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MEED
July 2007

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  • A blow to oil renaissance

    It is not easy being the oil minister in Kuwait. With eight men holding the position in the 16 years since liberation, it is a high-profile job that is often short-lived.

  • A cause for consolidation for Emirates NBD

    Most shareholders are already on board and, come the end of September, the merger of Emirates Bank International (EBI) with National Bank of Dubai (NBD) will be complete. The new bank, Emirates NBD, will be the largest in the GCC in terms of assets. With 99 branches, offices in seven countries and 6,000 staff, it sets a new standard for bank size in the UAE. The question for its rivals is how, not when, to follow its lead.

  • Abbas hopes for peace in a year

    Palestinian Authority President Mahmoud Abbas says he hopes peace with Israel will be achieved in a year.Speaking to Israel's Maariv newspaper on 27 July, Abbas added that US President Bush wanted an agreement to be reached before his term ends in January 2009.'I heard this in person from the president himself and from Secretary of State [Condoleezza] Rice,' said Abbas. 'We have to reach the final formula, the end game, and then think about the implemen

  • Abbas hopes for peace in a year

    Palestinian Authority President Mahmoud Abbas says he hopes peace with Israel will be achieved in a year.Speaking to Israel's Maariv newspaper on 27 July, Abbas added that US President Bush wanted an agreement to be reached before his term ends in January 2009.'I heard this in person from the president himself and from Secretary of State [Condoleezza] Rice,' said Abbas. 'We have to reach the final formula, the end game, and then think about the implementatio

  • Abdulla deadline nears

    Bids are due by 28 August for the contract to supply and install a 300/132/11-kV main transformer station at Saad Abdulla. Seven companies and consortiums have been prequalified for the contract, which is estimated to be worth $90 million.The client is the Ministry of Energy (Electricity & Water).

  • Abu Dhabi invites pipeline bids

    Abu Dhabi government-owned International Petroleum Investment Company has invited international consultants to submit bids by 18 July for the front-end engineering and design (FEED) contract on the trans-emirates pipeline, running from Habshan to Fujairah.

  • Abu Dhabi plans rail link

    Plans for a high-speed rail link and urban transport system for the capital are expected to be unveiled as part of Abu Dhabi's comprehensive materplan.Plan Abu Dhabi 2030, prepared by the Executive Affairs Authority, is understood to include a rail link travelling along Airport road onto Abu Dhabi island before terminating at the Hamdan street intersection.However, the route has not been finalised, with an alternative option of coming into the city from the north also being consi

  • Abu Dhabi roads: Going the way of Dubai

    Time is running out for Abu Dhabi to build its way out of the chronic congestion that is being experienced by its neighbour.

  • Abu Dhabi set to launch first bond

    The Abu Dhabi government is set to to issue a bond following the publication of its first credit ratings from Standard & Poor's (S&P) and Fitch Ratings. It would be the first emirate to do so and could be followed by Dubai.Abu Dhabi is expected to launch a benchmark-size issue of at least $500 million. 'For a sovereign entity that does not need debt, it will not be a big bond,' says an analyst. 'An amount of $500 million is not big.'The bond would set a standard against which to

  • Adco extends shortlist for full field development

    Abu Dhabi Company for Onshore Oil Operations (Adco) has increased the number of prequalified contractors for the first phase of the Sahil, Asab and Shah full field development.Those submitting applications include Paris-based Technip, Italy's Snamprogetti, UAE-based Petrofac International, the local National Petroleum Construction Company, South Korea's SK Engineering & Construction, Spain's TR with Athens-based Consolidated Contractors International Company (CCC), and the US' Stone

  • Adco extends shortlist for full field development

    Abu Dhabi Company for Onshore Oil Operations (Adco) has increased the number of prequalified contractors for the first phase of the Sahil, Asab and Shah full field development.

  • Adnoc reconsiders Shah gas scheme

    Abu Dhabi National Oil Company (Adnoc) has developed a back-up plan for its Shah gas field development, raising questions over the prospects of a joint venture agreement.

  • Adnoc reconsiders Shah gas scheme

    Abu Dhabi National Oil Company (Adnoc) has developed a back-up plan for its Shah gas field development, raising questions over the prospects of a joint venture agreement.The decision to seek expressions of interest for a project management consultancy contract on the scheme is being seen as a fall-back option for Adnoc, suggesting it wants to ensure that if the selection of an international oil company fails, or if their bids are deemed too high, it can still go ahead.Adnoc faces

  • Ahmadinejad meets Assad

    Iranian President Ahmadinejad arrived in Damascus on 19 July for talks with his Syrian counterpart Bashar Asad.The two leaders are expected to discuss the situation in Iraq, the Palestinian territories and Lebanon. Both countries have been accused by the US of meddling in Iraq.Israeli Prime Minister Ehud Olmert has said the cutting of ties between Syria and Iran is a precondition for the resumption of peace talks with Damascus. Relations betwe

  • Ahmadinejad meets Assad

    Iranian President Ahmadinejad arrived in Damascus on 19 July for talks with his Syrian counterpart Bashar Asad.The two leaders are expected to discuss the situation in Iraq, the Palestinian territories and Lebanon. Both countries have been accused by the US of meddling in Iraq.Israeli Prime Minister Ehud Olmert has said the cutting of ties between Syria and Iran is a precondition for the resumption of peace talks with Damascus. Relati

  • Air Arabia sale loses appeal

    Investor appetite for Air Arabia shares is expected to be subdued when the company lists on the Dubai Financial Market (DFM) on 17 July, according to analysts.Subscribers for the $680 million initial public offering (IPO) received almost all the shares they applied for. Because of the popularity of some listings, investors often request more shares than they want, in the expectation that their allocation will be cut back.'It will probably go below its AED 1 ($0.27) offer price wh

  • Airport invites interest

    The supervision committee for the expansion of Abu Dhabi International airport has invited companies to express interest in the design-and-build contract for the rehabilitation and upgrade of the existing cargo terminal. An $8,000 million masterplan has been prepared, involving the construction of a 220,000-square-metre terminal, which will be built half way between the existing runway and a new runway two kilometres to the north (MEED 18:5:07).

  • Al-Ahmadi retender begins

    State refinery operator Kuwait National Petroleum Company has retendered the contract to upgrade control systems at its Mina al-Ahmadi refinery after cancelling the original tender for budgetary reasons. The 12 prequalified local firms have until 16 September to submit bids (MEED 2:6:06).

  • Alam begins production

    Production has started at one of the world's largest plants for cutting and bending steel products. The 300,000 tonne-a-year plant opened by the local Alam Steel Industries will produce pre-cut and pre-bent steel products using machinery supplied by Germany's Stema Pedax. (MEED 15:6:07).

  • Alaqaria gets A2 rating

    Moody's Investors Service has assigned Qatar Real Estate Investment Company (Alqaria) a long-term local and foreign currency issuer rating of A2 with a stable outlook. The rating takes into consideration the government's 27 per cent stake in the company and its steady rental income stream, which largely comes from Qatar Petroleum. Its shares are listed on the Doha Securities Market.'Alqaria's fundamental credit strengths are underpinned by the stable, p

  • Alaqaria gets A2 rating

    Moody's Investors Service has assigned Qatar Real Estate Investment Company (Alqaria) a long-term local and foreign currency issuer rating of A2 with a stable outlook. The rating takes into consideration the government's 27 per cent stake in the company and its steady rental income stream, which largely comes from Qatar Petroleum. Its shares are listed on the Doha Securities Market.'Alqaria's fundamental credit strengths are underpinned by the stable, predic

  • Alaqaria sukuk rated

    The roadshow for Qatar Real Estate Investment Company's (Alaqaria's) sukuk started on 8 July. It will visit the UAE, Bahrain, Malaysia, Singapore and London to stoke international investor interest in the Islamic bond.Moody's Investors Service assigned the sukuk to be issued by special purpose vehicle Qatar Alaqaria Sukuk Company an A2 rating with a stable outlook. It is the real estate company's second issue and the first Qatari corporate sukuk to be rated. HSBC Bank is t

  • Alaqaria sukuk rated

    The roadshow for Qatar Real Estate Investment Company's (Alaqaria's) sukuk started on 8 July. It will visit the UAE, Bahrain, Malaysia, Singapore and London to stoke international investor interest in the Islamic bond.Moody's Investors Service assigned the sukuk to be issued by special purpose vehicle Qatar Alaqaria Sukuk Company an A2 rating with a stable outlook. It is the real estate company's second issue and the first Qatari corporate sukuk to be rated. HSBC Bank is

  • Albaraka lists in Istanbul

    Albaraka Banking Group's second largest subsidiary, Albaraka Turk Participation Bank, listed shares on the Istanbul Stock Exchange in early July. The $170 million initial public offering of 22 per cent of its shares closed on 25 June. The parent company's shares traded on the Bahrain Stock Exchange at a 52-week high of $3.05 on 4 July. 'Albaraka has seen increased interest due to the listing,' says Bryan Daguiar, head of research at Sico Investment Bank.

  • Aldar awards track work

    The joint venture of Bahrain's Cebarco and Malaysia's WCT has been formally awarded the main AED 1,300 million ($354 million) contract to build the Grand Prix track on Yas island in Abu Dhabi. The first three kilometres of the circuit will be open to general traffic, while the second 2.5-kilometre section will be reserved exclusively for Formula 1. Local developer Aldar Properties is the client (MEED 9:2:07).

  • Aldar books higher profits on rising property prices

    Abu Dhabi real estate developer Aldar Properties has announced net profits of AED 907.5 million ($247 million) for the first half of the year. The figure is 72 per cent up on the AED 526.7 million ($143.4 million) for the same period last year.Aldar, which is developing the Raha Beach and Yas Island projects in Abu Dhabi, said the increase was due to a rise in the value of the company's properties. Net asset value rose 30 per cent in the past six months to A

  • Aldar books higher profits on rising property prices

    Abu Dhabi real estate developer Aldar Properties has announced net profits of AED 907.5 million ($247 million) for the first half of the year. The figure is 72 per cent up on the AED 526.7 million ($143.4 million) for the same period last year.Aldar, which is developing the Raha Beach and Yas Island projects in Abu Dhabi, said the increase was due to a rise in the value of the company's properties. Net asset value rose 30 per cent in the past six months

  • Aldar selects Ed Zueblin

    Local developer Aldar Properties has awarded Germany's Ed Zueblin the AED 380 million ($104 million) contract to build an office building and data centre at Mohammed bin Zayed city in Abu Dhabi. The 18-month contract involves the construction of a five-storey office building and a two-storey data centre. The building will be operated by Injazat Data Systems.

  • Aldar wins highway work

    Aldar Laing O'Rourke, a joint venture company formed by local developer Aldar Properties and UK-based Laing O'Rourke, has been awarded a contract to build three interchanges on the highway linking Dubai and Abu Dhabi. The intersections will provide access to the AED 54,000 million ($14,700 million) Al-Raha Beach development.

  • Algerians sign up for Egyptian gas

    A consortium of Norway's Statoil and Algerian state energy company Sonatrach has signed prospecting and production contracts for two blocks off the Egypt coast.The two deepwater blocks, numbered 9 and 10, were awarded to the team in late 2006 following an international licensing round held by Egyptian Natural Gas Holding Company.Under the agreement, Statoil will take an 80 per cent working interest in the two blocks and will be the operator. Sonatrach's expl

  • Algerians sign up for Egyptian gas

    A consortium of Norway's Statoil and Algerian state energy company Sonatrach has signed prospecting and production contracts for two blocks off the Egypt coast.The two deepwater blocks, numbered 9 and 10, were awarded to the team in late 2006 following an international licensing round held by Egyptian Natural Gas Holding Company.Under the agreement, Statoil will take an 80 per cent working interest in the two blocks and will be the operator. Sonatrach's

  • Algiers drops anti-competitive clauses

    Algiers has bowed to pressure from the European Commission and agreed to scrap anti-competitive elements, known as destination clauses, from its European gas contracts.State energy company Sonatrach will no longer be allowed to include the restrictions in its gas supply contracts with EU member countries. The clauses are designed to prevent the resale of gas to third parties. Algeria has fought to retain the clauses, seeing them as the most effective wa

  • Algiers drops anti-competitive clauses

    Algiers has bowed to pressure from the European Commission and agreed to scrap anti-competitive elements, known as destination clauses, from its European gas contracts.State energy company Sonatrach will no longer be allowed to include the restrictions in its gas supply contracts with EU member countries. The clauses are designed to prevent the resale of gas to third parties. Algeria has fought to retain the clauses, seeing them as the most effective way of

  • Algiers drops bid bond mining rule

    Algiers has dropped its requirement for bid bonds for mining concessions, following controversial awards in the country's latest minerals licensing round in early June, according to a senior industry source.In at least one case, the company that submitted a strong technical and financial bid was disqualified from the competition because of non-compliance with bond requirements, despite the bond being underwritten by the National Bank of Algeria, according to the source.China's CG

  • Al-Habtoor faces competition for Sky Courts work

    The local National Bonds Corporation has invited selected companies to bid for the main construction contract on its Sky Courts development in Dubailand.The local Al-Habtoor Engineering Enterprises was selected for the estimated AED 1,500 million ($409 million) contract in February but the client subsequently decided to seek new prices.The prospective bidders include Al-Habtoor, the local ETA Ascon, Bouygues Batiment International and Beijing-based China State Construction Engine

  • Al-Habtour mute on tie-up

    Dubai-based Al-Habtoor Engineering Enterprises has declined to comment on reports that it could merge with Australia's Leighton Holdings. Leighton says it is looking at options for investment in the region with several companies, including Al-Habtoor. 'These initiatives include acquisitions, joint ventures and partnerships,' the company said in a statement. Any tie-up between the two firms would create one of the Middle East's largest construction companies.

  • Al-Jaber to build city infrastructure

    The local Al-Jaber Group has been awarded the AED 416 million ($113 million) infrastructure contract for Industrial City of Abu Dhabi 3.

  • Al-Jaber to build city infrastructure

    The local Al-Jaber Group has been awarded the AED 416 million ($113 million) infrastructure contract for Industrial City of Abu Dhabi 3.

  • Al-Qaeda urges overthrow of Egyptian and Saudi governments

    Al-Qaeda's second-in-command, Ayman al-Zawahiri, has called for Muslims to overthrow the governments of Egypt and Saudi Arabia in a new video posted on the internet.Egyptian-born al-Zawahiri said that Al-Qaeda's long-term plan was to overthrow 'corrupt and corruptive regimes' in the Muslim world, including the Egyptian and Saudi governments.In the short term, Muslims should work towards the establishment of the 'Islamic State of Iraq' as the foundation of an

  • Al-Salem agreement due

    Kuwait Arab Contractors has been selected for a KD 10.3 million ($36 million) infrastructure contract covering block 2 of the Sabah al-Salem township. The 30-month contract, which is due to be signed by the end of July, includes road building, drainage and lighting in the township, which will have a population of about 55,000 when completed.

  • Al-Salem agreement due

    Kuwait Arab Contractors has been selected for a KD 10.3 million ($36 million) infrastructure contract covering block 2 of the Sabah al-Salem township. The 30-month contract, which is due to be signed by the end of July, includes road building, drainage and lighting in the township, which will have a population of about 55,000 when completed.

  • Al-Shafar secures largest contract to date

    The local Al-Shafar General Contracting has been awarded the estimated AED 1,300 million ($355 million) contract to build the Bay Square development.The contract is understood to be the largest single award in Al-Shafar's history, and is considerably bigger than its previous largest project: the estimated AED 800 million ($218 million) Golden Mile on Palm Jumeirah, which was awarded in early 2006.The 24-month contract for Bay Square involves the construction of 12 mixed-use build

  • Al-Shuwaib takes top oil job

    Saad al-Shuwaib has been appointed chief executive officer of Kuwait Petroleum Corporation (KPC), after holding the position on a temporary basis since 1 May.He replaces Hani Hussain, who announced his resignation and retirement on 5 April.Prior to taking up the position of acting chief executive officer, Al-Shuwaib was chairman and managing director of Petrochemical Industries Company, a KPC subsidiary.His priorities in his new role include t

  • Al-Shuwaib takes top oil job

    Saad al-Shuwaib has been appointed chief executive officer of Kuwait Petroleum Corporation (KPC), after holding the position on a temporary basis since 1 May.He replaces Hani Hussain, who announced his resignation and retirement on 5 April.Prior to taking up the position of acting chief executive officer, Al-Shuwaib was chairman and managing director of Petrochemical Industries Company, a KPC subsidiary.His priorities in his new role

  • Alstom wins turbine deal

    France's Alstom has been awarded a Eur 150 million ($204 million) contract to supply five gas turbines to the local Alghanim International Trading & Contracting for the open-cycle 800-MW Al-Zour power plant. The turbines are due to be delivered by summer 2008. The Ministry of Energy (Electricity & Water) is racing to make up for a shortfall in capacity. Kuwait is expected to face a 5-GW power shortage by 2010.

  • Al-Uqair seeks developer

    The Supreme Commission for Tourism is looking for a master developer for its planned Al-Uqair tourism destination on the Gulf coast. The 100-square-kilometre area is aimed at the domestic and GCC markets. Companies have until 15 September to apply to become qualified bidders. The project will be a public-private partnership and is due to be completed over 20 to 24 years (MEED 4:5:07).

  • Amec takes zone contract

    The UK's Amec has been awarded a $40 million engineering services contract for the Kuwait onshore portion of the Divided Zone between Kuwait and Saudi Arabia. Under the four-year follow-on contract, it will provide in-house services to the operator Saudi Arabian Texaco/Kuwait Gulf Oil Company Joint Operations. Amec has held the contract for the past 10 years.

  • Amman extends power sector sell-off

    Amman is moving towards the wholesale sell-off of its power sector by the end of the summer, as the government finalises a deal to sell a 51 per cent stake in Central Electricity Generating Company (Cegco).Mohamed Abu-Hammour, chairman of the Executive Privatisation Commission (EPC), which is overseeing the transaction, says the price for the 51 per cent stake is $120 million. 'If you add the company's [Cegco] debt of $200 million, the whole deal is worth $320 million,' he says.A

  • Amman extends power sector sell-off

    Amman is moving towards the wholesale sell-off of its power sector by the end of the summer, as the government finalises a deal to sell a 51 per cent stake in Central Electricity Generating Company (Cegco).

  • Amman pursues nuclear plan

    The Red Sea port of Aqaba has emerged as the most likely site for any nuclear power plants in the kingdom, in the wake of comments from King Abdullah that Amman is pursing its interest in developing at least two plants.During a trip to Canada in mid-July, Abdullah said the kingdom intended to work with Canadian firms to look into nuclear power. Major Canadian firms in the field include Atomic Energy of Canada and Ontario Power Generation.The plans are still at an early stage. 'Al

  • Amman sells off national carrier

    Amman has finalised its plans for selling a 74 per cent stake in national flag carrier Royal Jordanian.In early July, the Council of Ministers approved a phase 1 report from Citigroup on the planned privatisation.'We have approved plans for an initial public offering (IPO),' says Mohamed Abu-Hammour, chairman of the Executive Privatisation Commission. 'The IPO will be launched on the Amman Stock Exchange and will be open to local and international investors.'Amman aims to

  • Amman sells off national carrier

    Amman has finalised its plans for selling a 74 per cent stake in national flag carrier Royal Jordanian.

  • Amwal invests in Egypt

    Riyadh-based private equity firm Amwal al-Khaleej plans to invest up to SR 250 million ($67 million) in Egypt, after closing its Amwal II private equity fund at SR 1,000 million ($267 million). It is looking to buy minority stakes in companies across the region, but will only invest up to 25 per cent of the fund in any one country. In Egypt, it has previously invested in the cotton industry and a polypropylene plant at Port Said.

  • Analysis: Egypt to record fastest mobile growth

    Egypt will be the Arab world's fastest growing mobile phone market over the next five years, according to research by consultancy firm Analysys. Revenue growth among mobile operators will grow at 20 per cent a year from 2007 to 2012.The proportion of people with mobiles will increase from 25 per cent to 65 per cent. More than 31 million of the country's 77.5 million people will buy their first mobile over the next five years.'The recruitment of lower-income subscribers will h

  • ANALYSIS: Intervention damages competitiveness

    GCC states are among the most likely to intervene to rescue failing financial institutions, according to a report from ratings agency Standard & Poor's (S&P). While that might not surprise many in the region, the consequences of the governments' stance could.Emmanuel Volland, financial institutions analyst at S&P and an author of the report, says: 'While debt holders may take some comfort that the possibility of banks in the GCC defaulting is reduced because governments are likely to get

  • Ansaldo bids low for Msila plant

    Italy's Ansaldo is low bidder for the contract to build a 500-MW combined cycle power plant at Msila in the north of the country, after the opening of commercial proposals on 8 July by State-owned energy company Sonelgaz. Ansaldo has proposed an average unit cost of AD 3.066 ($0.04) a kWh.Other bidders include the US' GE with Canada's SNC Lavalin and Germany's Siemens with Orascom Construction Industries (OCI). Sonelgaz is due to make an award on two further 1,400-MW combined cycle power

  • Aramco awards new Red Sea survey

    A Saudi Arabian-Canadian joint venture has been commissioned by Saudi Aramco to conduct an airborne survey over the Red Sea, as the next stage in its oil and gas exploration drive.Sander Geophysics Arabia, a joint venture between the local Rafid Group and Canada's Sander Geophysics, is to conduct the survey within the Saudi Arabian border.The contract, which starts on 1 September and is expected to take 15 months, includes the acquisition of both magnet

  • Aramco awards new Red Sea survey

    A Saudi Arabian-Canadian joint venture has been commissioned by Saudi Aramco to conduct an airborne survey over the Red Sea, as the next stage in its oil and gas exploration drive.Sander Geophysics Arabia, a joint venture between the local Rafid Group and Canada's Sander Geophysics, is to conduct the survey within the Saudi Arabian border.The contract, which starts on 1 September and is expected to take 15 months, includes the acquisition of both magnetic an

  • Aramco awards Qatif

    Saudi Aramco has awarded a $200 million contract for the Berri water injection and Qatif crude pipeline projects to Global al-Rushaid, a subsidiary of the US' Global Industries. The project covers the installation of water pipelines, two shore approaches and lateral pipelines and pre-commissioning work. Offshore installation is scheduled to start in September, with the project expected to last at least 12 months.

  • Aramco awards Qatif

    Saudi Aramco has awarded a $200 million contract for the Berri water injection and Qatif crude pipeline projects to Global al-Rushaid, a subsidiary of the US' Global Industries. The project covers the installation of water pipelines, two shore approaches and lateral pipelines and pre-commissioning work. Offshore installation is scheduled to start in September, with the project expected to last at least 12 months.

  • Aramco delays onshore Manifa bidding

    Saudi Aramco has delayed issuing invitation to bid documents for the $3,000 million onshore portion of its Manifa gas field development, which is likely to put back a meeting with contractors until early August.

  • Aramco invites bids for Ras Tanura project

    Saudi Aramco has released invitation to bid documents for the $500 million contract to install a diesel hydrotreater unit at the Ras Tanura refinery.

  • Aramco invites bids for Ras Tanura project

    Saudi Aramco has released invitation to bid documents for the $500 million contract to install a diesel hydrotreater unit at the Ras Tanura refinery.The engineering, procurement and construction contract covers a diesel hydro-treating complex with handling capacity of up to 100,000 barrels-a-day (b/d).Documents have been sent to Spain's Tecnicas Reunidas, Italy's Snamprogetti, South Korea's Samsung Engineering Company, Hyundai Heavy Industries (HHI) and SK Engineering & Const

  • Aramco invites interest in Jubail refinery packages

    Saudi Aramco has issued solicitations of interest for five main packages at the proposed 400,000-barrel-a-day Jubail export refinery in the Eastern Province.

  • Aramco invites interest in Jubail refinery packages

    Saudi Aramco has issued solicitations of interest for five main packages at the proposed 400,000-barrel-a-day Jubail export refinery in the Eastern Province.

  • Aramco workers injured at Ras Tanura fire

    State oil company Saudi Aramco said several of its workers were injured in a fire at its Ras Tanura north product terminal on the Gulf coast.The accident occurred at about 9.30 am on 19 July while maintenance work was being done. The fire was brought under control one hour later, according to an Aramco statement.Aramco confirmed 'several injuries' at the world's largest offshore oil export facility, while some media reports have said the fire had one worker

  • Aramco workers injured at Ras Tanura fire

    State oil company Saudi Aramco said several of its workers were injured in a fire at its Ras Tanura north product terminal on the Gulf coast.The accident occurred at about 9.30 am on 19 July while maintenance work was being done. The fire was brought under control one hour later, according to an Aramco statement.Aramco confirmed 'several injuries' at the world's largest offshore oil export facility, while some media reports have said the fire had one wo

  • Arcapita sells off investments

    Locally-based Arcapita is to sell stakes in three of its investments by October, including its larger European utility and wind farm assets. They are being grouped together into a $500 million infrastructure trust, which is expected to list on the Singapore Exchange in the autumn.

  • Architects join forces

    The US-based Hillier and the UK's RMJM have joined forces to form RMJM Hillier. The two architectural firms already have a considerable presence in the region. Hillier is working on a tower at Dubai's Business Bay for Saudi-based Al-Sharq Development and has worked on school projects in Doha RMJM is working on the Capital Centre development in Abu Dhabi and the Dubai Metro scheme.

  • Arms depot blast kills 15

    An explosion at a weapons depot in Musalmiya, north of Aleppo, on 26 July left 15 soldiers dead and 50 more wounded. Syrian officials said the blast was caused by high temperatures. 'There is a heat wave and temperatures reached close to 50 degrees, which cause an ammunition dump to explode,' an official told Reuters.Islamist extremists have targeted military installations in the north of the country in the past. The Muslim Brot

  • Arms depot blast kills 15

    An explosion at a weapons depot in Musalmiya, north of Aleppo, on 26 July left 15 soldiers dead and 50 more wounded. Syrian officials said the blast was caused by high temperatures. 'There is a heat wave and temperatures reached close to 50 degrees, which cause an ammunition dump to explode,' an official told Reuters.Islamist extremists have targeted military installations in the north of the country in the past. Th

  • Army launches new attack on militants

    The Lebanese army has launched a fresh attack on insurgents in a Palestinian refugee camp in the north of the country.Soldiers fought street-to-street battles with members of militant group Fatah al-Islam in the Nahr el-Bared refugee camp on 26 July.The army has been fighting in Nahr el-Bared since 20 May after members of Fatah al-Islam carried out an armed robbery in the nearby northern Lebanese city of Tripoli.At least 246 people have been k

  • Army launches new attack on militants

    The Lebanese army has launched a fresh attack on insurgents in a Palestinian refugee camp in the north of the country.Soldiers fought street-to-street battles with members of militant group Fatah al-Islam in the Nahr el-Bared refugee camp on 26 July.The army has been fighting in Nahr el-Bared since 20 May after members of Fatah al-Islam carried out an armed robbery in the nearby northern Lebanese city of Tripoli.At least 246 people ha

  • Ashghal tenders Doha

    The Public Works Authority (Ashghal) has invited companies to bid by 28 August for package nine of the Doha Expressway scheme. The contract covers 11 kilometres of new highway running from the existing Al-Muntazah roundabout on the E ringroad to New Doha International airport and the proposed port. The local Midmac, in a joint venture with Turkey's Yuksel, is working on the QR 730 million ($200 million) contract to build the extension of the Ras Abu Aboud road (MEED 18:5:07).

  • Ashghal tenders Doha

    The Public Works Authority (Ashghal) has invited companies to bid by 28 August for package nine of the Doha Expressway scheme.

  • Australia admits oil a factor behind Iraq conflict

    The Australian defence minister has caused a political storm after suggesting the protection of Iraq's huge oil reserves was a reason for the ongoing deployment of foreign troops in the country. Brendan Nelson told the Australian Broadcasting Corporation on 5 July that Iraq was 'an important supplier of energy, oil in particular, to the rest of the world, and Australians ... need to think what would happen if there were a premature withdrawal from Iraq'.'We

  • Authority plans further deals

    The Qatar Investment Authority is expected to follow up on its offer for UK supermarket chain J Sainsbury with up to four other major deals.

  • Authority plans further deals

    The Qatar Investment Authority is expected to follow up on its offer for UK supermarket chain J Sainsbury with up to four other major deals.Its use of debt to finance its proposed£10,300 million ($21,158 million) deal is being seen as a way for it to retain cash for other acquisitions.'It has the funds to go ahead with the purchase,' says one Doha-based banker. 'It is investing a lot abroad and could be looking at up to five projects.'It is thought to be the first time th

  • Aviation club work begins

    The local/German Al-Rostamani Pegel has started work on the estimated AED 350 million ($95 million) Aviation Club hotel project in the Garhoud area of Dubai. The project involves the construction of an eight-storey, 250-room, five-star hotel with a built-up area of about 60,000 square metres. The UK's RMJM International is the lead consultant. The Aviation Club and Dubai Duty Free is the client (MEED 4:8:06).

  • Azarab to supply Rey

    The local Azarab Energy has been awarded the $85 million engineering, procurement and construction contract to supply six gas turbines providing 627 MW of extra capacity at the Rey open cycle power plant, south-east of Tehran. The local Farab was the second lowest bidder. The project is expected to take 17 months to complete. The client is Tavanir (MEED 11:5:07).

  • Bank of Bahrain & Kuwait issues bond

    Bank of Bahrain & Kuwait has issued a $275 million subordinated bond under its $1,000 million euro-medium term note programme. Citibank and Standard Chartered Bank were joint lead managers and book runners for the issue. Separately, Standard Chartered has appointed Gilles Franck as regional head of capital markets for the Middle East and Pakistan. He will be based in Dubai.

  • Bank of Bahrain & Kuwait issues bond

    Bank of Bahrain & Kuwait has issued a $275 million subordinated bond under its $1,000 million euro-medium term note programme. Citibank and Standard Chartered Bank were joint lead managers and book runners for the issue. Separately, Standard Chartered has appointed Gilles Franck as regional head of capital markets for the Middle East and Pakistan. He will be based in Dubai.

  • Bank prepares for Basel

    Bank of Bahrain and Kuwait is set to raise $132.6 million through a rights issue in preparation for compliance with the Basel II banking regulations, ahead of the 1 January 2008 deadline. The rights issue will give the bank tier one capital and bring its capital adequacy ratio, a measure of its financial strength, into line with the new requirements. The shares will be issued to existing shareholders at a 30 per cent discount to the current market value.

  • Bank secures cut-price loan

    Qatar National Bank (QNB) has signed a $1,750 million syndicated loan facility at one of the lowest pricings ever achieved in the Middle East. The deal has been agreed at only 19.5 basis points over the London interbank offered rate (Libor) on the back of a recent ratings upgrade and rising profits.The low interest rate on the deal, which was signed on 24 July, was described by one Dubai-based banker as 'absurdly cheap'. It is in sharp contrast to those signed by other banks. Several in

  • Bank secures cut-price loan

    Qatar National Bank (QNB) has signed a $1,750 million syndicated loan facility at one of the lowest pricings ever achieved in the Middle East. The deal has been agreed at only 19.5 basis points over the London interbank offered rate (Libor) on the back of a recent ratings upgrade and rising profits.

  • Banks agree to merge

    Emirates Bank International and National Bank of Dubai have agreed merger terms to create the largest bank in the UAE by market value, and have asked the Dubai Financial Market to halt trading in their shares. The shares will remain suspended until both banks have taken the proposals to shareholders and consulted regulators, which is expected to occur by mid-July. The merger would create a bank with a capitalisation of about $11,250 million.

  • Banks offer sharia services

    DIFC Investments and Dubai Islamic Bank are setting up a company offering sharia-compliant trust services. The partners have applied for a licence for Waqf Trust Services to operate in the Dubai International Financial Centre. The company will serve corporate and individual clients, and assist in succession and inheritance planning.

  • Banque Du Caire seeks adviser

    A financial adviser for the planned sale of an 80 per cent stake of Banque Du Caire will be appointed before the end of August, according to Mohammed Kafafi, vice-chairman at the bank.

  • Bids due for power plant

    Bids are due by the end of August for the estimated $1,500 million-2,000 million engineering, procurement and construction contract to build the PP10 power plant, near Riyadh. Prequalified companies for the 2,000 MW plant include National Contracting Company, Arabian Bemco Contracting and Al-Toukhi Contracting, all local. The local/Pakistani joint venture of Saudi Consulting Services (SaudConsult) and National Engineering Services of Pakistan (Nespak) is the consultant. The client is Sa

  • Bids due for power plant

    Bids are due by the end of August for the estimated $1,500 million-2,000 million engineering, procurement and construction contract to build the PP10 power plant, near Riyadh. Prequalified companies for the 2,000 MW plant include National Contracting Company, Arabian Bemco Contracting and Al-Toukhi Contracting, all local. The local/Pakistani joint venture of Saudi Consulting Services (SaudConsult) and National Engineering Services of Pakistan (Nespak) is the consultant. The client is Saudi E

  • Bids due for transformers

    Bids are due by 19 August to supply and install five 132/11-kV main transformer stations and 20-MVA power transformers at Sabah al-Naser, East Ardiya, Farmaniyah and Khaitan. Prequalifiers include Germany's Siemens, Europe's ABB, South Korea's Hyundai Engineering & Construction Company with the local United Gulf Construction Company, Japan's Mitsubishi Electric Corporation with the local Middle East Electric Company, France's Areva T&D with the local Abdulaziz Abdulmohsin Al-Rashed & Sons Compan

  • Blair starts regional tour

    Former UK prime minister Tony Blair arrived in Israel on 23 July in his first tour of the region as special envoy to the Middle East. He was due to meet Israeli Foreign Affairs Minister Tzipi Livni and Defence Minister Ehud Barak. He will hold talks with Prime Minister Ehud Olmert the following day. Blair's mandate from the international Quartet of the EU, UN, US and Russia prevents him from talking to Hamas. His main task is to focus on strengthening P

  • Blair starts regional tour

    Former UK prime minister Tony Blair arrived in Israel on 23 July in his first tour of the region as special envoy to the Middle East. He was due to meet Israeli Foreign Affairs Minister Tzipi Livni and Defence Minister Ehud Barak. He will hold talks with Prime Minister Ehud Olmert the following day. Blair's mandate from the international Quartet of the EU, UN, US and Russia prevents him from talking to Hamas. His main task is to focus on strengthening Palest

  • Body count rising in Baghdad

    The number of unidentified bodies found in Baghdad continues to rise, according to Iraqi police, despite the ongoing security drive in the city.June saw 540 corpses discovered in the capital in June. That was an increase on May, although still significantly lower than the same period last year.Following the beginning of the US surge in February, which saw some 30,000 extra troops deployed in the city, the number of discovered corpses dropped sharply.

  • Bombers kill dozens in Kirkuk

    At least 85 people have died and 180 were wounded, following two bomb attacks in the northern city of Kirkuk on 16 July.Most of the casualties were the result of a suicide attack using a lorry filled with explosives near the offices of the Patriotic Union of Kurdistan (PUK) political party. The second bomb went off at a bus station 15 minutes later, with Kirkuk police managing to arrest the bomber. Nobody has yet claimed responsibility for either attack.Kirk

  • Bombers kill dozens in Kirkuk

    At least 85 people have died and 180 were wounded, following two bomb attacks in the northern city of Kirkuk on 16 July.Most of the casualties were the result of a suicide attack using a lorry filled with explosives near the offices of the Patriotic Union of Kurdistan (PUK) political party. The second bomb went off at a bus station 15 minutes later, with Kirkuk police managing to arrest the bomber. Nobody has yet claimed responsibility for either attack.

  • Bond market set for revival

    The pace of Gulf bond issues is expected to accelerate in September, as companies push ahead with deals that have been postponed because of uncertainty in the global credit market.

  • Bond market set for revival

    The pace of Gulf bond issues is expected to accelerate in September, as companies push ahead with deals that have been postponed because of uncertainty in the global credit market.Despite healthy domestic demand in some markets such as Saudi Arabia, companies seeking international backers have found it more difficult to issue bonds.In July, at least three GCC institutions including Abu Dhabi's First Gulf Bank (FGB), Bahrain's Ithmaar Bank and Saudi Arabia's Dallah al-Baraka p

  • Booming confidence

    Unsustainable inflation, monolithic state-run industries and outdated working practices have characterised Egypt's economy in recent years.

  • Borouge seeks consultant

    Abu Dhabi Polymers Company (Borouge) has taken the unusual step of tendering a contract for a second project management consultant on its $5,000 million multi-billion Ruwais petrochemicals expansion complex.

  • BP seeks contractors for gas programme

    The UK's BP has invited more than 30 local and international companies to submit prequalification applications for the front-end engineering and design (FEED) contract on the first phase of its tight gas programme at the central Khazzan and Makarem fields.The engineering work covers the early production facilities element, which will be used to ascertain a more precise amount of gas available for extraction at the two fields, as well as potential flow rates and gas composition.In

  • Budget boost for Al-Zour

    The budget for the retendered refinery project at Al-Zour is set to be increased to KD 4,000 million ($13,800 million) following agreement from Kuwait National Petroleum Company. The proposed budget will now go to the Supreme Petroleum Council for approval. A decision is expected by the end of August. The 615,000-barrel-a-day refinery had an original budget of KD 1,850 million ($6,380 million), but this has increased as costs have soared (MEED 22:12:06).

  • Burj Dubai to hit record height within days

    The Burj Dubai will become the world's tallest commercial tower on 21 July, when it is set to exceed the 509-metre height of the current record holder Taipei 101 in Taiwan.The full height of the Burj Dubai is a well-kept secret, but is thought to be at least 800 metres.The tower still has some way to go before it tops the uninhabitable CN Tower in Toronto and a number of radio masts in Europe and the US.When it opens in 2009, the tower will ho

  • Burj Dubai to hit record height within days

    The Burj Dubai will become the world's tallest commercial tower on 21 July, when it is set to exceed the 509-metre height of the current record holder Taipei 101 in Taiwan.The full height of the Burj Dubai is a well-kept secret, but is thought to be at least 800 metres.The tower still has some way to go before it tops the uninhabitable CN Tower in Toronto and a number of radio masts in Europe and the US.When it opens in 2009, the towe

  • Bush calls for Middle East peace conference

    US President George Bush has called for a Middle East peace conference later this year and pledged $190 million in new aid to the government of Palestinian President Mahmoud Abbas.The president said Secretary of State Condoleezza Rice would preside over the conference, which would involve representatives from Israel, the Palestinian Authority and those Arab governments that recognise Israel's right to exist, reject violence and support the creation of an independent Pales

  • Bush calls for Middle East peace conference

    US President George Bush has called for a Middle East peace conference later this year and pledged $190 million in new aid to the government of Palestinian President Mahmoud Abbas.The president said Secretary of State Condoleezza Rice would preside over the conference, which would involve representatives from Israel, the Palestinian Authority and those Arab governments that recognise Israel's right to exist, reject violence and support the creation of an independent Palest

  • Bush optimistic despite mixed Iraq report

    US President George Bush has asked Americans to be patient in achieving a unity government in Baghdad, after a preliminary report found Iraq had made mixed progress towards key US targets.The report said the Iraqi government had shown satisfactory performance so far on eight of the 18 benchmarks, including modernizing its military forces. But more work was needed on eight others, including preparations for local elections. In two areas, it was too early to judge how things

  • Bush optimistic despite mixed Iraq report

    US President George Bush has asked Americans to be patient in achieving a unity government in Baghdad, after a preliminary report found Iraq had made mixed progress towards key US targets.The report said the Iraqi government had shown satisfactory performance so far on eight of the 18 benchmarks, including modernizing its military forces. But more work was needed on eight others, including preparations for local elections. In two areas, it was too early to judge how thing

  • Cabinet agrees to oil law

    The Iraqi government approved an amended draft of the law on 3 July setting out how the nation's oil wealth will be shared.The Iraqi Prime Minister, Nouri al-Maliki, said the legislation was the 'most important law in Iraq'.Kurdish groups had originally opposed the centralised control of oil revenues from Baghdad laid out in the draft law, claiming the move was unconstitutional.A compromise was reached in June granting the northern Kurdish reg

  • Cairo adds to border security

    Egypt has moved police to its border with Gaza to prevent Palestinians stranded in Sinai from re-entering the Gaza Strip.The Rafah border crossing was closed in May, following the seizure of Gaza by Hamas, leaving some 4,000 Palestinians marooned in northern Sinai. Without money, they have been sleeping in mosques or in the open and have complained of poor living conditions, despite supplies of food and medicines from the Egyptian government.T

  • Cairo adds to border security

    Egypt has moved police to its border with Gaza to prevent Palestinians stranded in Sinai from re-entering the Gaza Strip.The Rafah border crossing was closed in May, following the seizure of Gaza by Hamas, leaving some 4,000 Palestinians marooned in northern Sinai. Without money, they have been sleeping in mosques or in the open and have complained of poor living conditions, despite supplies of food and medicines from the Egyptian government.

  • Cairo aims for closer ties with Madrid

    The first official visit by an Egyptian minister to Spain for a decade began on 9 July with the arrival in Madrid of Rachid Mohamed Rachid, the Trade & Industry Minister.The trip will be used to promote political and economic ties between the two countries and attract Spanish investment into Egypt. The minister will be accompanied by a delegation of local companies.'Egypt has enjoyed good political and strategic relations with Spain, but now both sides

  • Cairo aims for closer ties with Madrid

    The first official visit by an Egyptian minister to Spain for a decade began on 9 July with the arrival in Madrid of Rachid Mohamed Rachid, the Trade & Industry Minister.The trip will be used to promote political and economic ties between the two countries and attract Spanish investment into Egypt. The minister will be accompanied by a delegation of local companies.'Egypt has enjoyed good political and strategic relations with Spain, but now both sides are r

  • Cairo and Amman hold talks with Israel

    Envoys from Egypt and Jordan have held the talks with Israel – in Tel Aviv and Jerusalem – to discuss an Arab League land-for-peace deal.The foreign ministers from the two countries said the visit was to 'extend the hand of peace on behalf of the whole region'. Egypt and Jordan are the only two Arab countries to recognise Israel.The plan offers Israel the resumption of normal relations with all Arab nations in exchange for full withdrawal fr

  • Cairo and Amman hold talks with Israel

    Envoys from Egypt and Jordan have held the talks with Israel - in Tel Aviv and Jerusalem - to discuss an Arab League land-for-peace deal.The foreign ministers from the two countries said the visit was to 'extend the hand of peace on behalf of the whole region'. Egypt and Jordan are the only two Arab countries to recognise Israel.The plan offers Israel the resumption of normal relations with all Arab nations in exchange for full withdrawal from Arab land occu

  • Cairo awards roads

    The local Arab Contractors has been awarded the LE 420 million ($73 million) contract to upgrade half of the Cairo-Alexandria desert road. A second 75-kilometre section will be tendered in August. A further LE 700 million ($122 million) contract was taken by the local General Nile Company for Road Construction to upgrade 140 kilometres of road between Port Said and Sidi Krier.

  • Cairo begins projects to reduce carbon emissions

    The Egyptian Environmental Affairs Agency is forging ahead with projects to reduce carbon emissions in the country's industrial sector.

  • Cairo begins projects to reduce carbon emissions

    The Egyptian Environmental Affairs Agency is forging ahead with projects to reduce carbon emissions in the country's industrial sector.'We have at least three upcoming carbon emission-reduction [CER] projects to interest the private sector,' says El-Sayed Sabry Mansour, superviser of the climate change unit at the agency.'We have landfill sites at Ama, north of Cairo, in the Al-Sharqiyah governorate, and the Shabra landfill in the governorate of Giza.'The aim of each proj

  • Cairo extends liberalisation

    Cairo has committed itself to a massive opening up of its economy by becoming the first country in the region to participate in the Organisation for Economic Co-operation and Development's (OECD) investment committee.As a condition of joining the committee, Egypt has to guarantee equal treatment for foreign and domestic investors.The senior economist for the OECD's investment committee, Michael Gestrin, says: 'The guidelines are binding on governments.'Each government has

  • Cairo reviews cracker bids

    At least two bids are under evaluation to provide technology and engineering services for an estimated $1,500 million hydrocracker at Mostorod, near Cairo. An award is expected by the end of August. The hydrocracker is being developed by a consortium of local investment house Citadel Capital and state oil company Egyptian General Petroleum Corporation (MEED 8:6:07).

  • Cairo reviews cracker bids

    At least two bids are under evaluation to provide technology and engineering services for an estimated $1,500 million hydrocracker at Mostorod, near Cairo. An award is expected by the end of August. The hydrocracker is being developed by a consortium of local investment house Citadel Capital and state oil company Egyptian General Petroleum Corporation (MEED 8:6:07).

  • Cairo to approve hikes in cement and steel output

    Cairo is expected to approve about 10 proposals for new cement plants by the end of 2007, increasing the country's production capacity by about 15 million tonnes a year (t/y), according to a senior government source.

  • Capital selects bidders

    Local developer Capital Investment has invited selected firms to bid by 19 August for the Shining towers project, formerly known as Harmony towers, in the Khalidiya area of Abu Dhabi. The two-year project will involve the construction of two towers: a 34-storey office tower and a 31-storey residential building. Hong Kong-based Aedas is the architect. The local Foresight Development & Project Management is the client representative (MEED 30:3:07).

  • Chemanol to build production facility in Jubail

    The local Chemanol is planning a major new pentaerythritol production facility at its existing formaldehyde complex in Jubail.

  • Chevron, BG post jump in profits

    US oil major Chevron Corporation posted a better-than-expected 24 per cent gain in quarterly earnings on 27 July, helped by higher profits from its refineries, while second-quarter profits at UK gas producer BG Group rose by 13 per cent.Chevron, which has interests in most Middle East countries, saw its net profit in the second quarter increase to $5,380 million, from $4,350 million last year.Profits from its downstream activities, which includes its refinin

  • Chevron, BG post jump in profits

    US oil major Chevron Corporation posted a better-than-expected 24 per cent gain in quarterly earnings on 27 July, helped by higher profits from its refineries, while second-quarter profits at UK gas producer BG Group rose by 13 per cent.Chevron, which has interests in most Middle East countries, saw its net profit in the second quarter increase to $5,380 million, from $4,350 million last year.Profits from its downstream activities, which includes its re

  • Combined wins Doha work

    Kuwait's Combined Group has been awarded the estimated QR 659 million ($183 million) infrastructure contract for the second phase of the Doha industrial area. The project involves the construction of local roads drainage, a sewerage network, gas distribution system and electrical connections. The client is the Energy & Industry Ministry.

  • Committee approves refinery wastewater revamp

    The Central Tenders Committee has approved the KD 50.4 million ($174 million) bid submitted by the German/local team of Hans Huber and Ahmadiah Contracting & Trading Company for the retendered contract to revamp wastewater facilities at three refineries.The lump-sum engineering, procurement and construction scheme covers the rehabilitation and upgrade of wastewater treatment facilities at the state's Shuaiba, Mina al-Ahmadi and Mina Abdullah refineries. The work also incl

  • Committee approves refinery wastewater revamp

    The Central Tenders Committee has approved the KD 50.4 million ($174 million) bid submitted by the German/local team of Hans Huber and Ahmadiah Contracting & Trading Company for the retendered contract to revamp wastewater facilities at three refineries.The lump-sum engineering, procurement and construction scheme covers the rehabilitation and upgrade of wastewater treatment facilities at the state's Shuaiba, Mina al-Ahmadi and Mina Abdullah refineries. The work also inclu

  • Companies line up $500m in loans

    UAE-based companies announced borrowings of more than $500 million in early July, mainly through syndicated loans. The loans counter a regional trend toward issuing bonds.The UAE's Allana International has borrowed $400 million through a syndicated loan, in part to refinance its existing debt obligations. Ten international and regional banks participated in the syndication at the mandated lead arranger level. Allana is the holding company of food manufacturer Internationa

  • Companies line up $500m in loans

    UAE-based companies announced borrowings of more than $500 million in early July, mainly through syndicated loans. The loans counter a regional trend toward issuing bonds.The UAE's Allana International has borrowed $400 million through a syndicated loan, in part to refinance its existing debt obligations. Ten international and regional banks participated in the syndication at the mandated lead arranger level. Allana is the holding company of food manufacturer International

  • ConocoPhillips to set up water research centre

    The US' ConocoPhillips is to establish a water sustainability centre to be based at the Qatar Science & Technology Park (QSTP) at Education City in Doha. The centre will focus on ways of treating and using by-product water from oil production and refining operations, and other industrial and municipal projects. Conoco plans to invest up to $25 million in the centre over five or seven years.

  • Construction materials prices begin to stabilise

    Despite an increase in the value of projects under way in the region in the second quarter of 2007, the cost of materials did not rise dramatically.

  • Contract dispute delays Aramco field development

    Saudi Aramco is facing further delays on the Abu Hadriyah, Fadhili and Khursaniyah oil field development after failing to convert the largest contract with US-based Bechtel and France's Technip from a cost-reimbursable basis to lump-sum turnkey status.

  • Contract dispute delays Aramco field development

    Saudi Aramco is facing further delays on the Abu Hadriyah, Fadhili and Khursaniyah oil field development after failing to convert the largest contract with US-based Bechtel and France's Technip from a cost-reimbursable basis to lump-sum turnkey status.Aramco was understood to have made a verbal agreement with the two contractors in mid-June to change the terms of the contract. However, disputes over the agreement of a lump-sum turnkey price are thought to have delayed the formal

  • Contractors bid for Khalifa port

    The Abu Dhabi Ports Company (ADPC) has received at least four bids for the estimated AED 5,000 million ($1,365 million) first-phase construction package on the Khalifa Port & Industrial Zone at Taweelah.The bidders are Belgium's Jan De Nul; Dredging International, also of Belgium, with the US' Great Lake Dredge & Dock; South Africa's Murray & Roberts Contractors (Middle East) and the local Overseas AST; Netherlands-based Royal Boskalis Westminster with Geneva-registered Archirodon Constr

  • Contractors line up for oil hub project at El-Merk

    More than 20 contractors have submitted prequalification applications to the US' Anadarko Corporation for the estimated $3,000 million-4,000 million project to develop a new oil production hub on the El-Merk field, 300 kilometres south of Hassi Messaoud.

  • Contractors line up for oil hub project at El-Merk

    More than 20 contractors have submitted prequalification applications to the US' Anadarko Corporation for the estimated $3,000 million-4,000 million project to develop a new oil production hub on the El-Merk field, 300 kilometres south of Hassi Messaoud.The scheme covers a major wet gas processing programme to recover oil from four fields in the Berkine basin, near the border with Libya and Tunisia. They are: Block 208 and Hassi Berkine South, both operated by Anadarko and state ener

  • Contractors line up for tank work

    A total of 17 international and local contractors have been invited to submit bids by 31 July for a major contract to build a new dry crude storage tank for Kuwait Oil Company (KOC).

  • Corporates seek ratings to boost international appeal

    A spate of corporate credit ratings are expected across the Gulf as companies seek to boost their international appeal.

  • Corporates seek ratings to boost international appeal

    A spate of corporate credit ratings are expected across the Gulf as companies seek to boost their international appeal.However, the ratings will not necessarily be followed by the companies issuing bonds, as has previously happened.Instead, companies are increasingly seeking credit ratings to assure international investors, facilitate transactions and provide an easy way for them to be compared with other companies.'We should see more corporate ratings and not necessa

  • Currency revalued for third time

    Kuwait has revalued the dinar, raising its value by 1.7 per cent against the dollar in the biggest change to the currency since it ended the peg to the dollar in May. The move on 25 July took economists by surprise.The Kuwait government has now revalued the currency by a total of about 2.5 per cent against the dollar. However, a move of between 5 per cent and 10 per cent is thought to be necessary to have an effect on inflation, which Kuwait initially said was the reason

  • Currency revalued for third time

    Kuwait has revalued the dinar, raising its value by 1.7 per cent against the dollar in the biggest change to the currency since it ended the peg to the dollar in May. The move on 25 July took economists by surprise.The Kuwait government has now revalued the currency by a total of about 2.5 per cent against the dollar. However, a move of between 5 per cent and 10 per cent is thought to be necessary to have an effect on inflation, which Kuwait initially said was the reason f

  • Damac plans first tender

    Dubai's Damac Properties is to invite contractors to bid for its first project in Saudi Arabia by the end of 2007. Work on the 40-floor, 178-metre-high Al-Jawharah tower is expected to start in early 2008 and take three years to complete. It was designed by New York-based consultants WBTL Architects.

  • Damac to build Bay tower

    Dubai property developer Damac Properties is to build a ninth tower in the city's Business Bay district. Construction of the AED 450 million ($122.5 million), 20-storey waterfront office tower, to be called Water's Edge, will begin by the end of 2007. A tender for construction will be offered later in 2007. The project, which should be completed by the end of 2010, has been designed by Tunisian architect H2A & Sakly.

  • Dana Gas appoints banks for $1bn sukuk

    Dana Gas has appointed Citigroup and Deutsche Bank as lead arrangers for a $1,000 million convertible sukuk issue.Shareholders in the natural gas company voted to approve the issue at a meeting on 3 July. An application to list the sukuk on the London Stock Exchange has already been made and the deal has been approved by the Emirates Securities and Commodities Authority.Bond holders will have the right to convert the sukuk into shares. Dana Gas says the funds will be used to fina

  • Danzas signs with Airbus

    Danzas AEI Emirates, a joint venture of logistics groups Danzas AEI and the Emirates airline group, has signed a three-year deal with Airbus Middle East to provide logistics services to the aircraft manufacturer. Under the arrangement, Danzas AEI Emirates will manage the Airbus spare parts centre in the Dubai Airport Free Zone. The centre will stock parts made by Airbus and relevant equipment manufacturers for distribution to airlines in the region.

  • Darfur food aid under threat

    The UN's World Food Programme (WFP) is warning that aid destined for the western region of Darfur is being obstructed following a dramatic escalation in attacks on humanitarian staff and food convoys.'In the past two weeks, nine food convoys have been attacked by gunmen across Darfur,' says Kenro Oshidari, the organisation's local representative.The violence has prevented aid from reaching an estimated 170,000 during June, WFP says.'T

  • Darfur food aid under threat

    The UN's World Food Programme (WFP) is warning that aid destined for the western region of Darfur is being obstructed following a dramatic escalation in attacks on humanitarian staff and food convoys.'In the past two weeks, nine food convoys have been attacked by gunmen across Darfur,' says Kenro Oshidari, the organisation's local representative.The violence has prevented aid from reaching an estimated 170,000 during June, WFP says.'These abho

  • Darfur talks held in Tripoli

    Representatives from the UN and the African Union (AU) launched two days of talks on 15 July aimed at providing a road map for peace in the Sudanese region of Darfur.The negotiations were also attended by officials from the EU and Sudan's neighbouring countries.Sudanese rebel factions formed a new alliance a day before the start of the talks. The group, which calls itself the United Front for Liberation and Development, includes the Revolutionary Democr

  • Darfur talks held in Tripoli

    Representatives from the UN and the African Union (AU) launched two days of talks on 15 July aimed at providing a road map for peace in the Sudanese region of Darfur.The negotiations were also attended by officials from the EU and Sudan's neighbouring countries.Sudanese rebel factions formed a new alliance a day before the start of the talks. The group, which calls itself the United Front for Liberation and Development, includes the Revolutionary Democratic

  • Deadline set for Jubail port expansion

    The Royal Commission for Jubail & Yanbu has issued to bid the contract to expand the King Fahd Industrial Port, servicing the Jubail II industrial city.Prequalified companies have until 26 August to submit bids for the project, which covers the engineering, procurement and construction of petrochemicals quay 3, and berths 71 through to 74.The contract also involves dredging, piling, earthworks, piping, and mechanical, electrical and instrumentation works.

  • Deadline set for Jubail port expansion

    The Royal Commission for Jubail & Yanbu has issued to bid the contract to expand the King Fahd Industrial Port, servicing the Jubail II industrial city.Prequalified companies have until 26 August to submit bids for the project, which covers the engineering, procurement and construction of petrochemicals quay 3, and berths 71 through to 74.The contract also involves dredging, piling, earthworks, piping, and mechanical, electrical and instrumentation work

  • Death penalty for medics upheld

    Libya's Supreme Court has upheld the death sentences given to five Bulgarian nurses and one Palestinian doctor for infecting Libyan children with HIV. 'The court rejects the appeals of the defendants and confirms the death penalty,' said judge Fathi Dhan on 11 July.The ruling completes the court's role in the trial which will now be reviewed by the executive branch of the government and the High Judicial Council. It is believed that the penalty could ch

  • Death penalty for medics upheld

    Libya's Supreme Court has upheld the death sentences given to five Bulgarian nurses and one Palestinian doctor for infecting Libyan children with HIV. 'The court rejects the appeals of the defendants and confirms the death penalty,' said judge Fathi Dhan on 11 July.The ruling completes the court's role in the trial which will now be reviewed by the executive branch of the government and the High Judicial Council. It is believed that the penalty could change

  • Death toll rises at Ras Tanura

    Saudi Aramco has confirmed four workers were killed and a further 12 injured after a fire at its Ras Tanura north product terminal on the Gulf coast.The accident occurred at about 9.30am on 19 July while maintenance work was being carried out. The workers had been employed by a contractor company. The death toll was much higher than initially thought. Aramco released a statement last week stating there had only been 'several injuries'.The Reut

  • Death toll rises at Ras Tanura

    Saudi Aramco has confirmed four workers were killed and a further 12 injured after a fire at its Ras Tanura north product terminal on the Gulf coast.The accident occurred at about 9.30am on 19 July while maintenance work was being carried out. The workers had been employed by a contractor company. The death toll was much higher than initially thought. Aramco released a statement last week stating there had only been 'several injuries'.

  • Death toll rises on sea route to Yemen

    At least 367 people died in the first six months of this year crossing the Gulf of Aden from Somalia to Yemen, according to the United Nations High Commission for Refugees (UNHCR).The organisation said that 77 boats smuggling people had successfully made the voyage to Yemen so far this year, carrying more than 8,600 people. A further 118 refugees are listed as missing.Over the same period last year, 266 people died and 66 were recorded as missing. 107 boats

  • Death toll rises on sea route to Yemen

    At least 367 people died in the first six months of this year crossing the Gulf of Aden from Somalia to Yemen, according to the United Nations High Commission for Refugees (UNHCR).The organisation said that 77 boats smuggling people had successfully made the voyage to Yemen so far this year, carrying more than 8,600 people. A further 118 refugees are listed as missing.Over the same period last year, 266 people died and 66 were recorded as missing. 107 b

  • Decongesting Dubai roads

    The Roads & Transport Authority has a tough job in keeping Dubai moving, but the hardest part may be coming to an end.

  • Delta bids for Sainsbury's

    Qatari-backed investment fund Delta Two has approached the UK's J Sainsbury in a takeover move that values the grocery chain at around£10,400 million ($14,370 million). The fund already owns 25 per cent of the company having bought a further 7 per cent stake in June for£732 million ($1,499 million).

  • Denmark gives 200 Iraqis asylum

    About 200 Iraqis have been airlifted out of the country by the Danish army and will be offered asylum in Denmark. sThe Iraqis, who have acted as aides and translators for the army, were flown out of Basra. The operation was carried out because of concerns that they would be targeted once Danish troops withdraw in August. The last group of evacuees was flown out of Iraq on 20 July. 'The signal that we want to send is that we, of course, take care of our emplo

  • Denmark gives 200 Iraqis asylum

    About 200 Iraqis have been airlifted out of the country by the Danish army and will be offered asylum in Denmark. sThe Iraqis, who have acted as aides and translators for the army, were flown out of Basra. The operation was carried out because of concerns that they would be targeted once Danish troops withdraw in August. The last group of evacuees was flown out of Iraq on 20 July. 'The signal that we want to send is that we, of course, take care of our

  • Descon takes $180m Fertil expansion

    Pakistan's Descon Engineering has won the $180 million contract to expand the Ruwais Fertiliser Company (Fertil) ammonia and urea complex.

  • Dodsal to build Jumeirah Park villas for Nakheel

    UAE-based Dodsal has won a contract, worth about $250 million, to build villas in the Jumeirah Park residential complex, planned by local property developer Nakheel.

  • Dodsal to build Jumeirah Park villas for Nakheel

    UAE-based Dodsal has won a contract, worth about $250 million, to build villas in the Jumeirah Park residential complex, planned by local property developer Nakheel.

  • Dolphin gas from Qatar flows to UAE

    Natural gas from Qatar is now flowing to customers in the UAE, Dolphin Energy has announced.The Abu Dhabi-based company is producing raw gas from wells in Qatar's north field, which is then processed in Ras Laffan Industrial City before being piped under the sea to Taweelah in Abu Dhabi emirate.Ethane produced during processing is being sold to Qatar Petroleum on a long-term contract, while other by-products are being sold on international markets.

  • Dolphin gas from Qatar flows to UAE

    Natural gas from Qatar is now flowing to customers in the UAE, Dolphin Energy has announced.The Abu Dhabi-based company is producing raw gas from wells in Qatar's north field, which is then processed in Ras Laffan Industrial City before being piped under the sea to Taweelah in Abu Dhabi emirate.Ethane produced during processing is being sold to Qatar Petroleum on a long-term contract, while other by-products are being sold on international markets.

  • Donor countries snub Iraqi refugees

    The Geneva-based UN High Commissioner for Refugees (UNHCR) accused donor countries on 6 July of leaving Damascus and Amman 'in the lurch' by failing to offer aid as Iraqi refugees overwhelm public services.Damascus and Amman have received about 2 million refugees so far with 2,000 refugees alone entering Syria each day, says Ron Redmond, spokesman for the UNHCR. 'It is unconscionable that generous host countries be left on their own to deal with such a huge crisis,' says R

  • Dubai Aviation Club work begins

    The local/German Al-Rostamani Pegel has started work on the estimated AED 350 million ($95 million) Aviation Club hotel project in the Garhoud area of Dubai.

  • Dubai banks reveal details of merger

    The merger of Emirates Bank International (EBI) and National Bank of Dubai (NBD) have revealed the details of their merger, which should be finalised by October. Shares in the new company, Emirates NBD, will list on the Dubai Financial Market following shareholder approval. Both EBI and NBD will hold extraordinary general meetings in early September to gain shareholder approval. The merger should be completed 10 days later. The new bank will be the larg

  • Dubai banks reveal details of merger

    The merger of Emirates Bank International (EBI) and National Bank of Dubai (NBD) have revealed the details of their merger, which should be finalised by October. Shares in the new company, Emirates NBD, will list on the Dubai Financial Market following shareholder approval. Both EBI and NBD will hold extraordinary general meetings in early September to gain shareholder approval. The merger should be completed 10 days later. The new bank will be the largest i

  • Dubai banks to finalise merger

    Shareholders are set to approve the merger of Emirates Bank International (EBI) and National Bank of Dubai (NBD) by early September, creating the largest bank in the region by assets. The deal to create Emirates NBD is expected to be finalised by October.

  • Dubai banks to finalise merger

    Shareholders are set to approve the merger of Emirates Bank International (EBI) and National Bank of Dubai (NBD) by early September, creating the largest bank in the region by assets. The deal to create Emirates NBD is expected to be finalised by October.Details of the merger were announced by the two banks on 12 July in Dubai. EBI chairman Ahmed Humaid al-Tayer will be chairman and EBI chief executive officer (CEO) Rick Pudner will be CEO of the new company.The government will h

  • Dubai bids for New Zealand airport

    Dubai Aerospace Enterprise has made an agreed offer to buy between 51 per cent and 60 per cent of Auckland International Airport.The Dubai-based group will spend up to $3,360 million buying its stake in the New Zealand airport group.The bid values Auckland International at $5,600 million, a 56 per cent premium on its recent share price.New Zealand's Overseas Investment Office has to approve the transaction before it can go ahead.

  • Dubai bids for New Zealand airport

    Dubai Aerospace Enterprise has made an agreed offer to buy between 51 per cent and 60 per cent of Auckland International Airport.The Dubai-based group will spend up to $3,360 million buying its stake in the New Zealand airport group.The bid values Auckland International at $5,600 million, a 56 per cent premium on its recent share price.New Zealand's Overseas Investment Office has to approve the transaction before it can go ahead.

  • Dubai Buys in to EADS

    Dubai International Capital (DIC) has bought a 3.12 per cent share in European defence and aerospace firm EADS, the parent company of aircraft manufacturer Airbus.DIC says it has joined with partners to buy the stake, but would not say how much it had paid. DIC is owned by the Dubai government, which also owns Emirates airline, the biggest customer to date for the Airbus A380 superjumbo.EADS saw profits fall by 94 per cent last year following

  • Dubai crude output falls

    Dubai's crude production capacity has fallen below 100,000 barrels a day (b/d) and is expected to decline at a steady rate.According to reports in mid-July, corporate filings from Spain's Repsol and the US' ConocoPhillips, two of the companies that operated Dubai's offshore crude production until April, show crude output has fallen as low as 80,000 b/d.This is broadly in line with industry expectations. UK consultant Wood Mackenzie estimates average output of 88,000 b/d for 2006

  • Dubai International Capital buys stake in Indian bank

    Dubai International Capital (DIC) has bought a 2.87 per cent stake in India's second largest bank ICICI Bank. The bank has $79,000 million of assets and registered in the Dubai International Financial Centre in October 2004. DIC is the investment arm of Dubai Holding and has stakes in other large banks, including HSBC Holdings. The deal is the second transaction for the company this month. In early July, DIC announced that its global strategic equities fund

  • Dubai International Capital buys stake in Indian bank

    Dubai International Capital (DIC) has bought a 2.87 per cent stake in India's second largest bank ICICI Bank. The bank has $79,000 million of assets and registered in the Dubai International Financial Centre in October 2004. DIC is the investment arm of Dubai Holding and has stakes in other large banks, including HSBC Holdings. The deal is the second transaction for the company this month. In early July, DIC announced that its global strategic equities

  • Dubai moves on recycling

    Kuwait's National Projects Holding Company has appointed the UK's Campbell Reith Hill International as the design consultant for Dubai Recycling Park at Dubai Industrial City. The park aims to be the first fully integrated waste management and recycling park in the Middle East. It will be developed on a 1.5 million-square-foot site. Construction should be completed in 18 months. Remondis of Germany completed the masterplan.

  • Dubai raises equity funds

    NBD Investment Bank is raising capital across the region, Turkey and South Asia for its $500 million NBD Sana Capital private equity fund. The sharia-compliant fund will invest in the energy, retail, telecoms, media, healthcare and technology sectors. NBD Investment Bank is a subsidiary of National Bank of Dubai, which is soon to merge with Emirates Bank International (MEED 13:7:07).

  • Dubai signs free zone deal with Djibouti

    Dubai Customs World has signed an agreement with the Djibouti government to set up and operate an automobile and heavy equipment free zone in the country. Under the agreement, DC World will acquire 570,000 square meters of land set aside for the free zone, called the Djibouti Automobiles and Heavy Equipment Zone (DAHEZ). The first phase of the development will include about 100 open showrooms for cars, trucks, and heavy equipment, warehouses, workshops and p

  • Dubai to award P station

    Dubai Electricity & Water Authority is due to make an award by early August for the consultancy contract on the P station power and desalination plant. Bidders on the estimated $4,000 million project include the UK's Mott Macdonald and Germany's Lahmeyer International. It follows the recent awards on phase II of the Jebel Ali M Station (MEED 15:6:07).

  • Dubai to award P station

    Dubai Electricity & Water Authority is due to make an award by early August for the consultancy contract on the P station power and desalination plant. Bidders on the estimated $4,000 million project include the UK's Mott Macdonald and Germany's Lahmeyer International. It follows the recent awards on phase II of the Jebel Ali M Station (MEED 15:6:07).

  • Dubai toll system creates a template for the region

    In the boldest initiative in Middle East transport history, a toll charge was introduced on 1 July for cars using about 30 kilometres of Dubai's principal highway from the south side of Garhoud Bridge to the Mall of the Emirates interchange halfway to Jebel Ali.

  • Duo plan for Muscat

    A joint venture of the local Radiance International and Malaysia's Transmit Nanyang Engineering Construction plans to build a $500 million mixed-use development in the Muscat area. Known as Green Acres, the project will include a nine-hole golf course and driving range, hotels, theme parks, stables and riding school, shopping centres and residential areas. Radiance is also considering plans for other projects in Buraimi, Sohar and Salalah.

  • Du's fixed-line service set to end Etisalat monopoly

    Emirates Integrated Telecommunications Company (Du) will offer voice calls over its rival Etisalat's fixed-line network by the end of 2007.

  • Dutch starts piling Oberoi

    The local Dutch Foundation has starting piling works on the estimated AED 750 million ($205 million) Oberoi office building and hotel project at Business Bay. The project involves the construction of two 33-storey towers with a total built-up area of 84,000 square metres. Completion is scheduled for the fourth quarter of 2008. The local Hepher Project Management is the project manager. Rani International, part of Saudi Arabia's Aujan Group, is the client (MEED 14:7:06).

  • Egypt and Jordan plan Israel visit to revive Saudi peace deal

    Tel Aviv announced on 10 July that the foreign affairs ministers of Egypt and Jordan will make their first visit to Israel on 25 July in an effort to revive a Saudi-backed 2002 peace initiative.The visit would be the first by the Arab League working group, set up in April to hold contacts with Israel over the initiative. Egyptian Foreign Affairs Minister Ahmed Aboul Gheit and his Jordanian counterpart Abdelelah al-Khatib had planned to visit Israel on 12 July. However, the

  • Egypt and Jordan plan Israel visit to revive Saudi peace deal

    Tel Aviv announced on 10 July that the foreign affairs ministers of Egypt and Jordan will make their first visit to Israel on 25 July in an effort to revive a Saudi-backed 2002 peace initiative.The visit would be the first by the Arab League working group, set up in April to hold contacts with Israel over the initiative. Egyptian Foreign Affairs Minister Ahmed Aboul Gheit and his Jordanian counterpart Abdelelah al-Khatib had planned to visit Israel on 12 July. However, th

  • Egypt roads: Paving the way for private investment

    Cairo will be unable to complete its ambitious infrastructure plans without significant investment from the private sector.

  • Egyptian guards fire at refugees

    Egyptian border guards on 4 July fired shots at a group of Sudanese refugees attempting to cross the border into Israel. According to Israeli daily newspaper Haaretz, the guards ordered the group of 30 refugees to stop and then opened fire when they failed to comply, critically wounding one. Three others were arrested while the remaining 26 succeeded in crossing into Israel.A day earlier, Egypt arrested 20 Sudanese refugees trying to cross the border.

  • Emaar awards villa work

    Local developer Emaar Properties has awarded the local Arabtec Construction a AED 136 million design and build contract for 212 villas at Arabian Ranches. The project is due to be completed over 22 months. The order takes the total number of villas under construction by Arabtec to 2,855. This includes 1,484 villas for the Mohamed bin Rashid housing programme, 813 for Emaar and 558 for Dubai Properties (MEED 11:5:07).

  • Emaar awards villa work

    Local developer Emaar Properties has awarded the local Arabtec Construction a AED 136 million design and build contract for 212 villas at Arabian Ranches. The project is due to be completed over 22 months. The order takes the total number of villas under construction by Arabtec to 2,855. This includes 1,484 villas for the Mohamed bin Rashid housing programme, 813 for Emaar and 558 for Dubai Properties (MEED 11:5:07).

  • Emaar receives lower rating

    Moody's Investors Service has rated Dubai-based Emaar Properties below other Dubai government-related corporates. The ratings agency says that the property developer should be seen as separate from the government.

  • Emaar receives lower rating

    Moody's Investors Service has rated Dubai-based Emaar Properties below other Dubai government-related corporates. The ratings agency says that the property developer should be seen as separate from the government.

  • Emaar to build $2bn hill town

    Emaar Misr for Development, a wholly-owned subsidiary of the UAE's Emaar Properties, is to invest£E 12,000 million ($2,091 million) in the construction of a satellite settlement in the Moqattam Hills near Cairo.

  • Emaar to build mall

    Emaar Misr for Development, a wholly-owned subsidiary of Dubai-based Emaar Properties, has unveiled plans for a shopping mall as part of its Cairo-Alexandria Desert road project. The $700 million Cairo Gate will extend for one kilometre near the Smart Village commercial precinct. Emaar agreed with Cairo to develop an integrated community in the Smart Village in 2005 (MEED 04:10:05).

  • Etisalat gains customers

    Etisalat has reached 142 per cent mobile phone penetration in its home market. According to its half-year results to 30 June, Etisalat has signed up 500,000 subscriptions, taking its total number of accounts to 6 million. The company has 1.3 million fixed-line customers and 800,000 broadband customers. Its mobile e-mail service, which uses Blackberry mobile e-mail technology, has attracted 15,000 customers since its launch earlier in 2007.

  • Exploration blocks on offer

    The Kurdistan Regional Government (KRG) is to offer 40 oil and gas blocks for exploration as part of plans to lift production to one million barrels a day. Blocks are for five years, extendable on a yearly basis.

  • Fears over supply force price hike

    Oil prices continued to reach new 11-month highs as the benefit of several refineries re-opening was offset by continuing fears of a supply squeeze.Brent oil, which has continued to rally from about $50 a barrel in January, was trading at $76.69 on 18 July, compared with $75.77 on 11 July.Industry reports painted a picture of continued market tightness in the medium term.The International Energy Agency forecast the growth in global demand for oil would surge to 2.2 millio

  • Fears over supply force price hike

    Oil prices continued to reach new 11-month highs as the benefit of several refineries re-opening was offset by continuing fears of a supply squeeze.

  • Final prices in for Ras al-Zour port

    Final prices were submitted on 21 July for the contract to build the port serving the Ras al-Zour fertiliser and aluminium smelting complexes.

  • Finance zone replaces laws

    The Qatar Financial Centre (QFC) has established a system of courts that will operate according to English law, superseding local and sharia law. The move could lead to changes to the legal system countrywide.

  • Firms submit bids for Riyadh water

    The Ministry of Water & Electricity is evaluating bids from four consortiums for the contract to manage the capital's water network.The six-year contract involves managing underground water production, water distribution and wastewater collection, customer services and billing, and improving water quality. It is the first of several public-private water projects in the kingdom. The contract is due to be signed with the National Water Company, which will be set up imminent

  • Firms submit bids for Riyadh water

    The Ministry of Water & Electricity is evaluating bids from four consortiums for the contract to manage the capital's water network.The six-year contract involves managing underground water production, water distribution and wastewater collection, customer services and billing, and improving water quality. It is the first of several public-private water projects in the kingdom. The contract is due to be signed with the National Water Company, which will be set up imminentl

  • First gas round nears

    State-owned National Oil Company (NOC) is due to issue tenders in early July for its first international licensing round for gas exploration. NOC is set to invite bids for 12 contracts, covering 41 blocks. The 2,000-10,000-square-kilometre blocks are expected to include some offshore acreage, with the remainder divided between the Murzuq, Ghadames and Sirte basins. Presentations will be made in August, with awards expected by the end of 2007.

  • First phase of Jebel Ali port expansion completed

    Construction of the first phase of stage one of the new container terminal in Jebel Ali Port has been completed.The terminal is part of DP World's ambitious plan to develop a mega container terminal that will eventually have a 40-kilometre quay and a port area of more than 2,300 hectares. The is being developed in 15 stages between now and 2030. The terminal's total handling capacity will be 5.5 million containers per year when fully completed.The new t

  • First phase of Jebel Ali port expansion completed

    Construction of the first phase of stage one of the new container terminal in Jebel Ali Port has been completed.The terminal is part of DP World's ambitious plan to develop a mega container terminal that will eventually have a 40-kilometre quay and a port area of more than 2,300 hectares. The is being developed in 15 stages between now and 2030. The terminal's total handling capacity will be 5.5 million containers per year when fully completed.The new termin

  • First-stage bidding starts on $1bn Sidra medical centre

    Prequalified contractors have been invited to submit first-stage bids by mid-September for the estimated $1,000 million design-and-build contract for the Sidra Medical & Research Centre.

  • First-stage bidding starts on $1bn Sidra medical centre

    Prequalified contractors have been invited to submit first-stage bids by mid-September for the estimated $1,000 million design-and-build contract for the Sidra Medical & Research Centre.

  • Flag carrier buys Boeings

    Kuwait Airways is to buy a number of Boeing 787 Dreamliners for its fleet. Kuwait's national carrier is in the process of overhauling its 17-strong fleet and increasing it to 26 aircraft. An official at the airline also welcomed the resolution of a dispute between Kuwait and India (MEED 29:6:07). The company will add three Indian destinations to its network and increase capacity to 12,000 seats a week.

  • Flooding threatens 2.4 million people

    Floods described as the worst in living memory have left 59 dead and 35,000 families homeless, according to officials in Khartoum.'The river levels have exceeded those of previous years and many states have entered a critical stage, especially the Nile River state,' Awad Widatallah Hussein, a spokesperson for the government's emergency response committee, told Reuters on 26 July.More than a third of those left homeless are from Khartoum state.

  • Flooding threatens 2.4 million people

    Floods described as the worst in living memory have left 59 dead and 35,000 families homeless, according to officials in Khartoum.'The river levels have exceeded those of previous years and many states have entered a critical stage, especially the Nile River state,' Awad Widatallah Hussein, a spokesperson for the government's emergency response committee, told Reuters on 26 July.More than a third of those left homeless are from Khartoum state.

  • Fluor starts on plant

    Gulf Fluor has started work on its AED 2,000 million ($545 million) fluorides complex in Abu Dhabi. The plant will produce 10,000 tonnes-a-year (t/y) of hydrofluoric acid and 10,000 t/y of aluminium fluoride. It is scheduled to start production in the second quarter of 2009. Simon Carves is the main contractor for the complex. Feasibility studies were conducted by UK-based British Sulphur Consultants.

  • Football celebrations end in bloodshed

    At least 50 people were killed and 135 injured in two car bombings in Baghdad that targeted football supporters celebrating Iraq reaching the finals of the Asian Cup.The city streets were unusually busy on the evening of July 25, as flag-waving fans came out to cheers their team's shock 4-3 win over South Korea in a penalty shootout.The first bombing took place near an ice cream parlour in the western district of Mansour district, a predominantly Sunni

  • Football celebrations end in bloodshed

    At least 50 people were killed and 135 injured in two car bombings in Baghdad that targeted football supporters celebrating Iraq reaching the finals of the Asian Cup.The city streets were unusually busy on the evening of July 25, as flag-waving fans came out to cheers their team's shock 4-3 win over South Korea in a penalty shootout.The first bombing took place near an ice cream parlour in the western district of Mansour district, a predominantly Sunni area,

  • Forrec to design city

    Abu Dhabi Investment House (ADIH) has appointed Canada's Forrec as the design consultant for the $3,000 million Entertainment City project in the Lusail development to the north of Doha. The 1 million-square-metre development aims to attract up to 25,000 visitors a day and will be a mix of theme parks and complementary commercial and residential components.

  • Forrec to design Doha Entertainment City

    Abu Dhabi Investment House (ADIH) has appointed Canada's Forrec as the design consultant for the $3,000 million Entertainment City project in the Lusail development to the north of Doha.

  • Four compete for rig deal

    Four companies have submitted technical bids to Kuwait Oil Company for an estimated $60 million contract to supply and operate two 3,000-hp drilling rigs. The bidders are the local Burgan Company for Well Drilling, Trading & Maintenance, Kuwait Drilling Company, the US' Nabors Drilling International, and the local United Precision Drilling Company. An award is due by the end of the summer.

  • Four groups vie for metro work

    An award is due within weeks on an extension to the Algiers metro, as work moves ahead on the long-running project.Bidders for the civil works package on the estimated Eur 230 million ($317 million) extension to line 1 of the metro expect the contract to be awarded by the end of July.The extension will be 4 kilo-metres long with more than 2 kilometres of tunnels. It will add four metro stations, between Hai el-Badr and El-Harrach.Four consortiums submitted offers to Entre

  • France to help end political deadlock in Beirut

    French foreign minister Bernard Kouchner is to meet Lebanese politicians on 28 and 29 July, in the latest attempt to end the country's political deadlock.The country has been plunged into political crisis by the refusal of anti-Syrian politicians, led by prime minister Fouad Siniora, and pro-Syrian parties such as Hezbollah to work together. Six opposition ministers quit the government in November.Kouchner hopes to force politicians from both sides to m

  • France to help end political deadlock in Beirut

    French foreign minister Bernard Kouchner is to meet Lebanese politicians on 28 and 29 July, in the latest attempt to end the country's political deadlock.The country has been plunged into political crisis by the refusal of anti-Syrian politicians, led by prime minister Fouad Siniora, and pro-Syrian parties such as Hezbollah to work together. Six opposition ministers quit the government in November.Kouchner hopes to force politicians from both sides to meet e

  • Fund helps smaller firms

    The Palestinian Investment Fund has partnered with the US' Overseas Private Investment Corporation and the Aspen Institute to launch a loan guarantee programme for small and medium-sized businesses. The $160 million programme will guarantee up to 70 per cent of local bank loans to local businesses, which currently lack access to credit.

  • Fund helps smaller firms

    The Palestinian Investment Fund has partnered with the US' Overseas Private Investment Corporation and the Aspen Institute to launch a loan guarantee programme for small and medium-sized businesses. The $160 million programme will guarantee up to 70 per cent of local bank loans to local businesses, which currently lack access to credit.

  • German firm awarded Tanta acreage

    Germany's RWE Dea has been awarded the concession to explore the onshore Tanta acreage, in the Nile Delta north of Cairo. The 3,300-square-kilometre block was awarded by Egyptian Gas Holding Company as part of an international licensing round which began last year.RWE will take a 100 per cent working interest in the block, which is immediately south of its existing Disouq concession. In addition to carrying out 3D seismic studies, RWE will drill at leas

  • German firm awarded Tanta acreage

    Germany's RWE Dea has been awarded the concession to explore the onshore Tanta acreage, in the Nile Delta north of Cairo. The 3,300-square-kilometre block was awarded by Egyptian Gas Holding Company as part of an international licensing round which began last year.RWE will take a 100 per cent working interest in the block, which is immediately south of its existing Disouq concession. In addition to carrying out 3D seismic studies, RWE will drill at least two

  • German hostage set free in Iraq

    A 61-year-old German woman who was kidnapped in Iraq has been released after 155 days in captivity.Hannelore Krause was taken from her home in the west of Baghdad in February together with her 20-year-old son, Sinan, who remains a hostage.A previously unknown group called the Arrows of Righteousness had threatened to kill the pair unless Germany withdrew its 3,000 troops serving in Afghanistan. In April, the group posted a video on the internet which sh

  • German hostage set free in Iraq

    A 61-year-old German woman who was kidnapped in Iraq has been released after 155 days in captivity.Hannelore Krause was taken from her home in the west of Baghdad in February together with her 20-year-old son, Sinan, who remains a hostage.A previously unknown group called the Arrows of Righteousness had threatened to kill the pair unless Germany withdrew its 3,000 troops serving in Afghanistan. In April, the group posted a video on the internet which showed

  • Government-backed firms get ratings upgrade

    Moody's Investors Service has upgraded three government-related entities following the upgrade of the sovereign. Government-owned Qatar Petroleum (QP) foreign and local currency issuer ratings and its senior unsecured bond raising have risen a notch to Aa2. The outlook is stable.Moody's has similarly upgraded Ras Laffan Liquified Natural Gas Company's bonds to Aa2 with a stable outlook from Aa3. QP holds a 63 per cent stake in the company. The rating fo

  • Government-backed firms get ratings upgrade

    Moody's Investors Service has upgraded three government-related entities following the upgrade of the sovereign. Government-owned Qatar Petroleum (QP) foreign and local currency issuer ratings and its senior unsecured bond raising have risen a notch to Aa2. The outlook is stable.Moody's has similarly upgraded Ras Laffan Liquified Natural Gas Company's bonds to Aa2 with a stable outlook from Aa3. QP holds a 63 per cent stake in the company. The rating for Qat

  • Gulf Air chief steps down

    Andre Dose has stepped down as chief executive and president of the troubled Gulf Air, after less than four months in charge.In a statement issued by the board of directors on 23 July, the company said: 'It has been mutually decided that Andre Dose will leave the company in accordance with the terms of his employment contract.'Gulf Air has already started the search for a new president and chief executive.Dose only took up his positio

  • Gulf Air chief steps down

    Andre Dose has stepped down as chief executive and president of the troubled Gulf Air, after less than four months in charge.In a statement issued by the board of directors on 23 July, the company said: 'It has been mutually decided that Andre Dose will leave the company in accordance with the terms of his employment contract.'Gulf Air has already started the search for a new president and chief executive.Dose only took up his position on 2 Ap

  • Gulf Air staff call in union over pay

    Union leaders are assembling a team to lead negotiations over salary and benefits packages for Gulf Air staff, amid widespread unhappiness among pilots at the package on offer. The Gulf Air Trade Union will finalise the team by mid-July.The company has granted an extra BD 200 ($530) a month to its captains and first officers, with a second package of improved housing, schooling and utility allowances under discussion.'Most of [the pilots] do not like it,' says a union official. '

  • Hamas arrests militants

    Hamas security forces on 2 July arrested members of the militant Army of Islam group in Gaza. The group has claimed responsibility for the kidnapping of the BBC journalist Alan Johnston, who was abducted on 12 March.'The arrests were carried out after all negotiation attempts failed to free the abducted journalist,' the Palestinian Interior Ministry said in a statement. 'The arrests are targeting figures who were involved in the abduction of the journalist.'

  • Hamleys to open in Gulf

    British toy retailer Hamleys is to open stores in Kuwait, Saudi Arabia and the UAE through a new partnership deal with the UAE's Al-Ghussein Global Investments. The deal, valued at $6 million, follows a year of negotiations between Al-Ghussein and Hamleys, which is owned by Icelandic retail group Baugur. Hamleys' first store in the Gulf, a 33,000-square foot outlet, is due to open in the Dubai Mall in 2009.

  • Haniya calls for protests

    Hamas leader Ismail Haniya urged his party's supporters on 3 July to stage protests against Palestinian Authority President Mahmoud Abbas and his emergency government. Prime Minister Salam Fayyad's government is set to pay about 140,000 public sector employees full wages for the first time in 17 months.However, 23,000 people employed under the Hamas administration will be excluded. 'Press ahead with your campaign until the wrongdoing is correc

  • HEDGE FUNDS: Hoping to hedge

    The Dubai Financial Services Authority (DFSA) is awaiting reaction to its draft hedge fund code. The code, which was issued for public consultation at the beginning of July, is a non-binding set of rules that will establish best practice principles for hedge fund participants in the Dubai International Financial Centre (DIFC).

  • HEDGE FUNDS: Hoping to hedge

    The Dubai Financial Services Authority (DFSA) is awaiting reaction to its draft hedge fund code. The code, which was issued for public consultation at the beginning of July, is a non-binding set of rules that will establish best practice principles for hedge fund participants in the Dubai International Financial Centre (DIFC).It supplements the collective investment trust regulations that were implemented in April 2006, and is the only separate set of best practice principles issued

  • High bids delay Ahmadi hospital

    Kuwait Oil Company (KOC) has postponed plans to build a hospital in Ahmadi after bids for the scheme came in over budget.

  • Hilton signs with RAK

    US-based Hilton International has signed an agreement with local developer RAK Properties to manage a resort at the Mina al-Arab development in Ras al-Khaimah. The 400-room Hilton Mina al-Arab Resort is expected to open in the first quarter of 2010 and will be Hilton's third property in the emirate. Its other properties are the Hilton Ras al-Khaimah and the Hilton Ras al-Khaimah Resort & Spa (MEED 15:6:07).

  • Holland to host Hariri murder tribunal

    The UN has asked the Netherlands to host the special tribunal into the murder of former Lebanese prime minister Rafik Hariri.UN Secretary General Ban Ki-moon asked Dutch Prime Minister Peter Balkenende to host the tribunal in the Hague.Rafik Hariri and 20 others were killed in a massive truck bomb on 14 February 2005. Anti-Syrian politicians in Lebanon and governments, such as the US and the UK, suspect that Syrian agents murdered Hariri because of his anti-

  • Holland to host Hariri murder tribunal

    The UN has asked the Netherlands to host the special tribunal into the murder of former Lebanese prime minister Rafik Hariri.UN Secretary General Ban Ki-moon asked Dutch Prime Minister Peter Balkenende to host the tribunal in the Hague.Rafik Hariri and 20 others were killed in a massive truck bomb on 14 February 2005. Anti-Syrian politicians in Lebanon and governments, such as the US and the UK, suspect that Syrian agents murdered Hariri because of his

  • Hotel bids enter evaluation

    Abu Dhabi National Hotels is evaluating bids for the estimated AED 1,000 million ($272 million) main construction contract for the Gulf Hotel development next to the Grand mosque on Abu Dhabi island.

  • HSBC wins Abu Dhabi Ports role

    Abu Dhabi Ports Company has appointed HSBC as its financial adviser on Khalifa Port & Industrial Zone (KPIZ) at Taweelah. The bank will advise on financing options, including equity and debt. Five groups are bidding for the $1,365 million first-phase construction package for the port. The US' Bechtel is the programme manager. KPIZ will cover 100 square kilometres and comprise industrial, logistics, commercial and residential areas.

  • HSBC wins Abu Dhabi Ports role

    Abu Dhabi Ports Company has appointed HSBC as its financial adviser on Khalifa Port & Industrial Zone (KPIZ) at Taweelah. The bank will advise on financing options, including equity and debt. Five groups are bidding for the $1,365 million first-phase construction package for the port. The US' Bechtel is the programme manager. KPIZ will cover 100 square kilometres and comprise industrial, logistics, commercial and residential areas.

  • Huawei wins deal to build Kalimat wireless network

    Chinese infrastructure firm Huawei has won the $275 million contract to build Kalimat Telecom's wireless voice and data network (MEED 20:7:07).

  • IAEA chief welcomes Tehran's nuclear response

    The head of the UN's International Atomic Energy Agency (IAEA) has welcomed Iran's 'positive' approach towards talks over its nuclear enrichment ambitions.Mohamed El Baradei, head of the IAEA, said that following last week's meeting between Tehran and his organisation, Iran had agreed 'for the first time' to discuss outstanding issues over its nuclear programme.'Iran needs to continue to cooperate with the agency to clarify the scope and nature of its p

  • IEA predicts oil supply crunch

    The International Energy Agency has warned of a shortage of oil in the next five years, saying world oil production may not be able to keep up with demand, leading to a supply crunch. The Paris-based agency said Opec's spare capacity is expected to remain relatively constrained before 2009. Slowing upstream capacity growth and accelerating demand outside the world's leading industrial nations will pull it down to 'uncomfortably low' levels.'Oil and gas

  • IEA predicts oil supply crunch

    The International Energy Agency has warned of a shortage of oil in the next five years, saying world oil production may not be able to keep up with demand, leading to a supply crunch. The Paris-based agency said Opec's spare capacity is expected to remain relatively constrained before 2009. Slowing upstream capacity growth and accelerating demand outside the world's leading industrial nations will pull it down to 'uncomfortably low' levels.'Oil and gas price

  • Interchange 8 attracts just one bid

    Dubai's Roads & Transport Authority has received one bid for the construction of interchange 8 on Sheikh Zayed road.Japan's Shimizu Corporation submitted a price of AED 648 million ($177 million) for the two-year contract, which involves the construction of a new interchange on Sheikh Zayed road to replace the existing junction on the Dubai-bound carriageway of the highway. The scope of works also includes the widening of Sheikh Zayed road from interchange 5.75 (the Garde

  • Interchange 8 attracts just one bid

    Dubai's Roads & Transport Authority has received one bid for the construction of interchange 8 on Sheikh Zayed road.Japan's Shimizu Corporation submitted a price of AED 648 million ($177 million) for the two-year contract, which involves the construction of a new interchange on Sheikh Zayed road to replace the existing junction on the Dubai-bound carriageway of the highway. The scope of works also includes the widening of Sheikh Zayed road from interchange 5.75 (the Garden

  • International contractors line up for Osos work

    The local Osos Petrochemicals Company has invited international contractors to submit bids by the end of July for the main package on its planned polybutylene terephthalate (PBT) complex in Yanbu, on the Red Sea coast.

  • International contractors line up for Osos work

    The local Osos Petrochemicals Company has invited international contractors to submit bids by the end of July for the main package on its planned polybutylene terephthalate (PBT) complex in Yanbu, on the Red Sea coast.

  • Internationals line up for power expansion project

    International firms are competing for contracts on phase 8 of the multi-billion-dollar Qatar power transmission system expansion plan. It is part of Doha's investment in its power and water networks to meet surging demand from new residential and office developments.

  • Internationals line up for power expansion project

    International firms are competing for contracts on phase 8 of the multi-billion-dollar Qatar power transmission system expansion plan. It is part of Doha's investment in its power and water networks to meet surging demand from new residential and office developments.Companies have until 16 August to submit technical and commercial proposals for the engineering, procurement and construction contract to build 32 substations. Bidders include France's Areva T&D, Europe's ABB and Germany's Si

  • INVESTMENT: Mapping routes for growth

    Local commercial banks are planning moves into the investment banking sector. For Burgan Bank and Commercial Bank of Kuwait (CBK), two retail institutions that are gearing up to launch investment banking subsidiaries, it is largely unexplored territory. They are doing it at a time when larger players have already been forced to move outside Kuwait in search of clients and investment opportunities.

  • Investor sought for Banque du Caire

    Cairo is set to sell an 80 per cent stake in Egypt's third-largest bank, Banque du Caire, to a strategic investor, cabinet spokesman Magdy Rady has announced.A further 15 per cent will be sold in an initial public offering, with the remaining 5 per cent to go to the bank's 6,000 employees.The proceeds from the sale, the date of which has not yet been announced, will go towards the restructuring of finances at two other state-owned banks, Banque Misr and

  • Investor sought for Banque du Caire

    Cairo is set to sell an 80 per cent stake in Egypt's third-largest bank, Banque du Caire, to a strategic investor, cabinet spokesman Magdy Rady has announced.A further 15 per cent will be sold in an initial public offering, with the remaining 5 per cent to go to the bank's 6,000 employees.The proceeds from the sale, the date of which has not yet been announced, will go towards the restructuring of finances at two other state-owned banks, Banque Misr and Nati

  • Iran to sell energy shares

    Tehran is to sell shares in 17 energy companies. The list includes subsidiaries of National Iranian Oil Company such as Petropars, which oversees the South Pars development, Petroiran Development Company and North Drilling Company. Several petrochemicals firms are also included. The Oil Ministry has previously said its upstream assets will remain under government ownership.

  • Iranian judges shut key reformist newspaper

    Iranian judges have shut down the key reformist newspaper Ham-Mihan in the latest clamp-down on criticism of President Mahmoud Ahmadinejad.The judges found technical and legal reasons to close Ham-Mihan just one day after the paper ran a detailed story about prices in the president's neighbourhood being higher than he had claimed in public.Ahmadinejad once reacted to complaints about inflation by advising MPs to buy their tomatoes in his old neighbourhood of

  • Iraq insurgents form alliance

    Iraq's seven most powerful sunni insurgent groups have formed a political alliance, called the Political Office for the Iraq Resistance, ahead of an expected American pullout.Representatives of the groups have denounced Al-Qaeda's involvement in sectarian killings but ruled out an alliance with shia militias.Spokesmen for three of the groups, the 1920 Revolution Brigades, Ansar al-Sunna and Iraqi Hammas, said they would continue to target foreign troops and

  • Iraq insurgents form alliance

    Iraq's seven most powerful sunni insurgent groups have formed a political alliance, called the Political Office for the Iraq Resistance, ahead of an expected American pullout.Representatives of the groups have denounced Al-Qaeda's involvement in sectarian killings but ruled out an alliance with shia militias.Spokesmen for three of the groups, the 1920 Revolution Brigades, Ansar al-Sunna and Iraqi Hammas, said they would continue to target foreign troops

  • Iraqi insurgents using Chinese weapons, claims US

    Iraqi insurgents are using Chinese weapons, including armour-piercing ammunition, to attack US forces, according to the US Defense Department.According to Richard Lawless, a senior Pentagon official, the US has told the Chinese government about the weapons. The US suspects the weapons are being bought by Iran and then smuggled into Iraq. Lawless says China should 'do a better job of policing these sales'.The Chinese foreign ministry has yet to confirm o

  • Iraqi insurgents using Chinese weapons, claims US

    Iraqi insurgents are using Chinese weapons, including armour-piercing ammunition, to attack US forces, according to the US Defense Department.According to Richard Lawless, a senior Pentagon official, the US has told the Chinese government about the weapons. The US suspects the weapons are being bought by Iran and then smuggled into Iraq. Lawless says China should 'do a better job of policing these sales'.The Chinese foreign ministry has yet to confirm or den

  • Islamic debt hits the market

    Three companies will borrow almost $4,000 million in Islamic debt in July. Dubai-based real estate developer Nakheel has launched a $1,500 million sharia-compliant syndicated facility. Barclays Capital and Dubai Islamic Bank are book-runners for the finance that mirrors a syndicated loan.Saudi European Petrochemical Company, a subsidiary of Saudi Basic Industries Corporation, has issued Islamic debt in the form of a $855 million murabaha. The company is expa

  • Islamic market to devise rules for derivatives trading

    Bahrain-based International Islamic Financial Market (IIFM) is devising an agreement to govern the trading of derivatives between sharia-compliant banks.

  • Islamic market to devise rules for derivatives trading

    Bahrain-based International Islamic Financial Market (IIFM) is devising an agreement to govern the trading of derivatives between sharia-compliant banks.The agreement would be based on the International Swaps & Derivatives Association (ISDA) master agreement. Conventional banks must sign this accord to trade over-the-counter products including futures, options and interest rate swaps.The IIFM hopes to obtain sharia-board approval of the agreement by the end of 2007. Baker & Mcken

  • Israel repatriates Jordanian prisoners

    Israel on 5 July sent four Jordanians who were serving life sentences in Israeli jails back to Jordan. The repatriation took place a day after Israel's Supreme Court rejected a petition against it.Three of the men crossed the border into Israel in 1990 and exchanged fire with Israeli soldiers, killing one of them. The fourth man killed another Israeli soldier later that year.Jordan has assured Israel that the prisoners would serve at least 18

  • Israelis kill six in attack in Gaza

    The Israeli Defence Forces (IDF) claims it has killed up to six members of the Islamic militant group Hamas on 5 July, in fighting east of Gaza City.Some of the militants were fired on by Israeli aircraft. Others died in an exchange of fire with Israeli troops. Ten people were also wounded as Israeli troops and tanks moved into the area near the Bureij refugee camp.The IDF says its troops were on a routine patrol about 1 kilometre inside the G

  • Jafza pulls out of Malaysia port

    Jebel Ali Free Zone Authority (Jafza) is to pull out of its management and operation concession at Port Klang Free Zone in Malaysia as it focuses on direct overseas investments. 'The decision to withdraw comes as Jafza realigns its business strategy,' says Jafza, explaining the reason for its decision. 'As Jafza further develops as the world's leading global free zone developer, the company is now primarily interested in free zone developments where it can retain operatio

  • Jafza pulls out of Malaysia port

    Jebel Ali Free Zone Authority (Jafza) is to pull out of its management and operation concession at Port Klang Free Zone in Malaysia as it focuses on direct overseas investments. 'The decision to withdraw comes as Jafza realigns its business strategy,' says Jafza, explaining the reason for its decision. 'As Jafza further develops as the world's leading global free zone developer, the company is now primarily interested in free zone developments where it can retain operation

  • Jizan project fails to attract interest

    The Petroleum & Mineral Resources Ministry is struggling to attract interest from international oil majors for the contract to run a new refinery at Jizan. Several international oil companies (IOCs) contacted by MEED say they are unlikely to bid. The development comes despite the IOCs being shortlisted for the multi-billion dollar project.

  • Joint venture plans malls

    Dubai-based Majid al-Futtaim Shopping Malls has formed a joint venture with the local Al-Ghazzawi Group to build shopping malls and mixed-use properties in the kingdom. The first project by the venture will be the Jeddah Riviera Mall, a SR 1,100 million ($293 million) development in the city centre. 'We aim to capitalise on this retail boom and expand by developing many more malls,' says Graham Dreverman, chief executive officer.

  • Joint venture plans malls

    Dubai-based Majid al-Futtaim Shopping Malls has formed a joint venture with the local Al-Ghazzawi Group to build shopping malls and mixed-use properties in the kingdom. The first project by the venture will be the Jeddah Riviera Mall, a SR 1,100 million ($293 million) development in the city centre. 'We aim to capitalise on this retail boom and expand by developing many more malls,' says Graham Dreverman, chief executive officer.

  • KBR in line for Ras Tanura work

    The US' KBR is in talks with Saudi Aramco and the US' Dow Chemical Company for one of the largest consultancy contracts in history.The deal covers the front-end engineering and design and project management of the Ras Tanura refinery upgrade and integrated petrochemical complex.KBR is understood to have been selected to enter talks after submitting - along with Foster Wheeler and Fluor Corporation - technical and commercial proposals in late May. A formal co

  • KBR in line for Ras Tanura work

    The US' KBR is in talks with Saudi Aramco and the US' Dow Chemical Company for one of the largest consultancy contracts in history.The deal covers the front-end engineering and design and project management of the Ras Tanura refinery upgrade and integrated petrochemical complex.KBR is understood to have been selected to enter talks after submitting – along with Foster Wheeler and Fluor Corporation – technical and commercial proposals in late

  • Khatib to design towers

    Lebanon's Khatib & Alami has been appointed as design consultant for six towers at the Gate District in the Shams Abu Dhabi development. The district comprises eight towers offering a mix of residential space, offices, shopping and hotels. US-based Arquitectonica has prepared the concept design. The client is a joint venture of local developer Sorouh Real Estate and Sharjah-based Tameer Holding (MEED 19:1:07).

  • Kidnapped BBC journalist released in Gaza

    Alan Johnston, the BBC journalist held hostage in the Gaza Strip, was released on Wednesday, after a deal between the ruling Hamas Islamists and the al Qaeda-inspired clan which had kidnapped him in March.'It is just the most fantastic thing to be free. It was an appalling experience,' he told the BBC.Last night Hamas increased its military presence outside the compound where he was being held, while snipers took up positions on high buildings in the area.

  • Kingdom goes to market

    The initial public offering of shares in Kingdom Holding Company opened on 10 July, priced at SR10.25 ($2.7). Half of the $875 million offering is reserved for institutional investors. 'It is very cheap,' says John Sfakianakis, chief economist at Sabb. 'It is sure to be oversubscribed.' The offering will close on 18 July. It values the entire company at $17,220 million.

  • Kingdom Holding launches share offering

    Kingdom Holding began offering shares through an initial public offering to domestic and institutional shareholders on 10 July.The investment group run by Alwaleed bin Talal al-Saud is offering five per cent of its capital to investors, worth SR 3,228 million ($861 million). The offering values the entire company at $17,220 million. It is due to float on the Saudi stock exchange, the Tadawul, on 18 July. Citigroup and Sabaa are advising on the flotation

  • Kingdom Holding launches share offering

    Kingdom Holding began offering shares through an initial public offering to domestic and institutional shareholders on 10 July.The investment group run by Alwaleed bin Talal al-Saud is offering five per cent of its capital to investors, worth SR 3,228 million ($861 million). The offering values the entire company at $17,220 million. It is due to float on the Saudi stock exchange, the Tadawul, on 18 July. Citigroup and Sabaa are advising on the flotation.

  • Kingdom share sale gets the green light

    Kingdom Holding Company, the investment vehicle run by Saudi Prince Alwaleed bin Talal al-Saud, will launch its 5 percent initial public offering of shares on 10 July. The offering will run for eight days and is expected to raise about SR 3,460 million ($923 million). The shares will be priced at between SR 10.50 ($2.70) and SR 11 ($2.90). The listing values the group at around SR 63,000 million ($18,000 million).Prince Alwaleed told MEED on 25 May that he w

  • Kingdom spends $35m on Cambodian hotels

    Kingdom Hotel Investments (KHI) has spent $35 million on its first investments in Cambodia. The Dubai-based company has bought two hotels under the Raffles brand, one in Phnom Penh and the other in the northern resort city of Siem Reap.Raffles Hotels & Resorts will continue to manage the hotels. The acquisitions bring the number of KHI-owned hotels to 36, including Raffles hotels in Thailand, Vietnam and the Philippines.

  • Kingdom spends $35m on Cambodian hotels

    Kingdom Hotel Investments (KHI) has spent $35 million on its first investments in Cambodia. The Dubai-based company has bought two hotels under the Raffles brand, one in Phnom Penh and the other in the northern resort city of Siem Reap.Raffles Hotels & Resorts will continue to manage the hotels. The acquisitions bring the number of KHI-owned hotels to 36, including Raffles hotels in Thailand, Vietnam and the Philippines.

  • Koreans signs agreement for Mesaieed

    South Korea's Honam Petrochemical Corporation has signed an agreement with Qatar Petroleum to jointly develop the planned mixed-feedstock petrochemical complex in Mesaieed.Announcing the agreement on 19 July, Honam said it will invest $390 million in the project while Qatar Intermediate Holdings Company, a wholly-owned subsidiary of Qatar Petroleum, will invest $910 million.The complex will comprise an ethane and naphtha cracker with total capacity of 9

  • Koreans signs agreement for Mesaieed

    South Korea's Honam Petrochemical Corporation has signed an agreement with Qatar Petroleum to jointly develop the planned mixed-feedstock petrochemical complex in Mesaieed.Announcing the agreement on 19 July, Honam said it will invest $390 million in the project while Qatar Intermediate Holdings Company, a wholly-owned subsidiary of Qatar Petroleum, will invest $910 million.The complex will comprise an ethane and naphtha cracker with total capacity of 900,00

  • Kurdish leader predicts war with Turkey

    A Kurdish commander based in northern Iraq has warned of war following the re-election of Turkish Prime Minister Recep Tayyip Erdogan.Murat Karayilan, leader of the Kurdistan Workers' Party (PKK) told the Associated Press that he expected Turkish forces to invade the semi-autonomous Iraqi province of Kurdistan, but said his fighters were ready to defend the mountainous terrain.Erdogan, whose AKP party won a landslide victory with 47 per cent of the vote in T

  • Kurdistan and Sunni bloc delay draft law

    The progress of the draft hydrocarbons law remains under a cloud after the Kurdistan Regional Government (KRG) and the main Sunni bloc said they were yet to view a draft approved by the cabinet in Baghdad.

  • Kurds accuse Baghdad over delays to oil law

    The Kurdistan Regional Government (KRG) has accused the Iraqi government of delaying its draft oil law for political gain. KRG Prime Minister Nechirvan Barzani called on the federal government on 15 July to move quickly and take the draft revenue sharing and oil laws to the council of representatives.'We are concerned that the agreed drafts have been bogged down in an obscure committee in Baghdad - called the 'Shura Council', which has made unauthorised mate

  • Kurds accuse Baghdad over delays to oil law

    The Kurdistan Regional Government (KRG) has accused the Iraqi government of delaying its draft oil law for political gain. KRG Prime Minister Nechirvan Barzani called on the federal government on 15 July to move quickly and take the draft revenue sharing and oil laws to the council of representatives.'We are concerned that the agreed drafts have been bogged down in an obscure committee in Baghdad - called the ‘Shura Council', which has made unauth

  • Kuwait approves record budget

    The National Assembly (parliament) has approved the largest budget in the state's history, projecting a deficit of KD 2,980 million ($10,345 million).Spending for the 2007-08 fiscal year is projected at KD 11,300 million ($39,379 million), up 2 per cent on the previous year. Revenues are projected at KD 8,320 million ($28,994 million), down 2 per cent on last year's budget.However, actual revenues are likely to be far higher, as the budget is based on a conservative oil price of

  • KUWAIT FINANCE HOUSE: Looking beyond the Gulf

    One of the banking institutions that is most active in looking for opportunities outside Kuwait is Kuwait Finance House (KFH). The sharia-compliant investment bank is working on a plan to establish a presence from Morocco to Indonesia.It will launch an asset management company in Singapore before the end of the year and is conducting due diligence on planned Indonesian operations. At present, it conducts business in Bahrain, Malaysia and Turkey, and announced in May that it is establishi

  • Kuwait prepares for sukuks

    Kuwait is drafting a law that will allow companies to issue Islamic bonds in its currency for the first time. Until now local companies have been forced to use foreign markets to issue sukuks.Islamic bank Kuwait Finance House says it now expects the first domestic sukuk to be issued next year.Currently Kuwaiti companies wishing to use this form of Islamic finance have to use foreign banks and markets to arrange and issue the instruments.

  • Kuwait prepares for sukuks

    Kuwait is drafting a law that will allow companies to issue Islamic bonds in its currency for the first time. Until now local companies have been forced to use foreign markets to issue sukuks.Islamic bank Kuwait Finance House says it now expects the first domestic sukuk to be issued next year.Currently Kuwaiti companies wishing to use this form of Islamic finance have to use foreign banks and markets to arrange and issue the instruments.The mo

  • Kuwait resolves aviation row with India

    The aviation dispute between Kuwait and India has been defused, following high-level talks to revise a bilateral agreement between the two nations.The new deal will allow Kuwait-based airlines to fly to three new Indian cities, and to increase the number of flights between the two countries. Kuwait had threatened to ban Air India and Indian Airlines from landing at its international airport from 1 July, accusing the Indian government of reneging on a previous agreement.

  • Lawyers plan Islamic office

    UK-based law firm Eversheds is to establish an Islamic finance practice in Qatar from October. The firm already has an operation in the country, based in the Qatar Financial Centre. The new division will add staff to this office, which will become the firm's base in the region. It will first concentrate on corporate work, including sukuk issues and Islamic treasury products, and is aiming to develop in the project finance market.

  • Lebanese forces seize territory in Palestinian camp

    Beirut said on 17 July that the Lebanese army had seized more territory from Al-Qaeda inspired militants inside a Palestinian refugee camp in Nahr al-Bared in the north of the country.At least two soldiers were killed and 14 wounded as troops took a strategic hill inside the camp, according to the Lebanese armed forces. Up to 227 people have been killed, including 106 troops, since fighting began on 20 May between the Lebanese army and Fatah al-Islam fi

  • Lebanese forces seize territory in Palestinian camp

    Beirut said on 17 July that the Lebanese army had seized more territory from Al-Qaeda inspired militants inside a Palestinian refugee camp in Nahr al-Bared in the north of the country.At least two soldiers were killed and 14 wounded as troops took a strategic hill inside the camp, according to the Lebanese armed forces. Up to 227 people have been killed, including 106 troops, since fighting began on 20 May between the Lebanese army and Fatah al-Islam fighter

  • Lebanese militants ready to talk

    A spokesman for Fatah al-Islam, the militant group battling Lebanese troops at the Nahr el-Bared refugee camp, has said the group is ready to resume talks to end the fighting. On 18 July, Abu Salim Taha told Al Jazeera television that 'right now, perhaps there is no objection for negotiations and political solutions to return to reality. The ball is in the court of the other side, the court of those behind the army'.The move comes as Lebanese troops continue

  • Lebanese militants ready to talk

    A spokesman for Fatah al-Islam, the militant group battling Lebanese troops at the Nahr el-Bared refugee camp, has said the group is ready to resume talks to end the fighting. On 18 July, Abu Salim Taha told Al Jazeera television that 'right now, perhaps there is no objection for negotiations and political solutions to return to reality. The ball is in the court of the other side, the court of those behind the army'.The move comes as Lebanese troops con

  • Libya compensates HIV families

    Tripoli has begun paying compensation to the families of Libyan children infected with HIV. The payments could herald the release of the five Bulgarian nurses and a Palestinian doctor accused of deliberately infecting 438 children in Benghazi with HIV in 1999.'More than half of the families have received the compensation money and the remaining families would get the pay-out within the next few hours,' Idriss Lagha, a spokesman for the families, told th

  • Libya compensates HIV families

    Tripoli has begun paying compensation to the families of Libyan children infected with HIV. The payments could herald the release of the five Bulgarian nurses and a Palestinian doctor accused of deliberately infecting 438 children in Benghazi with HIV in 1999.'More than half of the families have received the compensation money and the remaining families would get the pay-out within the next few hours,' Idriss Lagha, a spokesman for the families, told the Reu

  • Licence winner prepares $350m wireless network

    Newly formed telecoms operator Kalimat Telecom plans to invest $350 million in a wireless voice and data network in Iraq.Kalimat Telecom was set up by US network operator TL Communications after it led a consortium that won one of three licences to offer wireless broadband services in the country.The new company will use wireless internet technology, rather than copper or fibre-optic phone lines, to provide Iraqis with voice calls and data services.Iraqis will be able to

  • Lillywhites enters Dubai

    The UK's Sports Direct retail group will launch in the UAE with a flagship Lillywhites store at the Ibn Battuta mall in Dubai. Sports Direct's franchise partner is Retailcorp, the retail arm of the local Istithmar. Retailcorp says it also plans to open stores using the UK firm's Sports World brand. The Lillywhites store will be positioned as an upmarket retailer.

  • Local contractor wins record construction deal

    The local Emirates Roads Contracting has won what is believed to be the largest construction contract awarded in the emirate of Umm al-Qaiwain.

  • Local contractor wins record construction deal

    The local Emirates Roads Contracting has won what is believed to be the largest construction contract awarded in the emirate of Umm al-Qaiwain.The estimated AED 644 million ($175 million) contract involves the construction of the first-phase infrastructure for the AED 30,000 million ($8,300 million) Al-Salam City project alongside Emirates road.Due to be completed in 18 months, the work involves the construction of roads, drainage and associated infrastructure.Phase 1 of

  • Local firms clean up as ministry awards road deals

    The Transport Ministry has awarded a host of nationwide road contracts totalling more than SR 1,700 million ($453 million). All of the contracts were won by local firms.The largest contract, worth SR 600 million ($160 million), went to Bin Jarallah, and involves the construction of a six-lane highway between Shuqaiq and Jizan over 36 months.Bin Jarallah also picked up an SR 81.8 million ($21.8 million) contract to build agricultural roads in the Mecca region. The Al-Haramain Co

  • Local firms clean up as Saudi ministry awards road deals

    The Transport Ministry has awarded a host of nationwide road contracts totalling more than SR 1,700 million ($453 million). All of the contracts were won by local firms.

  • Local firms win hotel contract

    A local joint venture of Arabtec Construction and Dubai Contracting Company has won a AED 1,076 million ($293 million) contract to build a Conrad hotel on Shaikh Zayed road.

  • Local firms win hotel contract

    A local joint venture of Arabtec Construction and Dubai Contracting Company has won a AED 1,076 million ($293 million) contract to build a Conrad hotel on Shaikh Zayed road.

  • LOCAL MARKET Providing a platform for regional art

    Alongside the major government-backed museums, there is a growing demand for contemporary art from individual buyers. The number of galleries in the Middle East selling art by Arab and Iranian artists is rising, and nowhere more so than in Dubai, where smaller galleries are opening regularly.The Third Line Gallery, which takes its name from a line of Sufi poetry, is widely seen as one of the leading private galleries. Located between a supermarket storage facility and a cultural centre i

  • LOCAL MARKET Providing a platform for regional art

    Alongside the major government-backed museums, there is a growing demand for contemporary art from individual buyers. The number of galleries in the Middle East selling art by Arab and Iranian artists is rising, and nowhere more so than in Dubai, where smaller galleries are opening regularly.

  • Local/French consortium awarded Zakum contract

    The consortium of Paris-based Technip and the local National Petroleum Construction Company (NPCC) has been formally awarded the AED 1,400 million ($381 million) contract to build new gas processing facilities at the offshore lower Zakum field.The lump-sum engineering, procurement and construction contract covers the construction of a new gas treatment platform in the Zakum field adjacent to the Zakum West super complex.The work includes the installatio

  • Local/French consortium awarded Zakum contract

    The consortium of Paris-based Technip and the local National Petroleum Construction Company (NPCC) has been formally awarded the AED 1,400 million ($381 million) contract to build new gas processing facilities at the offshore lower Zakum field.The lump-sum engineering, procurement and construction contract covers the construction of a new gas treatment platform in the Zakum field adjacent to the Zakum West super complex.The work includes the installation of

  • Locals and Malaysians plan Muscat development

    A joint venture of the local Radiance International and Malaysia's Transmit Nanyang Engineering Construction plans to build a $500 million mixed-use development in the Muscat area.Known as Green Acres, the project will include a nine-hole golf course and driving range, hotels, theme parks, stables and riding school, shopping centres and residential areas.Radiance is also considering plans for other projects in Buraimi, Sohar and Salalah.

  • Locals and Malaysians plan Muscat development

    A joint venture of the local Radiance International and Malaysia's Transmit Nanyang Engineering Construction plans to build a $500 million mixed-use development in the Muscat area.Known as Green Acres, the project will include a nine-hole golf course and driving range, hotels, theme parks, stables and riding school, shopping centres and residential areas.Radiance is also considering plans for other projects in Buraimi, Sohar and Salalah.

  • Locals bid for tower work

    Bids have been submitted for an estimated AED 1,400 million ($381 million) mixed-use development close to the old defence area in Abu Dhabi. The contract calls for the construction of four towers of about 30 storeys in height, with a total built-up area of 250,000 square metres. The bidders are Al-Habtoor Engineering Enterprises and Arabtec Construction, both local. The client is a private developer.

  • Maaden deals highlight hikes in project costs

    The signing on 25 June of three of the four main process packages on the multi-billion-dollar Ras al-Zour fertiliser complex planned by Saudi Arabian Mining Company (Maaden) has highlighted the increasing project costs faced by developers in the Gulf.

  • Majors will pass on gas round, say analysts

    Much of the acreage offered in Tripoli's first international gas exploration round, launched on 8 July, has little prospectivity and is unlikely to attract major Western oil companies, say industry sources.State-owned National Oil Company (NOC) is offering exploration production sharing agreements (EPSAs) for 41 blocks: 22 offshore, seven in the Ghadames basin, four in the Sirte basin, four in Murzuq and four in Cyrenaica.'The signature bonuses required by NOC are so high that US

  • Making Dubai roads pay

    Charging a toll to drive on Dubai's roads is a bold decision given its unpopularity, but will it reduce congestion?

  • Management overhaul at Gulf Keystone

    Gulf Keystone Petroleum has appointed two of its founders to senior management positions, and announced five high-level resignations on 24 June. The changes come a month after a deal for the company to be bought by UAE-based RAK Petroleum fell through. Chief executive Todd Kozel has now been appointed executive chairman while co-founder Ali al-Qabandi has become a company director, following a raft of senior management resignations.Bill Guest,

  • Management overhaul at Gulf Keystone

    Gulf Keystone Petroleum has appointed two of its founders to senior management positions, and announced five high-level resignations on 24 June. The changes come a month after a deal for the company to be bought by UAE-based RAK Petroleum fell through. Chief executive Todd Kozel has now been appointed executive chairman while co-founder Ali al-Qabandi has become a company director, following a raft of senior management resignations.Bi

  • Marafiq plans second power and water plant for Yanbu

    The Power & Water Utility Company for Jubail & Yanbu (Marafiq) is planning a second independent water and power project (IWPP) at Yanbu, 350 kilometres north of Jeddah on the Red Sea. The capacity of the plant has yet to be finalised, but could reach 2,000 MW.'We are considering the power to be in the range of 1,500-2,000 MW and [the desalination plant to have] capacity of 150,000-600,000 cubic metres of water a day,' says Thamer al-Sharhan, chief executive officer of Marafiq.The

  • Marafiq plans second power and water plant for Yanbu

    The Power & Water Utility Company for Jubail & Yanbu (Marafiq) is planning a second independent water and power project (IWPP) at Yanbu, 350 kilometres north of Jeddah on the Red Sea. The capacity of the plant has yet to be finalised, but could reach 2,000 MW.

  • Market in Focus: DFM: Uncertain times

    The release of Emaar Properties' second-quarter results on 17 July have done nothing to allay investor uncertainty about the stock or boost its price. It is also depressing the overall Dubai Financial Market (DFM).

  • Market in Focus: DFM: Uncertain times

    The release of Emaar Properties' second-quarter results on 17 July have done nothing to allay investor uncertainty about the stock or boost its price. It is also depressing the overall Dubai Financial Market (DFM).The company announced second-quarter profits of AED 1,558 million ($424 million), up 1.4 per cent on the same period in 2006. That was well below analyst expectations of AED 1,900 million ($517 million). The market index dropped almost 2 per cent on the day to 4,419 points.

  • Masraf invests in industry

    Masraf al-Rayan will launch a $1,500 million fund to invest in industrial projects in Doha. The fund will focus on greenfield manufacturing projects including aerospace and oil and gas ventures. The bank will arrange and manage the fund. It declined to comment on whether investments would be made in the $2,000 million Smart Industrial City project in Doha, which it launched in October 2006. That is focused on electronics, technology and manufacturing industries.

  • Masterplan to reveal mega project details

    Abu Dhabi is expected to reveal a host of previously unannounced mega projects when it launches its comprehensive masterplan for the emirate later this year. Plan Abu Dhabi 2030, drawn up by the Executive Affairs Authority, is expected to include a series of projects in addition to those launched in the past two years.

  • Medics return to Bulgaria

    Five Bulgarian nurses and a doctor landed in Sofia on 24 July after being released from prison in Libya.The six had spent eight years in jail after being convicted of infecting 438 children with HIV. The doctor, Ashraf Alhajouj, is of Palestinian origin but was granted Bulgarian citizenship in June.Their release was facilitated by a deal between Tripoli and the EU. European External Relations Commissioner Benita Ferrero-Waldner made several visits to Libya t

  • Medics return to Bulgaria

    Five Bulgarian nurses and a doctor landed in Sofia on 24 July after being released from prison in Libya.The six had spent eight years in jail after being convicted of infecting 438 children with HIV. The doctor, Ashraf Alhajouj, is of Palestinian origin but was granted Bulgarian citizenship in June.Their release was facilitated by a deal between Tripoli and the EU. European External Relations Commissioner Benita Ferrero-Waldner made several visits to Li

  • MEED sustainable business survey

    On 10 August, MEED will publish a special report on the development of alternative sources of energy in the region and the drive towards developing environmentally sustainable business practices. And we would like your help in preparing the report.Below is a link to a short questionnaire. I would greatly appreciate it if you could spare a few minutes to complete this. The results are anonymous and will not be used for any commercial purposes. They will however allow MEED to compile some usefu

  • MEED sustainable business survey

    On 10 August, MEED will publish a special report on the development of alternative sources of energy in the region and the drive towards developing environmentally sustainable business practices. And we would like your help in preparing the report.Below is a link to a short questionnaire. I would greatly appreciate it if you could spare a few minutes to complete this. The results are anonymous and will not be used for any commercial purposes. They will however allow MEED to compile some

  • Middle East contracts awarded: July 2007

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

  • Migrants drown in attempt to reach Europe

    Twenty illegal migrants from sub-Saharan Africa have lost their lives trying to cross from Libya to Italy, while Tunisian coastguards have rescued 15 others.The migrants were heading to the Italian islands of Lampedusa of Linosa when the motor failed on their small boat. The bodies were found off Ben Guerdane in southern Tunisia.'Over four days the coastguard recovered the bodies of 20 illegal migrants washed up ... near the southern town of Ben Guerdane and

  • Ministry applies sun block

    The Ministry of Labour has introduced the midday working ban for the third consecutive year. The legislation that prohibits working in open areas and spaces exposed to direct sunlight will apply from 12:30pm to 3pm until the end of August. The labour minister has also signed a labour agreement with Nepal's Labour and Transport Ministry to safeguard the welfare of Nepalese workers.

  • Ministry selects privatisation consultants

    The Water & Electricity Ministry has awarded the phase 2 consultancy and financial advisory contracts for Riyadh's wastewater privatisation programme.

  • Ministry to compensate child jockeys

    The government is establishing a committee that will compensate child jockeys that were forced to ride camels in the UAE.The Ministry of Interior held a series of meetings this week with foreign officials to lay the foundations for an Independent Claims Facility to compensate child camel jockeys from Sudan, Bangladesh, Mauritania and Pakistan.'The agreements reflect the UAE government's commitment to resolve the camel jockey issue and to restore the rights o

  • Ministry to tender Az Zour

    Tenders for three pipeline packages and two pumping stations are to be issued by the Ministry of Energy (Electricity & Water) in August for the Az Zour North project. They involve pipelines from Az Zour North to Mina Abdulla; from there to West Funaitees reservoir; and from Mina Az Zour to Az Zour and Az Zour North to Wafrah. The stations will be built at Az Zour and Mina Abdulla. Japan's NJS Consulting Engineers with the local Al-Dawailah Engineering Consultants is the consultant.

  • Mobile penetration grows

    The majority of people in the region now have mobile phones after the penetration rate went past 50 per cent in the second quarter of 2007. According to trade body the GSM Association, the Middle East is the second fastest growing region in the world behind Africa. The report said Saudi Arabia and Iran would see some of the fastest growth rates in the region in 2007.

  • Mobile users drop

    Jordan has far fewer mobile phone users than previously estimated, according to Arab Advisors Group. Just 47.9 per cent of Jordanians use a mobile phone, compared with the previous estimate of 74.2 per cent. The telecoms analyst firm found that 28.5 per cent of mobile phone users had two phones and a further 6.5 per cent had three or more phones after surveying 509 mobile phone users.

  • Mobily wins 3G users

    Saudi Arabia's second mobile phone operator has signed up 1.8 million customers to its 3G network. Mobily, a subsidiary of the UAE's Etisalat, now has more 3G customers than any other network operator in the Middle East and North Africa. 3G networks give mobile operators more bandwidth, which allows them to offer more talk time to customers, as well as data services such as internet access and video messaging.

  • Mobinil nears 3G decision

    Mobinil, Egypt's largest mobile operator, will decide on a potential£E 3,340 million ($585 million) investment on a 3G mobile phone licence on 18 July.Alex Shalaby, chief executive officer at Mobinil, will recommend to the board of directors that it approves the investment because it expects to run out of frequency for its 2G licence by late 2008 or early 2009.'Our projections for when we will run out of frequency spectrum have come closer than we previously expected,' says Shala

  • Mobinil nears 3G decision

    Mobinil, Egypt's largest mobile operator, will decide on a potential£E 3,340 million ($585 million) investment on a 3G mobile phone licence on 18 July.

  • Mortars hit Green Zone

    Eyewitnesses reported smoke rising near the US embassy after about 10 mortars hit the fortified district which houses the Iraqi government and parliament, and many foreign embassies.No casualties have been reported. The attacks come only a week after Iraqi Prime Minister Nouri al-Maliki warned militants against firing on the Green Zone.Attacks on the Green Zone have become increasingly frequent, with a recent UN report noting that 26 people had been killed b

  • Mortars hit Green Zone

    Eyewitnesses reported smoke rising near the US embassy after about 10 mortars hit the fortified district which houses the Iraqi government and parliament, and many foreign embassies.No casualties have been reported. The attacks come only a week after Iraqi Prime Minister Nouri al-Maliki warned militants against firing on the Green Zone.Attacks on the Green Zone have become increasingly frequent, with a recent UN report noting that 26 people had been kil

  • Mott takes environmental role for central market

    The UK's Mott MacDonald has been appointed to develop and implement the construction environmental management plans (CEMP) for the redevelopment of the central market in Abu Dhabi.The 56,000 square-metre development will be made up of an 88-storey residential tower, a 58-storey office block, five star and four star hotels, retail outlets, car parking facilities, a souq, mosque and parks with landscaped gardens, some of which are terraced over the main retail podium. A brid

  • Msila decision nears

    State-owned energy company Sonelgaz says it will open commercial offers for the project to build a 500-MW combined cycle power plant at Msila in mid-July. The US' GE, Ansaldo of Italy and Germany's Siemens are all bidding for the contract. In a further development, the state energy company is due to make an award on two 1,400-MW combined cycle power plants, at sites at Koudiet Draouch and Terga, at the end of July. The two groups bidding for he contract on these plants are GE with Spain's Cobra

  • MTC launches financing

    Kuwait's MTC is preparing to issue a new murabaha financing arrangement to fund the SR 18,328 million ($4,887 million) it must pay the Communications & Information Technology Commission by 4 August. MTC has to pay the money in return for the country's third mobile phone licence. The company bid SR 22,910 million ($6,109 million) for the licence in March. It must pay 80 per cent of this by 4 August.

  • MTC launches financing

    Kuwait's MTC is preparing to issue a new murabaha financing arrangement to fund the SR 18,328 million ($4,887 million) it must pay the Communications & Information Technology Commission by 4 August. MTC has to pay the money in return for the country's third mobile phone licence. The company bid SR 22,910 million ($6,109 million) for the licence in March. It must pay 80 per cent of this by 4 August.

  • Muria signs tourism deal

    Muria Tourist Development Company has signed an agreement with the Tourism Ministry to develop projects in Muscat's Al-Seifa area and Salalah. The Al-Seifa development will cover six square kilometres and the Salalah project will cover 15. Both schemes will include hotels, a golf course, a marina, a shopping centre and residential buildings.

  • Muscat faces up to gas shortage

    Muscat is planning to offer increased upstream opportunities to international oil companies (IOCs) as it seeks to address a growing gas supply deficit that is expected to top 1,000 million cubic feet a day (cf/d) by 2010.Gas demand in the sultanate is forecast to reach 3,839 cf/d by 2010, compared with expected production of 2,659 million cf/d according to the latest figures from the Ministry of Oil & Gas (MOG).'IOCs are central to increasing our gas production,' MOG undersec

  • Muscat faces up to gas shortage

    Muscat is planning to offer increased upstream opportunities to international oil companies (IOCs) as it seeks to address a growing gas supply deficit that is expected to top 1,000 million cubic feet a day (cf/d) by 2010.

  • Muscat moves to re-nationalise Oman Air

    A new board of directors has been appointed to Oman Air as part of Muscat's re-nationalisation of the airline.Several senior government figures will sit on the board, with Minister of National Economy Ahmed bin Abdulnabi Macki confirmed as the new chairman (MEED 15:6:07), and Minister of Transport and Communications Sheikh Mohammed bin Abdullah al-Harthy vice-chairman.Following an extraordinary general meeting on 3 July, the government has bought out the other shareholders in the

  • NBB opens Dubai branch

    National Bank of Bahrain has been awarded a licence to open its first branch in Dubai. It comes soon after the bank received approval to start operations in Riyadh. The bank has had a branch in Abu Dhabi for 25 years. The latest licence approval is part of the National Bank of Bahrain's strategy to expand its reach across the region through branch openings.

  • New chief executive officer for Gulf Navigation

    Dubai-based Gulf Navigation Holding has appointed Simon Barham as its new chief executive officer.Barham previously held positions at Sten Tex, where he was managing director, Stena Bulk, where he was vice-president. He will join the company on 1 August. 'Simon Barham's career record, in not only running shipping companies efficiently, but also taking them to newer heights of growth and profitability, is excellent,' says Gulf Navigation chairman Abdullah al-

  • New head appointed for Taqa Energy

    The Abu Dhabi Energy Company (Taqa) has appointed Paul van Gelder as managing director of its Netherlands-based exploration and production company Taqa Energy.Taqa acquired BP Netherlands in February and relaunched it as Taqa Energy. Van Gelder was previously project director of Taqa's Bergermeer Gas Storage Project.

  • New Palestinian elections planned

    Palestinian President Mahmoud Abbas said on 18 July that he plans to issue decrees calling for new parliamentary and presidential elections.'This is part of the powers of the presidency, to issue decrees that will have the power of law,' Abbas told reporters in the West Bank town of Ramallah. 'We will issue these decrees soon.'He did not say when the election would be held. Legal analysts are divided over the president's right to hold the elec

  • New Palestinian elections planned

    Palestinian President Mahmoud Abbas said on 18 July that he plans to issue decrees calling for new parliamentary and presidential elections.'This is part of the powers of the presidency, to issue decrees that will have the power of law,' Abbas told reporters in the West Bank town of Ramallah. 'We will issue these decrees soon.'He did not say when the election would be held. Legal analysts are divided over the president's right to hold

  • New VIP terminal for international airport

    The local ~Ahmadiah Contracting & Trading Company~ has won a KD 35.7 million ($124.3 million) contract to build the new VIP arrivals hall at Kuwait International Airport.The 15-month project, which is being supervised directly by the Amir of Kuwait and the Council of Ministers (cabinet), consists of a three-floor, 4,500-square-metre terminal building, where the Amir can welcome visiting dignitaries.The work also includes access roads, landscaped gardens, and

  • New VIP terminal for international airport

    The local ~Ahmadiah Contracting & Trading Company~ has won a KD 35.7 million ($124.3 million) contract to build the new VIP arrivals hall at Kuwait International Airport.The 15-month project, which is being supervised directly by the Amir of Kuwait and the Council of Ministers (cabinet), consists of a three-floor, 4,500-square-metre terminal building, where the Amir can welcome visiting dignitaries.The work also includes access roads, landscaped gardens

  • NIOC extends deadline

    The National Iranian Oil Company has extended the deadline for international firms to bid for exploration deals in 17 new oil and gas blocks across nine provinces. The date changed at the request of domestic and foreign companies who bought documents late. Companies were initially required to purchase documents by 10 June and offer technical and financial proposals by 20 June. Proposals are now due by 1 August.

  • Number of civilian deaths drop

    The number of Iraqi civilian deaths has fallen by 40 per cent in June, putting the number at the lowest level since the US troop surge began in February.Figures released by the Iraqi government show that 1,241 civilians were killed over the last month, compared to nearly 2,000 in May alone. June was, however, the deadliest month for US soldiers with 330 killed. The US says the increased number of patrols in the Iraqi capital has left troops more exposed.

  • Offerings hit bourse strength

    Initial public offerings (IPOs) are putting strain on the bourse. The Saudi Printing & Publishing Company (SPPC) IPO, which closes on 4 July, is the nineteenth this year and comes despite the lack of market recovery. Kingdom Holding is also due to launch its IPO on 10 July (MEED 19:6:07).

  • Offers due for Tobruk

    Companies have until 29 July to submit offers for the desalination, gas turbine, boiler and steam turbine packages on the 100,000-cubic-metre-a-day (cm/d) desalination plant at Tobruk. The plant will also generate 640 MW of power.

  • Oil hits year high on 'supply crunch'

    Oil veered down slightly from 11-month highs but remained near the $76-barrel mark with Opec showing no sign of loosening its output restraint. The market continued to focus on the supply side after the International Energy Agency (IEA) warned on 9 July of an impending 'supply crunch' in the next five years.Brent oil, which has continued to rally from about $50 a barrel in January, hit an 11-month high of $76.63 on 10 July, the highest since 10 August. It was trading at $75.77 in late af

  • Oil Ministry issues wish-list of oil majors for Jizan

    Saudi Arabia's Petroleum & Mineral Resources Ministry has prequalified 43 international oil companies (IOCs), including the cream of the world's oil majors, for the licence to develop a private sector refinery at Jizan in the southwest.Amid speculation there has been little interest from IOCs in the project due to the project's remote location and the potential for cost escalation, the Ministry has taken the unusual step of creating its own list of prequalified companies b

  • OIL PRICES: Prices slide with supply set to rise

    Oil prices fell in the last week of July, ducking under the $75 mark on 25 July after hitting an 11-month high of $78.40 on 16 July. The fall came on expectations that Opec will increase production in September.Iran soothed traders' fears on 24 July by saying Opec, which agreed to cut output last year when prices were sliding, would increase output if necessary. It followed comments from Opec president Mohammed al-Hamli, who confirmed the cartel would raise production levels if necessary

  • Oracle closes gap on rival SAP

    Business software supplier Oracle is catching up on the Middle East market share of its arch-rival SAP, according to IT consultancy Gartner.Oracle's software sales in the Middle East and Africa leapt from $56.1 million in 2005 to $92 million in 2006, say Gartner analysts.However, Germany's SAP still sells more enterprise resource planning software in the region. Its sales in 2006 were $103.8 million, but it only grew at 3.3 per cent, compared with Oracle's growth rate of 64.2 per

  • Oracle wins Abu Dhabi deal

    The Abu Dhabi government has signed a deal worth tens of millions of dollars with software supplier Oracle to use its systems across all departments.

  • Orascom buys into North Korean cement

    Egypt's Orascom Construction Industries is spending $115 million on a 50 per cent stake in a North Korean cement plant.The deal will give it access to the cement plant nearest to Pyongyang, North Korea's capital. Orascom's investment will be used to upgrade the plant's capacity to three million tonnes a year. The plant is owned by the state-run Pyongyang Myongdang Trading Corporation. Nassef Sawiris, chief executive of Orascom Construction Industries, said t

  • Orascom buys into North Korean cement

    Egypt's Orascom Construction Industries is spending $115 million on a 50 per cent stake in a North Korean cement plant.The deal will give it access to the cement plant nearest to Pyongyang, North Korea's capital. Orascom's investment will be used to upgrade the plant's capacity to three million tonnes a year. The plant is owned by the state-run Pyongyang Myongdang Trading Corporation. Nassef Sawiris, chief executive of Orascom Construction Industries, s

  • Orascom targets Raya

    Orascom Telecom has been given the go-ahead to buy internet service provider Raya Holding. The parent group of Egypt's largest mobile phone operator, Mobinil, has received approval from the Capital Market Authority to buy Raya in a£E 683.8 million ($120.7 million) deal. However, Medhat Khalil, Raya's chairman, says shareholders owning 65 per cent of the capital will not sell, even if Orascom were to increase its bid.

  • Outotec wins smelter deal

    Finland's Outotec has won a contract, worth Eur 100 million ($137 million), to build a green anode plant and spent anode crushing facility for the planned Emirates Aluminium (Emal) aluminium smelter at Taweelah in Abu Dhabi emirate.Under the terms of the two-year engineering, procurement and construction contract, Outotec will supply and install a green anode plant with a capacity of 500,000 tonnes a year (t/y).The first-phase smelter will have acapacity of

  • Outotec wins smelter deal

    Finland's Outotec has won a contract, worth Eur 100 million ($137 million), to build a green anode plant and spent anode crushing facility for the planned Emirates Aluminium (Emal) aluminium smelter at Taweelah in Abu Dhabi emirate.Under the terms of the two-year engineering, procurement and construction contract, Outotec will supply and install a green anode plant with a capacity of 500,000 tonnes a year (t/y).The first-phase smelter will have acapacit

  • Outsourcing falls across the region

    IT outsourcing has fallen in the Middle East and North Africa in the first six months of 2007, marking the second consecutive year of decline.According to outsourcing consultancy TPI, companies in the region outsourced contracts worth just $204 million in the first half of 2007. If that is repeated in the second half, the region's annual spend will be below the $544 million figure for 2006.According to TPI, 2005 was the record year for IT outsourcing in the region, with contracts

  • Outsourcing falls across the region

    IT outsourcing has fallen in the Middle East and North Africa in the first six months of 2007, marking the second consecutive year of decline.

  • Overseas wins cooler deal

    The local Overseas AST has been awarded the AED 120 million ($33 million) contract to build a district cooling plant for the City of Arabia development in Dubailand. The plant will provide 120,000 refrigeration tons of cooling. The Emirates Central Cooling Systems Corporation (Empower) is the client (MEED 14:10:05).

  • Overseas wins cooler deal

    The local Overseas AST has been awarded the AED 120 million ($33 million) contract to build a district cooling plant for the City of Arabia development in Dubailand. The plant will provide 120,000 refrigeration tons of cooling. The Emirates Central Cooling Systems Corporation (Empower) is the client (MEED 14:10:05).

  • Palestinian government workers paid

    Palestinian president Mahmoud Abbas' emergency government paid Palestinian Authority workers on 4 July, their first full wages in 17 months.Payments were made after Tel Aviv and Washington and other western states ended the economic embargo of the Palestinian Authority, imposed since Hamas seized control of Gaza in June and Abbas dismissed the government led by the Islamist militant group. Palestinian prime minister Salam Fayyad said up to 133,000 government

  • Palestinian PM holds talks with Israel

    The new Palestinian Prime Minister, Salam Fayyad, has held talks with Israeli officials for the first time since taking office.Fayyad met Israeli Foreign Minister Tzipi Livni in Jerusalem to discuss the Saudi peace initiative and assess ways to help the Palestinian Authority.'The discussion dealt primarily with the situation in the Palestinian Authority and ways of improving the lives of the residents in the territories while preserving Israeli security

  • Palestinian PM holds talks with Israel

    The new Palestinian Prime Minister, Salam Fayyad, has held talks with Israeli officials for the first time since taking office.Fayyad met Israeli Foreign Minister Tzipi Livni in Jerusalem to discuss the Saudi peace initiative and assess ways to help the Palestinian Authority.'The discussion dealt primarily with the situation in the Palestinian Authority and ways of improving the lives of the residents in the territories while preserving Israeli security inte

  • Palm Jebel Ali reclamation approaches completion

    Over 95 per cent of the land reclamation for the Palm Jebel Ali is now complete.'The first stage of reclamation is now fully complete, and the full shape of The Palm Jebel Ali can now be seen from above,' said Marwan Al Qamzi, managing director of the Palm Jebel Ali The work was delayed by a year after the dredging contractor, Belgium's Jan De Nul, received an order for another 30 million cubic metres of sand from local property developer Nakheel early in 20

  • Palm Jebel Ali reclamation approaches completion

    Over 95 per cent of the land reclamation for the Palm Jebel Ali is now complete.'The first stage of reclamation is now fully complete, and the full shape of The Palm Jebel Ali can now be seen from above,' said Marwan Al Qamzi, managing director of the Palm Jebel Ali The work was delayed by a year after the dredging contractor, Belgium's Jan De Nul, received an order for another 30 million cubic metres of sand from local property developer Nakheel early

  • Palm plans sewage plant

    The local Palm Water is evaluating at least four proposals for a 110,000 cubic-metre-a-day sewage treatment plant at International City. They include South Korea's Samsung Engineering & Construction with Sharjah-based Metito and Kuwait's Mushrif Trading & Contracting Company; China Harbour Engineering Company with Waterloo; Aqualia with Inima, both of Spain, and the local Arabtec Construction; and Japan's Marubeni Corporation with Spain's Pridesa. US-based MWH is the consultant (MEED 25:5:07)

  • Paris and London move on Darfur

    London and Paris are to seek authorisation from the UN Security Council to send troops and police to Darfur. They have also threatened to impose new sanctions against Khartoum if it does not co-operate with efforts to resolve the crisis.Under the joint plan, announced on 20 July, the two nations will seek a UN resolution to bring an African Union and UN-led force to the region as soon as possible. Foreign affairs ministers from both countries would then visit Darfur to mak

  • Paris and London move on Darfur

    London and Paris are to seek authorisation from the UN Security Council to send troops and police to Darfur. They have also threatened to impose new sanctions against Khartoum if it does not co-operate with efforts to resolve the crisis.Under the joint plan, announced on 20 July, the two nations will seek a UN resolution to bring an African Union and UN-led force to the region as soon as possible. Foreign affairs ministers from both countries would then visit Darfur to ma

  • 'Plan Abu Dhabi' to reveal mega project details

    Abu Dhabi is expected to reveal a host of previously unannounced mega projects when it launches its comprehensive masterplan for the emirate later this year.Plan Abu Dhabi 2030, drawn up by the Executive Affairs Authority, is expected to include a series of projects in addition to those launched in the past two years.

  • Plastics firm seals finance

    Oman Polypropylene Company is close to signing a $20 million project finance deal with HSBC as the sole bookrunner, adviser and mandated lead arranger. The financing is thought to include some export credit support, which involves low interest rate government loans to encourage exports. The firm recently launched its products in Pakistan and plans to continue to expand its sales in the country.

  • Police seize explosives linked to militants

    Egyptian police have seized more than a tonne of explosives in an area commonly used by smugglers to bring weapons into Gaza.The explosives were found buried in 27 sacks following a tip-off from the local Bedouin. Islamic militants have been active in the Bedouin area of the northern Sinai Peninsula, about 100 kilometres from the border with Gaza.They have carried out three bomb attacks near the area since October 2004 killing 125 people in th

  • Politicians invited to Paris meeting

    A French envoy arrived in Beirut on 3 July to invite rival Lebanese leaders to a meeting in France later in the month aimed at easing political tensions in the country.'These are talks between Lebanese in the presence of the French, specifically Foreign [Affairs] Minister Bernard Kouchner. This does not mean that France will impose the issues to be discussed,' said Jean-Claude Cousseran, a French diplomat. 'France aims, through these talks, to organize and participate in t

  • Port Sudan refinery award due by year-end

    Contracts for the development of an estimated $2,500 million refinery near Port Sudan are set to be awarded by the end of the year, according to sources close to the project.

  • Port Sudan refinery award due by year-end

    Contracts for the development of an estimated $2,500 million refinery near Port Sudan are set to be awarded by the end of the year, according to sources close to the project.Three companies have submitted bids for the main 36-month engineering, procurement and construction (EPC) contract to build the 174,000-barrel-a-day grassroots facility: one from China, one from Europe and one from the Gulf. A second EPC contract will cover offsites and utilities.Technical and commercial

  • Port to build tourism zone

    The Alexandria Port Authority is due to appoint an investment bank to draw up a plan for the development of a tourism area at the port by mid-July. ABN AMRO Delta and Arab African International Bank are both bidding for the contract.

  • Power projects progress

    Saudi Electricity Company (SEC) is evaluating technical proposals from Germany's Fichtner and the UK's Mott Macdonald to provide assistance on the development of three new independent power projects. Bids were submitted on 25 June. The projects will involve the construction of new grassroots facilities. a 2,000-MW oil-fired plant at Al-Qurayyah in the Eastern Province, a 1,200-MW-oil-fired plant at Rabigh, north of Jeddah, and a 2,000-MW gas-fired power plant, PP11, in the capital (MEED 22:6:07)

  • Power shifts from contractor to client

    The Gulf construction sector has experienced a sea change over the past two-and-a-half years. The balance of power between clients and contractors shifted dramatically in 2005 and 2006 as it became a sellers' market. But how long contractors will enjoy these favourable conditions is now being questioned.

  • Prequalification begins on delayed South Pars field

    National Iranian Oil Company (NIOC) is moving ahead on phase 12 of the offshore South Pars gas field, with prequalification documents issued to companies in mid-July.The client, Pars Oil & Gas Company (POGC), the subsidiary of NIOC responsible for developing South Pars, says the scope of works includes the supply of base facilities and services, tubular inspection services, helicopter and supply vessel services and medical supplies.In June, Iran held talks with Algeria's state e

  • Prequalification begins on delayed South Pars field

    National Iranian Oil Company (NIOC) is moving ahead on phase 12 of the offshore South Pars gas field, with prequalification documents issued to companies in mid-July.

  • Prices reach high on supply quotas

    Oil prices reached a new 10-month high, supported by Opec's unwillingness to raise output quotas, security concerns in the UK and Yemen, and renewed violence in Nigeria.

  • Privatisation of Sahara Bank to go ahead in July

    The Central Bank of Libya (CBL) is expected to sign a deal to sell 19 per cent of the state-owned Sahara Bank by the end of July. It is part of a series of bank privatisations in North Africa.The CBL will receive revised offers with adjusted prices from BNP Paribas, Societe Generale and Arab Banking Corporation by mid-July.Arab Bank, Standard Chartered and HSBC had also expressed interest in the privatisation. It is understood that one of the banks did not receive approval from C

  • Proposals for African confederation draw mixed response

    Libyan leader Muammar Gaddafi's plans for a confederation of African states has met with opposition from African Union (AU) members at a summit in Accra, Ghana.Gaddafi had called for a common AU government to co-ordinate its members' policies on foreign affairs and defence, and removing barriers to intra-regional trade.But divisions emerged during the second day of the summit, on the pace and extent of integration between the members.Senegal P

  • Public debt reaches new high in Lebanon

    Lebanon's national debt reached a record high of $41,300 million in May after fighting between the Lebanese army and Fatah al-Islam inflicted new damage on the already shattered economy.The Association of Banks in Lebanon said that debt climbed by $100 million in April and May, which it attributed to the fighting.Lebanese politics has been in crisis for months as the two largest political parties in parliament, the March 14 Alliance party and Hezbollah's pol

  • Qatalum gives smelter approval

    The Qatalum joint venture of Qatar Petroleum and Norsk Hydro has given the final approval for construction of its $4,800 million smelter project. A foundation stone laying ceremony is expected in November.Located in Mesaieed, Qatalum is scheduled to begin production late 2009. It will be the largest primary aluminium plant ever built in a single phase.The fully integrated primary aluminium plant will consist of a smelter, casthouse and carbon plant, as well as a $1,000 million de

  • Qatar Fertiliser retenders

    Qatar Fertiliser Company (Qafco) is retendering its multi-billion-dollar Qafco 5 expansion after failing to agree on a lump-sum price with one of its two original contractors.

  • Qatar Islamic prepares for securitisation

    Qatar Islamic Bank (QIB) has appointed HSBC and Rasameel, a Kuwaiti Islamic structured finance adviser, to conduct a review of its assets for a potential $300 million securitisation.

  • Qatar makes $20bn bid for Sainsbury

    Qatar has bid£10,300 million ($20,600 million) for the British supermarket group J Sainsbury.The Qatar Investment Authority made the 600p a share offer on 18 July through its Delta Two investment fund. It comes just three months after private equity group CVC Capital Partners failed to take control of J Sainsbury with a 580p a share offer.Qatar's Prime Minister Sheikh Hamad bin Jassim al-Thani put the bid directly to members of the Sainsbury family, who own

  • Qatar makes $20bn bid for Sainsbury

    Qatar has bid £10,300 million ($20,600 million) for the British supermarket group J Sainsbury.The Qatar Investment Authority made the 600p a share offer on 18 July through its Delta Two investment fund. It comes just three months after private equity group CVC Capital Partners failed to take control of J Sainsbury with a 580p a share offer.Qatar's Prime Minister Sheikh Hamad bin Jassim al-Thani put the bid directly to members of the Sainsbury fami

  • Qatar Petroleum and Exxon develop Barzan gas project

    Qatar Petroleum (QP) and ExxonMobil Corporation are approaching contractors for the front-end engineering and design package on the offshore element of the Barzan gas development.

  • Qatar Petroleum and Exxon develop Barzan gas project

    Qatar Petroleum (QP) and ExxonMobil Corporation are approaching contractors for the front-end engineering and design package on the offshore element of the Barzan gas development.

  • Qatar Petroleum launches new marketing arm

    Qatar Petroleum (QP) is forming a new subsidiary to handle the export marketing of its regulated oil and gas products as part of a restructuring of its marketing divisions.The new division, named Tasweek, is expected to start operating from 1 January 2008 and will handle the marketing of liquefied petroleum gas (LPG), sulphur, naptha and condensate.Tasweek is expected to handle the marketing dealing with Dolphin Energy's first exports of two 500,000 barrels

  • Qatar Petroleum launches new marketing arm

    Qatar Petroleum (QP) is forming a new subsidiary to handle the export marketing of its regulated oil and gas products as part of a restructuring of its marketing divisions.The new division, named Tasweek, is expected to start operating from 1 January 2008 and will handle the marketing of liquefied petroleum gas (LPG), sulphur, naptha and condensate.Tasweek is expected to handle the marketing dealing with Dolphin Energy's first exports of two 500,000 bar

  • Qatargas doubles Laffan capacity

    Qatar Liquefied Gas Company (Qatargas) is to double the capacity of its 146,000-barrel-a-day (b/d) Laffan refinery condensate facility in a bid to keep pace with rising volumes of condensate from the ongoing development of the North field.As part of Qatargas' expansion plans, it is also looking to include an aromatics plant, a gasoil hydrotreater and splitter to divide heavy and light naptha.Qatargas has issued details of the potential scope of works to a host of international co

  • Qatargas doubles Laffan capacity

    Qatar Liquefied Gas Company (Qatargas) is to double the capacity of its 146,000-barrel-a-day (b/d) Laffan refinery condensate facility in a bid to keep pace with rising volumes of condensate from the ongoing development of the North field.

  • Qatargas project costs rise

    Qatargas 4, a 70:30 joint venture of Qatar Petroleum (QP) and the UK/Dutch Shell Group, is expected to cost $8,000 million to develop, compared to initial estimates of around $6,000 to $7,000 million when the deal was first announced in 2005.'The all-inclusive cost will be about $8,000 million,' Qatar's energy minister Abdullah al-Attiyah told reporters after a signing ceremony for the formation of the venture with Shell on 11 July.According to Attiyah,

  • Qatargas project costs rise

    Qatargas 4, a 70:30 joint venture of Qatar Petroleum (QP) and the UK/Dutch Shell Group, is expected to cost $8,000 million to develop, compared to initial estimates of around $6,000 to $7,000 million when the deal was first announced in 2005.'The all-inclusive cost will be about $8,000 million,' Qatar's energy minister Abdullah al-Attiyah told reporters after a signing ceremony for the formation of the venture with Shell on 11 July.According to Attiyah, the

  • Qatari Diar invites interest in Lusail design package

    Qatari Diar Real Estate Investment Company has launched the tendering process for design package 1 on its multi-billion-dollar Lusail real estate development.Interested international contractors have until 10 September to submit technical and commercial bids for the contract. The contractors must have an annual average turnover of more than $1,000 million over the past five years.The work covers the first phase infrastructure for the development, involving more than 21 kilome

  • Qatari Diar invites interest in Lusail design package

    Qatari Diar Real Estate Investment Company has launched the tendering process for design package 1 on its multi-billion-dollar Lusail real estate development.

  • Qtel settles Kipco dispute

    Telecoms company Qtel has paid Kuwait Projects Company (Kipco) KD 27.3 million ($95.2 million) to settle a legal dispute arising from its acquisition of Wataniya Telecom in March.

  • Qtel settles Kipco dispute

    Telecoms company Qtel has paid Kuwait Projects Company (Kipco) KD 27.3 million ($95.2 million) to settle a legal dispute arising from its acquisition of Wataniya Telecom in March.Qtel had held back almost $300 million of the $3,700 million it agreed to pay for a 51 per cent stake in Wataniya, partly because it feared that Wataniya's Iraq subsidiary, Asiacell, was worthless (MEED 29:6:07).However, Kipco now says Qtel has paid the outstanding amount for Wataniya. In a statement i

  • Quartet to meet in Lisbon

    The quartet of Washington, Russia, the EU and the UN are likely to meet in Lisbon on 19 July to discuss the Middle East peace process. The US Secretary of State Condoleeza Rice and former British Prime Minister Tony Blair are expected to attend the meeting.'I still do not know but I think yes [that Blair is coming],' a Portuguese Foreign Affairs Ministry source told the Reuters news agency, adding that Russian Foreign Affairs Minister Sergei Lavrov might also attend. The m

  • Quartet to meet in Lisbon

    The quartet of Washington, Russia, the EU and the UN are likely to meet in Lisbon on 19 July to discuss the Middle East peace process. The US Secretary of State Condoleeza Rice and former British Prime Minister Tony Blair are expected to attend the meeting.'I still do not know but I think yes [that Blair is coming],' a Portuguese Foreign Affairs Ministry source told the Reuters news agency, adding that Russian Foreign Affairs Minister Sergei Lavrov might also attend. The

  • Refugees flee Lebanese camp

    The Palestinian Red Crescent has helped close to 150 Palestinians escape from the Nahr el-Bared refugee camp in the north of the country, ahead of an expected assault by the Lebanese army.The refugees were searched by soldiers, and some were interrogated, before leaving the camp on 11 July. The army is reported to be bringing further reinforcements close to the camp.One soldier was killed a day earlier by a sniper firing from inside the camp, taking the

  • Refugees flee Lebanese camp

    The Palestinian Red Crescent has helped close to 150 Palestinians escape from the Nahr el-Bared refugee camp in the north of the country, ahead of an expected assault by the Lebanese army.The refugees were searched by soldiers, and some were interrogated, before leaving the camp on 11 July. The army is reported to be bringing further reinforcements close to the camp.One soldier was killed a day earlier by a sniper firing from inside the camp, taking the numb

  • Region turns it back on suicide bombing

    Most countries in the region have seen a sharp drop in support for suicide bombing over the last five years, according to the 2007 Pew Global Attitudes Project, released on 24 July.The West Bank and Gaza Strop were the only areas where the majority of the population – 70 per cent – continued to support suicide bombing.In Lebanon, the proportion of people saying that suicide bombing is justified has fallen from 74 per cent in 2002 to 34 per c

  • Region turns it back on suicide bombing

    Most countries in the region have seen a sharp drop in support for suicide bombing over the last five years, according to the 2007 Pew Global Attitudes Project, released on 24 July.The West Bank and Gaza Strop were the only areas where the majority of the population - 70 per cent - continued to support suicide bombing.In Lebanon, the proportion of people saying that suicide bombing is justified has fallen from 74 per cent in 2002 to 34 per cent in 2007.

  • REGIONAL CENTRES: Increasing rivalry

    The overhaul of Doha's financial regulations might be breaking new ground, but such radical moves are necessary if it is to compete for financial business with the other major centres in the region.While Beirut was historically the financial hub of the Middle East, its crown has long since been dislodged by the might of Saudi Arabia and the property-fed boom in Dubai. With much of the kingdom closed off to international investors, Dubai has been the clear winner to date. However, there a

  • Regulator defends warning as Du misses launch date

    The UAE's telecoms regulator has defended its role after analysts questioned why it gave a warning to an operator for failing to launch a new service on time.

  • Regulator defends warning as Du misses launch date

    The UAE's telecoms regulator has defended its role after analysts questioned why it gave a warning to an operator for failing to launch a new service on time.

  • Regulator lowers tariffs

    The Telecommunications Regulatory Authority in Bahrain has imposed price cuts on the incumbent operator Batelco. The regulator has imposed price cuts of up to 50 per cent on its broadband charges to business customers. 'We will continue making efforts aimed at bringing prices down to internationally acceptable levels,' says Alan Horne, director of the regulator.

  • Regulator set to postpone auction of phone licences

    The Lebanese telecoms regulator is expected to delay auctions for new fixed-line and mobile phone licences because of the ongoing political impasse in parliament.'The general expectation is that they do not have the political will to pass laws,' says a spokesman for Kuwait's MTC, which holds one of the two temporary mobile licences. The company says it expects its management licence, which is due to expire on 31 May next year, to be extended by up to six months or a year.Lebanon

  • Regulator slashes broadband costs

    The Egyptian telecoms regulator has cut the maximum cost of a broadband internet connection by more than 50 per cent.The National Telecommuni-cations Regulatory Authority (NTRA) has cut the maximum monthly price of a fast internet connection from£E 95 ($16.75) to£E 45 ($7.94), with effect from 1 September.Just 0.3 per cent of Egyptians have broadband connections and only 5.3 per cent of the 77-million-strong population have internet access at home.The regulator's chairman

  • Resignation raises concerns

    The resignation of Oil Minister Shaikh Ali al-Jarrah al-Sabah on 30 June has again raised questions over the direction of Kuwait's hydrocarbons sector.

  • Revamped team signs Bid Boland contract

    Foreign contractors are likely to be left out from much of the work on the $2,200 million Bid Boland gas refinery in southern Iran, after a revamped project team signed the contract to build the plant. The project was originally awarded in summer 2005, but negotiations stalled after the new government of President Ahmadinejad came to power (MEED 1:7:05).

  • Rewriting the Qatari financial rules

    Qatar's decision to unify all of its financial services authorities in a single regulator will help it close the gap on Dubai and Bahrain. But the repurcussions could go much further.

  • River authority invites proposals

    The Great Manmade River Authority has issued a request for proposals to supply an electrical transmission and distribution system for the wellfield and pump stations on the Ghadames-Zwara-Azzawiya section. Companies have until 30 July to submit bids. Phase 4 of the Great Manmade River project involves the development of a new wellfield in the Ghadames area in the west of the country and the construction of a 620-kilometre-long conveyance pipeline from the wellfield to the coastal region of w

  • Riyadh invites proposals for Ras al-Zour project

    Water & Electricity Company has issued a request for proposals to 10 prequalified groups to develop the Ras al-Zour independent water and power project.Prequalifiers have until 10 February 2008 to submit their bids (MEED 8:6:07).The oil-fired Ras Al-Zour plant, will have desalination capacityof 220 gallons a day and a power capacity of 850-1,100 MW (MEED 8:6:07).Prequalifiers (local, unless stated) include:Citigroup;Corporation (Kepco) and Mitsubishi Corporation, Japan

  • Riyadh invites proposals for Ras al-Zour project

    Water & Electricity Company has issued a request for proposals to 10 prequalified groups to develop the Ras al-Zour independent water and power project.Prequalifiers have until 10 February 2008 to submit their bids (MEED 8:6:07).The oil-fired Ras Al-Zour plant, will have desalination capacityof 220 gallons a day and a power capacity of 850-1,100 MW (MEED 8:6:07).Prequalifiers (local, unless stated) include:Citigroup;Corporation (Kepco) and Mitsubishi Corporation, Japan;Al

  • Riyadh plans major health recruitment drive

    Health Ministry officials have announced plans to recruit 13,000 family doctors within the next three years as part of the government's plans to assign every Saudi family to a named health practitioner.The government has a target to create 2,000 health centres within the next three years to concentrate on family medicine, and tackle issues including diabetes, heart problems and poor nutrition.Deputy Health Minister for planning and development Obaid ibn Sula

  • Riyadh plans water treatment plant sale

    The Water & Electricity Ministry is planning to sell off up to nine wastewater treatment plants in Riyadh under its privatisation programme.The plants are to be offered on a public-private partnership basis in an international tender. Expressions of interest are expected to be requested from developers in September, according to project sources.'The tender is likely to be based on either the Abu Dhabi Water & Electricity Authority or Omani models,' say the sources. 'The plants co

  • Riyadh plans water treatment plant sale

    The Water & Electricity Ministry is planning to sell off up to nine wastewater treatment plants in Riyadh under its privatisation programme.

  • Riyadh retenders Iraq border fence

    Saudi Arabia has reinvited bids for the first-phase contract to build a 900-kilometre-long security fence along its northern border with Iraq.

  • Riyadh reviews water tariffs

    The Ministry of Water & Electricity is planning 'drastic' reform of water bills in the kingdom.Water & Electricity Minister Abdullah al-Hussayen says he is looking to revamp tariffs to reduce consumption. Water bills are heavily subsidised by Riyadh and the low prices encourage high levels of water consumption.'We are considering tariff reform and have set up an advisory committee to look at this,' says Al-Hussayen. 'This will be a drastic change in concept from the existing

  • Riyadh reviews water tariffs

    The Ministry of Water & Electricity is planning 'drastic' reform of water bills in the kingdom.

  • Riyadh studies green fuel

    Riyadh has set up a research centre to look into the use of renewable energy technology. The centre will be located in Dhahran at the King Fahd University of Petroleum & Minerals. According to SU Rahman, director of the Centre of Research Excellence in Renewable Energy, it will look at the use of hydrogen, methanol and fuel cells, and commercial solar and wind energy. It will also seek to provide training. The Education Ministry is supporting the plan.

  • Riyadh to strengthen border security

    Saudi Arabia's northern border with Iraq will be defended by a 10-kilometre-wide exclusion zone packed with surveillance equipment, according to documents seen by MEED.Some of the world's biggest defence contractors, including Europe's EADS, the US' Boeing and the UK's BAE, together with local construction firms including Saudi Oger, Saudi ACC and Saudi Binladin Group, have been invited to bid for the project.The contract was originally tendered early in 2006 but withdrawn later

  • Riyadh to strengthen border security

    Saudi Arabia's northern border with Iraq will be defended by a 10-kilometre-wide exclusion zone packed with surveillance equipment, according to documents seen by MEED.

  • Russians to build five-star hotel in Iran

    A group of Russian investors is planning to build a five-star hotel in Iran, according to the Iranian news agency CHN.Mehdi Jahangiri, the director general of Iran's Tourism Expansion Company, said the Russians would build a hotel and invest in several other tourism projects.The Tourism Expansion Company will form a partnership with the Russian businessmen, who are presently visiting Iran, to invest the money.The Russians are expected to meet

  • Russians to build five-star hotel in Iran

    A group of Russian investors is planning to build a five-star hotel in Iran, according to the Iranian news agency CHN.Mehdi Jahangiri, the director general of Iran's Tourism Expansion Company, said the Russians would build a hotel and invest in several other tourism projects.The Tourism Expansion Company will form a partnership with the Russian businessmen, who are presently visiting Iran, to invest the money.The Russians are expected

  • Sabic buys GE unit in $11.6bn deal

    Saudi Basic Industries (Sabic), the world's biggest chemical company by market value, is to buy General Electric's (GE) plastics unit for $11.6 billion.The acquisition is one of the largest ever purchases in the Gulf region and will significantly increase the Saudi firm's presence in the US, the biggest market in the world for petrochemicals, as well as boosting its foothold in Europe and Asia.Sabic will fund the purchase with loans and bonds, contributing l

  • Sabic buys GE unit in $11.6bn deal

    Saudi Basic Industries (Sabic), the world's biggest chemical company by market value, is to buy General Electric's (GE) plastics unit for $11.6 billion.The acquisition is one of the largest ever purchases in the Gulf region and will significantly increase the Saudi firm's presence in the US, the biggest market in the world for petrochemicals, as well as boosting its foothold in Europe and Asia.Sabic will fund the purchase with loans and bonds, contribut

  • Sabic issues sharia sukuk

    Saudi Basic Industries Corporation (Sabic) began issuing its second sharia-compliant sukuk on 11 July, following approval from the Saudi Capital Market Authority. HSBC Saudi Arabia and Riyad Bank are the mandated lead managers and book runners for the issuance. The investor roadshow began in Dubai on 11 July and will also take in Bahrain, Riyadh and Jeddah. It follows Sabic's first sukuk in July last year. The sukuk offering is expected to be subscribed principally by institutional investors.

  • Sabic sets acquisition financing

    Saudi Basic Industries Corporation (Sabic) will finance the 70 per cent debt portion of its $11,600 million purchase of GE Plastics by issuing $2,765 million of bonds and raising $6,400 million in bank loans.A newly created subsidiary based in the Netherlands, Sabic Innovative Plastics Holding, will issue a Eur 590 million ($816 million) bond and a $1,950 million bond. Citigroup is the financial adviser and arranger.It comes after the US Federal Trade C

  • Sabic sets acquisition financing

    Saudi Basic Industries Corporation (Sabic) will finance the 70 per cent debt portion of its $11,600 million purchase of GE Plastics by issuing $2,765 million of bonds and raising $6,400 million in bank loans.A newly created subsidiary based in the Netherlands, Sabic Innovative Plastics Holding, will issue a Eur 590 million ($816 million) bond and a $1,950 million bond. Citigroup is the financial adviser and arranger.It comes after the US Federal Trade Commis

  • Sabic to raise sukuk limit

    Progress on three major Islamic bond deals in the third week of July has highlighted the growing investor interest in sukuks in the kingdom.

  • Sabic to raise sukuk limit

    Progress on three major Islamic bond deals in the third week of July has highlighted the growing investor interest in sukuks in the kingdom.Saudi Basic Industries Corporation (Sabic) has applied to the Capital Market Authority to raise the SR 5,000 million ($1,333 million) cap on its second sukuk (Islamic bond) issue to SR 8,000 million ($2,133 million). Saudi Electricity Company (SEC) issued the kingdom's largest sukuk to date, at SR 5,000 million, on 18 July. The issue was over

  • Sahara moves ahead with Jubail project

    The local Sahara Petrochemical Company is pushing ahead with its ethylene dichloride (EDC) and acrylic complexes in Jubail. Technology partners and project management consultants will be selected soon and prequalification has started for the construction.

  • Salalah deal nears close

    The financing for the Salalah Methanol Project in Oman is expected to completed by early August, with Royal Bank of Scotland advising on the arrangement of a syndicated loan thought to be worth around $600 million. The project is being led by the Oman Oil Company and Mubadala Development Company of Abu Dhabi. The deal is thought to include up to 10 banks acting as lead arrangers.

  • Samsung signs up for ammonia work

    Samsung Engineering Company and Saudi Arabian Mining Company (Maaden) signed a $950 million contract on 8 July to build the world's largest ammonia train at the multi-billion-dollar Ras al-Zour fertiliser complex.The lump-sum engineering contract covers the construction of an ammonia plant with a capacity of 3,300 tonnes a day. Germany's Uhde is the engineering subcontractor on the scheme, and will supply its proprietary ammonia technology for the facility.

  • Samsung signs up for ammonia work

    Samsung Engineering Company and Saudi Arabian Mining Company (Maaden) signed a $950 million contract on 8 July to build the world's largest ammonia train at the multi-billion-dollar Ras al-Zour fertiliser complex.The lump-sum engineering contract covers the construction of an ammonia plant with a capacity of 3,300 tonnes a day. Germany's Uhde is the engineering subcontractor on the scheme, and will supply its proprietary ammonia technology for the facil

  • Sanaa seeks consultant to advise on port masterplan

    Sanaa has invited international companies to submit expressions of interest by 5 August for a consultancy contract covering the preparation of a national port strategy (see Tenders, page 36).

  • Sanaa seeks consultant to advise on port masterplan

    Sanaa has invited international companies to submit expressions of interest by 5 August for a consultancy contract covering the preparation of a national port strategy (see Tenders, page 36).The successful consultant will carry out the work, part of the port cities development programme, in five phases. The phases cover diagnostics, including a review of the legal framework, projections of future traffic demand, the formulation of a development strategy, including any necessary reviews o

  • Sander wins sea survey

    Saudi Aramco has awarded an airborne survey contract to Sander Geophysics Arabia, a joint venture between the local Rafid Group and Canada's Sander Geophysics. The survey will be conducted over the Red Sea within Saudi territorial waters and include magnetic and gravity data. The contract will run for 15 months. Sander previously carried out an aerial gravity survey of the acreage in the Rub al-Khali (Empty Quarter) for Aramco.

  • Sarkozy due in Libya following release of medics

    French President Sarkozy was due to arrive in Tripoli on 25 July, a day after Libya released six Bulgarian medics convicted of infecting children in Benghazi with HIV. The medics were flown back to Sofia on a French plane and were accompanied by the president's wife Cecilia Sarkozy.Sarkozy's visit signals the start of the normalisation of ties between Libya and Europe. Prior to his visit, he said he would help Libya return to the 'concert of nations' followi

  • Sarkozy due in Libya following release of medics

    French President Sarkozy was due to arrive in Tripoli on 25 July, a day after Libya released six Bulgarian medics convicted of infecting children in Benghazi with HIV. The medics were flown back to Sofia on a French plane and were accompanied by the president's wife Cecilia Sarkozy.Sarkozy's visit signals the start of the normalisation of ties between Libya and Europe. Prior to his visit, he said he would help Libya return to the 'concert of nations' fo

  • Satyam in bank deal

    Emirates NBD has signed a seven-year deal with Indian outsourcing company Satyam to introduce and manage computer systems. The bank, which is being created from the merger of Emirates Bank International and National Bank of Dubai, will give Satyam up to $10 million to upgrade its IT systems. Satyam says the deal is the largest IT outsourcing contract in the Middle East.

  • Saudi Arabia roads: Resources at full stretch

    The kingdom's road infrastructure is expanding rapidly, but will it grow quickly enough to keep up with burgeoning demand?

  • Saudi Oger takes Suwwa contract

    Oger Abu Dhabi, the local affiliate of Saudi Oger, has been selected for the first construction contract on Suwwa island in Abu Dhabi.

  • Saudi, Bahraini banks swap shares

    The Saudi Investment Bank is to acquire a stake in Bahrain-based Albaraka Banking Group.The deal is being done through a share swap with the Bahraini institution's parent company, Dallah Albaraka Holding Company.The holding company will acquire shares in the Saudi bank at a price yet to be agreed.The institutions are conducting due diligence and are seeking regulatory approval in both countries.

  • Saudi, Bahraini banks swap shares

    The Saudi Investment Bank is to acquire a stake in Bahrain-based Albaraka Banking Group.The deal is being done through a share swap with the Bahraini institution's parent company, Dallah Albaraka Holding Company.The holding company will acquire shares in the Saudi bank at a price yet to be agreed.The institutions are conducting due diligence and are seeking regulatory approval in both countries.

  • Securities House applies for UK licence

    Kuwaiti investment firm Securities House has applied to the UK's Financial Services Authority for a banking licence. The company plans to launch a sharia-compliant wholesale bank with an authorised capital of £200 million ($412 million). David Testa, former executive director and head of Islamic finance at WestLB in London, will be chief executive officer of the new bank. It expects to receive authorisation in 2008.

  • Securities House applies for UK licence

    Kuwaiti investment firm Securities House has applied to the UK's Financial Services Authority for a banking licence. The company plans to launch a sharia-compliant wholesale bank with an authorised capital of£200 million ($412 million). David Testa, former executive director and head of Islamic finance at WestLB in London, will be chief executive officer of the new bank. It expects to receive authorisation in 2008.

  • Segas finalises financing

    A group of 22 mandated lead arrangers was due to sign the $1,000 million Damietta liquefied natural gas refinancing deal on 27 July. It will replace the original five-year corporate debt facility taken out by Spanish Egyptian Gas Company (Segas) in 2004 with project debt. The deal has a tenor of 15 years. Segas is a consortium of Spain's Union Fenosa, which is also the principal offtaker, Italy's Eni and Egyptian Natural Gas Holding Company (MEED 25:5:07).

  • Segas finalises financing

    A group of 22 mandated lead arrangers was due to sign the $1,000 million Damietta liquefied natural gas refinancing deal on 27 July. It will replace the original five-year corporate debt facility taken out by Spanish Egyptian Gas Company (Segas) in 2004 with project debt. The deal has a tenor of 15 years. Segas is a consortium of Spain's Union Fenosa, which is also the principal offtaker, Italy's Eni and Egyptian Natural Gas Holding Company (MEED 25:5:07).

  • Sharia banking lifts profits

    Islamic finance and overseas acquisitions have helped drive record profits in the first half of this year at Qatar National Bank (QNB), according to Ali Shareef Al-Emadi, the group's chief executive officer.

  • Sharia banking lifts profits

    Islamic finance and overseas acquisitions have helped drive record profits in the first half of this year at Qatar National Bank (QNB), according to Ali Shareef Al-Emadi, the group's chief executive officer.Net income for the first six months of 2007 was QR 1,205 million ($331 million), up 9.1 per cent from the same period last year. QNB Al-Islami, the group's Islamic finance arm, now has 10 branches, up from two in June 2006, and more are planned.'Islamic banking has opened

  • Sharia-compliant firms apply for UK licences

    The UK's Financial Services Authority (FSA) is considering licence applications from at least two more sharia-compliant institutions with links to the Middle East.European Finance House, which is backed by Qatar Islamic Bank, is one of the two following a growing trend.In early July, the FSA authorised British Islamic Insurance Holdings, which was founded by investors from the GCC, and Bank of London & the Middle East (BLME), which is backed by Kuwaiti investors, including Boubya

  • sheikh plans golf estate

    Local developer Sheikh Holdings plans to build an estimated $200 million residential development at Jumeirah Golf Estates. Known as Sanctuary Falls, the project involves the construction of 96 resort-style villas overlooking the Earth golf course, designed by Greg Norman. It is scheduled to be completed in May 2009. The architect is South Africa's DSA Architects International. Sheikh Holdings plans to invest $1,200 million in golf and waterfront communities in the federation.

  • Shell shines as oil majors paint mixed picture

    Oil majors announced a mixed set of second quarter results on 26 July, with the UK/Dutch Shell Group posting a record result, while its larger US rival ExxonMobil saw its profits unexpectedly fall.Shell earned $7,560 millionin net profits in the three months to 30 June, up a record 20 per cent on last year and nearly $500 million stronger than its previous best.Exxon, the world's largest oil company, reported its first profits drop in three years, with

  • Shell shines as oil majors paint mixed picture

    Oil majors announced a mixed set of second quarter results on 26 July, with the UK/Dutch Shell Group posting a record result, while its larger US rival ExxonMobil saw its profits unexpectedly fall.Shell earned $7,560 millionin net profits in the three months to 30 June, up a record 20 per cent on last year and nearly $500 million stronger than its previous best.Exxon, the world's largest oil company, reported its first profits drop in three years, with secon

  • Shell signs supply and shipping deal with Nakilat

    The UK/Dutch Shell Group has signed a 25-year deal with Qatar Gas Transport Company (Nakilat) to manage a fleet of gas tankers while accessing supplies from the Qatargas 4 integrated liquefied natural gas (LNG) project.Under the agreement, Shell will act as shipping manager for Nakilat's fleet of 25 new LNG carriers. Each will be put in service in the next four years, with overall management shifting to Nakilat within 12 years of the delivery of the last vessel.Shell has also

  • Shell signs supply and shipping deal with Nakilat

    The UK/Dutch Shell Group has signed a 25-year deal with Qatar Gas Transport Company (Nakilat) to manage a fleet of gas tankers while accessing supplies from the Qatargas 4 integrated liquefied natural gas (LNG) project.

  • Shell to mobilise exploration rig

    The UK's Shell will mobilise by the beginning of 2008 the first rig in its exploration campaign to find gas for the planned upgrade of the Marsa el-Brega liquefied natural gas facility.

  • Shipping gas

    When Moscow and Algiers agreed to improve co-operation in the gas industry at the start of the year, the world's energy consumers became nervous. Scarred by the memories of the 1970s, when Opec's stranglehold over oil supply sparked a slump in the global economy, fears rose of a similar cartel for gas.

  • Shipping gas

    When Moscow and Algiers agreed to improve co-operation in the gas industry at the start of the year, the world's energy consumers became nervous. Scarred by the memories of the 1970s, when Opec's stranglehold over oil supply sparked a slump in the global economy, fears rose of a similar cartel for gas.

  • Shuaibah nears close

    Financial close was due on 22 July on the $232 million expansion of the Shuaibah independent water and power project. Shuaibah Expansion Water (RO) Company, the firm set up to run the expansion, signed project documents on 15 July. On the same day, South Korea's Doosan Heavy Industries & Construction received a notice to proceed with the engineering, procurement and construction package. The expansion is due to be completed by February 2009 (MEED 6:4:07).

  • Shuweihat tender opens

    Abu Dhabi Water & Electricity has given developers until 24 July to express interest in the Shuweihat S2 independent water and power project (IWPP) (MEED 13:7:07). The tender was expected to be issued after an award on Fujairah 2 IWPP, but has been brought forward. S2 will have capacity of 1,600-MW and 100 million gallons a day of desalination.

  • Siemens takes substation

    Germany's Siemens has been awarded the SR 340 million ($91 million) contract to build a 380-kV substation for the 660-MW PP9 power station expansion in Riyadh. The contract covers the supply and installation of a substation that will serve the PP9 project being carried out by the local Arabian Bemco Contracting.

  • Sita wins airport work

    Switzerland's Sita has won a $16.8 million contract to automate passenger and baggage processing at the international airports of King Abdulaziz, Jeddah; King Khaled, Riyadh; King Fahd, Dammam; and Prince Mohammed in Medina.Under the terms of the five-year deal, signed with the General Authority of Civil Aviation, Sita will invest in the airports' IT infrastructure to automate and streamline the check-in process.Last summer, the airport systems speciali

  • Sita wins airport work

    Switzerland's Sita has won a $16.8 million contract to automate passenger and baggage processing at the international airports of King Abdulaziz, Jeddah; King Khaled, Riyadh; King Fahd, Dammam; and Prince Mohammed in Medina.Under the terms of the five-year deal, signed with the General Authority of Civil Aviation, Sita will invest in the airports' IT infrastructure to automate and streamline the check-in process.Last summer, the airport systems specialist wo

  • Solar plans for Abu Dhabi

    The local Abu Dhabi Future Energy Company (Adfec) is to set up a company to manufacture photovoltaic (PV) or solar panels to serve the emirate. It would be one of the first local companies in the oil-rich Gulf region to produce materials needed for solar power generation.Under its Masdar initiative, Adfec has signed a partnership agreement with Germany's Conergy for the long-term development of commercial solar power in Abu Dhabi and the wider region. Under the memorandum of understandin

  • Solar plans for Abu Dhabi

    The local Abu Dhabi Future Energy Company (Adfec) is to set up a company to manufacture photovoltaic (PV) or solar panels to serve the emirate. It would be one of the first local companies in the oil-rich Gulf region to produce materials needed for solar power generation.Under its Masdar initiative, Adfec has signed a partnership agreement with Germany's Conergy for the long-term development of commercial solar power in Abu Dhabi and the wider region. Under the memorandum of understan

  • Solidere sets up international division in Dubai

    Lebanon's Solidere announced on 9 July plans to set up a new real estate investment firm called Solidere International. To be based in the Dubai International Financial Centre, the new firm will undertake mixed-use development projects in the Middle East region. It has capital of $700 million after the completion of a private placement and Solidere is planning several projects outside Lebanon, including ones in Turkey and Saudi Arabia. The firm has alre

  • Solidere sets up international division in Dubai

    Lebanon's Solidere announced on 9 July plans to set up a new real estate investment firm called Solidere International. To be based in the Dubai International Financial Centre, the new firm will undertake mixed-use development projects in the Middle East region. It has capital of $700 million after the completion of a private placement and Solidere is planning several projects outside Lebanon, including ones in Turkey and Saudi Arabia. The firm has already u

  • Sonatrach delays Arzew deadline

    Shortlisted companies have until 16 July to submit commercial bids to develop a one million-tonne-a-year (t/y) methanol plant at Arzew, following the latest extension of the deadline by the client, state energy company Sonatrach.

  • Sonatrach takes Skikda risk

    State energy company Sonatrach has agreed to take the bulk of the cost inflation risk to close a deal with the US' KBR for a new 4.5 million-tonne-a-year liquefied natural gas (LNG) plant at Skikda in the north-east.After more than 18 months of negotiations, the two companies have scrapped the lump-sum turnkey model that was the basis for the original tender in favour of a cost-reimbursible contract valued at $2,880 million.'The new model shifts the construction risk from the con

  • Sonatrach to escalate Medgaz dispute

    State energy company Sonatrach is escalating its dispute over its share of the Spanish gas market to the European Commission and Spain's highest court, Energy Minister Chakib Khelil has announced.The company claims it is entitled to market a share of the pipeline's proposed 8,000 million-cubic-metre-a-year capacity (cm/y) in proportion to its 36 per cent equity holding.This would entitle it to sell 2,880 million cm/y on the Spanish market. But in May, Spain'

  • Sorouh awards Al-Ain project

    Abu Dhabi-based developer Sorouh Real Estate has awarded the design contract for its Nagfa hotel and mall development in Al-Ain to a consultancy team led by the local Ewan Architectural & Engineering Consultancy.

  • Special Report: Road construction

    The Gulf construction market is entering a new phase as resources start to catch up with the project mountain and the balance shifts back from the contractor to the client.

  • State operator extends BP deal

    The UK's BP has been awarded a KD 9.5 million ($33 million) one-year extension to its technical services agreement with state upstream oil operator Kuwait Oil Company (KOC).

  • State operator extends BP deal

    The UK's BP has been awarded a KD 9.5 million ($33 million) one-year extension to its technical services agreement with state upstream oil operator Kuwait Oil Company (KOC).

  • State operator plans upstream projects

    State upstream operator Kuwait Oil Company (KOC) is preparing tender documents for a series of major projects. The schemes add to the increasing volume of work under way in the state's upstream oil and gas sector.One of the largest of the planned projects is a contract to build gathering centre 16. The estimated KD 150 million-200 million ($517 million-690 million) scheme will be able to process about 200,000 barrels a day of crude.KOC says it will tender the lump-sum engineering

  • State operator plans upstream projects

    State upstream operator Kuwait Oil Company (KOC) is preparing tender documents for a series of major projects. The schemes add to the increasing volume of work under way in the state's upstream oil and gas sector.

  • State sells airline stake

    The Kuwaiti government has decided to sell an 80 per cent stake in its loss-making national carrier Kuwait Airways. An initial public offering (IPO) will sell off 40 per cent of the airline, with a further 40 per cent offered by auction to businesses listed on the Kuwaiti stock exchange. The government will retain a 20 per cent stake.

  • State to evaluate five bids for Laayoune water plant

    State drinking water company Office National de l'Eau Potable (Onep) is evaluating commercial bids from five groups for the contract to build a desalination plant at Laayoune. It is one of three plants being planned by the state-owned firm.The 13,000 cubic metre a day (cm/d) facility will add to the existing 12,000 cm/d Laayoune phase 1 plant. Bids were submitted on 20 June.Onep is also considering extending the 9 July bid deadline for the contract to build a 15,000 cm/d desalina

  • Steering group launches

    The Emir Sheikh Hamad bin Khalifa al-Thani has issued a decree establishing a steering committee for the Doha New Port Project. The committee will be headed by the chairman of the Civil Aviation Authority, Abdul Aziz Mohamed al-Noami. The port, 5 kilometres east of the new Doha International Airport, will have a capacity of about 1 million 20-foot equivalent units. (MEED 30:9:05).

  • Strong growth in premium class air travel

    Business and first class air traffic to the Middle East is bucking the international trend by growing strongly, according to industry body the International Air Transport Association (IATA).Total premium traffic worldwide fell 0.7 per cent in May, compared to the same period in 2006, due to a slowdown on European, north Atlantic and trans-Pacific routes. However, demand in the Middle East is continuing to increase.The latest figures from IATA, released

  • Strong growth in premium class air travel

    Business and first class air traffic to the Middle East is bucking the international trend by growing strongly, according to industry body the International Air Transport Association (IATA).Total premium traffic worldwide fell 0.7 per cent in May, compared to the same period in 2006, due to a slowdown on European, north Atlantic and trans-Pacific routes. However, demand in the Middle East is continuing to increase.The latest figures from IATA, released on 20

  • Sudan prepares for worst-ever floods

    The Sudanese Red Crescent aid organisation on 5 July sent hundreds of tents to Rabak, near Khartoum, in preparation for what authorities have warned may be the worst floods in the country's history.At least 2,500 have reportedly been displaced by flash floods around Rabak, south of the capital. 'The Red Crescent has distributed 300 tents to some of the people affected,' said an official.Forecasts suggest that the country will face even greater flooding this

  • Suez Energy closes $800m power station financing

    Egypt's Suez Energy has arranged $800 million worth of loans from international and regional banks for two Omani power projects. The loans were 30 per cent oversubscribed.

  • Suez Energy closes $800m power station financing

    Egypt's Suez Energy has arranged $800 million worth of loans from international and regional banks for two Omani power projects. The loans were 30 per cent oversubscribed.

  • Sukuks soar in value

    The value of sukuks on the Dubai International Financial Exchange has reached almost $12,000 million, after the listing of Dubai port operator DP World's $1,500 million issue on 3 July. It is the third sukuk to list on the exchange recently, following Dubai's DIFC Investment's $1,250 million issue and Kuwait's International Investment Group's $200 million sukuk. There are nine sukuks listed in total.

  • Sunni bloc ends parliamentary boycott

    Iraq's main sunni Arab bloc, the Accordance Front, ended its boycott of the shia-dominated parliament, on 19 July. The move comes at a time when shia Prime Minister Nuri al-Maliki is under growing pressure from Washington to push through laws to quell violence and reconcile majority shia and minority sunni Arabs.The Front began its boycott in June in protest at the ousting of one of its senior members, Mahmoud al-Mashhadani, as parliamentary speaker. He has

  • Sunni bloc ends parliamentary boycott

    Iraq's main sunni Arab bloc, the Accordance Front, ended its boycott of the shia-dominated parliament, on 19 July. The move comes at a time when shia Prime Minister Nuri al-Maliki is under growing pressure from Washington to push through laws to quell violence and reconcile majority shia and minority sunni Arabs.The Front began its boycott in June in protest at the ousting of one of its senior members, Mahmoud al-Mashhadani, as parliamentary speaker. He

  • Suspected Al-Qaeda attack kills seven

    At least seven people, including six foreigners, have been killed in a car bomb attack at a tourist site in eastern Yemen, say reports.Six Spanish tourists and at least one Yemeni perished in a suspected Al-Qaeda strike at an ancient temple complex in Mareb, according to local authorities. About seven others were reported to be injured in the blast.The attack followed a statement from Al-Qaeda demanding the release from prison of some of its members, securit

  • Tadawul's biggest offerings break book building trend

    Three of the kingdom's largest initial public offerings (IPOs) are due to go ahead by the end of the year. However, they will be sold at a par value, breaking a recent trend of pricing new offerings using a book building process.

  • Tanks bids set for August

    Bids are due by 28 August for the engineering, procurement and construction contract to build three ground-water tanks with capacity of 90 million gallons of water and two 55-million-gallon ground-water tanks at Al-Mutalaa Al-Aali. Prequalified firms include Consolidated Contractors International Company (CCC), Athens-based, Arab Kuwait Contractors, Alghanim International Trading & Contracting Company, United Gulf Construction, Al-Ahmadiah Contracting & Trading, Mohamed Abdulmohsin Kharafi &

  • Tanks bids set for August

    Bids are due by 28 August for the engineering, procurement and construction contract to build three ground-water tanks with capacity of 90 million gallons of water and two 55-million-gallon ground-water tanks at Al-Mutalaa Al-Aali. Prequalified firms include Consolidated Contractors International Company (CCC), Athens-based, Arab Kuwait Contractors, Alghanim International Trading & Contracting Company, United Gulf Construction, Al-Ahmadiah Contracting & Trading, Mohamed Abdulmohsin Kharafi &

  • Taqa targets acquisitions

    Abu Dhabi Energy Company (Taqa) is targeting $4,000 million worth of acquisitions in the next year. Taqa expects to have assets of about $20,000 million by 2008 and $40,000 million-60,000 million by 2012. It also plans to become an exploration and production company, with a target production level of 100,000 barrels a day and 1,000 million barrels in proven reserves.

  • Tehran agrees to more nuclear inspections

    Tehran has agreed to allow UN nuclear inspectors into the country to visit a heavy water reactor at Arak before the end of July.On 13 July the International Atomic Energy Agency, the UN's nuclear watchdog, said that the two sides have agreed on the appointment of new inspectors. Further agreements are also due over the fuel enrichment plant at Natanz by early August.An IAEA delegation, headed by Olli Heinonen, its deputy director-general for safeguards, agre

  • Tehran agrees to more nuclear inspections

    Tehran has agreed to allow UN nuclear inspectors into the country to visit a heavy water reactor at Arak before the end of July.On 13 July the International Atomic Energy Agency, the UN's nuclear watchdog, said that the two sides have agreed on the appointment of new inspectors. Further agreements are also due over the fuel enrichment plant at Natanz by early August.An IAEA delegation, headed by Olli Heinonen, its deputy director-general for safeguards,

  • Tehran offers action plan to UN watchdog

    The International Atomic Energy Agency (IAEA) held another round of talks with Iranian nuclear officials in Tehran on 12 July, to find ways of removing outstanding issues over Iran's nuclear programme. The Islamic Republic has offered to draw up an action plan to address Western suspicions that its nuclear programme is a front for obtaining nuclear arms.IAEA deputy director general Olli Heinonen and other agency officials held a first round of talks on

  • Tehran offers action plan to UN watchdog

    The International Atomic Energy Agency (IAEA) held another round of talks with Iranian nuclear officials in Tehran on 12 July, to find ways of removing outstanding issues over Iran's nuclear programme. The Islamic Republic has offered to draw up an action plan to address Western suspicions that its nuclear programme is a front for obtaining nuclear arms.IAEA deputy director general Olli Heinonen and other agency officials held a first round of talks on 11 Ju

  • Tehran puts fresh curbs on petrol cars

    Iran is halting production of purely petrol-driven cars, turning to dual-fuel vehicles which can run on gas.The move, which comes into force in just two weeks, follows the introduction of petrol rationing, which has provoked angry demonstrations and violence across the country. The Iranian government has sought to reduce the country's rising petrol consumption and slash its huge fuel subsidies. Industries and Mines Minister Ali Reza Tahmasebi

  • Tehran strengthens ties with Caracas

    The presidents of Iran and Venezuela announced on 2 July the launch of a joint petrochemicals plant in Iran in a show of unity between the two countries and defiance towards US foreign policy.'The two countries will united defeat the imperialism of North America,' Venezuelan President Hugo Chavez told a news conference in Tehran on an official visit to the Islamic Republic. 'When I come to Iran, Washington gets upset.'Both countries, which are members of the

  • Tel Aviv offers to release prisoners in goodwill gesture

    Israeli Prime Minister Ehud Olmert says Tel Aviv will start freeing 250 Palestinian prisoners by 22 July, in a move designed to support Palestinian President Mahmoud Abbas' government.Olmert was speaking in Jerusalem on 16 July during a meeting with Abbas. The meeting was the latest in a series of confidence-building efforts between the two sides.'The Palestinians want to go a lot faster. The average Israeli would like to go a lot slower. We have to find som

  • Tel Aviv offers to release prisoners in goodwill gesture

    Israeli Prime Minister Ehud Olmert says Tel Aviv will start freeing 250 Palestinian prisoners by 22 July, in a move designed to support Palestinian President Mahmoud Abbas' government.Olmert was speaking in Jerusalem on 16 July during a meeting with Abbas. The meeting was the latest in a series of confidence-building efforts between the two sides.'The Palestinians want to go a lot faster. The average Israeli would like to go a lot slower. We have to fin

  • Telecoms firms qualify to bid for second licence

    Qatar's telecoms regulator, ictQatar, has named the 12 phone companies that will compete for the right to break Qatar Telecommunications Company's (Q-Tel) monopoly over mobile phone services in the state.The regulator approved 12 out of the 17 companies that had applied to bid in the auction for the country's second mobile phone licence. Five companies were barred from entering the competition. IctQatar failed to say why it had excluded them.Three of the Arab world's biggest tele

  • Telecoms fund to launch

    Abu Dhabi-based The National Investor (TNI) plans to launch a fund to invest in telecoms companies in the region. TNI will invest $10 million in the fund, which has a target size of $250 million, and is talking to at least two investors that it also expects to contribute $10 million. The fund will target growing companies in North Africa and established entities in the GCC.

  • Telecoms giant buys Areeba

    MTN Group has bought Areeba, one of Syria's two mobile phone operators, for an undisclosed sum.The South African telecoms giant has 2.3 million customers in a country where mobile penetration has reached just 25 per cent, according to Arab Advisors Group, part of Arab Jordan Investment Bank.Areeba's chief executive officer, Ismael Jaroudi, says: 'The Syrian Government's commitment to encourage investments in the country inspired the merger. This development will help meet the soa

  • Three bid for Ras Laffan storage

    Three companies have submitted technical bids to client Dolphin Energy for a low-sulphur condensate storage facility at Ras Laffan.

  • Total and Almet win plant deals

    France's Total and the local/international Almet consortium have won the contracts to build and operate ethane and methanol plants at Skikda and Arzew, following the public opening of commercial bids on 16 July.Total's deal, worth Eur 2,180 million ($3,000 million), is to develop a 1.4-million-tonne-a-year ethane cracker at Skikda, on Algeria's north-east coast.The Almet consortium submitted the best price to develop the estimated $700 million methanol plant at Arzew, on the n

  • Trade Bank names adviser

    Trade Bank of Iraq has appointed Sir Claude Hankes as a financial adviser. Sir Claude previously negotiated a resolution to the South African debt crisis in 1985. He was an adviser to the Iraqi Governing Council in 2003 and was one of the leading figures urging the UN to investigate the oil for food scandal. The bank was established in November 2003 to finance international trade and participate in the reconstruction process.

  • Transfer system deadline nears

    Companies have until 31 July to submit offers for the contract to build six pumping stations for the 750-kilometre-long water transfer system connecting In Salah with Tamanrasset in the south. Bids for a construction supervision contract are due by 28 July.

  • Transfer system deadline nears

    Companies have until 31 July to submit offers for the contract to build six pumping stations for the 750-kilometre-long water transfer system connecting In Salah with Tamanrasset in the south. Bids for a construction supervision contract are due by 28 July.

  • Tripoli scraps Sirte plan

    Plans to build a 40,000-cubic-metre-a-day (cm/d) desalination plant at Sirte have been scrapped, according to a source close to the project. The General Electricity Company of Libya has not confirmed the move. However, the desalination capacity of the planned 1,400-MW Al-Khaleej power plant is now expected to be increased to 40,000 cm/d from 7,000 cm/d (MEED 1:6:07).

  • Trust launches art fund

    The New York-based Artist Pension Trust (APT) is to establish a Dubai-based fund for artists in the region. APT's goal is to provide artists with a financial planning programme. Under the scheme, artists invest 20 pieces of work in a trust over 20 years. The work is sold at a later date and the cash is disbursed. 'We look at Dubai as the gateway to the entire region,' says Bijan Khezri, chief executive officer at APT.

  • Tuareg targets Tripoli

    Private equity fund Tuareg Capital is to launch its second fundraising drive. The firm will also conclude its first investment, the acquisition of an oil services company, by August. 'We are also looking at one or two medium-sized real estate deals in and around Tripoli,' says Abdullah Boulsien, co-founder of Tuareg Capital. In an earlier round, Tuareg raised $30 million for its Libya fund (MEED 16:2:07).

  • Turkish soldiers line Iraq border

    Iraq's Foreign Minister Hoshyar Zebari has called on Turkey to give it more time to deal with Kurdish rebels, after claiming that Ankara had massed 140,000 troops on its northern border.Zebari said the government was opposed to any breach of Iraqi sovereignty saying talks were necessary to solve the issue. 'Turkey is building up forces on the border. There are 140,000 soldiers fully armed on the border. We are against any military interference or violation of Iraqi sovere

  • Turkish soldiers line Iraq border

    Iraq's Foreign Minister Hoshyar Zebari has called on Turkey to give it more time to deal with Kurdish rebels, after claiming that Ankara had massed 140,000 troops on its northern border.Zebari said the government was opposed to any breach of Iraqi sovereignty saying talks were necessary to solve the issue. 'Turkey is building up forces on the border. There are 140,000 soldiers fully armed on the border. We are against any military interference or violation of Iraqi soverei

  • Two compete for estates

    The Energy & Mineral Resources Ministry is evaluating prequalification applications for the Al-Kamshah wind farm project. The 30-40 MW farm will be constructed on a build-own-operate basis and will supply the National Electric Power Company for an initial period of 20 years. The ministry has also issued an invitation for expressions of interest for consultancy services on a 60-MW wind farm at Fujeij.

  • Two compete for estates

    The Energy & Mineral Resources Ministry is evaluating prequalification applications for the Al-Kamshah wind farm project. The 30-40 MW farm will be constructed on a build-own-operate basis and will supply the National Electric Power Company for an initial period of 20 years. The ministry has also issued an invitation for expressions of interest for consultancy services on a 60-MW wind farm at Fujeij.

  • UAE continues trade talks with US

    The US and the UAE have continued talks towards agreeing a Free Trade Agreement (FTA) between the two countries, despite the expiry of President George Bush's powers to approve such deals.UAE Minister of Economy Shaika Lubna Al Qasimi and Minister of State for Finance and Industry Mohammad Khalfan Bin Kharbash met officials in Washington to continue talks even though Bush's powers to sign a trade pact without bringing the deal before the US Congress ran out on 30 June.

  • UN urges Iraqi refugees to send children to school

    The United Nations High Commissioner for Refugees (UNHCR) has urged Iraqi refugees in Syria to send their children to school, after releasing figures that show most are being denied education.Syria has more than one million Iraqi refugees but according to the UNHCR only 30,000 of their children attend school.Craig Johnstone, the deputy high commissioner of the UNHCR said: 'We want all Iraqi families in Syria to know that they have the right to send their chi

  • UN urges Iraqi refugees to send children to school

    The United Nations High Commissioner for Refugees (UNHCR) has urged Iraqi refugees in Syria to send their children to school, after releasing figures that show most are being denied education.Syria has more than one million Iraqi refugees but according to the UNHCR only 30,000 of their children attend school.Craig Johnstone, the deputy high commissioner of the UNHCR said: 'We want all Iraqi families in Syria to know that they have the right to send thei

  • Unicorn profits take a fall

    Bahrain's Unicorn Investment Bank has seen profits fall in the first half of the year, despite enjoying rapid growth in income. Earnings for the first half of the year increased by 29 per cent compared with the same period in 2006. They rose to $56.1 million from $43.4 million, mainly due to significant increases in investment banking fee income from advisory work. Unicorn has recently been involved in raising $1,600 million for Saudi real estate developer D

  • Unicorn profits take a fall

    Bahrain's Unicorn Investment Bank has seen profits fall in the first half of the year, despite enjoying rapid growth in income. Earnings for the first half of the year increased by 29 per cent compared with the same period in 2006. They rose to $56.1 million from $43.4 million, mainly due to significant increases in investment banking fee income from advisory work. Unicorn has recently been involved in raising $1,600 million for Saudi real estate develo

  • US accuses Iran of role in murder of soldiers

    The US military has accused Iran's Revolutionary Guard Corps of helping Iraqi militants to plan a raid that resulted in the death of five American soldiers.It is the most explicit accusation to date by the US that Iran is helping Iraqi insurgents attack American forces.US army spokesman Brigadier General Kevin Bergner said a senior Lebanese Hezbollah agent Ali Moussa Dakdouk had been captured by US forces in Basra on 20 March.Dakdouk told the

  • US and Iran hold talks on Iraq

    The US and Iran have held the second round of high-level talks on the security situation in Iraq.The US envoy to Iraq, Ryan Crocker, and Iranian envoy Hassan Kazemi-Qomi met in Baghdad on 24 July, following a first meeting on 28 May. A day earlier, on 23 July, Iraqi President Jalal Talabani had met both envoys and urged them to work together to improve the security situation. The US blames Iran for encouraging sectarian violence in Iraq, by tr

  • US and Iran hold talks on Iraq

    The US and Iran have held the second round of high-level talks on the security situation in Iraq.The US envoy to Iraq, Ryan Crocker, and Iranian envoy Hassan Kazemi-Qomi met in Baghdad on 24 July, following a first meeting on 28 May. A day earlier, on 23 July, Iraqi President Jalal Talabani had met both envoys and urged them to work together to improve the security situation. The US blames Iran for encouraging sectarian violence in Ir

  • US and Iran hold tense talks on Iraq

    The US and Iran have blamed each other for the violence in Iraq following a tense round of talks.Speaking after the talks in Baghdad on 24 July, the US envoy to Iraq, Ryan Crocker, said Iranian support for militia groups had increased since the two sides held their first meeting in May.'What we have been seeing on the ground over the last few months represents an escalation, not a de-escalation,' he said.However, Iran and the US have

  • US and Iran hold tense talks on Iraq

    The US and Iran have blamed each other for the violence in Iraq following a tense round of talks.Speaking after the talks in Baghdad on 24 July, the US envoy to Iraq, Ryan Crocker, said Iranian support for militia groups had increased since the two sides held their first meeting in May.'What we have been seeing on the ground over the last few months represents an escalation, not a de-escalation,' he said.However, Iran and the US have agreed to

  • US blocks Iran Air purchases

    Iran Air claims that the US has sabotaged the company's acquisition of 22 Boeing aircraft.As revealed in MEED in June, Iran's national airline has been seeking a way to avoid the US embargo that prevents it from purchasing US-manufactured equipment (MEED 15:6:07). The company had hoped to overhaul its ageing fleet, but claims a deal to buy the Boeings from China was halted in its final stages by the US.Iran Air says the embargo violates international human rights law by endangeri

  • US Congress calls for withdrawal of troops

    The US House of Representatives has voted in favour of pulling most combat troops out of Iraq by April 2008. The Democrat-controlled house voted 223-201 in favour of the move on 12 July, which would see troop reductions start in four months. President George Bush has threatened to veto the vote, after ruling out any change in policy before September.'It is time for the president to listen to the American people and do what is necessary to protect this nation

  • US Congress calls for withdrawal of troops

    The US House of Representatives has voted in favour of pulling most combat troops out of Iraq by April 2008. The Democrat-controlled house voted 223-201 in favour of the move on 12 July, which would see troop reductions start in four months. President George Bush has threatened to veto the vote, after ruling out any change in policy before September.'It is time for the president to listen to the American people and do what is necessary to protect this n

  • US firm wins service bid

    US oil field services contractor Schlumberger has won two contracts to provide services to Kuwait Oil Company (KOC). The first, worth KD 21.4 million ($74 million), covers cementing and associated services for drilling and workover operations. The second deal, worth KD 3 million ($10.3 million), is to provide exploration and development project consultancy services.

  • Van Oord wins resort deal

    Van Oord of the Netherlands has been awarded a AED 70 million ($19 million) dredging contract for a resort in Dubai that will replace the Jebel Ali Sailing Club at Dubai Marina. The contract involves the removal of two breakwaters, the placement of 750,000 tonnes of rock and the dredging of 650,000 cubic metres of sand for two new breakwaters and an artificial reef. The work should be completed in February 2008. Local developer Nakheel is the client.

  • Velcan Energy lists in Dubai

    French alternative energy company Velcan Energy will seek a secondary listing of its shares on the Dubai International Financial Exchange (DIFX) in early 2008. If the deal goes ahead, it will be the only European company listed on the Dubai exchange.The company's shares are already traded on the Euronext exchange in Paris, where it has a market capitalisation of Eur 183 million ($252 million).Ahead of the second listing, Velcan plans to raise up to Eur 100 million ($138 million)

  • Venezuela supplies oil to Iran

    Venezuela said it will supply Iran with oil in the wake of fuel rationing in the Islamic Republic that has sparked public protests and rioting.'The Iranians have asked to buy gasoline from us and we have accepted this demand,' said Rafael Ramirez, the energy minister of Venezuela, on 3 July.Ramirez has been in Iran with Venezuelan President Hugo Chavez, has described the two countries as 'strategic partners' during the visit.The Iranian Govern

  • Victory goes to Al-Jaber

    The local Al-Jaber Group has been awarded the AED 977 million ($272 million) contract to build 579 villas at the Victory Heights golf development in Dubai Sports City. The villas will be built around the Desert Dunes golf course. Completion is expected in April 2008. Victory Heights is a consortium of Dubai Sports City and Bahrain-based Arcapita. The UK's Mace International is the project manager. The architect is the local Diar Consult (MEED 16:2:07).

  • Victory goes to Al-Jaber

    The local Al-Jaber Group has been awarded the AED 977 million ($272 million) contract to build 579 villas at the Victory Heights golf development in Dubai Sports City. The villas will be built around the Desert Dunes golf course. Completion is expected in April 2008. Victory Heights is a consortium of Dubai Sports City and Bahrain-based Arcapita. The UK's Mace International is the project manager. The architect is the local Diar Consult (MEED 16:2:07).

  • Villagers massacred north of Baghdad

    Gunmen in military uniforms have shot 29 people, including women and children, in the village of Duwailiya, north of Baghdad.Police spokesman Colonel Raghib Rawi said a large number of armed men surrounded the village before the killings began. He said the victims were members of a shia tribe, and blamed the attack on sunni militants linked to Al-Qaeda.At least ten people were killed by a car bomb in Baghdad that targeted an Iraqi army convoy, while ano

  • Villagers massacred north of Baghdad

    Gunmen in military uniforms have shot 29 people, including women and children, in the village of Duwailiya, north of Baghdad.Police spokesman Colonel Raghib Rawi said a large number of armed men surrounded the village before the killings began. He said the victims were members of a shia tribe, and blamed the attack on sunni militants linked to Al-Qaeda.At least ten people were killed by a car bomb in Baghdad that targeted an Iraqi army convoy, while another

  • Washington lines up Adco deal

    The US' Washington Group International is understood to be the frontrunner for the front-end engineering and design contract on the programme to increase Abu Dhabi's onshore oil capacity to 1.8 million barrels a day (b/d) from 1.4 million b/d.The client, Abu Dhabi Company for Onshore Oil Operations (Adco), is set to make a formal selection soon, after evaluating commercial bids from six international companies submitted in April.The upstream programme will involve development of

  • Water deal nears award stage

    The contract to build an estimated $260 million, 50-kilometre system to supply the south of the country with water is finally due to be awarded in mid-August.The award for the Conveyor 800 project was due in May, but was delayed after bidders requested clarification from the Council for Development and Reconstruction.Kuwait's Mohamed Abdulmohsin Kharafi & Sons with Vinsan Veziroglu and Guris, both of Turkey; France's Entrepose Contracting with Turkey's Aydiner; and Yuksel Constr

  • Work to begin on Eastern Province water system

    Work on a water transmission system to serve the kingdom's largest province is set to start, with a tender for the country's largest water pipeline due to be issued by the end of summer.

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