wide special promotion campaign in January. Guests who book hotel rooms in January can save 50% off for Friday, Saturday and Sunday night stays throughout the year at participating hotels in Europe, Middle East, Africa and Asia Pacific.

  • Hogan: Etihad to fly 7m passengers in 2010

    James Hogan, CEO of Etihad Airways has said that despite the global economic meltdown and the spread of swine flu, the airline is projected to serve seven million passengers in 2010, Kuna has reported. However, improving global economic and financial conditions and a rise of the fuel prices are expected to cause a raise in travel fares in 2010, he said.

  • HP launches TouchSmart products

    HP Middle East has launched a new range of TouchSmart products including the HP Pavilion dv3 with TouchSmart, the HP TouchSmart 600 PC and the HP TouchSmpart300 PC. The products feature HP TouchSmart 3.0 software - HP's latest touch suite that includes new applications - TouchSmart Canvas for organising and editing photos with touch gestures and TouchSmart Live TV for not only watching television broadcasts but recording and pausing live TV and getting detailed information on programs using t

  • HP opens subsidiary in Jordan

    HP Middle East has launched a fully-owned subsidiary in Jordan andsigned of a memorandum of understanding with the government aimed at establishing a Competency Centre in the kingdom. The proposed centre will serve Jordan as well as the wider Middle East, Mediterranean & Africa (MEMA) region. HP said the centre could evolve into one of its global services delivery centres among others in the world and provide an opportunity for Jordan's University graduates to join the company.

  • HSBC launches fund to help small businesses in UAE

    HSBC Bank Middle East has launched a $100m fund specifically for UAE small and medium-sized enterprises with a turnover of $30m or below. SMEs in the UAE that need working capital finance for international expansion will be able to utilize the fund, with high priority accorded to Emirati-owned businesses. The fund is the result of a memorandum of understanding that the lender signed with the ministry of economy.

  • HSBC Middle East delays debit card roll out

    HSBC Middle East has delayed the roll out of debit cards to its customers for the second time, The National has reported. The bank, which has 400,000 customers in the region, had initially planned to distribute the cards in September 2009 but that was delayed until last month. Distribution of the cards is now set to begin on March 1.

  • HSBC: GCC business confidence falls in Q4

    HSBC Bank Middle East has said that confidence levels of the business community in Kuwait and Saudi Arabia have increased, while the UAE, Oman and Bahrain have shown a decline in the fourth quarter of 2009. The lender's quarterly Gulf Business Confidence Index for Saudi Arabia and Kuwait rose to 91.6 and 84.6, from to 91.5 and 83.1, respectively.

  • Hyder Consulting bids low for Bahrain water work

    Transmission project will result in an extra 165 kilometres of pipelines

  • IATA: 2009 was airline industry's 'worst demand decline in history'

    Statistics for international scheduled air traffic in 2009 have showed the largest post-war decline in the global aviation sector, the industry's trade body said. Passenger demand for the full year was down 3.5% with an average load factor of 75.6%, the International Air Transport Association (IATA) said. In contrast, Middle Eastern carriers generated the fastest growth in passenger traffic at the end of 2009 with a 19.1% increase in December, and 11.2% growth for the entire year.

  • IBM eyes growth in Jordan

    In a meeting with Jordan's Prime Minister, Samir Rifai, Cathy Rodgers, IBM vice president for global opportunities and business development, has revealed plans to increase IBM's projects and investments in emerging countries, including Jordan, Jordan Times has reported. Rodgers also expressed interest in utilizing Jordanian qualified human resources and in establishing a regional centre for its services.

  • Ibn Battuta Gate ready for handover

    UAE-based real estate services firm Asteco has announced the completion of the mixed-use Ibn Battuta Gate project. The project comprises an office complex, basement parking for over 350 cars as well as a multi-storey, robotic car park capable of handling 765 vehicles, 166 luxury residential apartments and a 396-room hotel that will be handed over to owner Seven Tides at the end of January with an anticipated opening by the Swiss hotel group Moevenpick Hotels & Resorts in May 2010.

  • IBS, Harvard to offer education programme

    Kuwait's Institute of Banking Studies will work with Harvard Business School to present an executive education programme for senior leaders in the Kuwaiti banking sector, KUNA has reported. Initiated by the Central Bank of Kuwait and sponsored by the IBS member banks, the program is designed around 'Strategic Management' and 'Leadership' themes. Upon completion, participants will be awarded Harvard Business School certificates.

  • IMF boosts Middle East growth forecast

    The International Monetary Fund (IMF) has raised its Middle East's growth forecast this year to 4.5% from 4.2%, Bloomberg has reported. Economic growth in 2009 was 2.2%, according to the IMF's World Economic Outlook report. The economies of the region may expand 4.8% in 2011, the report said.

  • India's Jet Airways to fly to Doha

    Indian airline Jet Airways has announced it will launch a daily flight to Doha, Qatar, from Delhi to meet a growing demand for a direct service, Online Indian News website has reported. The daily service, which will start from January 21, 2010, comes as an addition to the carrier's daily flights from Mumbai and Kochi, the airline said.

  • Industrial fund approves $43m loan to Saudi Cable Company

    Firm will complete capacity expansion plan by the end of 2010

  • Intel net income up 875% in Q4 2009

    Intel Corp. has reported an 875% increase in its fourth-quarter net income at $2.3bn, while its 2009 revenue reached $35.1bn. During the last quarter, Intel's PC Client Group's revenue increased 10%, Data Centre Group up by 21%, while Other Intel Architecture group revenue rose 22% and Intel Atom microprocessor and chipset revenue rose 6%.

  • Intel releases wireless HDTV connectivity

    Intel has unveiled a new wireless technology which connects laptops to high definition TVs or business displays. While products already exist to wirelessly connect a PC to a HDTV, it required a dongle to be plugged into the computer. Intel's technology is in-built, although it requires a receiver for the display or TV. Wireless Display technology (WiDi) is based on the Advanced-N 6200 Wireless card (802.11n), a WiFi chip that is already inside laptops running Intel's Core technology, with ext

  • Investcorp H2 net profit totals $60m

    Bahrain-based investment firm Investcorp has said its net profit in the six months ended December, 31, stood at $60.2m, after a $511m net loss a year ago, Zawya Dow Jones has reported. Cash liquidity at the end of the latest six month period stood at $800m, while its capital adequacy ratio was 21.4%, the firm said.

  • Ipic increases OMV stake to 20 per cent

    Increase boosts consortium control over Austrian firm

  • Ipic raises stake in OMV to 20%

    Abu Dhabi-based International Petroleum Investment Co. (Ipic) has increased its stake in Austria's OMV Aktiengesellschaft to 20% from 19.6%. IPIC and Austria's investment and privatization agency ÖIAG, OMV's other core shareholder, together now hold 51.7% of all voting rights, OMV said in a statement.

  • Iran opens Hormozgan aluminium plant

    Iranian President Mahmoud Ahmadinejad has inaugurated the country's largest aluminium plant in the southern province of Hormozgan, Fars news agency has reported. The Iranian-Italian joint venture attracted €300m of FDI and 2,000 billion rials of domestic funding according to the agency. The plant has the capacity to produce 147,000 tons of aluminium bar annually.

  • Iran to issue $7bn bonds to fund energy sector

    Government approves bond issue plan for next budget

  • Iran: Air purifiers

    Supply of 80 air purifiers as part of global fund projects to fight turberculosis. Closing date: 24 February 2010

  • Iran: Chemical materials

    Supply of the chemical material MMT. Closing date: Not stated

  • Iran: Core head

    Supply of core head. Closing date: 6 February 2010

  • Iran: DRI plant

    Implementation, on an engineering, procurement and construction (EPC) basis, of a direct reduction iron (DRI) plant. Closing date: not stated

  • Iran: Drinking water transmission pipeline

    Construction of a drinking water transmission pipeline. Closing date: 14 February 2010

  • Iran: Land and water management equipment

    Supply of laboratory equipment for an integrated land and water management project. Closing date: 9 March 2010

  • Iran: Logging system

    Supply of a logging system. Closing date: 16 February 2010

  • Iran: Metallurgical coke

    Supply of 10,000 tonnes of metallurgical coke. Closing date: 19 January 2010

  • Iran: N2 generation package

    Supply of an N2 generation package and control system consoles. Closing date 31 January 2010

  • Iran: Petroleum system modelling consultancy

    Provision of consultancy services for 3D petroleum system modelling. Closing date: 16 February 2010

  • Iran: Refractory bricks

    Supply of refractory bricks. Closing date: 25 January 2010

  • Iran: Refractory materials

    Supply of refractory materials. Closing date: 25 January 2010

  • Iran: Road/rail shunter truck mixer

    Supply of a road/rail shunter truck mixer. Closing date: 4 February 2010

  • Iran: Shipyard substation and transmission line

    Supply and installation of a substation and transmission lines for a shipyard. Closing date: 12 April 2010

  • Iran: Sulphur recovery unit

    Supply of a licence and transfer of know-how and basic engineering for a sulphur recovery unit. Closing date: 3 February 2010

  • Iran: Tram-dole hydrochloride

    Supply of tram-dole hydrochloride. Closing date: 13 January 2010

  • Iran: Wastewater collection system

    Construction of a wastewater collection system. Closing date: 13 March 2010

  • Iran: Wastewater pumping station

    Carrying out a main pumping station and transmission line for a wastewater collection system project. Closing date: 21 February 2010

  • Iraq allocates 6.9% of budget to healthcare

    According to an Iraqi lawmaker, 6.9% of the country's 2010 federal budget has been allocated for the health sector, Aswat al-Iraq news agency has reported. "The health sector's share of the 2010 budget has increased by 2.5%, compared to the previous year," MP Bassem Shareef told the news service.

  • Iraq approves $72bn budget for 2010

    Parliament predicts 23 per cent increase in spending

  • Iraq December oil revenues up $300m

    Iraq's oil ministry has said that the country's oil revenues grew by $300m during the last month of 2009 to $4.499bn through the sale of 61.3 million barrels at a rate of $73.39 per barrel, Aswat al-Iraq has reported. "Crude oil exports rose in December 2009 compared to November 2009 during which 57 million barrels were sold at $4.205bn," Assem Jihad, the ministry's spokesman said.

  • Iraq deposits $878m in Kuwait Airways Bombardier case

    Canada's Quebec Supreme Court has ordered the lifting of a ban on three Iraqi airliners at the request of the Iraqi government, in return for a deposit of $878m in JP Morgan Bank in favour of the state of Kuwait, Al Watan Daily has reported. In 2008, Kuwait Airways had obtained from the Superior Court in Montreal orders seizing the interests of Iraqi Airways and Iraq in a $5bn Bombardier aircraft deal. The deposit will secure Kuwait's right until a final verdict is issued on the case. Bombard

  • Iraq granted 200 Russian scholarships

    Iraq has received 200 Russian scholarships as part of the Iraqi cultural program in Moscow, Aswat al-Iraq has reported. The scholarships cover different scientific fields. "This is the biggest number of scholarships allocated by the Russian government to Iraq in the history of the Iraqi-Russian cultural exchange," an official statement said.

  • Iraq inks CNPC, Total, Petronas Halfaya deal

    A final contract has been signed by Iraq's oil ministry and China National Petroleum Company (CNPC), Total (TOTF.PA) of France and Malaysian state firm Petronas to develop the Halfaya oilfield, Reuters has reported. The group will be paid a remuneration fee of $1.40 per barrel and will have to pay Iraq a non-recoverable signature bonus of $150m. The Halfaya oilfield, in southern Iraq, has estimated reserves of 4.1 billion barrels of oil. CNPC and its partners have pledged to boost output at H

  • Iraq oil revenue up $300bn in Dec 2009

    Country shipped 61.3 million barrels of crude

  • Iraq plans $3bn railway project

    The Iraqi transport ministry plans to build a $3bn rail network and two principal passenger stations around Baghdad, Reuters has reported. The new line will connect all the railway lines heading to the provinces and the neighbouring countries and it will solve all the congestion which the railway network suffers from inside Baghdad. The network is planned to have a capacity of 23 million passengers per year and 46 million tonnes of freight per year.

  • Iraq predicts $145bn investment in hospitality sector

    Iraq's National Investment Commission (NIC) has said that the country's hospitality sector could see an influx of $145bn (Dhs532.15bn) over the next five years, with an estimated 22% of that investment originating from the UAE, Emirates Business has reported. "NIC plans to draw $500bn into Iraq over the next five years, with 29% of that attributed to the hospitality industry alone," NIC's Dr Aifar Fahd, Manager, Economic Department said.

  • Iraq 'to become top oil exporter'

    Iraq's oil minister has said he expects the country to become the world's top oil producer within six to seven years, Reuters has reported. "We can't find a reason to prevent Iraqi production becoming higher than any other Opec state or even states outside Opec," Hussain al-Shahristani said. Unlike Opec's 11 other members, Baghdad is not currently subject to the output targets the group uses to set supply levels. Iraq expects capacity to eventually reach up to 12 million bpd.

  • Iraq to finalise oil deals by 'end of month'

    Ali al-Dabbagh, Iraq's government spokesman has said that the government will finalise all the deals from the first and second bid rounds by end of the month, Reuters has reported. Talks to try and seal two other deals, an Exxon Mobil -led bid for West Qurna Phase One and an Eni-led bid to develop Zubair, will take place in the coming two days, al-Dabbagh said.

  • Iraq to ink final West al Qarna contract

    The Iraqi oil ministry will today sign the final contract over West al-Qarna-2 oilfield with Russia's Lukoil and Norway's Statoil, Aswat al-Iraq has reported. "The two companies pledged to up production to a peak of 1.8 million barrels per day at a rate of $1.15 per barrel of additional produced barrel," oil ministry spokesman, Assem Jihad said. Located in southern Iraq, Qarna-2 has a huge reserve estimated to reach 13 billion barrels.

  • Iraq unveils plans to make energy sector more transparent

    Oil Ministry keen to improve image of industry which accounts for almost all government revenues

  • Iraq, British Council announce $5m education project

    Iraqi Kurdistan region's ministry of higher education and scientific research and the British Council have announced a £3m ($4.876m) project on partnership and cooperation, Aswat al-Iraq has reported. "The project, to extend to the year 2012, would envisage partnership between the two sides on projects to be proposed by Iraqi universities in the field of upgrading learning and teaching methods as well as scientific research," Dr. Kufind Shirwani, the director of the ministry's cultural relati

  • Iraq: Bank credit and risk management training

    Provision of training services for credit and risk management at the two state-owned commercial banks. Closing date: 3 February 2010

  • Iraq: Bentonite and chemicals

    Supply of bentonite and chemical materials. Closing date: 20 January 2010

  • Iraq: Caravans

    Supply of caravans. Closing date: 21 January 2010

  • Iraq: Combustion chamber equipment

    Supply of spare parts for combustion chambers at a power station. Closing date: 17 February 2010

  • Iraq: Diesel pumps

    Supply of a large quantity of diesel pumps. Closing date: 12 January 2010

  • Iraq: Drill bits

    Supply of drill bits. Closing date: 14 January 2010

  • Iraq: Education curriculum development consultancy

    Provision of consultancy services comprising capacity building in the field of curriculum development. Closing date: 4 February 2010

  • Iraq: Electric pumps

    Supply of a large quantity of electric pumps. Closing date: 17 January 2010

  • Iraq: Electrical generators

    Supply of a large quantity of electrical generators. Closing date: 27 January 2010

  • Iraq: Electrical generators

    Supply of a large quantity of electrical generators. Closing date: 13 January 2010

  • Iraq: Electrical pumps

    Supply of a large quantity of electrical pumps. Closing date: 25 January 2010

  • Iraq: Fuel oil pump equipment

    Supply of spare parts for fuel oil pumps at a power station. Closing date: 17 February 2010

  • Iraq: Gas orifice meter

    Design, calculation and supply of a gas orifice meter. Closing date: 17 February 2010

  • Iraq: Gas-oil and kerosene

    Supply of gas-oil and kerosene to be delivered by road tankers. Closing date: 22 January 2010

  • Iraq: Health project communications system

    Design of a communications system for a regional health emergency response project. Closing date: 12 January 2010

  • Iraq: Hydrogen peroxide

    Supply of 20 tonnes of hydrogen peroxide. Closing date: 27 January 2010

  • Iraq: Industrial UPS units

    Supply of industrial uninterrupted power supply (UPS) units. Closing date: 4 February 2010

  • Iraq: Kerosene

    Supply of kerosene to be delivered by vessels. Closing date: 22 January 2010

  • Iraq: Liquid chlorine gas

    Supply of liquid chlorine gas. Closing date: 17 February 2010

  • Iraq: Loading bridge materials

    Design, supply and delivery of materials for a loading bridge. Closing date: 9 February 2010

  • Iraq: Media culture survey

    Provision of consultancy services for a survey of the Iraqi media culture. Closing date: 7 February 2010

  • Iraq: Metal casing pipes

    Supply of a large quantity of metal casing pipes. Closing date: 19 January 2010

  • Iraq: Methyl-cyclopentandinly manganese tricarbonyl (MMT)

    Supply of methyl-cyclopentandinly manganese tricarbonyl (MMT). Closing date: 15 January 2010

  • Iraq: News agency survey

    Provision of consultancy services for a survey of perceptions of a news agency. Closing date: 9 February 2010

  • Iraq: Power station circuit breakers

    Supply of circuit breakers for a power station. Closing date: 17 February 2010

  • Iraq: Power station gas turbine equipment

    Supply of spare parts for gas turbines at the Shuaiba power station. Closing date: 17 February 2010

  • Iraq: Power station switchgear equipment

    Supply of spare parts for switchgear at a power station. Closing date: 17 February 2010

  • Iraq: Reagent transfer pumps

    Supply of MEA/NAOH reagent transfer pumps with electric motors. Closing date: 25 January 2010

  • Iraq: Road rehabilitation (closing date extension)

    Rehabilitation of the Umm Qasr-Al-Zubair highway. New closing date: 21 January 2010

  • Iraq: School building standards consultancy

    Provision of consultancy services comprising assistance in the development of a manual for school building standards and design. Closing date: 11 February 2010

  • Iraq: School mapping system consultancy

    Provision of consultancy services comprising technical assistance in the implementation of a school mapping system. Closing date: 11 February 2010

  • Iraq: Service rigs

    Supply of 20 service rigs. Closing date: 31 January 2010

  • Iraq: Substation materials and works (Abu Flus)

    Supply of materials and carrying out building works at a substation (Abu Flus). Closing date: 7 February 2010

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

    Supply of materials and carrying out building works at a substation (Al-Basra). Closing date: 2 February 2010

  • Iraq: Teacher training consultancy

    Provision of consultancy services comprising capacity building in the field of teacher training. Closing date: 15 February 2010

  • Iraq: Transformer oil

    Supply of transformer oil. Closing date: 9 February 2010

  • Iraq: Transformers

    Supply of 20 rotary variable differential transformers and 20 linear variable differential transformers. Closing date: 17 February 2010

  • Iraq: Water blasting machines

    Supply of water blasting machines. Closing date: 25 January 2010

  • Iraq: Water make-up pumps

    Supply of water make-up pumps with electric motors. Closing date: 25 January 2010

  • Iraqi oil production to cross 11m bpd within 5 years

    Iraqi Prime Minister Nouri Al-Maliki has said the country's oil production will reach around 11.4 million barrels per day within the coming five years, KUNA has reported. He also said he will discuss the possibilities of investing in oil fields in Iraq's Kurdistan with the head of the Kurdistan government, Barham Saleh.

  • Iraqi parliament approves budget

    The Iraqi parliament has approved a 2010 budget that sets federal spending at ID84.7 trillion dinars and a deficit of ID22.9 trillion dinars, Reuters has reported. Lawmakers said the budget sets an expected oil price of $62.5 per barrel and puts expected average oil exports at 2.15 million barrels per day in 2010. According to Ali Hussain Balou, head of parliament's oil and gas committee, the parliament also included a clause setting aside $1 for each barrel of oil produced for oil-producing

  • Iraqi ports take auto identification system

    Iraqi Ports has received Automatic Identification System (AIS) devices from the Danish Marine Safety Administration, which will help the country's ports be connected to the system's international network, Aswat al-Iraq has reported. The Basra province, 590km south of the Iraqi capital Baghdad, has five commercial ports and two oil ports.

  • Iraq's Rumaila field production to go up 100,000bpd

    Falah Alamri, head of Iraq's State Oil Marketing Organisation has said the supergiant Rumaila oilfield will begin producing an extra 100,000 barrels per day by the beginning of July, Reuters has reported. Oil major British Petroleum and China's CNPC had signed a 20-year development contract last year for the field, which has 17 billion barrels of estimated crude reserves.

  • Iraq's Wassit renovates factory

    Iraq's Wassit Public Co. for Textile Industries has said it has spent some $4m to renovate its cotton factory which currently produces 150 tonnes per day, Aswat al-Iraq has reported. The plant's rehabilitation was funded by the investment plan of the ministry of industry.

  • Istithmar World replaces CEO

    Istithmar World, the private equity firm of Dubai World, has said that it has replaced its CEO, David Jackson with the firm's chief investment officer, Andy Watson, Bloomberg has reported. "Today, Istithmar World is focused on the steady-state management of existing assets to maximize value rather than on private equity investment," Dubai World's Chief Restructuring Officer, Aidan Birkett said in a statement.

  • Istithmar's Barneys offered $50m cash infusion

    Barneys New York, a luxury specialty retailer owned by Dubai's Istithmar, has received a proposal from US-based supermarket mogul Ron Burkle for acquiring a controlling stake in exchange for a $50m cash infusion, the Wall Street Journal has reported, citing a source familiar with the matter. However, the proposal is not under consideration by Istithmar, the source said. Barneys said it is receiving merchandise on time from vendors and has no need for additional cash. "Our holiday performance

  • IT spend in UAE to approach $5bn in 2010

    A new report predicts that IT spending in the UAE will reach nearly $5bn this year, or about $1,000 per capita. Companies in the Middle East and Africa are set to spend $49.77bn this year, with the Gulf region expected to contribute about 25% of the total, said Jyoti Lalchandani, vice president and regional managing director at IDC's Middle East office. The IDC report projects significant growth in the UAE, Saudi Arabia, and Qatar, with the UAE forecast to spend the most ($4.79bn) on IT in th

  • Italian law firm opens office in Abu Dhabi

    Italian law firm, Gianni Origoni Grippo & Partners has unveiled plans to open an office in Abu Dhabi as part of its expansion plans in the region. The planned office will be headed by managing partner, Domenico Tulli, who expressed hope that the firm's first Middle Eastern office will be a springboard for further launches. 'We're definitely interested in certain areas, particularly Dubai, Bahrain and Saudi Arabia,' Tulli said.

  • Jabal Omar Q4 losses slow

    Saudi Arabia' Jabal Omar Development Co. has reported SR1.5m ($400,000) in fourth-quarter losses, compared to a loss of SR18.3m in the year-earlier period, Bloomberg has reported. The developer is building 27 hotels with a combined 15,000 rooms, with the first to open in 2011 in Mecca.

  • Jadwa Investment buys stake in Gulf Union Foods Company

    Saudi-based Jadwa Investment has announced it has completed the acquisition of a substantial equity stake in Gulf Union Foods Company (GUFC). The acquisition was carried out through Jadwa Food and Beverage Opportunity Fund. GUFC manufactures juices, nectars and flavoured drinks, with its products sold in more than 20 countries across different regions, including the GCC, Levant, North Africa, Canada, UK, Indian Subcontinent and other countries.

  • JAPEX, Petronas to develop Iraq oil field

    Japan Petroleum Exploration Co., (JAPEX) and Malaysia's state-run oil firm, Petronas have jointly signed a final contract to develop an oil field in southern Iraq, KUNA has reported. The two firms had been awarded the contract to develop the Gharaf oil field in an international auction held in Baghdad last month. Located, 85 km north of Nasiriyah, the oil field has an estimated reserve of over 800 million barrels, JAPEX said. Under the agreement, renewable for five years, JAPEX will acquire a

  • Jebel Ali Hotels to manage new resort in Seychelles

    Dubai-based Jebel Ali International Hotels has announced it will launch an exclusive 10-villa resort on a small island in the Seychelles later this year, The National has reported. The company will manage the Round Island Resort, a 2-hectare resort in a national marine park on Mahe Island, which is expected to open in the third quarter of 2010. The company's second Seychelles resort, The Waterfront, will open in 2012, the company said.

  • Jebel Ali Port opens Gate 3 Complex

    DP World has announced the opening of its Main Gate 3 Complex to accommodate container trucks and other commercial vehicles exiting from DP World to use the Gate's dedicated inspection facility. The new Gate 3 Complex is designed to facilitate quicker movement of cargo-laden vehicles by bringing together various departments and clearing authorities, such as the DP World Documentation Section for issuance of electronic gate passes, Dubai Customs for inspection of goods and Dubai Municipality F

  • Jinan inks Minerva Egypt deal

    UAE-based Jinan Hotels and Resorts has announced the signing of an agreement with Minerva Travel to manage the Ein Shanda Hotel in Egypt. The Ein Shanda Hotel covers an area of approximately 32,892 square metres at the Al Dakhla Oasis in Egypt's New Valley area, and consists of 25 suites, 40 rooms, 10 tents, shopping centres, a spa, swimming pool, food outlets and a bar. The hotel also includes a cultural centre, set in a separate building, which hosts a museum, conference hall and a library.

  • Jizan refinery receives bids

    Two bids from four Saudi-owned firms have been received by Saudi Arabia to build, own and operate a new export-oriented refinery in Jizan, Reuters has reported, citing industry sources. Saudi industrial group Tasnee has teamed up with Saudi Nama Chemicals Group and Saudi Advanced Refineries and Petrochemicals Co. to form a consortium, two sources said. Corral Petroleum Holdings AB, Swedish-registered and owned by Saudi billionaire Mohammed al-Amoudi, also bid for the project.

  • Jordan appartment sales boosted by fee fears

    Jordan's property market had witnessed a 133% rise in demand for residential apartments during December of 2009, Jordan Times has reported. The sharp increase was attributed to concerns that the government would not extend its decision to exempt apartments from registration fees beyond the end of last year. However, the government decided on December 30, to extend the exemption until the end of this year.

  • Jordan bans import of trucks over five years old

    Jordanian transport minister Alaa Batayneh has said that the import of trucks that are over five years old will no longer be allowed, Jordan Times has reported. The decision aims to update the kingdom's current fleet of trucks. There are 16,065 trucks in the kingdom whose average life span stands at 13.6 years, he said.

  • Jordan cancer foundation gets grant from WHO

    Jordan's King Hussein Cancer Foundation and the World Health Organization have signed a memorandum of understanding aimed at providing treatment for underprivileged displaced Iraqi cancer patients at the KHCC, Petra news agency has reported. Under the agreement, WHO will provide the KHCF's Iraqi Goodwill Fund with $400,000. Between 2003 and 2007, KHCC had received 1,124 Iraqis cancer patients.

  • Jordan consumer prices climb 2.7%

    According to Jordan's Department of Statistics, consumer prices rose 2.7% in December, as fuel, housing and transportation costs increased, Bloomberg has reported. Prices fell an average 0.7% last year compared with an average inflation rate of 14.9% in 2008, the department said.

  • Jordan eyes new technical university

    The Jordan Atomic Energy Commission has said that the kingdom, in collaboration with France, is considering establishing a joint university in Jordan to support the country's burgeoning peaceful nuclear programme, Jordan Times has reported. The proposed university will be modelled after the French 'Ecole Polytechnique', a state-supported research institution.

  • Jordan industrial estate investments hit JD1.4bn

    Amer Majali, Director General of Jordan Industrial Estates Corporation has said that the total investments in Jordan's industrial estates in 2009 stood at JD1.378bn, Petra news agency has reported. The amount covers 506 industrial companies, whose total exports amounted to JD717m, he noted.

  • Jordan industrial sector posts 3.3% growth

    Zaki Ayoubi, director general of the Jordan Chamber of Industry has indicated that despite the economic slowdown and a 20% drop in Jordanian exports, the industrial sector in 2009 maintained positive growth of 3.3% over 2008, Jordan Times has reported. However, the slowdown and drop in exports resulted in a decline in revenues that increased production costs of local industries. According to Ayoubi, many small- and medium-sized companies are still struggling to obtain credit to help them over

  • Jordan inks deal to finance Al Samra Power Plant

    A KD30m loan agreement has been signed between Jordan and the Kuwait-based Arab Fund for Economic and Social Development for financing the fourth phase and completion of the third phase of Al Samra Power Plant in the kingdom, Petra news agency has reported. The final phase of the project will increase the capacity of the plant from 600 megawatts to 900 megawatts to help the Jordan's increasing demand on electricity.

  • Jordan Post, Empost agree money orders deal

    Jordan Post and the Emirates Post have signed a postal money orders agreement to ease financial transactions through post offices in both countries, Petra news agency has reported. Under the agreement, people of both countries will be able to send money from any post office in the two countries with a permitted amount not exceeding $1,000 or its equivalent in local currency for each order.

  • Jordan receives Kuwaiti loan for power plant expansion

    Samra project will have final capacity of 900MW

  • Jordan sets up new hotel classification system

    Jordan's ministry of tourism has introduced a new classification system for hotels in the kingdom, Jordan Times has reported. Under the new system, developed by the tourism ministry, the USAID-Jordan Tourism Development Project and the Jordan Hotels Association, all hotels' basic and additional amenities will be graded, ranging from electronic-locking mechanisms to the presence of safes in every room. Hotels will be given a three-month period to rectify its violations, and by 2011 all hotels

  • Jordan shoe manufacturers to lose government protection

    Jordan's ministry of industry and trade has said that government protection of local footwear industries will be ceased from February 18, the Jordan Times has reported. The ministry has provided protection since February 2007, by imposing 'quality fees' on all footwear imported from different countries to protect the local sector and help it increase its competitiveness.

  • Jordan to adopt EU safety standards

    Jordan's Civil Aviation Regulatory Commission has announced that airlines operating in the kingdom will be compliant with European standards, Jordan Times has reported. By transferring from the present standards to European standards, Jordan will become an official member and implementer of the European Aviation Safety Agency (EASA). Queen Noor Civil Aviation Technical College was designated as the first centre for issuing certifications based on EASA standards in the region, and airlines are

  • Jordan to have 3G services in 3 months

    Jordan Telecom Group (Orange) has announced that its 3G services will be operational within three months, Jordan Times has reported. The group will start offering three types of 3G services at first, including video calls, TV on mobile and 3G high-speed mobile Internet. 'The service will be available in Amman and other areas across the country,' CEO of Orange, Nayla Khawam said.

  • Jordan to offer universal H1N1 vaccine access

    Jordan's ministry of health has said that starting next month, all Jordanians will be able to receive the H1N1 flu vaccine, currently restricted to people categorised by the ministry as high-risk, the Jordan Times has reported. The move came after the kingdom registered a "tremendous decline" in the spread of swine flu over the past few weeks, with no cases registered during the past 10 days, the ministry's primary healthcare director, Adel Bilbeisi told the newspaper.

  • Jordan Uni wins grant to support trade research

    The World Trade Organization has awarded the University of Jordan a cooperation grant aimed at conducting scientific research and spreading awareness among academics, decision makefs and citizens on the world trade system, Petra news agency has reported. The grant is part of WTO's four-year Academic Cooperation Programme to support teaching, research and public dialogue on international trade cooperation issues.

  • Jordan, S Korea ink nuclear plant deal

    Jordan has signed a deal with a South Korean consortium to build the kingdom's first atomic research reactor, AFP has reported. The $178m contract is for building a five megawatt reactor in Jordan by 2014, according to the South Korean science ministry. Jordan will use the reactor for scientific research before building its own nuclear power plants, the ministry said. The winning consortium is led by the state-run Korean Atomic Energy Research Institute and Daewoo Engineering and Construction

  • Jordan, Saudi Arabia ink organ transplant program agreement

    A cooperation agreement has been signed between Jordan and Saudi Arabia, setting a framework for a joint program in the organ transplantation field, Petra news agency has reported. Under the agreement, Jordanian physicians would visit Saudi Arabia for specialized training courses at a newly developed program and centre for organ transplantation.

  • Jordan: Control centre

    Implementation and operation of a control centre. Closing date: 22 February 2010

  • Jordan: ICT and postal regulation consultancy

    Provision of consultancy services for the regulation of the ICT and postal sector. Closing date: 7 February 2010 

  • Jordan: Iraq to close file on malfunctioning aircraft

    The Jordanian transport minister Alaa Batayneh has said that Iraq will close - before the end of next February - the file on six malfunctioned Iraqi Airways aircraft that have been kept at Queen Alia International Airport since 1991, Arabic daily Addustour has reported. Batayneh stressed to his Iraqi counterpart that the planes need to be transferred "as soon as possible," especially given that the airport is currently being operated and managed by an international investment consortium, the

  • Jordan: Vocational training restructuring consultancy

    Provision of consultancy services comprising the restructuring of a vocational training organisation. Closing date: 28 January 2010

  • Jordan: Water network, reservoirs and pump stations

    Reconstruction and rehabilitiation of a primary water network, reservoirs and pump stations. Closing date: 17 February 2010

  • Jordanian firms aim to produce biological drugs

    Jordanian drug manufacturers have applied for approvals by the Jordan Food and Drug Administration to produce biological medicines, Jordan Times has reported. All drugs currently manufactured in the kingdom are chemical-based pharmaceuticals, the JFDA said. Pending the administration's review, two manufacturers could start producing biological drugs in the next two-to-three months, JFDA director general Mohammad Rawashdeh said.

  • Jumeirah Group inks Bangkok hotel deal

    Dubai-based luxury hospitality firm, Jumeirah Group has signed a management agreement with Thailand's Country Group for a luxury hotel in Bangkok. Set to open in 2014, the 305-room, five-star luxury Jumeirah Bangkok will offer signature F&B outlets, retail units, an art gallery and a banquet and conference centre. The management agreement is Jumeirah's second in Thailand, following the Jumeirah Private Island Phuket project agreed in 2008.

  • Kempinski set to open Palm Jumeirah resort

    Kempinski Hotels has announced the opening of its first beach resort in Dubai in March 2010, and will be operated as private residences and luxury hotel apartments. Kempinski Residences Palm Jumeriah will feature 244 units of apartments, penthouses, townhouses and villas.

  • KEO International takes Qatar wastewater consultancy work

    Asghal plans wastewater network privatisation

  • Khalifa University gives students free laptops

    The UAE's Khalifa University of Science, Technology and Research (Kustar) has launched a campaign to provide free new laptops to all of its students. 'Stay connected' aims to encourage students to remain freely connected on campuses, in a bid to boost their knowledge intake while studying or preparing research papers.

  • King Abdulaziz Uni to build new campus

    Abdul Rahman Al-Youbi, undersecretary at King Abdulaziz University in Asfan, north of Jeddah, Saudi Arabia has said the University plans to build a new campus, Arab News has reported. The new 5.7 million sqm campus will have 15 colleges. Until the new campus is ready, studies at the university's Asfan branch would start next year in a rented building, he said.

  • King Khaled Eye hospital, Wilmer Institute ink agreement

    Saudi Arabia's King Khaled Eye Specialist Hospital and US-based Wilmer Eye Institute of Johns Hopkins Medicine in Baltimore have announced plans to collaborate in the fields of research, education and patient care. Under the new partnership, Wilmer faculty members will work at the hospital for extended periods, while financial support from the Saudi Government will enable joint research activities to focus on developing treatments for blinding eye diseases, such as diabetic eye disease.

  • Kingdom Holding cuts capital to cover losses

    Investment company receives $600m of free shares from Prince Alwaleed

  • Kingdom Holding reduces capital

    A request by Saudi Kingdom Holding to reduce its paid-up capital by more than 40% has been approved by the Capital Market Authority, Reuters has reported. The firm's capital will be reduced to SR37.06bn ($9.88bn) from SR63bn. The reduction requires shareholders' approval, CMA said. In the meantime, Kingdom said it had received a free donation from Prince Alwaleed in the form of 180 million shares in Citigroup, of which the value stands at SR2.24bn ($597.3m) as of end-2009.

  • Kingdom Holding reports profits of $107m in 2009

    Saudi firm’s investment portfolio falls in value during 2008

  • Kingston releases 30GB boot drive

    Kingston Digital, Inc., the flash memory affiliate of Kingston Technology Co., has unveiled the latest addition to its V family of solid-state drives (SSD), the Kingston SSDNow V Series 30GB Boot Drive. The new drive offers "open and close times of web browsers such as Internet Explorer or Firefox, and programs like iTunes or Photoshop by almost 6 times over existing regular desktops hard-disk drives," according to Antoine Harb, business development manager for Kingston Technology in the Midd

  • Kogas to invest $6.5bn in Iraq Zubair field

    South Korea's Kogas has announced that it will invest $6.5bn in the development of the Zubair oilfield in Iraq, as part of a consortium planning to sign a final deal on the four billion barrel oilfield tomorrow, Reuters has reported. The oilfield had a production capacity of 195,000 barrels of oil per day, which was expected to increase to 1.2 million barrels per day, Kogas said. Led by Italian oil major Eni, the consortium includes Kogas and US-based Occidental Petroleum.

  • KOTC to invest KD30m in LNG plant

    A plan has been announced by Kuwait Oil Tanker Co. (KOTC) to invest over KD30m in a new liquefied natural gas (LNG) plant in the north of the country, Kuna has reported. KOTC's deputy Chairman Sheikh Ali Humoud Al-Sabah said first phase of the plant's construction is expected to take 24 months after singing the contract. The new plant is projected to have a production capacity of eight million cylinders a year, which would later be expanded.

  • Kuwait approves $16.7bn spending plan

    Government to create five companies in 2010 to boost investment

  • Kuwait approves $25.8bn development plan

    State to create firms in construction, property, health, warehousing and power sectors

  • Kuwait approves market regulator bill

    Kuwaiti lawmakers have voted unanimously in favour of a capital markets bill that will pave the way for the creation of the Gulf state's first stock market regulator, Bloomberg has reported. The new law stipulates the establishment of an independent capital market authority comprised of five members who will be appointed by emiri decree.

  • Kuwait Banking Association criticises loan rescheduling

    The Kuwaiti Banking Association has described a draft law to let citizens pay off their loan interests as "unfair," Kuna has reported. "Impacts of the global financial crisis reflected on the Kuwaiti banking sector, especially cash flow, in light of the Central Bank's monetary policy," the association's 'Masaref' magazine said, referring to the re-scheduling of consumer loans.

  • Kuwait budget may top $52bn

    Government wants to push through more projects in 2010-2011

  • Kuwait budget records KD12.9bn in 9-month revenues

    Kuwait's state budget has reported KD12.9bn in revenues by December 31, 2009, the end of the first nine months of country's 2009-2010 fiscal year, Kuna has reported. The revenues are 59.8% higher than the KD8.074bn projected for the current fiscal year as a whole, but are 30.5% less than the KD18.554bn of the previous fiscal year. Oil revenues rose to KD12.179bn, up 75.9% from the previously estimated KD 6.924bn, while non-oil revenues of the period amounted to KD724.323m.

  • Kuwait completes rail, metro studies

    Kuwait's communications minister has said that studies on the planned subway and railway systems in the country have been concluded and submitted to the major projects committee for consideration, Kuwait Times has reported. The projects would be carried out on Build Operate Transfer (BOT) basis, while the railway project is to be implemented through a shareholding company, of which 50% of the shares will be offered for sale to Kuwaitis, while 24% will be retained by the government and the rem

  • Kuwait Co-ops to raise prices

    The prices of several basic commodities at Kuwait's cooperative societies have seen a rise by up to 154%, making the Gulf state one of the most expensive countries in the region, Kuwait Times has reported. The rises follows the introduction of steep increases in local suppliers' prices. Co-op executives said that more than 88 items will see significant price increases due to the absence of price-fixing legislation in the country.

  • Kuwait delays cross-country pipeline deal

    Three pipeline schemes have been pushed back to March

  • Kuwait firm wins $33.8m rental car contract

    KGL Car Rental, a unit of Kuwait & Gulf Link Transport Co. has won a KD9.7m ($33.8m) contract to rent cars to Kuwait Oil Co, Bloomberg has reported. The contract is for 30 months starting on July 1, the company said in a statement posted on the Kuwait Stock Exchange website.

  • Kuwait hospitals see over KD200m in investment

    Tariq al-Mukhaizeem, Chairman and managing director of Al-Salam International Hospital, part of Kuwait Finance House has said that five hospitals owned by individuals and companies have invested more than KD200m in health services, Kuna has reported. The figure could increase when taking into consideration the dozens of medical centres and clinics scattered across the country.

  • Kuwait Hotels posts KD2.1m profit

    Kuwait Hotels Co (KHC), an affiliate of Kuwait Projects Company (KIPCO), has posted KD2.1m in net profits during 2009, up 90% over the year before, Kuna has reported. KHC's chairman, Sheikh Fadhel Khaled Al-Sabah, said the company will distribute 10% dividends and 5% bonus share, pending the general assembly's approval. Al-Sabah also said the firm will carry out its restructuring scheme based on diversifying its investments in the hospitality sector in North Africa and the GCC countries.

  • Kuwait in unofficial Dow penalty payment talks

    Kuwait is in "friendly" unofficial talks with Dow Chemical Co. to avoid paying a $2.5bn penalty for scrapping a $17.4bn petrochemical deal, Arabic daily al-Rai has reported. Kuwait has offered to pay 10% of the penalty which amounts to some $250m, the paper said. Kuwait scrapped the petrochemicals deal with Dow in December 2008, a month after signing it, due to criticism in parliament.

  • Kuwait invites substation bids

    Winning contractor to build two new 132kV substations

  • Kuwait Jaber Bridge tender ready to be presented

    Kuwait's public works ministry is set to present the KD700m Jaber Bridge tender tomorrow, Al-Watan Daily has reported, citing a source close to the ministry. The tender will last for six months to settle on the qualifiers, while the design and the execution of the project is due to complete in five months, the source said. The ministry has qualified eight groups, each comprising three to four contractors, the newspaper said.

  • Kuwait Parliament okays consumer loan bailout bill

    A bill that would force the Kuwaiti government to buy all KD6.7bn ($23.3bn) of consumer loans has been approved by the country's parliament, Bloomberg has reported. The plan, which the government opposes, also includes writing off the interest and rescheduling the payments over a maximum of 15 years. "The bill includes drawbacks that threaten the stability of Kuwait's banking system as it encourages disrespect of contracts which would result in destabilizing financial transactions," Finance M

  • Kuwait property sales up 41%

    Real estate sales in Kuwait have surged by 41% to KD193.15m ($672.6m) in the year to November 2009, from KD137.01m in November 2008, Reuters has reported. Residential property deals, which represent the biggest portion of total real estate transactions, were up 36% to KD87.56m, compared to KD64.38m a year earlier. Investment property sales rose 1.1% to KD66.74m, while commercial property rose almost six times to 38.85m in November, compared with the same month a year earlier.

  • Kuwait set to approve $125bn development plan

    Government builds consensus for plan

  • Kuwait signs nuclear co-operation deal with France

    Twenty-year agreement allows transfer of nuclear know-how and equipment

  • Kuwait to establish stock market regulator

    Authority aims to ensure trading on bourse is transparent and competitive

  • Kuwait to finance $10m Syria project

    Kuwait's United Entertainment and Tourism Co and the Kuwait Commercial Markets Complex Co have announced plans to launch a $10m cultural and leisure project in Syria, Kuna has reported. Work on Jurasia is set to begin after six months and is scheduled for completion in 2012. The project will be built over an area of 30,000m, and will include a group of restaurants and a dinosaur museum.

  • Kuwait to float five tenders

    Kuwait plans to float five tenders for key projects in 2010, as the first step towards the implementation of the government's five-year plan, Kuwait Times has reported. The total cost of the projects is estimated to be around KD49bn, with Kuwait's private sector reportedly set to play a major role in their implementation, the newspaper said, citing a Kuwaiti cabinet insider.

  • Kuwait to have new science museum

    Kuwait's Amiri Diwan and the Education Ministry have reached a final agreement to set up a new educational scientific museum to replace the existing one, Kuna has reported. The ministry's assistant undersecretary for installations sector has said that the scientific museum was supposed to be built in 1994 in Sulibikhat area. The old museum is "in an appalling condition and cannot benefit the students," Mohammad AlÙ€Sayegh said.

  • Kuwait to raise expat teachers' salaries

    Kuwait's Ministry of Education (MoE) has said it will raise salaries for non-Kuwaiti teachers and introduce a housing allowance for them, Kuwait Times has reported. According to Dr. Moudhi Al-Humoud, minister of education and higher education, the new plan offers more training courses for teachers, as well as providing new educational tools and equipment, reducing the transfer of teachers from one school to another and ensuring that teachers are appointed at schools near their homes to cut do

  • Kuwait to spend KD60m to expand hospitals

    Sixty million dinars has been set aside by Kuwait's health ministry for the expansion of bed capacity of hospitals in the country, KUNA has reported. The ministries of health and public labour will also build eight new hospitals at a cost of KD1.2bn, the health ministry said.

  • Kuwait to up spending by $52bn

    Kuwait's finance minister, Mustafa al-Shimali has said the Gulf state may increase spending to as much as $52bn in the fiscal year starting on April 1, as it boosts investment in infrastructure, Bloomberg has reported. Kuwait's projected spending and revenue for the current fiscal year ending March 31 is KD12.1bn and KD8.1bn, respectively. Kuwait had recorded a budget surplus of KD2.74bn in the 2008- 2009 fiscal year as the fifth-biggest OPEC producer benefited from higher oil sales.

  • Kuwait, France ink nuclear agreement

    Kuwait has signed a cooperation agreement with France to help the world's seventh largest crude exporter to develop nuclear energy and provide assistance in determining its future needs, AFP has reported. The 20-year agreement allows the "supply of nuclear material, equipment and facilities," training, exchange of technology information and research. However, the treaty does not stipulate the building of a nuclear power plant.

  • Kuwait: Agricultural garden landscaping

    Development and maintenance of agricultural garden landscaping. Closing date: 16 February 2010

  • Kuwait: Air intake filtration system

    Supply of an air intake filtration system. Closing date: 9 March 2010

  • Kuwait: Air-conditioning control system upgrade

    Upgrade of an air-conditioning control system. Closing date: 16 February 2010

  • Kuwait: Air-conditioning control system upgrade

    Upgrade of an air-conditioning control system. Closing date: 16 February 2010

  • Kuwait: Border fencing

    Supply and installation of iron mesh fencing along borders. Closing date: 7 March 2010

  • Kuwait: Building and installation demolition works

    Carrying out building and installations demolition works. Closing date: 14 March 2010

  • Kuwait: Cable repair works (north)

    Carrying out emergency repair works to network cables and pilot cables in the north. Closing date: 7 March 2010

  • Kuwait: Cable repair works (south)

    Carrying out emergency repair works to network cables and pilot cables in the south. Closing date: 7 March 2010

  • Kuwait: Causeway design and construction

    Carrying out the design, construction and completion of a causeway. Closing date: 8 June 2010

  • Kuwait: Computer laser printers

    Supply, installation, operation and maintenance of computer laser printers. Closing date: 7 February 2010

  • Kuwait: Computers

    Supply and installation of computers. Closing date: 7 February 2010

  • Kuwait: Drinking water

    Provision of drinking water. Closing date: 2 February 2010

  • Kuwait: Electrical distribution transformers

    Supply of dry electrical distribution transformers. Closing date: 7 March 2010

  • Kuwait: Electricity distribution transformers

    Supply of oil-insulated electricity distribution transformers. Closing date: 2 March 2010

  • Kuwait: Forestation project

    Development of a forestation project. Closing date: 2 March 2010

  • Kuwait: Halls complex construction and maintenance

    Construction, completion and maintenance of a covered halls complex. Closing date: 2 March 2010

  • Kuwait: Hospital generators

    Supply and installation of emergency generators at a hospital. Closing date: 23 February 2010

  • Kuwait: Internet services

    Supply and installation of the internet services. Closing date: 2 February 2010

  • Kuwait: Iron and aluminium works

    Maintenance of iron and aluminium works for sub-transformer stations. Closing date: 21 February 2010

  • Kuwait: Irrigation networks

    Construction of irrigation networks, sheds and green houses. Closing date: 16 February 2010

  • Kuwait: Laptop computers

    Supply, installation, operation and maintenance of laptop computers. Closing date: 7 February 2010

  • Kuwait: Maintenance and minor construction works

    Carrying out maintenance and minor construction works. Closing date: 23 February 2010

  • Kuwait: Ministry building

    Design, completion and maintenance of a ministry building. Closing date: 7 March 2010

  • Kuwait: Ministry installation maintenance

    Carrying out annual maintenance works for a ministry’s installations. Closing date: 2 March 2010

  • Kuwait: Mosque maintenance (Ahmadi)

    Carrying out modification and overhaul maintenance works at mosques in the Ahmadi governorate. Closing date: 9 February 2010

  • Kuwait: Mosque maintenance (Capital)

    Carrying out modification and overhaul maintenance works at mosques in the Capital governorate. Closing date: 9 February 2010

  • Kuwait: Mosque maintenance (Farwaniya)

    Carrying out modification and overhaul maintenance works at mosques in the Farwaniya governorate. Closing date: 9 February 2010

  • Kuwait: Mosque maintenance (Hawally)

    Carrying out modification and overhaul maintenance works at mosques in the Hawally governorate. Closing date: 9 February 2010

  • Kuwait: Mosque maintenance (Jahra)

    Carrying out modification and overhaul maintenance works at mosques in the Jahra governorate. Closing date: 9 February 2010

  • Kuwait: Mosque maintenance (Mubarak al-Kabeer)

    Carrying out modification and overhaul maintenance works at mosques in the Mubarak al-Kabeer governorate. Closing date: 9 February 2010

  • Kuwait: Municipal cleaning works (Abdulla al-Salem)

    Carrying out general cleaning works in areas including Abdulla al-Salem. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Ahmadi)

    Carrying out general cleaning works in areas including Ahmadi. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Al-Rai)

    Carrying out general cleaning works in areas including Al-Rai. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Bayan)

    Carrying out general cleaning works in areas including Bayan. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Downtown)

    Carrying out general cleaning works in areas including Downtown. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Fahaheel)

    Carrying out general cleaning works in areas including Fahaheel. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Hawally)

    Carrying out general cleaning works in areas including Hawally. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Jahra)

    Carrying out general cleaning works in areas including Jahra. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Jaleeb al-Shuyoukh)

    Carrying out general cleaning works in areas including Jaleeb al-Shuyoukh. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Khaitan)

    Carrying out general cleaning works in areas including Khaitan. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Mubarak al-Kabeer)

    Carrying out general cleaning works in areas including Mubarak al-Kabeer. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Sabah al-Salem)

    Carrying out general cleaning works in areas including Sabah al-Salem. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Salmi)

    Carrying out general cleaning works in areas including Salmi. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Salmiya)

    Carrying out general cleaning works in areas including Salmiya. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Shuwaikh)

    Carrying out general cleaning works in areas including Shuwaikh. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Sulaibiya)

    Carrying out general cleaning works in areas including Sulaibiya. Closing date: 14 March 2010

  • Kuwait: Municipal cleaning works (Wafra)

    Carrying out general cleaning works in areas including Wafra. Closing date: 14 March 2010

  • Kuwait: Power and water distillation station cleaning

    Carrying out cleaning works at power and water distillation stations. Closing date: 23 March 2010

  • Kuwait: Sea and land transport services

    Provision of sea and land transport services. Closing date: 16 March 2010

  • Kuwait: Site transformers

    Replacement of site transformers. Closing date: 7 March 2010

  • Kuwait: Steam turbine materials

    Repair and supply of materials for a steam turbine at a power and water distillation station. Closing date: 19 January 2010

  • Kuwait: Street lighting equipment maintenance

    Maintenance of street lighting equipment. Closing date: 2 March 2010

  • Kuwait: Street lighting equipment maintenance

    Maintenance of street lighting equipment. Closing date: 7 March 2010

  • Kuwait: Sub-control centre maintenance

    Carrying out modification and overhaul maintenance works for a sub-control centre. Closing date: 14 February 2010

  • Kuwait: Transformer stations

    Supply and installation of main transformer stations. Closing date: 9 March 2010

  • Kuwait: University information systems

    Carrying out an automatic storage system application project for a university. Closing date: 16 February 2010

  • Kuwait: Valves, elbows and ductile iron joints

    Supply of valves, elbows, ductile iron joints for water network line works. Closing date: 23 March 2010

  • Kuwaiti cabinet approves KAC privatization

    The Kuwaiti government has tentatively decided to privatize the Gulf state's national carrier, the Kuwait Airways Corp, the Kuwait Times has reported. The cabinet has also instructed the Public Investment Authority to complete the legal procedures for the transformation of the airline into a shareholding Kuwaiti firm.

  • Lahmeyer International secures Abu Dhabi power deal

    German firm to provide consultancy services for four substations

  • Lebanon says 1.9m tourists visited in 2009

    Lebanon's ministry of tourism has said that some 1.9 million tourists came to Lebanon in 2009, the highest number of visitors in the country's history, the Associated Press has reported. The 2009 number is the highest ever and broke the 1974 record of 1.4 million tourists, the ministry said. Fadi Abboud, the country's tourism minister estimated the country's annual income from tourism at up to $7bn, or about 20% of gross domestic product.

  • Lebanon to study mobile operator sales

    Lebanon's telecommunications minister, Charbel Nahas has said that a decision will be made by the end of the year on how to sell two mobile phone operators, which previous governments had hoped would raise as much as $7bn, Bloomberg has reported. Plans to sell the mobile phone companies were put on hold due to an 18-month political crisis that eased in May 2008 and later by the global credit crisis and parliamentary elections in June of last year. "The process of bringing in investors has dif

  • Lebanon warns cellular firms to improve service

    Lebanon's telecoms minister has said that mobile service providers in the country must prevent the deterioration of their services or face actions by the ministry, The Daily Star has reported. 'The companies are responsible for the current status and quality of the mobile lines in Lebanon. We will take proper actions if the services do not improve,' Charbel Nahas told the newspaper.

  • Lebanon: Employer-employee survey consultancy

    Provision of consultancy services for an employer-employee survey. Closing date: 20 January 2010

  • Lenovo unveils desktop PCs

    Lenovo has unveiled two new high-performance desktop PCs designed to meet the computing requirements of large businesses, the ThinkCentre M90 and M90p. The two models are also Lenovo's first ThinkCentre desktops to feature the new 2010 Intel Core vPro family of processors. The ThinkCentre M90 and M90p will be available starting in February in tower, small form factor and ultra small form factors.

  • Libya awards submarine cable deal to Huawei Marine Networks

    State-owned telecoms company will link Tobruk and Emasaed

  • Libya: Anchor handling tug and platform supply vessels

    Supply of an anchor handling tug supply vessel and a platform supply vessel. Closing date: 29 January 2010

  • Libya: Casing floating equipment

    Supply of casing floating equipment for a drilling project. Closing date: 9 February 2010

  • Libya: Casing heads and X-mas trees

    Supply of casing heads and X-mas trees for a drilling project. Closing date: 7 February 2010

  • Libya: Cementing and stimulation services

    Provision of cementing and stimulation services for an exploration programme. Closing date: 8 January 2010

  • Libya: Coring services

    Provision of coring services for an exploration programme. Closing date: 5 January 2010

  • Libya: Cranes, trucks and tankers

    Supply of heavy equipment including cranes, fork-lift trucks, heavy-duty trucks and tankers. Closing date: 31 January 2010

  • Libya: Drill bits and associated services

    Provision of drill bits and associated services for an exploration programme. Closing date: 7 January 2010

  • Libya: Gardening services

    Provision of gardening services. Closing date: 31 January 2010

  • Libya: Gas utilisation project

    Carrying out a gas utilisation project. Closing date: 21 February 2010

  • Libya: Harbour breakwater wall maintenance

    Maintenance and repair of a breakwater wall at a temporary harbour. Closing date: 31 January 2010

  • Libya: HVAC system upgrade

    Revamp and upgrade of HVAC systems at oil field platforms. Closing date: 18 January 2010

  • Libya: Kitchen and laundry equipment maintenance

    Maintenance of kitchen and laundry equipment at an oil complex. Closing date: 31 January 2010

  • Libya: Land transportation services

    Provision of land transportation services for an exploration programme. Closing date: 9 January 2010

  • Libya: Logging and perforating services

    Provision of logging, perforating and associated services for an exploration programme. Closing date: 12 January 2010

  • Libya: Norm management programme

    Carrying out a comprehensive study for and development of a naturally occurring radioactive materials (Norm) management programme. Closing date: 7 February 2010

  • Libya: Oil well sample analysis

    Provision of sample analysis services for two oil wells. Closing date: 3 February 2010

  • Libya: Onshore pipeline CP system monitoring

    Implementation of a monitoring and maintenance programme for an onshore pipeline’s CP system. Closing date: 31 January 2010

  • Libya: Pest control services

    Provision of pest control services. Closing date: 31 January 2010

  • Libya: Road maintenance

    Maintenance of a road. Closing date: 31 January 2010

  • Libya: Seamless steel casing

    Supply of seamless steel casing for a drilling project. Closing date: 4 February 2010

  • Libya: Training centre and sub-sea warehouse

    Design and construction of a training centre and sub-sea warehouse. Closing date: 31 January 2010

  • Libya: Well testing services (1)

    Provision of well testing and associated services for an exploration programme. Closing date: 21 January 2010

  • Libya: Well testing services (2)

    Provision of well testing and associated services for an exploration programme. Closing date: 21 January 2010

  • Libya: Workover rig services

    Provision of workover rig services as part of an exploration campaign in the Sirte basin. Closing date: 17 January 2010

  • Local contractor completes Jeddah airport utilities work

    Project supplies power and air conditioning to the eastern Hajj terminal

  • Lufthansa to fly to Baghdad

    German airline Lufthansa has revealed it will fly from Frankfurt and Munich to Baghdad during this summer, in response to growing demand from European, American, and Iraqi business people, the Financial Times has reported. Once the German and Iraqi governments had finalised a bilateral air-traffic treaty, give more details about the frequency of the new service will be made available, Europe's largest airline said. The two countries had started their negotiations in October 2009.

  • Lufthansa to launch flights to Iraqi capital

    German airline to start services to Baghdad and Irbil this year

  • Ma'aden quarterly profit nearly triples

    Saudi Arabian Mining Co. (Ma'aden) has posted SR342.8m ($91.4m) in profit during Q4 2009, compared to SR121.1m a year earlier, Bloomberg has reported. Ma'aden attributed the surge to a rise in gold prices, as well as a SR300m fee it had received from Alcoa Inc. to join its SR40.5bn aluminium industrial complex in the kingdom, in which Ma'aden will own 60% of the project and the New York-based Alcoa the rest.

  • Madrid and Amman sign nuclear co-operation accord

    Spain to assist Jordan with training and waste management

  • Maersk announces rate increase

    Maersk Line has announced a general rate increase in the Europe to South Asia/Middle East trade. "The trading conditions for the carriers operating in these markets are still subject to unacceptable rate levels and the situation is unsustainable in the longer term," the company said in a statement.

  • Mall of the Emirates expands restaurant offers

    Mall of the Emirates has announced an additional six new restaurants to their 10,500 square metre new extension which will be completed in Q3 of 2010. Three of the restaurants making their debut in the UAE with flagship outlets at the mall are: Al Halabi, offering Middle Eastern food, Tribe which specializes in African tastes and PF Changs, a US-based Chinese restaurant franchise.

  • Manama signs consultancy deal with German airport operator

    Munich Airport to help upgrade services and facilities

  • Mani to expand GCC operations

    Mani & Co. has announced plans to further expand its operations in the GCC region by mid-2010. In a bid to triple growth in sales in the region, the Dubai-based group has said that it is currently in discussions with major distributors in Kuwait and Saudi Arabia. The company recorded a 40% sales growth in 2009.

  • Marubeni submits lowest bid for Saudi plant

    Saudi Electricity has said that a consortium led by Japan's Marubeni Corp has proposed the lowest tariff to build a 2,000 megawatt power plant in Riyadh, Reuters has reported. The consortium, which includes Kansai Electric and Saudi Masader Co for Power, Water and Gas, had proposed a levelised electricity cost - which includes costs of production, fuel, financing and operations - of 0.077 riyals per kilowatt hour, the company said.

  • Masdar and Schneider Electric announce partnership

    Companies to set up research and development facilities in Masdar City

  • Masdar JV secures $760m loan for solar plant

    Torresol Energy, a joint venture between Masdar and Sener, an international multidiscipline engineering firm, has won $760m project finance loans for the construction of its twin Concentrated Solar Power (CSP) plants - Valle 1 and Valle 2 - in Andalucía, Spain. Valle 1 and 2, together with the Gemasolar Central Tower Plant (17MW / 110GWh per year), which was project financed in November 2008, represent a total investment by Torresol Energy of $1.4bn across three CSP projects over the past 12

  • Masdar plans Abu Dhabi solar power project

    Joint venture partners debate type of technology to be used for scheme

  • Masdar signs co-operation deal with 1 Malaysia Development

    Companies to study joint clean technology schemes

  • Masdar to push ahead with alternative power plants by March

    Deals for solar and hydrogen plants worth a total of $2.8bn

  • Mashreq launches Egypt CoDs

    UAE-based lender Mashreqbank has announced the launch of its Certificate of Deposit in Egypt. Mashreq's CODs have fixed rates of 9.25% per annum which will be paid quarterly or 9% per annum to be paid monthly. The minimum deposit will be LE10,000 in installments of LE1,000. Mashreq launched its retail operations in Egypt in April 2009, with a capital of LE560 million.

  • MasterCard: UAE consumer confidence up

    The UAE has seen a quick recovery in the current consumer confidence score (86.1 vs. 29.6 a period ago) registering the largest Index score increase from the last survey six months ago, compared to all other Middle East and Levant market scores, according to the Mastercard Consumer Confidence index . Released twice a year, the Index measures consumer confidence on prevailing expectations in the market for the next six months based on five economic indicators: Economy, Employment, Stock Market

  • Mazaya Qatar Real Estate plans IPO

    Mazaya Qatar Real Estate Development Co has announced plans to raise its capital by offering 50 million shares for public offering. The IPO, which represents 50% of total capital of the Sharia-compliant firm, will be available for subscription to Qatari nationals and 100% Qatari-owned firms from January 17 to 31.

  • Medsol opens lab in Saudi Arabia

    Medsol, part of Gulf Healthcare International, has launched a new laboratory based in Al Khobar, Saudi Arabia. The lab offers testing for screening, diagnosis, prognosis and response to treatment and has an extensive test menu of over 700 tests in all medical specialities. Medsol currently operates a total of fifteen branded labs, including independent and hospital facilities, across the Middle East and North Africa.

  • Michigan State applies for UAE accreditation

    Michigan State University (MSU) Dubai, the first non- profit US research university to open a satellite campus in the UAE, has applied for accreditation of its programs in the country. "Whilst our programs are already recognised and accredited in the US and internationally, our aim is to ensure compliance with local standards and to support the outstanding work of the UAE Commission for Academic Accreditation (CAA)," Kim A. Wilcox, MSU Provost and Vice President for Academic Affairs said.

  • Microsoft says no upgrade price for Office 2010

    Microsoft has said it has no plans to offer separate upgrade editions for its Office 2010 that is scheduled to debut in June, Computer World magazine has reported. The move will effectively raise the price for many users who want to migrate from older editions of the popular suite. Microsoft has traditionally sold upgrades at prices significantly less than the full editions. A spokeswoman for the software giant said the company would offer a promotion at some point before the new version's re

  • Microsoft showcases 'slate' style computer

    Steve Ballmer showcased a slate-style computer during his Consumer Electronics Show keynote speech, the Wall Street Journal reported. However, the device, built by Hewlett-Packard, is not a response to Apple's expected tablet or Amazon's Kindle - but an extension of existing keyboardless designs that HP and others have made with Microsoft's help since the 1990s. It also runs Windows 7 rather than a new operating system.

  • Microsoft, HP to help Mideast firms in cloud computing

    A $250m joint initiative has been launched by Microsoft and HP that aims to help businesses in the Middle East advance cloud computing services to simplify technology environments for this sector, the Peninsula has reported. The initiative aims to simplify the data centre with solutions that will allow customers to increase business efficiency, lowers total cost of ownership, and speed time to business value, according to John Hoonhout, Managing Director and Enterprise Business lead, HP Middl

  • Middle East airline traffic rises 16.5 per cent

    Region has fastest growing passenger volumes in the world

  • Middle East contracts awarded: February 2010

    Almost $3.5bn worth of contracts have been awarded across the Middle East in February 2010, according to this selected checklist compiled from MEED reports.

  • Middle East contracts awarded: January 2010

    Almost $3bn worth of contracts have been awarded across the Middle East up to 31 Januay 2010, according to this selected checklist compiled from MEED reports

  • Ministry receives bids for Sohar airport

    Seven groups submit bids by 4 January deadline

  • Mirdif City to serve up 75 restaurants

    The Mirdif City Centre in the UAE, which opens March 16, will offer 75 food and beverage outlets, over a third of which will be making their debut in the Northern emirates. Among Among those making their debut in the UAE are P.F. Chang's - the Chinese restaurant from the US, Tiffenbites, an Indian eatery from the UK, and Abu Sid, from Cairo who serve authentic Egyptian cuisine.

  • Mitsubishi Aviation at Abu Dhabi's WFES

    The World Future Energy Summit in Abu Dhabi saw a wide range of transport using sustainable energy sources. Whilst others like the Mitsubishi Regional Jet development focused on energy savings and with other environmental concerns at the forefront. Phil Blizzard talks to Hiromichi Takakuma, Marketing Manager, Mitsubishi Aircraft Corporation.

  • Mobily profit rises 35%

    Saudi-based Etihad Etisalat Co. (Mobily) has said it has posted a 35% increase in fourth-quarter profit on Internet and phone-service demand in the kingdom, Bloomberg has reported. Net income rose to SR1.05bn ($280.5m) from SR778m in the year-earlier period. The kingdom had 41 million mobile-phone subscribers and 9.8 million Internet users at the end of the third quarter, the Communications and Information Technology Commission said last month. Broadband users rose 48% from the year before to

  • Mobinil bond closed oversubscribed

    The 1.5 billion Egyptian pound ($273m) bond sold by the Egyptian Co. for Mobile Services (Mobinil), closed oversubscribed amid strong appetite from institutional and retail investors, EFG-Hermes, the advisor on the deal, told Dow Jones. Mobinil, sold the bond in two tranches - one for institutional investors, which was oversubscribed 1.5 times; and a public tranche for retail investors that was 11.4 times oversubscribed, EFG-Hermes said.

  • Mobinil to pay 3G installment

    Hassan Kabbani, CEO of the Egyptian Co. for Mobile Services (MobiNil) has said the firm will pay a EGP750m installment for 3G radio spectrum before the end of January, Bloomberg has reported. "This is our second payment and we are ready to honour it as per the license conditions," Kabbani said.

  • Modon inks SR600m Jeddah wastewater deal

    Saudi Industrial Property Authority (MODON) has announced the signing of a SR600m contract with Mowah Co. for a wastewater treatment plant in the Jeddah 2 Industrial City. The project includes setting up a waste water treatment plant, another plant for industrial wastewater, the establishment of drinking, irrigation, and sanitation water networks as well as pumping stations and a modern control system.

  • Moody's lowers Aldar rating to Baa2

    Moody's Investors Service has downgraded the ratings for Abu Dhabi-based developer, Aldar Properties and its debt instruments, due to the impact that the weaker commercial and residential property market. Ratings for the Abu Dhabi developer and its Trust Certificates (sukuk) and the guaranteed Notes have been lowered to 'Baa2' from 'A3'. The rating agency said it has kept the ratings on review for further possible downgrade as part of the ongoing review of government support for Abu Dhabi and

  • Moroccan utility receives bids for power plant advisory

    Banks bid for financial advisory work on Jorf Lasfar power plant

  • Morocco delays bids for Safi power plant

    Office National de l’Electricite sets March date for proposals

  • Morocco launches Ouarzazate solar power project

    Bids for consultancy on first of five plants due in late January

  • Morocco: Water pipelines (lot 1)

    Supply, transport and laying of 5,710 metres of 2,000-millimetre pipelines. Closing date: 3 March 2010

  • Morocco: Water pipelines (lot 2)

    Supply, transport and laying of 10,590 metres of 2,000-millimetre pipelines. Closing date: 3 March 2010

  • Movenpick opens resort in Yanbu

    Mövenpick Hotels and Resorts has opened its latest property in Saudi Arabia, the only 5-star hotel and resort in the Red Sea port city of Yanbu. The Mövenpick Hotel & Resort has 141 rooms ranging from Junior to Royal Suites; 12 duplex villas; and 48 individual apartments, as well as two restaurants, six conference rooms, and a banquet hall which can accommodate over 1,000 guests.

  • Mubarak & Brothers issues tenders for Deerfields project

    Abu Dhabi shopping mall to be built on Sheikh Rashid highway

  • Mubarak delays tender deadline for Deerfields mall

    Bidders get more time to prepare documents for construction deal

  • Munich Airport backs Bahrain Airport expansion

    Munich Airport has recently signed an agreement with the Bahrain Airport Company (BAC), which will provide support services to Bahrain International Airport's $4.8bn expansion programme. The scope of the deal signed during the Bahrain International Airshow include operations consultancy, on-the-ground support for new facilities, and development solutions for employees including on-the-job training at Munich airport, among others.

  • Muscat calls for interest in Ghubrah power and water project

    Omani plant will have 450-600MW capacity

  • Nabaa, Mitsui moot $20bn Yanbu complex

    Saudi Arabia's Nabaa Industrial Development and Investment Co and Japan's Mitsui & Co are considering building a $20bn petrochemical complex in the kingdom's Red Sea port of Yanbu, Reuters has reported, citing an industry source. The proposed project will use crude oil as feedstock and is expected to produce 45 petrochemical products, the source said. The two firms will take a final investment decision once feasibility studies are completed by June this year, he added. The project, if feasibl

  • Nakheel pays interest on $750m bond

    Dubai-based developer Nakheel has paid the $10.3m coupon on a $750m bond maturing in 2011, a company spokesperson told Bloomberg. Nakheel on Dec. 14 averted a default by paying $4.1bn on an Islamic bond after Dubai raised $10bn by selling bonds to Abu Dhabi and two state-run banks.

  • NAS Air to launch Kerala operations

    Low-cost Saudi carrier NAS Air has announced it will launch seven weekly services between Riyadh and India's Nedumbassery and Karipur international airports starting April 1, the Saudi Gazette has reported. The airline also said it plans to operate services to Thiruvananthapuram, Mumbai and New Delhi in India and Pakistan later.

  • NAS to provide maintenance certification to Qatar Airways

    Kuwait-based National Aviation Services has signed a three-year contract to provide aircraft maintenance certification to Qatar Airways. According to the agreement, NAS will be responsible for certifying the carrier's B-777 and Airbus 320 aircraft at Kuwait International Airport.

  • National Bank of Abu Dhabi reports $822m profit in 2009

    Tough market conditions hit institution

  • National Bank of Bahrain net profits up 23.3%

    The National Bank of Bahrain (NBB) has reported an increase of 23.3% in net profit, reaching BD42.82m in 2009, compared to BD34.74m in 2008, Gulf Daily News has reported. The bank has reported a 6.4% increase in net interest income mainly on account of growth in loans and investments and efficient balance sheet management.

  • National Bank of Oman profit drops 43%

    Full-year profit of National Bank of Oman fell 43%, as expenses rose and operating income declined, Bloomberg has reported. Expenses of the Sultanate's second-biggest bank by assets rose 3% to OR34.8m while its net income declined from OR45.4m to OR26.1m ($68m) along with a decline of 7% in operating income to OR81.8m.

  • National Commercial Bank doubles profits in 2009

    Value of Saudi state-owned bank’s assets grow by 16.1 per cent

  • National Water Company outlines plans for management deals

    Saudi utility set to award Medina and Dammam packages in 2011

  • Nazif extends import duty exemption on sugar to ease pressure on Egyptians

    Government wants to spare ordinary Egyptians from rising food prices

  • NBK plans capital hike

    National Bank of Kuwait has announced plans to raise its capital by 10% through a rights issue by the end of the year to fund expansion. 'The capital raise is intended to support the bank's strategic expansion plans, which succeeded lately in acquiring 40% of Boubyan Bank,' the lender said in a statement.

  • NBK to post 'small growth'

    Ibrahim Dabdoub, CEO of Kuwait's largest bank by market value, National Bank of Kuwait has said the bank expects to post a "small growth" in 2009 profit, Bloomberg has reported. "It is small but it is still a growth," he said at the World Economic Forum's annual meeting in Davos, Switzerland. Dabdoub also said he does not see any increase in non-performing loans this year. "Non-performing loans are a part of the aftermath of the credit crisis," he said.

  • New Aston Martin Rapide unveiled in Saudi

    Haji Husein Alireza, Saudi Arabia's Aston Martin dealer, has unveiled the British luxury carmaker's Rapide in its Jeddah showroom. The new Rapide is powered by a 470bhp 6.0-litre V12 engine from the DB9, the Rapide uses a Touchtronic 2 gearbox (with paddle-shift manual override) mounted at the rear to drive the rear wheels. The combination propels the Rapide to 100kph in five seconds.

  • New head of North Oil Company named

    Veteran oil executive Hameed al-Saedi has been appointed as the new head of Iraq's state-run North Oil Co, Reuters has reported. Al-Saedi replaces Manaa Abdullah al-Ubaidi, who is retiring.

  • New rules may boost UAE telco competition

    New regulations by the UAE's Telecommunication Regulatory Authority will allow the country's two telecoms operators to introduce promotions without prior approval, Gulf News has reported. 'This will stimulate competition in the country and will give operators the freedom to introduce more competitive packages,' TRA Director General Mohammad Al Ganem said. The new rules are planned to in place by the end of the year, the regulator said, adding that it could take longer depending on market cond

  • Nico completes work on Fujairah oil terminal

    The company is also working on a design and fabrication contract for Fujairah Refinery

  • Nike Women store opens in Lebanon

    USL, which distributes the Nike brand in Lebanon, has opened a women's store in the Beirut Souks. Based in the Lebanese capital, the store is 172 sq metres in size and will give women access to Nike's latest sport and lifestyle products. The Nike Women store is 'feminine' the company said, and that the 'materials, shapes and fixtures throughout the store are inspired by women'.

  • Nile Hotel to close for renovations

    Egypt's Misr Hotels has announced that the Nile Hotel will be closed for renovation during the next 30 months in preparation for rebranding the property as The Nile Ritz-Carlton, Cairo. The new Nile Ritz-Carlton will comprise 327 luxurious guestrooms, including 52 suites, of which two will be Royal Suites, in addition to several food and beverage outlets and business service centres.

  • Nine firms line up for Abu Dhabi lubricant refinery deal

    Winning firm will build base oil refinery at Ruwais

  • Nine groups submit bids for Duqm airport work

    Winner will build infrastructure for runway

  • Nivus bids low for Tubli wastewater project

    Bahrain to make emergency upgrade of largest treatment plant

  • Nokia opens UAE warranty hotline

    Nokia Middle East has announced the launch of its Nokia Warranty Hotline in the UAE. Potential customers may now call the new Nokia Hotline before their purchase to confirm the 12-month UAE warranty applies to their device of choice. The new hotline can be reached daily, except Fridays, from 10:00am to 8:00pm at 04-35 99 994.

  • Nokia pledges $1m to ideas to help the poorest

    Nokia has said it will provide $1m of funding to the developer comes up with a mobile product that helps improve the life of the poorest citizens in the world. Olli-Pekka Kallasvuo, Nokia's CEO, made the pledge during his keynote address at the Consumer Electronics Show (CES) in Las Vegas. "We've seen what the tech community can do when it focuses on problems that are also opportunities. The competition is open top hardware and software designs, with the winning idea being chosen by a panel o

  • Nokia 'Walk and Drive' free on smartphones

    Nokia's 'walk and drive' navigation will be made available on its smartphones at no cost as part of a new version of Ovi Maps. The mapping and navigation software has been specifically designed for mobile use and is based on unique hybrid technology. The new version of Ovi Maps will include all essential car and pedestrian navigation features, such as turn-by-turn voice guidance for 74 countries in 46 languages, and traffic information for over 10 countries, as well as detailed maps for over

  • Northern Emirates' 71 schools pass UAE inspection

    The UAE's education ministry has announced that 91% of the 71 schools in the Northern Emirates that took part in an inspection pilot scheme have met minimum standards, The National has reported. Sixty-nine public and two private schools participated in the pilot project. More than 400 schools have yet to be inspected, the ministry said.

  • Oil deal in Iraq may go to court

    An Iraqi independent MP has vowed to contest in a federal court the oil contract which British Petroleum and its partner China National Petroleum Corp had won to develop the giant Rumaila oil field last June, The Telegraph newspaper has reported. Shatha al Musawi claims that deals with foreign oil companies need to be properly approved by parliament under Iraq's constitution. The British oil major is not expecting any attempts to invalidate the contract to be successful, sources told the news

  • Oil falls below $78 a barrel after concerns of slowdown in China

    US statistics reveal a rise in crude stocks

  • Oil price hits 15-month high

    Oil prices climbed to a 15-month high above $83 a barrel on Monday, as data showing China's crude oil imports surged by nearly 25% in December and the US dollar weakened, Reuters has reported. US crude for February delivery rose 67 cents to $83.42 a barrel by 0958 GMT, off an earlier peak of $83.67, the highest price since October 2008.

  • Oil price is 'great', says Saudi minister

    Saudi Arabia's oil minister Ali al-Naimi has said that oil prices between $70 to $80 a barrel are acceptable to all and will not hamper global economic growth, Reuters has reported. 'The producer is looking at this price, the consumer is looking at the price, the investor is looking at the price and everybody is saying this is great,' al-Naimi said.

  • Oil prices continue fall on demand fears

    Gasoline stocks on the rise in the US

  • Oil prices 'fantastic', says Kuwait

    Kuwait's oil minister has described the price of crude oil as 'fantastic', as freezing temperatures pushed it above $82 a barrel, AFP has reported. Sheikh Ahmad Abdullah al-Sabah also said he expected demand to pick up in the second quarter of 2010, as the global economy is expected to continue its recovery and as crude inventories decline.

  • Oil prices hit $79 after a volatile year

    Prices have rebounded from $33 lows in January and February

  • Oil prices stabilise after heavy falls

    Energy stocks rise in US in week ended 8 January

  • Oil trades near $82

    Crude oil traded near a 14-month high today, Bloomberg has reported. Crude oil for February delivery was at $81.57 a barrel, up 6 cents, in electronic trading on the New York Mercantile Exchange at 1:13 p.m. Singapore time. Yesterday, the contract rose 2.7% to $81.51 a barrel, the highest settlement since Oct. 9, 2008. Freezing weather in the US, the largest energy consumer, and improving global economies are being cited as reasons for rising oil prices.

  • Oman air passenger tally rises 17% in 2009

    Oman Air has reported a 17% rise in passenger turnout last year with 2,325,805 in 2009 compared to 1,984,853 in the previous year. Oman Air Cargo had also surged ahead posting a 67% increase in revenue during the last year, as compared to 2008, the carrier said.

  • Oman banks have surplus for lending, says CB governor

    Hamud Al-Zadjali, governor of Oman's central bank, has said that banks in the Sultanate are ready to finance feasible projects, especially now that they have 'a lot of liquidity', Bloomberg has reported. 'If a feasibility study for any project is confirmed, I don't think the banks will turn down funding the project because banks need borrowers and investors to invest the surplus they have at the present time,' he said.

  • Oman Cement reports rise in profits

    High cement prices and asset sales boost profits

  • Oman Cement says '09 net profit doubled

    Oman's second-largest cement producer, Oman Cement Com has said its full-year net profit doubled to OR24.16m ($62.8m) from OR12.54m in 2008, Reuters has reported. Total revenue for the past year rose to OR71.93m from OR66.73m in 2008, the company said.

  • Oman exports fall 22%

    Oman's ministry of economy has said the Sultanate's exports in the first 11 months of 2009 had dropped 22%, compared to 2008 as oil prices declined, Bloomberg has reported. Revenue amounted to OR6bn ($15.6bn) in the year to November, compared with OR7.7bn a year ago, the ministry said.

  • Oman GDP to grow 6.1% in 2010

    Oman's finance minister has said the Sultanate's GDP in real terms for 2010 is projected at 6.1%, while inflation is expected to hit 3.5%, Reuters has reported. The country's total debt as of the end of 2009 stood at OR722m, with domestic debt accounting for OR252m of the total figure, Ahmad Mekki said.

  • Oman invites bids for Duqm masterplan

    Forty local and international consultants collect tender documents

  • Oman keeps seven in for Barka and Sohar projects

    Client to hold meeting with bidders on 27 January

  • Oman mulls Omantel stake sale in 2010

    Ahmed Mekki, Oman's minister of national economy, has said that the Sultanate may revive its plan to sell a 30% stake in Oman Telecommunications Co. to a long-term investor in 2010, Reuters has reported. 'We are waiting for the global market to recover so we can start looking for a strategic investor again for Omantel,' the minister told the news service.

  • Oman plans enhanced oil recovery scheme

    Design and procurement deal will maintain output levels at ageing fields

  • Oman Refineries receives $200m loan

    State-run Oman Refineries & Petrochemicals Co. has secured a 25-month $200m loan from Oman's Bank Muscat, Reuters has reported. The loan will be used to "refinance the working capital needs" of ORPC, the bank said.

  • Oman rolls out new tax law

    A new corporate tax law has been put into effect in Oman. The new law imposes income tax at a rate of 12% on companies incorporated in the Sultanate, irrespective of the nationality of the shareholders.

  • Oman spending may rise to 12%

    Oman's state news agency has said the Sultanate's budgeted spending is expected to increase by 12% to RO7.18bn in 2010, Reuters has reported. The Sultanate expect revenues of RO6.38bn, based on a projected oil price of $50 a barrel. With an economy, based mainly on oil and gas, the Sultanate has sold its oil at an average of $51.85 a barrel between January and September.

  • Oman tenders Duqm hotel consultancy role

    The Crowne Plaza resort will have 228 rooms

  • Oman to expand Al Noor, Sakhiya oil fields

    Petroleum Development Oman is seeking bids by February 9 to expand the Al Noor and Sakhiya oil fields. Expansion of the Al Noor production station includes the installation of an additional gas dehydration train and gas injection compression facilities among the other existing facilities. At Sakhiya, successful bidders will install a high-pressure mini flood project that will involve injecting very toxic natural gas into the oil field to boost output, PDO said.

  • Oman to hike oil output for second straight year

    Oman is on track to raise oil output for the second consecutive year, Reuters has reported. The sultanate aims to boost output to round 900,000 barrels per day in 2010. The country's economy minister said last week that output for the full year of 2009 was around 810,000 bpd.

  • Oman to shortlist Barka and Sohar bidders

    Eight groups submitted bids in December

  • Oman to spend $2.4bn on government projects in 2010

    Projects include water, schools, roads and hospital schemes

  • Oman to spend $4.2bn on utility projects till 2017

    Omani authorities will spend 1.6 billion Omani riyals ($4.2bn) on utility and water projects in the governorate of Muscat in the coming years, Omar Al-Wuhaibi, CEO of Oman Wastewater Services Company, said in a press statement on Sunday. He said the forecast spending would cover projects, inclduing water treatment plants and water networks, in the Muscat region till 2017. The overall cost of the projects, currently under execution in various regions of the sultanate, has amounted to 562 mill

  • Oman: Construction works

    Carrying out call-off contracts for construction works. Closing date: 27 February 2010

  • Oman: Desalination plant extension

    Extension of a desalination plant. Closing date: 15 February 2010

  • Oman: Electrical and piping repair equipment

    Provision of supporting equipment for electrical and piping repair works. Closing date: 8 February 2010

  • Oman: Electricity grid station protection system works

    Revamping of a protection system at a 132kV and 220kV electricity grid station. Closing date: 29 March 2010

  • Oman: Electricity grid substation transformer (Barka)

    Provision of an additional transformer and associated equipment at the electricity grid substation in Barka. Closing date: 22 February 2010

  • Oman: Electricity grid substation transformer (Madinat Qaboos)

    Provision of an additional transformer and associated equipment at the electricity grid substation in Madinat Qaboos. Closing date: 22 February 2010

  • Oman: Electricity grid substation transformer (Mawalleh)

    Provision of an additional transformer and associated equipment at the electricity grid substation in Mawalleh. Closing date: 22 February 2010

  • Oman: Electricity grid substation transformer (Wadi Kabir)

    Provision of an additional transformer and associated equipment at the electricity grid substation in Wadi Kabir. Closing date: 22 February 2010

  • Oman: Emergency electrical services

    Provision of emergency electrical services. Closing date: 8 February 2010

  • Oman: Gas turbine air intake cooling system

    Supply and installation of a cooling system for air intake for gas turbines at a power station. Closing date: 15 March 2010

  • Oman: GIS survey (Bausher)

    Carrying out services for a gas-insulated switchgear (GIS) survey (Bausher). Closing date: 15 March 2010

  • Oman: GIS survey (Muscat)

    Carrying out services for a gas-insulated switchgear (GIS) survey (Muscat). Closing date: 15 March 2010

  • Oman: GIS survey (Seeb)

    Carrying out services for a gas-insulated switchgear (GIS) survey (Seeb). Closing date: 15 March 2010

  • Oman: Hazardous waste management project

    Privatisation of a hazardous waste management project. Closing date: 29 March 2010

  • Oman: Health services O&M (Al-Wasta)

    Provision of maintenance services for the operation and maintenance (O&M) of health equipment and services in Al-Wasta. Closing date: 8 February 2010

  • Oman: Hospital air-conditioning upgrade

    Upgrading of air-conditioning system infrastructure at a hospital. Closing date: 15 February 2010

  • Oman: Hospital chillers

    Supply and installation of 11 air-cooled chillers at a hospital. Closing date: 1 March 2010

  • Oman: Hotel development consultancy

    Provision of consultancy services for the development of a hotel. Closing date: 1 March 2010

  • Oman: Hydrogen production PSA unit

    Design, engineering and supply of a pressure swing adsorption (PSA) unit for hydrogen production. Closing date: 8 March 2010

  • Oman: Independent water and power project

    Carrying out an independent water and power project. Closing date: 10 February 2010

  • Oman: Industrial water production

    Production of industrial water at an industrial port. Closing date: 29 March 2010

  • Oman: Local loop data cleansing

    Carrying out a local loop data cleansing project. Closing date: 22 March 2010

  • Oman: Medical equipment

    Supply and installation of medical equipment. Closing date: 15 March 2010

  • Oman: National museum fit-out works

    Carrying out fit-out works for a proposed national museum. Closing date: 1 March 2010

  • Oman: Office building construction

    Construction of an office building for a consulting commission. Closing date: 1 March 2010

  • Oman: Office building construction

    Construction of an office building. Closing date: 29 March 2010

  • Oman: Power station extension works

    Engineering, procurement and construction of extension works at a power station. Closing date: 22 March 2010

  • Oman: Preliminary and appeal court (Nizwa)

    Provision of a regional preliminary and appeal court at Nizwa. Closing date: 1 March 2010

  • Oman: Preliminary and appeal court (Rustaq)

    Provision of a regional preliminary and appeal court at Rustaq. Closing date: 1 March 2010

  • Oman: Quarantine station laboratory

    Construction of a laboratory at a quarantine station. Closing date: 29 March 2010

  • Oman: Residential construction

    Construction of an HE Wali residence. Closing date: 1 March 2010

  • Oman: Road construction (Ad Dariz-Yanqul)

    Construction of the Ad Dariz-Yanqul road. Closing date: 15 February 2010

  • Oman: Road construction (Wadi Shafan)

    Construction of an asphalt road in Wadi Shafan. Closing date: 15 February 2010

  • Oman: Road dualisation

    Dualisation of a road. Closing date: 15 March 2010

  • Oman: School classroom construction (10)

    Construction of 10 classrooms at a boys’ basic education school. Closing date: 8 March 2010

  • Oman: School classroom construction (13)

    Construction of 13 classrooms at a boys’ basic education school. Closing date: 8 March 2010

  • Oman: School construction (Al-Fayadh)

    Construction and maintenance of a girls’ school in Al-Fayadh. Closing date: 29 March 2010

  • Oman: School construction (Ashkarah)

    Construction and maintenance of a boys’ school in Ashkarah. Closing date: 29 March 2010

  • Oman: Street lighting works

    Carrying out street lighting works for internal roads. Closing date: 15 March 2010

  • Oman: Telecoms company television equipment

    Supply and installation of television equipment for telecommunications company. Closing date: 15 March 2010

  • Oman: Track road construction

    Construction of a track road. Closing date: 22 February 2010

  • Oman: Urban design masterplan consultancy

    Provision of consultancy services for the preparation of an urban design masterplan. Closing date: 8 March 2010

  • Oman: Water reservoir expansion

    Expansion of a water reservoir. Closing date: 8 March 2010

  • Oman: Water supply system (Hij)

    Construction of a water supply system in Hij. Closing date: 15 March 2010

  • Oman: Water supply system (Soqrah)

    Construction of a water supply system in Soqrah. Closing date: 15 March 2010

  • Omanoil wins Sohar port fuel bunker licence

    Oman Oil Marketing Co (Omanoil) has won a marine fuel bunker license by Sohar Industrial Port Co to set up marine fuelling operations in the Port of Sohar, the Times of Oman has reported. According to the licence, Omanoil will supply marine fuels of various grades to all local and international vessels calling at the port's terminals in the anchorage area.

  • Oracle unveils Clinical Development Analytics for healthcare sector

    Oracle has released an analytics software package designed to provide critical insights in the healthcare sector. The application helps companies improve clinical staff productivity by making it easier to identify non-performing sites. It is also designed to help those working in contract research, pharmaceutical and biotechnology fields more effectively control IT costs by removing the need for multiple, disparate reporting systems.

  • Orange Jordan inks alliance with Wataniya Mobile

    Orange Jordan and Palestine's Wataniya Mobile have announced the signing of a strategic alliance agreement that will allow both firms to provide international and roaming calls between them with preferred tariffs. According to the agreement, subscribers of both Orange Mobile and Wataniya Mobile will be able to pay a unified tariff per minute for calling internationally, roaming and receiving calls between Jordan and Palestine.

  • Orascom and Morgan Stanley set up joint venture

    Infrastructure company to invest across Middle East and North Africa

  • Orascom Construction and Morgan Stanley form JV

    Morgan Stanley has signed an agreement with Egypt-based Orascom Construction Industries to form a 50-50 joint-venture that aims to develop and invest in infrastructure-related assets across the Middle East and Africa. 'The coming decade will require higher investment rates in infrastructure to sustain economic growth in the Middle East and Africa,' Sadek Wahba, Global head of Morgan Stanley Infrastructure, said in a statement.

  • Orascom Hotels completes $160m loan

    The seven-year deal is company’s debut loan

  • Oriental Weavers to open new facility in H2 2010

    The world's largest machine-woven carpet maker, Egypt's Oriental Weavers, has announced it will begin production at its $238m industrial complex in the second half of 2010, Reuters has reported. 'We hope to be able to add capacity within the second half of 2010 ... according to demand,' the firm's investor relations manager, Haitham Abdel Moneim told the news service.

  • Over 2500 retailers sign up for shopping festival

    Over 2500 retail outlets have registered to participate in the Dubai Shopping Festival 2010 promotional campaign in just two weeks since the Dubai Events and Promotions Establishment began receiving applications, said a press statement. More retail outlets are expected to be part of the 15th edition of DSF, which begins on Jan 28 and goes on till February 28.

  • PC makers prepare for Intel i-series processor

    HP, Gateway, and a host of other PC makers, are set to launch the first laptops using Intel's new Core i3 processor during the Consumer Electronics Show, CNET has reported. Core i- series processors are based on Intel's Nehalem microarchitecture. In 2010, the chipmaker will move most of its processor lines from the current Core 2 technology to the Core i design.

  • Petrochina eyes move to Dubai

    Petrochina plans to sets up an energy trade desk in Dubai, Reuters has reported, citing industry sources. The firm is also considering the option of either acquiring or building an oil terminal facility in the country, once source said. 'They are now looking at setting up an office here, they are in that process of getting the logistics in order,' a Middle East based trader told the news service. 'Initially they will have three crude traders, and then the office will likely expand, but they h

  • Pfizer eyes emerging market push

    Jean-Michel Halfon, Pfizer's head of emerging markets has announced plans for a big push into the world's underdeveloped emerging markets, Reuters has reported. Almost 75% of pharmaceutical sales growth will come from emerging markets in the next three to five years, he said, adding that Saudi Arabia, Thailand and Taiwan are "promising areas of interest" for the world's largest pharmaceutical company. Pfizer had Q3 sales from emerging markets of about $1.6bn, which represented growth of 9%. I

  • Pink taxis to hit the streets in Kuwait

    Backed by the support of the Kuwait Investment Authority, a Kuwaiti entrepreneur is gearing up to launch the country's first 'women only' taxi service, KUNA has reported. The 'Eve Taxi' follows the example of a number of countries such as the UAE, Lebanon, Syria, Iran and Bangladesh. The GPS-equipped pink fleet will operate from 8 am to 8 pm, and will be available upon phone request, with the phone numbers to be announced soon.

  • Plane catches fire in Iran

    An Iranian passenger plane caught fire upon landing on Sunday in the northeastern city of Mashhad, injuring 46 people, state television and other news networks said. Iranian officials told local news networks that the rear end of the Russian-built Tupolev 154 plane owned by Taban Airline and piloted by a Russian caught fire as the aircraft landed in fog at Mashhad airport.

  • PNB receives DIFC licence

    India's top ranked nationalized lender, Punjab National Bank (PNB) has received a licence to operate from the Dubai International Financial Centre (DIFC). The new branch will target the entire Middle East and Africa region, Raj Kumar Nair, CEO of PNB said.

  • Premium ticket demand still weak

    The International Air Transport Association has said that global demand for first and business class tickets remains weak and an improvement in November was a blip, Reuters has reported. Demand varies sharply by route, premium travel in November rose 13.7% between the Middle East and Far East and up 18.2% year-on-year within Latin America and, but down 18.5% within Europe and down 5.9% on the Transatlantic market, IATA said.

  • Property refunds to be issued under new Dubai law

    Under new laws planned in Dubai property investors will be eligible for refunds or replacement property if they fall victim to unscrupulous or failing developers, the National has reported. Developers also will face new financial penalties if the buildings they promise are not delivered on time, or to agreed specifications.

  • Qatar Airways expands route network with flights to Ankara and Tokyo

    Service to Sydney also planned this year

  • Qatar Airways launches flights to Bangalore

    The city will become the airline’s eleventh destination in India

  • Qatar Airways, Airbus to develop aviation biofuels

    Qatar, which holds the world's largest proven reserves of LNG, is to develop sustainable biofuels for the aviation industry in an initiative led by Qatar Airways. CEO Akbar Al Baker said 'where world leaders had failed in Copenhagen, my small country of Qatar leads the way'. The initiative with the Qatar Science & Technology Park, Qatar Petroleum and Airbus will use biofuels, which will be produced from fuel stocks that have no effect on the food chain or the water supply. Bakr went on to say

  • Qatar banks' provisions up 12.5%

    Provisions made by Qatari banks rose 12.5% to QR5.9bn in December, up from QR5.2bn in the month before, Reuters has reported, citing data from Qatar's central bank. Total loans by the lender grew 0.7% to QR231.2bn, the data showed. Specific loan provisions rose 16.2% to QR2.8bn.

  • Qatar Barwa Village sets lease structure

    Barwa Village has said it has determined the leasing prices for residential and commercial units based on a study of the real estate market in Qatar. "These prices were determined after conducting a thorough and comprehensive study along with comparisons to other similar projects, taking into account the best features and specifications that characterize Barwa Village," Barwa Village CEO, Khalid Al Hitmi said. The study was conducted by Quality International Qatar, a Barwa Real Estate busines

  • Qatar buys 300,000 H1N1 vaccinations from France

    The French health ministry has announced it had sold Qatar 300,000 vaccines against the H1N1 virus as it seeks to sell off millions of surplus swine flu vaccine doses to other countries, KUNA has reported. Egypt is also negotiating to buy two million vaccines, the ministry said.

  • Qatar Commercial Bank Q4 net rises 33%

    Andrew Stevens, CEO of Commercial Bank of Qatar, has said its net income had climbed to QR186m ($51m) from QR140m a year earlier, Bloomberg has reported. The bank expects to improve its performance this year, after fourth-quarter profit rose a less-than-expected 33%, he added. Net income for last year fell 12% to QR1.52bn, and assets dropped 7% to QR57.3bn. Operating income was QR2.8bn, and costs rose 1%.

  • Qatar in talks over $1bn solar plant

    Serious negotiations are underway between Qatar and foreign investors to build a $1bn solar power project in the country, Arabic daily Al Arab has reported. "Qatari and foreign entities are in serious talks and a final agreement that will set the project's road map is expected to be arrived at soon," Shadi Abu Daher, regional manager of the World Trade Centre in Doha, told the newspaper.

  • Qatar Islamic Bank profits decline by 19.5 per cent

    Profits hit by 74 per cent decline in income from investment activities

  • Qatar Islamic unit plans $150m funds in Asia

    Asian Finance Bank, the Malaysian unit of Qatar Islamic Bank, plans to start funds worth at least $150m to invest in Asia, Bloomberg has reported. The bank will start a $100m fund to invest in environmentally-friendly projects, another 100 million ringgit ($29m) for a retail project in Kuala Lumpur and an aviation fund to invest in aircraft purchases, CEO Mohamed Azahari Kamil told the news service.

  • Qatar National Bank denies oilfield investment

    Qatar National Bank has denied signing a deal to finance the development of Iran's Esfandiar oilfield, Reuters has reported. Iran said on Saturday QNB would invest 400 million euros ($581.4m) to finance the development of the field, Oil Ministry website SHANA reported, quoting a senior official. 'The bank is not aware of such a development, nor it is considering such an investment,' the bank said in a statement.

  • Qatar National Bank profits rise by 15 per cent

    Fourth quarter profits alone rise by 65 per cent

  • Qatar National Cancer Society, SAH ink MoU

    The Qatar National Cancer Society and SAH Care, a subsidiary of Strategic Alliance Holdings, have signed a memorandum of understanding to make the next generation of cancer treatment, Proton Therapy, available to cancer patients in Qatar. Through the coordination of end-to-end treatment by SAH Care through its arrangements with the global network of Proton Therapy centres, Qatari cancer patients will see a reduction in time-to-treatment to a matter of weeks.

  • Qatar Navigation Company and Qatar Shipping Company approve merger

    The boards of directors approved an exchange ratio of 2.2 shares of Qatar Shipping for each share of Qatar Navigation

  • Qatar Navigation, Shipping approve merger

    Qatar Navigation and Qatar Shipping Co have approved proceeding with a merger after their boards of directors approved the deal. "The Boards of Directors have approved an exchange ratio of 2.2 shares of Qatar Shipping for each share of Qatar Navigation," the two firms said in a statement.

  • Qatar on pace to open new LNG plants

    Faisal Al-Suwaidi, chief executive of state-run Qatargas, has said that operations at its LNG production facility, train 6, will be launched in June, Reuters has reported. The move is part of the country's plans aimed at boosting its LNG production capacity from the current 54 million tpy to 77 million tonnes per year by the end of 2010.

  • Qatar Petroleum and ExxonMobil sign deal for Ras Laffan complex

    Steam cracker and polyethylene plants will be the largest in the world

  • Qatar Petroleum inks ExxonRas Laffan deal

    Qatar Petroleum has signed an agreement with Exxon Mobil to develop a multi-billion dollar petrochemical complex to supply Asian markets, Reuters has reported. Located in the industrial city of Ras Laffan, the complex includes 1.6 million tonnes per year (tpy) steam cracker and associated units including two 650 tpy polyethylene plants and a 700 tpy ethylene glycol facilities. The two firms gave no updated cost estimate for the plant, which was previously estimated to cost around $3bn.

  • Qatar Petroleum pushes for lower prices on Dukhan and Mesaieed upgrades

    Four bidders in talks for the estimated $1bn contract

  • Qatar Ramco in Vinyls Italia purchase talks

    Qatar-based civil engineering and trading firm, Ramco Trading & Contracting Co. is in talks to buy ailing Italian polyvinyl chloride (PVC) and vinyl chloride monomer (VCM) producer Vinyls Italia, Chemical Week magazine has reported. The Qatari firm also is currently negotiating with Rome-based ENI over the possible acquisition of chlor-alkali plants that supply Vinyls Italia facilities in north-eastern Italy and Sardinia. Without receiving a firm commitment from ENI on supply of raw materials

  • Qatar redesigns Salwa Road package on Doha Expressway

    Three local companies have taken over work on the first two packages

  • Qatar Steel inks deal with Inteco

    Qatar Steel and Austria's Inteco have signed a project management contract as part of the steel maker's plans to upgrade its existing melt shop, Gulf Times has reported. The project core equipment will be ordered in the second quarter of this year and commissioning is planned in the fourth quarter of 2011. The Austrian firm has already completed basic engineering and constructability studies for the planned upgrade.

  • Qatar to build three new hospitals

    Qatar plans to build three new government hospitals in Doha city, the industrial estate and Al Khor to serve the rapidly growing number of expatriates in the country, Gulf Times has reported, citing an unnamed local daily. The public health insurance scheme for nationals and expatriates is also expected to be implemented soon, according to the report.

  • Qatar to restrict price hikes on essentials

    Qatar's ministry of business and trade is set to impose restrictions on increasing the prices of essentials, in a bid to control prices for the benefit of consumers in the country, the Peninsula has reported. Importers, wholesalers and retailers mulling raising their prices will have to seek the permission of a special committee that is being formed by the ministry.

  • Qatar to revisit single financial regulator scheme

    Philip Thorpe, chairman and chief executive of the Qatar Financial Centre Regulatory Authority, has said that plans to introduce a single regulator for the country's financial system later this year will be revived, Meed has reported. 'It is fair to say that the single regulator idea has not attracted a lot of attention in 2009. Now that things are a bit more stable in the markets, attention will shift back to it,' he told the magazine.

  • Qatar, Exxon petrochem plant capacity raised

    Qatari oil minister Abdullah Bin Hamad Al Attiyah has said that Qatar Petroleum and Exxon Mobil Corp have decided to raise capacity at a planned petrochemicals plant, doubling the cost of the project, Bloomberg has reported. The plant is expected to cost an estimated $6bn to $7bn, compared to the estimated $3bn when Exxon and state-owned Qatar Petroleum began studying the project in 2006. The site's proposed 1.6 million-tonne-a-year steam cracker is larger than originally envisaged, the minis

  • Qatar: Cable, terminations and joints

    Supply of ?rubber insulated ?cable, cable ?terminations ?and joints. Closing date: 7 February 2010

  • Qatar: Coating, insulation and scaffolding services

    Provision of protective coating, insulation and scaffolding services. Closing date: 14 February 2010

  • Qatar: Commercial port electrical works

    Carrying out electrical works at a commercial port. Closing date: 31 January 2010

  • Qatar: Electrical plant change request modification

    Provision of services for electrical plant change request modification works at production stations. Closing date: 28 February 2010

  • Qatar: Engineering consultancy services

    Provision of engineering consultancy services. Closing date: 31 January 2010

  • Qatar: Healthcare centre consultancy services

    Provision of site supervision and quantity surveying consultancy services for the construction of primary healthcare centres. Closing date: 2 February 2010

  • Qatar: Power and water plant demolition

    Demolition of a power and water plant. Closing date: 18 April 2010

  • Qatar: Pumping station works

    Refurbishment and upgrading of pumping stations. Closing date: 6 April 2010

  • Qatar: Refinery CCTV equipment maintenance

    Maintenance of refinery CCTV equipment. Closing date: 21 February 2010

  • Qatar: Road and drainage upgrade consultancy

    Provision of consultancy services for the upgrade and extension of urban and suburban roads and drainage networks. Closing date: 26 January 2010

  • Qatar: Road safety measures

    Maintenance of safety measures on primary road routes. Closing date: 19 January 2010

  • Qatar: School modification works

    Carrying out modification and additional works to schools. Closing date: 2 February 2010

  • Qatar: Tanker filling stations

    Construction of tanker filling stations for an electricity and water company. Closing date: 25 February 2010

  • Qatar: Water injection flowline maintenance

    Maintenance of powered water injection flowlines. Closing date: 7 March 2010

  • Qatar: Water supply consultancy

    Provision of engineering consultancy services for a water supply scheme. Closing date: 21 February 2010

  • Qatar: Wireline equipment and services

    Supply of wireline equipment and services. Closing date: 31 January 2010

  • Qatar’s Commercialbank reports fall in profits

    Fourth quarter net profit increases by 33 per cent

  • Qatargas gives inspection contract to Neptune

    Qatargas Operating Company Limited has awarded a subsea inspection contract to Australia-headquartered Neptune Marine Services. The three year multi-million dollar contract involves the inspection of Qatargas platforms, offshore pipelines and subsea connection facilities located within the Arabian Gulf.

  • Qatari banks set to play a greater role in project finance

    Local institutions to replace international rivals wary of long-term loans

  • Qatari developers announce merger plans

    Barwa to acquire Alaqaria

  • Qatari economy set to grow 16 per cent in 2010

    Expansion in natural gas production drives growth

  • Qatari Pearl gas-to-liquids plant to open in 2011

    Shell estimates project cost up to $19bn

  • Qatar's economy rises 11% in 2009

    Qatar's economy grew 11% in 2009, boosted by the country's natural gas sector, Abdullah bin Hamad al-Attiyah, Qatar's deputy prime minister has said. Attiyah, also the energy minister, did not say whether the growth was in real or nominal terms and did not give further detail in comments published on the website of daily Al Watan.

  • QIA increases stake in Al Ahli Bank to 5%

    Qatar Investment Authority has increased its stake in Al Ahli Bank to 5%, Bloomberg has reported. The Qatari lender has said in a release on the Qatar Exchange Web site, it received funds from the country's sovereign wealth fund to bolster its capital, but didn't reveal the value of the funds received.

  • Qtel launches new wireless router

    Qatar Telecom (Qtel) has unveiled a new broadband wireless router, the Qtel B560 3G. The new router is encoded with a unique wireless ID and wireless password to help ensure security while surfing the Web. It is also capable of utilizing Qatar's HSDPA/HSUPA network, offering speeds of up to 7.2 Mbps download with diversity and 2 Mbps upload.

  • Qtel, Tata launch network services

    New enterprise network services have been jointly announced by Qtel and India's Tata Communications. The partnership enables Qtel to extend its reach by offering Layer-2 Global Ethernet services into and out of Qatar, while Tata Communications can now extend its network coverage across the region.

  • RAK Acacia hotel holds soft launch

    UAE-based Hamra Hotels & Resorts has announced that the soft-opening of the Acacia Hotel in the emirate of Ras Al Khaimah. The 4-star property offers 214 rooms, 56 suites and 103 apartments, a restaurant, a Spa and Gym, a swimming pool, as well as a bar and a night club. The Acacia Hotel is scheduled to be fully operational by mid February 2010.

  • RAK Airways signs Afghan contract

    UAE-based RAK Airways has signed charter agreements with Ariana Afghan Airlines to operate on the Kabul-Dubai and Kabul-Frankfurt routes, The National has reported. The deal is pending approval from UAE aviation authorities. The move will allow the Ras al Khaimah firm to use its one aeroplane, a Boeing 757-200, until it completes a new business plan.

  • Rak extends bidding deadline for Mina al-Arab Intercontinental hotel

    Resort deal is worth $100m and will be built in Ras al-Khaimah

  • Reebok to open Dubai Mall store

    RBK Middle East, the sole distributor for the Reebok brand in the GCC region, has announced the opening of the world's first Reebok Classic store in Dubai Mall. The new store will feature Reebok's new Classic Collection, which includes the company's original designs from the 1980s, re-introduced in new colour and styles. RBK has 14 company owned outlets in the region, in addition to handling the distribution of Reebok products to the various multi-brand stores throughout the GCC.

  • Regional airline passenger traffic rises 19 per cent in December

    Global industry faces $5.6bn losses in 2010

  • Regional merger and acquisition deals drop 33 per cent

    Emirates is the biggest market in 2009

  • Rent prices fall in UAE's Sharjah

    A report by real estate services firm Asteco has said that improved demand had slowed the decline in apartment rents in the UAE emirate of Sharjah to 5% in the fourth quarter of 2009 compared to the previous quarter. Rents in Sharjah and the northern emirates of Ajman and Ras al-Khaimah, fell 26%, 25% and 17% respectively during 2009, while values in Umm al-Quwain declined 15%. However, the emirate remains the most expensive of the Northern Emirates with average rents of Dhs21,000, Dhs30,500,

  • Reports: Damas close to signing debt standstill agreement

    Dubai-based jewellery retailer Damas International, is believed to be on the verge of signing a Dhs4bn debt standstill agreement, The National has reported. The company is working towards an official agreement, under which it will defer its principal loan payments until May 31, but still accrue interest, a source told the newspaper. The banks believe the 'core business of the company continues to be sound', the source said. Terms of a formal standstill may be reached in the next two weeks. Th

  • Rera warns against Dubai and Ajman property swaps

    Marwan bin Ghalita, CEO of the Dubai Real Estate Regulatory Authority, has said that property investors need to be cautious of initiatives and schemes offering to swap properties between Dubai or Ajman and the US, Emirates Business has reported. The warning follows a recent advert in a local newspaper by a US-based investment firm, which said it would exchange finished Dubai or Ajman properties with "completed freehold" properties in the US. "We have not received any request for such approval

  • Research project to develop biofuel sources for aviation

    An agreement has been announced by the Masdar Institute of Science and Technology, Boeing, Etihad Airways and Honeywell's UOP, aimed at establishing a research and demonstration project in Abu Dhabi dedicated to sustainable energy solutions. The Sustainable Bioenergy Research Project (SBRP) will use integrated saltwater agricultural systems to support the development and commercialization of biofuel sources for aviation, and co-products.

  • Rezidor reports 5.2% growth in ME properties

    Belguim-based hotel group, Rezidor has said its properties in the Middle East have recorded a 5.2% in business growth, Emirates Business has reported. 'Despite last year's recession, the group compensated by having a record year for hotel openings in the Middle East,' Rezidor's chief development officer, Puneet Chatwal told the newspaper. Of the 40 hotels confirmed by the company for the region, 25 have been opened while 15 have been finalized, he added.

  • Ritz Carlton Dubai to expand with 163 rooms

    The Ritz-Carlton, Dubai has announced its plans to expand its number of guestrooms and an addition of several new restaurant concepts. Spearheaded by Dubai-based architectural firm Rice Perry Ellis, an adjacent wing will be built to house an additional 163 guestrooms, bringing the total number to 301. Of these, 18 are designated as suites including two Royal Suites.

  • Riyadh awards Mecca-Medina rail deal to Scott Wilson Group

    UK firm to provide project management support on Haramain high-speed rail project

  • Rodeo Drive opens its first store in Lebanon

    Lebanon-based Luxury Clothing Co has announced the opening of its Rodeo Drive ladieswear boutique in Lebanon. The company has been present in the UAE since 1972 with some 40 boutiques. The new boutique brings the number of stores the company now has to 48, with more planned to open this year in Beirut. The first to be opened soon is a new unisex multi-brand Rodeo Drive, due to open in April and will be closely followed by Tom Ford Boutique in May, the company said.

  • Royal Jordanian posts JD28m profit thru Nov

    Hussein Al Dabbas, President and CEO of Royal Jordanian, said the carrier posted a net profit of JD28 million in the first 11 months of 2009. Dabbas told Jordan television that the national carrier's revenues until November 2009 amounted to JD600 million despite fierce competition and a soaring fuel bill. Dabbas also said RJ will add 11 Boeing-787 Dreamliners to its fleet as of 2013.

  • RTA dismisses reports on Dubai Metro delay

    The Roads and Transport Authority - Dubai (RTA) has dismissed as 'inaccurate' media reports about the Dubai Rail Link (DURL) Consortium slowing construction of the Dubai Metro Project. RTA said the consortium is continuing with the construction works according to the planned schedule and that progress can be seen by everyone at various sites.

  • Sabb announces 96 per cent fall in profit

    HSBC affiliate hit by provisions for bad debts in fourth quarter

  • Sabic profits fall 59 per cent in 2009

    Asset write-downs and lower commodity prices hit Gulf’s biggest listed firm

  • Sabic Q4 net profit soars

    Saudi Arabian Basic Industries Corp's net profit rose sharply in the fourth quarter due to higher prices and sales volumes for most its products, Reuters has reported. The world's largest chemical company by market value made SR4.58bn in the three months to the end of December, up from SR311m a year earlier, the company said in a statement.

  • Sabic Q4 sales up 29%

    Saudi Basic Industries Corp (Sabic), which had reported a big surge in net profit for the fourth quarter, has said its sales for the period increased by 29.3% while its costs rose 3.7%, Reuters has reported. Sales of the state-controlled firm stood at SR31.9bn in the three months to end-December, the highest quarterly sales figure since the third quarter of 2008, up from SR24.7bn in the fourth quarter of 2008. Costs rose to SR21.9bn in the same period, up from SR21.1bn a year earlier, the com

  • SAE Institute to offer diploma in digital journalism

    SAE Institute Dubai, a post-secondary creative media education institute, has announced the launch of a one-year professional diploma in Digital Journalism. SAE Dubai will be the first campus for the programme launch with the first student intake set to commence on March 7. Upon completion of the one-year programme, students will receive a professional diploma that will enable them to pursue a career with publishing or media companies, online portals, as well as broadcast segments such as rad

  • Safco full-year profits fall 57 per cent

    Profits down due to low fertiliser prices and the closure of some plants for maintenance

  • Safi Airways opens new routed to Doha

    Safi Airways, the international airline from Afghanistan, has launched a new route between Doha and Kabul. The move is in co-operation with Qatar Airways and adds the additional destination to the Doha-based airline's network. Starting from March 13, the new route offers passengers three flights a week connecting the cities of Kabul and Doha and passengers can fly with Safi Airways using one single Qatar Airways ticket.

  • Safir inks Syria hotel deal

    Safir Hotels and Resorts Co, a subsidiary of Kuwait Projects Co (KIPCO), has signed a $25m agreement with the Syria's Al-Chami Co For Tourist Investment to manage the Safir Hotel in the northern Syrian city of Aleppo, Kuna has reported. Construction of the 158-room, eight-storey property is expected to be completed within 20 months.

  • Sama: Saudi banks foreign assets up SR45bn

    According to figures by the Saudi Arabian Monetary Agency (Sama), banks in the kingdom witnessed a sharp growth in foreign assets and a drop in liabilities, Emirate Business has reported. Banks' investments abroad grew by more than SR45bn through most of 2009 to offset waning domestic credit and the absence of government bonds, while their foreign liabilities dipped by nearly SR4bn in the same period, and most of the decline was in dues to foreign banks and to other parties, the data showed.

  • Samsung Medical Centre opens in Dubai

    Dubai Health Authority has announced the opening of the first Samsung Medical Centre in the Middle East in Dubai. The Samsung centre, in collaboration with INDEX Holding, will have highly specialized medical and nursing personnel in addition to the medical visits by consultants from Samsung Medical Centres and Hospitals in Korea. The new facility aims at attracting medical tourism to the region and to the exchange of knowledge and experiences.

  • Samsung rolls out new hard drives

    Samsung Electronics has unveiled its new line-up of external hard drives, designed under an eco-friendly green concept. The new G Series, introduced at the International Consumer Electronics Show in Las Vegas, consists of the 2.5" G2 Portable with 250/320/500/640GB densities, and the 3.5" G3 Station available in 1/1.5/2TB versions. The eco-friendly drives are halogen-free and feature low-noise levels, low-power consumption, and meet the ROHS regulation for eco friendliness.

  • Sanaa approaches monetary fund for credit facilities

    Yemen faces financial crisis and security threats

  • Sanaa turns down Houthi ceasefire offer

    Rebel leader agrees to meet government accord terms on 30 January

  • Saudi airports could be made autonomous

    Muhammad Ali Jamjoom, the Assistant President of Saudi Arabia's General Authority of Civil Aviation (GACA) has said that the kingdom's four international airports, Riyadh, Dammam, Jeddah and Madina, could be turned into totally self-sufficient entities, Saudi Gazette has reported. "This vital project being studied by experts in the GACA is meant to upgrade the potential of the airports, so that they don't rely on the government, which currently provides them with financial and human resources

  • Saudi and France to bid for public transport projects

    Saudi Public Transport Company teams up with RATP Developpement to bid on a number of projects in Saudi Arabia and the Gulf

  • Saudi Arabia begins issuing group tourism visas

    The Saudi Commission for Tourism and Antiquities (SCTA) has begun issuing group tourism visas for citizens from 65 non-Arab countries. Available for groups of four and above, some Arab countries will be added to the list in the near future. The tourism sector accounts for 6.9% of Saudi Arabia's non-oil GDP, bringing in SR47bn in 2008..

  • Saudi Arabia 'biggest Arab investor in Syria'

    The Syrian Investment Authority has said that Saudi investments in the country between 1991 and 2008 have topped the list of Arab investments with $2.06bn, Kuna has reported. In terms of the number of investment projects, Iraq came first with 40 projects, followed by Kuwait with 32, Lebanon with 25, and Saudi Arabia with 24.

  • Saudi Arabia leads investment in Jordan

    Figures by the Jordan Investment Board (JIB) have indicated that Saudi investments in Jordan have ranked first with a total of JD934m. Most foreign investments in the kingdom were in the industrial, hotels, agricultural, transport, hospitals, and recreation sectors, JIB said. Investments by the US ranked second with JD571m, followed by the UK with JD393m, Iraq JD347m, Bahrain JD335m, Egypt JD215m, the UAE JD191m, the Palestinian National Authority JD119m, Kuwait JD114m, and Belgium JD99m.

  • Saudi Arabia to stay with the US dollar

    The Saudi Arabian Monetary Authority (Sama) has said the kingdom's riyal has no plans to drop the US dollar peg, having served Saudi Arabia's economy very well, Zawya Dow Jones has reported, citing CNN interviews with Mohammad Al Jasser, governor of Sama. Al Jasser cited 100% of the kingdom's exports as well 70% of its imports are dollar-denominated. Saudi Arabia, Kuwait, Qatar and Bahrain has earlier agreed on and ratified a Gulf monetary union agreement, setting up a monetary council that w

  • Saudi Arabia: Chemicals and consumable materials

    Supply of chemicals and consumable materials. Closing date: 8 March 2010

  • Saudi Arabia: Chemicals and consumable materials

    Supply of chemicals and consumable materials. Closing date: 8 March 2010

  • Saudi Arabia: Hospital IT software O&M

    Operation and maintenance (O&M) of health software at a hospital. Closing date: 22 February 2010

  • Saudi Arabia: Hospital vehicles

    Supply of vehicles for a hospital. Clsoing date: 6 February 2010

  • Saudi Arabia: Mud plant feasibility services

    Provision of mud plant feasibility services. Closing date: 25 January 2010

  • Saudi Arabia: No need to change dollar FX regime

    Muhammad al-Jasser, Governor of the Saudi Arabian Monetary Agency (Sama) has ruled out the need to change the US dollar as a peg to its riyal currency, Reuters has reported. "Nothing justifies operating a change in the foreign exchange regime nor introducing adjustments to the exchange rate of the riyal versus the US dollar based on the periodic fluctuations of the dollar's exchange rate in international markets," he said.

  • Saudi Arabia: Oil drilling services

    Provision of drilling services for an oil company. Closing date: 1 March 2010

  • Saudi Arabia: Pick-up trucks

    Saudi Arabia: Pick-up trucks

  • Saudi Arabia: Refuse trucks and solid waste compressors

    Supply of refuse trucks and solid waste compressors. Closing date: 10 February 2010

  • Saudi Arabia: Road and bridge lighting

    Replacement of lighting on roads and bridges. Closing date: 7 March 2010

  • Saudi Arabia: Schools and kindergartens

    Construction of schools and kindergartens. Closing date: 24 February 2010

  • Saudi Arabia: Solid waste disposal works

    Disposal of solid waste and swamp backfilling works. Closing date: 4 April 2010

  • Saudi Arabia: University college facility O&M

    Operation and maintenance (O&M) of facilities at a university college. Closing date: 7 February 2010

  • Saudi Arabia: Vehicles

    Supply of vehicles. Closing date: 13 February 2010

  • Saudi Arabia: Water haulage services

    Provision of water haulage services. Closing date: 3 March 2010

  • Saudi Arabia: Waterfront development

    Construction and site development for a waterfront. Closing date: 28 February 2010

  • Saudi Aramco to maintain February oil volumes to Asia

    Saudi Aramco has announced it will supply full volumes of crude to refiners in China, South Korea and Taiwan for February, Bloomberg has reported. The decision comes amid an agreement at the last OPEC meeting on December 22 to keep production quotas unchanged.

  • Saudi Aramco, Total secure $6bn loan, bankers said

    Saudi Aramco and French oil giant, Total have secured $6bn in bank loans to finance the construction of the $12bn Jubail Export Refinery in the kingdom's Eastern Province, Bloomberg has reported, citing two bankers involved in the transaction. Last June, the two oil companies said the 400,000 barrels-a-day refinery will be fully operational by the second half of 2013. Saudi Aramco and Total each plan to retain 37.5% of the refinery, with 25% to be sold in an initial public offering, the compa

  • Saudi banks hit by lending slowdown, provisions

    Fourth-quarter earnings posted by two Saudi lenders were below forecasts, due to a slowdown in lending growth and higher provisions, Reuters has reported. The first quarterly loss for Saudi Hollandi Bank amounted to SR439.4m ($117m) for the three months to end-December, while Saudi Fransi, 31.1% owned by French bank Credit Agricole has said its fourth-quarter net profit fell 43.3% after it booked provisions to support its finances.

  • Saudi businessman plans $60m plant

    Dr. Solaiman Al Twaijri, CEO of Saudi pipes manufacturer Amiantit, has announced plans to set up a pipe manufacturing facility in Bahrain, Gulf News Daily has reported. Amiantit will proceed with the $60m project once there was an expected upturn in mega projects across the region, Al Twaijri told delegates at the Gulf Industry Forum.

  • Saudi Cable gets loan from Saudi fund

    Saudi Industrial Development Fund has provided Saudi Cable Co, a cables and reels maker, with a SR160.5m ($42.8m) loan to help finance the SR556.6m expansion of a power cable plant, Bloomberg has reported. The remaining cost of the expansion will be financed by the company and bank loans, the firm said in a statement.

  • Saudi consumer healthcare spend to hit 4% by 2013

    A report by Companies and Markets has projected that consumers in Saudi Arabia will spend 4% of their GDP on healthcare by 2013, the Saudi Gazette has reported. The 'Saudi Arabia Pharmaceuticals and Healthcare Report Q1 2010' said that from 2009 to 2014, the pharmaceutical market is expected to post a compound annual growth rate of 6.44% in both US dollar and local currency terms. The report also urged the kingdom to raise its medical training standards to rival Jordan, a popular medical tour

  • Saudi economy to rise 4.5%, says Goldman Sachs

    A new report by Goldman Sachs says the Saudi economy will grow 4.5% in 2010, as public spending and the strength of the banking and household sectors boost the recovery, Bloomberg has reported. 'The Saudi authorities currently have considerable fiscal resources at hand, which would enable them to support the economy and ensure that recovery is sustained through 2010,' Ahmet Akarli, a London-based economist at Goldman Sachs, said.

  • Saudi Electricity Co. to invest $10bn in 10 years

    Ali Saleh Al-Barrak, CEO of Saudi Electricity Co. (SEC) has said the company will invest $10bn in the next 10 years, to address the power needs in all parts of the kingdom, Arab News has reported. The announcement was made at the sidelines of the awarding of SR1.08bn contract to Arabian Bemco Contracting Co. to expand the Qassim Power Plant. The 10-year-plan is expected to add 25,000 MW to the kingdom's current generation capacity of 40,000 MW. The ministry of water and electricity estimates

  • Saudi Electricity plans three power plant extensions in 2010

    Hail, Tabuk and Rafha schemes will increase capacity to 290MW

  • Saudi Fertilizers' Q4 profit falls

    Saudi Arabian Fertilizers Co has said that a factory maintenance shutdown that cut output more than expected had caused its fourth-quarter net profit to drop by almost 30%, its lowest level in almost three years, Reuters has reported. Safco's net profit for the period amounted to SR376m, compared with SR536m a year earlier. The firm's net profit for 2009 was the lowest since 2006 at SR1.85bn, or SR7.38 per share down from SR17.1 per share in 2008.

  • Saudi Fransi: Private sector to grow 3.7% in 2010

    Banque Saudi Fransi has said the private sector in the kingdom is expected to recover to 3.7% in 2010, but will remain below the 4.7% of 2008, prior to the global financial crisis, Reuters has reported. The growth will be driven mainly by state spending and bank lending, the lender said. The private sector accounts for about 46% of the kingdom's Gross Domestic Product (GDP). Private sector growth hit a 14-year low of 2.5% in 2009.

  • Saudi gov't to pay half of Saudi students' college fees

    Saudi culture and information minister Abdul Aziz Khoja has announced that the government will pay 50% of tuition fees for Saudis studying at private colleges and universities in the kingdom, Arab News has reported. The decision aims to encourage Saudi students to enroll in private colleges and parallel education facilities in the kingdom, rather than opting for those in other Arab countries. 'This concession will be available for five years from the date of this decision and will be reviewed

  • Saudi Hollandi completes $193m sukuk

    Institution lists issue on stock exchange

  • Saudi index dips 0.4%

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.4% to 6,266, with 85 stocks falling and 22 rising. Kingom Holding had the day's biggest gain, up 9.8% to SR5.60.

  • Saudi index ends lower

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.42% to 6,291, with 65 stocks falling and 47 rising. Saudi Hollandi Bank had the day's biggest loss, down 3.75% to SR30.80.

  • Saudi index sees slight dip

    Saudi Arabia's Tadawul All Share Index (Tasi) nudged down 0.05% to 6,262, with 83 stocks falling and 36 rising. Kingom Holding had the day's biggest gain, up 7.14% to SR6.05.

  • Saudi index sees slight gain

    Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.6% today, even though there fewer stocks rose (47), than gained (63). Union Cooperative Assurance was the day's big gainer, rising 8.67% to SR35.10.

  • Saudi inflation falls to 5 per cent

    Inflation drops from 9.9 per cent in 2008

  • Saudi inflation rises to 4.3%

    Saudi Arabia's annual inflation rose to 4.3% in December, its highest level since September, the Saudi Press Agency has reported. The kingdom's inflation reached 4% on an annual basis in November after retreating to 3.5% in October, its lowest level since June, 2007. Saudi inflation hit a record high of 11.1% in July 2008. The Saudi cost of living index stood at 125.2 points in December, up from 120.1 points a year earlier, SPA said.

  • Saudi Kayan awards contract to Taiwanese firm

    Taiwan-based CTCI Corp has been awarded a contract by Saudi Kayan to manage the construction of a 210,000 tonne per year amines plant at its mega complex in Saudi Arabia, Reuters has reported, citing a source close to the matter. Under the deal, CTCI will manage the engineering, procurement and construction for the plant in Jubail. The main units of the complex are expected to start operations in the second half of 2010. The complex will have an annual production capacity of 6 million tonnes

  • Saudi Kayan Petrochem bids revised

    Saudi Kayan Petrochemical Co., a unit of Saudi Basic Industries Corp. (Sabic), has received revised bids from four international firms including US-based Fluor Corp to build its petrochemical plant in the kingdom, Reuters has reported. South Korea's Hyundai Engineering and Construction, Daelim Industrial Co and Taiwan's CTCI also bid for the 210,000 tonne per year amines plant, being developed by Kayan. The mega complex will have an annual production capacity of six million tonnes of petroche

  • Saudi market authority issues bourse violation fines

    An appeals panel of Saudi Arabia's market regulator, Capital Market Authority (CMA) has issued a final ruling in the case of the six men found guilty of violating trading regulations in transactions with shares in Tihama Advertising and Public Relations Co in 2006, Reuters has reported. One of the investors was fined SR200,000 and ordered to pay back SR142.8m which CMA said were gains he made in these transactions.

  • Saudi not eyeing nuclear power, says oil adviser

    Saudi Arabia is not considering developing an atomic energy program and will focus on other sources of renewable energy, Bloomberg has reported. Mohammed Salim al-Sabban, who heads Saudi's UN climate negotiations, said the kingdom is ruling out nuclear energy for now and is joining the International Renewable Energy Agency to focus on solar energy as a renewable.

  • Saudi Oger inks ABV Rock training agreement

    Saudi Oger Training Institute has signed a training and education agreement with ABV Rock Group Co. The agreement provides training for 60 ABV Rock Saudi employees in the fields of construction, armed carpentry, and steel fabrication.

  • Saudi Public Transport inks French RATP cooperation deal

    Saudi Public Transport Co has said that it has signed a partnership agreement with an affiliate of France's Regie Autonome des Transports Parisiens (RATP) to bid for public transport projects, Reuters has reported. Saptco said the deal was "in preparation for existing and future opportunities and projects in the kingdom and in Gulf countries which are witnessing a growing development in the field of public transportation."

  • Saudi Railways awards $23m high-speed project contract

    Saudi Railways Organisation (SRO) has awarded Scott Wilson Group a $23m contract to provide project management support to the new 440km Haramain High Speed Rail Project. Over the next five years, the UK-based firm will provide technical, specialist engineering and programme management support services to the SRO. This is the first high speed rail programme in the Middle East and is a 320kph railway linking the cities of Makkah, Jeddah, the new King Abdullah Economic City and Medina, as well a

  • Saudi retail sales to hit $97bn by 2013

    A report by Business Monitor International has projected that increasing urbanisation and strong underlying economic growth will increase growth of retail sales in Saudi Arabia to just under $100bn by 2013, the Saudi Gazette has reported. 'With the population increasing from 24.4m in 2008 to an estimated 26.5m by 2013, consumer spending per capita is predicted to rise by more than 24% by the end of the forecast period, reaching $5,246,' the report said. It also said the retail sector would co

  • Saudi retailer Alhokair eyes expansion

    Saudi retail firm Fawaz Abdulaziz Alhokair Co has revealed an expansion plan that covers Kazakhstan and could eventually involve Egypt, Jordan and the UAE, Reuters has reported. Alhokair, which represents brands including Zara and Marks and Spencer, said the plan would involve acquisitions of assets held by or stakes in existing companies, which can be financed from the firm's own resources.

  • Saudi stocks end slightly higher

    Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.24% to 6,409, with 63 stocks falling and 50 rising. Kingom Holding, the day's most heavily traded stock, fell 3.45% to SR7.00, while Saudi Electricity, the day's big gainer, rose 6.55% to SR12.20.

  • Saudi stocks fall 0.63%

    Saudi Arabia's Tadawul All Share Index (Tasi) slipped 0.63% to 6,368, as all sectors ended lower. Overall, 87 stocks fell while 31 ended higher, with Kingom Holding, the day's most heavily traded stock, falling 2.86% to SR6.80.

  • Saudi stocks fall 0.94%

    Saudi Arabia's Tadawul All Share Index (Tasi) rose 0.94% today to 6,256, with 106 stocks falling and 17 rising. The day's most heavily traded stock, Kingdom Holding, gained 1.38% to SR7.35. The biggest riser was Saudi British Bank, which climbed 1.89% to SR48.2.

  • Saudi stocks nudge higher

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.22% to close on 6,315, with 60 stocks rising and 41 falling. The day's most heavily traded stock, Kingdom Holding, gained 2.84% to SR7.25. Alinma Bank fell 0.39% to SR12.90.

  • Saudi stocks rise 0.21%

    Saudi Arabia's Tadawul All Share Index (Tasi) gained 0.21% to 6,382 as 68 stocks ended higher while 48 fell. The day's most heavily traded stock, Alinma Bank, rose 1.57% to SR12.90, while Kingom Holding climbed 3.68% to SR7.05.

  • Saudi stocks rise 0.84%, led by SABIC

    Saudi Arabia's Tadawul All Share Index (Tasi) closed up slightly by 0.84% to 6,201. Saudi Basic Industries (SABIC), the Middle East's largest listed company, was the day's big gainer, rising 3.30% to SR86.00. Overall, 68 stocks rose while 52 declined.

  • Saudi to award water management contracts

    Contracts to manage the water networks in Mecca and neighbouring Taif will be awarded by Saudi state-owned National Water Co to improve the management of utility services in the kingdom, Bloomberg has reported. Potential bidders have already been qualified including groups led by France's Veolia Environnement, Acciona of Spain and UK companies United Utilities Group and Severn Trent. Tender documents for the water production, distribution and wastewater management of the two cities will be pr

  • Saudi to vaccinate people of all ages against H1N1

    Prompted by fears that the onset of a third wave of the H1N1 flu will be more severe than the previous ones, the Saudi health ministry has announced it will vaccinate people of all age groups against the flu, Arab News has reported. The vaccination will be carried out at all primary healthcare centres throughout the kingdom beginning January 9, the ministry said. Thus far, the kingdom has registered 15,500 cases of swine flu in, including 124 deaths.

  • Saudi Yamama Cement profit up 70%

    Saudi Yamama Cement Co, the kingdom's third largest cement producer, has said its fourth quarter profit has grown 70% to SR145m from SR85.1m in the same period last year, Reuters has reported. 'The reason behind the increase in net profit for the fourth quarter compared to the same period last year is due to the increased sales in order to meet growing local demand,' the firm said.

  • Saudi: 60% of university places go to girls

    Khaled Al-Anqari, Saudi Arabia's higher education minister has said that 92% of last year's high school graduates have achieved admission to university at the last intake and that 60% of university places went to females, the Saudi Gazette has reported. The total number of high school graduates in 2009 was around one million, the minister noted.

  • Saudi's Herfy Food launches IPO

    Herfy Food Services, a Saudi Arabian food and restaurant chain, has said it plans to raise SR413.1m from an Initial Public Offering for 30% of its capital, which begins tomorrow, Reuters has reported. The company, which competes with major fast food chains such as McDonald's and Burger King in the Kingdom, plans to sell 8.1 million shares at SR51 riyals each.

  • Saudi's Jarir profit rises 28%

    Saudi Arabia's largest stationery and bookseller by market value, Jarir Marketing Co has said its fourth- quarter profit rose by 28% to SR102m ($27.2m) from SR80m a year earlier, as sales increased and the company added stores, Bloomberg has reported. The number of outlets rose to 27 from 24 in 2009 as the company expanded in Saudi Arabia and the Gulf. Jarir plans to add stores in Riyadh, Mecca and Kuwait this year and have 40 outlets by the end of 2013.

  • Saudi's King Fahd Causeway to be expanded

    King Fahd Causeway, which connects Saudi Arabia and Bahrain, will have its service island expanded by 60%, Arab News has reported. "New expansion would serve not only the causeway's employees but also passengers and tourists," Badr bin Abdullah Al-Atishan, Director-General of the bridge said. The expansion work is expected to be completed by 2012, he added.

  • Savola sees sharp rise in income

    Saudi Arabia's second-largest food producer, Savola Al Azizia United Co., has reported a rise in fourth-quarter income on increased sales and expanded operations, Bloomberg has reported. Savola's net income for the period reached SR269m ($71.7m), compared with a loss of SR464m a year earlier. Last year, the company acquired the assets of Casino Guichard-Perrachon SA's Geant superstores in the kingdom and plans to expand in Sudan and Egypt.

  • Savola sells storage facility for $80m

    Saudi sugar refiner Savola Group has said it has sold a central storage facility to Al Rajhi Capital for SR299m, making a profit of SR55m, Reuters has reported. The deal was completed on the condition that Al Rajhi Capital will rent it out to Savola's subsidiary Al-Azizia Panda, one of the Gulf Arab region's biggest supermarket chains.

  • SCA inks deal with Dubai school

    Dubai-based Hamdan bin Mohammed e-University has signed a memorandum of understanding with Emirates Securities and Commodities Authority (SCA), aimed at boosting cooperation between the two sides in the area of quality assurance and institutional excellence. According to the agreement, the university will hold training programs and provide professional consultation to develop SCA's human resources, while SCA will offer students of the university training opportunities in the area of quality a

  • Seven bids in for first phase of Dohaland’s Musheireb project

    Contractors compete for building and infrastructure deals

  • Shamkha South infrastructure contract worth up to $2.4bn

    Abu Dhabi deal is one of the Gulf’s largest infrastructure schemes

  • Sharjah hospital introduces new angioplasty procedure

    Al Qasimi Hospital in Sharjah has announced it is now offering a new type of angioplasty for patients with rare and high-risk coronary heart disease, Khaleej Times has reported. The new procedure called Controlled Antegrade and Retrograde Subintimal Tracking (CART), a combination of both antegrade and retrograde techniques are used to get the optimum result in the angioplasty. The procedure is seen as "high-risk procedure, but has the benefits of causing less bleeding, low risk for stroke and

  • Sharjah Islamic Bank '09 profit rises 12.3%

    Sharjah Islamic Bank has reported a 12.3% rise in net profit for 2009 at Dhs260.1m, compared to Dhs231.6m achieved in the same period last year. The amount includes general and specific provisions to meet possible risks for SIB and its subsidiary companies, SIB said. The lender also approved a cash dividend distribution of Dhs231m, equivalent to 10% of paid in capital.

  • Sharjah Islamic Bank profits rise 12 per cent

    Total assets hit $4bn by end of 2009

  • Sharjah to open four new healthcare centres

    Director of Sharjah Medical Zone Sheikh Mohammed Bin Saqr Al Qasimi has announced that four new healthcare centres will soon be opened in Qarain, Nazwa, Batayeh and Khorfakka, WAM has reported. Currently, the emirate has 17 healthcare centres which cater to 95% of the population, he said.

  • Shell signs up to develop Iraq's Manjoon field

    Deal is part of scheme to boost production to 12 million barrels a day by 2016

  • SIAC buys stake in luxury Egyptian office site

    Egypt's SIAC Group has acquired a 20% stake in a joint venture to develop offices in a high-end project owned by Sixth of October Development and Investment Company, Reuters has reported. The 33,000 square-metre project, known as the Polygon, is seen as a barometer for luxury real estate demand in Egypt. The joint venture, owned 80% by SODIC, will build the offices in the project, which also includes leisure and commercial facilities, at a total cost of 286 million Egyptian pounds ($53m), SOD

  • Siemens inks biggest ever MidEast deal

    Siemens Healthcare has won its biggest single order contract in the Middle East with the signing of a $69m contract to supply diagnostics imaging equipment to all Iraqi government hospitals. The products, which include magnetic resonance imaging and computed tomography equipment, mobile x-rays and mammography systems, help to increase diagnostic confidence, allowing for earlier detection of diseases.

  • Siemens wins Saudi power contract

    German contractor to lay underground transmission cables

  • Siemens wins Saudi substation contract

    Royal Commission for Jubail & Yanbu awards $87m engineering, procurement and construction deal

  • Siemens wins transmission contracts in Saudi Arabia

    German contractor will strengthen networks in central region

  • Sipchem posts 2009 results

    Saudi International Petrochemical Co. (Sipchem) has said its net profit for the fourth quarter rose by 62.8% to SR56.5m, on increased production and a rise in products prices. However, total net profit for the full year plunged 73.8% to SR140.9m against SR536.8m for the same period a year earlier. The decline was attributed to the effects of the global economic crisis in 2009, which "had a very big negative impact on the company financial results and the decrease of its profits compared with

  • Sipchem Q4 profit rises 63%

    Improved prices and higher production has helped raise fourth-quarter profit of Saudi International Petrochemical Co. (Sipchem) by 63%, Bloomberg has reported. Net income rose to SR56.5m ($15.1m) from SR34.7m in the year-earlier period.

  • Sohar port to offer refuelling facilities

    Industry minister signs deal with Shell Marine Products

  • Southern Province Cement to give H2 dividend

    Saudi Arabia's biggest cement firm by market value, Southern Province Cement has announced it will distribute a SR2.50 dividend to shareholders for the second half of 2009, Reuters has reported. The company's net profit fell 7.3% to SR734m in 2009.

  • Standard Chartered appointed to advise Kepco on nuclear projects

    UK bank to advise on development of UAE nuclear project

  • Statoil, Lukoil settle West Qurna 2 deal

    Norwegian Statoil and Russian Lukoil have said that they have initialized their agreement with the Iraqi government for the development of the West Qurna 2 field. Lukoil and Statoil were able to bid a production plateau of 1.8 million barrels per day and a remuneration fee of $1.15 per barrel. The two firms have also agreed to adjust the ownership split, increasing Statoil's share from 15% to 25%. Lukoil's share is reduced to 75%.

  • STC appoints new international operations chief

    Saudi Telecom (STC) has announced the appointment of Ghassan Hasbani as the CEO of its international operations as part of the new group re-organization. This move follows the appointment of Engineer Saud Al Daweesh as Group CEO in June 2009. Hasbani joins the group from the global management consulting firm Booz & Company, where he led the firm's Middle East Communications and Technology practice.

  • STC posts 154% Q4 profit rise

    The largest telecom company by market value in the Arab world, Saudi Telecom Co. (STC) has reported a better-than-expected 154% rise in Q4 net profit, partially due to capital gains, Reuters has reported. Profit was SR2.94bn ($784m) in the three months to the end of December, compared to SR1.16bn a year earlier. STC said it earned SR684m from the flotation in November of a 25% stake in Malaysia's Maxis.

  • Sudan: Multi-donor trust fund consultancy

    Provision of consultancy services comprising a monitoring agent for the national Sudan multi-donor trust fund. Closing date: 10 February 2010

  • Sudan: Production and marketing consultancy

    Provision of consultancy services for the revitalisation of the Sudan Gum Arabic production and marketing project. Closing date: 14 January 2010

  • Sudan: River watershed management consultancy

    Provision of consultancy services for the Eastern Nile watershed management project. Closing date: 28 February 2010

  • Suez Canal revenues fall further

    Smallest drop in revenues for more than a year

  • Suez Canal transit tolls unchanged for 2010

    Egypt's Suez Canal Authority has said that transit tolls would remain steady in 2010 for the second straight year, Reuters has reported. The decision was taken due to the fallout from the global financial crisis, the authority said.

  • Swiss firm wins $89m Algerian power deal

    Turbomach to build 15MW power plant at Illizi

  • Swiss firm wins Saudi transmission work

    ABB to build $48m Rabigh substation

  • Syria: Ball valves

    Supply of ball valves. Closing date: 22 February 2010

  • Syria: Combined-cycle power plant

    Extension of a power station with the addition of a combined-cycle power plant. Closing date: 31 March 2010

  • Syria: Crude oil pump spares

    Supply of spare parts for crude oil pumps. Closing date: 17 February 2010

  • Syria: Drill pipe

    Supply of drill pipe. Closing date: 10 March 2010

  • Syria: Foreigners can own majority bank stakes

    Adib Mayaleh, the governor of the Syrian central bank has announced that foreign investors will be allowed to own majority stakes in the country's banks, the Associated Press has reported. The decision is part of the country's efforts to free the economy following years of isolation. Starting January 4, foreign investors can own up to 60% of Syrian banks, up from the previously allowed 49% stake.

  • Syria: Gas oil depressing agent

    Supply of gas oil depressing agent. Closing date: 24 February 2010

  • Syria: GIS indoor substations

    Supply and erection of gas-insulated switchgear (GIS) indoor substations. Closing date: 16 March 2010

  • Syria: Pump spares

    Supply of spare parts for HT-400 pumps. Closing date: 10 March 2010

  • Syria: Pumping unit

    Supply of a pumping unit. Closing date: 17 February 2010

  • Syria: Pumping unit spares

    Supply of spare parts for pumping units. Closing date: 18 February 2010

  • Syria: Retarder

    Supply of 30 tonnes of retarder. Closing date: 21 February 2010

  • Syria: Solid control equipment

    Supply of solid control equipment for a petroleum company. Closing date: 3 March 2010

  • Syria: Wind park development (closing date extension)

    Provision of developers/sponsors to develop a 50-100MW wind park. New closing date: 28 February 2010

  • Syria: Wireline equipment

    Supply of wireline equipment. Closing date: 14 March 2010

  • Syria: Wooden sleepers

    Supply of sleepers for railway tracks. Closing date: 8 February 2010

  • Syria's tourist numbers rise

    Syria has reported a 12% rise in tourist numbers last year from 2008 levels, with Arabs accounting for the bulk of visitors, Reuters has reported. Some six million tourists had visited Syria, including 1.1 million Syrian expatriates and 3.6 million Arabs, in 2009.

  • Tadawul closes up 0.5%

    Saudi Arabia's Tadawul All Share Index closed up by 0.5% to 6,252.55, with 76 stocks rising and 40 falling, although Transport was the only sector to register a decline. United Cooperative Assurance was the day's biggest riser, going up by 9.91% to SR37.70.

  • Tadawul nudges lower

    Saudi Arabia's Tadawul All Share Index (Tasi) nudged down 0.06% today to 6,252, with 65 stocks falling and 44 rising. The day's most heavily traded stock, Kingdom Holding, gained 3.40% to SR7.60. The biggest riser was Union Cooperative Assurance, which climbed 4.35% to SR31.20.

  • Tadawul sees minimal falls

    Saudi Arabia's Tadawul All Share Index (Tasi) fell 0.06% to 6,318.14, with 66 stocks rising and 41 falling. Al Babtain was the day's biggest gainer, moving up 9.73% to SR37.20.

  • Tadawul stays level

    Saudi Arabia's Tadawul All Share Index (Tasi) closed up slightly by 0.13% to 6,149.91. Fifty-three symbols rose, while 57 fell on a day of mixed trading. Saqr Insurance was the day's biggest riser, moving up 5.36% to SR59.

  • Tameer to invest $250m in Bahrain Investment Wharf project

    Bahrain-based developer, Al Khaleej Development Co. (Tameer) has signed an agreement with the kingdom's industry and commerce ministry to develop the infrastructure at the Bahrain Investment Wharf (BIW), the Gulf Daily News has reported. The company is investing BD94.5m ($250m) in the project. Tameer will be responsible for creating the entire infrastructure and the installation of all services including roads, streets, electricity and water network, a sewer network and communications.

  • Taqa Arabia inks Sudan power deal

    Egypt-based Taqa Arabia, through its power unit, Global Energy, has signed an agreement with Sudanese Pension Fund and Asec Cement Co. to set up a joint venture power-generation operation in Sudan. Under a 20-year offtake agreement, the new company, Berber for Electrical Power, will have a total installed capacity of 42 megawatts and will provide all the electricity needs for Takamol, Asec's 1.6 million tonne per annum greenfield cement plant in Sudan. The cost of the project is estimated at

  • Tasi edges upwards

    Saudi Arabia's Tadawul All Share Index (Tasi) rose marginally, going up by 0.35% to 6,260.90 on its last day of trading of the week. Of the 134 stocks traded, 45 rose and 63 fell. Kingdom Holding was the most active stock by volume, and also the day's biggest riser, moving up by 9.57% to SR5.15.

  • Tasnee to build metals smelter in Saudi

    Saudi Industrial Group Tasnee has announced plans to build an integrated smelter for copper, lead and zinc in the kingdom's Red Sea port of Yanbu, as it looks to diversify away from petrochemicals, Reuters has reported. The project will depend on finding the right international technical and financial partners, Ian V Hesford, business development consultant for mining and metallurgy at Tasnee told the news service. The smelting operation would have a capacity of 100,000 tonnes per year of eac

  • Telecom Egypt buys full TE Data stake

    Telecom Egypt (TE) has said it has acquired the remaining 4.95% of shares in its broadband subsidiary, TE Data, from three local Egyptian banks. This takes TE's ownership in TE Data to 100%, the firm said in a statement.

  • Temperley London opens in Abu Dhabi

    UK fashion designer Temperley London has opened the brand's second store in the Middle East, at the Marina Mall in Abu Dhabi. The 1,500 sq ft store is only its fifth stand-alone shop. The Abu Dhabi store will offer the full collection of Temperley London dresses, plus have a selection designed for Middle East customers.

  • Three new banks to begin operations in Jordan

    A Jordanian official has announced that Jordan Dubai Islamic Bank, National Bank of Abu Dhabi and Al Rajhi Bank will add new services to the sector when they launch their operations in the kingdom soon, Jordan Times has reported. The three lenders, which had been licensed by the Central Bank of Jordan last year, will increase the number of licensed financial institutions operating in the country to 26, the official who preferred to remain unnamed, said.

  • Tikrit to have new airport

    A contract has been signed between Iraq and a joint US-South Korean firm to build an international airport 10 km east of Tikrit City, the capital of the governorate of Salah al-Din, Aswat al-Iraq has reported. The firm will invest in the airport for 25 years in return for 15% of the revenues. The project is scheduled for completion within two years.

  • Tilal Liwa Hotel opens in the Abu Dhabi empty quarter

    UAE-based Danat Hotels & Resorts has opened the Tilal Liwa Hotel in Abu Dhabi's Western Region, WAM has reported. Located on the edge of the Rub Al Khali (the empty quarter) in Liwa, the hotel has 111 rooms and suites, wireless internet access, 24-hour room service, and a business centre

  • Train service between Iraq and Turkey to launch in Feb

    Iraq and Turkey have agreed to launch the train service between the two countries in February. The first run will start on February 16 from Mosul to Gaziantep and the second will be from Gaziantep to Mosul on February 18. The service fare for the 18 hour ride will be between 25-35 Euros.

  • Transport authority says Dubai Metro construction is on track

    The government agency says it is committed to its financial obligations

  • Travelport inks deal with Gulf Air

    Global distribution system provider, Travelport and Gulf Air, the national carrier of Bahrain, have inked a new global full content agreement. The deal will give all Galileo and Worldspan-connected travel agents worldwide access to the airline's full range of published fares and inventory.

  • UAE banks see decline in assets

    The assets, deposits and loans of UAE banks posted the sharpest drops of 2009 in December as the sector continued to struggle with non-performing loans and low deposit rates, UAE Central Bank statistics have revealed. For the 52 banks subject to the Central Bank's regulation, assets fell by more than Dh32bn to Dh1.51tr after recording a steady increase each month since January 2009. Deposits and loans recorded some drops during the year, but none as significant as in December, Gulf News repor

  • UAE Central Bank sets cheque security deadline

    Banks in the UAE have started asking their customers to mention "PDC deposit" clearly when depositing post-dated cheques, in line with the central bank's requirements of security features on dirham cheques, Emirates Business has reported. The Central Bank introduced a set of guidelines on security that led to UAE banks switching to a more water-tight security regime with 14 features, which include requiring the new cheques to be thermo chromic, chemical-sensitive, solvent-sensitive and bear s

  • UAE firm plans $272m investment in Dubai

    Dubai International Holding Company, an investment firm owned by a Dubai Sheikh, plans to invest more than Dhs1bn ($272m) in Dubai's real estate sector in 2010, Emirates Business has reported. 'If you look at all the asset classes internationally, stock markets or anything else, right now the most depressed prices are for properties. We will be investing Dhs1bn in different projects across Dubai,' Sheikh Maktoum told the paper.

  • UAE implements new anti-tobacco laws

    Under a new federal law, the import of tobacco and its by-products into the UAE is banned unless specific standard requirements accredited in the country are met, Wam has reported. The conditions include posting of clear word and image warnings on the box and a ban on all kinds of advertisements, promotion and sponsorship of tobacco products. The law also prohibits smoking on public transport and public closed places. Smoking will also be banned during vehicle driving in the company of a chil

  • UAE issues recall for Tylenol

    The UAE's ministry of health has ordered a recall of pain and fever relief drug Tylenol due to a mouldy odour that has made people in the US sick. The move follows a recall by Johnson & Johnson of the over-the-counter drugs in countries including the UAE. The recall in the UAE includes some batches of regular and extra-strength. Tylenol, children's Tylenol and Tylenol arthritis are available in the form of drops, caplets, suppositories and syrup.

  • UAE issues service charge warning

    The UAE's ministry of economy has warned restaurants and cafes in the country against adding service charges to their consumer bills, in compliance with the decision of the Higher Committee for Consumer Protection, Wam has reported. Non-tourist restaurants are forbidden by law to add service charges, director general of the ministry, Ahmed Bin Abul Aziz Al-Shehi said. Restaurants and cafes operating inside hotels and those paying taxes to the local governments are the only exception, he noted

  • UAE may scrap Emirati workforce quotas

    The UAE government may put an end to Emiratisation quotas on private companies and instead offer subsidies to companies to encourage them to hire and keep Emirati staff, the head of Abu Dhabi's Emiratisation efforts told The National. Abdullah al Darmaki, the general manager of the Abu Dhabi Tawteen Council, said the funds would allow private companies to match the salaries offered by the public sector. He gave no timeline for the phasing out of the quota system, but suggested it would happen

  • UAE population predicted to hit 7.6 million this year

    Locals will make up just 13.3 per cent of people living in the emirates

  • UAE recalls tainted baby formula

    A baby formula brand has been withdrawn from the UAE market due to a bacteria contamination, Gulf News has reported. The ministry of environment and water has recalled a batch of 150-gramme Hero follow-up formula packages after it was found to be contaminated with the enterobacter sakazakii bacteria.

  • UAE sets closing date for presidential palace tender

    The complex will be built near Emirates Palace Hotel in Abu Dhabi

  • UAE sets minimum capital for insurance firms

    The UAE has set the minimum subscribed or paid up capital of Dhs100m for establishing insurance firms and Dhs250m for re-insurance firms, Wam has reported. The new government resolution applies to all national and foreign insurance companies licensed to operate in the UAE said Fatima Ishaq Al Awadhi, Deputy Director of the Insurance Authority. The insurance companies operating from free zones are exempt from the rules of the resolution, she noted

  • UAE to ink open skies deal with 10 countries

    The UAE's General Civil Aviation Authority (GCCA) has said it plans to sign open sky agreements with at least 10 countries in 2010, Khaleej Times has reported. "We will be signing open sky agreements with Australia and Nepal in the first quarter of 2010. Talks are in progress with India and Pakistan also to work out an open sky agreement with them at the earliest,' said Saif Mohammed Al Suwaidi, Director-General of GCCA. Al Suwaidi also said that the UAE was in talks with the European Union c

  • UAE to remove sweets, chocolate from school menus

    A plan by the UAE's education ministry will see the removal of items like crisps, chocolate and sweet drinks from the schools canteen menus across the country, The National has reported. Dr. Wedad al Maidoor, a member of the ministry's National Diabetes Committee said that child obesity is growing in the UAE. "We want to raise awareness among the schoolchildren, and they can carry the message to the homes and parents and they can have effect also that they are asking for the healthy lifestyle

  • UAE tourism industry set to recover

    Business Monitor International (BMI) has said that tourist traffic to the UAE is expected to recover in 2010, and will gain further growth momentum next year as a result of promotional campaigns initiated by various emirates. 'Based on more favourable data than expected from Dubai, we have edged up our forecast of negative growth in tourist arrivals to the UAE as a whole from -3% to -2% year-on-year in 2009,' BMI said in its latest report on the country's tourism prospects. 'The better than e

  • UAE, Egypt plans to set up wind farm

    Egyptian minister of electricity and energy, Hassan Yunis has said that Egypt and the UAE are working on a deal for a 200-MW wind farm at the Gulf of Suez region in Egypt, Kuna has reported. Yunis said that a feasibility study will be conducted to determine the actual value of the project once the agreement is inked. The electricity sector in the country has taken all guarantees to ensure successful investment in wind farms, he added.

  • UAE: Airport midfield terminal building

    Construction of a midfield terminal building for an international airport. Closing date: 1 February 2010

  • UAE: Circuit breakers

    Retrofitting of 6.6kV circuit breakers. Closing date: 17 February 2010

  • UAE: Desalination plant chemicals

    Supply of process and cleaning chemicals for reverse osmosis (RO) and multi-effect distillation (MED) desalination plants. Closing date: 12 January 2010

  • UAE: Drainage system

    Development of a drainage system. Closing date: 31 January 2010

  • UAE: Drop-out fuses

    Supply of 11kV drop-out fuses. Closing date: 28 January 2010

  • UAE: Earthing materials

    Supply of earthing materials. Closing date: 31 January 2010

  • UAE: Facilities services (1)

    Provision of facilities services. Closing date: 1 February 2010

  • UAE: Facilities services (2)

    Provision of facilities services. Closing date: 1 February 2010

  • UAE: Farming irrigation well drilling

    Drilling of three wells for farming irrigation. Closing date: 13 January 2010

  • UAE: Independent power project

    Provision of a developer or developer consortium to participate in an independent power project. Closing date: 10 February 2010

  • UAE: IT infrastructure project

    Provision of services for an IT infrastructure project. Closing date: 24 January 2010

  • UAE: IWPP model consultancy services

    Provision of consultancy services for an independent power and water producer (IWPP) model and implementation. Closing date: 22 February 2010

  • UAE: Laboratory equipment

    Supply of equipment for a laboratory. Closing date: 13 January 2010

  • UAE: Power lines and cabling works

    Supply and erection of overhead line and carrying out cabling works. Closing date: 17 March 2010

  • UAE: Reservoir consultancy

    Provision of consultancy services for the construction of a 120 million-gallon-a-day reservoir. Closing date: 21 February 2010

  • UAE: Series reactor stations

    Supply, installation, testing and commissioning of series reactor stations at generating plants. Closing date: 9 February 2010

  • UAE: Substation fire protection systems

    Maintenance of fire protection systems at substations. Closing date: 24 January 2010

  • UAE: Substation Scada system upgrade

    Upgrading of a supervisory control and data acquisition (Scada) system for substations. Closing date: 27 January 2010

  • UAE: Switching stations

    Supply, installation, testing and commissioning of a 33kV switching station. Closing date: 22 February 2010

  • UAE: Water tanks and pumping station

    Provision of two reinforced concrete water tanks and a pumping station. Closing date: 10 February 2010

  • UAE's growth forecast lowered by IMF

    The International Monetary Fund has downgraded its forecast for the UAE's economic growth in 2010 to near zero in a new report that says the country will be weighed down by Dubai World's debt restructuring and the emirate's property sector. However, while noting that Dubai's economy would continue to contract, the report said Abu Dhabi was expected to show growth.

  • UK bans Yemenia London flights

    Direct flights between Yemen and the UK have been suspended by the British government, following the failed Detroit airliner attack in December. Khalid Al Kainayee, a spokesman for Yemen's national carrier said the UK asked for Yemenia to schedule a stop for the flight to London's Heathrow airport in Paris or Cairo to undergo security checks, which would render the route 'unviable'. The carrier operates two flights a week on the route. Direct flights will be resumed once airport security in Y

  • UK boarding schools gain popularity

    An increasing number of parents in the Middle East are sending their children to boarding schools in the UK, an international education and marketing consultant told The Peninsula. 'The flow of students from the GCC countries, including Qatar, had been increasing steadily over the last four years,' Sara Sparling, an education consultant at Sue Anderson Consultants, told the daily.

  • UK Uni may offer PhD programme in Abu Dhabi

    UK-based Newcastle University is in talks with a university in Abu Dhabi to collaborate in offering an Educational and Applied Linguistics Integrated PhD, Khaleej Times has reported. The programme, also known as the NewRoute PhD, is an unconventional doctoral degree set up by a consortium of universities in the UK and supported by the Higher Education Funding Council of England (HEFCE) and the British Council. Components of the program include research methods, second language classroom inter

  • Union National Bank reports 20 per cent fall in profit

    Real estate exposure and loan provisions weigh on profits

  • Union Properties moots asset sale

    Khalid bin Kalban, Chairman of Dubai-based Union Properties has said that the firm is considering the sale of some of its completed property assets to generate liquidity and enhance revenues, Reuters has reported. Revenue generated by the sale, which the developer hopes to complete in two months, will be utilized to complete the second phase of the projects, he said.

  • Union Properties' share price estimate cut

    Credit Suisse Group has reduced the share price estimate for Union Properties to 3 fils from 80 fils and reiterated its 'underperform' rating on the stock, Bloomberg has reported. The developer's debt of Dhs6.8bn ($1.85bn) is three times its current market value. Even if Union Properties, Dubai's second largest developer, could collect outstanding payments due on delivery of properties, sell off real estate assets and keep up existing rental income, there wouldn't be equity value left after m

  • United Arab Bank posts 2009 results

    United Arab Bank has said that it has maintained its earnings momentum and recorded net profit growth of 12% to Dhs281m for 2009, compared to Dhs250m achieved during 2008. Operating income increased by 12% to Dhs470m in 2009 from Dhs419m in 2008, and net interest income also increased by 17%. Earnings per share improved to Dhs0.28 for 2009 compared to Dhs0.25 in 2008.

  • University of Dubai to have Dhs200m expansion

    An ambitious Dhs200m expansion plan has been revealed by the University of Dubai which will see a new campus and additional academic programmes added within two years, Gulf News has reported. The new campus will be completed in 2012 and the university has further plans to provide faculty and student housing. Construction will soon begin on a three million square foot piece of land in Dubai International Academic City after funding was approved for the construction of a new campus last July.

  • US company to supply gas turbines to Habshab 5 plant

    GE Oil & Gas wins $200m deal

  • US pledges to increase aid to Yemen

    Clinton to co-operate more closely with Sanaa to combat terrorism

  • USAID launches 5-year project in Jordan

    The United States Agency for International Development has announced the launch of the second phase of its Health Systems Strengthening Project in Jordan. The $58.8m, 5-year project aims at supporting and addressing the kingdom's National Health Agenda by focusing on renovating and equipping the emergency rooms, obstetric and neonatal departments of selected hospitals and medical staff training across the kingdom.

  • US-led consortium signs up to develop West Qurna field

    Firms first bid for scheme in June 2009

  • Vision Electro Mechanical wins Riyadh university power deal

    Subcontractor to carry out work for Saudi Binladin Group

  • Vodafone Qatar posts $137m 9-month operating loss

    John Tombleson, finance director of Vodafone Qatar has said the firm had more than doubled its customer base in the last quarter, but increased operational costs had led to a nine-month operating loss of QR497m, Reuters has reported. The company's number of customers stood at 353,580 customers as of December 31, representing 22% of the Gulf state's population. 'All our financial results and key performance indicators are in line or ahead of our annual plan which is the first year outlined in

  • Vodafone to offer new pricing system

    Vodafone Qatar has announced a new 'zone pricing' system will be implemented within two months, Gulf Times has reported. Under the scheme, various regions of the world will be 'priced differently' and aimed at gradually moving from 'promotions to good long-term offers'. Vodafone coverage has increased to more than 330 radio sites spread all over Qatar.

  • Waha Capital posts 442% rise in Q4 profit

    Abu Dhabi-based investment firm Waha Capital has reported a 442% surge in its fourth quarter net profit to Dhs217m, the highest since its establishment in 1997, Gulf News has reported. This compares with Dhs40m, the company earned during the corresponding quarter of 2008. The firm had capitalized on opportunities arising from the global financial crisis for new initiatives in a number of economic sectors particularly in the emirate of Abu Dhabi and the UAE, Waha's CEO, Salem Rashid Al Noaimi

  • Weekly FX roundup: Currency markets face selling pressure

    The currency markets came under heavy selling pressure against the USD this week with the ongoing erosion of risk appetite. A combination of poor economic data, dovish central bank rhetoric, and sovereign debt concerns have all played a part in sustaining the USD rally seen last week.

  • Weekly FX roundup: Employment report sends Dollar down

    The Greenback tumbled on Friday on the release of the non-farm payrolls report. Investors expecting either a small increase or a breakeven in employment as a sustained sign of recovery were disappointed with the reported 85,000 contraction in the job market in December. The dollar fell sharply after the release of the report, but did not last long as bulls came to push up the currency in the next two hours. However, fundamentals won the battle with the dollar resuming its downtrend erasing t

  • Weekly FX roundup: Greek debt weighs on EUR

    The currency markets were largely mixed last week before closing lower across the board against the USD. The markets were driven by a plethora of economic news from around the world, led by China's reserve requirement hike, weaker US economic data, better than expected earnings from Intel and JP Morgan, and a bullish employment report from Australia along with the uncertainty clouding the economic conditions in Greece.

  • Weekly FX updates: 2010 Dollar prospects boosted by year-end rally

    The Greenback ended the year on a positive note, rising against all its major counterparts as the US Dollar index gained almost 5% in December. However, it was still down 4.3% overall in 2009 ending the year at 77.86.

  • Weekly WTI oil market price update

    Crude oil futures fell for five straight sessions as warmer weather in the US dispelled forecasts of unusually low temperatures and allowed concerns about demand to come to the fore. The price for Nymex's West Texas crude fell about 6% during the week, starting at nearly $83 and finishing at $78.

  • Weekly WTI oil price update: Energy prices fall despite GDP growth

    Crude oil futures slipped below $73 a barrel for West Texas Intermediate late Friday as a temporary boost from strong GDP figures failed to last and let prices sink to a one-month low. Earlier in the week, China, weak refinery demand and slumping tech stocks all conspired to keep energy prices low, with prices oscillating around $73 a barrel.

  • World Bank invites firms to express interest in Egyptian projects

    Egyptian government to set up long-term finance facility

  • World Bank set to prequalify firms for Yemeni power plants

    Developers will build three pilot independent power projects

  • Yanbu bid deadline extended

    The bidding deadline for a solids handling unit at the Yanbu refinery has been extended by Saudi Aramco and ConocoPhillips to March 22, from February 28, Reuters has reported. Aramco and Conoco are expected to award all contracts for their 400,000 barrels per day joint venture in May.

  • Yansab Q4 losses fall

    Yansab, a unit of Saudi Basic Industries Corp. (Sabic) has reported a 4% decline in losses in the fourth quarter of 2009, Reuters has reported. Net loss amounted to SR7.3m in the three months to December 31, compared to a loss of SR7.6m in the same period of 2008.

  • Yemen invites expressions of interest for urban transport plan

    Sanaa set to improve roads and traffic congestion

  • Yemen plans $3.5bn railway project

    A $3.5bn rail project will be launched in Yemen as part of plans to upgrade the country's infrastructure, Reuters has reported. The 2,500 kilometre passenger and cargo network will run from the Saudi border along the Yemeni coast, passing through the main port of Aden, to Oman, where it will join a network linking the six Gulf Arab countries. The government is in talks with several railway firms in Britain, Germany, Russia, India, the US and other countries and will offer the deal on a build-

  • Yemen pumps $150m into FX market to prop up Riyal

    Yemen's central bank has said that it injected $150m into the foreign exchange market, in an effort to stop the riyal from falling, Reuters has reported. However, traders said the intervention was not successful in preventing the slide to the currency's lowest levels in years. "The central bank offered $200m but the market took only $150m," a central bank official said, who declined to be named.

  • Yemen to set up stock market

    Jalal Omar Yaqoub, Yemen's deputy finance minister has announced the signing of a memorandum of understanding with Amman Stock Exchange to set up a new stock market in Yemen, Reuters has reported. The project is part of the country's reform plans and is planned to start with the listing of 10 to 12 private and state firms, he said. Set for launch at the end of January, the new Sanaa bourse is drawing sceptical reactions from analysts, due to issues faced by the state, which may pose a threat

  • Yemen: Rural road consultancy

    Provision of supervisory consultancy services for a second rural access project. Closing date: 13 February 2010

  • Yemen: Vehicles

    Supply of eight vehicles for an aviation influenza preparedness and control project. Closing date: 24 February 2010

  • Yemenia finalises 10 A320 orders

    Yemenia, the official carrier of the state of Yemen, has finalised in a contract to buy 10 A320 Family aircraft from Airbus. The aircraft, seating 12 passengers in Business and 138 in Economy class, will replace Yemenia's existing fleet of Single Aisle and wide body aircraft, enhance and expand their regional services to GCC, Middle East, Africa, India and Southern Europe destinations

  • Yemenia signs $700m deal with Airbus

    The first four aircraft will be delivered in 2011

  • Yogen Fruz chain to open 30 outlets in Middle East

    Dubai-based Arcology Investments has signed a master franchise partnership with international frozen yogurt and smoothie chain, Yogen Fruz to develop a network of retail outlets in the Middle East. The first Yogen Fruz outlet will open shortly in Dubai, with plans to establish 30 similar outlets within the next 4-5 years in neighbouring countries including Oman, Qatar, Bahrain and Kuwait, the company has said.

  • Zain holds talks with Finland over export credit deal

    Funds will help to develop Saudi mobile network

  • Zain offers in-flight phones services

    Kuwaiti telco Zain has launched its international telephone service aboard Wataniya Airways flights, Kuna has reported. Passengers using the service will be able to receive calls while in flight and use SMS messaging, as well internet and Blackberry services.

  • Zain Saudi Arabia in talks with lenders

    Zain Saudi Arabia, 25% owned by Kuwait's Zain, has said that it is in talks with lenders after missing some commitments in 2009 on a two-year $2.5bn Islamic loan, Reuters has reported. The company said its creditors pardoned it under the condition they agree to a financial plan for 2010 which will be presented by the firm. In an interview with Al Arabiya television, Zain's chief executive, Saad al-Barrak said that the unpaid amount was related to performance ratios the company was supposed to

  • Zain stake sale completion may be delayed

    The company involved in handling the sale of a 46% stake sale in Kuwait's Zain has said the deal may take longer than the time scheduled, Bloomberg has reported. "Due to recent developments in financial and economic conditions in the region, procedures to complete the sale deal may take longer than the time previously planned for it, however it is still on," National Investments Co. said in a statement.

  • Zero-emission buses to serve UAE's Yas Island

    Abu Dhabi's Tourism Development and Investment Co has said it has palced an order for the world's first two zero-emission all-electric buses for operation on Sir Bani Yas Island. The US made buses will be introduced from March 2010 to Desert Islands, TDIC said in a statement.

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